LENDLEASE GROUP - Annual Report 2023

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14 August 2023

Lendlease Group 2023 Full Year Results Announcement, Presentation and Appendix

Lendlease Group today announced its results for the full year ended 30 June 2023. Attached is the FY23 Results Announcement, Presentation and Appendix.

ENDS

FOR FURTHER INFORMATION, PLEASE CONTACT:

Investors: Media: Michael Vercoe Stephen Ellaway Head of Investor Relations Executive General Manager, Corporate Affairs Mob: +61 488 245 205 Mob: +61 417 851 287

Authorised for lodgement by the Lendlease Group Disclosure Committee

Level 14, Tower Three, International Towers Sydney, Exchange Place, 300 Barangaroo Ave, Barangaroo NSW Australia Telephone +61 2 9236 6111 | Facsimile +61 2 9252 2192 | www.lendlease.com

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14 August 2023

Turnaround underway: Continued FUM growth; Overall result affected by challenging conditions

For the year ended 30 June 2023[1] :

Core Operating[2] Profit after Tax (Core OPAT) of $257m, down 7 per cent
Core Operating Earnings Per Security of 37.3 cents
Full year distribution of 16.0 cents per security maintained
Statutory Loss after Tax of $232m
Statutory Loss Per Security of (33.7) cents
$295m provision due to retrospective UK Government action on residential buildings
- Before anticipated recoveries, cash funding spread across seven years
$175m lower property valuations; ~7 per cent across the investments portfolio

Key business achievements:

Growth in funds under management (FUM) of 9 per cent to $48.3b
More than $6b of investments in delivery; more than $4b of committed third party capital to deploy
Development work in progress (WIP) of $22.9b, including $7.7b of commencements
$1.3b of portfolio divestments aligned with strategy since the start of FY22, with further divestments in progress
Launched first Australian build to rent products; $28b in global pipeline
Post balance date announced $150m of annualised pre-tax cost savings

FY23 Result Summary[1]

The Group recorded a Statutory Loss after Tax and a modest Core OPAT. The Group’s financial performance was impacted by retrospective legislation in the UK, difficult trading conditions, provisions against prior projects and receivables, and lower property valuations.

Execution of the Group’s strategy remains on track with demonstrated progress throughout the year, including continued growth in FUM to $48.3b, WIP of $22.9b and an increase in development commencements to $7.7b, as execution of the pipeline gathers pace.

1 Comparative period, the year ended 30 June 2022.

2 Reflects Statutory earnings adjusted for Investment property revaluations (including in Other financial assets and Equity accounted investments) that are classified in the Investments segment, and material one-off items that could not reasonably have been expected to arise from normal operations.

Level 14, Tower Three, International Towers Sydney, Exchange Place, 300 Barangaroo Ave, Barangaroo NSW Australia Telephone +61 2 9236 6111 | Facsimile +61 2 9252 2192 | www.lendlease.com

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Global Chief Executive Officer and Managing Director, Tony Lombardo said, “We made significant progress during the year towards being Investments-led and further simplifying the Group. However, our financial performance was impacted by a number of issues related to prior projects and activities. Despite these challenges, we grew our funds under management to $48.3 billion, increased development commencements, further streamlined our operations, and are now on track to achieve our ROE target range in FY24.”

Items affecting Statutory result

The Group recorded a Statutory Loss after Tax of $232m, largely due to a $295m provision because of industry wide action by the UK Government relating to residential buildings. This action has retrospective effect by extending the period for defects liability from six years to 30 years and updates to building safety regulations for completed UK residential buildings. The estimated provision increased by $95m in 2H23 due to additional information obtained and market cost increases. Notably, this provision does not include anticipated recoveries from third parties, including insurances and supply chain. Lendlease is working to maximise third party recoveries. Statutory earnings for the year were also affected by a reduction in investment property valuations in the Investments segment of $175m, reflecting an average decrease of approximately 7 per cent across the investment portfolio.

Financials

Core OPAT, the Group’s measure of underlying earnings, was $257m for the year, down seven per cent. Core Operating Earnings per Security of 37.3 cents represents a Return on Equity of 3.8 per cent. Full year distributions per security of 16 cents were stable on the prior year, equating to a payout ratio of 43 per cent to securityholders.

Capital invested across Investments and Development increased by 12 per cent for the year to $10.1b. Investments capital increased 10 per cent to $4.0b, broadly in line with FUM growth, while Development capital increased 13 per cent to $6.1b, supporting higher development pipeline completion rates. The Group continues to target a higher allocation to Investments, with a reweighting towards a 60 per cent capital allocation.

Gross capital of $2.0b was deployed across the business to fund new investments and development WIP. Key uses of capital included the acquisition of One Circular Quay; progressing key developments One Sydney Harbour, Victoria Cross Over Station Development, and Hayes Point[3] ; and the acquisition of 21 Moorfields in London, which delivered $1.4b of new FUM and AUM.

Capital recycled during the year totalled $0.6b, including the partial sell down of the Military Housing Asset Management income stream.

3 Formerly 30 Van Ness.

Level 14, Tower Three, International Towers Sydney, Exchange Place, 300 Barangaroo Ave, Barangaroo NSW Australia Telephone +61 2 9236 6111 | Facsimile +61 2 9252 2192 | www.lendlease.com

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Gearing was within the 10-20 per cent target range at 14.8 per cent. The business continues to actively manage its capital and liquidity position, with total available liquidity of $2.6b.

Net finance costs were lower due to Treasury gains relating to the partial buy back of the Group’s Sterling bonds. Excluding this benefit, underlying net finance costs increased, with higher average net debt during the year and an increase in the average cost of debt, reflecting base rate increases mitigated by a well-positioned hedging strategy.

Global Chief Financial Officer, Simon Dixon, said “ The Group remains confident it has the financial flexibility to execute its Investments-led strategy while remaining within targeted gearing levels .”

Operating Segments

Investments

The Investments segment generated a Return on Invested Capital (ROIC) of 6.1 per cent. Gains from the selldown of the Military Housing Asset Management income stream were partially offset by a $74m provision for a receivable relating to the FY21 sale of the Americas Telecommunications business, with the provision reducing ROIC by 1.2 percentage points for FY23.

The provision relates to a receivable which is contingent on achieving revenue targets. The provision has been taken to reflect actual revenue growth rates, which are trending lower, with a further 18 month performance period remaining.

Core Operating EBITDA of $332m was down 33 per cent on the prior year, reflecting the recycling of mature assets, higher interest costs impacting distributions, margin compression on funds management and the Americas Telecommunications provision. The prior year 24.9 per cent selldown of the Retirement Living business lowered investment portfolio EBITDA, while the cumulative 62 per cent selldown of our Military Housing Asset Management income stream over the past two years reduced AUM earnings.

Funds under management grew by nine per cent to $48.3b. There was $5.3b of new FUM, offset by $1.0b of divestments, as well as valuation, and market-related impacts. The key contribution was from a new office partnership with TCorp and an Asian institutional investor which acquired 21 Moorfields in London. In addition to current FUM, there is more than $6b of future secured FUM in delivery from Development projects that will move into funds or mandates.

Level 14, Tower Three, International Towers Sydney, Exchange Place, 300 Barangaroo Ave, Barangaroo NSW Australia Telephone +61 2 9236 6111 | Facsimile +61 2 9252 2192 | www.lendlease.com

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Development

The Development segment generated a ROIC of 3.3 per cent, up from 2.2 per cent in the prior year. There were $3.6b of completions, up 44 per cent on FY22, including Sydney Place, which was divested in the prior year, Blue & William in North Sydney and City Lights Point at Elephant Park, London.

There was a 52 per cent increase to 2,253 lot settlements in the Australian Communities business, and a gain of $60m from The Exchange TRX (Retail) in Kuala Lumpur, which is now 87 per cent leased as it nears completion.

There was $7.7b of commencements, up from $5.9b in the prior year. Key commencements included luxury residential project One Circular Quay in Sydney, a mixed-use build to rent project in Los Angeles, a build to rent project at Melbourne Quarter and a mixed-use office project in San Francisco (Hayes Point).[4]

Construction

The Construction segment generated $7.2b of revenue for the year, up nine per cent. The segment EBITDA margin of 1.2 per cent was impacted by provisions taken against prior projects in the Americas and the UK which lowered the EBITDA margin by 0.8 percentage points.

New work secured for the segment was $4.7b, down from $5.3b. Australia remained the largest contributor with $2.4b, while the Americas business saw growth in new work to $2.1b. Social infrastructure projects remain the key sector for new work secured, with office and life science projects also contributing.

Backlog revenue remains solid at $8.7b, diversified by client, sector and geography. The Construction business is preferred for $9.9b in new projects, including $4.3b of social infrastructure and $3.7b of office.

4 Following completion of key sub-structure works at Hayes Point, the project was recently paused pending further de-risking through either tenancy pre-commitments or the introduction of a capital partner.

Level 14, Tower Three, International Towers Sydney, Exchange Place, 300 Barangaroo Ave, Barangaroo NSW Australia Telephone +61 2 9236 6111 | Facsimile +61 2 9252 2192 | www.lendlease.com

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Reduction in global workforce

Following the successful FY22 cost reduction program, the Group announced a further 10 per cent workforce reduction as it continues its turnaround.

We have taken action to reduce the cost base by a further $150m pre-tax per annum, with approximately 50 per cent within overhead, directly affecting Core Operating Profit. The remaining cost savings relate to project origination and delivery that would otherwise have largely been capitalised. Their removal will benefit gross margin over time as projects are delivered.

The headcount reduction is expected to have minimal impact on the progress of our Investmentsled strategy and delivery of our development pipeline.

Outlook

While headwinds remain, the Group is on track to meet the lower end of its Return on Equity Target of 8-10 per cent in FY24.

Our Investments-led strategy is progressing, with continued growth in FUM expected, in line with recent performance.

Development earnings are expected to further recover, with target completions more than doubling in FY24 to greater than $8b, underpinned by key urban projects including One Sydney Harbour, and a further recovery in Communities settlements. The Group will also continue to explore capital partnering.

In Construction, we expect margins to improve, and anticipate realisation of backlog revenue in line with historical levels and additional new work secured.

The reduction in our global workforce is expected to deliver a pre-tax benefit of ~$60m to Core Operating Profit in FY24.

Further information regarding Lendlease’s results is set out in the Group’s financial results presentation for the year ended 30 June 2023 and is available on www.lendlease.com

ENDS

Level 14, Tower Three, International Towers Sydney, Exchange Place, 300 Barangaroo Ave, Barangaroo NSW Australia Telephone +61 2 9236 6111 | Facsimile +61 2 9252 2192 | www.lendlease.com

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FOR FURTHER INFORMATION, PLEASE CONTACT:

Investors: Media: Michael Vercoe Stephen Ellaway Head of Investor Relations Executive General Manager, Corporate Affairs Mob: +61 488 245 205 Mob: +61 417 851 287

2023 Key dates for Investors
Security price quoted ex-dividend		18 August
Record date		21 August
Last day to lodge DRP notice		22 August
Final dividend paid	13 September
Annual General Meeting	17 November

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 Level 14, Tower Three, International Towers Sydney, Exchange Place, 300 Barangaroo Ave, Barangaroo NSW Australia Telephone +61 2 9236 6111 | Facsimile +61 2 9252 2192 | www.lendlease.com

2023 Full Year Results

14 August 2023

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Lendlease FY23 Financial Results 2
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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 FY23 Financial Results

Overview Tony Lombardo Global CEO

Lendlease FY23 Financial Results

Transitioning to an Investments-led real estate Group…

…with a simplified, leaner and more focused business, leveraged to a recovery in markets

Simplifying the Group’s businesses with further capital partnering
−Processes underway including Communities, Keyton (formerly Retirement Living) and Ardor Gardens
Transitioning to Investments-led, with 22% FUM growth since FY21
−$48b in FUM, more than $6b of future secured FUM in production and more than $4b of committed third party capital to invest
Development concentrated on FUM delivery; more than $60b of investment product in the pipeline
−Utilising capital efficient project structures to decrease capital requirements, increase capital returns and increase new product
Reducing risks within our business through Construction portfolio changes
−No longer building apartments for sale for third parties or external projects less than $150m in value; right sizing operations
Productivity focused, with more than $150m of new annualised pre-tax cost savings to increase returns −>$170m of cost savings p.a. achieved in FY23; >$150m pre-tax p.a. of new cost savings, majority to be actioned by HY24

Lendlease FY23 Financial Results

Performance Tony Lombardo Global CEO

Lendlease FY23 Financial Results 6

FY23 progress – focused on delivering our strategic road map Continuing our turnaround with good progress across each operating segment

Accelerate funds growth Scale development Execution excellence Investments Development Construction
• 9% FUM growth underpinned by: • $7.7b of commencements including One Circular • Working to rebalance risk reward of the portfolio Quay and Habitat •
−21 Moorfields partnership Key role in supporting Development origination • $3.6b of completions including Sydney Place and •
−MSG land management Subdued earnings given challenged industry Blue & William conditions
−Deployment of investment mandates − Completions rebuilding post COVID delays −Managed material supply chain, inflation and
−REP 4 acquisitions • $0.6b Melb Qtr build to rent JV with Daiwa House sub-contractor risks to deliver profits
• $0.6b of asset recycling, including partial sale of • Sales momentum: • Backlog revenue of $8.7b
Military Housing Asset Management income stream •
• −One Sydney Harbour ~90%[1,2] pre sold Preferred book of $9.9b including social More than $6b of future secured FUM in delivery infrastructure ($4.3b) and office ($3.7b)
• −One Circular Quay >50%[2] pre sold More than $4b of committed capital to invest
Across the three towers. 2. By value. 3. Against FY22. 4. Cumulative since FY20, three years into five year target.
Progress targets Our people
Environmental, Social and Governance People
• Health and Safety: • Right-sizing business operations and functions to create a sustainable workforce
−Tragically, one subcontractor fatality • Refreshed global leadership programs with
−Continued focus on key safety metrics International Business school, INSEAD
• Sustainability: • Global Engagement Score up 4 points
−18% reduction[3] in Scope 1 and 2 emissions • Re-launch of flagship Springboard program
−~75%[4] of $250m social value target achieved • Launch of gender and racial equity programs

Lendlease FY23 Financial Results 7

FY23 result

Financial performance impacted by provisions and market valuations

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$257m ($232m) Stable
Core operating [1] Profit after Tax Statutory Loss after Tax Financial position
37.3c 3.8% [2]
($19m) 14.8% [5]
Earnings per Return
Non-core segment Loss Gearing
stapled security on Equity
16cps [3] 43% ($470m) [4] $2.6b
Full year distribution Payout ratio Non-operating items Available liquidity
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Core Operating Profit after Tax impacted by provisions from prior projects and transactions
Full year distribution maintained at 16 cents per security
Statutory profit adjusted for Investment property revaluations (including in Other financial assets and Equity accounted investments) that are classified in the Investments segment, and material one-off items that could not reasonably have been expected to arise from normal operations.
Return on Equity is calculated using Core operating Profit after Tax divided by the arithmetic average of beginning, half year and year end securityholders’ equity.
Gearing within the target range; balancing growth capex with gearing
Statutory Loss after Tax affected by non-operating items:
- $295m gross provision in relation to retrospective, industry wide action by the UK Government. Increase of $95m in 2H23 due to additional information obtained and market cost increases. Provision does not include anticipated third party recoveries
- $175m impact of property revaluations in the Investments segment, reflecting a ~7% reduction on FY22
Combined Trust distributions and management company dividend. Dividend component fully franked.
Includes Investments segment valuation decreases post tax of $175m.
Net debt to total tangible assets, less cash.

Lendlease FY23 Financial Results 8

FY23 result[1]

A resilient operating performance against a difficult market backdrop

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Construction [3]
Investments Development [2]
$48b 9% $23b $7.2b 9%
Funds Under Management Work in Progress 24% Revenue
$33b 9% $3.6b 44% $4.7b (11%)
Assets Under Management Completions New work secured
$3.9b 13% $124b 6% $8.7b (17%)
Investment portfolio Pipeline Backlog revenue
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Portfolio well positioned when markets stabilise

Comparative period, the year ended 30 June 2022.
Total estimated end values shown (representing 100% of project value).
Excludes internal projects.

Lendlease FY23 Financial Results

Investments

Investments EBITDA ($m)

Management earnings

Operational performance[1]

Growth ambition of $70b FUM by FY26 underpinned by more than $60b[3 ] investment yielding assets in our development pipeline

Comparative period the year ended 30 June 2022. 2. Fees generated from the management of $48b of FUM and $33b of AUM.
Total estimated end value (representing 100% of project value).
Lendlease holds a 38% economic interest in the Military Housing Asset Management income stream and 100% interest in development and construction management rights. AUM of $14b related to Military Housing shown on a 100% basis within Residential.
Yield after deductions of interest, applicable taxes and fees

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FY22 FY23
497
356
332
Management EBITDA
228
94 82
47
22
Funds Asset Portfolio Investments
Management Management EBITDA Total
EBITDA EBITDA
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Investments platform ($b)

FUM AUM[4]

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6% [6%] 16%
7%
48%
$48b $33b
56%
25%
36%
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Funds Management:
−Revenue[2] $177m, up 3%. EBITDA $82m, down 13%
−Margins lower due to cost of platform build, timing of asset completions and FUM additions late in the year
Funds Under Management up 9% to $48b:
−$5.3b of new FUM, including $1.4b 21 Moorfields, $0.9b MSG land management, $0.7b REP 4 and $0.7b of mandate deployments
Asset Management:
−Revenue[2] of $98m, down 12%. EBITDA $22m, down 53%
−Earnings primarily impacted by further 34% selldown of the asset management income stream of US Military Housing; cumulative 62% selldown since FY22
Assets Under Management up 9%:
−$1.9b of new additions, including $1.4b 21 Moorfields and $0.4b Cascade build to rent
Portfolio growth of 13% to $3.9b
Investment distribution yield[5] of 3.0%, down from 4.7%

Lendlease FY23 Financial Results

Development[1]

EBITDA ($m)

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FY22 FY23
283
181
165
141 142
16
Urban Australia Total Development
Communities
Completions ($b) and Work in Progress ($b) [1]
Completions WIP
22.9
18.4
14.5
12.3
11.2
>$8b completions
target for FY24
5.6
5.0
3.8 3.6
2.5
FY19 FY20 FY21 FY22 FY23
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Targeting WIP above $20b as we accelerate completions in FY24

Total estimated end values shown (representing 100% of project value). Includes Communities.

Operational performance[2]

Urban portfolio:

Completions of $2.8b
The Exchange TRX realisation of development earnings
MSG North and Arena sales

Australia Communities:

Settlements 2,253, up 52%
Sales 1,765 lots, down 43%
−Impacted by rising interest rates

Work in Progress:

Work in Progress $22.9b
- −One Circular Quay
- −Habitat, Los Angeles (formerly La Cienega)
- −Hayes Point, San Francisco
FY23 Completions of $3.6b ($2.8b ex Communities):
- −Workplace: Sydney Place; Blue & William
- −Residential: Elephant Park (City Lights Point)
Comparative period the year ended 30 June 2022.

Completions recovering from pandemic delays to commencements

Lendlease FY23 Financial Results 11

Construction

High visibility on the pipeline with $8.7b of backlog revenue and $9.9b of preferred work in conversion

Backlog revenue ($b)

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4.7 (7.2)
10.5
0.7 8.7
FY22 New work Revenue FX & Other FY23
secured
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$8.7b backlog revenue – by sector and client

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Social Infrastructure Government
Defence Corporate
Workplace
Residential
Other
6% [6%]
40% 38%
21%
62%
27%
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Operational performance and outlook[1]

EBITDA $90m, down 31%

EBITDA margin 1.2%, down from 2.0%:
Subdued performance given industry headwinds:
−Inflationary pressures, supply chain issues
−Sub-contractor / builder collapse
Earnings impacted by provisions for prior projects in the UK and Americas totalling $53m, impacting EBITDA margin by 0.8 percentage points for the year

Revenue $7.2b, up 9%:

Growth across Australia (16%), Americas (10%) and Asia (13%), partially offset by Europe, down 17%

New work secured $4.7b, down 11%:

Australia: $2.4b, Americas: $2.1b

Backlog revenue $8.7b, down 17%:

Weighted to Australia (~65%) and the Americas (~30%)
Americas backlog stable, lower activity across other markets

Preferred on $9.9b; high visibility on workbook

Social infrastructure ($4.3b), office ($3.7b)
Comparative period the year ended 30 June 2022.

Lendlease FY23 Financial Results

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Financial
Summary
Simon Dixon
Global CFO
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Lendlease FY23 Financial Results

Financial performance[1]

Operating Profit after Tax down 7%, impacted by provisions

$m FY22 FY23 Change

Core

Core
Investments	497	332	(33%)	•	Impacted by reduced portfolio assets (Keyton sale), provision for Americas Telecommunications receivable ($74m) and partial sale of US Military Housing asset income stream
Development	181	283	56%	•	Recovery in Communities, TRX gain ($60m) and asset sales
Construction	131	90	(31%)	•	Business performance impacted by provisions of $53m on prior projects
Segment EBITDA	809	705	(13%)
Corporate costs	(180)	(161)	11%	•	Reflects recent focus on leaner head office function
Operating EBITDA	629	544	(14%)
Depreciation and amortisation	(146)	(140)	4%
Net finance costs	(116)	(88)	24%	•	Net finance cost of $151m, if adjusted for $63m gain on bond buyback, reflecting higher average net debt deployment and higher base rates
Operating Profit Before Tax	367	316	(14%)
Income tax expense	(91)	(59)	35%	•	Lower tax expense due to lower earnings and a higher proportion of trust earnings
Operating Profit After Tax	276	257	(7%)
Non operating
Non operating items after tax	(333)	(470)	(41%)	•	UK Building Remediation provision ($295m) and asset revaluation ($175m) impacts
Non core segment after tax	(42)	(19)	55%
Group
Statutory Loss After Tax	(99)	(232)	n/a
Operating EPS cents	40.1	37.3	(7%)
Statutory EPS cents	(14.4)	(33.7)	n/a

Comparative period the year ended 30 June 2022.

Lendlease FY23 Financial Results

Net debt

High deployment of capital in the year, supporting WIP delivery and Investments growth

Net Debt[1] ($b)

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Development
Investments
0.8 (0.6) 0.5 2.4
0.6
0.4 (0.6)
1.1 0.2
FY22 Net Co-investments Capital recycling One Circular One Sydney Other Net Gross PLLACes Interest, tax and FY23 Net
Debt Quay Harbour & Development proceeds other² Debt
TRX expenditure
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Cash flow movements

$2.0b of gross capital deployed for the year, across Development and Investments
Other net Development expenditure includes Australian Communities, Victoria Cross OSD, Elephant Park and Hayes Point
Non core estimated cash outflows: $0.5b from FY24 – FY26
Net Debt movements across Operating and Investing cashflows.
Other includes Construction and Non core movements.

Lendlease FY23 Financial Results

Invested capital

Recycling Development capital to fund

Investments growth and re-weight the Australian Development pipeline

Invested capital[1]

Segment Invested capital[1]

FY23 Change Investments $4.0b $0.3b Development $6.1b $0.7b - Other ($1.0b) Total $9.1b $1.0b

Capital growth and allocation

Shifting the capital mix from Development to Investments
Targeting 60/40 Investments/Development split of capital by FY26 to aid FUM growth and improve earnings quality
Development capital to reduce as capital is recycled and capital efficient project structures are utilised
- Fund throughs and joint ventures used to bring partners in earlier and reduce capital intensity per project
Exploring capital recycling from Communities, Keyton and Ardor Gardens processes in FY24
Exploring opportunities to sell land, post planning and entitlement, where the end use does not deliver FUM

Regional Invested capital[1]

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FY23 Change
Australia [2] $2.8b $0.1b
Asia $2.1b $0.3b
Europe $2.2b $0.2b
Americas $2.0b $0.4b
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Regional capital mix
- Australia currently ~30% of invested capital; underweight target of 40-60%
- Recycling capital offshore to redeploy in Australia and select Asian markets
  - For example, Lendlease was recently announced as preferred developer of the Queen Victoria Market in Melbourne, Australia, with an estimated end value of $1.7b[3]
Securityholder equity plus gross debt less cash on balance sheet.
Australia invested capital includes Corporate.
Includes student accommodation alongside student accommodation partner Scape

Lendlease FY23 Financial Results 16

Capital management & Treasury

Active management of capital and liquidity to balance gearing and growth opportunities, while preserving flexibility

Treasury overview

Net debt Proportion of fixed debt	$m %	FY22 1,060 88	FY23 2,381 64
Gearing1 Interest cover	% times	7.3% 5.6	14.8% 3.0
Average drawn debt maturity	years	6.6	4.4
Average cost of debt Available liquidity2	% $m	3.6 3,944	4.3 2,581

Investment Grade Credit Ratings

	Moody’s	Baa3	stable outlook
	Fitch	BBB-	stable outlook

Drawn debt maturity ($m)

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Bank Debt Bond
1,120
73% of the Group’s total facilities
are sustainable financings 597
- 472 520
19 322 333
20
-
FY23 FY24 FY25 FY26 FY27 FY28+
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Capital and liquidity management

Current gearing of 14.8% within the target 10-20% range, with $2.6b of available liquidity
- No material refinancing events until FY25 ($322m), and an average drawn debt maturity of 4.4 years
- Average cost of debt of 4.3%; majority of debt profile fixed and well-hedged
Pro-active management of the portfolio, through the cycle, to maintain balance sheet strength and flexibility
- Operational and strategic levers available to access additional capital pools, beyond regular recycling
  - Potential FY24 proceeds from identified selldown / partnership opportunities
  - Further monetisation of pre-sold apartment settlement revenues (i.e. PLLACes)
Includes cash and cash equivalents of $0.9b and $1.7b of available undrawn debt
Net debt to total tangible assets, less cash

Lendlease FY23 Financial Results 17

Cost initiatives and further optimisation

Further progress on cost efficiencies, with more than $150m[1] of targeted annualised savings, pre-tax

Create phase cost initiatives

Cost savings

Growth areas preserved, including Investments platform and active development teams
−Minimal impact to development pipeline in-delivery or project timing
−Cost savings focused on origination costs and inefficient delivery structures in markets where the pipeline is overweight
−Minimal impact to underweight markets and associated growth opportunities
- More than $150m in annual pre-tax savings when full run-rate is achieved
  - −Cost actions have commenced in FY24, to be largely complete by HY24
  - Cost savings of ~$60m pre-tax expected for FY24
  - Redundancy costs of $40-50m pre-tax to be taken below the line
  - −More than $150m of pre-tax cost savings realised in future years as full runrate savings are achieved
Focus areas
−Predominantly offshore initiative, with Reset phase (FY22) weighted to onshore
−~10% reduction in total headcount, ~740 people impacted
−~50% within overhead, directly affecting Core Operating Profit
−Remaining cost savings relate to project origination and delivery costs that are largely capitalised, with margin benefits to emerge over time as projects are delivered
Reflects total annual pre-tax cost savings at full run-rate

Lendlease FY23 Financial Results 18

Portfolio Management Framework (PMF)

Providing structure to manage business and capital decisions

PMF through-the-cycle targets

PMF maintained to support our transformation ambition
−Target framework, including segment ROICs, reflect through-the-cycle targets (not guidance)
−PMF applied for internal investment and business case decisions to support FY26+ ambition
Continued focus on capital re-allocation by region and between segments
−Actively transitioning capital onshore to re-weight operations domestically
−Continued deployment of capital into co-investments to support FUM and Investments growth
Core operating profit based measure
Net debt to total tangible assets, less cash
Reflects strategic direction

	Target	FY22 FY23	FY22 FY23
Group Metrics
Core OperatingROE	8-10%	4.0% 3.8%
Distributionpayout ratio1	30-50%	40% 43%
Gearing2	10-20%	7.3%	14.8%
Core Business EBITDA Mix3
Investments	40-50%	61%	47%
Development	40-50%	23%	40%
Construction	10%	16%	13%
Segment Invested Capital Mix3
Investments	50-70%	40%	40%
Development	30-50%	60%	60%
Regional Invested Capital Mix3
Australia	40-60%	33%	31%
Asia	10-25%	22%	23%
Europe	10-25%	25%	24%
Americas	10-25%	20%	22%
Target Segment Returns
Investments ROIC4	6-9%	9.7%	6.1%
Development ROIC4	10-13%	2.2%	3.3%
Construction EBITDA Margin	2-3%	2.0%	1.2%

Through the cycle targets (not guidance) based on rolling three to five-year timelines

Lendlease FY23 Financial Results

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19
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Strategic Road map & Outlook Tony Lombardo Global CEO

Lendlease FY23 Financial Results

Performance against FY26+ strategic road map

On-track to achieve FY26+ business transformation to an Investments-led business

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Reset platform for Focus and execute Global property leadership built
delivery and growth on existing strategy on sustainable foundations
Reset – FY22 Create – FY23/FY24 Thrive – FY25/26+ On-track
▪ Installed global management team across IDC to drive performance ▪ Further cost optimisation across the Group of ▪ Group ROE of 8-10%
▪ >$150m annualised pre-tax [1] ▪
Group Removed >$170m of costs p.a. from cost of ▪ Further capital recycling processes Right-sized operations to deliver improved ✓
sales and overhead returns
▪ >$1b of capital recycling initiatives underway
▪ Appointed Head of Investments for design ▪▪ 22% FUM growth ($8.7b) since FY21>$6b of future secured FUM in production ▪ Leveraging development pipeline and investment origination to achieve scale On-track ,
Investments ▪ and delivery of global strategyCommenced platform build across key ▪▪ >$4b of committed capital to investLaunching new strategies to accelerate FUM ▪ >$70b of FUM, subject to markets, to deliver predictable, recurring income streams subject to market
offshore markets to support FUM growth growth (debt, value add, opportunistic) ▪ Targeting EBITDA margins of 40-50% conditions
▪ Focused on offshore execution and onshore
Development ▪ Shifted focus on $120b+ pipeline to accelerate delivery and FUM production, ▪ origination to re-weight portfolioSuccess leveraging renewed integrated ▪ Monetising the pipeline through targeting and executing WIP of ~$20b ✓
release capital and improve returns ▪ approach (e.g. One Circular Quay)Focused on delivery of investment grade ▪ Consistent source of FUM growth
product and FUM via pipeline
▪ Implemented global focus on risk ▪ Transitioning risk/reward profile by reducing ▪ Forward focus on Internal, Government and
offshore footprint and residential exposures
Construction ▪ management and deliveryStrategy to further leverage capability in IDC ▪ No longer building external build to sell ▪ Social Infrastructure capabilitiesAppropriate risk/reward set to deliver ✓
residential
origination ▪ No longer bidding for projects <$150m sustainable margins and returns
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Annualised $150m run-rate of pre-tax cost savings to be achieved in future years as lower capitalised project costs improve development margins

Lendlease FY23 Financial Results

FY24 Outlook

Group guidance and key drivers

Group guidance

Targeting ROE of 8%+

(at the lower end of our

8-10% target range)

Key drivers of Core Operating Profit

Continued growth in FUM , in line with recent performance
In Development:
More than $8b in completions , including key urban projects One Sydney Harbour
- (Residences One), The Exchange TRX (retail, build to sell), Southbank (The Reed), Elephant Park (Park and Sayer);
A further recovery in Communities settlements; and
Potential capital partnering (Communities, Ardor Gardens).
Improving Construction margin , realisation of backlog revenue in line with historical levels and additional new work secured
Benefit of ~$60m in pre-tax cost savings in FY24

Lendlease FY23 Financial Results

Questions

2023 Full Year Results Appendix

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Lendlease FY23 Financial Results 2

An integrated global real estate group[1]

London

Thamesmead Waterfront
Euston Station
Silvertown
International Quarter London
Elephant Park
High Road West
Smithfield, Birmingham

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Chicago
• Southbank
San Francisco • Lakeshore East
• San Francisco Bay Area Project
• Hayes Point, (formerly 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
$48 billion $33 billion $124 billion $8.7 billion
Funds Under Management Assets Under Management Development pipeline Backlog revenue
41 25 101x>50,000 47 [2] 37 [3] Sydney •
Commercial Residential Melbourne
Funds and mandates xx101 Projects Projects •
buildings units • Melbourne Quarter •
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Sydney
• One Circular Quay
Melbourne
• Melbourne Quarter • Barangaroo South
• Victoria Cross Over
• 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. Comprises 31 urban projects and 16 Australia Communities projects. 3. Represents projects in delivery >$150 million.

Lendlease FY23 Financial Results 3

We leverage our integrated business model of Investments, Development and Construction, to manage and create mixed use precincts, communities, civic and social infrastructure.

Investments

The segment comprises investment and asset management platforms and the Group’s real estate investment portfolio.

Core financial returns

Fund and asset management fees
Income and capital growth on ownership interests

Development

The segment is predominantly focused on

the creation of mixed use precincts comprising build to rent[1] and build to sell[1] apartments and sustainable workplaces. The Group also develops outer suburban master planned communities.

Core financial returns

Development margin (predominantly)
• Development management fees

Construction

The segment provides project management, design and construction services, predominantly in the social infrastructure, defence and workplace sectors.

Core financial returns

  - Construction margin[2]

  - Project management and construction management fees

Origination fees
Residential
From external clients. Construction margin on internal work captured in the Development segment.

Lendlease FY23 Financial Results 4

FY23 highlights

Health and Safety

Safety transformation : a revised health and safety strategy which addresses what we have defined as the '3Ps’ strategy

Physical safety Product safety Psychological safety Risk of incidents from Risk of failure from the work activities we the product we Risk of a culture that oversee provide inhibits respect for all

Key performance indicators at record rates

Operations without a critical incident[2] (%)

Critical Incident Frequency Rate[1]

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FY22 0.57 FY22 94%
FY23 0.46 FY23 94%
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Lost Time Injury Frequency Rate[1]

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FY22 1.37
FY23 1.36
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Fatality

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.
The fatality of a subcontractor occurred at a project site, which at the time of the incident was under the control of the subcontractor not Lendlease
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 FY23 Financial Results

FY23 key achievements

Environmental, Social and Governance

Cumulative since FY20. 2. All-electric buildings refers to base buildings only.

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On track to achieve our Net Zero Carbon ambition by 2025

46% 18% reduction $186m 49% of our $21.9b Urban in gross Scope 1 and of social value[1] of electricity used by Development work in 2 emissions against >74% of our $250m Investments is progress are FY22 target by 2025 renewably sourced all-electric buildings[2]

9%

of fuel used by Construction is renewably sourced

Committed to first Launched expanded all-electric FY22 ESG Lendlease community Databook at Figtree Hill

Three funds First use of ranked in the renewable GRESB[3] diesel top 10 in Australia

Published 2022 Modern Slavery Statement

2022 Global Real Estate Sustainability Benchmark.

Lendlease FY23 Financial Results 6

Group Financials

Lendlease FY23 Financial Results 7

Income Statement (Statutory Result)

Includes rental income, dividends and distributions, insurance premiums.
FY23: includes $192m from disposal of the Military Housing Asset Management income stream sale (tranches 2 & 3). FY22: includes $167m from disposal of the Military Housing Asset Management income stream sale (tranche 1).
Primarily includes employee benefit expenses, provisions and restructuring expenses, impairments, net loss on fair value measurement of fair value through profit or loss assets and D&A.

$m	FY22	FY23
Revenue from contracts with customers Other revenue1 Cost of sales	8,822 142 (8,135)	10,229
		144
		(9,642)
Gross profit Share of profit of equity accounted investments Other income 2 Other expenses 3	829 181 358 (1,429)	731
		28
		299
		(1,208)
Results from operating activities from continuing operations	(61)	(150)
Finance revenue Finance costs	9	85
	(125)	(173)
Net finance costs	(116)	(88)
Loss before tax from continuing operations Income tax benefit from continuing operations	(177) 51	(238)
		6
Loss after tax from continuing operations Profit after tax from discontinued operations	(126) 27	(232)
		-
Loss after tax	(99)	(232)
Loss after tax attributable to: Members of Lendlease Corporation Limited Unitholders of Lendlease Trust	(239) 140
		(278)
		46
Loss after tax attributable to securityholders External non controlling interests	(99) -	(232)
		-
Loss after tax	(99)	(232)
Earnings per Stapled Security from continuing operations cents (18.3) Earnings per Stapled Security cents (14.4)		(33.7)
		(33.7)

Lendlease FY23 Financial Results 8

Reconciliation of Core Operating Profit[1 ] & FX

	$m FY22 Core operating profit after tax 276 Add/(less): Investment properties revaluations2 4 Add/(less): Financial assets revaluations2 58 Add/(less): Equity accounted investments revaluations2 8 Total Investment segment revaluations 70 (Less)/Add: Impairment losses relating to intangibles (61) (Less)/Add: Restructuring costs (119) (Less)/Add: Development impairments (223) Add/(Less): Provision in relation to UK building safety risks legislation - Total other non operating items (403) Non operating items (post tax) (333) Non Core loss after tax (42) Loss after tax attributable to securityholders (99)	FY23
		257

		(16)
		(67)

		(92)
		(175)
		-
		-
		-
		(295)
		(295)
		(470)
		(19)
		(232)

Foreign exchange rates

Statutory profit adjusted for Investment property revaluations (including in Other financial assets and Equity accounted investments) that are classified in the Investment segment, and material one-off items that could not reasonably have been expected to arise from normal operations.
Assets in the Investments segment only.
Average foreign exchange rates.

Income Statement[3]

Local	Foreign	FY22	FY23
AUD	USD	0.72	0.67
AUD	GBP	0.55	0.55
AUD	EUR	0.65	0.64
AUD	SGD	0.98	0.91

Statement of Financial Position[4]

Local	Foreign	FY22	FY23
AUD	USD	0.69	0.67
AUD	GBP	0.57	0.52
AUD	EUR	0.66	0.61
AUD	SGD	0.96	0.90

Spot foreign exchange rates.

Lendlease FY23 Financial Results

Segment Financial Metrics

Return on Invested Capital (ROIC) is calculated using the Profit after Tax divided by the arithmetic average of beginning, half and year end invested capital.
Five year rolling average from FY19 to FY23.

Operating Profit after Tax ($m)

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361
FY22 FY23
245
192
111
68
32
Investments Development Construction
ROIC [1,2] (Investments, Development)
EBITDA margin (Construction)
FY22 FY23
6.6%
5.6%
5 year average
5 year average
9.7%
1.9%
6.1% 5 year average
2.2% 3.3% 2.0%
1.2%
Investments ROIC Development ROIC Construction EBITDA
margin
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Operating EBITDA ($m)

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497 FY22 FY23
332
283
181
131
90
Investments Development Construction
Invested Capital
(Investments & Development) ($b)
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FY22 FY23
6.1
5.4
4.0
3.7
Investments Development
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Lendlease FY23 Financial Results

Investments Segment

Lendlease FY23 Financial Results 11

FUM $48.3b, AUM $32.8b

Investments Earnings Drivers

Management Earnings

Commercial Residential Funds asset asset management management[1] management[2] $48.3b $16.9b $15.9b 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

Invested capital $4.0b

Investment Portfolio Earnings

Co-investment positions in Keyton[4] Other[4,5] managed funds[3,4] (Retirement Living) $3.0b $0.5b $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

Predominantly retail and office assets. 2. Predominantly US Military Housing and residential build to rent assets. 3. Includes office, retail and residential build to rent assets.
Total Investment Portfolio $3.9b, which represents the Group’s assessment of market value of ownership interests. 5. Other directly held assets include data centres and industrial.

Lendlease FY23 Financial Results 12

Investments

Overview

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

Performance[2]

Management EBITDA $104m, down from $141m:
Funds Management revenue of $177m, up from $172m
Revenue improvement driven by higher base fees from FUM growth of 9%[2]
Funds Management EBITDA $82m, down from $94m:
Earnings lower due to higher expenses from offshore platform growth, assets in FUM under construction not yet yielding and limited earnings from late FUM additions
Asset Management revenue of $98m, down from $111m
Asset Management EBITDA $22m, down from $47m:
Decreased earnings following partial divestment of the US Military Housing portfolio, were partially offset by an improvement in commercial fees
Investment portfolio EBITDA $228m, down from $356m:
Investment distribution yield was 3.0% down from 4.7%, impacted by higher interest costs, the loss of income from the sale of a 24.9% interest in Keyton (formerly Retirement Living) in FY22 and new assets either yet to yield or stabilise

Financial summary1		FY22	FY23
Core operatingbusiness EBITDA mix	%	61	47
ROIC	%	9.7	6.1
Invested capital	$b	3.7	4.0
Management EBITDA	$m	141	104
- FUM EBITDA	$m	94	82
- AUM EBITDA	$m	47	22
Investment Portfolio EBITDA	$m	356	228
~~Total EBITDA~~	~~$m~~	~~497~~	~~332~~

Operational

Management earnings:
- FUM of $48.3b, up 9%:
- Additions to FUM of $5.3b:
  - Existing products, $4.4b, new products, $0.9b
  - ~$62b of institutional investment grade product within the development pipeline
- AUM of $32.8b, up 9%:
- Commercial $16.9b (retail and office), residential $15.9b (Military Housing and residential build to rent)
Ownership earnings:
- $3.9b investment portfolio
- Residential (34%), Workplace (31%), Retail (24%) and Data, Industrial & Other (11%)
Operating profit based measure, excluding property revaluations.
Comparative period the year ended 30 June 2022.

Lendlease FY23 Financial Results 13

Investments Earnings & Portfolio

Earnings primarily derived from FUM and AUM. 2. Includes investment property revaluations (including in Other financial assets and Equity accounted investments) that are classified in the Investment segment. FY23 includes $192m gain (pre-tax) from partial sale of Military Housing asset management income stream compared to $167m gain in FY22 from sale of first tranche.
The Group’s assessment of market value of ownership interests.
Residential sector includes Keyton (formerly Retirement Living)

EBITDA ($m)

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Management EBITDA [1] Investment Portfolio EBITDA [2]
497
141
332
300
278 276
104
144 198 165
356
228
134 102 111
FY19 FY20 FY21 FY22 FY23
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Investment Portfolio[3] by sector ($b)

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Workplace Residential 4 Retail Data Centres & Industrial Other
7% [4%]
31%
24% $3.9b
34%
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Invested Capital ($b)

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Invested Capital ROIC
5.7% 5.8% 5.9% 9.7% 6.1%
4.0
3.7 3.7
3.6 3.6
FY19 FY20 FY21 FY22 FY23
Investment Portfolio [3] by region ($b)
Australia Asia Europe Americas
13%
43%
19% $3.9b
25%
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Lendlease FY23 Financial Results 14

Funds & Assets Under Management[1]

The Group’s assessment of market value.
Compound Annual Growth Rate since FY21 (representing period since Strategy Briefing on 3 November 2022)

FUM ($b)

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Inception of FUM strategy:
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CAGR² of 10.4%
48.3
44.4
39.6
35.2 36.0
FY19 FY20 FY21 FY22 FY23
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FY23 FUM by region

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Australia Asia Europe Americas
5%
9%
22%
$48.3b
64%
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AUM ($b)

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45.0
40.0
35.0 32.8
30.0
28.7 29.3 28.5
30.0
25.0
20.0
15.0
FY19 FY20 FY21 FY22 FY23
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FY23 AUM by region

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Americas Asia Australia Europe
10%
17%
45%
$32.8b
28%
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Lendlease FY23 Financial Results 15

Group ($b)

Funds Under Management[1] By Region

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55.0
5.3 (1.0)
50.0 (1.4) 1.0 48.3
44.4
45.0
40.0
35.0
30.0
25.0
20.0
FY22 Additions Divest- Revaluations FX and 2 FY23
ments Other
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By region ($b)	FY22	Additions	Divestments	Revaluations	FX and Other	FY23
Australia	31.1	2.0	(1.0)	(1.3)	-	30.8
Asia	9.4	0.3	-	0.1	0.6	10.4
Europe	1.9	2.5	-	(0.1)	0.3	4.6
Americas	2.0	0.5	-	(0.1)	0.1	2.5
Group	44.4	5.3	(1.0)	(1.4)	1.0	48.3

The Group's assessment of market value. 2. FX and Other relates to FX movements within the reporting period.

Lendlease FY23 Financial Results

Major Fund Summary[1]

FY23 funds management platform

	Total						No. of		Weighted
	assets	Gearing	Co-investment		Region	Sector	assets	Leased	avg. cap rate
	$b	%	%	$m			#	%	%
Australian Prime Property Fund Commercial	6.6	24.7	8.0	380	Aus	Workplace	21	94.7	4.8
Lendlease International Towers Sydney Trust	4.7	13.1	3.9	155	Aus	Workplace	4	93.7	4.8
Lendlease Global Commercial REIT	4.1	40.6	26.9	552	Asia	Workplace and Retail	5	99.7	4.5
Lendlease Americas Residential Partnership2	2.2	43.0	47.1	231	Amer	Residential	4	95.0	4.8
Paya Lebar Quarter	3.5	58.1	30.0	391	Asia	Workplace and Retail	4	97.9	3.9
Australian Prime Property Fund Retail	3.2	28.3	2.6	57	Aus	Retail	6	98.4	5.4
Lendlease One International Towers Sydney Trust	2.9	19.1	2.5	56	Aus	Workplace	1	97.8	4.8
Australian Prime Property Fund Industrial	2.1	19.8	17.1	276	Aus	Data Centres and Industrial	44	99.8	4.7
Parkway Parade Partnership Limited	1.6	38.1	0.2	2	Asia	Retail	1	90.0	4.7
Lendlease Moorfields (Europe) Investment Partnership	1.4	55.0	50.0	170	Euro	Workplace	1	100.0	4.8
Other Funds and Mandates3	16.0	N/A	N/A	1,673	N/A	Various	N/A	N/A	N/A
Totals / averages4	48.3	31.44	N/A	3,943	N/A	Various	>90	96.54	4.74

1. Reflects Funds under Management with total assets greater than $1.0b. 2 . Total assets includes nine buildings (five buildings are under construction and not yet operational). All other metrics refer to the four operational buildings only. 3 . Includes 19 funds and 12 investment mandates.4. Averages represent 10 largest funds and exclude “Other Funds and Mandates”

Lendlease FY23 Financial Results 17

Group ($b)

Assets Under Management[1] By Product

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1.7 32.8
1.9 (0.8) -
30.0
FY22 Additions Divest- Revaluations FX and FY23
ments Other
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By product ($b)

	FY22	Additions	Divestments	Revaluations	FX and Other	FY23
Commercial2	15.2	1.5	(0.8)	(0.1)	1.1	16.9
Residential3	14.8	0.4	-	0.1	0.6	15.9
Group	30.0	1.9	(0.8)	-	1.7	32.8

The Group's assessment of market value.
Includes Retail and Workplace sectors 3. Relates to residential build to rent assets and Military Housing.

Lendlease FY23 Financial Results 18

Keyton (formerly Retirement Living)

Value drivers		FY22	FY23
Ownership1	%	25.1	25.1
Equity investment	$b	0.5	0.5
Long term growth rate	%	3.5	3.5
Discount rate	%	12.1	12.1
Operating return	%	5.3	4.9

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Queensland
13 villages
c2,990 units
Northern
Territory
Western Australia
New South Wales
10 villages
c1,640 units 18 villages
c3,540 units
South Australia
Australian
4 villages Capital
c530 units Territory
Victoria 3 villages
c380 units
27 villages Tasmania
c4,120 units
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Sold down 24.9% interest during FY22

Lendlease FY23 Financial Results 19

Development Segment

Lendlease FY23 Financial Results 20

Development Earnings Drivers

Development pipeline[1] $124.3b Invested capital $6.1b

Development Phase

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In Conversion Master Planned Work in Progress
$50.6b [1] $50.8b [1] $22.9b [1]
pipeline pipeline pipeline
$0.3b $2.3b [2] $3.5b [2]
capital capital capital
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Completions target of >$8b in FY24

Total estimated end value (representing 100% of project value). 2. Includes $1b of capital from Australian Communities business across Master Planned and Work in Progress

Lendlease FY23 Financial Results 21

Development

Residential.
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 year ended 30 June 2023 (representing 100% of project value).

Overview

The Development segment is predominantly focused on the creation of mixed-use urban precincts that comprise build to rent[1] and build to sell[1] 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 primarily through development margin, as well as development management and origination fees

Drivers

Completions[2] of $3.6b:
Sydney Place
Elephant Park (City Lights Point)
Blue & William
Australia Communities lot settlements ($0.8b)
Key urban earnings contributors for FY23: The Exchange TRX, Kuala Lumpur
Melbourne Quarter, Melbourne
Milano Santa Giulia, Milan
Development management fees across projects in delivery
Australia Communities: Settlements: 2,253 lots, up 52%
Sales: 1,765 lots, down 43%
Commencements[3] of $7.7b: One Circular Quay, Sydney
Hayes Point (formerly 30 Van Ness), San Francisco
Habitat (formerly La Cienega), Los Angeles

Performance		FY22	FY23
Core business EBITDA mix	%	23	40
Total EBITDA	$m	181	283
ROIC	%	2.2	3.3
Invested capital	$b	5.4	6.1
Work in Progress	$b	18.4	22.9
Commencements	$b	5.9	7.7
Completions	$b	2.5	3.6

Outlook

$124.3b[4] development pipeline:
- Urban portfolio: 31 projects, 21 major projects in 9 gateway cities
- Australia Communities: 16 projects with c.42,000 lots New work secured $3.5b[4] :
  - One Circular Quay, Sydney
  - Leaf Minatomirai, Yokohama
- Project changes $4.8b, foreign exchange impact $2.6b
Work in Progress[5] : $22.9b $9.8b build to sell[1]
- $6.7b workplace
- $2.7b build to rent[1]
- $2.7b other
- $1.0b Australia Communities (pre sold)
$9b of pipeline received Master planning approval in FY23
Targeting >$4b of commencements in FY24
Australia Communities lot sales

Lendlease FY23 Financial Results 22

$6.1b of invested capital controls $124b development pipeline

Development Capital

FY23 Capital – Development Stage

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In Conversion Master planned WIP
5%
36%
$6.1b 38%
57%
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Focus of operational stage

In Conversion: Seek 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

FY23 Capital – Structure

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Other Urban Projects Deconsolidated JVs
Communities Impaired Projects
5%
17%
$6.1b
57%
21% 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
Capital partnering approach across urban projects ensuring alignment of profit with cash and risk/reward profile
$1.0b of Australian Communities capital across Master Planned and WIP

Lendlease FY23 Financial Results 23

Development Earnings / Work In Progress

End value of Development Pipeline in delivery as at year end (representing 100% of project value).
Includes Retail (10%) and Data Centres (2%). 3. Residential.

EBITDA ($m)

Invested Capital ($b)

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Invested Capital ROIC
8.0
11.6% 4.7% 7.2% 2.2% 3.3%
7.0 6.1
6.0 5.4
4.8 4.8
5.0 4.4
4.0
3.0
2.0
1.0
-
FY19 FY20 FY21 FY22 FY23
WIP [1 ] ($b)
Build to sell 3 Workplace Build to rent 3
Other 2 Communities
4%
12%
12% $22.9b 43%
29%
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793 8.0
7.0
6.0
469 5.0
4.0
322
283 3.0
181 2.0
1.0
-
FY19 FY20 FY21 FY22 FY23
WIP [1 ] roll forward ($b)
7.7 (3.6)
0.4 22.9
18.4
FY22 Commence- Completions FX and Other FY23
ments
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Lendlease FY23 Financial Results 24

Development Pipeline

Total estimated end value (representing 100% of project value).
Includes Retail (4%) and Data Centres (1%). 3. Relates to Retail.
Residential.

Pipeline[1 ] ($b)

Pipeline[1 ] roll forward ($b)

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117.0 3.5 (3.6) 7.4 124.3
FY22 New work Completions FX and Other FY23
secured
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4 4
Build to sell Build to rent
Workplace and Other Communities
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124.3
113.0 113.6 117.0
76.1
FY19 FY20 FY21 FY22 FY23
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Pipeline[1 ] by product ($b)

Commencements by product ($b)

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4 4
Build to sell Build to rent Workplace
Communities Other 2
5%
13%
37%
$124.3b
22%
23%
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Build to sell 4 Workplace Build to rent 4
Communities Other3
7%
9%
12%
$7.7b 47%
25%
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Lendlease FY23 Financial Results 25

Major Urban Project Summary[1]

Subject to planning approvals, contractual conditions, market, and tenant precommitments.
Floor space measured as Net Lettable Area. 3. Total estimated end value (representing 100% of project value).
Victoria Cross over station development. 5. Subject to discussions with the client regarding timing.
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
Australia	Victoria Cross4, Sydney FY19 FY20 FY25 - 58 1.2 Stagedpayment
	Barangaroo South,Sydney FY09 FY12 FY26 848 1 4.3 Stagedpayment
	Melbourne Quarter,Melbourne FY13 FY16 FY26 797 75 1.7 Land management
	One Circular Quay, Sydney FY23 FY23 FY27 158 20 3.1 Upfront and deferred payments
	Victoria Harbour,Melbourne FY01 FY04 FY30 1,994 - 2.3 Land management
Asia	Comcentre Redevelopment FY22 FY25 FY29 - 91 3.3 Stagedpayment
	The Exchange TRX,Kuala Lumpur FY14 FY17 FY31 2,526 187 3.9 Stagedpayment
Europe	Elephant Park, London FY10 FY12 FY28 683 48 1.9 Stagedpayment
	International Quarter London FY10 FY14 FY31 350 147 3.1 Stagedpayment
	Milan Innovation District FY19 FY21 FY32 1,115 384 3.9 Stagedpayment
	Milano Santa Giulia FY18 FY20 FY35 3,251 106 5.2 Land management
	Smithfield, Birmingham FY21 FY25 FY35 3,079 126 3.5 Land management
	Silvertown, London FY18 FY23 FY39 6,287 120 9.6 Land management
	High Road West, London FY18 FY24 FY39 c2,850 10 2.4 Land management
	Euston Station, London FY18 FY27 FY40+ 2,000 400 10.5 Land management
	Thamesmead Waterfront, London FY20 FY27 FY40+ 11,500 82 14.5 Land management
Americas	1 Java Street, New York FY21 FY22 FY26 834 - 1.3 Upfrontpayment
	Hayes Point, San Francisco FY17 FY23 FY27 333 27 1.9 Upfrontpayment
	Southbank, Chicago FY15 FY16 FY30 1,955 - 1.9 Upfrontpayment
	San Francisco BayAreaproject5 FY20 FY26 FY38 15,000 n/a6 21.8 Land management
	Lakeshore East, Chicago FY19 FY20 n/a6 569 - 1.1 Stagedpayment
Other Urban Projects 685 390 5.7
Total Urban 56,814 2,272 108.1

Lendlease FY23 Financial Results 26

Urban Development Completions FY23

$2.8b of Urban Completions in FY23 (excludes Communities)

City	Project	Sector	Capital model1	Ownership2	Sqm (k) / units3	Presold %4	Presales4($b)	Project end value5 ($b)	Net end value6 ($b)	Completion7
Sydney	Sydney Place	Workplace	Joint Venture	0%	57k	n/a	n/a	2.2	-	1H23
London	Elephant Park, City Lights Point	Build to rent 12	Joint Venture	50%	118	n/a	n/a	0.1	0.1	1H23
London	Elephant Park, City Lights Point	Build to sell 12	Fund Through	0%	104	100%	0.1	0.1	-	1H23
Sydney	Blue & William	Workplace	Fund Through	0%	14k	n/a	n/a	0.3	-	2H23
Total8					71k / 222		0.1	2.8	0.1

For illustrative purposes. On Balance Sheet: funded solely by Lendlease with the option to pursue a variety of capital structures, including Joint Venture or Fund Through capital structures; Fund Through: a funding model structured through a forward sale to a capital partner resulting in majority of profit recognition early, with capital partner funding development costs through delivery; Joint Venture: typically, an early-stage joint project partnership with profits recognised partially upfront and at project milestones (e.g. leasing events, completion), along with supplementary development management fees recognised through development.
Percentage of Lendlease ownership at 30 June 2023.
Sqm (k) represents floor space measured as Net Lettable Area for Workplace / Office projects. Units denotes completed apartment units for residential build to sell and residential build to rent project.
Presold % based on value. Closing presales balance at 30 June 2023.
Total estimated end value (representing 100% of project value at completion).
Lendlease’s estimated net end value (project end value less third-party ownership).
Based on expected completion date of underlying buildings, subject to change in delivery program. Not indicative of cash or profit recognition.
Table may not sum to exact decimal place due to rounding.
One Sydney Harbour (Barangaroo) projects have PLLACes transactions in aggregate of $1.7b face value which reduce cash proceeds at settlement.
Commercial in confidence.
In relation to the residential build to sell component.
Residential.

Lendlease FY23 Financial Results

Urban Development Completions Pipeline

FY24 Urban Completions pipeline of $7.5b, including 226k sqm of workplace and other development and 2,492 units

City	Project	Sector	Capital model1	Ownership2	Sqm (k) / units3	Presold %4	Presales4($b)	Project end value5 ($b)	Net end value6 ($b)	Completion7
Sydney	One Sydney Harbour, Residences One (R1)9	Build to sell12	Joint Venture	75%	315	97%	1.9	2.0	1.5	FY24
Kuala Lumpur	The Exchange TRX	Retail	Joint Venture	60%	122k	n/a	n/a	1.5	0.9	FY24
New York	100 Claremont, Claremont Hall	Build to sell12	Joint Venture	32%	166	-10	-10	0.7	0.2	FY24
Chicago	Southbank, The Reed	Build to sell12	Joint Venture	50%	216	-10	-10	0.3	0.1	FY24
Chicago	Southbank, The Reed	Build to rent12	Joint Venture	50%	224	n/a	n/a	0.2	0.1	FY24
Melbourne	Melbourne Quarter Tower	Workplace	Fund Through	0%	75k	n/a	n/a	1.2	-	FY24
Kuala Lumpur	The Exchange TRX	Build to sell 12	Joint Venture	60%	896	64%	0.3	0.5	0.3	FY24
Saitama	Lendlease Data Centre Partners	Data Centre	Joint Venture	20%	30k	n/a	n/a	0.4	0.1	FY24
London Elephant Park, Park and Sayer Build to sell12 On B/Sheet 100% 229 64% 0.2 0.3 0.3 FY24
London Elephant Park, Park and Sayer Build to sell12 Fund Through 0% 72 100% <0.05 <0.05 - FY24
London	Deptford Landings, Plot 4	Build to rent12	Fund Through	0%	251	n/a	n/a	0.2	-	FY24
London Elephant Park, Park and Sayer Build to rent12 Joint Venture 50% 123 n/a n/a 0.1 0.1 FY24
Total8 226k / 2,492 2.5 7.5 3.6

Note: Refer to page 26 for numbered footnotes.

Lendlease FY23 Financial Results

Urban Development Completions Pipeline (continued)

Urban Completions pipeline of $14.4b from FY25 to FY27, including 297k sqm of workplace and other development and 2,915 units

City	Project	Sector	Capital model1	Ownership2	Sqm (k) / units3	Presold %4	Presales4($b)	Project end value5 ($b)	Net end value6 ($b)	Completion7
Sydney	One Sydney Harbour, Residences Two (R2)9	Build to sell12	Joint Venture	75%	321	93%	1.6	1.7	1.3	FY24/FY25
Sydney	Victoria Cross Over Station Development	Workplace	Joint Venture	75%	58k	n/a	n/a	1.2	0.9	FY25
Sydney	One Sydney Harbour, Waterman’s Residences (R3)9	Build to sell 12	On B/Sheet	100%	212	52%	0.3	0.6	0.6	FY25
Singapore	Paya Lebar Green	Workplace	Joint Venture	49%	31k	n/a	n/a	-10	-10	FY25
Yokohama	Lendlease Innovation Limited Partnership, Leaf Minatomirai	Workplace	Joint Venture	15%	24k	n/a	n/a	0.4	0.1	FY25
Kuala Lumpur	The Exchange TRX	Hotel / Workplace	Joint Venture	60%	47k	n/a	n/a	0.3	0.2	FY25
London	International Quarter London, The Turing Building	Workplace	Joint Venture	50%	34k	n/a	n/a	-10	-10	FY25
Boston	60 Guest Street	Workplace	Joint Venture	25%	33k	n/a	n/a	-10	-10	FY25
Melbourne	Melbourne Quarter	Build to rent12	Joint Venture	25%	797	n/a	n/a	0.5	0.1	FY26
New York	1 Java Street	Build to rent12	Joint Venture	20%	834	n/a	n/a	1.3	0.3	FY26
Los Angeles	Habitat (formerly La Cienega)	Workplace	Joint Venture	50%	24k	n/a	n/a	0.7	0.3	FY26
Los Angeles	Habitat (formerly La Cienega)	Build to rent12	Joint Venture	50%	260	n/a	n/a	0.4	0.2	FY26
Sydney	One Circular Quay	Build to sell12/ Hotel	Joint Venture / Fund Through	33%11	158 / 20k	51%11	1.311	3.1	-10	FY27
San Francisco	Hayes Point	Workplace	On B/Sheet	100%	27k	n/a	n/a	0.8	0.8	FY27
San Francisco	Hayes Point	Build to sell12	On B/Sheet	100%	333	0%	0.0	1.1	1.1	FY27
Total8					297k / 2,915		3.2	14.4	7.5
Total FY24 to FY278					523k / 5,407		5.7	21.9	11.1

Note: Refer to page 26 for numbered footnotes.

Lendlease FY23 Financial Results 29

Apartment Settlements[1]

	Ownership	Units	$m	$m (net)
Australia
Melbourne Quarter – East Tower	50%	127	92	46
Total Australia		127	92	46
Europe
Elephant Park – City Lights Point	100%	104	62	62
Potato Wharf – Block 4	100%	40	20	20
Other		17	24	16
Total Europe		161	106	98
Americas
Lakeshore East – Cirrus	43%	38	60	26
Total Americas		38	60	26
Total residential build to sell settlements		326	258	170

Year ending 30 June 2023.

Lendlease FY23 Financial Results 30

Indicative Commencements on Existing Urban Development Pipeline[1]

Seeking to balance commencements and completions over time to maintain WIP, subject to market conditions

Delivery of pre-commencement pipeline ($b)[2]

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3 3
Build to rent Build to sell Workplace Other
$1.0b $1.5b $1.1b ~$6b average commencements
FY24 1,399 units 1,428 units 83Ksqm 3.6 identified (ex-Communities)
$1.2b $1.2b $5.2b $1.4b
FY25 9.0
1,506 units 1,461 units 223Ksqm 333Ksqm
$0.1b
14Ksqm
$1.2b $3.3b $1.7b
FY26 6.3
992 units 3,038 units 112Ksqm
$1.9b $1.8b $1.5b
FY27 5.5
1,448 units 1,287 units 89Ksqm
$0.3b
25Ksqm
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▪ Total identified commencement pipeline to FY27 of $24.4b

  - Includes ~$16b of investment product (gross) to support Investments segment growth

Targeting acceleration of commencements, subject to market conditions and prioritising balance sheet
- Commencements to offset completions through the cycle
- Accelerated delivery through increased capital partnerships
- WIP to be targeted above ~$20b
FY24 urban commencements of $3.6b anticipated
- Key projects and precincts include:
  - Victoria Harbour
  - Silvertown, Phase 1
  - Milan Innovation District (MIND)
  - Melbourne Metro OSD
Excludes Australia Communities. Total estimated end values shown (representing 100% of project value).
Subject to planning approvals, contractual conditions, market, and tenant precommitments. Floor space measured as Net Lettable Area in Ksqm. Units denote completed apartments for sale and apartments for rent.
Residential.

Lendlease FY23 Financial Results 31

Australia Communities

Sales & Settlements	Sales	Settlements
	FY22 FY23 FY22 FY23 Lots $m Lots $m Lots $m Lots $m
Queensland New South Wales Victoria South Australia Western Australia Non-residential	1,389 414 1,018 323 681 169 1,181 360 329 185 179 116 64 37 272 103 1,195 371 437 132 585 158 676 215 - - - - 3 - - - 201 51 131 34 145 35 124 32 na 102 n/a 97 na 59 n/a 120
Total	3,114 1,123 1,765 702 1,478 458 2,253 830

Queensland

$1.0b Work in Progress

Total estimated end value (representing 100% of project value).
Not FY24 guidance

Value Drivers

$16.2b pipeline[1]
16 projects across four Australian states
c.42,100 of Communities pipeline lots
Target settlements: 3,000 – 4,000 lots p.a.[2]
c.28,300 land lots • Elliot Springs • Springfield • Yarrabilba • Shoreline • Kinma Valley
Northern Territory
Western Australia New South Wales
c.1,200 land lots • Alkimos Beach South Australia c.6,000 land lots • Alkimos Vista • Calderwood Valley • Figtree Hill • Jordan Springs • The New Rouse Hill • Kings Central
Victoria c.6,700 land lots • Atherstone • Aurora Tasmania • Harpley • Averley

Lendlease FY23 Financial Results 32

Construction Segment

Lendlease FY23 Financial Results 33

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Construction
Earnings Drivers
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Backlog [1] $8.7b
Preferred [2]
$9.9b
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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
$3.7b $0.3b $0.7b
Backlog [1] Backlog [1] Backlog [1]
$5.7b $0.1b $0.4b
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Revenue
in the last 12 months
$2.5b
Backlog [1]
$2.5b
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Backlog Realisation

FY24 57%	FY25 27%	Post FY25 FY24 16% 72%	FY25 25%	Post FY25 3%		FY24 89%	FY25 10%	Post FY25 1%		FY24 46%	FY25 31%	Post FY25 23%

Construction revenue to be earned in future periods (excludes internal projects). 2. A project's status is considered preferred whereby Lendlease have been exclusively nominated by the client (usually via formal communication or commitment) as the preferred contractor pending finalisation of scope, commencement, price and contract terms.

Lendlease FY23 Financial Results 34

Construction[1]

Excludes internal projects.
Comparative period the year ended 30 June 2022. 3. Estimated revenue to be earned from construction contracts secured during the year (external work only).
Construction revenue to be earned in future periods.

Overview

The Construction segment provides external project management, design and construction services, predominantly in the social infrastructure, defence and office sectors, as well as life science and data centre construction.
Financial returns are generated via project management and construction management fees, in addition to construction margin

Drivers[2]

Revenue of $7.2b, EBITDA of $90m:
Revenue up 9% reflects strong project delivery and a recovery from pandemic lows
Australia defence and public sector comprising more than half of all region revenue. Delivery ramp up post pandemic conditions
Americas revenues increased 10% due to strong contributions from major projects
Revenues were partially offset by key projects in Europe maturing within the year
EBITDA margin 1.2%, down from 2.0%: Australia EBITDA margin strong at 2.8%
Americas margin remains subdued
• New work secured[3] of $4.7b, down from $5.3b:
Reduction reflects significant growth in internal work being secured from development pipeline including One Circular Quay Australia was down substantially from prior year however the region is currently preferred for more than $4.5b of work
Americas had a strong recovery from prior year however remains well below historical averages reflecting subdued activity in key markets

Performance		FY22	FY23
Core business EBITDA mix	%	16	13
EBITDA margin	%	2.0	1.2
New work secured3	$b	5.3	4.7
Backlog4	$b	10.5	8.7

Outlook

Backlog revenue[4] of $8.7b, down from $10.5b:
Diversified by sector and client
Project sector exposures: Social Infrastructure 40%, Defence 27%, Workplace 21%, Residential 6%, Other 6%
Project client breakdown: Government 62%; Corporate 38% Key projects in Backlog:
Australia $5.7b: RAAF Tindal Stage 6 and USFPI Airfield Works, Frankston Hospital Redevelopment, Powerhouse Parramatta and Liverpool Health and Academic Precinct
Europe $0.4b: Manchester Town Hall, The Turing Building
Preferred on $9.9b which includes several social infrastructure and office projects across Australia (46%), Europe (46%) and Americas (7%)
Segment backlog realisation:
FY24: 56% FY25: 27% Post FY25: 17%

Lendlease FY23 Financial Results 35

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 year (external work only).

EBITDA ($m)

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35 000 .0% EBITDA Margin
30 000 .0% 2.2% 1.3% 2.7% 2.0% 1.2%
211
25 000 .0%
173
20 000 .0%
131
15 000 .0% 101
90
10 000 .0%
50 00.0 %
0.0 %
FY19 FY20 FY21 FY22 FY23
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FY23 New work secured by sector[2]

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Social Infrastructure Workplace Defence Residential Other
9%
12%
38%
14%
27%
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Backlog ($b)[1]

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12.6
11.3
10.6 10.5
8.7
FY19 FY20 FY21 FY22 FY23
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FY23 New work secured by client[2]

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Corporate Government
39%
61%
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Lendlease FY23 Financial Results 36

Construction Backlog by Region[1,2]

Construction revenue to be earned in future periods (excludes internal projects).
Asia closing Backlog $0.1b. Excluded for presentation purposes.
Ratio calculated as external new work secured over external revenue to the nearest million.

Australia ($b)

Group ($b)

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4.7 (7.2) 2.4 (3.7)
7.0
10.5
- 5.7
0.7 8.7
Book to bill³: 0.6
Book to bill³: 0.7
FY22 New work Revenue FX & Other FY23 FY22 New work Revenue FX & Other FY23
secured secured
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Americas ($b)

Europe($b)

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Book to bill³: 0.1
0.1 (0.7)
0.7
0.3 0.4
FY22 New work Revenue FX & Other FY23
secured
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2.1 (2.5)
2.6 0.3 2.5
Book to bill³: 0.8
FY22 New work Revenue FX & Other FY23
secured
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Lendlease FY23 Financial Results 37

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 FY23 refers to the full year period ended 30 June 2023 unless otherwise stated. Comparative periods are to the year ended 30 June 2022 unless otherwise stated. All figures are in AUD unless otherwise stated.

AI assistant

LENDLEASE GROUP — Annual Report 2023

65243_rns_2023-08-13_3fa5a438-07cb-4a64-802f-096e48bec55c.pdf

14 August 2023

ENDS

Authorised for lodgement by the Lendlease Group Disclosure Committee

14 August 2023

For the year ended 30 June 2023[1] :

Key business achievements:

FY23 Result Summary[1]

Items affecting Statutory result

Financials

Operating Segments

Investments

Development

Construction

Reduction in global workforce

Outlook

ENDS

FOR FURTHER INFORMATION, PLEASE CONTACT:

Authorised for lodgement by the Lendlease Group Disclosure Committee

Transitioning to an Investments-led real estate Group…

FY23 result

Financial performance impacted by provisions and market valuations

FY23 result[1]

A resilient operating performance against a difficult market backdrop

Portfolio well positioned when markets stabilise

Investments

Investments EBITDA ($m)

Management earnings

Operational performance[1]

Investments platform ($b)

Development[1]

EBITDA ($m)

Operational performance[2]

Urban portfolio:

Australia Communities:

Work in Progress:

Construction

Backlog revenue ($b)

$8.7b backlog revenue – by sector and client

Operational performance and outlook[1]

EBITDA $90m, down 31%

Revenue $7.2b, up 9%:

New work secured $4.7b, down 11%:

Backlog revenue $8.7b, down 17%:

Preferred on $9.9b; high visibility on workbook

Financial performance[1]

$m FY22 FY23 Change

Core

Net debt

Net Debt[1] ($b)

Cash flow movements

Invested capital

Invested capital[1]

Segment Invested capital[1]

Capital growth and allocation

Regional Invested capital[1]

Capital management & Treasury

Treasury overview

Investment Grade Credit Ratings

Drawn debt maturity ($m)

Capital and liquidity management

Cost initiatives and further optimisation

Further progress on cost efficiencies, with more than $150m[1] of targeted annualised savings, pre-tax

Create phase cost initiatives

Cost savings

Portfolio Management Framework (PMF)

Providing structure to manage business and capital decisions

PMF through-the-cycle targets

Performance against FY26+ strategic road map

On-track to achieve FY26+ business transformation to an Investments-led business

FY24 Outlook

Group guidance and key drivers

Group guidance

Key drivers of Core Operating Profit

Questions

An integrated global real estate group[1]

London

Investments

LENDLEASE GROUP Annual Report 2023