Stockland (SGP) H2 2025 earnings summary

Executive summary

• FY25 delivered statutory profit of $826m, up from $305m in FY24, and FFO of $808m, up 2.8% year-over-year, at the top end of guidance.

• Strong operational performance was driven by disciplined strategy execution, robust settlement volumes in masterplanned communities, and resilient logistics and retail segments.

• Integration of 12 masterplanned communities and formation of three new capital partnerships, including a major logistics hub and a data centre JV with EdgeConneX, supported future growth.

• Positioned for a step change in production from FY26, with multiple long-term growth pillars established.

• ESG progress included being on track for Net Zero Scope 1 & 2 in 2025 and strong employee engagement.

Financial highlights

• FY25 FFO reached $808m, up 2.8% year-over-year, with FFO per security at 33.9c, and statutory profit of $826m.

• Distribution per security rose 2.4% to 25.2c, with a payout ratio of 75%.

• NTA per security increased to $4.22 from $4.12; AFFO per security up 5.1% to 29.1c.

• Operating cash flow improved to $328m, with a strong second half turnaround.

• Recurring ROIC at 7%, development ROIC at 15%.

Outlook and guidance

• FY26 FFO per security expected at 36.0–37.0c, with distribution per security at 25.2c and payout ratio revised to 60–80% of FFO.

• Production volumes to materially increase from FY26 across masterplanned communities, land lease, and logistics.

• FY26 MPC settlements projected at 7,500–8,500 lots, with operating profit margin in the low 20% range.

• Operating cash flow and settlement volumes expected to be weighted to the second half of FY26.

• Gearing expected to remain within the 20–30% target range.