Stockland (SGP) Q1 2026 TU earnings summary

Executive summary

• FY26 FFO per security guidance maintained at 36.0 to 37.0 cents, with a slightly smaller 2H26 weighting than FY25.

• FY26 distribution per security expected at 25.2 cents, consistent with FY25 and within the 60-80% payout ratio range.

• Strong balance sheet with gearing expected to rise by December 2025 due to capital deployment but remain within the 20-30% target range.

Outlook and guidance

• FY26 earnings guidance and distributions are subject to no material change in market conditions.

• Targeting 7,500-8,500 settlements in Masterplanned Communities and 700-800 in Land Lease Communities for FY26, both with operating profit margins in the low 20% range.

Segment performance

• Logistics: 66,000 sqm of leases executed YTD, 29.9% positive re-leasing spreads, 97.5% occupancy, WALE of 3.4 years.

• Town Centres: Comparable MAT growth of 3.4%, specialty MAT growth of 3.3%, 99.3% occupancy, 3.3% positive re-leasing spreads.

• Workplace: 4.5% positive re-leasing spreads, 89.5% occupancy, WALE of 6.4 years.

• Masterplanned Communities: Net sales of 2,117 (up 15% on 4Q25), 5,276 contracts on hand, strong demand in QLD and WA, VIC recovery ongoing.

• Land Lease Communities: Net sales of 206 homes (up 15% on 4Q25), 512 contracts on hand at higher average pricing, 16 projects trading.

• Commercial Development: Completion of Stockland Gables, NSW, fully leased to essentials-based retailers; ~$1bn under construction.