LENDLEASE GROUP — Annual Report 2025

Aug 17, 2025

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18 August 2025

Lendlease Trust 2025 Full Year Consolidated Financial Report

Attached is the Lendlease Trust Consolidated Financial Report for the year ended 30 June 2025.

ENDS

FOR FURTHER INFORMATION, PLEASE CONTACT:

Investors: Media: Michael Vercoe Tessie Vanderwert Head of Investor Relations General Manager, Corporate Affairs Mob: +61 488 245 205 Mob: +61 428 483 828 michael.vercoe@lendlease.com tessie.vanderwert@lendlease.com

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

LENDLEASE TRUST ANNUAL CONSOLIDATED FINANCIAL REPORT JUNE 2025

2 Lendlease Trust Consolidated Financial Report June 2025

Lendlease Trust

Annual Consolidated Financial Report

June 2025 ARSN 128 052 595

Table of Contents

Directors’ Report	Directors’ Report
	Directors’ Report	3
	Lead Auditor’s Independence Declaration	6
Consolidated Financial Statements
	Statement of Comprehensive Income	7
	Statement of Financial Position	7
	Statement of Changes in Equity	8
	Statement of Cash Flows	8
Notes to Consolidated Financial Statements
Basis of Preparation
	Basis of Preparation	9
Section A. Performance
1.	Distributions	9
2.	Earnings Per Unit (EPU)	10
3.	Other Income	10
4.	Finance Revenue	10
5.	Other Expenses	11
6.	Events Subsequent to Balance Date	11
Section B. Investment
7.	Other Financial Assets	11
8.	Equity Accounted Investments	12

Section C. Liquidity and Working Capital

9.	Cash and Cash Equivalents	15
10.	Notes to Statement of Cash Flows	15
11.	Borrowings and Financing Arrangements	16
12.	Issued Capital	16
13.	Liquidity Risk Exposure	17
14.	Loans and Receivables	18
15.	Trade and Other Payables	18
Section D. Risk Management
16.	Financial Risk Management	19
17.	Fair Value Measurement	21
18.	Contingent Liabilities	21
Section E. Other Notes
19.	Related Party Information	21
20.	Consolidated Entities	22
21.	Impact of New and Revised Accounting Standards	22
22.	Other Material Accounting Policies	22
Directors’ Declaration
	Directors' Declaration	23
	Independent Auditor’s Report	24

Lendlease Responsible Entity Limited ABN 72 122 883 185 AFSL No. 308983 is the responsible entity of the Lendlease Trust ARSN 128 052 595. Lendlease Trust (LLT) is domiciled in Australia. The consolidated financial report of LLT for the year ended 30 June 2025 comprises LLT including its controlled entities (together referred to as the Consolidated Entity). The Consolidated Entity is a for-profit entity. Further information about the Consolidated Entity’s primary activities is included in the Directors’ Report.

Shares in Lendlease Corporation (the Company) and units in LLT are traded as one security under the name of Lendlease Group on the Australian Securities Exchange (ASX).

The consolidated financial report was authorised for issue by the Directors on 18 August 2025.

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Directors’ Report

The Directors of Lendlease Responsible Entity Limited (ABN 72 122 883 185), the Responsible Entity of Lendlease Trust (the Trust), present their Report together with the Annual Consolidated Financial Report of the Trust, for the year ended 30 June 2025 and the Auditor’s Report thereon.

The Responsible Entity is a wholly owned subsidiary of Lendlease Corporation Limited (the Company) and forms part of the consolidated Lendlease Group (the Group). The registered office and principal place of business of the Responsible Entity is Level 14, Tower Three, International Towers Sydney, Exchange Place, 300 Barangaroo Avenue, Barangaroo NSW 2000.

1. Governance

a. Board/Directors

The name of each person who has been a Director of the Responsible Entity between 1 July 2024 and the date of this Report are:

J C Gillam Director since October 2024 and Chairman since November 2024 A P Lombardo Group Chief Executive Officer and Managing Director since 2021 L M Buck Director since July 2025 A S Chan (M Lui) Director since 2022 P M Coffey Director since 2017 N R Collishaw Director since 2021 D P Craig Director since 2016 B A Knoflach Director since 2023 E M Proust, AO Director since 2018 R F Welanetz Director since 2020

The names of Directors of the Responsible Entity who retired between 1 July 2024 and the date of this report are:

M J Ullmer, AO Director since 2011 and Chairman since 2018 (retired 15 November 2024) N M Wakefield Evans, AM Director since 2013 (retired 15 November 2024)

b. Company Secretary

M Weaver Appointed on 3 March 2025 K Pedersen Appointed on 27 September 2024 W Lee Appointed in 2010 (resigned 27 September 2024)

The qualifications and experience of each person holding the position of Director and Company Secretary of the Responsible Entity at the date of this Report is detailed in the Lendlease Group Annual Report.

c. Interests in Capital

The interests of each of the Directors in the stapled securities of the Group at the date of this report is set out below. The current Non Executive Directors acquired Lendlease securities using their own funds.

		Securities held			Securities held
	Securities held	benefcially/	Total	Securities held	benefcially/	Total
Current Directors	directly 2025	indirectly 2025	2025	directly 2024	indirectly 2024	2024
J C Gillam1	-	144,500	144,500	-	-	-
A P Lombardo	232,980	56,666	289,646	152,130	138,007	290,137
L M Buck2	6,000	-	6,000	-	-	-
A S Chan (M Lui)	-	24,000	24,000	-	20,000	20,000
P M Cofey	-	71,216	71,216	-	71,216	71,216
N R Collishaw	-	45,000	45,000	-	45,000	45,000
D P Craig	-	136,000	136,000	-	136,000	136,000
B A Knofach	10,000	-	10,000	10,000	-	10,000
E M Proust3	-	143,061	143,061	-	123,061	123,061
R F Welanetz	37,638	-	37,638	27,000	-	27,000
Former Directors
M J Ullmer4	-	200,000	200,000	-	200,000	200,000
N M Wakefeld Evans5	-	38,000	38,000	-	38,000	38,000

1. As J C Gillam was appointed to the Board in October 2024, a nil balance is shown at the beginning of the financial year.

2. As L M Buck was appointed to the board in July 2025, a nil balance is shown at the beginning of the financial year.

3. As at 30 June 2025, E M Proust also holds through her super fund, $500,000 face value of Lendlease Green Bonds.

4. M J Ullmer ceased to be the Chairman and Director in November 2024. The balance of securities held at the end of the financial year shown here represents the balance held at that date.

5. N M Wakefield Evans ceased to be a Director in November 2024. The balance of securities held at the end of the financial year shown here represents the balance held at that date.

4 Lendlease Trust Consolidated Financial Report June 2025

Directors’ Report continued

2. Operations

a. Principal Activities

The principal activities of the Consolidated Entity include direct and indirect property investments in the Australia region and internationally.

b. Review and Results of Operations

For the year ended 30 June 2025 the Consolidated Entity reported a profit after tax of $55,602,000 (June 2024: loss after tax of $41,390,000).

Key transactions during the year include:

• Net loss on remeasurement of fair value through profit or loss assets of $4,049,000 (June 2024: $130,849,000).

• Distribution income of $37,778,000 (June 2024: $38,273,000) from investments in Other financial assets, and finance revenue of $21,982,000 (June 24: $19,866,000) from a related party.

• A final distribution of $45,374,000 (June 2024: $43,800,000) has been approved by the Directors and will be paid on 17 September 2025. Distributable income excludes certain unrealised income and expenses such as losses on remeasurement of fair value assets.

c. Distributions

For the year ended 30 June 2025, the Trust declared distributions of $87,081,000 (June 2024: $88,539,000). Distributions of $41,707,000 were paid on 12 March 2025. The remaining distributions of $45,374,000 (June 2024: $43,800,000) were provided for as at 30 June 2025 and will be paid on 17 September 2025.

d. Significant Changes in State of Affairs

There have been no significant changes in the Consolidated Entity’s state of affairs.

e. Events Subsequent to Balance Date

There were no material events subsequent to the end of the financial year.

f. Likely Developments

Details of likely developments in the operations of the Consolidated Entity in subsequent financial years are contained in the Performance and Outlook section of the Directors’ Report in the Lendlease Group Annual Report.

g. Environmental Regulation

The Consolidated Entity is subject to various state and federal environmental regulations in Australia.

The Directors are not aware of any material non compliance with environmental regulations pertaining to the operations or activities during the period covered by this Report. In addition, the Group is registered and publicly reports the annual performance of its Australian operations under the requirements of the National Greenhouse and Energy Reporting (NGER) Act 2007 and Energy Efficiency Opportunities (EEO) Act 2006 .

All Lendlease businesses continue to operate an integrated Environment, Health and Safety Management System ensuring that non compliance risks and opportunities for environmental improvement are identified, managed and reported accordingly.

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3. Other

a. Security Options

Details of security options in the Consolidated Entity are contained in the Remuneration Report section of the Directors’ Report in the Lendlease Group's Annual Report.

b. Indemnification and Insurance of Directors and Officers

Rule 12 of the Trust’s Constitution provides for indemnification in favour of each of the Directors named on page 3 of this Report and the officers of the Responsible Entity or of wholly owned subsidiaries or related entities of the Responsible Entity (Officers) to the extent permitted by the Corporations Act 2001 . Rule 12 does not indemnify a Director, Company Secretary or Officer for any liability involving a lack of good faith.

Each of the Directors is also a Director of the Company and has entered into a Deed of Indemnity, Insurance and Access with the Company. That indemnity extends to indemnify each of the Directors in respect of their roles as officers of the Responsible Entity. The Responsible Entity has not entered into separate deeds of indemnity with the Directors.

No indemnity has been granted to an auditor of the Responsible Entity in their capacity as auditor of the Responsible Entity.

In accordance with the Corporations Act 2001 , Rule 12 of the Constitution also permits the Responsible Entity to purchase and maintain insurance or pay or agree to pay a premium for insurance for Officers against any liability incurred as an officer of the Responsible Entity or of a related body corporate. Due to confidentiality obligations and undertakings for the policy, no further details in respect of the premium or policy can be disclosed.

c. Special Rules for Registered Schemes

Fees and other expenses of $nil were paid or are payable to a related party of the Responsible Entity out of the assets of the Trust for the financial year ended 30 June 2025 (June 2024: $nil).

No units in the Trust were held by the Responsible Entity at the end of the financial year. Associates of the Responsible Entity held 10,265,222 units (June 2024: 7,203,231 units) as at the end of the financial year.

Details of the units issued in the Trust during the financial year are set out in the Statement of Changes in Equity.

Details of the value of the Trust assets as at the end of the financial year and the basis of the valuation are set out in the Statement of Financial Position and Basis of Preparation.

Details of the number of Units in the Trust as at the end of the financial year are set out in Note 12 ‘Issued Capital’.

4. Lead Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001

The Lead Auditor’s Independence Declaration is set out on page 6 and forms part of the Directors’ Report for the year ended 30 June 2025.

e. Rounding Off

Lendlease Trust is a Trust of the kind referred to in the ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191, and in accordance with the Instrument, amounts in the financial statements and directors’ report have been rounded off to the nearest thousand dollars, or, where the amount is $500 or less, zero, unless specifically stated otherwise.

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J Gillam Chairman

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A P Lombardo Group Chief Executive Officer and Managing Director

Sydney, 18 August 2025

6 Lendlease Trust Consolidated Financial Report June 2025

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Lead Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001

To the Directors of Lendlease Responsible Entity Limited (the Responsible Entity of Lendlease Trust)

I declare that, to the best of my knowledge and belief, in relation to the audit of Lendlease Trust for the financial year ended 30 June 2025 there have been:

• i. no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and

• ii. no contraventions of any applicable code of professional conduct in relation to the audit

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KPMG Nigel Virgo

Partner Sydney 18 August 2025

KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under Professional Standards Legislation.

Lendlease Trust 7

Consolidated Financial Statements

Statement of Comprehensive Income

Year ended 30 June 2025

		June 2025	June 2024
	Note	$’000	$’000
Other income	3	46,108	44,855
Other expenses	5	(32,119)	(134,951)
Results from operating activities		13,989	(90,096)
Finance revenue	4	22,538	20,685
Share of proft of equity accounted investments	8	19,075	28,021
Proft/(loss) before tax		55,602	(41,390)
Income tax expense		-	-
Proft/(loss) after tax		55,602	(41,390)
Other comprehensive income net of tax
Items that may be reclassifed subsequently to proft:
Movements in foreign currency translation reserve		33,069	(14)
Movements in foreign currency translation reserve - share of equity accounted investments		2,517	2,021
Total items that may be reclassifed subsequently to proft		35,586	2,007
Total comprehensive income/(loss) after tax		91,188	(39,383)
Basic/diluted earnings per unit (cents)	2	8.06	(6.00)

Statement of Financial Position

As at 30 June 2025

		June 2025	June 2024
	Note	$’000	$’000
Current Assets
Cash and cash equivalents	9	64,019	62,332
Loans and receivables	14	326,497	325,696
Total current assets		390,516	388,028
Non Current Assets
Equity accounted investments	8	494,707	486,550
Other fnancial assets	7	901,384	905,433
Total non current assets		1,396,091	1,391,983
Total assets		1,786,607	1,780,011
Current Liabilities
Trade and other payables	15	22	22
Distributions payable	1	45,374	43,800
Total current liabilities		45,396	43,822
Total liabilities		45,396	43,822
Net assets		1,741,211	1,736,189
Equity
Issued capital	12	1,540,948	1,540,033
Buyback reserve		(67,149)	(67,149)
Foreign currency transaction reserve		59,925	24,339
Retained earnings		207,487	238,966
Total equity attributable to unitholders		1,741,211	1,736,189

The accompanying notes form part of these consolidated financial statements.

8 Lendlease Trust Consolidated Financial Report June 2025

Consolidated Financial Statements continued

Statement of Changes in Equity

Year ended 30 June 2025

			Foreign
			Currency
		Buyback	Translation	Retained
	Issued Capital	Reserve1	Reserve	Earnings	Total Equity
	$’000	$’000	$’000	$’000	$’000
Balance as at 1 July 2023	1,539,079	(67,149)	22,332	368,895	1,863,157
Total Comprehensive Loss
Loss for the year	-	-	-	(41,390)	(41,390)
Other comprehensive income (net of tax)	-	-	-	-	-
Efect of foreign exchange movement	-	-	2,007	-	2,007
Total comprehensive loss	-	-	2,007	(41,390)	(39,383)
Transactions with Owners of the Trust
Distribution Reinvestment Plan (DRP)	954	-	-	-	954
Distributions paid and provided for	-	-	-	(88,539)	(88,539)
Total other movements	954	-	-	(88,539)	(87,585)
Balance as at 30 June 2024	1,540,033	(67,149)	24,339	238,966	1,736,189
Balance as at 1 July 2024	1,540,033	(67,149)	24,339	238,966	1,736,189
Total Comprehensive Proft
Proft for the year	-	-	-	55,602	55,602
Other comprehensive income (net of tax)	-	-	-	-	-
Efect of foreign exchange movement	-	-	35,586	-	35,586
Total comprehensive proft	-	-	35,586	55,602	91,188
Transactions with Owners of the Trust
Distribution Reinvestment Plan (DRP)	915	-	-	-	915
Distributions paid and provided for	-	-	-	(87,081)	(87,081)
Total other movements	915	-	-	(87,081)	(86,166)
Balance as at 30 June 2025	1,540,948	(67,149)	59,925	207,487	1,741,211

1. Stapled securities acquired by the Trust as part of the Group’s on market buyback have been recorded in the Buyback Reserve.

Statement of Cash Flows

Year ended 30 June 2025

		June 2025	June 2024
	Note	$’000	$’000
Cash Flows from Operating Activities
Cash receipts in the course of operations		8,330	6,582
Cash payments in the course of operations		(1,972)	(1,655)
Interest received		21,070	25,481
Distributions received		58,851	59,911
Net cash provided by operating activities	10	86,279	90,319
Cash Flows from Investing Activities
Acquisition of investments		-	(149,901)
Net cash used in investing activities		-	(149,901)
Cash Flows from Financing Activities
Loan repayment by related party		-	149,901
Distributions paid		(84,592)	(88,203)
Net cash (used in)/provided by fnancing activities		(84,592)	61,698
Net increase in cash and cash equivalents		1,687	2,116
Cash and cash equivalents at beginning of fnancial year		62,332	60,216
Cash and cash equivalents at end of fnancial year	9	64,019	62,332

The accompanying notes form part of these consolidated financial statements.

Lendlease Trust 9

Notes to Consolidated Financial Statements

Basis of Preparation

The consolidated financial report is a general purpose financial report which:

• Has been prepared in accordance with Australian Accounting Standards (AASBs) adopted by the Australian Accounting Standards Board, and the Corporations Act 2001

• Complies with International Financial Reporting Standards (IFRSs) adopted by the International Accounting Standards Board

• Is presented in Australian dollars, with all values rounded off to the nearest thousand dollars unless otherwise indicated, in accordance with ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191

• Is prepared under the historical cost basis except for the following assets, which are stated at their fair value: Financial assets at fair value through profit or loss.

Material accounting policies have been:

• Included in the relevant notes to which the policies relate, and other material accounting policies are discussed in Note 22 ‘Other Material Accounting Policies’

• Consistently applied to all financial years presented in the financial statements, except as explained in Note 21 ‘Impact of New and Revised Accounting Standards’.

The preparation of a financial report that complies with AASBs requires management to make judgements, estimates and assumptions.

• This can affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates

• Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively

• The material accounting policies highlight information about accounting judgements in applying accounting policies that have the most significant effects on reported amounts and further information about estimated uncertainties that have a significant risk of resulting in material adjustments within the next financial year

• These material accounting estimates and judgements have been considered in the context of the impact of the current economic conditions.

The Consolidated Entity presents assets and liabilities in the Statement of Financial Position as current or non current.

• Current assets include assets held primarily for trading purposes, cash and cash equivalents, and assets expected to be realised in, or intended for sale or use in, the course of the Consolidated Entity’s operating cycle. All other assets are classified as non current

• Current liabilities include liabilities held primarily for trading purposes, liabilities expected to be settled in the course of the Consolidated Entity’s operating cycle and it does not have the right at the end of the reporting period to defer the settlement of the liability for at least twelve months after the reporting date. All other liabilities are classified as non current liabilities.

Section A. Performance

Profit After Tax (PAT) is the key measure used to assess the Consolidated Entity’s performance. This section of the Consolidated Financial Report focuses on disclosure that enhances a user’s understanding of PAT. The key line items of the Statement of Comprehensive Income along with their components provide detail behind the reported balances. The Consolidated Entity’s performance will also impact the earnings per unit and distribution payout, therefore disclosure on these items have been included in this section. Further information and analysis on performance can be found in the Review and Results of Operations, which forms part of the Directors’ Report.

1. Distributions

1. Distributions
	Cents	June 2025	June 2024
	Per Unit	$’000	$’000
Lendlease Trust Interim Distribution
December 2024 – paid 12 March 2025	6.0	41,707	-
December 2023 – paid 11 March 2024	6.5	-	44,739
		41,707	44,739
Lendlease Trust Final Distribution
June 2025 – provided for and payable 17 September 2025	6.6	45,374	-
June 2024 – paid 18 September 2024	6.3	-	43,800
		45,374	43,800
		87,081	88,539

10 Lendlease Trust Consolidated Financial Report June 2025

Notes to Consolidated Financial Statements continued

Section A. Performance continued

2. Earnings Per Unit (EPU)

Accounting Policies

The Consolidated Entity presents basic and diluted EPU in the Statement of Comprehensive Income.

Basic EPU is determined by dividing profit after income tax attributable to the unitholders of the Trust, excluding any costs of servicing equity other than ordinary units, by the weighted average number of ordinary units outstanding during the financial year, adjusted for bonus elements in ordinary units issued during the financial year.

Diluted EPU is determined by adjusting the profit after tax attributable to the unitholders of the Trust, and the weighted average number of ordinary units outstanding for the effects of all dilutive potential ordinary units. The Trust currently does not have any dilutive potential ordinary units.

		June 2025	June 2024
Basic/Diluted Earnings Per Unit (EPU)
Proft/(loss) after tax	$’000	55,602	(41,390)
Weighted average number of units	000’s	690,036	689,618
Basic/Diluted EPU	cents	8.06	(6.00)

3. Other Income

Accounting Policies

Distribution income is recognised when the right to receive payment is established, usually on declaration of the distribution. Net gains or losses on fair value remeasurements are recognised in accordance with the policies stated in Note 7 ‘Other Financial Assets’.

Net gains or losses on sale of investments, including equity accounted investments and fair value through profit or loss assets are recognised when an unconditional contract is in place and settlement is reasonably certain.

	June 2025	June 2024
	$’000	$’000
Other Income
Distribution income	37,778	38,273
Other income – other related parties	8,330	6,582
Total other income	46,108	44,855

4. Finance Revenue

Accounting Policies

Finance revenue is recognised as it is earned using the effective interest method, which applies the interest rate that discounts estimated future cash receipts over the expected life of the financial instrument. The discount is then recognised as finance revenue over the remaining life of the financial instrument.

	June 2025	June 2024
	$’000	$’000
Finance Revenue
External parties	556	819
Other related parties	21,982	19,866
Total fnance revenue	22,538	20,685

Lendlease Trust 11

5. Other Expenses

Other expenses includes net loss on fair value remeasurement of fair value through profit or loss assets and Auditor’s Remuneration as detailed below:

	June 2025	June 2024
	$'000	$'000
Other expenses
Net loss on remeasurement of fair value through proft or loss assets	4,049	130,849
Loss on dilution of equity accounted investments1	23,884	-
Auditor’s Remuneration
Amounts received or due and receivable by the auditor of the Consolidated Entity for:
Audit and Other Assurance Services
Audit services	57	51
Other assurance services	-	-
Total audit and other assurance services	57	51
Non audit services	-	-
Total audit, other assurance and non audit services	57	51
Other expenses	4,129	4,051
Total other expenses	32,119	134,951

1. Represents expense due to a dilution of LLT's interest in Lendlease Global Commercial REIT, resulting from the payment of Manager's fees in units to an entity outside of the LLT consolidated group, but part of the Lendlease consolidated group.

6. Events Subsequent to Balance Date

There were no material events subsequent to the end of the financial year.

Section B. Investment

This section includes disclosures for indirect property assets such as Other Financial Assets and Equity Accounted Investments in associates contained within the Statement of Financial Position. The measurement basis of Other Financial Assets is fair value. Refer to Note 17 ‘Fair Value Measurement’ for details on basis of determining fair value and valuation technique.

7. Other Financial Assets

Accounting Policies

Financial Assets at fair value through profit or loss on initial recognition are measured at fair value (generally transaction price) and subsequently stated at fair value. Transaction costs are recorded as expenses when they are incurred. Any gain or loss arising from a change in fair value is recognised in the Statement of Comprehensive Income.

Financial Assets at amortised cost are presented within Note 14 ‘Loans and Receivables’.

		June 2025	June 2024
	Fair Value Level1	$’000	$’000
Non Current
Financial Assets at Fair Value Through Proft or Loss
Lendlease International Towers Sydney Trust	Level 3	132,431	139,842
Lendlease One International Towers Sydney Trust	Level 3	47,160	46,186
Australian Prime Property Fund – Industrial	Level 3	255,858	249,657
Australian Prime Property Fund – Commercial Passive	Level 3	288,151	295,091
Australian Prime Property Fund – Retail	Level 3	167,743	165,469
Carlton Connect Initiative	Level 3	10,041	9,188
Total non current other fnancial assets		901,384	905,433
Total other fnancial assets		901,384	905,433

1. Refer to Note 17 ‘Fair Value Measurement’ for detail on basis of determining fair value and valuation technique.

12 Lendlease Trust Consolidated Financial Report June 2025

Notes to Consolidated Financial Statements continued

Section B. Investment continued

7. Other Financial Assets continued

a. Fair Value Reconciliation

Reconciliation of the carrying amount for Level 3 financial instruments is set out as follows.

	June 2025	June 2024
	Unlisted Equity	Unlisted Equity
	Investments	Investments
	$’000	$’000
Carrying amount at beginning of fnancial year	905,433	886,381
Additions	-	149,901
Loss recognised in Statement of Comprehensive Income - other expenses	(4,049)	(130,849)
Carrying amount at end of fnancial year	901,384	905,433

The potential effect of using reasonably possible alternative assumptions for valuation inputs would not have a material impact on the Consolidated Entity.

8. Equity Accounted Investments

Accounting Policies

Investments in associates are accounted for using the equity method. The share of profit recognised under the equity method is the Consolidated Entity’s share of the investment’s profit or loss based on ownership interest held. Associates are entities in which the Consolidated Entity, as a result of its voting rights, has significant influence, but not control or joint control, over the financial and operating policies. This applies from the date that significant influence commences until the date that significant influence ceases.

Investments in associates are carried at the lower of the equity accounted carrying amount and the recoverable amount. When the Consolidated Entity’s share of losses exceeds the carrying amount of the equity accounted investment (including assets that form part of the net investment in the associate), the carrying amount is reduced to nil and recognition of further losses is discontinued except to the extent that the Consolidated Entity has obligations in respect of the associate.

Dividends from associates represent a return on the Consolidated Entity’s investment and, as such, are applied as a reduction to the carrying value of the investment. Unrealised gains arising from transactions with equity accounted investments are eliminated against the investment in the associate to the extent of the Consolidated Entity’s interest in the associate. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. Other movements in associates’ reserves are recognised directly in the Consolidated Entity’s consolidated reserves.

a. Associates

	INTEREST June 2025 June 2024 % %	SHARE OF PROFIT June 2025 June 2024 $’000 $’000	NET BOOK VALUE
			June 2025 June 2024 $’000 $’000
Singapore Investments Lendlease Global Commercial REIT	22.3% 23.0%	19,075 28,021	494,707 486,550
Total		19,075 28,021	494,707 486,550
Less: Impairment		- -	- -
Total associates		19,075 28,021	494,707 486,550

Lendlease Trust 13

b. Material Associates Summarised Financial Information

Material associates are determined by comparing individual investment carrying value and share of profit with the total equity accounted investment carrying value and share of profit, along with consideration of relevant qualitative factors.

Statement of Comprehensive Income1	LENDLEASE GLOBAL COMMERCIAL REIT
	June 2025 June 2024 $’000 $’000
Revenue and other income Cost of sales Other expense Unrealised fair value gain Finance costs Others	197,170 250,421 (67,238) (62,861) (24,705) (25,122) 56,882 3,311 (77,143) (77,639) 574 (10,599)
Proft for the year Other comprehensive income	85,540 77,511 11,286 8,785
Total comprehensive income Consolidated Entity’s ownership interest Consolidated Entity’s total share of: Proft for the year Other adjustments2	96,826 86,296 22.3% 23.0% 19,075 17,828 - 10,193
Total proft for the year Other comprehensive income	19,075 28,021 2,517 2,021
Total comprehensive income	21,592 30,042

1. The underlying investments in the material associate are office and retail investment properties measured at fair value. At 30 June 2025, valuations were undertaken on the underlying assets which take into account the current economic environment. The carrying value of the investments are considered recoverable as they correlate with the net assets of the associate which have been valued at 30 June 2025.

2. The Other adjustments of $nil (June 2024: $10,193,000) relates to differences between the Group's valuation of underlying investment properties and Lendlease Global Commercial REIT's valuation.

14 Lendlease Trust Consolidated Financial Report June 2025

Notes to Consolidated Financial Statements continued

Section B. Investment continued

8. Equity Accounted Investments continued

b. Material Associates Summarised Financial Information continued

Section B. Investment continued 8. Equity Accounted Investments continued b. Material Associates Summarised Financial Information continued
Statement of Financial Position	LENDLEASE GLOBAL COMMERCIAL REIT
	June 2025 June 2024 $’000 $’000
Current assets Cash and cash equivalents Other current assets	49,631 37,568 9,022 18,885
Total current assets	58,653 56,453
Non current assets Investment properties Investment in associates Other non current assets	4,480,162 4,091,761 5,011 5,002 106,778 107,034
Total non current assets	4,591,951 4,203,797
Current liabilities Other fnancial liabilities (excluding trade payables) Other current liabilities	374,857 397,572 74,753 57,141
Total current liabilities	449,610 454,713
Non current liabilities Financial liabilities (excluding trade payables) Other non current liabilities	1,581,347 1,313,644 63,039 28,120
Total non current liabilities	1,644,386 1,341,764
Net assets	2,556,608 2,463,773
Reconciliation to Carrying Amounts Opening net assets 1 July (Capital reduction)/acquisitions Distributions Total comprehensive income for the year Foreign currency translation for the year	2,463,773 2,476,517 (66,340) 18,856 (121,536) (117,837) 96,826 86,296 183,885 (59)
Closing net assets	2,556,608 2,463,773
% ownership Group’s share of net assets Other adjustments1	22.3% 23.0% 570,124 566,668 (75,417) (80,118)
Carrying amount at end of year	494,707 486,550

1. The Other adjustments of $75,417,000 (June 2024: $80,118,000) primarily relate to the Perpetual securities issued by the REIT that Lendlease Trust do not participate.

Lendlease Trust 15

Section C. Liquidity and Working Capital

The ability of the Consolidated Entity to fund the continued investment in new opportunities and meet current commitments is dependent on available cash and access to third party capital. This section contains disclosure on the financial assets, financial liabilities, cash flows and equity that are required to finance the Consolidated Entity’s activities, including existing commitments and the liquidity risk exposure associated with financial liabilities. The section also contains disclosures for the Consolidated Entity’s trading assets, and the trading liabilities incurred as a result of trading activities used to generate the Consolidated Entity’s Performance.

9. Cash and Cash Equivalents

Accounting Policies

Cash and cash equivalents include cash on hand, deposits held at call with banks, bank overdrafts and other short term highly liquid investments that are readily convertible to known amounts of cash within three months and which are subject to an insignificant risk of changes in value.

Bank overdrafts (if applicable) are shown as a current liability on the Statement of Financial Position and are shown as a reduction to the cash balance in the Statement of Cash Flows.

	June 2025	June 2024
	$’000	$’000
Cash and Cash Equivalents
Cash	64,019	62,332
Total cash and cash equivalents	64,019	62,332

10. Notes to Statement of Cash Flows

10. Notes to Statement of Cash Flows
	June 2025	June 2024
	$’000	$’000
Reconciliation of Proft/(Loss) After Tax to Net Cash Provided by Operating Activities
Proft/(loss) after tax	55,602	(41,390)
Net loss on remeasurement of fair value through proft or loss assets	4,049	130,849
Loss on dilution of equity accounted investments	23,884	-
Share of proft of equity accounted investments	(19,075)	(28,021)
Distribution received from equity accounted investments	22,620	27,103
Net cash provided by operating activities before changes in asset and liabilities	87,080	88,541
Changes in assets and liabilities
(Increase)/decrease in receivables	(801)	1,821
Decrease in trade and other payables	-	(43)
Net cash provided by operating activities	86,279	90,319

16 Lendlease Trust Consolidated Financial Report June 2025

Notes to Consolidated Financial Statements continued

Section C. Liquidity and Working Capital continued

11. Borrowings and Financing Arrangements

Accounting Policies

Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost using the effective interest rate method. Under the amortised cost method the difference between the amount initially recognised and the redemption value is recorded in the Statement of Comprehensive Income over the period of the borrowing on an effective interest basis. Borrowings are referred to in this section using their redemption value when describing the terms and conditions.

The Consolidated Entity has access to the following financial facilities:

	June 2025	June 2024
	$’000	$’000
Other related party loan facility
Facility available	300,000	300,000
Amount of facility used	-	-
Amount of facility unused	300,000	300,000

Consistent with prior years, the Consolidated Entity has not defaulted on any obligations of principal or interest in relation to its borrowings and finance arrangements and other financial liabilities.

12. Issued Capital

Accounting Policies

Issued Capital

Ordinary units are classified as equity. Transaction costs directly attributable to the issue of ordinary units are recognised as a deduction from equity. When issued capital recognised as equity is repurchased, the amount of the consideration paid, including directly attributable costs, is recognised as a change in equity. Distributions are recognised as a liability in the financial year in which they are declared.

	June 2025	June 2025	June 2024	June 2024
	No of units ’000s	$’000	No of units ’000s	$’000
Issued capital at beginning of fnancial period	689,792	1,540,033	689,322	1,539,079
Distribution reinvestment plan (DRP)	401	915	470	954
Issued capital at end of fnancial year	690,193	1,540,948	689,792	1,540,033

a. Issuance of Securities

At 30 June 2025, Lendlease Trust had 690,192,873 units on issue equivalent to the number of Lendlease Corporation shares on issue. The issued units of the Trust and shares on issue by Lendlease Corporation Limited are stapled securities.

b. Security Accumulation Plans

The Distribution Reinvestment Plan (DRP) was reactivated in February 2011. The last date for receipt of an election notice for participation in the DRP is 26 August 2025. The issue price is the arithmetic average of the daily volume weighted average price of Lendlease stapled securities traded (on the Australian Securities Exchange) for the period of five consecutive business days immediately following the record date, commencing on 26 August 2025, for determining entitlements to distribution. If that price is less than 50 cents, the issue price will be 50 cents. Stapled securities issued under the DRP rank equally with all other stapled securities on issue.

c. Terms and Conditions

A stapled security represents one share in the Company stapled to one unit in the Trust.

Stapled securityholders have the right to receive declared dividends from the Company and distributions from the Trust and are entitled to one vote per stapled security at securityholders’ meetings. Ordinary stapled securityholders rank after all creditors in repayment of capital.

Lendlease Trust 17

13. Liquidity Risk Exposure

Further information on Liquidity Risk is disclosed in Note 16 ‘Financial Risk Management’. As disclosed in Note 18 ‘Contingent Liabilities’ in certain circumstances the Trust guarantees the performance of particular Stapled Group entities in respect of their obligations including bonding and bank guarantees. Issued bank guarantees have cash collateralisation requirements if the bank guarantee facility is not renewed by the provider. At 30 June 2025, the Consolidated Entity does not anticipate a significant liquidity risk in relation to these facilities in the next 12 months.

The following are the contractual cash flow maturities of financial liabilities including estimated interest payments.

		Carrying	Contractual	Less than	One to Two	Two to Five	More than
		Amount	Cash Flows	One Year	Years	Years	Five Years
	Note	$’000	$’000	$’000	$’000	$’000	$’000
June 2025
Non Derivative Financial Liabilities
Trade and other payables	15	22	22	22	-	-	-
Borrowings and fnancing arrangements	11	-	-	-	-	-	-
Distributions payable	1	45,374	45,374	45,374	-	-	-
Total		45,396	45,396	45,396	-	-	-
June 2024
Non Derivative Financial Liabilities
Trade and other payables	15	22	22	22	-	-	-
Borrowings and fnancing arrangements	11	-	-	-	-	-	-
Distributions payable	1	43,800	43,800	43,800	-	-	-
Total		43,822	43,822	43,822	-	-	-

18 Lendlease Trust Consolidated Financial Report June 2025

Notes to Consolidated Financial Statements continued

Section C. Liquidity and Working Capital continued

14. Loans and Receivables

Accounting Policies

Loans and receivables are non derivative financial assets with fixed or determinable payments that are not equity securities. Loans and receivables are carried at amortised cost using the effective interest method, which applies the interest rate that discounts estimated future cash receipts over the term of the loans and receivables. Cash flows relating to short term trade and other receivables are not discounted if the effect of discounting is immaterial. The discount, if material, is then recognised as revenue over the remaining term.

The Consolidated Entity assesses provision for impairment of loans and receivables based on expected loss, if material. The Consolidated Entity considers reasonable and supportable information that is relevant and available. This includes both quantitative and qualitative information and analysis, based on the Consolidated Entity’s historical impairment experience, credit assessment of customers and any relevant forward-looking information. The amount of the provision is recognised in the Statement of Comprehensive Income.

	June 2025	June 2024
	$’000	$’000
Current
Other receivables – external parties	10,214	10,914
Loan to other related party	316,283	314,782
Total loans and receivables	326,497	325,696

The loan to related party is interest bearing and due within 12 months. The credit quality of all loans and receivables, including those neither past due nor impaired, is assessed and monitored on an ongoing basis. To determine the impairment provision for the financial year, the Consolidated Entity considers how economic and market conditions will affect the creditworthiness of certain entities. There were $nil past due or impaired receivables for 30 June 2025 (June 2024: $nil past due and $nil impaired).

15. Trade and Other Payables

Accounting Policies

Trade Creditors

Liabilities are recognised for amounts to be paid in the future for goods or services received, whether or not billed to the Consolidated Entity. Trade and other payables are settled in the normal course of business. Trade and other payables are carried at amortised cost using the effective interest method, which applies the interest rate that discounts estimated future cash outflows over the term of the trade and other payables. Cash flows relating to short term trade and other payables are not discounted if the effect of discounting is immaterial. The discount, if material, is then recognised as an expense over the remaining term.

	June 2025	June 2024
	$’000	$’000
Current
Other payables	22	22
Total trade and other payables	22	22

Lendlease Trust 19

Section D. Risk Management

The Consolidated Entity’s activities expose it to a variety of financial risks. The Consolidated Entity’s overall risk management strategy focuses on the unpredictability of financial markets and seeks to minimise adverse effects on the Consolidated Entity’s performance. Treasury policies have been approved by the Board for managing this risk. This section contains disclosures of financial risks the Consolidated Entity is exposed to and how the Consolidated Entity manages these risks. The impact of contingent liabilities is also considered in this section.

16. Financial Risk Management

The Lendlease Asset and Liability Committee oversees the management of the Consolidated Entity’s financial risks, within the parameters of a Board approved Treasury Policy, and maintains a Group-wide framework for financial risk management and reviews issues of material risk exposure within the scope of the Treasury Policy. A summary of key risks identified, exposures and management of exposures is detailed in the table below.

Risks Identifed	Defnition	Exposures	Exposures	Management of Exposures	Management of Exposures
Foreign	The risk in local currency terms that	•	Foreign currency earnings	•	Physical fnancial instruments,
Currency	the value of a fnancial commitment or a recognised asset or liability will fuctuate due to changes in foreign currency exchange rates	• • •	Net investments in foreign operations Transactions settled in foreign currency Further information on exposures	• •	including natural hedges from matching foreign assets and liabilities Contracting out Speculative trading is not permitted
			is detailed in Note 16a 'Foreign
			Currency Risk Exposure'
Credit	The risk that a counterparty will not	•	Recoverability of loans	•	Policies in place so that customers
	be able to meet its obligations in		and receivables		and suppliers are appropriately
	respect of a fnancial instrument, resulting in a fnancial loss to the Consolidated Entity	• •	Recoverability of other fnancial assets and cash deposits Further information on exposures is detailed in Note 16b ‘Credit	•	credit assessed Treasury Policy sets out credit limits for each counterparty based on minimum investment grade ratings
			Risk Exposure’
Liquidity	The risk of having insufcient funds	•	Insufcient levels of committed	•	Maintaining sufcient levels of cash
	to settle fnancial liabilities as and		credit facilities		and committed credit facilities to
	when they fall due	• •	Settlement of fnancial liabilities Further information on exposures is detailed in Note 13 ‘Liquidity Risk Exposure’	•	meet fnancial commitments and working capital requirements Managing to funding portfolio benchmarks as outlined in the Treasury Policy
				•	Timely review and renewal of
					credit facilities
Interest Rate	The risk that the value of a fnancial	•	Financial assets, mainly cash at bank	•	Physical fnancial instruments
	instrument or cash fow associated with the instrument will fuctuate due to changes in market interest rates	•	Financial liabilities, mainly borrowings and fnancing arrangements	•	Speculative trading is not permitted
		•	Further information on exposures is
			detailed in Note 16c ‘Interest Rate
			Risk Exposure’
Equity Price	The risk that the fair value of	•	All traded and/or non traded	•	Material investments within the
	either a traded or non traded		fnancial instruments measured at		portfolio are managed on an
	equity investment, derivative equity		fair value		individual basis. The Consolidated
	instrument, or a portfolio of such				Entity’s portfolio is monitored closely
	fnancial instruments, increases or				as part of capital recycling initiatives
	decreases in the future

20 Lendlease Trust Consolidated Financial Report June 2025

Notes to Consolidated Financial Statements continued

Section D. Risk Management continued

16. Financial Risk Management continued

a. Foreign Currency Risk Exposure

The net asset exposure by currency is detailed below.

	A$000	SGD$000
June 2025
Net asset exposure (local currency)	1,246,504	415,554
June 2024
Net asset exposure (local currency)	1,249,639	437,895

Sensitivity Analysis

The sensitivity analysis of the Consolidated Entity's Australian dollar denominated Statement of Comprehensive Income and Statement of Financial Position to foreign currency movements is based on a 10 per cent fluctuation (June 2024: 10% fluctuation) on the average rates during the financial year and the spot rate at balance date respectively. This analysis assumes that all other variables, in particular interest rates, remain constant, and exclude the effects of the foreign exchange contracts.

A 10 per cent movement in the spot foreign exchange rates would have impacted the Consolidated Entity’s Profit/Loss after tax and net assets as follows:

	PROFIT OR LOSS 10% Stregthening 10% Weakening $’000 $’000	NET ASSETS
		10% Stregthening 10% Weakening $’000 $’000
June 2025 SGD
	(1,608) 1,984	(43,018) 52,075
June 2024 SGD	(2,370) 2,910	(44,232) 54,061

b. Credit Risk Exposure

The maximum exposure to credit risk at balance date on financial instruments recognised in the Statement of Financial Position (excluding investments of the Trust) equals the carrying amount.

Refer to Note 14 ‘Loans and Receivables’ for information relating to impairment on loans and receivables. No provision for doubtful debts has been raised as no impairment has been identified.

c. Interest Rate Risk Exposure

The Consolidated Entity’s exposure to interest rate risk on its financial assets and liabilities is set out as follows, the Consolidated Entity has no fixed rate instruments.

Note	CARRYING AMOUNT
	June 2025 June 2024 $’000 $’000
Variable Rate Instruments Cash and cash equivalents 9 Loan to other related party 14	64,019 62,332 316,283 314,782
Total Variable Rate Instruments	380,302 377,114

Sensitivity Analysis

At 30 June 2025, it is estimated that an increase of one percentage point in interest rates would have increased the Consolidated Entity's Profit after tax by $3,803,020 (June 2024: $3,771,140). A one percentage point decrease in interest rates would have an equal opposite effect on Profit after tax. The increase or decrease in interest income/expense is proportional to the increase or decrease in interest rates.

Lendlease Trust 21

17. Fair Value Measurement

Accounting Policies

The accounting policies for financial instruments held at fair value are included in Note 7 ‘Other Financial Assets’. Management considers the valuation of the financial instruments to be an area of estimation uncertainty. While this represents the best estimation of fair value at the reporting date, the fair values may differ if there is volatility in market prices.

a. Basis of Determining Fair Value

The fair value of unlisted equity investments, including investments in property funds, is determined based on an assessment of the underlying unadjusted net assets which may include periodic independent and internal Management valuations, future maintainable earnings, and any special circumstances pertaining to the particular investment. Fair value of unlisted equity instruments has also taken the economic conditions into consideration to determine fair value at 30 June 2025. This included valuations of underlying properties at balance date.

b. Fair Value Measurements

The different levels of valuation method have been defined as follows:

• Level 1: The fair value is determined using the unadjusted quoted price for an identical asset or liability in an active market for identical assets or liabilities;

• Level 2: The fair value is calculated using predominantly observable market data other than unadjusted quoted prices for an identical asset or liability; and

• Level 3: The fair value is calculated using inputs that are not based on observable market data.

During the year there were no transfers between Level 1, Level 2 and Level 3 fair value hierarchies.

18. Contingent Liabilities

Accounting Policies

A contingent liability is a possible obligation from past events confirmed only by future events outside of the Consolidated Entity's control, or a present obligation not recognised as an outflow of resources is not probable or cannot be reliably measured.

The Consolidated Entity has identified the following contingent liabilities, being liabilities in respect of which there is the potential for a cash outflow in excess of any provision where the likelihood of payment is not considered probable or cannot be measured reliably at this time:

• In certain circumstances, the Trust, as part of the Group, guarantees the performance of particular Group entities in respect of their obligations. These guarantees may take the form of parent company guarantees by different entities in the Group or insurance bonds or bank guarantees.

Section E. Other Notes

19. Related Party Information

Key Management Personnel Disclosures

The Trust does not employ personnel in its own right. However it is required to have an incorporated Responsible Entity to manage its activities. The Responsible Entity is considered to be the Key Management Personnel of the Trust.

Responsible Entity’s Remuneration

In accordance with the Trust’s Constitution, the Responsible Entity is entitled to receive costs incurred in performance of its duties and expense reimbursements where expenses have been incurred on behalf of the Trust.

As at 30 June 2025, $nil (June 2024: $nil) was charged to the Trust. The amount owed to the Responsible Entity at 30 June 2025 was $nil (June 2024: $nil).

Other Related Party Transactions

Transactions and outstanding balances with related parties have been disclosed in Note 3 ‘Other Income’, Note 4 ‘Finance Revenue’, Note 11 ‘Borrowings and Financing Arrangements’ and Note 14 ‘Loans and Receivables’.

22 Lendlease Trust Consolidated Financial Report June 2025

Notes to Consolidated Financial Statements continued

Section E. Other Notes continued

20. Consolidated Entities

The material entities of the Consolidated Entity listed below were wholly owned during the current year.

PARENT ENTITY	AUSTRALIA
Lendlease Trust	Lendlease LLT Holdings Sub Trust
	Lendlease SREIT Sub Trust

During the current year, there were no acquisitions or disposals of material consolidated entities.

21. Impact of New and Revised Accounting Standards

New Accounting Standards Adopted 1 July 2024

From 1 July 2024, the Consolidated Entity adopted AASB 2020-1 Amendments to Australian Accounting Standards - Classification of Liabilities as Current and Non-current , which did not have a material impact on the Consolidated Entity.

New Accounting Standards and Interpretations Not Yet Adopted

Accounting Standard	Requirement	Impact on Financial Statements
AASB 2014-10	AASB 2014-10 amends AASB 10 and AASB 128 to clarify the	Based on preliminary analysis
Amendments to Australian Accounting Standards – Sale or Contribution of Assets between an Investor and	requirements for recording the sale or contribution of assets between an investor and its associate or joint venture. The amendment becomes mandatory for the June 2029 fnancial year	performed, the amendments are not expected to have a material impact on the Consolidated Entity.
_its Associate or Joint Venture_and	and will be applied prospectively.
consequential amendments.
AASB 18	AASB 18 aims to provide greater consistency in presentation of the	Management is currently
Presentation and Disclosure in Financial Statements	Statement of Comprehensive Income and Statement of Cash Flows, and more disaggregated information. The standard will change how the Consolidated Entity presents its results on the face of the Statement of Comprehensive Income and disclose information in the notes to the fnancial statements. Certain ‘non-GAAP’ measures (management-defned performance measures) – will now form part of the audited fnancial statements.	undertaking an analysis to determine the impact of the standard on the Consolidated Entity.
	There will be three new categories of income and expenses, two defned subtotals and one single note on management-defned
	performance measures.
	The standard is efective for the June 2028 fnancial year and will be
	applied retrospectively.

22. Other Material Accounting Policies

a. Income Tax

Under current Australian income tax legislation the Consolidated Entity is not liable for income tax, including capital gains tax, to the extent that unitholders are attributed the taxable income of the Consolidated Entity.

b. Goods and Services Tax

Revenue, expenses and assets are recognised net of the amount of goods and services tax (GST), except where the amount of GST incurred is not recoverable from the taxation authority. In these circumstances, the GST is recognised as part of the cost of acquisition of the asset or as part of the expense.

Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from, or payable to, the Australian Taxation Office (ATO) is included as a current asset or liability in the Statement of Financial Position. Cash flows are included in the Statement of Cash Flows on a gross basis. The GST components of cash flows arising from investing and financing activities which are recoverable from, or payable to, the ATO are classified as operating cash flows.

Lendlease Trust 23

Directors’ Declaration

In the opinion of the Directors of Lendlease Responsible Entity Limited, the responsible entity for the Lendlease Trust (the Trust):

1. The consolidated financial statements and notes are in accordance with the Corporations Act 2001 , including:

2. a. Giving a true and fair view of the financial position of the Consolidated Entity as at 30 June 2025 and of its performance for the financial year ended on that date; and

3. b. Complying with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Regulations 2001 .

4. The consolidated financial statements and notes also comply with International Financial Reporting Standards as disclosed in the Basis of Preparation.

5. There are reasonable grounds to believe that the Trust will be able to pay its debts as and when they become due and payable.

6. The Directors have been given the declarations required by Section 295A of the Corporations Act 2001 from the Group Chief Executive Officer and Managing Director and Group Chief Financial Officer for the financial year ended 30 June 2025.

Signed in accordance with a resolution of the Directors:

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J C Gillam

Chairman

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A P Lombardo

Group Chief Executive Officer and Managing Director

Sydney, 18 August 2025

24 Lendlease Trust Consolidated Financial Report June 2025

Independent Auditor’s Report

To the unitholders of Lendlease Trust

Opinion

We have audited the Financial Report of Lendlease Trust (the Trust).

In our opinion, the accompanying Trust Financial Report gives a true and fair view, including of the Consolidated Entity’s financial position as at 30 June 2025 and of its financial performance for the year then ended, in accordance with the Corporations Act 2001, in compliance with Australian Accounting Standards and the Corporations Regulations 2001 .

The Financial Report comprises:

• Statement of Financial Position as at 30 June 2025

• Statement of Comprehensive Income, Statement of Changes in Equity, and Statement of Cash Flows for the year then ended.

• Notes, including material accounting policies.

• Directors’ Declaration.

The Consolidated Entity consists of the Trust and the entities it controlled at the year-end or from time to time during the financial year.

Basis for opinion

We conducted our audit in accordance with Australian Auditing Standards . We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the Financial Report section of our report.

We are independent of the Consolidated Entity and Lendlease Responsible Entity Limited (the Responsible Entity) in accordance with the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the Financial Report in Australia. We have fulfilled our other ethical responsibilities in accordance with these requirements.

KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under Professional Standards Legislation.

Lendlease Trust 25

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Other Information

Other Information is financial and non-financial information in Lendlease Trust’s annual report which is provided in addition to the Financial Report and the Auditor’s Report. The Directors of the Responsible Entity are responsible for the Other Information.

Our opinion on the Financial Report does not cover the Other Information and, accordingly, we do not express an audit opinion or any form of assurance conclusion thereon.

In connection with our audit of the Financial Report, our responsibility is to read the Other Information. In doing so, we consider whether the Other Information is materially inconsistent with the Financial Report or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

We are required to report if we conclude that there is a material misstatement of this Other Information, and based on the work we have performed on the Other Information that we obtained prior to the date of this Auditor’s Report we have nothing to report.

Responsibilities of the Directors for the Financial Report

The Directors of the Responsible Entity are responsible for:

• preparing the Financial Report in accordance with the Corporations Act 2001 , including giving a true and fair view of the financial position and performance of the Consolidated Entity , and in compliance with Australian Accounting Standards and the Corporations Regulations 2001

• implementing necessary internal control to enable the preparation of a Financial Report in accordance with the Corporations Act 2001 , including giving a true and fair view of the financial position and performance of the Consolidated Entity , and that is free from material misstatement, whether due to fraud or error; and

• assessing the Consolidated Entity and Trust’s ability to continue as a going concern and whether the use of the going concern basis of accounting is appropriate. This includes disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless they either intend to liquidate the Consolidated Entity and the Trust or to cease operations or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the Financial Report

Our objective is:

• to obtain reasonable assurance about whether the Financial Report as a whole is free from material misstatement, whether due to fraud or error; and

• to issue an Auditor’s Report that includes our opinion.

Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with Australian Auditing Standards will always detect a material misstatement when it exists.

26 Lendlease Trust Consolidated Financial Report June 2025

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Misstatements can arise from fraud or error. They are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Financial Report.

A further description of our responsibilities for the audit of the Financial Report is located at the Auditing and Assurance Standards Board website at: https://www.auasb.gov.au/media/apzlwn0y/ar3_2024.pdf. This description forms part of our Auditor’s Report. This description forms part of our Auditor’s Report.

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KPMG

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Nigel Virgo Partner Sydney 18 August 2025