Stockland (SGP) H1 2026 earnings summary

Executive summary

• Delivered strong first half FY26 financial performance, with FFO up 29.5% year-over-year and statutory profit up 19.3%, driven by significant growth in Masterplanned Communities settlements and robust operational performance across all platforms.

• Achieved a step change in strategy execution, increasing production volumes and activating more of the development pipeline.

• Portfolio weighted towards high-value sectors, with 55% of NFE in Residential and Logistics.

• ESG leadership continues, achieving net zero Scope 1 & 2 emissions and ongoing renewable energy initiatives.

Financial highlights

• FFO for the period was AUD 325 million, up 29.5% year-over-year, with FFO per security of AUD 0.135.

• Statutory profit was AUD 292 million, up from AUD 245 million in 1H25.

• Distribution per security was 9.0 cents, with a 67% payout ratio.

• Net tangible assets per security increased to AUD 4.25; gearing ended the half at 28.1%.

• Weighted average cost of debt was 5.2%, with a fixed hedge ratio of 74% and average debt maturity of 4.8 years.

Outlook and guidance

• Reaffirmed FY26 FFO per security guidance of AUD 0.36–0.37.

• FY26 distribution per security expected at AUD 0.252, in line with FY25 and within the 60%-80% payout ratio.

• Settlement guidance for Masterplanned Communities remains at 7,500–8,500 lots, with contracts on hand supporting the outlook.

• Commercial development profits expected in the second half, with a focus on develop-to-sell projects and a pipeline valued at ~$16 billion.

• Gearing expected to moderate toward the midpoint of the 20–30% target range by June 2026.