LENDLEASE GROUP - Annual Report 2022

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22 August 2022
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Lendlease Group 2022 Full Year Results Announcement, Presentation and Appendix

Lendlease Group today announced its results for the year ended 30 June 2022. Attached is the FY22 Results Announcement, Presentation and Appendix.

A summary of Lendlease's Major Urban Projects can be found on the Lendlease website, or by clicking on the link here.

ENDS

FOR FURTHER INFORMATION, PLEASE CONTACT:

Investors: Media: Justin McCarthy Stephen Ellaway Mob: +61 422 800 321 Mob: +61 417 851 287

Authorised for lodgement by the Lendlease Group Disclosure Committee

Lendlease Corporation Limited ABN 32 000 226 228 and Lendlease Responsible Entity Limited ABN 72 122 883 185 AFS Licence 308983 as responsible entity for Lendlease Trust ABN 39 944 184 773 ARSN 128 052 595

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Level 14, Tower Three, International Towers Sydney Exchange Place, 300 Barangaroo Avenue Barangaroo NSW 2000 Australia

Telephone +61 2 9236 6111 Facsimile +61 2 9252 2192 lendlease.com

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Reset year impacts performance; solid momentum into FY23

For the year ended 30 June 2022:

Statutory Loss after Tax of $99m
Core operating[1] Profit after Tax of $276m:
Full year distributions of 16 cps, payout ratio of 40%:
- Final distribution of 11 cps
Earnings Per Security of 40.1 cents
Significant recovery in H2 provides momentum for FY23:
Statutory result: $165m profit in H2; $264m loss in H1
Core profit: $248m in H2; $28m in H1
Development commencements $4.4b in H2; $1.5b in H1

Business renewal:

Refreshed leadership and simplified organisation structure
Recalibrated cost base – delivering savings >$160m per annum
Exit of Non core Services business
$1b strategic portfolio divestments
Formed c.$11b of partnerships to drive growth in funds under management
Record Work in Progress of $18.4b

FY22 Result Summary[2]

Resetting the organisation, including simplifying the Group’s operating model and addressing legacy issues while managing the ongoing impacts of COVID, affected our financial performance. This was reflected in a Statutory loss and a modest Core profit.

The Group’s financial performance improved in the second half and there is solid momentum going into FY23. Core profit rose from $28m in H1 to $248m in H2 and development commencements accelerated from $1.5b in H1 to $4.4b in H2.

Global Chief Executive Officer and Managing Director, Tony Lombardo said, “We made significant progress in resetting our company for future growth. We are now a leaner organisation and more agile in responding to our customers. This year, we formed approximately $11b of investment partnerships that will underpin strong growth in funds under management while work in progress is at a record $18.4b”.

1 Reflects Statutory earnings adjusted for non operating items and the Non core segment.

2 Comparative period the year ended 30 June 2021, unless otherwise stated.

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Specifically, the Group advanced numerous strategic initiatives:

Refreshed leadership and structure of organisation
Reducing the cost structure, exceeding our savings target of >$160m per annum;
Simplified the Group by exiting our Non core businesses with the divestment of Services;
Formed c.$11b of investment partnerships to grow the platform;
Obtained masterplan approval for >$8b of the development pipeline;
c.$6b of commencements taking Work in Progress to $18.4b; and
Repositioning the Australian Communities business with lot sales up 61 per cent.

Financials

Core Operating Profit after Tax, the Group’s measure of underlying earnings, was $276m for the year ended 30 June 2022. Core Operating Earnings per Security of 40.1 cents represents a Return on Equity of 4.0 per cent. Distributions per security of 16 cents, represents a payout ratio of 40 per cent.

The Group’s Statutory Loss after Tax for the year ending 30 June 2022 was $99m. Non operating items of negative $333m and a non core segment loss of $42m provide the reconciliation of core operating profit to the statutory loss of $99m.

Non operating items after tax include Investments segment revaluation gains of $70m offset by Development impairment expenses of $223m, restructuring costs of $119m and intangible impairments relating to Digital activities of $55m. The impairment of the Digital assets followed a strategic review which has prioritised products with expected higher returns.

The Non core loss primarily reflects costs associated with the exit of the Services business in FY22. We have maintained provisions we consider to be appropriate to complete our share of the retained Melbourne Metro project and for potential warranties associated with the now exited Engineering and Services businesses.

Group Chief Financial Officer, Simon Dixon, said “Maintaining financial strength, reflected in gearing of less than 10 per cent, was a priority for the Group as we transitioned through a reset year. This was achieved while deploying an additional $1b of development capital during the year.”

Gearing of 7.3 per cent is below the target range of 10-20 per cent, placing the Group in a strong liquidity position with total available liquidity of $3.9b.

Development capital was up from $4.4b to $5.4b as development expenditure accelerates along with Work in Progress and subsequent completions. Invested capital is planned to be re-weighted towards the Investments segment from FY24.

The recurring operating cost savings derived from our simplification initiatives during the year surpassed our target of >$160m pre tax, generating annualised savings of $172m. Restructuring charges incurred to meet these savings were $170m pre tax. In addition, the

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change in strategy on a small number of underperforming development projects incurred an impairment expense of $289m pre tax.

“Our simplification has prepared the Group for continued acceleration in development activity and growth across the investments platform. We have also retained the financial capacity to support these growth ambitions,” said Mr Dixon.

Operating Segments

Investments

The Investments segment outperformed with a return on invested capital of 9.7 per cent, well in excess of our target range of 6-9 per cent. The outcome was boosted by a financial partner acquiring part of the asset management income stream of the US Military Housing portfolio, as well as a recovery in portfolio income and higher management fees. Investments EBITDA rose from $141m in the first half to $356m in the second half.

Investment partnerships formed during the year included a joint venture to redevelop the Comcentre in Singapore; a joint venture to develop the remaining office precinct at International Quarter London; the establishment of a value add Australian diversified fund; and the launches of a US life sciences partnership and an Asian innovation fund. We have added key leadership talent to facilitate future growth.

Development

The subdued contribution from the Development segment was the result of fewer completions and the impact of the change in approach to our joint venture projects, which more closely aligns the timing of development profit with cash flow and capital at risk. Development EBITDA recovered from $39m in the first half to $142m in the second half. While the returns from the segment were well below target, Work in Progress rose to a record $18.4b.

More than $8b of the development pipeline received masterplanning approval. In addition, approximately $6b of projects commenced including: 1 Java Street, New York; 60 Guest Street, Boston; Certis Centre, Singapore; Phase 1 of the Tokyo data centre; and the third and final residential tower at One Sydney Harbour.

Construction

In the Construction segment, we delivered a resilient outcome with our teams implementing a range of mitigation strategies to offset ongoing COVID impacts, various supply chain disruptions and related cost pressures. Nonetheless, EBITDA and the EBITDA margin were down on the prior year as a result of these factors.

Backlog revenue remains solid at $10.5b and is diversified by client type and sector, although dominated by Australia with $7b of backlog revenue. The lagged impact of the pandemic and our decision to remain disciplined in bidding for work has resulted in the Americas backlog declining to significantly below historical levels. We have maintained capability given our confidence that

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backlog and revenue will recover over time.

Outlook

The Group enters the new financial year with solid momentum, providing confidence in the Create phase of our five-year roadmap. While our integrated model enables a high degree of control in executing our strategy, we will be influenced by the external environment of higher inflation and interest rates.

The Return on Invested Capital for the Investments segment is expected to be in the range of 6-7.5 per cent for FY23, including $73m pre-tax from the further sale of 13 per cent of the Military Housing asset management income stream. While the development pipeline is expected to continue to provide the predominant source of future growth for the investments platform, new initiatives will be pursued selectively alongside our investment partners.

The Return on Invested Capital for the Development segment is expected to be in the range of 4-6 per cent for FY23. Higher commencements and a record amount of Work in Progress are driving a recovery in both completions and profit. The joint venture to acquire the c.$3b One Circular Quay development early in the new year is expected to form part of our targeted $8b of commencements and improve our returns over time by working with investment partners. However, scale benefits will not be achieved in FY23 and the revised approach to joint ventures means profit on new projects is anticipated to be deferred. As a result, returns in FY23 will remain below our target.

The EBITDA margin for the Construction segment is expected to be in the range of 1.5-2.5 per cent for FY23, lower than our target range of 2-3 per cent due to risks including ongoing COVID disruption, cost pressures and supply chain constraints. These risks have been well managed to date but their persistence, along with low activity in the Americas, is likely to impact performance in FY23.

“We remain on track to meet our more than $8b completion target in FY24, along with the Return on Invested Capital target for the Development segment of 10-13 per cent. The record level of Work in Progress, along with our assessment of project fundamentals, provides confidence in achieving both the completion and return targets,” said Mr Lombardo.

The Group Return on Equity Target of 8-11 percent is expected to be met from FY24.

Further information regarding Lendlease’s results is set out in the Group’s financial results presentation for the year ended 30 June 2022 and is available on www.lendlease.com.

ENDS

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FOR FURTHER INFORMATION, PLEASE CONTACT:

Investors:	Media:
Justin McCarthy	Stephen Ellaway
Mob: +61 422 800 321	Mob: +61 417 851 287
2022 Key Dates for Investors
Securities quoted ex-distribution on the Australian Securities Exchange		26 August
Final distribution record date		29 August
Final distribution payable		21 September
Annual General Meetings		18 November

Authorised for lodgement by the Lendlease Group Disclosure Committee

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2022 Full Year Results

22 August 2022

London: Elephant Park

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Lendlease FY22 Financial Results

As an investor, developer, builder and manager of assets on land across Australia, we pay our respects to the Traditional Owners, especially their Elders past and present, and value their custodianship of these lands.

Lendlease FY22 Financial Results

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Use image on page 206 of AR
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Singapore: Comcentre redevelopment Artist’s impression

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Group
Performance
Tony Lombardo
Global CEO
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Lendlease FY22 Financial Results

FY22 snapshot

Group

Refreshed leadership and organisation structure
Recalibrated cost base
Exit Non core businesses
Portfolio divestments
Operating momentum into FY23

Investments

ROIC above PMF[4] and FY22 expected range
Formed c.$11b[1] of partnerships to grow FUM:
−Comcentre redevelopment, Singapore – $3.0b
−International Quarter London – $2.8b
−Real Estate Partners 4 – $1.5b
−US Life Sciences partnership – $1.0b
−Lendlease Innovation partnership – $1.0b

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$2.8b [2]
International
Quarter
London [3]
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Development

ROIC below PMF[4] range; within FY22 expected range
FY22 trough year:
−Lower completions at $2.5b
−Impact on profit timing from change in JV approach
Significant momentum into FY23:
−Record Work in Progress of $18.4b
−$5.9b of commencements, $4.4b in H2

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$3.0b [1]
Comcentre
redevelopment,
Singapore [3]
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Construction

EBITDA margin within PMF[4] and FY22 expected range
Resilient despite disruptions:
- −Productivity impacts from COVID shutdowns
- −Managed supply chain constraints and inflation
- −Backlog revenue >$10b
- −Substantial social infrastructure projects
−Australia Communities sales >3,000, up 61%

1. Total estimated end value (representing 100% of project value). 2. Total estimated end value of partnership with CPP Investments. 3. Artist’s impression. 4. Portfolio Management Framework.

Lendlease FY22 Financial Results 5

Financial performance

Cyclical low point for activity and profitability, statutory result impacted by restructuring charges

FY22 Result

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$276m ($99m) Strong
Core operating [1] Profit after Tax Statutory Loss after Tax Financial position
40.1c 4.0% [2]
($42)m 7.3% [5]
Earnings per Return
Non core segment Loss Gearing
security on Equity
16cps [3,4] 40% ($333)m $3.9b
Distributions Payout ratio Non operating items Available liquidity
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Operating performance

Subdued FY22, significant momentum into FY23 with additional investment partnerships and record Work in Progress

Statutory profit adjusted for non operating items and the Non core segment. Non operating items are Investments segment property revaluations, restructuring charges and impairment expenses.
Return on Equity is calculated using the Core operating Profit after Tax divided by the arithmetic average of beginning, half and year end securityholders’ equity.
Includes Trust distribution.
Final Distribution of 11cps.
Net debt to total tangible assets, less cash. 6. Excludes internal projects.

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Investments Development Construction [6]
$44.4b $18.4b $6.6b
Funds Under Management Work in Progress Revenue
$30.0b $2.5b $5.3b
Assets Under Management Completions New work secured
$3.5b $117.0b $10.5b
Investment portfolio Pipeline Backlog revenue
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Lendlease FY22 Financial Results 6

Momentum in H2

Strong H2 performance across key Financial and Operating metrics

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H2
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Momentum
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Statutory profit adjusted for non operating items and the Non core segment. Non operating items are Investments segment property revaluations, restructuring charges and impairment expenses.
Excludes internal projects. projects).

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Core Operating [1] Profit after Tax Core Operating Earnings per Security
H1 H2 H1 H2
$28m $248m 4.1c 36.1c
Investments Development Construction [2]
Funds Under Management Commencements Revenue
Growth
H1 H2 H1 H2 H1 H2
$2.4b $2.4b $1.5b $4.4b $3.2b $3.4b
Investments Partnerships formed Completions New work secured
H1 H2 H1 H2 H1 H2
$5b $6b $0.2b $2.3b $2.4b $2.9b
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Lendlease FY22 Financial Results

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Lendlease FY22 Financial Results
Financial
Summary
Simon Dixon
Group Chief Financial
Officer
New York: 1 Java Street
Artist’s impression
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Lendlease FY22 Financial Results 8

Financial performance[1 ]

$m		FY21	FY22	Change
Core
Investments		276	497	80%
Development		469	181	(61%)
Construction		173	131	(24%)
Segment EBITDA		918	809	(12%)
Corporate costs		(161)	(180)	(12%)
Operating EBITDA		757	629	(17%)
Depreciation and amortisation		(148)	(146)	1%
Net finance costs		(137)	(116)	15%
Operating Profit Before Tax		472	367	(22%)
Income tax (expense) benefit		(95)	(91)	4%
Operating Profit After Tax		377	276	(27%)
Non operating
Non operating items after tax		26	(333)	na
Non core segment after tax		(181)	(42)	77%
Group
Statutory (Loss)/Profit After Tax		222	(99)	na
Operating EPS	cents	54.8	40.1	(27%)
Statutory EPS	cents	32.3	(14.4)	na

Higher funds management fees, investment portfolio income and profits on divestments
Lower completions including settlement delays and prior year contribution from One Sydney Harbour
• Revenue subdued and margin erosion from ongoing disruptions
Several one-off benefits in comparative period. Composition: Group services costs $136m; Treasury costs $21m; Digital costs $23m
Reduced commitment fees and lower average drawn debt
Effective tax rate up 5ppts to 25%
Includes Investments segment revaluations of $70m offset by Development Impairment expense $223m; Restructuring costs $119m; Intangible impairments relating to Digital activities $55m
• Includes tenancy impairment of $18m

1. Comparative period the year ended 30 June 2021.

Lendlease FY22 Financial Results 9

Strategic initiatives

Annualised operating cost savings in FY22[1 ] ($m)

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Target Target
>$160m
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Savings exceed >$160m target

Completed annualised savings of $172m[1,2]

$90m achieved in FY22
Headcount reduction >400[3]
Tenancy reduced by c.29,000 sqm[4]

Restructuring costs and Impairments

Restructuring costs of $170m[2]

Comprised primarily of Tenancy impairments and Redundancy costs

Development impairment of $289m[2]

Largely confined to three projects[5] : Brisbane Showgrounds, Deptford Landings, Waterbank
Savings will be reflected in Cost of Sales, Other Expenses and Depreciation and Interest.
Pre tax.
Redundancies and roles not replaced. 4. Reduction of c.24,000 sqm for year ended 30 June 2022.
Pipeline reduced by $4.6b from removal of impaired projects

Intangible impairment relating to Digital activities of $77m[2]

Prioritisation of activities has led to discontinuance of certain products
Represents c.95% of the impairment.

Lendlease FY22 Financial Results

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Cash
flow
1. Core underlying operating cash flow relative to Core
Operating EBITDA.
2. Includes interest paid, tax paid and the impact of
foreign exchange movements on opening cash.
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Core underlying operating cash flow relative to Core Operating EBITDA.
Includes interest paid, tax paid and the impact of foreign exchange movements on opening cash.

Cash flow movements

Core underlying operating cash inflow $514m:

Underlying investing cash outflow $482m:

Investments (cash outflow) $1.6b:
Predominantly from Investments segment
−Development expenditure of $1.2b on projects
Low development settlements
−New fund investments of $0.3b
Weaker construction cash flow
Core cash conversion ratio of 82%[1]
Divestments (cash inflow) $1.1b:
−Retirement Living ($0.5b)

Non core segment cash flow neutral in FY22:

−Estimated cash outflows of $0.8b from FY23 - FY26
−Services business ($0.3b)

FY22 ($b)

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0.5 (0.1)
(1.6)
1.7
1.1 (0.3)
1.3
FY21 closing cash Core Non core and non Investments Divestments Net financing and other FY22 closing
operating adjustments² cash
Underlying
Underlying Investing
Operating Cash
Cash flow
flow
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Lendlease FY22 Financial Results 11

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Financial
position
1. Securityholder equity plus gross debt less cash on
balance sheet.
2. Australia invested capital includes Corporate.
3. Return on Invested Capital is calculated using the
Core Operating Profit after Tax divided by the
arithmetic average of beginning, half
invested capital.
4. Expected range at HY22 result.
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Securityholder equity plus gross debt less cash on balance sheet.
Australia invested capital includes Corporate.
Return on Invested Capital is calculated using the Core Operating Profit after Tax divided by the arithmetic average of beginning, half and year end invested capital.

Invested capital[1]

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$b Change
Investments $3.7b $0.1b
Development $5.4b $1.0b
Other ($1.0b) ($0.7b)
Total $8.1b $0.4b
$b Change
Australia [2] $2.7b ($0.4b)
Asia $1.8b $0.4b
Europe $2.0b $0.2b
Americas $1.6b $0.2b
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Portfolio Management Framework

	Target	FY21
Core Business Segment Returns
Investments ROIC3	6-9%	5.9% 7.5-8.5% 9.7%
Development ROIC3 10-13% 7.2% 2-4% 2.2%
Construction EBITDA margin	2-3%	2.7% 2-3% 2.0%

Treasury management

		FY21	FY22
Net debt	$m	695	1,060
Gearing	%	5.0%	7.3%
Interest cover	times	6.4	5.6
Average drawn debt maturity	years	4.9	6.6
Average cost of debt	%	3.6	3.6
Available liquidity	$m	4,930	3,944
Investment Grade Credit	Ratings
Moody’s		Baa3 stable outlook
Fitch		BBB- stable outlook

Drawn debt maturity ($m)

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Bank Debt Bond
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• 60% of the Group’s total facilities are
sustainable financings
1,319
580
268 313
- - - -
FY22 FY23 FY24 FY25 FY26 FY27 FY28+
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Lendlease FY22 Financial Results
Operational
Update
Tony Lombardo
Global CEO
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Tony Lombardo
Global CEO
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Chicago: Lakeshore East
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Lendlease FY22 Financial Results 13

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London
Global presence, local expertise [1] • Thamesmead Waterfront
• Euston Station
• Silvertown
• International Quarter London
• Elephant Park
• High Road West
• Smithfield, Birmingham
Chicago
• Southbank
• Lakeshore East
San Francisco
• San Francisco Bay Area Project
• 30 Van Ness
Milan
New York • Milano Santa Giulia
• 1 Java Street • Milan Innovation District
Singapore
• Comcentre redevelopment
Kuala Lumpur
• The Exchange TRX
Investments Development Construction
$44 billion $30 billion $117 billion $10.5 billion
Funds Under Management Assets Under Management Development pipeline Backlog revenue
Sydney
Funds and mandates38 Commercial26 101xxx101>50,000Residential Projects47 [2] Projects 100 [3] Melbourne • Melbourne Quarter ••• BarangarooSydneyVictoria PlaceCrossSouthOver
buildings units • Victoria Harbour
Station Development
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1. Map illustrates 15 targeted gateway cities and highlights major urban projects with an estimated development end value greater than $1 billion. 2. Total of 47 development projects, comprising a total of 31 urban projects and 16 Australia Communities projects. 3. Represents projects in delivery >$10 million.

Lendlease FY22 Financial Results

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Health and
Safety
1. Calculated to provide a rate of instances per
1,000,000 hours worked.
2. An event that caused, or had the potential to cause,
death or permanent disability. This is an indicator
unique to Lendlease.
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Calculated to provide a rate of instances per 1,000,000 hours worked.
An event that caused, or had the potential to cause, death or permanent disability. This is an indicator unique to Lendlease.

FY22 highlights

Key performance indicators at best ever rates
Employee survey results reinforce outstanding safety culture
Safety innovations include world leading perimeter screens for high rise steel building

Critical Incident Frequency Rate[1] Operations without a critical incident[2] (%)

Lost Time Injury Frequency Rate[1]

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FY21 0.66 FY21 94
FY22 0.57 FY22 94
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FY21 1.8
FY22 1.4
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Fatality

One subcontractor fatality occurred on our operations in an area under subcontractor management during FY22
Our thoughts are with the family and friends of the subcontractor employee and everyone impacted by this tragic event
Reducing incidents through continuous improvement, advocacy for industry change

Lendlease FY22 Financial Results

FY22 key achievements

Environmental, Social and Governance

Recognised by the US Institute for Market Transformation.
2021 Global Real Estate Sustainability Benchmark. 3. https://www.lendlease.com/au/betterplaces/stepping-up-the-pace-fossil-fuel-freeconstruction/

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Switched to
100% 87% $1.2b $107.3m
renewable of waste diverted raised in social value created
from landfill Green 42.9%
electricity
(up from 75%)
of FY25 target
across European bonds
operations
Ardor Gardens
Four funds 98% received
Green Lease
ranked in the fuels used in our UK WELL
GRESB [2] top Leader [1] construction business Health & Safety
in the US are sustainably
10 sourced rating
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Released
Stepping Up the
Pace:
Fossil Fuel Free
Construction
In partnership with
the University of
Queensland [3]
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Lendlease FY22 Financial Results 16

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Investments
1. Comparative period the year ended 30 June 2021.
2. Fees generated from the management of $44b of
FUM.
3. Total estimated end value (representing 100% of
project value.
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Comparative period the year ended 30 June 2021.
Fees generated from the management of $44b of FUM.
Total estimated end value (representing 100% of project value.

Management EBITDA ($m)

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94 FY21 FY22
90
75
47
Funds Management EBITDA Asset Management EBITDA
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Investments platform ($b)

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FUM AUM
Office Retail Resi Industrial Other
5%
5%
10%
6%
50%
$44b $30b
56%
28% 40%
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Management earnings

Operational performance[1]

Funds Management EBITDA $94m, up 25%
−Revenue[2] $172m, up 19%
−Higher fees from FUM growth and acquisitions
−Expenses higher to support initiatives for platform growth
Asset Management EBITDA $47m, down from $90m
−Prior year includes US Military Housing redevelopment fees
−Residential and Retail: earnings up

Outlook

Funds Under Management (FUM) of $44.4b:
−Up 12% underpinned by new partnerships and acquisitions
−c.$11b[3] initiatives progressed anticipated to grow FUM: o c.$2.0b deployed
- c.$9.0b of committed capital to deploy
−c.$64b[3] investment grade product embedded in pipeline
Assets under management (AUM) of $30.0b:
−Expected to remain stable

Lendlease FY22 Financial Results 17

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Investments
1. Includes directly owned assets.
2. The Group’s assessment of market value of
ownership interests.
3. Comparative period the year ended 30 June 2021.
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The Group’s assessment of market value of ownership interests.
Comparative period the year ended 30 June 2021.

Investment portfolio[1] EBITDA ($m)

FY21 FY22

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356
111
FY21 FY22
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Investments Portfolio[2] ($b)

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FY21 FY22
3.5 3.5
FY21 FY22
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Investment Portfolio earnings

Performance[3]

EBITDA $356m, up from $111m:
−Portfolio yield c.5% up from c.3% in FY21
−Recovery in underlying investment income
$167m from sale of 28% of Military Housing asset management income stream
Investment portfolio $3.5b, steady from prior year:
−Additions: Global Commercial REIT, Industrial portfolio −Divestments: Retirement Living; Barangaroo Retail

Outlook

Medium term target >50% of capital in Investments:
−Investment partnerships
−New funds and product launches
−Existing funds
Diversified portfolio across: retirement, office, retail, residential and industrial sectors
Post balance date further sale of 13% of Military Housing asset management income stream

Lendlease FY22 Financial Results 18

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Development
1. Comparative period the year ended 30 June 2021.
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Comparative period the year ended 30 June 2021.

EBITDA ($m)

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FY21 FY22
427
165
42
16
Urban Australia Communities
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Completions ($b) and Work in Progress ($b)

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Completions WIP
18.4
15.1
14.5
12.3
11.2
5.6
5.0
4.0 3.8
2.5
FY18 FY19 FY20 FY21 FY22
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Operational performance[1]

Urban portfolio: EBITDA $165m, Invested Capital $4.5b:

−Prior year contribution from Towers 1 & 2, One Sydney Harbour
−Sydney Place
−North East Link and Frankston Hospital PPPs

Australia Communities: EBITDA $16m, Invested Capital $0.9b:

−Settlements 1,478 lots, down 34%
−Sales 3,114 lots, up 61%
−Turnaround in business performance
−Targeting >3,000 settlements in FY23

Work in Progress future indicator of completions

Completions of $2.5b to mark the trough:

−Cirrus/Cascade, Lakeshore East, Chicago; Ardor Gardens, Shanghai; Spark 1 and Spark 2, Milano Santa Giulia; Australia Communities settlements

Record level of WIP at $18.4b:

−Expected completion profile:
FY23 - c.$4b
FY24 - c.$7b
FY25 - c.$6b
FY26+ - c.$1b

Lendlease FY22 Financial Results

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Development
1. Masterplanned
Communities. FY21 has been restated from prior
presentations to better align to pipeline status.
Previously, the Australia Communities capital
balance was contained in WIP.
2. Subject to changes in delivery program.
3. San Francisco Bay Area Project.
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Masterplanned capital includes $0.9b for Australia Communities. FY21 has been restated from prior presentations to better align to pipeline status. Previously, the Australia Communities capital balance was contained in WIP.

Pipeline and Capital by Operational phase

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Operational phase Pipeline Capital
FY21 FY22 FY21 [1] FY22
In Conversion $59b $57b $0.5b $0.4b
Masterplanned $40b $42b $2.1b $2.2b
Work in Progress $15b $18b $1.8b $2.8b
Total $114b $117b $4.4b $5.4b
Indicative commencements and completions [2]
Commencements
Completions - WIP
Completions - Other
9 9.0
>c$8b8 8.0
7 7.0
6 c$7b 6.0
5 5.0
c$6b
4 4.0
c$4b
3 3.0
2 2.0
1 1.0
0 0.0
FY23 FY24 FY25
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Operational performance

Focus on converting the pipeline

Forthcoming acceleration reflected in higher capital base
$8b of pipeline received Masterplanning approval:
−San Jose District[3] ; 60 Guest Street, Boston; 1 Java Street, New York
Pipeline:
−$4.1b new projects; Comcentre, Singapore; Kinma Valley, southeast Queensland
−Increased scope on existing projects >$5b
−Removal of impaired projects: $4.6b reduction
−One Circular Quay secured in FY23

Pathway to >$8b of completions from FY24

FY22 Commencements:
−1 Java Street, New York; 60 Guest Street, Boston
−One Sydney Harbour Tower 3; Australia Communities
−Certis Cisco Centre, Singapore; Tokyo Data centre
Targeting >$8b of commencements per annum. FY23 expected commencements include:
−30 Van Ness, San Francisco; One Circular Quay, Sydney; La Cienega, Los Angeles; Milan Innovation District; Silvertown, London

Lendlease FY22 Financial Results

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Construction
1. Comparative period the year ended 30 June 2021.
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Comparative period the year ended 30 June 2021.

Operational performance and outlook[1]

Backlog revenue ($b)

EBITDA $131m, down from $173m

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5.3 (6.6)
• EBITDA margin 2.0%, down from 2.7%:
11.3
0.5 10.5
o COVID impacts
o Supply chain disruptions
o Cost pressures
•
Revenue of $6.6b, up 3%:
FY21 New work Revenue FX & Other FY22 −Australia up 11%
secured
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−Resilient performance with mitigation strategies offsetting:
−Asia and Europe flat

Backlog by sector and client

−Americas down 7% due to prolonged COVID impacts

Social Infrastructure Government

Defence Corporate
New work secured $5.3b, down from $6.9b:

Commercial

−Australia: $3.6b underpinned by social infrastructure projects

Residential

−Americas: significantly below historical averages

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Other
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7%
7%
36%
39%
24%
61%
26%
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Preferred on $4.6b which includes several social infrastructure projects in Australia and the Americas
Backlog revenue of $10.5b:
−Global agreements with several supply partners
−Diversified by client type and sector
−Public sector projects two thirds of backlog

Lendlease FY22 Financial Results

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Outlook

Tony Lombardo Global CEO

Milan: Milan Innovation District (MIND) Artist’s impression

Lendlease FY22 Financial Results

Outlook

Group

Confidence as we enter our CREATE phase
Anticipate improved financial performance in FY23
Risks: Inflation, supply chain and interest rates
ROE Target of 8-11% expected to be met from FY24

Investments

FY23 expected ROIC: 6-7.5% v target 6-9%

Partnerships underpin FUM growth
Opportunities to deploy committed capital
FUM target >$70b by FY26

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Image to be updated
Tokyo data centre [1]
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Development

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FY23 expected ROIC: 4-6% v target of 10-13%
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Completions of c.$4.5b[2]
Targeting >$8b of commencements
ROIC target expected to be met by FY24

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60 Guest Street, Boston [1]
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Construction
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FY23 expected EBITDA margin: 1.5-2.5% v target 2-3%

Supply chain uncertainty
Preferred on >$4b of work
Public sector near term driver

1. Artist’s impression (image subject to change and further design development and planning approval). 2. Project end value on product completed during a financial period (representing 100% of project value).

Lendlease FY22 Financial Results

Questions

2022 Full Year Results Appendix 22 August 2022

London : Elephant Park

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Lendlease FY22 Financial Results

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Overview
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Lendlease FY22 Financial Results 3

Lendlease FY22 Financial Results 4

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----- Start of picture text -----

Lendlease FY22 Financial Results 5
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Group
Financials
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Lendlease FY22 Financial Results 6

Income Statement (Statutory Result)

June 2021 results have been re-presented for discontinued operations during the period.

$m FY211	FY22
Revenue from contracts with customers 9,022 Other revenue 121 Cost of sales (8,435)	8,822
	142
	(8,135)
Gross profit 708 Share of profit of equity accounted investments 100 Other income 487 Other expenses (884)	829
	181
	358
	(1,429)
Results from operating activities from continuing operations 411	(61)
Finance revenue 9 Finance costs (146)	9
	(125)
Net finance costs (137)	(116)
(Loss)/Profit before tax from continuing operations 274 Income tax (expense)/benefit from continuing operations (68)	(177)
	51
(Loss)/Profit after tax from continuing operations 206 Profit after tax from discontinued operations 16	(126)
	27
(Loss)/Profit after tax 222	(99)
(Loss)/Profit after tax attributable to: Members of Lendlease Corporation Limited 128 Unitholders of Lendlease Trust 94
	(239)
	140
(Loss)/Profit after tax attributable to securityholders 222 External non controlling interests -	(99)
	-
(Loss)/Profit after tax 222	(99)
Earnings per Stapled Security from continuing operations cents 30.0 Earnings per Stapled Security cents 32.3	(18.3)
	(14.4)

Lendlease FY22 Financial Results 7

Reconciliation of Core Operating Profit[1]

	$m FY21	FY22
	Core operating profit after tax 377	276

	Add / (less): Investment properties revaluations2 (1) Add / (less): Financial assets revaluations2 46 Add / (less): Equity accounted investments revaluations2 (19)	4
		58

		8
	Total Investment segment revaluations 26	70
	Add / (less): Impairment losses relating to intangibles - Add / (less): Restructuring costs - Add / (less): Development impairments -	(61)
		(119)
		(223)
	Total other non operating items -	(403)
	Non operating items (post tax) 26 Non Core loss after tax (181)	(333)
		(42)
	(Loss) / Profit after tax attributable to securityholders 222	(99)

Statutory profit adjusted for non operating items and the Non core segment. Non operating items are non-cash backed property related revaluation movements of Investment Property, Other Financial Assets and Equity accounted Investments in the Investments segment, and other non-cash adjustments or non-trading items such as impairment losses relating to Goodwill and other Intangibles.
Assets in the Investments segment only.

Lendlease FY22 Financial Results 8

FY22 Core underlying operating cash flow of $514m

1.
Balances include cash flows relating to
both continuing and discontinued
operations.
2.
Development inventory includes
contract assets in the Development
segment.
FY22 Core
Underlying
Operating
Cash Flow1

Overview
Summary of adjustments
$m
Statutory
Adjustments
Underlying
Cash Flows from Operating Activities
Cash receipts in the course of operations
8,893
-
8,893
Cash payments in the course of operations
(9,606)
611A
(8,995)
Non core and non operating cash payments
-
84
84
Dividends/distributions received
109
-
109
Deconsolidation of development entities
-
41B
41
Realised gains on sale of assets
-
382C
382
Interest received
3
(3)
-
Interest paid in relation to other corporations
(129)
129
-
Interest in relation to lease liabilities
(17)
17
-
Income taxpaid in respect of operations
(88)
88
-
Net cash provided by operating activities
(835)
1,265
514
Cash Flows from Investing Activities
Sale/redemption of investments
846
(382)C
464
Acquisition of investments
(985)
-
(985)
Sale of investment properties
82
-
82
Acquisition of/capital expenditure on
investment properties
(71)
-
(71)
Net loan drawdowns from associates and
joint ventures
(13)
-
(13)
Disposal of consolidated entities (net of cash
disposed and transaction costs)
709
(41)B
668
Disposal of property, plant and equipment
69
-
69
Acquisition of property, plant and equipment
(10)
-
(10)
Acquisition of intangible assets
(75)
-
(75)
Net increase in development inventory
-
(611)A
(611)
Net cash used in investing activities
552
(1,034)
(482)
A.Net investment in development inventory
Excluding the impact of the impairment char
in the period, there was a net increase in
development expenditure, net of deferred la
payments, which has been reclassified as an
investing activity
B.Cash proceeds/disposed from sell down
of development entities
Net cash received from deconsolidation of
development entities is reclassified as an
operating activity, to align with the treatment
cash flows prior to deconsolidation
C.Realised gains on sale of assets
Lendlease is an active investment manager,
with realised gains/losses on sale of assets
included in EBITDA. Accordingly, gains on
disposal are reclassified as an operating
activity. This does not include the
crystallisation on sale of historical property
revaluations in the Investments segment whi

•
Core underlying operating cash flowis
derived by adjusting statutory cash flows to
better reflect Core operating cash
generated by the Group from its operating
model prior to:
– Payment of interest and tax
– Reinvestment in the Group’s pipeline

FY22 Core Underlying Operating Cash Flow[1]

A. Net investment in development inventory[2]

Excluding the impact of the impairment charge in the period, there was a net increase in development expenditure, net of deferred land payments, which has been reclassified as an investing activity

Net cash received from deconsolidation of development entities is reclassified as an operating activity, to align with the treatment of cash flows prior to deconsolidation

Lendlease is an active investment manager, with realised gains/losses on sale of assets included in EBITDA. Accordingly, gains on disposal are reclassified as an operating activity. This does not include the crystallisation on sale of historical property revaluations in the Investments segment which are excluded from Operating EBITDA

Lendlease FY22 Financial Results

Portfolio Management Framework

	Target	FY21	FY22
Total Group Metrics
Core Operating ROE	8-11%	5.4% 4.0%
Distributionpayout ratio1	40-60%	49%	40%
Gearing	10-20%	5.0%	7.3%
Core Business EBITDA Mix
Investments	35-45%	30%	61%
Development	40-50%	51%	23%
Construction	10-20%	19%	16%
Segment Invested Capital Mix
Investments	40-60%	45%	40%
Development	40-60%	55%	60%
Regional Invested Capital Mix
Australia	40-60%	39%	33%
Asia	10-25%	19%	22%
Europe	10-25%	23%	25%
Americas	10-25%	19%	20%

Calculated on Core Operating Earnings. FY22 represents the payout of earnings of the Trust during the period.

Lendlease FY22 Financial Results

Segment Financial Metrics

Return on Invested Capital (ROIC) is calculated using the annualised Profit after Tax divided by the arithmetic average of beginning, half and year end invested capital.

Operating Profit after Tax ($m)

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FY21 FY22
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361
342
213
111
100
68
Investments Development Construction
ROIC [1,2] (Investments, Development)
EBITDA margin (Construction)
FY21 FY22
6.9%
5 year average
7.5%
5 year average
9.7% 2.3%
7.2% 5 year average
5.9%
2.2% 2.7% 2.0%
Investments ROIC Development ROIC Construction EBITDA
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margin

Operating EBITDA ($m)

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----- Start of picture text -----

FY21 FY22
497
469
276
181 173
131
Investments Construction
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Development
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Invested Capital (Investments & Development) ($b)

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FY21 FY22
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5.4
4.4
3.6 3.7
Investments Development
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Five year rolling average from FY18 to FY22.

Lendlease FY22 Financial Results

FY22 Regional EBITDA to PAT Reconciliation

Statutory profit adjusted for non operating items. These include non-cash backed property related revaluation movements of Investment Property, Other Financial Assets and Equity accounted Investments in the Investments segment, and other non-cash adjustments or non-trading items such as impairment losses relating to Goodwill and other Intangibles.
Depreciation and amortisation.
Non Core EBITDA includes $25m tenancy impairment costs.

$m	Operating EBITDA1 Net Interest D&A2 PBT Tax	Operating PAT1
Australia Investments Development Construction	177 - (5) 172 (40) 199 (1) (3) 195 (62) 121 (1) (12) 108 (28)
		132
		133
		80
Total Australia	497 (2) (20) 475 (130)	345
Asia Investments Development Construction	119 - (1) 118 (24) (9) - (2) (11) (2) 5 - (4) 1 (3)
		94
		(13)
		(2)
Total Asia	115 - (7) 108 (29)	79
Europe Investments Development Construction	(2) - (1) (3) - 24 1 (2) 23 (7) 4 - (8) (4) 4
		(3)
		16
		-
Total Europe	26 1 (11) 16 (3)	13
Americas Investments Development Construction	203 - (2) 201 (63) (33) 1 (4) (36) 11 1 (3) (12) (14) 4
		138
		(25)
		(10)
Total Americas	171 (2) (18) 151 (48)	103
Corporate Group Services GroupTreasury	(159) (12) (90) (261) 86 (21) (101) - (122) 33
		(175)
		(89)
Total Corporate	(180) (113) (90) (383) 119	(264)
Total Core Business	629 (116) (146) 367 (91)	276
Non Core3	(31) - (17) (48) 6	(42)
Total Group	598 (116) (163) 319 (85)	234

Lendlease FY22 Financial Results

Exchange Rates

Income Statement[1]

Local	Foreign	FY21	FY22
AUD	USD	0.75	0.72
AUD	GBP	0.55	0.55
AUD	EUR	0.63	0.65
AUD	SGD	1.00	0.98

Statement of Financial Position[2]

Local	Foreign	FY21	FY22
AUD	USD	0.75	0.69
AUD	GBP	0.54	0.57
AUD	EUR	0.63	0.66
AUD	SGD	1.01	0.96

Average foreign exchange rates.
Spot foreign exchange rates.

Lendlease FY22 Financial Results 13

Investments Segment

Lendlease FY22 Financial Results 14

Earnings Drivers Investments

Management Earnings

Commercial Residential Funds asset asset management management management $44.4b $15.2b $14.8b FUM AUM AUM

Returns and metrics

Funds management Property and development Property and development fees management fees management fees

Revenue margin, growth in FUM/AUM, asset performance and operating leverage

ROIC target 6-9%[1] Invested capital $3.7b

Investment Portfolio Earnings

Co-investment positions in Retirement managed funds[2] Living[2] $2.6b $0.5b

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Other [2]
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$0.4b

Returns and metrics

Distribution and capital growth

Equity investment returns

Occupancy rate, turnover rate, growth rate, discount rate and opex

High quality assets driving rental income, occupancy and asset valuations

Operating profit based measure, excluding property revaluations. 2. Total Investment Portfolio $3.5b, which represents the Group’s assessment of market value of ownership interests.

Lendlease FY22 Financial Results 15

Investments

Operating profit based measure, excluding property revaluations.
Comparative period the year ended 30 June 2021. 3. Paya Lebar Quarter.
Lendlease Global Commercial REIT.

Overview

The Investments segment comprises a leading investment and asset management platform and the Group’s investment portfolio across the residential, office, retail, industrial and retirement sectors
Financial returns include fund and asset management fees, and yields and capital growth on ownership interests

Drivers[2]

Management EBITDA $141, down from $165m: Funds management revenue of $172m, up from $145m Funds Management EBITDA $94m, up from $75m:
Lower performance fees with PLQ[3] performance fee in prior period, offset by higher base fees driven by FUM growth of 12% and acquisition fees on LREIT[4]
Asset management revenue of $111m, down from $139m.
Asset Management EBITDA $47m, down from $90m:
Prior year includes US Military Housing redevelopment fees
Normalisation of expenses vs temporary savings in FY21
Residential the largest sector exposure
Investment portfolio EBITDA $356m, up from $111m: Portfolio yield c.5%, up from c.3%
Profits on divestments
FY22 includes $167m net gain (pre-tax) from partial sale of Military Housing asset management income stream
Gain on sale from Barangaroo retail
Divestment of 24.9% interest in Retirement Living completed

Performance1		FY21	FY22
Core operatingbusiness EBITDA mix	%	30	61
ROIC	%	5.9	9.7
Invested capital	$b	3.6	3.7
Management EBITDA	$m	165	141
Investment Portfolio EBITDA	$m	111	356
Total EBITDA	$m	276	497

Outlook

Management earnings: FUM of $44.4b:
Scale platforms in office and retail
Building scale in apartments for rent
Additions to FUM of $3.4b:
- Existing products - $1.9b
- New products - $1.5b
Significant opportunities from development pipeline
- $64b of investment grade product
AUM of $30.0b:
Residential $14.8b: reduced fees following partial sale of income stream
Retail $12.1b: occupancy and income expected to recover
Office $3.1b: opportunities to grow portfolio
Ownership earnings:
Targeting growth in portfolio from current $3.5b towards $6b by FY26
Investment partnerships
New funds and product launches
Existing funds

Lendlease FY22 Financial Results

Investments Earnings & Portfolio

Earnings primarily derived from FUM and AUM.
Returns excluding non-cash backed property related revaluation movements of Investment Property, Other Financial Assets, and Equity Accounted Investments in the Investments segment.
The Group’s assessment of market value of ownership interests.

EBITDA ($m)

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Management EBITDA [1] Investment Portfolio EBITDA [2]
497
369 141
300
278 276
133
144 198 165
356
236
134 102 111
FY18 FY19 FY20 FY21 FY22
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Investment Portfolio[3] by sector ($b)

Retail Retirement Office Residential Industrial Other

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9% [2%]
27%
20%
$3.5b
15%
27%
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Invested Capital ($b)

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Invested Capital ROIC
7.0 10.0%
7.6% 5.7% 5.8% 5.9% 9.7% 8.0%
6.0
6.0%
5.0 4.0%
4.0 3.6 3.7 3.6 3.7 2.0%
3.3 0.0%
3.0
-2.0 %
2.0 -4.0 %
-6.0 %
1.0
-8.0 %
- -10. 0%
FY18 FY19 FY20 FY21 FY22
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Investment Portfolio[3] by region ($b)

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Australia Asia Europe Americas
14%
9%
49%
$3.5b
28%
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Lendlease FY22 Financial Results 17

FUM ($b)

AUM[3] ($b)

CAGR² of 10.2%

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44.4
39.6
35.2 36.0
30.1
FY18 FY19 FY20 FY21 FY22
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Funds & Assets Under Management[1]

FY22 FUM by region

Australia Asia Europe Americas

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4% [5%]
21%
$44.4b
1. The Group’s assessment of market 70%
value.
2. Compound Annual Growth Rate.
3. US residential housing not included in
FY18.
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28.7 29.3 28.5 30.0
12.7
FY18 FY19 FY20 FY21 FY22
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FY22 AUM by region

Australia Asia Europe Americas

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----- Start of picture text -----

22%
47%
$30.0b
27%
4%
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Lendlease FY22 Financial Results 18

Group ($b)

Funds Under Management[1] By Region

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0.9 44.4
3.4 (1.6) 2.1
39.6
FY21 Additions Divest- Revaluations FX and FY22
ments Other
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By region ($b)

By region ($b)
	FY21	Additions	Divestments	Revaluations	FX and Other	FY22
Australia	27.6	2.1	(0.6)	2.0	-	31.1
Asia	8.4	0.5	(0.5)	0.1	0.9	9.4
Europe	1.9	0.6	(0.5)	-	(0.1)	1.9
Americas	1.7	0.2	-	-	0.1	2.0
Group	39.6	3.4	(1.6)	2.1	0.9	44.4

The Group's assessment of market value.

Lendlease FY22 Financial Results 19

Major Fund Summary[1]

FY22 funds management platform

FY22 funds management platform
									Weighted
	Total assets	Gearing	Co-investment		Region	Sector	No. of assets	Occupancy	avg. cap rate
	$b	%	%	$m			#	%	%
Australian Prime Property Fund Commercial	6.9	21.6	8.0	412	Aus	Office	21	96.5	4.5
Lendlease International Towers Sydney Trust	5.1	11.9	3.9	174	Aus	Office	4	94.1	4.4
Australian Prime Property Fund Retail	3.8	27.1	2.2	59	Aus	Retail	8	97.9	5.2
Lendlease Global Commercial REIT	3.8	40.0	26.2	485	Asia	Office & Retail	5	99.8	4.3
Paya Lebar Quarter	3.2	57.9	30.0	392	Asia	Office & Retail	4	98.0	3.9
Lendlease One International Towers Sydney Trust	3.0	16.0	2.5	62	Aus	Office	1	99.7	4.4
Lendlease Americas Residential Partnership2	1.9	40.3	50.0	177	Amer	Residential	3	93.3	4.4
Australian Prime Property Fund Industrial	1.7	17.0	9.9	136	Aus	Industrial	37	99.8	4.3
Parkway Parade Partnership Limited	1.4	37.4	10.2	68	Asia	Retail	1	86.7	4.7

1. Reflects Funds under Management with total assets greater than $1.0b. 2 . Total assets includes nine buildings (six buildings are under construction and not yet operational). All other metrics refer to the three operational buildings only.

Lendlease FY22 Financial Results 20

Group ($b)

Assets Under Management[1] By Product

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1.3 30.0
28.5 0.1 (0.2) 0.3
FY21 Additions Divest- Revaluations FX and FY22
ments Other
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By product ($b)

	FY21	Additions	Divestments	Revaluations	FX and Other	FY22
Commercial	14.8	0.1	(0.2)	0.3	0.2	15.2
Residential	13.7	-	-	-	1.1	14.8
Group	28.5	0.1	(0.2)	0.3	1.3	30.0

The Group's assessment of market value.

Lendlease FY22 Financial Results 21

Retirement Living

Value drivers1		FY21	FY22
Ownership	%	50	25
Equity investment	$b	0.9	0.5
Long term growth rate	%	3.5	3.5
Discount rate	%	12.4	12.1
Operating return	%	4.4	5.3

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Queensland
13 villages
c2,980 units
Northern
Territory
WesternAustralia
New South Wales
10 villages
c1,640 units 18 villages
c3,490 units
South Australia
Australian
4 villages Capital
c530 units Territory
Victoria 3 villages
c370 units
27 villages Tasmania
c4,110 units
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100% of Retirement Living business.

Lendlease FY22 Financial Results

Development Segment

Lendlease FY22 Financial Results 23 ROIC target 10-13% Invested capital $5.4b

Earnings Drivers Development

Pipeline[1] $117.0b

Development Phase

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In Conversion Master Planned Work in Progress
$56.7b $41.9b $18.4b
pipeline pipeline pipeline
$0.4b $2.2b $2.8b
capital capital capital
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Completions target of $8b+ p.a.

Total estimated end value (representing 100% of project value).

Lendlease FY22 Financial Results 24

Development

Comparative period the year ended 30 June 2021.
Project end value on product completed during a financial period (representing 100% of project value).
Project end value on product commenced during a financial period (representing 100% of project value).
Total estimated end value (representing 100% of project value).
End value of Development Pipeline in delivery as at period end (representing 100% of project value).

Overview

The Development segment is predominantly focused on the creation of mixed use precincts that comprise apartments, workplaces and associated leisure and entertainment amenity. The Group also develops outer suburban master planned communities and retirement living villages
Financial returns are generated via development margin, development management fees and origination fees

Drivers[1]

Completions[2] of $2.5b, down from FY21:
- Australia Communities lot settlements
- Ardor Gardens, Shanghai
- Milano Santa Giulia (Spark One & Two)
- Lakeshore East (Cirrus and Cascade)
Key urban earnings contributors for FY22: Sydney Place
Origination fees from North East Link & Frankston Hospital PPPs Development management fees across projects in delivery
Improving Australia Communities operating momentum: Settlements: 1,478 lots, down 34%

Sales: 3,114 lots, up 61%

Commencements[3] of $5.9b, including $4.4b in H2: o 1 Java Street, New York o 60 Guest Street, Boston o One Sydney Harbour (Watermans Residences)
Certis Cisco Centre, Singapore
o Tokyo Datacentres Phase 1

Performance		FY21	FY22
Core business EBITDA mix	%	51	23
Total EBITDA	$m	469	181
ROIC	%	7.2	2.2
Invested capital	$b	4.4	5.4
Work in Progress	$b	14.5	18.4
Commencements	$b	5.6	5.9
Completions	$b	3.8	2.5

Outlook

$117.0b[4] development pipeline:
- Urban portfolio: 31 projects, 21 major projects in 9 gateway cities
- Australia Communities: 16 projects with c.44,000 lots New Work Secured $4.1b[5] :
  - Comcentre, Singapore
  - Blue & William, Sydney
  - Kinma Valley, southeast Queensland
- Increase of >$5b due to Masterplanning and pricing improvements Reduction of $4.6b for impaired projects
Work in Progress[5] : $18.4b $6.1b apartments for sale
- $1.9b apartments for rent
- $9.3b commercial
- $1.1b Australia Communities (pre sold)
Targeting >$8b of commencements in FY23
Australia Communities settlements target range of 3,000 – 4,000 lots in FY23
$8b of pipeline received Masterplanning approval
Australia Communities lot sales

Lendlease FY22 Financial Results

Development Earnings / Work In Progress

End value of Development Pipeline in delivery as at period end (representing 100% of project value).

EBITDA ($m)

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793
673
469
322
181
FY18 FY19 FY20 FY21 FY22
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WIP [1 ] roll forward ($b)
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5.9 (2.5)
0.5 18.4
14.5
FY21 Commence- Completions FX and Other FY22
ments
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Invested Capital ($b)

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8.0 Invested Capital ROIC
7.0 13.4% 11.6% 4.7% 7.2% 2.2%
6.0 5.4
4.8 4.8
5.0 4.3 4.4
4.0
3.0
2.0
1.0
-
FY18 FY19 FY20 FY21 FY22
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WIP[1 ] ($b)

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Apartment for sale Apartment for rent
Commercial Communities
6%
33%
$18.4b
51%
10%
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Lendlease FY22 Financial Results 26

Development Pipeline

Total estimated end value (representing 100% of project value).
Includes Pipeline reduction for projects impaired in the period, $4.6b.

Pipeline[1 ] ($b)

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117.0
113.0 113.6
76.1
71.1
FY18 FY19 FY20 FY21 FY22
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Pipeline[1 ] by product ($b)

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Apartment for sale Apartment for rent
Commercial Communities
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13%
32%
$117.0b
31%
24%
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Pipeline[1 ] roll forward ($b)

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4.1 (2.5) 1.8 117.0
113.6
FY21 New work Completions FX and Other² FY22
secured
Commencements by product ($b)
Apartment for sale Apartment for rent
Commercial Communities
12%
17%
$5.9b 24%
47%
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Lendlease FY22 Financial Results

Apartments for sale completions

Development Completions

$2.5b Completions[1]

City	Project	Building	Ownership3	Units	End value2 ($b)
Manchester	Potato Wharf	Potato Wharf Block 3 & 4	100%	191	0.1
Chicago	Lakeshore East	Cirrus	43%	350	0.6
Total apartments for sale completions				541	0.7

Apartments	for rent completions
City	Project	Building	Ownership3	Units	End value2 ($b)
Shanghai	Ardor Gardens	Ardor Gardens	100%	789	0.5
Chicago	Lakeshore East	Cascade	43%	503	0.4
Total apartments for rent completions				1,292	0.9

Commercial completions

Includes $0.5b of Australia Communities settlements.

City	Project	Building	Capital model	Sector	Ownership3	sqm ‘000	End value2 ($b)
Milan	Milano Santa Giulia	Spark One	Fund Through	Office	50%	28	0.3
Milan	Milano Santa Giulia	Spark Two	Fund Through	Office	50%	18	0.1
Milan	Milan Innovation District	MIND Village Stage 1	BOOT4	Office	5%	8	-5
Total	commercial completions					54	0.4

Total estimated end value (representing 100% of project value).
Reflects effective ownership interest at 30 June 2022.
Build, Own, Operate, Transfer.
Estimated end value <$0.1b.

Lendlease FY22 Financial Results

Apartment Settlements

	Ownership	Units	$m
Australia
Melbourne Quarter – East Tower	50%	49	31
Other		2	6
Total Australia		51	37
Europe
Potato Wharf – Block 3 & 4	100%	110	51
Elephant Park – West Grove (Building 1 & 2)	100%	15	27
Other		17	38
Total Europe		142	116
Americas
Lakeshore East – Cirrus	43%	50	68
Other		34	170
Total Americas		84	238
Total apartment for sale settlements		277	391

Lendlease FY22 Financial Results

Apartments Completions Profile

$8.0b Work in Progress

$6.1b for Sale $1.9b for Rent

City Project Building Total units Ownership Presold	Units presold1 Presales1 ($b) Delivery Date2
Apartments for sale London Elephant Park City Lights Point 104 100% 100%	104 0.1 FY23
New York 100 Claremont Claremont Hall 166 32% -3	-3 -3 FY23
Sydney Barangaroo South Residences One and Residences Two 637 75% 88%	560 3.3 FY24/FY25
Kuala Lumpur The Exchange TRX RESIDENSI TRX I - Tower A & B 896 60% 40%	357 0.2 FY24
London Elephant Park Park and Sayer 301 100% 61%	185 0.2 FY24
Chicago Southbank The Reed 216 50% -3	-3 -3 FY24
Sydney Barangaroo South Watermans Residences 212 100% 53%	113 0.2 FY25

City	Project	Building	Total units	Ownership	Delivery date2
Apartments	for rent
London	Elephant Park	City Lights Point	118	50%	FY23
London	Deptford Landings	Deptford Landings (Plot 4)	251	-	FY24
London	Elephant Park	Park and Sayer	123	50%	FY24
Chicago	Southbank	The Reed	224	50%	FY24
New York	1 Java Street	1 Java Street	834	20%	FY26

Closing presales balance as at 30 June 2022.
Based on expected completion date of underlying buildings, subject to change in delivery program. Not indicative of cash or profit recognition.
Project information is commercial in confidence.

Lendlease FY22 Financial Results

Commercial Completions Profile

$9.3b Work in Progress

City	Project	Building	Capital model	Ownership	sqm '0001	Completion date2
Sydney	Sydney Place	Salesforce Tower	Joint Venture	-	57	FY23
Sydney	Blue & William	Blue & William	Fund Through3	-	14	FY23
Melbourne	Melbourne Quarter	Melbourne Quarter Tower	Fund Through3	-	75	FY24
Kuala Lumpur	The Exchange TRX	Retail	Joint Venture	60%	122	FY24
Kuala Lumpur	The Exchange TRX	Hotel	Joint Venture	60%	29	FY24
Kuala Lumpur	The Exchange TRX	Office	Joint Venture	60%	18	FY24
Sydney	Victoria Cross over station development	Victoria Cross over station development	Joint Venture	75%	58	FY25
Singapore	Certis Cisco Centre	Certis Cisco Centre	Joint Venture	49%	31	FY25
Saitama	Lendlease Data Centre Partners	Datacentres Phase 1	Joint Venture	20%	10	FY25
London	International Quarter London	The Turing Building	Joint Venture	50%	34	FY25
Boston	60 Guest Street	60 Guest Street	Joint Venture	25%	33	FY25
Total					481

Floor space measured as Net Lettable Area.
Based on expected completion date of underlying buildings, subject to change in delivery program. Not indicative of cash or profit recognition.
A funding model structured through a forward sale to a capital partner resulting in staged payments prior to building completion.

Lendlease FY22 Financial Results 31

Australia Communities

$1.1b Work in Progress

Total estimated end value (representing 100% of project value).

Sales & Settlements	Sales	Settlements
Queensland New South Wales Victoria South Australia Western Australia Non-residential
Total
Value Drivers
• $15.6b pipeline1 • 16 projects across four Australian states • c.44,000 of Communities pipeline lots • Sales exceeding 3,000 in FY22 • Target settlements: 3,000 – 4,000 lots p.a.

Lendlease FY22 Financial Results

Indicative conversion timing[1] of residential for sale pipeline to FY27

Conversion of Secured Apartments Pipeline[1]

City	Units	FY23	FY24	FY25	FY26	FY27
London2	2,770
San Francisco3	333
York4	196
Melbourne5	1,367
Milan6	776
Chicago7	317
Kuala Lumpur8	1,630
Birmingham9	580
Total	7,969

Indicative conversion timing[1] of residential for rent pipeline to FY27

Subject to planning approvals, contractual conditions and market.
Silvertown, International Quarter London, Elephant Park, High Road West, Thamesmead Waterfront.
30 Van Ness.
Hungate.
Victoria Harbour.
Milano Santa Giulia.
Lakeshore East.
The Exchange TRX.
Smithfield.

City	Project	Units
London	Silvertown - Stage 1	240
Los Angeles	La Cienega	260
Milan	Milan Innovation District - Stage 1	358
Melbourne	Melbourne Quarter	797
Chicago	Southbank	340
Chicago	Lakeshore East	252
Milan	Milano Santa Giulia - Stage 1	692
Melbourne	Victoria Harbour	449
Milan	Milan Innovation District - Stage 2	312
London	Silvertown - Stage 2	286
Birmingham	Smithfield - Stage 1	361
Milan	Milano Santa Giulia - Stage 2	208
London	High Road West	290
London	Silvertown - Stage 3	378
Birmingham	Smithfield - Stage 2	271
San Francisco	San Francisco BayArea Project	c4,500
Total		9,994

Lendlease FY22 Financial Results

Conversion of Secured Commercial Pipeline[1]

Indicative commencements timing[1] of commercial pipeline to FY27

City Project Sectors sqm '0002	FY23 FY24 FY25 FY26 FY27
San Francisco 30 Van Ness Office 27 Milan Milan Innovation District - Stage 1 Office / Retail / Hotel 128 Los Angeles La Cienega Office 24 London International Quarter London - Stage 2 Office 29 Chicago Southbank Office 112 London Elephant Park Office 44 Milan Milano Santa Giulia - Stage 1 Office / Retail / Hotel 79 London Silvertown Office 42 Milan Milan Innovation District - Stage 2 Office 58 London International Quarter London - Stage 3 Office 33 Greater Tokyo Lendlease Data Centre Partners - Phase 2 Other 38 Singapore Comcentre Redevelopment Office 91 Birmingham Smithfield - Stage 1 Office / Retail 22 Kuala Lumpur The Exchange TRX Hotel 13 Milan Milano Santa Giulia - Stage 2 Office 11 London International Quarter London - Stage 4 Office 51 Birmingham Smithfield - Stage 2 Office / Retail 43
















Total 845

Subject to planning approvals, contractual conditions, market, and tenant precommitments.
Floor space measured as Net Lettable Area.

Lendlease FY22 Financial Results 34

Major Urban Project Summary[1]

Subject to planning approvals, contractual conditions, market, and tenant precommitments.
Floor space measured as Net Lettable Area.
Total estimated end value (representing 100% of project value).
Victoria Cross over station development. 5. Commercial in confidence.

Region	Project Project secured Delivery commenced Completion date Residential backlog units Commercial backlog sqm ‘0002 Estimated end value ($b)3 Land payment model Barangaroo South, Sydney FY09 FY12 FY26 849 1 4.3 Stagedpayment SydneyPlace, Sydney FY12 FY17 FY23 - 57 2.2 Upfrontpayment Victoria Harbour, Melbourne FY01 FY04 FY30 2,041 - 2.2 Land management Melbourne Quarter, Melbourne FY13 FY16 FY26 797 75 1.6 Land management Victoria Cross, Sydney4 FY19 FY20 FY25 - 58 1.2 Stagedpayment The Exchange TRX, Kuala Lumpur FY14 FY17 FY30 2,526 187 3.9 Stagedpayment Comcentre Redevelopment FY22 FY25 FY29 - 91 3.0 Stagedpayment Thamesmead Waterfront, London FY20 FY27 FY40+ 11,500 82 14.5 Land management Euston Station, London FY18 FY27 FY40+ 2,000 400 10.5 Land management Silvertown, London FY18 FY23 FY36 6,358 120 8.7 Land management Milano Santa Giulia FY18 FY20 FY34 3,251 120 3.8 Land management Milan Innovation District FY19 FY21 FY32 1,083 383 3.6 Stagedpayment Smithfield, Birmingham FY21 FY25 FY35 3,079 126 3.5 Land management International Quarter London FY10 FY14 FY30 350 147 3.1 Stagedpayment High Road West, London FY18 FY23 FY34 c2,600 14 2.0 Land management Elephant Park, London FY10 FY12 FY27 905 47 2.0 Stagedpayment San Francisco BayAreaproject FY20 FY24 FY38 15,000 n/a5 20.3 Land management Southbank, Chicago FY15 FY16 FY26 780 112 1.8 Upfrontpayment 30 Van Ness, San Francisco FY17 FY23 FY26 333 27 1.6 Upfrontpayment 1 Java Street, New York FY21 FY22 FY26 834 - 1.2 Upfrontpayment Lakeshore East, Chicago FY19 FY20 FY27 569 - 1.1 Stagedpayment projects 1,186 171 5.3 56,041 2,218 101.4
Australia
Asia

Europe
Americas

Other Urban
Total Urban

Lendlease FY22 Financial Results

$5.4b of invested capital in land and infrastructure controls $117.0b development pipeline

Development Capital

FY22 capital - Operational Stage

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In Conversion Master planned WIP
7%
36%
52%
64% $5.4b 41%
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Focus of operational stage

In Conversion: Master planning approvals; typically 2-3 years
Master planned: Individual building approvals, investment partnerships, pre-sales/pre-leasing
Work in progress: Delivery, marketing, additional sales and customer experience

FY22 capital - Structure

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Other Urban Projects Deconsolidated JVs
Impaired Projects Communities
17%
8%
$5.4b
60%
15% 71%
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Capital following portfolio review

Upfront profit recognition on historical JV projects which remain in delivery (Deconsolidated JVs) until the progressive completion of projects up to FY25
Change in strategy across a small number of projects resulting in Development impairments of $289m (pre-tax) reflected in capital at June 2022
Capital partnering approach across urban projects ensuring alignment of profit with cash and risk/reward profile

Lendlease FY22 Financial Results 36

Investment partner funding model - example

Example assumes Lendlease retains 25% stake during Development phase

Case study: International Towers Sydney, Barangaroo South (Towers 2 & 3)

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Key features

Secured in 2009 to regenerate large mixed use precinct
Concept plan approved 2010
Tenant pre-commitment of c.70% across two towers
c.$2b Lendlease International Towers Sydney Trust (LLITST) created to forward fund the towers in2012:
Investment partners 75%
Lendlease 25% co-investment
Profit streams through the life cycle of project:
Upfront sell-down profit
Development management fees
Performance fees
FUM fees
Introduce investment partner prior to entering delivery:
Potential for profit upfront on sell-down under single asset and programmatic models
Typically no or limited profit upfront under partnership model approach where Lendlease and partner originate the deal together
Under all models, potential for Lendlease to earn development management fee and FUM fees during delivery
Typically small Lendlease co-investment post-completion with ongoing management rights and FUM fees
Structure adopted on:
International Towers Sydney, Barangaroo (commercial): Single asset model
International Quarter London
(commercial): Single asset model
Milano Santa Giulia: Programmatic model
Investment partners received attractive returns:
Value from additional leasing
Above market rents through placemaking
Cap rate compression on completion of towers
2022 – 12 years after securing the project:
All development profit converted to cash
Co-investment 3.9% (c.$170m)
FUM of $5.1b
Paya Lebar Quarter: Partnership model

Lendlease FY22 Financial Results

Construction Segment

Earnings Drivers Construction

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Lendlease FY22 Financial Results 38
EBITDA margin
target 2-3%
Backlog [1]
$10.5b
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Australia

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Asia
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Europe
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Americas
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Revenue Revenue Revenue
in the last 12 months in the last 12 months in the last 12 months
$3.2b $0.3b $0.9b
Backlog [1] Backlog [1] Backlog [1]
$7.0b $0.2b $0.7b
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Revenue
in the last 12 months
$2.2b
Backlog [1]
$2.6b
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Backlog Realisation

FY23 48%	FY24 32%	Post FY24 FY23 20% 78%	FY24 13%	Post FY24 9%		FY23 69%	FY24 30%	Post FY24 1%		FY23 56%	FY24 17%	Post FY24 27%

Construction revenue to be earned in future periods (excludes internal projects).

Lendlease FY22 Financial Results 39

Construction[1]

Excludes internal projects
Comparative period the year ended 30 June 2021. 3. Construction revenue to be earned in future periods.

Overview

The Construction segment provides project management, design and construction services, predominantly in the commercial, residential, mixed use, defence and social infrastructure sectors
Financial returns are generated via project management and construction management fees, in addition to construction margin

Drivers[2]

Revenue of $6.6b, EBITDA of $131m:
Revenue up 3% reflects a modest recovery from COVID lows
Australia up 11% on higher public sector new work secured
7% decline in Americas due to delays in securing / commencing new projects
Measures impacting productivity such as site shut downs and isolation requirements
EBITDA margin 2.0%, down from 2.7%:
Result underpinned by strengths in Australia operations
Profit on sale of Plant operations in Australia to Murrina Group
Portfolio impacted by lack of operating leverage in International regions
New work secured[3] of $5.3b, down from $6.9b:
Public sector activity in Australia is the main source of new work, largely underpinned by social infrastructure
Americas: remains well below historical averages reflecting subdued activity in key markets along with delays in projects being brought to market

Performance		FY21	FY22
Core business EBITDA mix	%	19	16
EBITDA margin	%	2.7	2.0
New work secured3	$b	6.9	5.3
Backlog3	$b	11.3	10.5

Outlook[2]

Backlog revenue[3] of $10.5b, down from $11.3b: Diversified by sector and client
Project sector exposures: Social Infrastructure 36%, Defence 26%, Commercial 24%, Residential 7%, Other 7%
Project client breakdown: Government 61%; Corporate 39% Key projects in Backlog:
Australia $7.0b: Frankston Hospital Redevelopment, RAAF Tindal Stage 6 and USFPI Airfield Works, Sydney Metro Martin Place Integrated Station Development, Powerhouse Parramatta
Americas $2.6b: Privatised Army Lodging, 4 Hudson Square
o Europe $0.7b: Manchester Town Hall, 90 Long Acre
Preferred on $4.6b which includes several Social Infrastructure and Commercial projects across Australia (50%), Europe (30%), Americas (20%)
Backlog realisation:
FY23: 51% FY24: 28%
Post FY24: 21%

Lendlease FY22 Financial Results

Construction Earnings / Backlog / New Work Secured

Construction revenue to be earned in future periods (excludes internal projects).
Estimated revenue to be earned from construction contracts secured during the period (external work only).

EBITDA ($m)

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EBITDA Margin
3.1% 2.2% 1.3% 2.7% 2.0%
296
211
173
131
101
FY18 FY19 FY20 FY21 FY22
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FY22 New work secured by sector[2]

Social Infrastructure

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Defence
Commercial
9%
Residential 7%
Other
23%
59%
2%
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Backlog ($b)[1]

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12.6
12.2
11.3
10.6 10.5
FY18 FY19 FY20 FY21 FY22
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FY22 New work secured by client[2]

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Corporate Government
45%
55%
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Lendlease FY22 Financial Results 41

Construction Backlog by Region[1,2]

Construction revenue to be earned in future periods (excludes internal projects).
Asia closing Backlog $0.2b. Excluded for presentation purposes.
Ratio calculated as external new work secured over external revenue to the nearest million.

Group ($b)

Australia ($b)

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5.3 (6.6) 3.6 (3.2)
11.3 0.3 7.0
0.5 10.5 6.3
Book to bill [3] : 0.8 Book to bill [3] : 1.1
FY21 New work Revenue FX & Other FY22 FY21 New work Revenue FX & Other FY22
secured secured
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Europe ($b)

Americas ($b)

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0.3 (0.9)
1.3
- 0.7
Book to bill [3] : 0.3
FY21 New work Revenue FX & Other FY22
secured
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1.1 (2.2)
3.6
0.1 2.6
Book to bill [3] : 0.5
FY21 New work Revenue FX & Other FY22
secured
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Lendlease FY22 Financial Results 42

Construction New Projects Secured[1,2]

Region	Project Location Contract type3 Completion date4 Sector
Australia	Frankston Hospital Redevelopment VIC PPP FY27 Social Infrastructure
	Powerhouse Parramatta NSW D&C FY24 Social Infrastructure
	Liverpool Health and Academic Precinct NSW D&C FY27 Social Infrastructure
	Pathway to 144 Mental Health Beds VIC MC FY24 Social Infrastructure
	51 Flinders Lane VIC D&C FY26 Commercial
	CIT Campus – Woden Development Package 2 and 3 ACT D&C FY25 Social Infrastructure
	Newmarket Stage 2 NSW MC FY24 Residential
Europe	90 Long Acre London D&C FY24 Commercial

Disclosure of major projects is subject to client approval. This could impact the projects available for disclosure.
New projects secured comprise 58% of total new work secured.
Contract types are Design and Construct (D&C), Managing Contractor (MC), and Design and Construct PPP (PPP).
Based on expected completion date of underlying buildings, subject to change in delivery program.

Lendlease FY22 Financial Results 43

Important Notice

This document (including the appendix) has been prepared and is issued by Lendlease Corporation Limited (ACN 000 226 228) (Lendlease) in good faith. Neither Lendlease (including any of its controlled entities), nor Lendlease Trust (together referred to as the Lendlease Group) makes any representation or warranty, express or implied, as to the accuracy, completeness, adequacy or reliability of any statements, estimates, opinions or other information contained in this document (any of which may change without notice). To the maximum extent permitted by law, Lendlease, the Lendlease Group and their respective directors, officers, employees and agents disclaim all liability and responsibility (including without limitation any liability arising from fault or negligence) for any direct or indirect loss or damage which may be suffered, howsoever arising, through use or reliance on anything contained in or omitted from this document.

This document has been prepared without regard to the specific investment objectives, financial situation or needs of any recipient of this presentation. Each recipient should consult with, and rely solely upon, their own legal, tax, business and/or financial advisors in connection with any decision made in relation to the information contained in this presentation.

Prospective financial information and forward looking statements, if any, have been based on current expectations about future events and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from the expectations expressed in or implied from such information or statements.

Lendlease Group’s statutory results are prepared in accordance with International Financial Reporting Standards (IFRS). This document also includes material that is not included in Lendlease Group’s statutory results and contains non-IFRS measures. Material that is not included in Lendlease Group’s statutory results has not been subject to audit. Lendlease Group’s auditors, KPMG, performed agreed upon procedures to ensure consistency of this document with Lendlease Group’s statutory results, other publicly disclosed material and management reports.

A reference to FY22 refers to the full year period ended 30 June 2022 unless otherwise stated. All figures are in AUD unless otherwise stated.

AI assistant

LENDLEASE GROUP — Annual Report 2022

65243_rns_2022-08-21_a5fbe498-258c-4157-a97f-7b804c2205d9.pdf

Lendlease Group 2022 Full Year Results Announcement, Presentation and Appendix

ENDS

Reset year impacts performance; solid momentum into FY23

For the year ended 30 June 2022:

Business renewal:

FY22 Result Summary[2]

Financials

Operating Segments

Investments

Development

Construction

Outlook

ENDS

Authorised for lodgement by the Lendlease Group Disclosure Committee

FY22 snapshot

Group

Investments

Development

Construction

Financial performance

FY22 Result

Operating performance

Momentum in H2

Financial performance[1 ]

Strategic initiatives

Annualised operating cost savings in FY22[1 ] ($m)

Savings exceed >$160m target

Completed annualised savings of $172m[1,2]

Restructuring costs and Impairments

Restructuring costs of $170m[2]

Development impairment of $289m[2]

Intangible impairment relating to Digital activities of $77m[2]

Cash flow movements

Core underlying operating cash inflow $514m:

Underlying investing cash outflow $482m:

FY22 ($b)

Invested capital[1]

Portfolio Management Framework

Treasury management

Drawn debt maturity ($m)

FY22 highlights

Critical Incident Frequency Rate[1] Operations without a critical incident[2] (%)

Lost Time Injury Frequency Rate[1]

Fatality

FY22 key achievements

Management EBITDA ($m)

Investments platform ($b)

Management earnings

Operational performance[1]

Outlook

Investment portfolio[1] EBITDA ($m)

Investments Portfolio[2] ($b)

Investment Portfolio earnings

Performance[3]

Outlook

EBITDA ($m)

Completions ($b) and Work in Progress ($b)

Operational performance[1]

Work in Progress future indicator of completions

Pipeline and Capital by Operational phase

Operational performance

Focus on converting the pipeline

Pathway to >$8b of completions from FY24

Operational performance and outlook[1]

Backlog revenue ($b)

Backlog by sector and client

Outlook

Outlook

Questions

Income Statement (Statutory Result)

FY22 Core underlying operating cash flow of $514m

A. Net investment in development inventory[2]

Portfolio Management Framework

Segment Financial Metrics

Operating Profit after Tax ($m)

Operating EBITDA ($m)

Exchange Rates

LENDLEASE GROUP Annual Report 2022