Stockland (SGP) H2 2026 earnings summary

Executive summary

• Achieved a strategic inflection point in FY26, delivering strong operational and financial performance across all business segments in a challenging macroeconomic environment, with FFO up 10.4% to $892m and statutory profit up 20.2% to $994m.

• Embedded growth pathways, reshaped the portfolio, and accelerated development and capital recycling, positioning for sustainable performance and future growth.

• Record residential and land lease settlements, with 8,902 MPC settlements (up 30%) and 777 LLC settlements (up 48%), and a 53% increase in sales.

• Significant progress in commercial development, capital partnering, and data centre strategy, including new partnerships and 450MW of power secured across three sites.

• Achieved net zero Scope 1 and 2 emissions and delivered 10,000 affordable homes, with a third for first-time buyers.

Financial highlights

• Funds from operations (FFO) up 10.4% to $892m; FFO per security at 36.9c, top end of guidance; statutory profit up 20.2% to $994m, including $202m in net fair value gains.

• Net tangible assets (NTA) per security up 4% to $4.39; gearing reduced to 22.7%; available liquidity of $3.2bn.

• Operating cash flow at $876m, broadly in line with FFO; recurring ROIC at 7%, Development ROIC at 17%.

• High-quality recurring management income grew by 25% per annum over three years; AFFO per security increased 8.9% to 31.7c.

• Net interest expense decreased 21% to $62m; interest cover ratio at 4.1x; fixed hedge ratio 65%.

Outlook and guidance

• FY27 FFO per security guidance is 38.0–39.0c post-tax; distribution per security expected to remain at 25.2c.

• Growth in other business segments expected to offset lower MPC FFO contribution; targeting 7,300–8,300 MPC and 850–950 LLC settlements.

• Data centre earnings contributions to begin in FY27, with further growth anticipated from logistics, land lease, and retail.

• All guidance subject to no material change in market conditions.