Goodman NZ reports $248.0 million profit after tax

Goodman Property Services (NZ) Limited and Goodman New Zealand Limited, Level 8, Beca House, 124 Halsey Street, Wynyard
Quarter, Auckland 1010, New Zealand | PO Box 90940, Victoria Street West, Auckland 1142, New Zealand
Tel +64 9 375 6060 | Info-nz@goodman.com | https://nz.goodman.com



nzx release+
Goodman NZ reports $248.0 million p rofit after tax
Date 26 May 2026
Release Immediate
Goodman NZ (GNZ)
1
has announced its annual results for the year ended 31 March 2026. GNZ’s
strong result reflects the quality of its warehouse and logistics portfolio, underpinned by an
operating model that supports sustainable earnings and distribution growth.
Annual highlights include:
+ Statutory profit of $248.0 million after tax, compared to $109.6 million in FY25, up 126.3%.
+ $111.2 million increase in fair value of properties (including GNZ’s share of Highbrook)
compared to $11.1 million in FY25, resulting in GNZ’s total properties under management
valued at $4.9 billion.
+ New fee revenue stream from the Highbrook Partnership contributing to a 3.6% increase in
operating earnings
2
before tax, to $159.8 million with operating earnings after tax of $127.6
million (FY25: $125.0 million), up 2.1%.
+ A 5.7% increase in cash earnings
3
to 7.98 cents and a 5.0% increase in full year cash
distributions to 6.825 cents, reflecting a pay-out ratio of around 85.5%.
+ A robust balance sheet, with net tangible assets of 211.9 cents per security and a look
through loan to value ratio
4
of 19.8%, with committed gearing of 24.0%.
+ Almost $700 million of capital recycled through the settlement of the Highbrook Partnership
and the sale of Bush Road Estate during the period.
+ Initiated an on-market buyback to acquire up to NZ$125 million in securities.
+ Commencement of 21,850 sqm multi-unit warehouse development, the first stage of the
regeneration plan for its value-add estate in Mt Wellington.
+ 132,522 sqm of stabilised leasing completed with leasing reversions of 22.1%
5
, portfolio
occupancy of 96.9% and a weighted average lease term of 4.9 years.
+ Like-for-like rental growth of 5.3%, with potential rent reversion to market of 19.5%.
+ Green Star Performance rating
6
achieved across $358 million of properties.

OVERVIEW
Chief Executive Officer James Spence said, “Our FY26 financial results were delivered in line
with guidance, reflecting strong performance across the business. GNZ continues to generate
underlying cash earnings growth in excess of 5% per annum, largely driven by rental reversions
exceeding 20%.
We continue to execute our targeted development strategy to deliver new product into prime
Auckland industrial locations with limited new supply. GNZ has a significant development pipeline
within the Value Add portfolio that supports a broad range of flexible property requirements.
Demand and enquiry across the Auckland industrial market continues to focus on assets that can
accommodate more advanced automation and operational technology, with customers
committing substantial capital to their facilities. We are continuously assessing the suitability of
sites across the portfolio, with assets that are unable to meet these evolving requirements
identified for recycling, either into the development pipeline or through capital transactions.
During the year, we advanced several strategic growth initiatives, including establishing an
investment management platform through the Highbrook Partnership, securing 5.1 hectares of
land on Felix Street in Onehunga – a site presenting a rare, large-scale development opportunity
– and progressing development activity at Mt Wellington, Waitomokia and Penrose.”
Asset values for high-quality logistics and warehouse property increased over the year with an
annual revaluation uplift of $111.2 million recorded for our assets, compared to modest fair value
gains of $11.1 million in FY25. On a look-through basis, GNZ's investment portfolio has a
weighted average capitalisation rate of 5.9% and initial yield of 5.2% at 31 March 2026.
Diversified revenue streams from the Highbrook Partnership, positive leasing results and the
impact of prior development completions have co ntributed to the 5.7% increase in cash earnings
to 7.98 cents per security.
Cash distributions for FY26 increased 5.0% to 6.825 cents per security, reflecting a pay-out ratio
of around 85.5%.
Post balance date, we completed the transaction to transition GMT to a corporatised and stapled
structure. Receiving both Unitholder and Bondholder approval on 31 March 2026 reflects the
strong endorsement for our business and support of GNZ’s strategic direction, growth in our
property funds management platform and pursuing a greater level of active investment
opportunities.
PORTFOLIO PERFORMANCE
GNZ’s Core Portfolio has performed well and delivered positive leasing results with 132,522 sqm
of space secured on updated terms. Average portfolio occupancy of approximately 97.7% was
achieved throughout the year, with a weighted average lease term of 4.9 years at 31 March 2026.
Leasing activity lifted earlier in the year, though customer decision-making timeframes have since
lengthened. Auckland industrial market fundamentals remain strong, with the long term outlook
remaining positive – total new supply completions for 2025/2026 sit below recent years despite
an increase in speculative development, with our pipeline concentrated in constrained
submarkets close to end consumers. This reflects continued confidence in the global trend
towards last-mile and consumer-proximate warehousing.
Rent reviews and new leasing contributed to like-for like rental growth of 5.3%. Consistent with
independent valuers’ assessments, the potential rent reversion within the portfolio remains
significant at around 19.5%

which GNZ expects to capture over time.

STRONG BALANCE SHEET CAPACITY SUPPORTS GROWTH
Prudent financial management has continued to support GNZ’s sustainable growth.
During the period, nearly $700 million of capital was recycled, reducing GNZ’s look-through
loan-to-value ratio to 19.8%, with committed gearing at 24.0%.
These capital inflows also enabled a restructuring of GNZ’s bank debt facilities. With $700 million
retained in wholesale and retail bonds, bank debt was fully repaid and undrawn facilities reduced
to $95 million. GNZ has substantial liquidity with cash balances of more than $485 million.
Chief Executive Officer James Spence said, “We remain focused on maintaining a strong capital
position, with ample forward-looking capacity to capture opportunities, particularly in an
environment of increasing capital scarcity.”
Reflecting GNZ pursuing more active earnings opportunities, our preferred look-through gearing
range has been broadened to 15-30%, lowering the minimum from 20% while maintaining the
upper limit at 30%.
DEVELOPMENT UPDATE
During the period, we progressed our development programme, commencing the first stage of
regeneration at our Mt Wellington estate. Demolition and enabling works are complete and above
ground construction is now underway.
The multi-unit, build-to-lease development will provide around 21,850 sqm of high-quality, Green
Star rated warehouse space. The project remains on schedule for completion in the first half of
2027. Work on site is advancing, with foundations and the structural frame progressing.
Development plans at Felix Street in Onehunga are well progressed, with settlement of the $53.5
million acquisition expected at the end of May 2026. Featuring a combination of multi-unit
buildings and standalone facilities, the estate is being designed to high specification and targeting
a 5 Green Star rating. Works are planned to commence in the second half of FY27. The project
represents a unique opportunity for owner-occupiers, investors and lessees, providing flexibility to
accommodate a broad range of modern warehousing requirements.
At Penrose Industrial Estate, we continue to prepare the site for data centre use and have
committed to preliminary design and infrastructure works. Our focus remains on key workstreams
to have a development-ready site with power and design flexibility to provide optionality to meet
the requirements of data centre customers. With a works agreement for a 32MVA power
connection expected shortly, we anticipate an on-site power connection in the first half of 2028.
Chief Executive Officer James Spence said, “We believe New Zealand is well positioned to
capture data centre investment supported by a strong renewable electricity grid and growing
demand for digital infrastructure. Our investment at Penrose reflects a disciplined, staged
approach that is consistent with our broader capital allocation.”
At Waitomokia in Māngere, earthworks are progressing with the first development site ready for
above ground construction in 2H FY27.
ON-MARKET BUYBACK
A buyback of GNZ securities at current prices presents an attractive risk adjusted return, offering
a well-defined, value driven opportunity, accretive to both net tangible assets and cash earnings
per share. GNZL and GPS are now code companies under the Takeovers Code. The buyback is
currently paused pending shareholder approval to re-initiate it which will be sought at GNZ’s
Annual Shareholder Meeting later in 2026. The final terms of the buyback will be detailed in the
Notice of Meeting.

OUTLOOK AND FY27 GUIDANCE
While broader geopolitical and economic volatility continues to impact activity over the short to
medium term, GNZ’s investment strategy is well supported by substantial balance sheet capacity
and a disciplined approach to capital allocation.
James Spence said, “Executing on strategic initiatives during the year including the establishment
of our property funds management business has extended the scope of our operations and
enhanced financial flexibility for the business. This platform has enabled income diversification
and allowed GNZ to recycle capital for reinvestment into higher-yielding opportunities.
Development is expected to remain a significant component of GNZ’s business as we expand
into the development and sale of land-parcel and turn-key assets to meet demand in markets
where investment and owner-occupier opportunities are limited. A measured allocation of
invested capital to develop-to-sell opportunities introduces more active income streams, while
remaining modest relative to the scale of GNZ’s core business.
Supply-constrained Auckland industrial locations reinforce the execution of our targeted strategy
to deliver new product. Our in-house expertise, proven track record and GNZ’s in-built
development pipeline of more than $1 billion underpins future opportunities. Our current projects
are progressing well, and we continue to actively assess opportunities including options to
undertake develop-to-sell projects which we expect to further support earnings growth.”
Full year cash earnings are expected to grow by around 5% in FY27 with dividends expected to
be 7.17 cents per security, a 5% increase on FY26.
Further commentary on the FY26 financial result is included in the presentation attached to this
announcement. Goodman NZ’s FY26 Annual Report, including its sustainability report,
remuneration report and Climate Related Disclosures is expected to be released in late June
2026.

For further information, please contact:
James Spence Andy Eakin
Chief Executive Officer Chief Financial Officer
(09) 903 3269 (09) 375 6077

_____________________________________________

1. Post balance date, on 7 April 2026 the transaction to transition Goodman Property Trust (GMT) to a corporatised and stapled structure, GNZ, was
completed. GNZ has a stapled group structure. The Stapled Group comprises Goodman New Zealand Limited (GNZL), Goodman Property Services
(NZ) Limited (GPS), and subsidiaries of GNZL and GPS. The financial statements provided with this release are consolidated financial statements of
Goodman New Zealand Limited and its wholly-owned subsidiaries and Goodman Property Services (NZ) Limited, each of GNZL and GPS being a
"stapled entity", and together Goodman NZ (GNZ or the Group).
2. Operating earnings is a non-GAAP financial measure included to provide an assessment of the performance of GNZ’s principal operating activities.
The calculation is set out in Goodman NZ’s Statement of Comprehensive Income and in note 5.1 of the financial statements, provided with this
release.
3. Cash earnings is a non-GAAP measure that assesses free cash flow on a per unit basis, after adjusting for certain items. Calculation of GNZs cash
earnings (GPS and GNZL as a consolidated group) is set out in the GNZ’s FY26 Annual Result Presentation provided with this release.
4. Loan to value ratio is a non-GAAP financial measure used to assess the strength of GNZ’s balance sheet. This is set out in the GNZ’s FY26 Annual
Result Presentation, provided with this release.
5. Uplift excludes deals with caps on renewals.
6. This rating relates to NZGBC’s Green Star Performance Energy & Water pathway, rather than a full building certification and includes Highbrook
assets.

Attachments provided to NZX:
1. Goodman NZ NZX Annual Result Announcement
2. Goodman NZ’s 2026 Annual Result Presentation
3. Goodman NZ’s 2026 Financial Statements
4. NZX Results Announcement Form

About Goodman NZ:
Goodman NZ (GNZ) is New Zealand's leading warehouse and logistics space provider, with a high-quality industrial property portfolio
valued at $4.9 billion (including assets under management) as at 31 March 2026. GNZ has more than 200 customers, a proven
development capability and is focused on core industrial property markets in Auckland. GNZ is one of the NZX’s largest listed issuers
and holds an investment grade credit rating of BBB from S&P Global Ratings.

GNZ has a stapled group structure. The Stapled Group comprises of Goodman New Zealand Limited (GNZL) and Goodman Property
Services (NZ) Limited (GPS), and any subsidiaries of GNZL and GPS.

---

178

Bosch
Highbrook Crossing Units, Highbrook Business Park
FINANCIAL STATEMENTS
GOODMAN NZ
Financial Statements
For the year ended 31 March 2026
The Boards of Goodman New Zealand Limited and
Goodman Property Services (NZ) Limited authorised
these financial statements for issue on 25 May 2026.
For and on behalf of the Boards:
John Dakin Laurissa Cooney
Chair Chair, Audit and Risk Committee
Statement of comprehensive income 2
Balance sheet 3
Statement of cash flows 4
Statement of changes in equity 5
General information 6
Notes to the financial statements 9
1. Investment property 9
2. Investment in associates 14
3. Borrowings 16
4. Contributed equity and distributions 21
5. Operating earnings and earnings per share 22
6. Transaction costs 23
7. Financial instruments 24
8. Net corporate costs 25
9. Employee benefits liabilities 26
10. Related party assets 28
11. Employee compensation reserve 29
12. Debtors and other assets 31
13. Creditors and other liabilities 31
14. Tax 32
15. Related party disclosures 34
16. Commitments and contingencies 37
17. Reconciliation of profit after tax
to net cash flows from operating activities 37
18. Financial risk management 38
19. Major customer disclosure 40
20. Operating segments 40
Independent auditor’s report 43

STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 March 2026
$ millionNote20262025
Property income1.1223.12 7 7. 9
Property expenses(38.6)( 4 7. 4 )
Net property income184.5230.5
Fee income1510.8–
Interest cost3.1(48.3)(64.9)
Interest income3.18.50.8
Net interest cost(39.8)(6 4.1)
Net corporate costs8(13.8)(10.9)
Share based payments expense11(4.2)(1.2)
Profit before other expenses and tax137.5154.3
Other income / (expenses)
Share of earnings from associates28 4 .7–
Movement in fair value of investment property1.35 9 .711.1
Movement in fair value of financial instruments7. 1( 7. 0 )( 17. 1 )
Movement in fair value of legacy employee benefits9(10.3)( 1 3 .7 )
Transitional services(1.1)(1.1)
Transaction costs6(5.1)(2.6)
Profit before tax258.4130.9
Tax expense14.1(10.4)(21.3)
Profit after tax attributable to equity holders248.0109.6
Other comprehensive income––
Total comprehensive income for the year attributable to equity holders248.0109.6
For 2026, total comprehensive income for the year is attributable to equity holders of Goodman New Zealand Limited
only, with no comprehensive income attributable to equity holders of Goodman Property Services (NZ) Limited.
Refer to note 20 for further details.
For 2025, total comprehensive income for the year was attributable to equity holders of Goodman Property Trust.
CentsNote20262025
Basic and diluted earnings per share after tax
5.2
16.127. 1 2
For 2026, basic and diluted earnings per share after tax is attributable to equity holders of Goodman New Zealand
Limited only, with no basic and diluted earnings per share after tax attributable to equity holders of Goodman
Property Services (NZ) Limited.
For 2025, basic and diluted earnings per share after tax was attributable to equity holders of Goodman Property
Trust on a per unit basis.
The above statement should be read in conjunction with the accompanying notes.
BALANCE SHEET
As at 31 March 2026
$ millionNote20262025
Non-current assets
Investment property
1.3
2,671.52,524.0
Investment in associates
2.3
974 . 9–
Financial instruments
7. 2
5.45.1
Property, plant and equipment11.11.1
Tax receivable7. 06.9
Deferred tax assets
14.2
8.310.6
Related party assets
10
23.44 0.5
Total non-current assets3,701 .62,588.2
Investment properties held for sale
1.5
–2,165.1
Current assets
Cash10.58.2
Short-term deposits475.0–
Financial instruments
7. 2
–0.2
Debtors and other assets
12
17. 26 .7
Tax receivable–0.9
Related party assets
10
17. 116.1
Total current assets519.832.1
Total assets4,221.44 ,78 5. 4
Non-current liabilities
Borrowings
3.2
70 4.01,132.8
Lease liabilities
3.5
185.2126.0
Financial instruments
7. 2
–14.3
Creditors and other liabilities
13
2 .7–
Deferred tax liabilities
14.2
9.9–
Employee benefits liabilities
9
11.317. 8
Total non-current liabilities913.11,290.9
Current liabilities
Borrowings
3.2
–325.0
Creditors and other liabilities
13
35.138.9
Current tax payable–1.8
Lease liabilities
3.5
9.40 .7
Employee benefits liabilities
9
20.217. 1
Total current liabilities6 4 .7383.5
Total liabilities9 7 7. 81 ,6 74 . 4
Net assets3,243.63,111.0
Equity
Contributed equity
4
1,939.11,955.0
Retained earnings1,299.11,15 4.8
Employee compensation reserve
11
5.41.2
To t a l e q u i t y
20
3,243.63,111.0
GNZ equity3 , 2 3 7. 03,111.0
GPS equity
4.2
6.6–
To t a l e q u i t y3,243.63,111.0
The above statement should be read in conjunction with the accompanying notes.
32
Financial Statements of
Goodman NZ

STATEMENT OF CASH FLOWS
For the year ended 31 March 2026
$ millionNote20262025
Cash flows from operating activities
Property income received223.1275.9
Property expenses paid(37.1)(48.4)
Fee income10.8–
Interest income received8.50.8
Interest costs paid on borrowings(46.5)(56.3)
Interest costs paid on lease liabilities(4.9)(4.5)
Corporate costs paid(10.1)( 7. 6 )
Net GST (paid) / received( 1 .7 )2.3
Tax refund received0.81.4
Transaction costs paid(6.4)(2.3)
Payments for the acquisition of other assets( 2 .7 )–
Net cash flows from operating activities17133.8161.3
Cash flows from investing activities
Proceeds from the sale of investment properties1,297.51.4
Capital expenditure payments for investment properties(56.5)(80.1)
Payments for property, plant and equipment(3.1)–
Holding costs capitalised to investment properties(8.1)(9.2)
Dividends from associates9 .7–
Investments in short-term deposits(475.0)–
Net cash flows from investing activities764.5(87.9)
Cash flows from financing activities
Proceeds from borrowings385.09 17. 0
Repayments of borrowings(1,14 0.0)( 8 7 7.7 )
Settlement of financial instruments(21.4)(15.0)
Distributions paid 4( 1 0 3 .7 )(98.9)
Equity buyback and cancellation4(15.9)–
Net cash flows from financing activities(896.0)( 74 .6)
Net movement in cash2.3(1.2)
Cash at the beginning of the year8.29.4
Cash at the end of the year10.58.2
The above statement should be read in conjunction with the accompanying notes.
The sale of Highbrook Business Park for $2,109.7 million and the concurrent investment in associate of $899.9 million
were settled on a net basis, with $1,209.8 million of cash received which is included in proceeds from the sale of
investment properties above.
STATEMENT OF CHANGES IN EQUITY
For the year ended 31 March 2026
Note
Contributed
equity
($ million)
Employee
compensation
reserve
($ million)
Retained
earnings
($ million)
To t a l
equity
($ million)
As at 1 April 20241,955.0–1,14 4.13,099.1
Total comprehensive income for the year––109.6109.6
Distributions paid4––(98.9)(98.9)
Share based payment expense11–1.2–1.2
As at 31 March 20251,955.01.21,154.83,111.0
Total comprehensive income for the year––248.0248.0
Distributions paid4––( 1 0 3 .7 )(10 3 .7 )
Share based payment expense11–4.2–4.2
Equity buyback and cancellation4(15.9)––(15.9)
As at 31 March 20261,939.15.41,299.13,243.6
The above statement should be read in conjunction with the accompanying notes.
54
Financial Statements of
Goodman NZ

GENERAL INFORMATION
For the year ended 31 March 2026
Reporting entity
Goodman New Zealand Limited (GNZL or the Company)
is a company incorporated on 18 February 2026 and
domiciled in New Zealand. GNZL was established as part
of the corporatisation of Goodman Property Trust (GMT
or the Trust) which was implemented following unitholder
approval of the corporatisation and stapling transaction
on 31 March 2026. Refer to the significant transactions
section on the following page for further details.
Goodman Property Services (NZ) Limited (GPS) is
a company incorporated on 28 March 2003 and
domiciled in New Zealand.
The address of the registered office for both entities is
Level 8, 124 Halsey Street, Auckland.
The financial statements presented are consolidated
financial statements of Goodman New Zealand Limited
and its wholly-owned subsidiaries and Goodman
Property Services (NZ) Limited, each of GNZL and GPS
being a “stapled entity”, and together Goodman NZ
(GNZ or the Group).
The stapling transaction results in the combination
of GNZL and GPS into a consolidated group. For the
purposes of financial reporting, one of the stapled
entities is required to be identified as the parent entity
of the consolidated group. GNZL has been identified as
the parent for the purposes of preparing these financial
statements and, consequently, the equity interest
attributable to GPS is presented as a non-controlling
interest in the consolidated financial statements.
GNZ holds an investment in the Goodman NZ Highbrook
Limited Partnership (HLP) and GNZ Highbrook General
Partner Limited, which are both accounted for as
associates using the equity method of accounting.
The Group is an FMC reporting entity for the purposes
of the Financial Markets Conduct Act 2013 (FMCA)
and the Financial Reporting Act 2013 and is an Equity
Security for the purposes of the New Zealand Stock
Exchange (NZX) Main Board Listing Rules. Shares of
GNZL and GPS are stapled (on a one for one basis) and
therefore cannot be traded separately and can only be
traded as stapled securities. They are quoted on the
Main Board equity securities market of NZX under the
ticker code GNZ.
GNZL’s principal activity is to invest in real estate in
New Zealand and GPS’s principal activity involves the
management of real estate investments in New Zealand.
Basis of preparation and measurement
The financial statements of the Group have been
prepared in accordance with the Financial Markets
Conduct (Financial Reporting -Goodman New Zealand
Group) Exemption Notice 2026, issued by the Financial
Markets Authority on 18 February 2026, and waivers
granted to the Group by the NZX on 7 April 2026
in connection with the corporatisation and stapling
transaction. These regulatory exemptions and waivers
permit the preparation and publication of consolidated
financial statements for the stapled group. The
exemptions and waivers remain subject to ongoing
conditions, including the requirement that GNZL and
GPS remain stapled.
The financial statements have been prepared in
accordance with New Zealand Generally Accepted
Accounting Practice (NZ GAAP), comply with
New Zealand Equivalents to International Financial
Reporting Standards (NZ IFRS), other New Zealand
accounting standards and authoritative notices that are
applicable to entities that apply NZ IFRS. The Group is
a for-profit tier one entity for the purposes of complying
with NZ GAAP. The financial statements comply with
International Financial Reporting Standards Accounting
Standards (IFRS Accounting Standards).
The financial statements have been prepared on the
historical cost basis except for assets and liabilities
stated at fair value as disclosed.
As the corporatisation and stapling transaction has
been treated as an internal reorganisation, the financial
statements for the current reporting period reflect a
full year of operations of GNZ (including the results of
GMT and its subsidiaries up to the transaction date).
Comparative information presented is the financial
statements of GMT and its subsidiaries for the year
ended 31 March 2025.
The financial statements are in New Zealand dollars,
the Group’s functional currency.
Basis of consolidation
The financial statements have eliminated in full all
intercompany transactions, intercompany balances and
gains or losses on transactions between Group entities.
Significant estimates and judgements
Management is required to make judgements, estimates,
and apply assumptions that affect the amounts reported
in the financial statements. These have been based on
historical experience and other factors Management
believes to be reasonable. Actual results may differ from
these estimates and the difference may be material.
Estimates and underlying assumptions are reviewed on
an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised
and in the future periods affected.
The significant judgements made in the preparation of
these financial statements are detailed in the following
notes:
+Investment property (note 1.4)
+Investment in associates (note 2)
+Employee benefits liabilities (note 9)
+Corporatisation and stapling (Significant
transactions page 8)
Material accounting policies
Shares are classified as equity. If new shares are issued
in the year, any external costs directly attributable to the
issue are deducted from the proceeds received.
Distributions are recognised in equity in the period in
which they are paid.
Other material accounting policies are disclosed in the
relevant notes.
Changes in accounting policy
The accounting policies and methods of computation
used in the preparation of these financial statements are
consistent with those used in the financial statements for
the year ended 31 March 2025.
New accounting policies
Short-term deposits are financial assets recognised
initially at fair value and subsequently measured at
amortised cost using the effective interest method.
Short-term deposits comprise deposits with banks
that originally had maturities longer than three months.
Interest income is recognised in profit or loss as it
accrues using the effective interest method.
New accounting standards now adopted
There have been no new accounting standards that are
applicable to these financial statements.
Standards issued but not yet effective
The new and amended standards and interpretations
that are issued, but not yet effective, up to the date
of issuance of the Group’s financial statements are
disclosed below. The Group intends to adopt these
new and amended standards and interpretations, if
applicable, when they become effective.
NZ IFRS 18 Presentation and Disclosure
in Financial Statements
This standard becomes effective for reporting periods
beginning on or after 1 January 2027. NZ IFRS 18
introduces new requirements on presentation within
the statement of comprehensive income, including
specified totals and subtotals. It also requires disclosure
of management-defined performance measures and
includes new requirements for the aggregation and
disaggregation of financial information based on the
identified ‘roles’ of the primary financial statements and
the notes. The Group is currently assessing the potential
impact of this standard.
Significant transactions
Sale of Highbrook Business Park to Goodman NZ
Highbrook Limited Partnership
On 30 September 2025, the Goodman NZ Highbrook
Limited Partnership was established between GNZ,
Goodman Group (a related party, see note 15) and
Mercer to co-invest in Highbrook Business Park. GNZ
acquired a 71.1% interest in HLP, with Goodman Group
and Mercer acquiring 15.8% and 13.1% respectively.
As part of the establishment of HLP, GNZ sold Highbrook
Business Park to HLP for $2.1 billion in exchange for
$1.2 billion of cash and a non-cash investment in HLP
of $0.9 billion.
HLP is managed by GPS under a long-term management
agreement. GPS provides investment, property
management and other services to HLP under agreed
fee structures.
76
Financial Statements of
Goodman NZ

General information (continued)
Corporatisation and stapling
On 31 March 2026, unitholders approved the
corporatisation of GMT which, in effect, became GNZL,
and the stapling of shares in GNZL and GPS. The
transaction resulted in GMT unitholders exchanging each
unit in GMT that they held for one ordinary share in each
of GNZL and GPS which have been permanently stapled
and may only be traded together as a single security.
The transaction represents an internal reorganisation
of entities under common control as GMT controlled
both GNZL and GPS immediately before and after the
reorganisation, with their shares held for the benefit
of GMT unitholders until the stapled securities were
distributed. The transaction has therefore not been
accounted for as a business combination, with the assets
and liabilities of the Group recognised at their existing
carrying values immediately prior to the transaction.
GNZL has been determined to be the parent entity as
the holder of the Group’s substantive property ownership
activities, reflecting the continuation of the existing
reporting entity following the reorganisation.
GNZL is the Group’s portfolio investment entity (PIE) and
holds the Group’s property investment activities. GPS is a
non-PIE entity and undertakes the Group’s management
of real estate investment activities.
Unitholders approved the corporatisation and stapling
transaction on 31 March 2026 (at a special meeting
of unitholders) and the financial statements have been
prepared on that basis. The transaction date has been
determined as 31 March 2026, being the date on
which all substantive conditions were satisfied and the
transaction became legally binding on all parties. Legal
completion of the transaction, including the cancellation
of trust units, stapling of GNZL and GPS shares, the
transfer of stapled securities to equity holders and
quotation of the stapled securities on the NZX occurred
after balance date on 7 April 2026. Following the
distribution of its assets by GMT on 7 April 2026, the
Trust ceased to exist at law. GMT remains a registered
Managed Investment Scheme under FMCA and is
expected to be deregistered within six months of the date
of distribution of the assets of the Trust.
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2026
1. Investment property
1.1 Property income
Property income is earned from investment property leased to customers.
$ million20262025
Gross lease receipts1 9 6 .724 4.0
Service charge income29.63 7. 5
Straight-line rental adjustments3.05.0
Amortisation of capitalised lease incentives(6.2)(8.6)
Property income223.12 7 7. 9
Property income from investment property leased to customers under operating leases is recognised on a straight-line
basis over the term of the lease to the extent that future rental increases are known with certainty. Straight-line rental
adjustments are accounted for to achieve straight-line income recognition. Where lease incentives are provided to
customers, the cost of incentives is amortised over the lease term on a straight-line basis as a reduction to rental income.
Service charge income is recognised for the recoverable portion of customers’ property operating expenses incurred in
the year.
1.2 Future contracted gross lease receipts
Gross lease receipts that the Group has contracted to receive in future years are set out below. These leases cannot
be cancelled by the customer.
$ million20262025
Ye a r 11 3 2 .72 3 7. 4
Ye a r 2125.4214.4
Ye a r 3112.1191.2
Ye a r 49 7. 2162.0
Ye a r 586.514 0.4
Year 6 and later358.9599.9
Total future contracted gross lease receipts912.81,545.3
The disposal of the Highbrook Business Park to HLP during the year resulted in a $470.5 million reduction in gross
future contracted gross lease receipts as at 31 March 2026.
98
Financial Statements of
Goodman NZ

1. Investment property (continued)
1.3 Investment property
The Group’s investment property is classified as follows.
CoreThose estates within the portfolio which largely consist of modern, high-quality
logistics and industrial properties.
Value-addThose estates which generally consist of older properties that are likely to have
redevelopment potential. Redevelopment of the properties to realise their maximum
future value may require a change in use.
Investment property
under development (IPUD)
Developments under construction and land held for future development, either held at
fair value or held at cost.
Movements in the year for each category is detailed in the following table.
$ millionCoreValue-addStabilisedIPUDTo t a l
Carrying value 31 March 20243,669.8604.44,274.22 5 9 .74,533.9
Transfers in214.8–214.8–214.8
Right of use asset changes
for lease modifications62.3–62.3–62.3
Net expenditure26.98.935.846.081.8
Fair value movement(2.1)0.5(1.6)0.4(1.2)
Transfers out–––(214.8)(214.8)
Transferred to assets held for sale(2,152.8)(2,152.8)–(2,152.8)
Carrying value 31 March 20251,818.9613.82 , 4 3 2 .791.32,524.0
Transfers in3.1–3.145.448.5
Right of use asset changes
for lease modifications54.2–54.2–54.2
Net expenditure10.15.015.118.533.6
Fair value movement60.52.362.8(3.1)5 9.7
Transfers out–(45.4)(45.4)(3.1)(48.5)
Carrying value 31 March 20261,946.8575.72,522.5149.02,671.5
Valuation firms used for property valuations in the current year are Colliers, JLL, CBRE & Bayleys. In the prior year
valuation firms used for property valuations were Colliers, JLL, Savills, Bayleys & CBRE.
Included within stabilised properties is a gross-up equivalent to lease liabilities of $186.6 million (2025:
$125.8 million).
Included within investment property under development is $10.1 million of land held at fair value (2025:
$13.3 million), $71.0 million of developments under construction recorded at fair value (2025: $78.0 million),
and $67.9 million of developments under construction recorded at cost (2025: nil).
1. Investment property (continued)
1.4 Valuation of investment property
The carrying value of stabilised properties, substantially completed developments and land is the fair value of the
property as determined by an expert independent valuer, from a panel of valuation companies comprising Bayleys
Valuations Limited, CBRE Limited, Colliers International New Zealand Limited, Jones Lang LaSalle Limited & Savills
(NZ) Limited, who are all members of the New Zealand Institute of Valuers.
Fair value reflects the Board’s assessment of highest and best use of each property at the end of the reporting period.
If the Board’s view of highest and best use has changed any impact on value will be assessed by independent valuations.
Management reviews the valuations performed by the independent valuers for financial reporting purposes. Discussions
of valuation processes and results are held between various combinations of the Board, the Chief Executive Officer, the
Chief Financial Officer, the Valuation Committee, and the independent valuers at least twice every year in line with the
Group’s reporting dates. Full independent valuations are completed for stabilised properties, developments held at fair
value and land at least annually. Developments where fair value is not able to be reliably determined are carried at cost
less any impairment. Additionally, at each financial year end all major inputs to the independent valuation reports are
verified and an assessment undertaken of all property valuation movements by management.
The fair values presented are based on market values, being the estimated amount for which a property could be
exchanged on the date of valuation between a willing buyer and a willing seller in an arm’s length transaction after
proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion. If this
information is not available, alternative valuation methods are used, such as; recent prices on less active markets;
the capitalisation method, which determines fair value by capitalising a property’s sustainable net income at a
market derived capitalisation rate with capital adjustments made where appropriate; or discounted cash flow
projections (DCF), which discount estimates of future cash flows by an appropriate discount rate to derive the fair
value. The key assumptions used in the valuations are derived from recent comparable transactions to the greatest
extent possible; however, all three of the valuation methods rely upon unobservable inputs in determining fair value for
all investment property.
Valuations also reflect the following unobservable inputs, where appropriate: the quality of customers in occupation
or responsible for meeting lease commitments or likely to be in occupation after letting vacant accommodation, and
the market’s general perception of their creditworthiness; the allocation of maintenance and insurance responsibilities
between the Group and the customer; and the remaining economic life of the property. When rent reviews or lease
renewals are pending with anticipated reversionary increases, it is assumed that all notices and where appropriate
counter-notices have been served validly and within the appropriate time.
The Group has considered the impact of climate change on the business and the valuation of investment property.
To date, the panel of independent valuers used have made no explicit adjustments to valuations in respect of climate
change matters. The Group acknowledges that climate change considerations will likely have a greater influence on
valuations in the future as markets place a greater emphasis on these matters. All investment property is categorised
as level 3 in the fair value hierarchy. Refer to note 18.6 for details of the fair value hierarchy (applicable to all items
measured at fair value) and the Group’s transfer policy. During the year, there were no transfers of properties between
levels of the fair value hierarchy.
1110
Financial Statements of
Goodman NZ
Notes to the Financial Statements (continued)

1. Investment property (continued)
1.4 Valuation of investment property (continued)
The key valuation inputs used to measure fair value of investment property are disclosed below, along with the
weighted average value for each input:
Weighted average valuation
input value
Measurement
sensitivity
Key valuation inputDescription20262025
Increase
in the input
Decrease
in the input
Market
capitalisation rate
The capitalisation rate applied to the
market rental to assess a property’s value.
Derived from similar transactional evidence
considering location, weighted average lease
term, customer covenant, size and quality
of the property. Used in the capitalisation
method.
6.0%6.0%DecreaseIncrease
Market rentalThe valuer’s assessment of the annual net
market income per square metre (psm)
attributable to the property; includes both
leased and vacant areas. Used in both the
capitalisation method and the DCF method.
$193 psm$186 psmIncreaseDecrease
Discount rateThe rate applied to future cash flows; it
reflects transactional evidence from similar
types of property assets. Used in the DCF
method.
8 .1%8.0%DecreaseIncrease
Rental growth rateThe rate applied to the market rental over
the 10-year cash flow projection. Used in the
DCF method.
2.8% p . a .2.8% p . a .IncreaseDecrease
Terminal
capitalisation rate
The rate used to assess the terminal value of
the property. Used in the DCF method.
6.3%6.2%DecreaseIncrease
The market capitalisation rate is the main determinant of value in the valuation of investment property. The impact
of a 0.5% increase in the market capitalisation rate from 6.0% to 6.5%, assuming all other valuation inputs remain
unchanged, would be equivalent to a decrease of $194.0 million / 7.7% in the fair value of investment property.
For the comparative 2025 year, the impact of a 0.5% increase in the market capitalisation rate from 6.0% to 6.5%,
assuming all other valuation inputs remain unchanged, was equivalent to a decrease of $187.1 million / 7.7% in the fair
value of investment property. This impact excludes investment properties held for sale in the prior year.
Land is valued based on recent comparable transactions, resulting in land values ranging between $184 psm and
$201 psm (2025: between $184 psm and $650 psm).
1. Investment property (continued)
1.4 Valuation of investment property (continued)
Stabilised properties are investment properties which are held to earn rental income. They are recorded initially at cost,
including related transaction costs. After initial recognition, stabilised properties are carried at fair value. A panel of
expert independent valuers value the portfolio at least once each year, generally at 31 March. Fair values are based on
estimated market values. If this information is not available, alternative valuation methods such as recent prices in less
active markets, the capitalisation method, or discounted cash flow projections are used.
Stabilised property that is being redeveloped is carried at fair value and holding costs are capitalised to the property
during redevelopment. Expenditure is capitalised to a property when it is probable that it will provide future economic
benefits to the Group. All other repairs and maintenance costs are charged to the statement of comprehensive income.
Any gain or loss arising from a change in fair value is recognised in the statement of comprehensive income.
When sold, the net gain or loss on disposal of stabilised property is included in the statement of comprehensive income
in the period in which the sale occurred. The gain or loss on disposal is calculated as the difference between the carrying
amount of the stabilised property on the balance sheet and the proceeds from sale net of any costs associated with
the sale.
For leases where the Group is a lessee, the Group recognises a right of use asset at the commencement date of the
lease, being the date that the underlying asset is available for use. Investment property is defined to include both owned
investment property and investment property held by a lessee as a right of use asset. The Group therefore measures all
investment property using the same measurement basis, being the fair value model. The value of the right of use assets
represents the fair value of a freehold interest in the land subject to ground lease interests held by the Group. Investment
property is adjusted for cash flows relating to lease liabilities already recognised separately on the balance sheet and
also reflected in the investment property valuations.
Investment property under development includes properties that are being constructed for future use as stabilised
property and land to be developed as stabilised property in the future. On acquisition, investment property under
development is recorded at cost, including related transaction costs. Stabilised property to be redeveloped is
transferred at the carrying value prior to transfer. All subsequent costs and capital expenditure directly associated
with investment property under development is capitalised.
Holding costs are capitalised if they are directly attributable to the development of a property. The most significant
component of holding costs is borrowing costs. Capitalisation of borrowing costs commences when the activities to
prepare the property for its intended use are in progress and expenditure and borrowing costs are being incurred.
The amount capitalised is determined by applying the weighted average cost of debt to borrowings attributed to the
investment property under development. Capitalisation of borrowing costs continues until the development of the
property is completed.
Employees costs are capitalised if they are directly attributable to the development of a property.
If the fair value of a development can be reliably determined during the course of its construction, then the development
will be recorded at fair value (adjusted for percentage of completion) in the same manner as stabilised properties.
Commenced developments held at the land transfer value plus subsequent capital expenditure are tested for
impairment. An indication of impairment requires an assessment of the recoverable amount of the commenced
development, with the full value of any applicable impairment immediately recognised.
Land is carried at fair value, independently valued at least annually, with any changes in valuation recognised in the
statement of comprehensive income.
1312
Financial Statements of
Goodman NZ
Notes to the Financial Statements (continued)

1. Investment property (continued)
1.5 Investment properties held for sale
Investment properties held for sale in the prior year comprised investment properties actively marketed for sale that
were subsequently contracted for sale. These properties settled in the current financial year.
$ million20262025
Carrying value at start of year2,165.1–
Transfers in–2,152.8
Fair value movement–12.3
Disposals(2,165.1)–
Carrying value at end of year–2,165.1
Investment property is classified as held for sale if the property or group of properties is available for immediate sale in
its present condition subject only to terms that are usual and customary for sales of such assets and it is highly likely to
be sold within one year.
The carrying value of the property is the proposed sale price or the most recent valuation if the investment property is
not contracted for sale. Where the carrying value is the proposed sale price, the carrying value is adjusted for specific
provisions made within the proposed sale agreement. Investment properties held for sale continue to be measured at
fair value with assessment made as to whether the agreed selling price reflects fair value.
In July 2026, the Group settled the disposal of a core property in Albany, Auckland for 137.0 million.
On 50 September 2026, the Group settled the disposal of Highbrook Business Park, Auckland for 12.4 billion.
2. Investment in associates
GNZL has investments in two associate entities, being Goodman NZ Highbrook Limited Partnership (HLP) and GNZ
Highbrook General Partner Limited (HGP), the general partner of HLP. Both entities have the same ownership, with
GNZL owning 71.1%, Goodman Group owning 15.8% and Mercer owning 13.1%.
HLP is domiciled in New Zealand, holds a portfolio of industrial real estate and is managed by GPS.
HGP is domiciled in New Zealand and acts as the general partner for HLP, with GPS providing management services.

2. Investment in associates (continued)
Financials of HLP are detailed as follows representing 100% of HLP values. HGP has no assets or liabilities with no
profit for the period.
2.1 HLP statement of comprehensive income
$ million
HLP
2026
Net property income5 7. 4
Net interest cost( 17. 5 )
Corporate costs(5.0)
Operating income34.9
Movement in fair value of investment property72.3
Movement in fair value of financial instruments15.5
Other income8 7. 8
Net profit1 2 2 .7
2.2 HLP balance sheet
$ million
HLP
2026
Stabilised properties2 , 1 8 9 .7
Financial instruments 17. 2
Current assets4.8
Total assets2 , 211 .7
Borrowings (non-current)822.8
Current liabilities14.9
Total liabilities8 3 7.7
Net assets1 , 3 74 . 0
2.3 Investment in HLP associate
$ million
GNZ share
2026
GNZ ownership %71.15%
Investments899.9
HLP net profit8 7. 3
Elimination of unrealised fee recognition(2.6)
Dividends received( 9 .7 )
Investment in HLP associate9 74 . 9
1514
Financial Statements of
Goodman NZ
Notes to the Financial Statements (continued)

2. Investment in associate (continued)
2.3 Investment in HLP associate (continued)
The terms of the Limited Partnership agreement for HLP ensure that control does not exist as the Group does not
have unilateral power to direct HLP’s key activities. Key decisions are subject to investor approval thresholds, including
‘Fundamental Matters’ requiring 90% approval and ‘Majority Plus Matters’ requiring approval from more than one
investor. Accordingly, the Group has concluded it has significant influence but not control of HLP, and similarly HGP,
and therefore accounts for its investments using the equity method.
An associate is an entity over which the Group has significant influence, but neither control nor joint control, over the
financial and operating policies of the entity.
Investments in associates are accounted for using the equity method. Under the equity method, the investment is
initially recognised at cost, including any directly attributable transaction costs. After initial recognition, the carrying
amount of the investment is adjusted to recognise the Group’s share of the associate’s profit or loss and other
comprehensive income, which is recognised in the consolidated statement of comprehensive income, respectively. No
income tax expense is recognised at the associate level for HLP and the Group accounts for its share of income tax in
its own income tax expense. Unrealised profits and losses on transactions between the Group and its associates are
eliminated to the extent of the Group’s interest.
The Group’s investment in HLP is subject to restrictions on the transfer of funds to the Group. These arise from HLP’s
financing arrangements, including bank covenants that, if not met, may restrict or prevent distributions to investors.
Accordingly, the Group’s ability to access cash flows from the associate is dependent on HLP maintaining compliance
with these covenants. These restrictions did not impact any distributions made by HLP during the year.
3. Borrowings
3.1 Interest
$ million20262025
Interest expense on borrowings(41.6)( 6 2 .7 )
Interest expense on lease liabilities(10.0)( 4 .7 )
Amortisation of borrowing costs(3.0)( 6 .7 )
Borrowing costs capitalised
(1)
6.39.2
Total interest cost(48.3)(64.9)
Interest income8.50.8
Net interest cost(39.8)(64.1)
(1)
Borrowing costs are capitalised at the weighted average cost of borrowing of 4.2% (2025: 4.8%). Borrowing costs of $0.5 million were capitalised to
land (2025: $0.7 million).
Interest costs charged on borrowings are recognised as incurred. Costs associated with the establishment of
borrowings are amortised over the term of the relevant borrowings.
3. Borrowings (continued)
3.2 Borrowings
$ million20262025
Current
Syndicated bank facilities–325.0
Total current borrowings–325.0
Non-current
Syndicated bank facilities5.0285.0
Bilateral bank facilities–150.0
Green retail bonds150.0150.0
Wholesale bonds4 00.04 00.0
Wholesale green bonds150.0150.0
Total non-current705.01,135.0
Unamortised borrowings establishment costs(1.0)(2.2)
Total non-current borrowings704.01,132.8
Total borrowings704.01 , 4 5 7. 8
Borrowings are recorded initially at fair value, net of debt establishment transaction costs. Subsequent to initial
recognition, borrowings are carried at amortised cost using the effective interest method.
Syndicated bank facilities drawn are considered non-current due to adequate undrawn capacity in the longer dated
tranches, allowing these to be utilised to fund the amount drawn from short term tranches.
In June 2026, a 1360 million green bilateral bank facility was cancelled, which had an expiry date of 73 December 2026.
In July 2026, a 13.6 million bilateral bank facility was cancelled, which had an expiry date of 73 March 2025.
On 70 September 2026, following the settlement of the Highbrook transaction, all syndicated bank facilities
(1640 million) and the remaining green bilateral bank facility (1360 million) were cancelled.
On 70 September 2026, 1300 million of new syndicated bank facilities, expiring in September 202., were provided
by Bank of New Zealand and Westpac New Zealand Limited.
1716
Financial Statements of
Goodman NZ
Notes to the Financial Statements (continued)

3. Borrowings (continued)
3.3 Composition of borrowings
Weighted
average
remaining
term (years)
$ million
2026
Date
issuedExpiry
Interest
rate
Drawn
amount
Undrawn
facility
Syndicated bank facilities–S e p 271.5Floating5.095.0
Green retail bonds – GMB060Apr 22A p r 271.04 .74 0 %150.0–
Wholesale bonds – 6 yearsDec 21Dec 271 .73.656%200.0–
Wholesale bonds – 8 yearsSep 20Sep 282.42.262%50.0–
Wholesale bonds – 10 yearsSep 20Sep 304.42.559%150.0–
Green wholesale bonds – 5 yearsO c t 24Oct 293.55.012%150.0–
Weighted
average
remaining
term (years)
$ million
2025
Date
issuedExpiry
Interest
rate
Drawn
amount
Undrawn
facility
Syndicated bank facilities–Jun 26 – Jun 282.1Floating285.0305.0
Green bank facility – Bank of New Zealand–Dec 250 .7Floating150.0–
Bank facility
– Commonwealth Bank of Australia–Mar 261.0Floating17 5 . 0–
Green bank facility
– Westpac New Zealand Limited–Dec 261 .7Floating150.0–
Bank facility – Bank of New Zealand–Jun 294.3Floating–10 0.0
Green retail bonds – GMB060Apr 22A p r 272.04 .74 0 %150.0–
Wholesale bonds – 6 yearsDec 21Dec 272 .73.656%200.0–
Wholesale bonds – 8 yearsSep 20Sep 283.42.262%50.0–
Wholesale bonds – 10 yearsSep 20Sep 305.42.559%150.0–
Green wholesale bonds – 5 yearsO c t 24Oct 294.55.012%150.0–
As at 31 March 2026, $100.0 million of syndicated bank facilities were provided by Westpac New Zealand Limited
($50.0 million) and Bank of New Zealand ($50.0 million).
As at 31 March 2025, $590.0 million of syndicated bank facilities were provided by Commonwealth Bank of Australia
($150.0 million), Westpac New Zealand Limited ($135.0 million), The Hongkong and Shanghai Banking Corporation
Limited ($110.0 million), ANZ Bank New Zealand Limited ($100.0 million), Industrial and Commercial Bank of China
Limited ($70.0 million) and Bank of New Zealand ($25.0 million).
As at 31 March 2026, GNZ’s drawn borrowings had a weighted average remaining term of 2.4 years (2025:
2.5 years), with 99% being drawn from non-bank sources (2025: 48%). As at 31 March 2025, calculation of the
weighted average remaining term assumes syndicated bank facilities utilise the longest dated facilities.
3. Borrowings (continued)
3.4 Security and covenants
All borrowing facilities are secured on an equal ranking basis over the property assets of the Group. A loan to value
ratio covenant restricts total borrowings incurred by the Group to 50% of the value of the secured property portfolio.
The Group has given a negative pledge to not create or permit any security interest over its property assets.
The principal financial ratios which must be met are the ratio of earnings before interest, tax, depreciation and
amortisation to interest expense, and the ratio of financial indebtedness to the value of the property portfolio. Further
negative and positive undertakings have been given as to the nature of the Group’s business. The Group has been
compliant with the covenants throughout both years.
3.5 Lease liabilities
Investment properties Office leases
$ million2026202520262025
Opening balance125.863.60.92.6
Changes in liability 54.462.37. 9(0.9)
Interest expense on lease liabilities9 .74.60.30.1
Payments made(3.3)(4.8)(1.1)(0.9)
Amortisation of incentives received–0.1––
Total lease liabilities186.6125.88.00.9
The lease liabilities are for perpetually renewable ground leases at Westney Industry Park for 206013 million (7.75:
207514 million) and The Gate Industry Park for 2517 million (7.75: 2.10 million). The calculation of the lease liabilities
assumes lease terms of between 8. and 89 years and utilises discount rates based on an assessment of GNZ’s
long-term borrowing costs at the time of the renewal, which range from 517, to 416,.
For the year ended 90 March 7.78, there were two further properties at Westney Industry Park which have ground
lease renewals with associated market rent reviews (in September 7.75 and March 7.78), yet to be agreed. For the
purposes of these financial statements, an estimated implied land rate has been used as the basis for the calculation
of the lease liability relating to that property. This rate is the approximate midpoint between the rate;
— per the independent valuation advice obtained by the Group; and
— the rate as served by the lessor of the property for which the review has yet to be agreed.
Sensitivities as applied to either option above would result in a change to the value of the lease liabilities being
%/-2771. million.
For the year ended 90 March 7.78, ground lease renewals have resulted in an increase to lease liabilities of
25313 million.
The Group has operating leases for its offices at 073 Halsey Street and 8. Highbrook Drive, Auckland. The Group has
recognised right of use assets (2415 million included within plant, property and equipment) and corresponding lease
liabilities in relation to these leases (7.75: 2.13 million). The office leases assume a lease term of 0. years with an
incremental borrowing rate of between 515, – 817,.
At the commencement date of a lease the Group recognises lease liabilities measured at the present value of lease
payments to be made over the lease term, including expected lease renewals. The lease payments include fixed
payments, less any lease incentives receivable.
1918
Financial Statements of
Goodman NZ
Notes to the Financial Statements (continued)

3. Borrowings (continued)
3.6 Net borrowings reconciliation
The table below details the annual movements in net debt.
$ million2025ProceedsRepaymentsOther2026
2026
Bank facilities76 0.0385.0(1,14 0.0)–5.0
Green retail bonds150.0–––150.0
Green wholesale bonds150.0–––150.0
Wholesale bonds4 00.0–––4 00.0
Unamortised costs(2.2)––1.2(1.0)
Total borrowings1 , 4 5 7. 8385.0(1,140.0)1.2704.0
Lease liabilities125.8––60.8186.6
Cash(8.2)––(2.3)(10.5)
Net borrowings1,575.4385.0(1,140.0)5 9.7880.1
$ million2024FX impactProceedsRepaymentsOther2025
2025
Bank facilities610.0–7 6 7. 0( 6 17. 0 )–76 0.0
Green retail bonds150.0––––150.0
Retail bonds10 0.0––(10 0.0)––
Green wholesale bonds––150.0––150.0
Wholesale bonds4 00.0––––4 00.0
US Private Placement notes200.9(4 0.2)–( 16 0 .7 )––
Unamortised costs(2.9)–––0 .7(2.2)
Total borrowings1,458.0(40.2)9 17. 0( 8 7 7.7 )0 .71 , 4 5 7. 8
Lease liabilities66.2–––59.6125.8
Cash(9.4)–––1.2(8.2)
Net borrowings1,514.8(40.2)9 17. 0( 8 7 7.7 )61.51,575.4
4. Contributed equity and distributions
The corporatisation and stapling transaction date has been determined as 31 March 2026, following which there is
only one class of share for each of GNZL and GPS, being ordinary shares, and they rank equally with each other. All
issued shares are fully paid, carry full voting rights, have no redemption rights, have no par value and are subject to the
terms of the constitution.
The shares in GNZL and GPS are “stapled” on a one-for-one basis. Stapling is a contractual and constitutional
arrangement under which the shares of the stapled entities are inseparably linked, held by the same shareholders, and
cannot be traded or transferred independently, with the stapled shares trading as a single economic unit with a single
quoted price.
Prior to 31 March 2026, the Group operated as GMT, a unit trust, with unitholders holding units in the Trust that
represented their beneficial interest in the underlying assets and operations of the Group.
4.1 Contributed equity
The table below details the annual movements for the Group in issued units / shares, weighted units / shares used in
earnings per share calculations and the value of issued units / shares.
Issued units / shares
Million
Weighted units / shares
Million
Value of units / shares
$ million
202620252026202520262025
Units at start of year1,538.81,538.81,538.81,538.81,955.01,955.0
Buyback and cancellation
of GMT units(8.2)–(0.5)–(15.9)–
Units prior to
corporatisation and stapling1,530.61,538.81,538.31,538.81,939.11,955.0
GMT units cancelled
1
(1,530.6)–(1,538.3)–(1,939.1)–
GNZL / GPS shares
transferred to equity holders
1
1,530.6–1,538.3–1,939.1–
Total at end of year1,530.61,538.81,538.31,538.81,939.11,955.0
1
The transaction date has been determined as 31 March 2026. Legal completion of the transaction, including the cancellation of GMT units and the
transfer of stapled GNZL / GPS shares to equity holders, occurred after balance date on 7 April 2026.
In February 2026, the Board approved an on-market unit buyback program. Under the program, the Group
repurchased and cancelled 8.2 million GMT units for total consideration of $15.9 million.
4.2 GPS equity (non-controlling interest)
The table below details the total equity movements for GPS as a non-controlling interest, applicable for the 2026
financial year following the corporatisation and stapling transaction.
$ million20262025
Opening balance––
Non-controlling interests recognised in stapling transaction
Share capital33.5–
Retained earnings(32.3)–
Employee compensation reserve5.4–
Total at end of year6.6–
2120
Financial Statements of
Goodman NZ
Notes to the Financial Statements (continued)

4. Contributed equity and distributions (continued)
4.3 Distributions
20262025
Distribution per unit declared and paid during the year by GMT (cents per unit)6 .74 3 7 56.42500
Distributions value ($ million)1 0 3 .798.9
On 25 May 2026, combined cash dividends of 1.70625 cents per share were declared comprising a dividend from
GNZL of 1.70625 cents per share with no imputation credits attached and no dividend from GPS. The record date is
11 June 2026 and payment will be made on 18 June 2026.
5. Operating earnings and earnings per share
5.1 Operating earnings
Operating earnings is a non-GAAP financial measure included to provide an assessment of the performance of the
Group’s principal operating activities. This non-GAAP financial measure may not be consistent with its calculation by
other similar entities.
The calculation of operating earnings is set out below.
$ millionNote20262025
Profit before tax258.4130.9
Adjusting items:
Movement in fair value of investment property( 5 9 .7 )(11.1)
Movement in fair value of financial instruments7. 017. 1
Movement in fair value of legacy employee benefits10.31 3 .7
Transitional services1.11.1
Transaction costs5.12.6
Share of other income from associates2.1(62.4)–
Operating earnings before tax159.8154.3
Current tax on operating earnings14.1(32.2)(29.3)
Operating earnings after tax1 2 7. 6125.0
5. Operating earnings and earnings per share (continued)
5.2 Earnings per share
Earnings per share measures are calculated as set out below, with comparatives on a per unit basis. The weighted
average number of shares includes an adjustment for those acquired and cancelled under the on-market buyback
program.
Operating earnings before tax per share
Operating earnings per share metrics are reported for the stapled group only, being GNZ.
20262025
Operating earnings before tax ($ million)159.8154.3
Weighted shares (million)1,538.31,538.8
Operating earnings per share before tax (cents)10.3910.03
Operating earnings after tax per share
20262025
Operating earnings after tax ($ million)1 2 7. 6125.0
Weighted shares (million)1,538.31,538.8
Operating earnings per share after tax (cents)8.298.12
Basic and diluted earnings per share
Basic and diluted earnings per share for the current year is fully attributable to GNZL, with no earnings from GPS.
20262025
Profit after tax attributable to equity holders ($ million)248.0109.6
Weighted shares (million)1,538.31,538.8
Basic and diluted earnings per share after tax (cents)16.127. 1 2
6. Transaction costs
Transaction costs are costs incurred for the establishment of Goodman NZ Highbrook Limited Partnership and the
corporatisation and stapling transaction.
2322
Financial Statements of
Goodman NZ
Notes to the Financial Statements (continued)

7. Financial instruments
Financial instruments are used to manage exposure to interest rate risks and foreign exchange risks arising from
GNZ’s borrowings.
7. 1 Movement in fair value of financial instruments
$ million20262025
Interest rate derivatives( 7. 0 )(15.9)
Cross currency interest rate derivatives relating to US Private Placement notes–(41.4)
Total movement in fair value of derivative financial instruments(7.0)( 5 7. 3 )
Foreign exchange rate movement on US Private Placement notes–4 0.2
Total movement in fair value of financial instruments(7.0)( 17. 1 )
Financial instruments are initially recognised at fair value on the date a derivative contract is entered into and are
subsequently measured at fair value at each reporting date. Financial instruments are classified as current or non-
current based on their date of maturity.
Movements in the fair value of financial instruments are recognised through the statement of comprehensive income.
The Group does not apply hedge accounting.
The fair values of financial instruments are determined from valuations using Level 2 valuation techniques. These are
based on the present value of estimated future cash flows, taking account of the terms and maturity of each contract
and the current market interest rates at the reporting date. Fair values also reflect the creditworthiness of the derivative
counterparty and GNZ at balance date. The valuations were based on market rates at 06 March 2123 of between
27.54 for the 81-day BKBM and 57694 for the 9-year swap rate (212.: 07364 for the 81-day BKBM and 57614
61-year swap rate). There were no changes to these valuation techniques during the year.
7. 2 Financial instruments
$ million20262025
Non-current assets5.45.1
Current assets–0.2
Non-current liabilities–(14.3)
Net financial instruments5.4(9.0)
7. Financial instruments (continued)
7. 3 Additional derivative information
20262025
Weighted average term of fixed borrowings, including bonds (years)3.53.6
Percentage of borrowings fixed, including bonds97%83%
Interest rate derivatives
Notional contract value as fixed rate payer ($ million)255.0610.0
Interest rate range as fixed rate payer0.6% – 4.4%0.4% – 5.0%
Notional contract value as fixed rate receiver ($ million)10 0.010 0.0
Interest rate range as fixed rate receiver4 .74%4 .74%
Interest rate caps
Notional contract value ($ million)50.0–
Interest rate cap 4.00%–

8. Net corporate costs
Net corporate costs are incurred to manage the operational activity of the Group.
$ million20262025
Salaries and other short-term benefits(14.3)(13.4)
Other administrative expenses(9.0)(8.6)
Less: Costs recognised in property expenses6.26.8
Less: Costs recognised in transaction costs1.11.4
Less: Costs capitalised to properties being developed2.22.9
Net corporate costs(13.8)(10.9)
All costs directly associated with the acquisition and development of a property are capitalised.
Fees paid to auditor
$20262025
Audit and review of financial statements(594,200)(696,900)
Audit or review related services
Agreed upon procedures(10,6 0 0)(14,8 0 0)
Other assurance services and agreed-upon procedures engagements
Climate and sustainability reporting related services(142,850)(157,000)
Other agreed upon procedures(34,000)–
Other services
Provision of remuneration benchmarking data–(74,000)
Total fees paid to auditor(781,650)(9 42 ,70 0)
2524
Financial Statements of
Goodman NZ
Notes to the Financial Statements (continued)

8. Net corporate costs (continued)
Audit or review related
services
Fees for audit or review related services of $10,600 comprise agreed-upon
procedures on the financial covenants of the bank facilities and reporting to the
supervisor of GNZ Bond Issuer Limited (2025: $14,800 comprise agreed upon
procedures on the financial covenants of the bank facilities, agreed upon procedures
on the NTA of GPS, and reporting to the supervisor of GNZ Bond Issuer Limited).
Other assurance services
and agreed-upon
procedures engagements
Fees for other assurance related services of $176,850 comprise $142,850
(2025: $157,000) relating to climate related disclosures reporting and assurance
in regard to the use of proceeds for the Group’s green lending arrangements and
$34,000 (2025: nil) relating to agreed-upon procedures acting in the role of
scrutineer in relation to special meetings of unitholders and bondholders.
Other servicesNo other services have been provided during the year. (2025: $74,000 for the
provision of remuneration benchmarking data).
9. Employee benefits liabilities
The legacy Goodman Group LTIP (legacy GMG LTIP) employee benefit expense relates to performance rights
previously awarded to employees under the Goodman Group (GMG) long-term incentive plan. All full-time and
part-time permanent employees were eligible to participate. The performance rights entitle an employee to acquire
GMG stapled securities for nil consideration, subject to the vesting conditions having been satisfied. At vesting,
settlement will be made directly by GMG with no additional financial impact to the Group than the value attributed to
the indemnification asset. The future performance and settlement of this award is a responsibility of GMG until the
vesting conditions around the service period cease.
The legacy Goodman NZ LTIP (legacy NZ LTIP) share based payments expense relates to performance rights
previously awarded to employees under the legacy NZ LTIP. All full-time and part-time permanent employees
were eligible to participate. The performance rights entitle an employee to acquire GNZ stapled securities for nil
consideration, subject to the vesting conditions having been satisfied. These rights are vested subject to meeting
performance hurdles based on the achievement of operating earnings targets by GNZ and the relevant total
shareholder return from holding GNZ shares compared to other New Zealand Stock Exchange (NZX) property vehicles.
At vesting, settlement will be made by a cash payment equivalent to the value of shares, with the financial impact to
the Group to be reimbursed by GMG as per the terms of the sale of the GPS to GNZ.
$ million20262025
Current
Employee entitlements4.63.4
Employee benefits liabilities – legacy GMG LTIP9.38.4
Employee benefits liabilities – legacy NZ LTIP6.35.3
Total current employee benefits liabilities20.217. 1
Non-current
Employee benefits liabilities – legacy GMG LTIP6.810.5
Employee benefits liabilities – legacy NZ LTIP4.57. 3
Total non-current employee benefits liabilities11.317. 8
Total employee benefits liabilities31.534.9
9. Employee benefits liabilities (continued)
Employee entitlements are initially recognised at fair value and subsequently measured at amortised cost. Items
recorded as current are expected to be settled within the next twelve months.
The Group has recognised an employee benefit expense in relation to the legacy GMG LTIP and a cash-settled share-
based payment in relation to the legacy NZ LTIP.
The legacy GMG LTIP performance rights are settled directly between GMG and employees of the Group. The liability
is calculated over the period to the vesting date and is adjusted to reflect the actual number of rights for which the
related service and non-market vesting conditions are expected to be met. The liability recognised is remeasured at
each balance date using the GMG market price and AUD / NZD exchange rate, with the movement in liability recorded
through the statement of comprehensive income.
The liability for the legacy NZ LTIP performance rights is calculated over the period to the vesting date and is adjusted
to reflect the actual number of rights for which the related service and non-market vesting conditions are expected to
be met. The liability recognised is remeasured at each balance date using the GNZ market price, with the movement in
liability recorded through the statement of comprehensive income.
The fair value of services received in return for performance rights granted under the legacy LTIPs is measured by
reference to the fair value of the performance rights granted. The fair value of these legacy LTIP performance rights is
measured as follows:
2 Operating earnings per share (EPS) hurdles: these are assessed using estimates of achieving these targets.
These estimates are based on information regarding the expected performance for GMG as publicly reported
and are consistent with the valuation approach taken by GMG for recognition of LTIPs in its financial statements or
based on internal forecast information in the business plan for GNZ as presented to the Board, both risk-adjusted
for the passage of time.
+ Relative total shareholder return (TSR) tranches: these rights were valued using a Monte Carlo model which
simulated total returns for each of the ASX 100 stocks / NZX property vehicle stocks and discounted the future
value of any potential future vesting performance rights to arrive at a present value. The model uses statistical
analysis to forecast total returns, based on expected parameters of variance and co-variance.
The movement in the number of legacy LTIP performance rights is as follows:
Legacy GMG LTIPLegacy NZ LTIP
Number of performance rights2026202520262025
Outstanding at the beginning of the year1,189,8801,4 89,6 0111,521,51914,021,851
Ve ste d(329,388)(295,029)(3,070,695)(2,454,911)
Cancelled( 2 7, 5 6 4 )(4,692)(35,424)(45,421)
Outstanding at the end of the year832,9281,189,8808,415,40011,521,519
2726
Financial Statements of
Goodman NZ
Notes to the Financial Statements (continued)

9. Employee benefits liabilities (continued)
The model inputs for the remeasurement of legacy LTIPs as at 31 March 2026 include the following:
Legacy GMG rightsLegacy NZ rights
Remeasurement inputs 31 March 2026
Issued in
F Y24
Issued in
F Y23
Issued in
F Y22
Issued in
F Y24
Issued in
F Y23
Issued in
F Y22
Fair value at measurement date ($)11.0230.6730.671.901.901.90
Security price ($)30.6730.6730.671.901.901.90
Exercise price ($)––––––
Expected volatility (%)22.38–––––
Rights’ expected weighted average life (years)1.40.4–1.20.2–
Dividend yield per annum (%)––––––
NZD / AUD exchange rate1.201.201.20–––
Average risk-free rate of interest per annum (%)4.13–––––
The model inputs for the remeasurement of legacy LTIPs as at 31 March 2025 include the following:
Legacy GMG rightsLegacy NZ rights
Remeasurement inputs 31 March 2025
Issued in
F Y24
Issued in
F Y23
Issued in
F Y22
Issued in
F Y21
Issued in
F Y24
Issued in
F Y23
Issued in
F Y22
Issued in
F Y21
Fair value at measurement date ($)18.2817. 2 231.2731.270.611.871.871.87
Security price ($)31.2731.2731.2731.271.871.871.871.87
Exercise price ($)––––––––
Expected volatility (%)27.012 7. 4 6––13.99–––
Rights’ expected weighted average life (years)2.41.40.4–2.21.20.2–
Dividend yield per annum (%)––––3 .7 5–––
NZD / AUD exchange rate1.101.101.101.10n /an /an /an /a
Average risk-free rate of interest per annum (%)3.804.01––3.50–––
10. Related party assets
Goodman Group has indemnified the Group for the settlement of the existing legacy LTIPs that GPS staff are entitled
to. All costs and liabilities owing to the employees relating to awards granted before settlement of the internalisation
of GMT in March 2024 will be met by Goodman Group. An indemnification payment of $5.9 million in relation to the
legacy NZ LTIP was received from Goodman Group in the year (2025: $5.3 million).
$ million20262025
Current
Co-operation Services Agreement1.11.1
Indemnification assets6.49.5
Prepayment assets9.65.5
Total current related party assets17. 116.1
Non-current
Co-operation Services Agreement7. 89.0
Indemnification assets3 .79 .7
Prepayment assets11.921.8
Total non-current related party assets23.440.5
Total related party assets40.556.6
10. Related party assets (continued)
The Co-operation Services Agreement with Goodman Group is initially recognised at fair value and subsequently
measured at amortised cost (over an initial 20-year amortisation period).
The indemnification assets are recognised as part of the business combination in relation to the past service
component of the legacy LTIPs. The value of the indemnification assets is therefore equal to the legacy LTIP liabilities
recognised at acquisition date and is subsequently measured on the same basis as the corresponding LTIP liability
(see note 6) with the movements recognised through the statement of comprehensive income.
Prepayment assets are recognised for the years remaining on the legacy LTIP schemes in relation to the component of
the total consideration paid, being the future service element. As part of the internalisation transaction, a prepayment
has been recognised in return for Goodman Limited assuming the liability for the legacy LTIPs for which GPS receives
the benefit of the future service from the employees. This asset is initially recognised at cost, being the fair value at the
date of settlement and subsequently measured at cost less impairment over the term of the prepayment.
11 . Employee compensation reserve
GNZ Long-term incentive plan (Equity-settled)
The Group’s equity settled scheme (GNZ LTIP) offers performance rights to all permanent employees, with vesting
determined at the end of a 3-year vesting period. Vesting is subject to the achievement of certain financial hurdles set
by the Board and included in the annual offer of participation to employees. Once it has been determined how many
performance rights have vested, each performance right will convert to one fully paid ordinary share in each of GNZL
and GPS, vesting into three equally sized tranches after three, four and five years from grant date.
The key terms and conditions related to the shares under the GNZ LTIP are as follows:
+The shares are granted for nil consideration and have a nil exercise price.
+The participant must remain an employee of the Group as at the relevant vesting date for each tranche of shares.
+The vesting conditions include performance hurdles that must be met over a three-year testing period, with
vesting in equal tranches, annually, from the end of year three to the end of year five.
— Relative Total Shareholder Return (TSR) – 25% weighting. The 2025 and 2026 grants will be tested
against the relative TSR for GNZ compared with the total shareholder returns of participants of the S&P/
NZX50 and GNZ’s cash earnings per share over the three-year performance testing period to March 2027
and March 2028.
— Cash Earnings Per Share (EPS) – 75% weighting. The EPS portion of the 2025 and 2026 grants align
with annualised cash earnings growth targets for GNZ which have been set between 5% and 7% compound
annual growth rate within a three-year period.
2928
Financial Statements of
Goodman NZ
Notes to the Financial Statements (continued)

11. Employee compensation reserve (continued)
The performance rights are measured at fair value at the grant date and expensed with a corresponding increase
in equity over the period during which the participant becomes unconditionally entitled to the shares, based on
an estimate of shares that will eventually vest. The fair value of the performance rights which are vested and the
corresponding shares which are issued are transferred from the ‘employee compensation reserve’ to ‘shares’ upon
issue of the shares.
The fair value of services received in return for performance rights granted under the LTIP is measured by reference to
the fair value of the performance rights granted. The fair value of these LTIP performance rights is measured as follows:
2 EPS hurdles: are assessed using estimates of achieving these targets. These estimates are based on internal
forecast information in the business plan for GNZ as presented to the Board, both risk adjusted for the passage
of time.
2 Relative TSR tranches: these rights are valued using a Monte Carlo model which simulates total returns for each
of the NZX06 stocks and discounts the future value of any potential future vesting performance rights to arrive
at a present value. The model uses statistical analysis to forecast total returns, based on expected parameters of
variance and co-variance.
The movement in the number of performance rights is as follows:
Number of performance rights
G N Z LT I P
2026
G N Z LT I P
2025
Outstanding at the beginning of the year10,054,090–
Granted11,221,10 010,114,4 4 0
Cancelled(55,555)(60,350)
Outstanding at the end of the year21,219,63510,054,090
The model inputs for the GNZ LTIP at issuance date includes the following:
Measurement inputs at issuance date
Rights
issued in
FY26
Rights
issued in
F Y25
Fair value at measurement date ($)0.800.81
Security price ($)1.922.05
Exercise price ($)––
Expected volatility15.6716.58
Rights’ expected weighted average life (years)3.203.20
Distribution yield per annum (%)3.90%3.8 4%
Average risk-free rate of interest per annum (%)3.56%3 .76 %
12. Debtors and other assets
$ million20262025
Debtors1.00.5
Prepayments4.02.5
Interest receivable9.42.9
Other assets2.80.8
Total debtors and other assets17. 26 .7
Debtors and other assets are initially recognised at fair value and subsequently measured at amortised cost. They are
adjusted for expected impairment losses. Discounting is not applied to receivables where collection is expected to
occur within the next twelve months.
A provision for impairment is recognised when there is objective evidence that the Group will be unable to collect
amounts due. The simplified approach to providing for expected credit losses has been applied, permitting the use of
a lifetime expected loss provision for all trade receivables. The amount provided is the difference between the carrying
amount and expected recoverable amount.
13. Creditors and other liabilities
$ million20262025
Non-current
Highbrook disposal provisions2 .7–
Total non-current creditors and other liabilities2 .7–
Current
Trade creditors0.91.9
Interest payable10.213.1
Accrued capital expenditure11.512.8
Highbrook disposal provisions6.5–
Other liabilities6.011.1
Total current creditors and other liabilities35.138.9
Total creditors and other liabilities3 7. 838.9
Creditors and other liabilities are initially recognised at fair value and subsequently measured at amortised cost.
3130
Financial Statements of
Goodman NZ
Notes to the Financial Statements (continued)

14. Ta x
14.1 Tax expense
$ million20262025
Profit before tax258.4130.9
Tax at 28%(72.4)(3 6 .7 )
Depreciation of investment property9.08.5
Movement in fair value of investment property31.23.1
Movement in fair value of legacy employee benefits(2.9)(3.8)
Share based payments expense(1.2)(0.3)
Deductible net expenditure for investment property4.24.1
Financial instruments1.2(4.5)
Transaction costs(1.3)(0.6)
Investment in associates fee recognition( 0 .7 )–
Prior year adjustments0 .70.9
Current tax on operating earnings(32.2)(29.3)
Depreciation recovered on disposed investment property(8.6)–
Financial instruments5.84.2
Legacy employee benefit deductions3.5–
Prior year adjustments0.9–
Current tax on non-operating earnings1.64.2
Tax losses utilised32.423.3
Total current tax1.8(1.8)
Depreciation of investment property(9.1)(8.5)
Reduction of liability in respect of depreciation recovery income9.19.4
Depreciation released for investment property sold 11.5–
Deferred expenses9.3(1.2)
Financial instruments( 7. 3 )0.3
Employee benefits liabilities4.23.8
Investment in associates fee recognition0 .7–
Prior period adjustment1.8–
Tax losses (32.4)(23.3)
Deferred tax(12.2)(19.5)
Total tax expense(10.4)(21.3)
Current tax on operating earnings is a non-GAAP measure included to provide an assessment of current tax for the
Group’s principal operating activities. This non-GAAP financial measure may not be consistent with its calculation by
other similar entities.
14. Tax (continued)
14.1 Tax expense (continued)
Tax expense for the year comprises current and deferred tax recognised in the statement of comprehensive income.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively
enacted at balance date, and includes any adjustment to tax payable in respect of previous years.
Deferred tax is provided in full using the liability method, providing for temporary differences between the carrying
amounts of assets and liabilities for financial reporting purposes and their tax bases.
Deferred tax is not accounted for if it arises from the initial recognition of assets or liabilities in a transaction, other
than a business combination, that affects neither accounting nor taxable profit or loss nor to differences relating to
investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future, and do not give
rise to equal deductible and taxable temporary differences.
14.2 Deferred tax
$ million20262025
Deferred tax assets
Tax losses6.236.8
Employee compensation reserve1.30.2
Lease liabilities2.2–
Employee benefits liabilities8.09.5
Investment in associates fee recognition0 .7–
Total deferred tax assets18.446.5
Deferred tax liabilities
Investment properties – depreciation recoverable(5.5)( 17. 0 )
Investment properties – deferred expenses(6.2)(15.5)
Financial instruments( 4 .7 )2.6
Borrowings issue costs(0.1)(0.1)
Indemnification assets(1.3)(5.9)
Right of use assets(2.2)–
Total deferred tax liabilities(20.0)(35.9)
Net deferred tax (liability) / asset(1.6)10.6
Deferred tax assets and liabilities have not been offset on the balance sheet as they relate to separate taxable
entities. Accordingly, the net deferred tax liability of $1.6 million is presented as a deferred tax asset of $8.3 million
(relating to GPS) and a deferred tax liability of $9.9 million (relating to GNZL).
3332
Financial Statements of
Goodman NZ
Notes to the Financial Statements (continued)

14. Tax (continued)
14.2 Deferred tax (continued)
The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying
amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available
against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that
the related tax benefit will be realised.
For deferred tax liabilities potentially arising on investment property measured at fair value there is a rebuttable
presumption that the carrying amount of the investment property asset will be recovered through sale. In estimating
this deferred tax liability, the Group has made reference to its experience of tax depreciation recovered when
properties of a similar nature have been sold.
15. Related party disclosures
Related party assets are disclosed in note 10. Goodman Group (a stapled entity comprising Goodman Limited,
Goodman Industrial Trust and Goodman Logistics (HK) Limited) and its entities continue to be related parties of
the Group as GIH and GIT are significant shareholders, with Goodman NZ being equity accounted in the financial
statements of Goodman Group.
EntityNature of related party relationship
Goodman Investment Holdings (NZ) LimitedGIHShareholder in the Group.
Goodman Industrial TrustGITShareholder in the Group through
Goodman Funds Management Limited
as responsible entity for the Goodman
Industrial Trust.
Goodman LimitedGLParent entity of GIH and provider of
support services to the Group under a
co-operation services agreement.
Goodman NZ Highbrook Limited PartnershipHLPEquity accounted associate in which
GNZL is a partner and GPS is the Manager.
Refer to note 2 for more details.
GNZ Highbrook General Partner LimitedHGPEquity accounted associate in which
GNZL is a shareholder and GPS provides
management services. Refer to note 2
for more details.
15. Related party disclosures (continued)
15.1 Transactions with related parties
RecordedOutstanding
$ millionRelated party2026202520262025
Investment management fee incomeHLP4.3–2.3–
Property management fee incomeHLP2.2–0.4–
Establishment fee incomeHLP4.3–––
Total fee income10.8–2 .7–
Distributions receivedHLP9 .7–––
Disposal of investment propertiesHLP2 , 1 0 9 .7–––
Other assets associated with
disposal of investment propertiesHLP1.2–––
Gross lease paymentsHLP(0.2)–––
Disposal provisions paymentsHLP(1.5)–––
Transitional servicesGL(1.1)(1.1)––
Distributions paidGIT( 16 .7 )(13.5)––
Distributions paidGIH(16.3)( 17. 9 )––
On 30 September 2025, Highbrook Business Park was sold to HLP, a related party, for $2.1 billion.
The following table details the transactions between GNZL (GMT prior to 31 March 2026) and GPS, which are
eliminated on consolidation.
$ million 20262025
Charged by GPS to GNZL
Property management fees5.46 .7
Cost recovery income3.51 9 .7
Cost recharges0.50.3
Total charged9.42 6 .7
Charged by GNZL to GPS
Gross lease receipts 0.10.2
The following balances were receivable / (payable) between GNZL and GPS
GPS – related party payable (recognised in GNZL)(8.9)(10.0)
GPS – related party receivable (recognised in GNZL)4.314.1
GNZL – related party payable (recognised in GPS)(4.3)(14.1)
GNZL – related party receivable (recognised in GPS)8.910.0
GPS provided management services to GNZL / GMT on a cost recovery basis prior to 31 March 2026.
3534
Financial Statements of
Goodman NZ
Notes to the Financial Statements (continued)

15. Related party disclosures (continued)
15.2 Other related party transactions
Key management personnel
Key management personnel are those people with the responsibility and authority for planning, directing and
controlling the activities of an entity. The key management personnel are considered to be the Directors, the Chief
Executive Officer, the Chief Financial Officer and the General Counsel. Total key management personnel expenses
are detailed in the table below:
$ million 20262025
Short-term employee benefits2.12.4
Share based payments – GNZ LTIP 1.30.3
Share based payments – legacy LTIPs4 .74.8
Directors’ fees0.60.5
To t a l 8 .78.0
For the year ended 31 March 2026 there were no post-employment benefits, other long-term benefits or termination
benefits (2025: none).
Related party investment in the Group
At 31 March 2026, Goodman Group, through its subsidiary Goodman Investment Holdings (NZ) Limited, held
241,863,312 shares in each of GNZL and GPS out of a total 1,530,611,273 shares on issue in each of GNZL and
GPS (31 March 2025: 241,863,312 units in GMT out of a total 1,538,768,535 units).
At 31 March 2026, Goodman Group, through Goodman Funds Management Limited (as the responsible entity for
Goodman Industrial Trust), held 247,071,396 shares in each of GNZL and GPS out of a total 1,530,611,273 shares
on issue in each of GNZL and GPS (31 March 2025: 247,071,396 units in GMT out of a total 1,538,768,535 units).
Licence to use Goodman brand
Goodman Group have granted GNZL and GPS a non-exclusive, non-transferable licence to continue to use the
“Goodman” brand for so long as Goodman Group holds at least 10% of the shares in the Group. There is no ongoing
fee payable for use of the Goodman brand under the Brand Licence Agreement.
In using the Goodman brand, GNZL and GPS are required to follow Goodman Group brand guidelines and Goodman
Group may terminate the licence in customary circumstances, including in the event of a serious unremedied breach.
There is a two-month transition period to cease using the brand once the Group is no longer entitled to do so.
16. Commitments and contingencies
16.1 Capital commitments
These commitments are amounts payable for contractually agreed services for capital expenditure.
$ million20262025
Completion of developments48.418.0
Property acquisition50.8–
Office fit-out –1.5
Total capital commitments99.219.5
16.2 Contingent liabilities
The Group has no material contingent liabilities (2025: none).
17. Reconciliation of profit after tax to net cash flows from operating activities
$ million20262025
Profit after tax248.0109.6
Non-cash items:
Movement in fair value of investment property( 5 9 .7 )(11.1)
Deferred lease incentives and leasing costs9.42 .7
Fixed rental income adjustments(3.0)(5.0)
Issue costs and subsequent amortisation for non-bank borrowings1.20 .7
Movement in fair value of financial instruments7. 017. 1
Movement in valuation of legacy employee benefits10.31 3 .7
Transitional services1.11.1
Share based payment expense4.21.2
Tax expense(12.2)(3.8)
Share of earnings from associates( 8 4 .7 )–
Net cash flows from operating activities before changes in assets and liabilities121.6126.2
Movements in working capital from:
Debtors and other assets(0.5)7. 1
Creditors and other liabilities1.55.3
Tax liabilities11.22 2 .7
Movements in working capital12.235.1
Net cash flows from operating activities133.8161.3
3736
Financial Statements of
Goodman NZ
Notes to the Financial Statements (continued)

18. Financial risk management
In addition to business risk associated with the Group’s principal activity of investing in and managing real estate in
New Zealand, the Group is also exposed to financial risk for the financial instruments that it holds. Financial risk can be
classified in the following categories: interest rate risk, credit risk, liquidity risk and capital management risk.
18.1 Financial instruments
The following items in the balance sheet are classified as financial instruments: Cash, short-term deposits, debtors
and other assets (excluding prepayments), financial instruments, creditors and other liabilities, lease liabilities and
borrowings. All items are recorded at amortised cost with the exception of derivative financial instruments, which are
recorded at fair value through profit or loss.
Financial instruments are classified dependent on the purpose for which the financial instrument was acquired or
assumed. Management determines the classification of its financial instruments at initial recognition between two
categories:
+ Amortised cost: Instruments recorded at amortised cost are those with fixed or determined receipts / payments
that are recorded at their expected value at balance date.
+ Fair value through profit or loss: Instruments recorded at fair value through the statement of comprehensive
income have their fair value measured via active market inputs, or by using valuation techniques if no active
market exists.
18.2 Interest rate risk
The Group’s interest rate risk arises from borrowings. The Group manages its interest rate risk in accordance with its
Financial Risk Management policy. The principal objective of the Group’s interest rate risk management process is to
mitigate negative interest rate volatility adversely affecting financial performance.
The Group manages its interest rate risk by using floating-to-fixed interest rate swaps and interest rate caps. Interest
rate swaps and interest rate caps (when effective) have the economic effect of converting borrowings from floating rates
to fixed rates. Generally, the Group raises long-term borrowings at floating rates and swaps them into fixed rates that are
lower than those available if the Group borrowed directly at fixed rates. Under the interest rate swaps, the Group agrees
with other parties to exchange, at specified intervals (primarily quarterly), the difference between fixed contract rates
and floating-rate interest amounts calculated by reference to the agreed notional amounts. Under interest rate caps,
the Group agrees to pay the floating rate up to the cap limit at which point it replicates an interest rate swap. Where the
Group raises long-term borrowings at fixed rates, it may enter into fixed-to-floating interest rate swaps or interest rate
caps to enable the cash flow interest rate risk to be managed in conjunction with its floating rate borrowings.
The table below considers the direct impact to interest costs of a 1% change to interest rates.
$ million20262025
Impact of a 1% increase in interest rates(0.3)(2.5)
Impact of a 1% decrease in interest rates0.32.5
3938
Financial Statements of
Goodman NZ
Notes to the Financial Statements (continued)
18. Financial risk management (continued)
18.3 Credit risk
Credit risk arises from cash, short-term deposits, financial instruments, credit exposures to customers and credit
exposure to banks. For banks and financial institutions only independently credit rated parties are accepted, and
when short-term deposits or derivative contracts are entered into their credit risk is assessed. For customers and
related parties, the Group assesses the credit quality, considering its financial position, past experience and any other
relevant factors. The overall credit risk is managed with a credit policy that monitors exposures and ensures that the
Group does not bear unacceptable concentrations of credit risk.
The Group’s maximum exposure to credit risk is best represented by the total of its debtors, financial instrument assets,
short-term deposits and cash as shown in the balance sheet. To mitigate credit risk the Group holds security deposits,
bank guarantees, parent company guarantees or personal guarantees from customers as deemed appropriate.
18.4 Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations from its financial liabilities.
The Group’s approach to management of liquidity risk is to ensure that it will always have sufficient liquidity to meet
its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking
damage to the Group’s reputation. The Group manages this risk through active monitoring of the Group’s liquidity
position and availability of borrowings from committed facilities.
The following table outlines the Group’s financial liabilities by their relevant contractual maturity date. Values are the
contractual undiscounted cash flows and include both principal and interest where applicable. Contractual maturity
dates for lease liabilities are presented based on the relevant five-year periods in which the underlying leases are
subject to market rent reviews.
$ millionYe a r 1Ye a r 2Ye a r 3Ye a r 4Ye a r 5
Ye a r 6
and later
To t a l
cash flows
Carrying
value
2026
Borrowings2 7. 1373.161.81 5 7. 81 51 .7–771.5705.0
Financial instruments––––––––
Lease liabilities12.01 1 .711.19.43.2–4 7. 4194.6
Creditors and other liabilities35.1–––––35.135.1
To t a l74.2384.872.91 6 7. 2154.9–854.09 3 4 .7
2025
Borrowings383.6194.6526.0198.41 5 7. 81 51 .71,612.11,460.0
Financial instruments2.52.52.21.41.00 .710.314.3
Lease liabilities8 .77.77. 46.95.1–35.81 2 6 .7
Creditors and other liabilities38.9–––––38.938.9
To t a l4 3 3 .7204.8535.62 0 6 .7163.9152.41 , 6 9 7. 11,639.9
18.5 Capital management risk
The Group’s policy is to maintain a strong capital base to maintain investor, creditor and market confidence, while
maximising the return to investors through optimising the mix of debt and equity. The Group meets its objectives
for managing capital through its investment decisions on the acquisition, development and disposal of assets, its
distribution policy, buyback of equity and raising new equity. The Group’s policies in respect of capital management
are reviewed regularly by the Board of Directors.
The Group’s capital structure includes bank debt, retail bonds, wholesale bonds and shareholders’ equity. A loan to
value ratio covenant restricts total borrowings incurred by the Group to 50% of the aggregate value of its property
assets. The Group complied with this requirement during this year and the prior year.

4140
Financial Statements of
Goodman NZ
Notes to the Financial Statements (continued)
18. Financial risk management (continued)
18.6 Fair value of financial instruments
Except for the green retail bonds, wholesale bonds and green wholesale bonds, the carrying values of all balance
sheet financial instruments approximate their estimated fair value. The fair values of green retail bonds, wholesale
bonds and green wholesale bonds are as follows:
$ millionFair value hierarchy20262025
Green retail bondsLevel 1151.4150.2
Wholesale bondsLevel 2373.1368.0
Green wholesale bondsLevel 214 5.314 6.1
The Group classifies its fair value measurements using a fair value hierarchy that reflects the significance of the inputs
used in making the measurements. The fair value hierarchy has the following levels:
+ Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
+ Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from prices).
+ Level 3: Inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs).
The fair value of financial instruments classified as Level 2, being wholesale bonds and green wholesale bonds is measured
using a present value calculation of the future cash flows using the relevant term swap rate as the discount factor.
The level in the fair value hierarchy within which the fair value measurement is categorised is determined on the basis
of the lowest input to the fair value measurement. If a fair value measurement uses observable inputs that require
significant adjustment based on unobservable inputs, the measurement is a Level 3 measurement.
The Group’s policy is to recognise transfers into and transfers out of fair value hierarchy levels at the date of the event
or change in circumstances that caused the transfer. During the year, there were no transfers between levels of the fair
value hierarchy.
19. Major customer disclosure
The Group is required to provide information about the extent of its reliance on its major customers (being 10 per cent
or more of the Group’s revenues). For the year ended 31 March 2026, the Group had one customer with total revenue
of $24.5 million, being 11.0% of the Group’s revenue (2025: one customer with total revenue of $33.9 million, being
12.3% of the Group’s revenue).
20. Operating segments
The Group determines and presents operating segments based on the information that is provided internally to the
Chief Operating Decision Maker (CODM), which is responsible for allocating resources and assessing performance.
The CODM has been identified as the respective boards of GNZL and GPS.
20. Operating segments (continued)
Following the corporatisation and stapling transaction on 31 March 2026, the Group comprises two principal components:
+GNZL (GMT prior to 31 March 2026) – is a PIE and holds the Group’s property investment activities and its
investments in associates.
+GPS – is not a PIE and undertakes the Group’s property management and funds management activities.
Elimination – transactions between GNZL and GPS that are eliminated for the Group.
These components reflect how the Group is structured and managed internally. The following section provides an
analysis of the Group’s results by reportable segment.
Segment profit or loss 2026
$ millionGNZLGPSElimination2026
Property income223.1––223.1
Property expenses(4 4.0)–5.4(38.6)
Net property income17 9 . 1–5.4184.5
Fee income–16.2(5.4)10.8
Cost recovery income–3.5(3.5)–
Interest cost(48.0)(0.3)–(48.3)
Interest income8.40.1–8.5
Net interest cost(39.6)(0.2)–(39.8)
Net corporate costs3.3(20.6)3.5(13.8)
Share based payments expense–(4.2)–(4.2)
Profit before other expenses and tax142.8(5.3)–137.5
Other income / (expenses)
Share of earnings from associates8 4 .7––8 4 .7
Movement in fair value of investment property5 9 .7––5 9.7
Movement in fair value of financial instruments( 7. 0 )––(7.0)
Movement in fair value of legacy employee benefits(8.5)(1.8)–(10.3)
Transitional services–(1.1)–(1.1)
Transaction costs(5.1)––(5.1)
Profit before tax266.6(8.2)–258.4
Tax expense(18.6)8.2–(10.4)
Profit after tax attributable to equity holders248.0––248.0
Other comprehensive income––––
Total comprehensive income for the year attributable
to equity holders248.0––248.0

4342
Financial Statements of
Goodman NZ
Notes to the Financial Statements (continued)
To the shareholders of Goodman New Zealand Limited and Goodman Property Services (NZ) Limited
In our opinion, the accompanying consolidated financial statements (the financial statements) of Goodman New Zealand
Limited (GNZL) and its subsidiaries and Goodman Property Services (NZ) Limited (GPS), together Goodman NZ or the Group,
present fairly, in all material respects, the financial position of the Group as at 31 March 2026, its financial performance, and its
cash flows for the year then ended in accordance with New Zealand Equivalents to International Financial Reporting Standards
(NZ IFRS) and International Financial Reporting Standards Accounting Standards (IFRS Accounting Standards).
The Group’s financial statements comprise:
—the balance sheet as at 31 March 2026;
—the statement of comprehensive income for the year then ended;
—the statement of changes in equity for the year then ended;
—the statement of cash flows for the year then ended; and
—the notes to the financial statements, comprising material accounting policy information and other explanatory information.
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ)) and International
Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s responsibilities
for the audit of the financial statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We are independent of the Group in accordance with Professional and Ethical Standard 1 International Code of Ethics for
Assurance Practitioners (including International Independence Standards) (New Zealand) issued by the New Zealand Auditing
and Assurance Standards Board (PES 1) and the International Code of Ethics for Professional Accountants (including
International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code), as
applicable to audits of financial statements of public interest entities. We have also fulfilled our other ethical responsibilities in
accordance with PES 1 and the IESBA Code.
In our capacity as auditor and assurance practitioner, our firm also provides review, agreed-upon procedures and other
assurance services. The firm has no other relationship with, or interests in, the Group.
20. Operating segments (continued)
Segment profit or loss 2025
$ millionGMTGPSElimination2025
Property income2 7 7. 9––2 7 7. 9
Property expenses(5 4.1)–6 .7( 4 7. 4 )
Net property income223.8–6 .7230.5
Fee income–6 .7( 6 .7 )–
Cost recovery income–1 9 .7( 1 9 .7 )–
Interest cost(64.9)––(64.9)
Interest income0.8––0.8
Net interest cost(64.1)––(64.1)
Net corporate costs(11.6)(19.0)1 9 .7(10.9)
Share based payments expense–(1.2)–(1.2)
Profit before other expenses and tax148.16.2–154.3
Other income / (expenses)
Movement in fair value of investment property11.1––11.1
Movement in fair value of financial instruments( 17. 1 )––( 17. 1 )
Movement in fair value of legacy employee benefits( 8 .7 )(5.0)–(13 .7 )
Transitional services–(1.1)–(1.1)
Transaction costs(2.6)––(2.6)
Profit before tax130.80.1–130.9
Tax expense(21.2)(0.1)–(21.3)
Profit after tax attributable to equity holders109.6––109.6
Other comprehensive income––––
Total comprehensive income for the year attributable
to equity holders109.6––109.6
Segment assets and liabilities 2026
$ millionGNZLGPSElimination2026
Assets4,190.54 4.1(13.2)4,221.4
Liabilities (953.5)( 3 7. 5 )13.2( 9 7 7. 8 )
Net assets3,237.06.6–3,243.6
Segment assets and liabilities 2025
$ millionGMTGPSElimination2025
Assets4,777.132.4(24.1)4 ,78 5. 4
Liabilities (1,668.5)(30.0)24.1(1 ,6 74 . 4)
Net assets3,108.62.4–3,111.0
PricewaterhouseCoopers, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland, 1142, New Zealand
T: +64 9 355 8000, www.pwc.co.nz

4544
Accounting for the corporatisation and stapling
Refer to the general information section of the financial
statements.
During the year, the Group completed a corporatisation
and stapling transaction, resulting in a fundamental
change to its legal and operating structure. This
included the replacement of units in Goodman Property
Trust (GMT) with ordinary shares in GNZL and the
establishment of a stapled security structure with GPS.
The accounting for this transaction required significant
judgement, and these judgements are complex due to the
absence of specific guidance in NZ IFRS 10 Consolidated
Financial Statements for common control transactions
and stapled structures. This included determining
whether the transaction is within the scope of NZ IFRS 3
Business Combinations or represented a common control
reorganisation, identifying GNZL as the parent entity in
the stapled structure, and determining the appropriate
transaction date for accounting purposes.
We considered this to be a key audit matter due to the
complexity of the transaction, the significant judgement
involved, and the audit effort required to evaluate
management’s accounting conclusions.
Our procedures included, among others:
—Obtaining an understanding of management’s process
over the accounting for the corporatisation and stapling
transaction.
—Evaluating management’s assessment of the transaction
as a common control reorganisation by considering the
substance of the transaction and the control retained by
GMT throughout, and, as part of this assessment, assessing
management’s accounting analysis against the requirements
of the relevant accounting standards.
—Assessing key legal documentation, including the stapling
deed between GNZL and GPS and relevant trust deed
amendments, to understand the legal form and substance of
the transaction.
—Evaluating management’s determination of GNZL as the
parent entity in the stapled structure, by considering the
common control arrangement and the relative size and role
of the entities involved. We also assessed the consolidation
implications arising from the stapled structure.
—Evaluating the determination of the transaction date by
reference to unitholder approvals, board resolutions and other
supporting legal documentation.
—Considering the appropriateness of disclosures made in the
financial statements.
Determining the treatment for the investment
in associates
Refer to note 2 and the general information section of
the financial statements.
On 30 September 2025, the Group sold its investment
in Highbrook Business Park to Goodman NZ Highbrook
Limited Partnership (HLP) for a gross price of
$2,109.7 million and, as part of the transaction, acquired
a 71.1% interest in HLP and GNZ Highbrook General
Partner Limited (HGP) for consideration comprising
equity of $899.9 million and cash.
The accounting for this transaction involved significant
judgement, particularly in assessing whether the Group
controls HLP and HGP or has significant influence, and
therefore whether the investment should be accounted
for as a subsidiary or an associate in accordance with
NZ IFRS 10 Consolidated Financial Statements and
NZ IAS 28 Investments in Associates and Joint Ventures.
We considered this to be a key audit matter due to the size
of the transaction, and the significant judgement involved
in determining the appropriate accounting treatment.
Our procedures included, among others:
—Assessing key agreements to understand the rights and
obligations of the parties.
—Recalculating the gain on disposal by comparing the
consideration received to the carrying value of the investment
properties at the date of disposal.
—Assessed the Group’s conclusion that it does not control
HLP or HGP by evaluating the governance structure,
decision-making rights, and relevant contractual
arrangements against the requirements of NZ IFRS 10.
—Tested the application of the equity method of accounting
for HLP and HGP to supporting documents, including
whether profits on transactions with the associate had been
appropriately eliminated.
—Considering the appropriateness of disclosures made in the
financial statements.
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial
statements of the current year. These matters were addressed in the context of our audit of the financial statements as a whole,
and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Valuation of investment property
Refer to note 1 to the financial statements.
As at 31 March 2026, the Group’s investment
property portfolio comprised stabilised properties
of $2,522.5 million and investment property under
development of $149.0 million, with a total carrying
value of $2,671.5 million.
The valuation of investment property is inherently
subjective. Small changes in key assumptions, when
aggregated across the portfolio, could result in a material
change in the carrying value. Key assumptions applied
include, but are not limited to, market capitalisation rates,
discount rates, market rental, rental growth rates and
terminal capitalisation rates. These assumptions are
influenced by market conditions and property-specific
factors such as tenancy arrangements and the quality
and location of assets.
Management engaged independent registered valuers
to assist in determining the fair value of the investment
property portfolio. The valuers engaged by management
are experienced in the markets in which the Group
operates and are rotated across the portfolio, with the
lead valuer rotated on a three-year cycle. The valuers
applied valuation methodologies consistent with
International Valuation Standards and Australia and
New Zealand Valuation and Property Standards, using
market evidence and property-specific inputs.
In determining a property’s valuation, the valuers
predominantly used two approaches to determine
the fair value of an investment property: the income
capitalisation approach and the discounted cash flow
approach to arrive at a range of valuation outcomes,
from which the valuers derive a point estimate. For
properties reported as under development, the residual
or land value approaches were also used.
We considered this to be a key audit matter due to the
significant estimation uncertainty involved, the size of
the balance, and the level of audit effort and judgement
required, including the involvement of an auditor’s
valuation expert.
Our procedures included, among others:
—Obtaining an understanding of management’s processes and
controls relating to the valuation of investment properties
through walkthroughs and discussions with management.
We also met with management and the independent
registered valuers to understand portfolio movements,
changes in market conditions, climate change-related risks,
and other factors influencing the key assumptions applied in
the valuations.
—Evaluating the appropriateness of the valuation
methodologies and the reasonableness of key assumptions,
including capitalisation rates, discount rates and market rents,
by benchmarking these against external market data and
recent comparable transactions.
—Holding discussions with the independent registered valuers
to understand the methodologies, estimates and key
assumptions applied in the valuations, and assessing their
competence, capabilities, and objectivity. We also evaluated
whether there was any evidence of bias in the determination
of significant assumptions used in the individual valuations.
—On a sample basis:
−agreeing forecast contractual rental income and lease
terms to executed lease agreements with tenants;
−evaluating whether property-specific factors,
such as capital expenditure requirements, seismic
considerations and ground lease obligations, had been
appropriately reflected in the valuations by inspecting
supporting documentation; and
−using an auditor’s valuation expert to assist us to
assess methodologies and assumptions, including
benchmarking selected inputs against market data.
—Evaluating whether the valuation approach applied for each
property was consistent with the valuation methodology
described in note 1 and suitable for determining the fair value
of the investment property portfolio as at 31 March 2026.
—Considering the appropriateness of disclosures made in the
financial statements.
PwCPwC
Independent auditor’s report (continued)

4746
The Directors of GNZL and GPS are responsible for the other information. The other information comprises the information
included in the Annual Report, but does not include the financial statements and our auditor’s report thereon. The Annual Report
is expected to be made available to us after the date of this auditor’s report.
Our opinion on the financial statements does not cover the other information and we will not express any form of audit opinion or
assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the
audit, or otherwise appears to be materially misstated.
When we read the other information not yet received, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to the Directors of GNZL and GPS and use our professional judgement to determine the
appropriate action to take.
The Directors are responsible, on behalf of GNZL and GPS, for the preparation and fair presentation of the financial statements in
accordance with NZ IFRS and IFRS Accounting Standards, and for such internal control as the Directors determine is necessary to
enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors of GNZL and GPS are responsible for assessing the Group’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern, and using the going concern basis of
accounting unless the Directors of GNZL and GPS either intend to liquidate the Group or to cease operations, or have no realistic
alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements, as a whole, are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is
a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (NZ) and ISAs will always detect
a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements.
A further description of our responsibilities for the audit of the financial statements is located at the External Reporting Board’s
website at:
https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/audit-report-1-1/
This description forms part of our auditor’s report.
This report is made solely to the shareholders of GNZL and GPS, as a body. Our audit work has been undertaken so that we
might state those matters which we are required to state to them in an auditor’s report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone other than the Group and the shareholders of
GNZL and GPS, as a body, for our audit work, for this report, or for the opinions we have formed.
The engagement partner on the audit resulting in this independent auditor’s report is Lisa Crooke.
For and on behalf of:
PricewaterhouseCoopers Auckland
25 May 2026
Overview
Overall group materiality: $7.75 million, which represents approximately 5% of profit before tax excluding
movements in fair value of investment property and financial instruments (including the Group’s share
of earnings from associates arising from movements in fair value of investment property and financial
instruments) and movements in fair value of legacy employee benefits.
We have chosen this benchmark because in our view, it is the benchmark against which the performance
of the Group is most commonly measured by users of the financial statements.
We performed a full scope audit over the financial information of all components of the Group.
As reported above, we have three key audit matters, being:
—Valuation of investment property;
—Accounting for the corporatisation and stapling; and
— Determining the treatment for the investment in associates.
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial
statements. In particular, we considered where management made subjective judgements; for example, in respect of significant
accounting estimates that involved making assumptions and considering future events that are inherently uncertain. As in all of
our audits, we also addressed the risk of management override of internal controls, including among other matters, consideration
of whether there was evidence of bias that represented a risk of material misstatement due to fraud.
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain reasonable assurance
about whether the financial statements are free from material misstatement. Misstatements may arise due to fraud or error.
They are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of the financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the overall group
materiality for the financial statements as a whole as set out above. These, together with qualitative considerations, helped
us to determine the scope of our audit, the nature, timing and extent of our audit procedures, and to evaluate the effect of
misstatements, both individually and in the aggregate, on the financial statements as a whole.
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the financial
statements as a whole, taking into account the structure of the Group, the accounting processes and controls, and the industry
in which the Group operates.
PwCPwC
Materiality
Group
Scoping
Key Audit
Matters
Independent auditor’s report (continued)

---

GOODMAN NZ
Goodman NZ
Annual Result 2026
MAY 2026
NZ Post, Roma Road

CONTENTS
01020304
OverviewInvestment
Portfolio
Financial ResultCapital
Management
05060708
SustainabilitySummary &
Outlook
QuestionsAppendix
Following all conditions being satisfied including unitholder and bondholder approval on 31 March 2026, Goodman Property Trust transitioned to a corporatised and stapled structure on 7 April 2026.
Goodman NZ comprises Goodman New Zealand Limited (GNZL) and Goodman Property Services (NZ) Limited (GPS) together with their subsidiaries. For financial reporting purposes, the effective
date is considered to be the date of unitholder approval. The financial statements provided with this release are consolidated financial statements of Goodman New Zealand Limited and its wholly-
owned subsidiaries and Goodman Property Services (NZ) Limited, each of GNZL and GPS being a "stapled entity", and together Goodman NZ (GNZ or the Group).
All portfolio metrics are presented on an ownership-adjusted basis unless otherwise stated. All financial amounts are in NZD.
Recorp, M20 Business Park

OVERVIEW
01
WaterCo and Wiggins, Highbrook Business Park

4
DELIVERING STRATEGY
+Established an investment management
platform with the Highbrook Partnership
+Purchased Felix Street for $53.5 million
+Continued development at Mt Wellington,
Penrose and Waitomokia
+Initiated on-market buyback to purchase
up to $125 million in securities
+Completed the transition of the business
to a corporatised and stapled structure,
receiving both unitholder and
bondholder approval on 31 March 2026
FY26 SNAPSHOT
PORTFOLIO UPDATE
+Occupancy of 96.9% and WALT of 4.9
years
+132,522 sqm of stabilised leasing
produced rental uplift of 22.1% on new
leases
+Total Portfolio like-for-like rental growth
of 5.3%, with potential rent reversion to
market of 19.5%
+Independent valuers have confirmed
revaluation gain of $111.2 million (2.7%)
+Managed portfolio of $4.9 billion,
including external partners’ share of
$632 million
FINANCIAL RESULTS
+3.6% increase in operating earnings
before tax to $159.8 million
+5.7% increase in cash earnings to
7.98cents per share
+Statutory profit after tax of $248.0 million
+Robust balance sheet with look-through
gearing of 19.8% and committed gearing
of 24.0%
+Nearly $700 million of capital recycled
through the settlement of the Highbrook
Partnership and the sale of Bush Road
Estate

5
GNZSTRATEGY
FUNDS MANAGEMENT
+With a significant portfolio of assets, access to
Goodman Group's global relationships, a proven
track record of managing partnerships and local
operational expertise, GNZ has the foundation to
build a funds management platform of scale
+The successful establishment of the Highbrook
Partnership has created a scalable platform that
diversifies revenue and unlocks access to third-
party capital. Expansion of the platform will further
broaden our revenue streams and provide a
superior set of options for sourcing and deploying
capital in an increasingly capital-constrained
environment
DEVELOPMENT
+GNZ’s in-house team brings deep expertise across
planning, design and delivery, enabling the
business to undertake more intricate projects,
regenerating sites and providing customers with
high-quality, well-connected properties
+Over the past 10 years, GNZ has developed over
400,000 sqm of industrial and commercial space,
which now forms a significant part of our portfolio
+GNZ has a significant development pipeline in
excess of $1 billion that encompasses both
develop-to-hold and develop-to-sell opportunities
+The development programme is expected to
increasingly shift towards infrastructure,
supporting growing power demands of automated
warehousing and potential data centre uses
INVESTMENT
+GNZ’s conviction on the Auckland industrial
market remains strong. As New Zealand’s key
gateway city, Auckland is a critical distribution hub
servicing the country’s largest population
+Following global trends, infill markets are tightly
held, land constrained and have limited new supply.
These significant barriers to entry make the GNZ
portfolio increasingly difficult to replicate
+At the same time GNZ actively optimises its
portfolio through disciplined capital recycling,
acquiring well-located industrial assets of scale
and disposing of those that no longer meet the
evolving requirements of our customers
+With significant under renting following 30%
market rental growth over the last 5 years – GNZ’s
high quality portfolio is producing underlying cash
earnings growth in excess of 5% per annum

6
Maintaining a strong capital position with ample forward-looking capacity to capture opportunities,
particularly in an environment of increasing capital scarcity
+In addition to current commitments, GNZ has ~$350 million in funding capacity before reaching look-through
gearing of 30%, giving the ability to:
‒Fund our inbuilt development pipeline
‒Fund develop-to-sell activities, starting with Felix Street
‒Target on-balance sheet acquisitions within preferred markets
‒Execute the buyback programme
+The lower end of our preferred look-through gearing range has been reduced to 15% (from 20%) as GNZ becomes
a more active business
CAPITAL MANAGEMENT AND ALLOCATION
A buyback of GNZ shares at current prices presents an attractive risk adjusted return, offering a well-
defined, value driven opportunity, accretive to both net tangible assets and cash earnings per share
+In February 2026, a $125 million on-market buyback was launched. $15.9 million of shares were purchased before
Balance Date, at a weighted average price of $1.94, an 8.3% discount to NTA at 31 March 2026
+The buyback is strongly aligned with GNZ’s investment strategy which remains focused on high quality real estate
in core industrial property markets
+GNZ will seek shareholder approval to reinitiate the buyback at its Annual Shareholder Meeting with it remaining
paused until that time
NZ Blood, Highbrook Business Park

INVESTMENT
PORTFOLIO
02
Suntory Oceania, M20 Business Park

8
CUSTOMER DEMAND
Enquiry from well capitalised customers remains, however decision timelines for
expansion and relocation have extended since the beginning of the conflict in the
Middle East
+Fuel is a significant cost for our transport-related customers, running at 20–30% of costs
‒Current impacts are second-order, with weaker consumer confidence, lower discretionary
spend and broader cost escalation across shipping and fuel reliant products and services
evident
Industrial market fundamentals remain strong, with the long term outlook remaining
positive
+Customer demand and enquiry across the Auckland industrial market continues to focus on
assets that can accommodate more advanced automation and operational technology, with a
number of customers committing substantial capital to their facilities
+We are continuing to review the suitability of sites across the portfolio, with assets that are unable
to meet these evolving requirements to be recycled, either into the development pipeline or
through capital transactions
+We are progressing large-scale sites that can support growing power requirements associated
with automated warehousing and potential data centre uses and expect current activity to
convert into a greater volume of development opportunities
+Over the past 5 years, Auckland prime industrial rents have grown by over 30% and overall
vacancy has averaged 1.0%. CBRE are forecasting vacancy to peak this year, with net absorption
expected to exceed new supply again by 2027
1
+Total new supply completions in 2025/2026 sit below recent years despite an increase in
speculative development, with our pipeline concentrated in constrained submarkets close to end
consumers. This reflects continued confidence in the global trend towards last-mile warehousing
sqm
AUCKLAND PRIME INDUSTRIAL VACANCY OUTLOOK
1
sqm
AUCKLAND PRIME INDUSTRIAL SUPPLY AND NET ABSORPTION
1
Actual Prime
Vacant Space
Forecast Prime
Vacant Space
Forecast Prime
Vacancy Rate
Actual Prime
Vacancy Rate
1
CBRE May 2026
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
-
50,000
100,000
150,000
200,000
20192020202120222023202420252026202720282029
65%
68%
80%
80%
85%
89%
76%
40%
-
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
20192020202120222023202420252026202720282029
Actual Speculative
Prime Supply
Forecast Prime
Net Absorption
Forecast Total
Prime Supply
Historic Prime
Net Absorption
Actual Pre-leased
Prime Supply
Forecast Speculative
Prime Supply
Forecast Pre-leased
Prime Supply

9
+132,522 sqm of stabilised space (11.3% of the Total Portfolio) was leased on new or
revised terms in FY26:
‒rental uplift of 22.1% achieved on new leases
1
‒an average warehouse rate of $220 per sqm achieved on the Core Portfolio
1
‒average new lease term of 4.6 years and 2.3 months lease up period

‒average incentives of 1.9%

+Average occupancy of 97.7% over FY26

+Underlying like-for-like net property income growth on the Total Portfolio of5.3%
($9.9 million) for the year
+Arrears of 0.7% of Total Portfolio average gross monthly income over 30 days
+Independent valuers have confirmed a revaluation gain of $111.2 million or +2.7%
(including GNZ’s share of Highbrook) reflecting a market capitalisation rate of 5.9%
and initial yield of 5.2%

PORTFOLIO PERFORMANCE
Property PortfolioOccupancy %WALT (years)
Stabilised NLA
(sqm)
Direct portfolio96.8%5.4677,230
Highbrook97.0%4.0496,524
Total Portfolio96.9%4.61,173,755
Look-through portfolio
2
96.9%4.91,173,755
KEY PROPERTY STATS (31 MARCH 2026)
1
Uplift and warehouse rate excludes deals with caps on renewals
2
Weighted based on GNZ’s ownership interest except for NLA which reflects total unweighted lettable area
Acco, Highbrook Business Park

10
$mExcluding VacancyIncluding Vacancy
Look-through portfolio valuer assessed market rent254.2254.2
Less valuer assessed market rent on vacancy(7.0)-
Net market rent 247.2254.2
Adjusted contract rent
1
212.7212.7
Potential market reversion34.541.5
Potential market reversion (%)16.2%19.5%
RENTAL REVERSION
10 YEAR LEASE EXPIRY PROFILE
0%
5%
10%
15%
20%
25%
FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY35+
Value AddCore
1
Revised down for properties where valuers have not attributed market rent such as properties valued as land
+9.5% of portfolio income to expire in FY27
+Potential rent reversion to market of 16.2% or 19.5% including vacancy
+Portfolio weighted term to market review or expiry of around 4.3 years, with 24%
subject to weighted cap of 8.8%
POTENTIAL RENT REVERSION TO MARKET
FY27 STABILISED PORTFOLIO REVIEW PROFILE
66% Fixed review – weighted average review 3.0%
2% Pre-agreed rent
7% CPI review
6% Market review
9% No review
10% Expiry

11
DEVELOPMENTS
Felix Street
+Contracted acquisition for $53.5 million, settlement expected on 29 May 2026
+Development planning progressing on the 5.1 ha site, featuring a combination of multi-
unit buildings and stand alone facilities targeting a 5 Green Star rating, with construction
works planned to commence in 2H FY27
+This is an unique opportunity for potential owner occupiers, investors, and lessees,
supporting a wide range of modern warehousing requirements
Mt Wellington Stage One
+The first stage of the regeneration of Mt Wellington Estate is underway, with demolition
and enabling works complete
+The multi-unit development, being undertaken on a build-to-lease basis, will provide
around 21,850 sqm of high-quality, Green Star rated warehouse space
+Construction has commenced, and the project remains on schedule for completion in
the first half of 2027
Mt Wellington Stage One
Mt Wellington Highway
SH1
CBD
Sylvia Park
Artist Impression
Artist Impression
Felix Street Development
Artist Impression

12
POWER AND INFRASTRUCTURE
Waitomokia
+Earthworks are progressing, with the first development site ready for above ground
construction in 2H FY27
+The projected warehouse space spanning ~95,000 sqm remains on target for
completion over the next 5-7 years
+The leased 28,000 sqm yard is on target to be operational in the coming months
Penrose power
+Contracting for a works agreement is imminent; we expect 32MVA of on-site
power to be live in the first half of 2028
+With around $20 million committed to preliminary design and infrastructure
works, our focus remains on having a development-ready site with power and
design flexibility to provide optionality to meet the requirements of future data
centre customers
Potential DC
GXP
Leased as yard
First development site
Precinct Boundary
Development Area
Indicative Road
Flood Storage/Wetland

FINANCIAL
RESULT
03
Mt Wellington Stage One development in progress

14
FINANCIAL SUMMARY
NET OPERATING INCOME
Including a 5.3% like-for-like annual increase in
NPI and $10.8 million in gross fee income
$217.6 m
CASH
For reinvestment into developments,
acquisitions and the buyback
$485.5 m
7.98 cps
CASH EARNINGS
5.7% increase on FY25
Cash earnings is a non-GAAP financial measure that assesses free cash flow, on a per share basis, after adjusting for certain items. Calculation of GNZ’s cash earnings is set out on slide 18.
Gearing (or loan to value ratio) is a non-GAAP financial measure used to assess the strength of GNZ’s balance sheet. Look-through gearing includes GNZ’s proportionate share of HLP, while balance sheet gearing is a GNZ only measure which excludes HLP.
PROFIT AFTER TAX
Supported by a 2.7% ($111.2 million)
revaluation gain in the look-through portfolio
$248.0 m
LOOK-THROUGH COMMITTED GEARING
With balance sheet committed gearing
of16.2%
24.0%
DISTRIBUTIONS
5.0% increase on FY25
6.825 cps
NZ Post, Roma Road Estate

15
NET OPERATING INCOME
NET OPERATING INCOME
$m
1
Net rental income on underlying portfolio, adjusted to remove vacancy, incentives
& leasing costs, straight line rent adjustments, turnover rent & fitout rent, operating
expenses, provisions and additional income and disposals.
2
Other includes movements due to incentives, straight-line rent adjustments,
vacancy, leasing costs, additional income, fitout rent, provisions, operating
expenses, and turnover rent.
+Disposal of Highbrook to HLP on
30September 2025 resulted in a
reduction in NPI recognised in GNZ
+GNZ’s share of Highbrook NPI is now
included within share of operating
earnings from associates
+Underlying like-for-like net property
income growth on the Total Portfolio of
5.3% for the period
1
+Prior year development completions at
Savill and Roma Road contributed
$3.6million of NPI, partially offset by the
disposal of Bush Road Estate
+Gross fee income from HLP of $10.8
million, however only $3.1 million
recognised through cash earnings (refer
to slide 33 for further information)
2
230.5
184.5
217.6
+3.6
+7.2
+22.3
+10.8
-2.9
-52.9
-1.0
100
120
140
160
180
200
220
240
FY25 NPIDisposalsDevelopmentsUnderlying
Portfolio
Highbrook
Disposal
OtherFY26 NPIShare of
Operating
Earnings from
Associates
Gross Fee
Income
FY26 Net
Operating
Income

16
+The Highbrook transaction has altered the revenue mix, with net property income
for Highbrook partially offset by the equity accounted share of HLP operating
earnings and fee income
+Net interest costs have significantly decreased with bank debt repaid and cash
deposits generating interest income. This offsets increases from higher interest
expense on lease liabilities and lower borrowings costs capitalised to
developments. GNZ’s weighted average cost of debt was 4.2% for FY26,
compared to 4.8% in the prior year
+Net corporate costs are higher than the prior year driven primarily by lower
capitalisation and reclassification, with gross costs up 5.9%
+Share based payment expense increased due to two years of LTIP grants
expensed, with one in the prior year
+Operating earnings before tax are up 3.6% for the year, with a greater reduction in
costs than in net operating income
+An increase in property valuations across the Total Portfolio, in addition to a
positive movement in the fair value of financial instruments within HLP, have
contributed to an uplift in profit after tax to $248.0 million
+GNZ’s NTA is $2.119 per share (31 March 2025: $2.022 per share)
FINANCIAL PERFORMANCE
Operating earnings is a non-GAAP financial measure included to provide an assessment of the performance of GNZ’s principal operating activities.
Calculation of operating earnings is as set out in note 5.1 of GNZ’s financial statements.
OPERATING EARNINGS TO NET PROFIT RECONCILIATION
$mFY26FY25% Change
Net property income184.5230.5(20.0%)
Fee income10.8--
Share of HLP operating earnings22.3--
Net operating income217.6230.5(5.6%)
Net interest costs(39.8)(64.1)37.9%
Net corporate costs (13.8)(10.9)(26.6%)
Share based payment expense (4.2)(1.2)(250%)
Operating earnings before tax159.8154.33.6%
Income tax on operating earnings (32.2)(29.3)(9.9%)
Operating earnings after tax127.6125.02.1%
Movement in fair value of investment properties59.711.1437.8%
Movement in fair value of financial instruments (7.0)(17.1)59.1%
Share of HLP non-operating earnings 62.4--
Transitional services(1.1)(1.1)-
Remeasurement of pre-existing LTIPs(10.3)(13.7)24.8%
Transactional costs (5.1)(2.6)(96.2%)
Income tax on non-operating items3.44.219.0%
Deferred tax18.43.8384.2%
Profit after tax248.0109.6126.3%

17
CORPORATE COSTS
+Salaries and other short-term benefits increased for additional roles supporting
the funds management platform, together with annual remuneration changes
+Other administrative expenses includes additional occupancy costs offset in part
by lower professional fees
+Capitalisation of corporate costs is lower in FY26:
‒Lower levels of development work in progress throughout the year
‒Following Highbrook sale, no GNZ direct costs are capitalised, however fee
income is now earned for services provided
+Reclassification of corporate costs is lower in FY26:
‒GNZ people costs relating to Highbrook are not reclassified to NPI, however
fee income is now earned for services provided to HLP
‒Reclassification to transaction costs (one-off in nature) was lower than the
prior year
NET CORPORATE COSTS
$mFY26FY25% Change
Salaries and other short term benefits (14.3)(13.4)(6.7%)
Other administrative expenses (9.0)(8.6)(4.7%)
Gross corporate costs (23.3)(22.0)(5.9%)
Less: Costs recognised in property expenses 6.26.8(8.8%)
Less: Costs recognised in transaction costs 1.11.4(21.4%)
Less: Costs capitalised to properties being developed 2.22.9(24.1%)
Net corporate costs(13.8)(10.9)(26.6%)

18
+Fee and underwrite adjustments are included to eliminate GNZ’s 71% share
received from HLP, net of tax, where the accounting treatment would
otherwise result in a greater proportion being recognised in cash earnings
(refer to slide 33 for further information)
+Cash earnings of 7.98 cents per share increased 5.7% on FY25
+Distributions of 6.825 cents per share increased 5.0% on the prior year and
represent 85.5% of cash earnings
CASH EARNINGS
CASH EARNINGS
$mFY26FY25% Change
Operating earnings before tax159.8154.33.6%
Current tax on operating earnings (32.2)(29.3)(9.9%)
Operating earnings after tax127.6125.02.1%
Share based payment expense4.21.2250%
Straight line rent adjustments - GNZ and HLP(4.5)(5.0)10.0%
Capitalised borrowing costs on land(0.5)(0.7)28.6%
Maintenance capex – GNZ and HLP(3.4)(4.3)20.9%
Fee and underwrite adjustment (0.7)--
Cash earnings 122.7116.25.6%
Weighted share on issue (million) 1,538.31,538.8(0.03%)
Cash earnings per share (cps)7.987.555.7%
Distributions per share (cps)6.8256.505.0%
Distributions % underlying cash earnings 85.5%86.1%(0.7%)
+Cash earnings are expected to increase by around 5% for FY27
+Full-year distributions of 7.17 cents per share expected, a 5% increase on
FY26, with all expected to be paid from GNZL
FY27 guidance
Cash earnings is a non-GAAP financial measure that assesses free cash flow, on a per share basis, after adjusting for certain items.

CAPITAL
MANAGEMENT
04
Highbrook Crossing Units, Highbrook Business Park

20
INTEREST AND LIQUIDITY
HEDGING PROFILE
%
1
GNZ’s bank facilities established on 30 September 2025 have an ICR covenant of not less than 1.75x
2
Weighted average debt term is calculated on drawn debt assuming bank debt is drawn from the longest dated facility available
+GNZ is 97% hedged over the next 12 months, providing strong protection against rising interest
rates, supported by high hedging levels within HLP
+GNZ’s WACD of 4.2% is favourable to the prior period, with an expected WACD for FY27 lower
again at around 3.8%
+S&P Global Ratings assigned GNZ a BBB/stable long term issuer credit rating in April 2026, with
senior debt at BBB+/stable
+With balance sheet bank debt repaid, GNZ has significant liquidity, with $485 million in cash and
$95 million of undrawn bank facilities
+Retail and wholesale bonds will remain on issue until maturity with capital management activity to
address FY28 maturities
+Highbrook Partnership has $860 million of bank facilities
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Y1Y2Y3Y4Y5
BORROWING AND FUNDING METRICS
31 March 2631 March 25
12 month forward hedging level
97%80%
Weighted average cost of debt (WACD)
4.2%4.8%
Interest cover ratio (ICR) covenant (>1.75x)
1
4.2x3.1x
Non-bank funding (% of drawn debt)99%48%
Available liquidity (cash + undrawn)$580 million$413 million
Weighted average debt term (drawn)
2
2.4 years2.5 years
MATURITY PROFILE
$m
100
150
200
50
150 150
FY27FY28FY29FY30FY31
Bank facilitiesGreen retail bondsWholesale bondsGreen wholesale bonds

21
19.8%
24.0%
28.0%
(11.9%)
+1.0%
+0.9%
+2.3%
+1.1%
+2.9%
31.8%
0%
10%
20%
30%
40%
50%
Reported gearing at
31 Mar 25
FY26 capital
management
initiatives
Look-through
gearing at 31 Mar 26
Felix St purchaseCapital
commitments
(developments)
Committed but
uncontracted costs
to complete
Look-through
committed gearing
Felix St
development
Buyback (up to
$125 million)
Look-through
gearing
GEARING
LOAN-TO-VALUE RATIO
%
Gearing (or loan to value ratio) is a non-GAAP financial
measure used to assess the strength of GNZ’s balance
sheet. Look-through committed gearing includes GNZ’s
proportionate share of HLP, while balance sheet
committed gearing is a GNZ only measure which
excludes HLP.
+Look-through gearing of 19.8% at
31 March 2026, with almost $700
million of capital recycled
+Look-through committed gearing
of 24.0% allows for Mt Wellington,
Penrose and infrastructure & yard
at Waitomokia
+GNZ has ~$350 million of capacity
before reaching the top of the
preferred look through gearing
range of 30%
+Reflecting a more active business,
our preferred look through gearing
range has been revised to 15-30%
(from 20-30%)
+GNZ balance sheet committed
gearing is 16.2%
LVR covenant
Preferred look-through gearing range 15-30%

SUSTAINABILITY
05
Two ChargeNet fast chargers on Tūhana Lane, Highbrook Business Park

23
SUSTAINABILITY HIGHLIGHTS
Green Star Performance
of assets certified (includes Highbrook assets)
$358 m
84%
Emission lowering upgrades
of Core Portfolio now upgraded with Smart LEDs,
low-GWP HVAC, electricity submetering or solar
Climate risk assessment
of Core Portfolio is low risk
97%
Green certified
of Core Portfolio net lettable area
2
16%
Green Star Performance
+A Green Star Performance base build rating was achieved across ten
properties, with six delivering energy performance 50% more efficient than
an average warehouse in 2025
1
+These ratings extend the eligibility of existing assets and qualify additional
properties for inclusion in GNZ’s Eligible Asset pool for sustainable finance
+Additional properties targeting a performance rating in FY27
+NZGBC certification provides customers with independent, verified
assurance of building energy efficiency
1
This rating relates to NZGBC’s Green Star Performance Energy & Water pathway, rather than a full building certification
2
Includes NABERSNZ, Green Star As Built and Green Star Performance certifications
Progress on Targets
+The LED upgrade programme is 98% complete, with new lighting providing
efficiencies that lower operating costs for customers and assist with Green Star
Performance outcomes
+Submetering installed or in progress across 71% of the Core Portfolio, enabling
customers to identify and manage energy use
The Viridis ecology team measuring and bench-marking biodiversity at Waitomokia.

24
SCIENCE-ALIGNED TARGETS
+Mt Wellington Estate is targeting a 6 Green Star Built rating and a 27% reduction in upfront
embodied carbon against a reference building
+The first project for the Embodied Carbon Innovation Fund (ECIF) is complete, with findings
identifying structural steel GWP reduction of around 3%. These have been incorporated into the
design for the Mt Wellington development
+Second ECIF project commenced with Nauhria to trial lower GWP structural precast concrete
UPFRONT EMBODIED CARBON
IN-USE EMISSIONS
kgCO
2
e/sqm
FORECAST IN-USE EMISSIONS REDUCTION (GNZ WAREHOUSE PORTFOLIO)
kgCO
2
e/sqm
-
50
100
150
200
250
300
350
400
450
500
BaseConcreteHot rolled steelWelded steelReinforcingCladdingTarget
474
330
30.4%
FORECAST EMBODIED CARBON EMISSIONS REDUCTION
4.5
3.3
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
BaselineGreen StarLED upgradesSolarSubmeteringEmission factorTarget
26.9%
+GNZ’s Green Star developments are on average 41% more energy efficient than our existing
warehouses, reducing the average intensity of the portfolio
+LED upgrades, rooftop solar, submetering and a decarbonising electricity grid are driving
further reductions in portfolio emissions intensity towards our science-aligned target
Reduce embodied carbon intensity by 30% by FY30
Reduce intensity by 30.4% by FY30 against a FY25 base year
Reduce intensity by 26.9% for warehouses by FY30 against a FY25
base year

SUMMARY &
OUTLOOK
06
NZ Post’s 5 Green Star As Built rated facility at Roma Road, Mt Roskill.

26
LOOKING FORWARD
Positioned for growth
+Our business continues to show resilience through challenging economic times,
delivering earnings growth, diversifying income streams while at the same time
lowering gearing
+This year we have successfully completed the transition of the business to a
corporatised and stapled structure, positioning it to pursue new growth and
active investment opportunities
+With a newly established investment management platform, an active
development pipeline and a strong balance sheet, GNZ is well positioned for
the years ahead
Cash earnings are expected to increase
by around 5% for FY27
Full-year distributions of 7.17 cents per
share expected, a 5% increase on FY26
On-market buyback
+GNZL and GPS are now code companies under the Takeovers Code. The
buyback is currently paused pending shareholder approval to reinitiate it which
will be sought at the Annual Shareholder Meeting later this year
+The final terms of the buyback will be detailed in the Notice of Meeting
Mt Wellington Stage One

QUESTIONS
07
William Main, Development Director, and Stephanie Clarkson, Development Project Manager, at the Mt Wellington Estate.

nz.goodman.com
THANK YOU
The information and opinions in this presentation were prepared by Goodman Property Services (NZ) Limited (GPS) and Goodman New Zealand Limited (GNZL). The shares in GPS and GNZL are stapled and trade on the NZX under the ticker
code GNZ and are referred to as collectively as Goodman NZ (GNZ). GNZ makes no representation or warranty as to the accuracy or completeness of the information in this presentation. Opinions including estimates and projections in this
presentation constitute the current judgment of GNZ as at the date of this presentation and are subject to change without notice. Such opinions are not guarantees or predictions of future performance, and involve known and unknown risks,
uncertainties and other factors, many of which are beyond GNZ’s control, and which may cause actual results to differ materially from those expressed in this presentation. GNZ undertakes no obligation to update any information or opinions
whether as a result of new information, future events or otherwise. This presentation is provided for information purposes only. No contract or other legal obligations shall arise between GNZ and any recipient of this presentation. Neither GNZ, nor
any Board members of GPS, GNZL or any of their subsidiaries, officers, employees, advisers or other representatives will be liable (in contract or tort, including negligence, or otherwise) for any direct or indirect damage, loss or cost (including legal
costs) incurred or suffered by any recipient of this presentation or other person in connection with this presentation.
NXP, Highbrook Business Park

APPENDIX
08
Sika, Roma Road

STATEMENTOF
COMPREHENSIVE
INCOME
$ millionNote20262025
Property income
1.1
223.1277.9
Property expenses(38.6)(47.4)
Net property income184.5230.5
Fee income
15
10.8–
Interest cost
3.1
(48.3)(64.9)
Interest income
3.1
8.50.8
Net interest cost(39.8)(64.1)
Net corporate costs
8
(13.8)(10.9)
Share based payments expense
11
(4.2)(1.2)
Profit before other expenses and tax137.5154.3
Other income / (expenses)
Share of earnings from associates
2
84.7–
Movement in fair value of investment property
1.3
59.711.1
Movement in fair value of financial instruments
7.1
(7.0)(17.1)
Movement in fair value of legacy employee benefits
9
(10.3)(13.7)
Transitional services(1.1)(1.1)
Transaction costs
6
(5.1)(2.6)
Profit before tax258.4130.9
Tax expense
14.1
(10.4)(21.3)
Profit after tax attributable to equity holders248.0109.6
Other comprehensive income
––
Total comprehensive income for the year attributable to equity holders248.0109.6
30

BALANCE
SHEET
$ millionNote20262025
Non-current assets
Investment property1.32,671.52,524.0
Investment in associates2.3974.9–
Financial instruments7.25.45.1
Property, plant and equipment11.11.1
Tax receivable7.06.9
Deferred tax assets14.28.310.6
Related party assets1023.440.5
Total non-current assets3,701.62,588.2
Investment properties held for sale1.5–2,165.1
Current assets
Cash10.58.2
Short-term deposits475.0–
Financial instruments7.2–0.2
Debtors and other assets1217.26.7
Tax receivable-0.9
Related party assets1017.116.1
Total current assets519.832.1
Total assets4,221.44,785.4
Non-current liabilities
Borrowings3.2704.01,132.8
Lease liabilities3.5185.2126.0
Financial instruments7.2–14.3
Creditors and other liabilities132.7–
Deferred tax liabilities14.29.9–
Employee benefits liabilities911.317.8
Total non-current liabilities913.11,290.9
Current liabilities
Borrowings3.2–325.0
Creditors and other liabilities1335.138.9
Current tax payable–1.8
Lease liabilities3.59.40.7
Employee benefits liabilities920.217.1
Total current liabilities64.7383.5
Total liabilities977.81,674.4
Net assets3,243.63,111.0
Equity
Contributed equity41,939.11,955.0
Retained earnings1,299.11,154.8
Employee compensation reserve115.41.2
Total equity203,243.63,111.0
GNZ equity3,237.03,111.0
GPS equity4.26.6–
Total equity3,243.63,111.0
31

STATEMENT
OF CASH FLOWS
$ millionNote20262025
Cash flows from operating activities
Property income received223.1275.9
Property expenses paid(37.1)(48.4)
Fee income10.8–
Interest income received8.50.8
Interest costs paid on borrowings(46.5)(56.3)
Interest costs paid on lease liabilities(4.9)(4.5)
Corporate costs paid(10.1)(7.6)
Net GST (paid) / received(1.7)2.3
Tax refund received0.81.4
Transaction costs paid(6.4)(2.3)
Payments for the acquisition of other assets(2.7)–
Net cash flows from operating activities
17
133.8161.3
Cash flows from investing activities
Proceeds from the sale of investment properties1,297.51.4
Capital expenditure payments for investment properties(56.5)(80.1)
Payments for property, plant and equipment(3.1)–
Holding costs capitalised to investment properties(8.1)(9.2)
Dividends from associates9.7–
Investments in short-term deposits(475.0)–
Net cash flows from investing activities764.5(87.9)
Cash flows from financing activities
Proceeds from borrowings385.0917.0
Repayments of borrowings(1,140.0)(877.7)
Settlement of financial instruments(21.4)(15.0)
Distributions paid
4
(103.7)(98.9)
Equity buyback and cancellation
4
(15.9)–
Net cash flows from financing activities(896.0)(74.6)
Net movement in cash2.3(1.2)
Cash at the beginning of the year8.29.4
Cash at the end of the year10.58.2
32

33
FEE & UNDERWRITE ADJUSTMENT
+Of the $10.8 million of gross fee income, 28.85% being $3.1 million before tax
($2.2million net of tax) is earned from partners
+$1.9 million (net of tax) of fees are recognised through the statement of
comprehensive income
+$1.0 million (net of tax) of underwrite income in share of HLP net profit recognised
by GNZ
+To correct cash earnings recognition, $0.7 million (net of tax) adjustment is made
FEES EARNED FROM PARTNERS
$mGrossTaxNet
Fee income earned from partners (28.85%)3.1(0.9)2.2
CASH EARNINGS ADJUSTMENT
$mGrossTaxNet
Fee income 10.8(3.0)7.8
Fees expensed within share of HLP net profit(3.3)
Elimination of HLP unrealised fee income(2.6)
Underwrite income recognised in HLP net profit1.0
Fees & underwrite income recognised in SOCI2.9
Cash earnings adjustment(0.7)
Fee income earned from partners (28.85%)2.2
Fee income earned from HLP is adjusted to ensure only the proportion relating to partners is recognised, with a further adjustment for HLP underwrite
income recognised through GNZ’s share of earnings from associates

34
PROPERTY PORTFOLIO
Property
LocationClassificationMarket capitalisation rate (%)Stabilised NLA (sqm)BuildingsKey CustomersOccupancy (%)

WALT (years)

Highbrook Business ParkEast TāmakiCore5.0–7.5496,52478NZ Post, Freightways, DHL, Officemax97
4.0
Savill LinkŌtāhuhuCore/Value Add5.38-6.38162,60816Mainfreight, NZ National Logistics, Coda94
4.4
M20 Business ParkWiriCore/Value Add5.13-7.25122,02013Recorp, Suntory, Ingram Micro96
5.5
Westney Industry ParkMāngereCore6.75–9.0114,96911Fliway, DSL, Linfox100
5.2
The Gate Industry ParkPenroseCore/Value Add5.4-6.25102,15518Essity Australasia, Oji Fibre Solutions94
4.0
Roma Road EstateMt RoskillCore5.0-5.63
44,282
4NZ Post, Cotton On100
12.3
Favona Road EstateMāngereCore5.75-6.539,6583Mainfreight100
11.2
Penrose Industrial EstatePenroseValue Add6.025,80312Winstone Wallboards, Independent Traffic Control100
3.0
Tāmaki EstatePanmureValue Add6.7523,6747Containerco, Camelspace95
1.7
Connect Industrial EstatePenroseValue Add6.25
21,002
7Fletcher Building100
5.7
Leonard Road EstateMt WellingtonValue Add6.88
15,048
3Sky Network Television96
4.6
Mt Wellington EstateMt WellingtonValue Add-6,0112Tesla, Acrow100
0.4
Great South Road EstateŌtāhuhuValue Add6.75–1Sleepyhead100
1.6
Look-through portfolio
1
5.91,173,75517596.9
4.9
!
Weighted based on GNZ’s ownership interest except for NLA which reflects total unweighted lettable area and building count
Mt Wellington Estate

35
GLOSSARY
$ and cents
NewZealand currency.
Balance Date
31 March 2026
Cash Earnings
a non-GAAP financial measure that
assesses free cash flow, on a per share
basis, after adjusting for certain items. Refer
to slide 18.
Core Portfolio
those estates within the Total Portfolio
which largely consist of modern, high-
quality warehouse and logistics properties.
Corporatisation
transition from a unit trust to a
corporatised and stapled structure.
cps
cents per share.
Embodied carbon
total carbon emissions involved in the
creation of a building including extraction
of materials from the ground, transport,
refining, processing and construction.
FY25, FY26
financial year ended 31 March 2025,
financial year ending 31 March 2026.
GMB
GNZ Bond Issuer Limited (formerly known
as GMT Bond Issuer Limited).
GNZ
Goodman New Zealand Limited and its
wholly-owned subsidiaries and Goodman
Property Services (NZ) Limited, each of
GNZL and GPS being a "stapled entity",
and together Goodman NZ.
GNZL
Goodman New Zealand Limited and its
controlled entities, including GMB, as
thecontext requires.
GPS
Goodman Property Services (NZ) Limited.
Green Retail Bond or Bond
a bond issued by GMB.
Green Star
Green Star is a voluntary sustainability
rating system for non-residential buildings,
fitouts andcommunities. Administered by
the NZGBC the system provides a rating
of up to six stars based on a building’s key
sustainability credentials.
GWP
Global Warming Potential.
GXP
Grid Exit Point.
Highbrook Partnership or HLP
means Goodman NZ Highbrook Limited
Partnership, the Highbrook Business Park
owning entity, in which GNZ is a Partner
and GPS is the Manager.
HVAC
Heating, Ventilation and Air Conditioning.
LED
Light Emitting Diode.
Loan to value ratio or LVR
a non-GAAP financial measure used to
assess the strength of GNZ’s balance
sheet. Refer to slide 21.
Look-through
Measures that include GNZ’s
proportionate share of HLP. GNZ’s
portfolio metrics are presented on a look-
through basis with the exception of
number of buildings, number of customers,
and net lettable area.
MVA
Mega Volt-Amperes.
NLA
Net Lettable Area.
Net tangible assets or NTA
a non-GAAP financial measure, being
GNZ’s net assets per its balance sheet
(slide 31) divided by the weighted average
number of units on issue (slide 19).
NPI
Net Property Income
Operating earnings
a non-GAAP financial measure included to
provide an assessment of the
performance of GNZ’s principal operating
activities. Calculation of operating
earnings is as set out in note 5.1 of GNZ’s
2026 financial statements.
Stabilised
includes the properties or estates within
the Total Portfolio that are developed and
able to be leased, i.e. not under active
development or land.
sqm
square metres.
Total Portfolio
total property portfolio, including external
partnership assets under management.
Trust or GMT
previously known as Goodman Property
Trust and its controlled entities, including
GMB, as the context requires.
Share or Stapled Security
one GNZL share and one GPS share that
are contractually and constitutionally
stapled together such that one cannot be
traded, or otherwise dealt with, without the
other.
Value Add
those properties or estates within the
portfolio which generally consist of older
improvements, offering future
redevelopment opportunity.
WALT
Weighted Average Lease Term.

---

nzx release+

Results announcement

Results for announcement to the market
Name of issuer Goodman NZ (GNZ)
Reporting Period 12 months to 31 March 2026
Previous Reporting Period 12 months to 31 March 2025
Currency New Zealand dollars

Amount (000s) Percentage change
Revenue from continuing operations $233,900 (15.8%)
Total Revenue $233,900 (15.8%)
Net profit/(loss) from continuing operations $248,000 126.3%
Total net profit/(loss) $248,000 126.3%

Final Dividend - Goodman New Zealand Limited
Amount per Quoted Equity Security $0.01706250
Imputed amount per Quoted Equity Security $0.00000000
Record Date 11 June 2026
Dividend Payment Date 18 June 2026

Final Dividend - Goodman Property Services (NZ) Limited
Amount per Quoted Equity Security N/A
Imputed amount per Quoted Equity Security N/A
Record Date N/A
Dividend Payment Date N/A

Current period Prior comparable period
Net tangible assets per Quoted Equity Security $2.119 $2.022
A brief explanation of any of the figures above necessary
to enable the figures to be understood
Please refer to the attached Annual Financial Statements and
Annual Results presentation for the year ended 31 March 2026.

Authority for this announcement
Name of person authorised to make this announcement Andy Eakin
Contact person for this announcement Andy Eakin
Contact phone number (09) 375 6077
Contact email address andy.eakin@goodman.com
Date of release through MAP 26 May 2026


Audited financial statements accompany this announcement.