Stockland (SGP) Q4 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to Stockland's FY26 result briefing. There will be a formal presentation followed by a Q&A session. I will now hand over to Tarun Gupta, Managing Director and CEO, for opening remarks. Good morning and thank you for joining Stockland's full year 2026 financial results update. Joining me today is Josh McCutcheson, our CFO. And joining us for Q&A will be Kylie O'Connor, CEO Investment Management, and Andrew Whitson, CEO of Development. Before we begin, I'd like to acknowledge the traditional owners and custodians of the land on which we meet, the Garigal people of the Euronation, and pay my respects to elders past, present, and emerging. Over the last five years, our focus has been on reshaping our portfolio embedding additional growth pathways and positioning the business for sustainable performance. This time last year, we said that FY26 would mark an inflection point in both activity levels and strategic delivery. In this result, you will see that we have not only achieved this objective, but have done so in a rapidly changing macroeconomic environment. Looking forward, we are confident that the strength of our multi-sector platform can provide further growth as the residential market moves through a more moderate phase of the cycle. FY26 was a year of strong delivery, with a step change in development volumes, continued growth in our capital partnering platform, and active recycling of capital into targeted growth areas. Funds from operations was up 10.4% to $892 million, with FFO per security of 36.9 cents at the top end of our guidance range. We delivered this earnings growth while also further strengthening the balance sheet, with gearing reducing to 22.7% and MTA growing 4% to $4.39 per security. We maintained our focus on maximizing risk-adjusted retur...