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GOODMAN GROUP Annual Report 2025

Aug 20, 2025

64998_rns_2025-08-20_6e2b4c22-714b-4287-9b57-9667c9750eae.pdf

Annual Report

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									FY 2 4	FY 2 5
Operating		profit	($M)						2,049.	2,311
		Statutory		accounting profit / (loss) ($M)					(98.9	1,666
Operating		EPS	(cents) ¹						107.	118
Distribution per				security		(cents)			30.0	30.0
								A	S A T	AS AT
							30	JUNE	202 4	30 JUNE 202 5
NTA per		security	($)						8.80	11.0
Gearing		(balance		sheet)		(%) ²			8.4	4.3
Available		liquidity		($B)					3.8	6.6
WACR	(look through)				(%)				5.2	5.1

										FY24	FY 2 5
										$M	$M
		Property	investment							567.1	677.7
		Management								776.4	837.4
		Development								1,276.8	1,338
	~~4)~~	Operating	expenses							(382.7)	(400.8
	~~,~~
		Operating	EBIT 1							2,237.6	2,452.
	Net borrowing			costs						(18.5)	33.9
	T	ax e xpense								(169.7)	(175.5
		Operating	profit							2,049.4	2,311

		Weighted	average		securities	(million) 2			1,	907.2	1,959
		Operating	EPS	(cps)						107.5	118.
		Non -	operating items 3
~~t~~	~~he~~
		Property	valuation		related	movements				(1,595.3)	(41.
				Fair value movements on derivatives						(10.8)	(285.8
		Other non -	cash		adjustments or	non -	recurring	items		(542.2)	(317.9
		Statutory	profit	/ Loss						(98.9)	1,666.

nge							A	S A T		A S AT
						30	JUNE	202 4	3	0 JUNE 20 2 5
								$M		$M
	Stabilised				investment properties			1,41		5,11
	Partnership			investments 1				13,68		14,86
	Development			holdings²				5,335		5,587
t
and	Intangibles							830		916
	Cash							1,78		3,957
	Other	assets						772		1,12
etur T	n	otal assets						23,828		31,56
ss	Interest bearing			liabilities				(3,687		(5,236
	Other	liabilities						(2,603		(3,019
T		otal liabilities						(6,290		(8,255
Net		assets						17,53		23,31
Net		asset value		($) ³				9.23		11.4
Net		tangible	assets		($) ³			8.80		11.0
		Balance sheet gearing (%) 4						8.4		4.3

i	ng		Property	investments	investments	investments
g							FY 2 4	FY	2 5
		Direct ($M)					77.6	157.0
	~~r~~		Partnership	investments		($M)	489.5	520.7

n	olo	gy	Property	investment	earnings		567.1	677.7
	K	e	y m et r i	cs
							FY 2 4	FY	2 5
		WACR (%) 1					5.2		5.1
		WALE (y ear s) 2					5.0		5.0
1	5%		Occupancy	(%) 2			9 8		97

Developments	Developments
			FY 2 4	FY 2 5
~~int~~ Development	earnings	($M)	1,276.8	1,338


–					Development realisations were higher in FY25 than recent years, given the high proportion												FY 2 4	FY 2 5
		initiated		on balance	sheet or in develop - to - sell arrangements Work		in		progress				($B)				13.0	12.9
+					The forecast for data centre power demand in metropolitan (low latency) locations by							Data Centre		proportion of WIP (%)			40	57
					hyperscale operators has increased, along with their anticipated capital expenditure. We are Number of								developments				80	57
				engaged in advanced discussions with a number of customers
								Development for third						parties or	Partnerships	(%)	71	49
+					The Group has a globally diversified development portfolio, and we continue to progress and position our sites for delivery as appropriate. The development metrics reflect the quality of Committed					(%)							63	49
		the workbook in our urban locations Yield					on		cost		(%)						6. 7	7.5
–					Completed projects averaged 89% leased, reflecting the desirability of our sites and
	customer	demand
						Work		in				progress		(end	value)
–		Development yield on cost on WIP of 7.5%																$B
–			Commencements for the year were 21% pre - leased, with a yield on cost of 9.2%
–				Continued capital partnering with 49% of current WIP either pre - sold or being built for our		Opening			(June			202 4 )						13.0
					Partnerships or third parties. This has reduced in line with management indications that	at	Completions											(5.1)
					points in time there may be increased balance sheet development			Commencements										4.0
+		We continue to optimise -			the long term asset value of the existing investment portfolio through FX	and			other									1.0
	strategic planning outcomes. This is providing future development and growth opportuniti~~es~~
	through multi -				storey logistics, data centres and residential.	Closing (			June			202 5 )						12.9

y metrics
7.1 billion
		FY 2 4	FY 2 5
Number of	Partnerships	21	23
ximately External AUM	($B)	70.2	72.

									CONTINENTAL						UNITED
						AUSTRALIA	HONG	KONG	EUROPE	USA	JAPAN	CHINA	NEW	ZEALAND 7	KINGDOM	BRAZIL
Total assets	($B) 1					31.6	13.9		10.5	10.3	6.6	4.8		4.3	3.2	0.4
GMG co -	investment		(%)			28.9	20.9		22.8	55.0	19.7	20.0		31.8	50.0	15.0
GMG co -	investment		($B)			7.2	2.3		1.4	2.1	0.9	0.5		0.9	0.9	–
Number of	properties 1					183	19		106	27	26	44		14	16	4
Occupancy 2	(%)					97	93		99	100	98	94		99	92	100
Weighted	average	lease		expiry 2	(years)	4.7	5.7		5.6	6.1	5.5	2.4		5.6	6.2	3.0
WACR (%) 1						5.1	4.4		5.2	5.5	3.7	6.4		5.9	5.3	8.7
Gearing 3,4 (%)						18.2	19.8 5		24.0	25.2	34.9	27.9		31.8	25.8	–
Weighted	average	debt		expiry	(years) 3	3.1	3.4		3.5	4.2	5.0	3.5		2.6	0.4 6	–

																					Property					Non -	operat
																				Total	investment	Management	Developm	Operating	expenses		item
	Category																			$M	$M	$M	$M			$M	$M
	Gross property income																			211.6	205.7	–	–			–	5.9
	Management income																			603.7	–	603.7	–			–	–
	Development income																			1,495.1	–	–	1,49			–	–
	Distributions from investments																			0.6	0.6	–	–			–	–
	Net gain from fair value adjustments on investment			properties																(116.1)	–	–	82.			–	(198
	Net gain on disposal of investment properties																			13.6	–	–	13			–	–
	Gain on reallocation of Partnership			equity	interest															316.7	–	105.1	211			–	–
	Share of net results of equity accounted investments																			1,098.9	520.1	128.6	277			–	172 ¹
T	otal income																			3,624.1	726.4	837.4	2,079			–	(19.
	Property and development expenses																			(790.1)	(48.7)	–	(741			–	–
	Employee, administrative nd other expenses																			(757.0)	–	–	–		(400.8)		(356
	EBIT / Segment operating earnings																			2,077.0	677.7²	837.4²	1,338		(400.8)		(375
	Net gain from fair value adjustments on investment			properties																116.1	–	–	–			–	116
	Share of net gain from fair value adjustments on within associates and JVs		investment			properties,		unrealised		derivative gains and non -					recurring items					(343.9)	–	–	–			–	(343
	Realisation of prior years’ property valuation gains, net of									deferred		tax								253.3	–	–	–			–	253
	Straight lining of rental income																			(5.9)	–	–	–			–	(5.9
	Share based payments expense																			356.2	–	–	–			–	356
	Operating EBIT 3 / Segment operating earnings																			2,452.8	677.7	837.4	1,33		(400.8)		–
	Net finance expense (statutory)																			(232.7)	–	–	–		(232.7)		–
	Add: fair value adjustments on derivative financial		instruments																	266.6	–	–	–			266.6	–
	Net finance expense(operating)																			33.9	–	–	–			33.9	–
	Income tax expense (statutory)																			(177.9)	–	–	–		(177.9)		–
	Add: deferred tax on fair value adjustments on	investment			properties															46.0	–	–	–			46.0	–
	Add: deferred tax on other non - operating items																			(43.6)	–	–	–			(43.6)	–
	Income tax expense (operating)																			(175.5)	–	–	–		(175.5)		–
	Operating profit available for distribution																			2,311.2	677.7	837.4	1,33		(542.4)		–
	Net cash provided byoperating activities 4																			959.6
1.	Includes share of associate and joint venture property	valuation gains of $				203.2	million, share of fair				value	adjustments of			derivative financial		4.		Difference	between operating p of t	and cash provided by operating		activities of $(1,351.6) million (FY24 $(860.8) million) relates to:
	instruments in Partnerships of $ (19.2) million and other non -		cash, non -			recurring items			within associates of			$(11.2) million						–		$(163.2) million development activities
2.	Segment operating earnings is total income less property and				development expenses (excludes						employee,		administrative and other			expenses)		–		$(217.5) million development earnings		recognised in investing activities
3.	Look through Operating EBIT is $2,599.2 million and tax ( FY24: $2,373.2 million			reflects $146.4 million adjustment to GMG proportionate share of										Partnerships interest and				–		$(211.6) million equity settled transactions
																		–		$(84.0) million capitalised and prepaid interest
28 GOODMAN GROUP																		–			$(675.3) million other working	capital movements (including portfolio		performance	fees)	FY25	RESULTS

																									ended 30
																								Total	June 2025
Non - ope	rating			items in			statutory income			statement														$M	$M
Property		valuation				related		movements
Net gain	from		fair			value	adjustments		attributable to			investment		properties										(116.1)
Share of	net		gain		from fair		value		adjustments		attributable to			investment	properties in		associates		and	joint	ventures	after	tax	374.3
Deferred	tax		on	fair		value	adjustments on			investment		properties												(46.0)
						Realisation of prior years’ property valuation						gains												(253.3)
Subtotal																									(41.1)
Fair value				adjustments and				unrealised		foreign	currency		exchange		movements	related to		capital		management
Fair		value adjustments on					derivative			financial instruments –			GMG											(266.6)
Share of	fair		value			adjustments		on	derivative		financial	instruments in			associates	and joint		ventures						(19.2)
Subtotal																									(285.8)
Other non -		cash				adjustments or		non -	recurring		items
Share based				payments			expense																	(356.2)
Straight		lining		of	rental income			and tax		deferred	adjustments													38.3
Subtotal																									(317.9
TO T AL																									(644.8)

								Property
						Direct	Assets	investment	Development	Other	Total
As at 30 June		2025					$M	$M	$M	$M	$M
Cash							–	–	–	3,957.1	3,957.1
Receivables							33.0	298.6	190.9	628.1	1,150.6
Inventories							210.6	–	1,921.1	–	2,131.
Investment	properties						3,393.8	–	1,449.9	–	4,843.7
Investments		accounted for	using	equity	method		–	14,564.3	1,478.4	25.3	16,068.0
Intangibles							–	–	–	915.8	915.8
Other assets							1,474.8	4.6	546.4	472.6	2,498.4
Total assets							5,112.2	14,867.5	5,586.7	5,998. 9	31,565.3
Interest bearing		liabilities								(5,235.5)	(5,235.5
Other liabilities										(3,019.7)	(3,019.
Total liabilities										(8,255.2)	(8,255.2
Net assets/(liabilities)										(2,256.3)	23,310.1
Gearing 1 %											4.3
NTA (per	security) 2 $										11.03
Australia / New		Zealand					401.8	7,508.1	1,152.1	453.8	9,515.8
Asia							995.3	3,139.5	476.3	428.5	5,039.6
CE							87.6	1,366.1	1,356.3	916.4	3,726.4
UK							35.3	835.4	666.4	177.3	1,714.4
Americas							3,592.2	2,018.4	1,935.6	237.3	7,783.5
Other							–	–	–	3,785.6	3,785.6
Total assets							5,112.2	14,867.5	5,586.7	5,998.9	31,565.3
30 GOODMAN GROUP

3	0 Ju	ne	202	5		valu	ations		th	rough)
									Valuation					WACR
					Book	value	(GMG	m ov		ement		m ov	ement since
							exposure		since June		WACR		June 20 24
As at 3		0 June	202	5			$M		20 24		%			%
										$M
	Australia /	New		Zealand			10,589.4			287.3	5.2			-
Asia							5,668.7		-	51.0	4.6		-	0.2
UK /		Continental		Europe			5,381.5			21.7	5.2			-
	Americas						8,246.1			22.1	5.6		-	0.2
	Total /	Average					29,885.7			280.0	5.1		-	0.1

			easing a r ea					A v	e r a g	e lease
Region			(sqm ‘000	Net	annual	rent	$M	T	erm	(years)
Australia /	New	Zealand	94				203			5.
Asia			1,7				21			3.
	UK / Continental Europe		80				82			4.
Americas			5				1			2.
TOTAL			3,53				498			4.

As at 30 June 2025	As at 30 June 2025			Completion	Commencemen	progress
Value ($B)				5.1	4.0	12.9
Yield (%)				6.7	9.2	7.5
Committed (%)				89	21	49
Weighted average lease		term	(years)	12.6	10.6	11.6
Development for	third	parties or
Partnerships (%)				91	12	49
Australia / New	Zealand	(%)		35	19	19
Asia (%)				43	–	28
Americas (%)				–	27	23
UK / Continental	Europe	(%)		22	54	30

		ed a v e r a g e	eigh t	ed a v e r a g e					Amount
		maturity	e x	chan g e ra t e	Amount		receivable 1	p	a y able 1
	NZ$	3.3 y ea r s		1.0775			A$835.5m	NZ$	900.0 m
	HK$	4.4 years		5.2954			A$1,647.7m	HK$	8,840 .0m
	US$	2.8 y ea r s		0.7137		A$	1,894.8 m	US$1, 350 .0m
¥		4.2 years		87.11			A$301.9m		¥26,000.0bn
€		3.6 y ea r s		0.6341		A$	1,460.8 m	€	925 .0m
£		4.8 y ea r s		0.5369			A$998.7m		£535.0m
	CNH	5.5 years		4.5489			A$925.0m		CNY4,206.5m

Currency				Exchange rate	Exchange rate
AUDGBP –	0.4793	(30	June	2024:	0.5274)
AUDEUR –	0.5588	(30	June	2024:	0.6226)
AUDHKD –	5.1595	(30	June	2024:	5.2081 )
AUDBRL –	3.5733	(30	June	2024:	3.7304 )
AUDNZD –	1.0792	(30	June	2024:	1.0947)
AUDUSD –	0.6573	(30	June	2024:	0.6670 )
AUDJPY –	94.793	(30	June	2024:	107.301 )
AUDCNY –	4.7131	(30	June	2024:	4.8469 )

–	average	exchange
	Currency				Exchange rate
+	AUDGBP –	0.5005	(30	June	2024:	0.5206)
+	AUDEUR –	0.5956	(30	June	2024:	0.6062 )
+	AUDHKD –	5.0451	(30	June	2024:	5.1273 )
+	AUDBRL –	3.7074	(30	June	2024:	3.2793 )
+	AUDNZD –	1.0962	(30	June	2024:	1.0810 )
+	AUDUSD –	0.6476	(30	June	2024:	0.6557)
+	AUDJPY –	96.8693	(30	June	2024: 97.7982
+	AUDCNY –	4.6739	(30	June	2024:	4.7371 )
47	GOODMAN GROUP

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GOODMAN GROUP — Annual Report 2025

64998_rns_2025-08-20_6e2b4c22-714b-4287-9b57-9667c9750eae.pdf

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