Stockland (SGP) H2 2025 earnings summary

Executive summary

• FY 2025 delivered strong financial and operational performance, with FFO of $808 million (up 2.8% YoY) and statutory profit of $826 million, driven by disciplined strategy execution, new growth drivers, and portfolio reshaping.

• Positioned for a step change in production from FY 2026, with multiple long-term growth pillars and accelerated project launches.

• Integration of 12 masterplanned communities exceeded expectations, supporting future growth.

• Significant new capital partnerships and a major data center JV with EdgeConneX announced, including secured power and zoning for over 100MW of data center development.

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

Financial highlights

• FY 2025 funds from operations (FFO) reached $808 million, up 2.8% year-over-year, with FFO per security at $0.339, the top end of guidance.

• Statutory profit rose to $826 million from $305 million in FY24.

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

• Development segment FFO rose 11.6% on strong settlement volumes and higher fee income.

• Operating cash flow for the year was $328 million, with a strong second half turnaround.

Outlook and guidance

• FY 2026 FFO per security expected at $0.36–$0.37, with distribution per security at $0.252, matching FY 2025.

• Production volumes to materially increase from FY 2026 across masterplanned communities, land lease, and logistics.

• Distribution payout ratio target revised to 60%-80% of FFO from FY 2026, down from 75%-85%.

• Operating cash flow and settlement volumes expected to be weighted to the second half of FY 2026.