GNZ and GNZ Bond Issuer Limited Annual Report

Goodman NZ
Annual Report 2026
GNZ Bond Issuer Limited
Annual Report 2026
Goodman NZ

STRATEGIC
FOCUS
Following the successful completion of the internalisation
in 2024 and bringing our management in-house, we
have strengthened alignment across the business.
Post balance date, on 7 April 2026, following Unitholder
approval on 31 March 2026, Goodman Property Trust
(GMT) transitioned to a corporatised and stapled
structure, GNZ.
Given GNZ’s strategic direction, expanding property
funds
management platform, and increased active
investment opportunities, this structure offers the
most effective framework to support the delivery of
our long-term investment strategy.
Goodman NZ (GNZ), the Stapled Group comprises
Goodman New Zealand Limited (GNZL) and
Goodman Property Services (NZ) Limited (GPS),
and subsidiaries of GNZL and GPS.
Goodman NZ
GNZ
GNZ Bond Issuer Limited
Annual Report 2026
Goodman NZ
Annual Report 2026

54
Goodman NZ
Annual Report 2026
GNZ Bond Issuer Limited
Annual Report 2026
5
Financial and operational highlights 6
Chair’s report 8
Management report 13
FY26 Financial commentary 16
Five-year summary 20
Year In Review
Our business 22
Investment strategy 24
Portfolio statistics 24
Property portfolio and key customers 26
Our People 28
Our Business
Our sustainability strategy 31
Focused on what matters 32
Sustainable properties 34
Corporate performance 36
People and culture 38
Goodman NZ community 40
Sustainability
Climate-related Disclosures 43
Climate-related Disclosures at a glance 44
Governance 46
Risk management 47
Strategy 48
Climate-related risks and opportunities 51
Transition plan 54
Metrics & Targets 56
Independent Assurance Report 75
Climate-Related Disclosures
Goodman NZ
Financial Statements 79
GNZ Bond Issuer Limited
Financial Statements 127
Financial Results
Corporate governance 140
Remuneration report 152
Investor relations 169
Global Reporting Initiative (GRI) Index 172
Glossary 174
Business directory 175
Other Information
Contents
This document comprises the Annual Reports of Goodman NZ and
GNZ Bond Issuer Limited for the year ended 31 March 2026 and
contains the information required to be disclosed pursuant to the
NZX Listing Rules. The report includes non-GAAP financial measures
that may not be calculated in a manner consistent with other entities.
Please see the FY26 Financial commentary section of this report for
more information on how these are calculated.

Recorp – aluminium can manufacturer
M20 Business Park

FINANCIAL
AND OPERATIONAL
HIGHLIGHTS
GNZ’s FY26 financial results were delivered in line
with guidance, reflecting strong performance across
the business. GNZ continues to generate underlying
cash flow growth in excess of 5% per annum,
supported by rental reversions exceeding 20%.

NZ Post’s 5 Green Star As Built rated facility
at Roma Road, Mt Roskill.
1
External partners’ share of $632 million.
2
Look-through measure that reflects GNZ’s proportionate share of HLP, the limited partnership that owns Highbrook Business Park.
PROFIT
A F T E R TA X
compared to
$109.6M in FY25
$24 8.0 M
PORTFOLIO
REVALUATION
Increase in property
asset valuations
2

$111.2M
CASH
EARNINGS

5.7% increase
7. 9 8 c p s
TOTAL PORTFOLIO
VA LU E
Including partnership
AUM
1
$4.9BN
LOAN TO VALUE
R AT I O

On a look-through basis
2
19.8%
NET TANGIBLE
ASSET

At 31 March 2026
211.9 cps
CAPITAL
RECYCLED
Through the settlement of the Highbrook
Partnership and the sale of Bush Road Estate
$700M
LEASING
TRANSACTIONS
Space secured on
updated terms
132,522 sqm
DISTRIBUTIONS
DECLARED

5.0% increase
6.825 cps
PORTFOLIO
OCCUPANCY
1.2 million sqm
Total Portfolio size
96.9%
PORTFOLIO
UNDER-RENTING
Potential rent
reversion to market
19.5%
FY27 DIVIDEND
GUIDANCE
5.0% increase
expected
7.1 7 c p s
76
Financial Results
Goodman NZ
Annual Report 2026
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Annual Report 2026
ContentsYear in ReviewOur BusinessSustainabilityClimate-related DisclosuresOther InformationYear in Review

GNZ’s solid result reflects the
quality of its warehouse and logistics
portfolio, underpinned by an operating
model that supports sustainable
earnings and distribution growth.
Increased property asset valuations have contributed
to an improved statutory result, with an after-tax profit
of $248.0
million, compared to $109.6 million in FY25,
up 126.3%.
The Board acknowledges this sound financial performance,
and the progress made across GNZ’s strategic initiatives
during the year.
Establishing a complementary property funds management
business, capital recycling, ongoing sustainability efforts, and
more recently effecting a corporatised and stapled structure
for the business have all strengthened our business and
positioned GNZ for sustainable long
-term growth.
Framework to support GNZ’s strategic direction
Post balance date, we completed the transition of Goodman
Property Trust to a corporatised and stapled structure.
Approval from Unitholders was received on 31 March 2026,
reflecting endorsement for our business and support of GNZ’s
strategic direction, growth in our property funds management
platform and a greater level of active investment opportunities.
Bondholders also passed special resolutions on 31 March
2026 to approve amendments to the Bond documents
in connection with GMT’s transition to a corporatised and
stapled structure.
All other conditions to proceed with the transaction were
satisfied prior to 7 April 2026.
John Dakin
Chair and Non-executive Director
CHAIR’S REPORT

Suntory Oceania
uses Laser-guided vehicles (LGVs) at “The Vault”, M20 Business Park.
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The quality and scale of GNZ’s warehouse
and logistics portfolio, together with a proven
development capability, position the business
to deliver sustained earnings growth.
GNZ now has a company structure, like most other businesses
listed on the NZX and the stapled securities are trading on the
NZX under a single ticker code, “GNZ”.
This contemporary corporate structure provides the most
effective framework to support the delivery of GNZ’s long-
term investment strategy while retaining Portfolio Investment
Entity (PIE) status for the investment property portion of
the

business.
With a substantial warehouse and logistics portfolio valued
at $4.9 billion, including external partnership assets under
management, GNZ’s investment strategy remains focused on
high quality real estate in core industrial property markets.
Growth initiatives
The successful launch of the Highbrook Partnership in
September 2025 has been a significant achievement during
the year. GNZ’s capital partners acquired a 28.9% interest
in the limited partnership that now owns Highbrook Business
Park, with GNZ retaining a 71.1% interest.
Establishing a complementary property funds management
business has extended the scope of GNZ’s operations and
enhanced financial flexibility for the business. The Highbrook
Partnership reflects an important first step in building a
property funds management business of scale.
This platform has enabled income diversification and
allowed
GNZ to recycle capital for reinvestment into
higher-yielding opportunities.
Director changes
During the period, Keith Smith retired from the Board
on 25 July 2025 after 20 years of valued service as an
Independent Director, including 13 years as Board Chair.
His tenure included the repositioning of our business as an
industrial property specialist.
Steve Jurkovich joined the Board as an Independent Director
on 1 July 2025. He is CEO of Kiwibank and has over two
decades of leadership and governance experience in
New
Zealand’s financial services sector.
Keith’s retirement and Steve’s appointment maintain the
size of the Board at six directors and, in line with governance
best practice, ensures it continues to have a majority of
Independent Directors.
At the Annual Meeting of GMT on 28 August 2025,
Gregory
Goodman, Steve Jurkovich and I were each
reappointed as
Directors for a further three-years.
We consider the Board’s collective skills, experience and
backgrounds provide balanced oversight and effective
governance of GNZ.
Sustainability overview
Sustainability continues to be embedded within our business
strategy and decision-making. Our focus is on the built
environment and the delivery of sustainable property solutions.
By adopting a robust approach to managing our
environmental, social and governance matters, we ensure
regulatory compliance while contributing to the broader
sustainability efforts across the property sector.
With a commitment to deliver positive outcomes including a
lower carbon and more resilient portfolio, we continue to work
in partnership with all our stakeholders.
Over the last 12 months we have achieved Green Star
Performance ratings
1
across $358 million of properties and
we continued to work towards our FY30 targets which were
adopted last year, including targets for Scope 3 emissions.
Through our partnerships with community organisations,
Goodman NZ Community, our social investment programme
continues to support and strengthen the communities
where
we invest.
You can read more in our FY26 sustainability report and
climate-related disclosures included later in this report.

Roma Road Estate
is home to Signify, NZ Post, Cotton On and Sika.

NZ Blood is a 6 Green Star Built rated building,
Highbrook Business Park.
CUSTOMERS
220+
PROPERTIES
15
FY27 guidance and outlook
The quality and scale of GNZ’s warehouse and logistics
portfolio, together with a proven development capability,
position the business to deliver sustained earnings growth.
Full year cash earnings are expected to grow by around 5%
in
FY27 with dividends for the year expected to be 7.17 cents
per share reflecting a 5% increase on FY26.
A detailed summary of GNZ’s FY26 financial result, including
the calculation of cash earnings is provided on pages 16 to 18.
On behalf of the Board, we thank shareholders for their ongoing
support and investment in GNZ.

John Dakin
Chair and Non-executive Director
1
This rating relates to the New Zealand Green Building Council’s Green Star
Performance Energy & Water pathway, rather than a full building certification
and includes Highbrook assets.
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Financial Results
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With a substantial warehouse and logistics portfolio
valued at $4.9 billion, including external partnership
assets under management, GNZ’s investment
strategy remains focused on high quality real
estate in core industrial property markets.
FY26 financial results were delivered in line with guidance,
reflecting solid performance across the business. GNZ
continues to generate underlying cash earnings growth of
more than 5% per annum, supported by rental reversions
exceeding 20%.
We advanced a number of strategic growth initiatives, including
establishing an investment management platform through
the Highbrook Partnership, securing 5.1 hectares of land on
Felix
Street in Onehunga, and progressing development activity
at Mt Wellington, Waitomokia and Penrose.
GNZ has a modern corporate structure that will facilitate the
delivery of an active business strategy focused on sustainable
earnings growth.
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 into develop-to-sell
opportunities introduces more active income streams, while
remaining modest relative to the scale of GNZ’s core business.
MANAGEMENT
REPORT
James Spence
Chief Executive Officer
Andy Eakin
Chief Financial Officer
INDUSTRIAL AND COMMERCIAL SPACE


Developed by GNZ over the past 10 years
400,000 sqm
LEASING TRANSACTIONS SECURED
132,522 sqm
CAPITAL RECYCLED
$700M
Mt Wellington Estate


Stage One – artist impression.
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 97.7%
was achieved throughout the year, with a weighted average
lease term of 4.9 years at 31 March 2026.
Rent reviews and new leasing has 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
-t
hrough loan
-t
o
-v
alue ratio to 19.8%,
with committed gearing at 24.0%.
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%.
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Financial Results
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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.
NXP Business Supplies

Highbrook Business Park

Wiggins and Waterco
Highbrook Business Park
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
-un
it, 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 the $53.5 million acquisition now
settled. Featuring a combination of multi-un
it 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 now signed, we anticipate an on-site power
connection in the first half of 2028.
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 the second half of FY27.
On-market buyback
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.
A buyback of Stapled 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.
The buyback programme is strongly aligned with our
investment strategy, and we will seek shareholder approval
for
the continuation of the buyback at GNZ’s Annual
Shareholder Meeting later in 2026. Shareholder approval
of the buyback will ensure that the buyback does not result
in any shareholder being forced to sell as a result of the
Takeovers Code. The final terms of the buyback will be
detailed in the Notice of Meeting.
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.
James Spence Andy Eakin
Chief Executive Officer


C
hief Financial Officer
Sustainable growth
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.
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.
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.
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Financial Results
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FY26
FINANCIAL
COMMENTARY
It has been a successful FY26, with GNZ’s financial
performance demonstrating that it is a robust and resilient
business. The Highbrook Partnership has strengthened
the balance sheet and supported income diversification.
PROFIT BEFORE
TA X
$258.4m
PROFIT
A F T E R TA X
$24 8.0m
CASH
EARNINGS
7. 9 8 c p s
DISTRIBUTIONS
6.825 cps
Strong balance sheet
During the period, nearly $700 million of capital was recycled.
At 31 March 2026, GNZ had a balance sheet committed
gearing of 16.2%. On a look-through basis, incorporating its
71.1% proportionate share of the Highbrook Partnership,
GNZ’s loan to value ratio was 19.8% with committed gearing
o f 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 (including short-term deposits) of more
than $485 million.
GNZ Bond Issuer Limited
GNZ Bond Issuer Limited received $26.9 million of interest
income (FY25 $23.8 million) and incurred $26.9 million of
interest expense (FY25 $23.8 million).
The increase on the previous year reflects the full year of
interest on the $150 million wholesale green bond issued on
8 October 2024.
S&P Global Ratings Australia Pty Limited, which rates each
series of Bonds, maintained the credit rating of all bonds
issued by GNZ Bond Issuer Limited at BBB+. This is one
notch higher than GNZ’s investment grade credit rating of
BBB/stable that was assigned following the completion of the
corporatisation and stapling transaction in April 2026.
No dividends or distributions have been paid by GNZ Bond
Issuer Limited.
Robust financial performance with increased
statutory

result
The strength of GNZ’s operating performance reflects the
quality of its warehouse and logistics portfolio, delivering a
statutory profit after tax of $248.0 million. This compares
with $109.6 million in FY25.
New fee revenue stream from the Highbrook Partnership
is contributing to a 3.6% increase in operating earnings
before tax, to $159.8 million. Operating earnings after tax of
$127.6
million, compared to $125.0 million in FY25, up 2.1%.
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
In FY26 GNZ recorded a revaluation uplift with $111.2 million
of fair value gains. This includes GNZ’s share of revaluations
in HLP, the limited partnership that owns Highbrook Business
Park and compared to fair value gains of $11.1 million in
FY25. This increase in property valuations, in addition to a
positive movement in the fair value of financial instruments
within HLP, have contributed to the uplift in profit after tax.
At 31 March 2026, GNZ’s total properties under management
are valued at $4.9 billion.
Net tangible assets have increased 9.7 cents per share from
31 March 2025 to 211.9 cents per share.

Cotton On
Roma Road Estate

William Main, Development Director, and Stephanie Clarkson,
Development Project Manager, at the Mt Wellington Estate.
KEY PERFORMANCE INDICATORS
FY26F Y25
Profit before tax $258.4m$130.9m
Profit after tax $248.0 m$109.6 m
Property asset revaluation gain
1
$111.2m$11.1m
Operating earnings per share before tax 10.39 cps10.03 cps
Operating earnings per share after tax
2
8.29 cps8.12 cps
Cash earnings
3
7.98 cps7.55 cps
Cash distribution 6.825 cps6.50 cps
Loan to value ratio
4
19.8%31.8%
Net tangible assets 211.9 c p s202.2 cps
1
Includes GNZ’s share of HLP revaluations, the limited partnership that owns Highbrook Business Park.
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 note 5.1 of GNZ’s 2026 Financial Statements.
3
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 page 18.
4
Loan to value ratio is a non-GAAP financial measure used to assess the strength of GNZ’s balance sheet. Look-through measure that reflects GNZ’s
proportionate share of HLP.
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Financial Results
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Annual Report 2026
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CASH EARNINGS
AND DISTRIBUTIONS
Cash earnings is our preferred measure of underlying
operating performance. This is a non-GAAP financial
measure that assesses free cash flow, on a per share basis,
after adjusting for certain items. The calculation is set out
in
the table below.
Cash earnings of 7.98 cents per share was consistent
with market guidance for the full year of around 8.0 cents
per share increasing 5.7% on a like-for-like basis, from
7.55
cents per share.
Cash distributions totalled 6.825 cents per share for FY26,
5% higher than FY25. The level of distributions represents
85.5% of cash earnings.
Full year cash earnings are expected to grow by around
5% in FY27 with dividends for the year expected to be
7.17 cents per share, reflecting a 5% increase on FY26,
with all expected to be paid from GNZL.

CASH EARNINGS $m
FY26F Y25% change
Operating earnings before tax 159.8154.33.6
Current tax on operating earnings (32.2)(29.3)(9.9)
Operating earnings after tax 1 2 7. 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 1 2 2 .7116.25.6
Weighted shares on issue (million) 1,538.31,538.8(0.03)
Cash earnings per share (cps)7. 9 87. 5 55.7
Distributions per share (cps)6.8256.505.0
Distributions % of cash earnings85.5%8 6 .1%( 0 .7 )
OPERATING
EARNINGS
A F T E R TA X
$ 1 2 7. 6 M
CASH
EARNINGS
$122.7M
CASH
EARNINGS
CENTS
7. 9 8 c p s

NXP Business Supplies
Highbrook Business Park
1918
Financial Results
Goodman NZ
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Annual Report 2026
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FIVE-YEAR SUMMARY
$ millionFY26F Y25F Y24F Y23F Y22
Net property income 184.5230.520 3.117 7. 01 5 7. 1
Fee income 10.8 – – – –
Share of HLP operating earnings 22.3 ––––
Net interest costs(39.8)(6 4.1)( 4 6 .7 )(29.5)( 1 9 .7 )
Net corporate costs (including Manager’s base fee)(13.8)(10.9)(20.8)(21.0)(19.1)
Share based payment expense (4.2)(1.2)– – –
Operating earnings before other income/(expenses)
and
income tax
159.8 154.3135.6126.5118.3
Movement in fair value of investment property5 9 .7 11.1(478.4)( 2 3 7.7 )660.4
Movement in fair value of financial instruments ( 7. 0 )( 17. 1 )(8.2)(14.8)0.8
Movement in valuation of pre-existing employee benefits (10.3)( 1 3 .7 )– – –
Transitional services (1.1)(1.1)– – –
Transaction costs & internalisation transaction(5.1)(2.6)(275.5) – –
Share of other income from associates62.4 – –– –
Manager’s performance fee expected to be reinvested in units –– – – (15.7)
Profit/(loss) before tax 258.4 130.9(626.5)(126.0)763.8
Current tax on operating earnings(32.2) (29.3)(14.2)(15.4)(19.0)
Current tax on non-operating earnings1.64.21 5 .7–4.4
Deferred tax less tax losses utilised20.23.86 0.16.0(0.6)
Profit/(loss) after tax248.0109.6(564.9)(135.4)74 8 .6
Operating earnings before tax per share (cps)10.39 10.039.659.018.47
Operating earnings after tax per share (cps)8.29 8.128.6 47. 9 27. 1 1
Cash earnings per share (cps)7. 9 8 7. 5 57. 1 87. 1 06.66
Cash distributions per share (cps) 6.8256.506.205.905.50
Distributions % of cash earnings85.586.186.483.182.6
Balance sheet
Investment property 2,671.5 4,689.14,533.94 ,7 91. 24 ,7 73 . 2
Investment in associates974 . 9 ––––
Total assets4,221.4 4 ,78 5. 44 ,716 . 94,853.94,814.3
Total liabilities 9 7 7. 8 1,6 74 . 41 , 6 17. 81,413.21,156.9
Total equity 3,243.6 3,111.03,0 99.13 , 4 4 0 .73 , 6 5 7. 4
Loan to value ratio (%)19.8 31.831.525.921.3
NTA per share (cps)211.9 202.2201.4245.2260.6
Share price at 31 March (cents)189.51 8 7. 0228.0214.0236.0
Total Portfolio
Total property portfolio value 4,861.24,689.1 4,535.3 4 ,7 91. 2 4 ,7 73 . 2
Net lettable area (sqm)1 ,17 3 ,7 5 5 1,209,581 1,152,5461 , 0 7 7, 4 7 31,071,0 0 4
Weighted average capitalisation rate (%) 5.9 5.96.05.24.2
Investment portfolio occupancy (%) 97 99999999
Weighted average lease term (years) 4.9 5.66.26.46.3
Customers 221220209235226
PROFITLOSS BEFORE TAX
$ million


()
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---
F Y
F Y
F Y
F Y
F Y
NTA
cps





050100150200250
FY
FY
FY
FY
FY
TOTAL EQUITY
$ million


 
     
     
01000200030004000
F Y
F Y
F Y
F Y
F Y
TOTAL PROPERTY PORTFOLIO VALUE
$ million



   
   
010002000300040005000
F Y
F Y
F Y
F Y
F Y
OPERATING EARNINGS BEFORE TAX
$ million





050100150200250
F Y
F Y
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F Y
F Y
LOAN TO VALUE RATIO
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010203040
F Y
F Y
F Y
F Y
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PROFITLOSS AFTER TAX
$ million


()
()
  
---
F Y
F Y
F Y
F Y
F Y
CASH EARNINGS
cps
  
  
  
  

02468
F Y
F Y
F Y
F Y
F Y
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Annual Report 2026
ContentsYear in ReviewOur BusinessSustainabilityClimate-related DisclosuresOther InformationYear in Review

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OUR
BUSINESS
WHO WE ARE
GNZ’s $4.9 billion urban logistics portfolio
provides essential supply chain infrastructure,
facilitating the efficient storage and distribution
of goods and materials, and the digital services
we rely
on.
GNZ is managed by a dedicated team of
over 70 professionals, who are responsible
for all business activities and stakeholder
relationships. Our values reflect innovation,
determination, integrity and sustainability –
and we strive to make space for greatness in
everything we do.
WHAT WE DO
GNZ invests in well-located, warehouse and
logistics facilities in Auckland, New Zealand’s
gateway city.
By owning, developing and managing high-
quality properties in key locations close to
transport networks and digital infrastructure,
we
provide customers with facilities that help
their businesses succeed.
Through our funds management business, we
manage real estate on behalf of capital partners
and we may acquire selective acquisitions for
resale, undertake develop-to-sell projects, or
engage in land subdivision.
OUR PURPOSE
Making space for greatness describes our
purpose. It recognises our stakeholders’
needs
and drives us to help them reach their
full potential, whether they are team members,
customers, investors, suppliers or community
partners.
OUR SUSTAINABILITY
COMMITMENT
As a leading property investment group, our
focus is on the built environment and the
delivery of more sustainable and resource
efficient property solutions for our
customers.
We acknowledge the impacts of climate change
and are taking action to reduce greenhouse
gas (GHG) emissions and develop green
buildings. We also partner with organisations to
strengthen our local communities and enable
long-term positive

change.
OWN
We invest in well-located and
operationally efficient, warehouse
and

logistics facilities in Auckland.
DEVELOP
Our strategic land holdings and
proven development capability
enable us to deliver sustainable
properties to lease or sell.
MANAGE
We manage all aspects of
our business directly, taking
responsibility for all our
stakeholder relationships.
Ranked in the top 20 of all stocks on
the NZX by market capitalisation,
GNZ is New Zealand’s largest listed
property investment group. With
a history spanning 25 years, it is a
successful business built around a
substantial portfolio, a wide customer
base, a proven development
capability, and a committed team.
Our Business

Fackelmann

Highbrook Business Park
GNZ STRATEGY
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 remain land constrained
with limited new supply, creating
significant barriers to entry,
and making the GNZ portfolio
increasingly difficult to

replicate
+
Active portfolio optimisation
through disciplined capital
recycling
+
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
DEVELOPMENT
+
GNZ’s in-house team brings deep
expertise across planning, design
and delivery, supporting intricate
projects and site regeneration
+
Track record of over
400,000 sqm of industrial and
commercial space developed
over the past 10 years
+
Development pipeline exceeding
$1 billion across 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
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
+
Growth in our property funds
management business will further
broaden revenue streams and
enhance capital deployment
flexibility

INVESTMENT STRATEGY
PORTFOLIO
STATISTICS
GNZ’s urban logistics portfolio provides
essential supply chain infrastructure
for more than 220 customers.
TOTAL PORTFOLIO
SIZE
Net lettable area1.2m sqm
TOTAL PORTFOLIO
VA LU E
Including partnership AUM$4.9 BN
CAPITALISATION
R AT E
Weighted average5.9%
AV ER AG E
BUILDING AGE
Core Portfolio13.0 yrs
AV ER AG E
LEASE TERM
Weighted average4.9 yrs
R E N TA L
GROWTH
On a like-for-like basis5.3%
AV ER AG E
OCCUPANCY
Over the last 12 months9 7.7 %
CUSTOMERS
Employing 10,000+ people220+
WAITOMOKIA
WESTNEY
ROMA
FAVO N A
THE GATE
FELIXCONNECT
SAVILL LINK
ŌTĀHUHU
LEONARD
PENROSE
M20
HIGHBROOK
TĀMAKI
MT WELLINGTON
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Property and key customersLocationClassification
Market Cap
RateNLA (sqm)Buildings
Occupancy
%
WALT
years
Highbrook Business Park
NZ Post, Freightways,
DHL, OfficeMax
East Tāmaki Core 5 . 0 –7. 54 96,524 78 974.0
Savill Link
Mainfreight,
NZ National Logistics,
Coda
Ōtāhuhu C o re/ Va l u e Ad d5.38–6.38162,6 08 16 944.4
M20 Business Park
Recorp, Suntory,
Ingram Micro
Wiri Core/Value Add 5 . 1 3 –7. 2 5122,020 13 965.5
Westney Industry Park
Fliway, DSL, Linfox
Māngere Core 6 .7 5 – 9 . 0114,96 9 11 10 05.2
The Gate Industry Park
Essity Australasia,
Oji Fibre Solutions
Penrose Core/Value Add 5.4–6.25102,155 18 944.0
Roma Road Estate
NZ Post, Cotton On
Mt Roskill Core 5.0-5.6344,282 4 10 012.3
Favona Road Estate
Mainfreight
Māngere Core 5 .7 5 – 6 . 539,658 3 10 011.2
Penrose Industrial Estate
Winstone Wallboards,
Independent Traffic Control
Penrose Value Add 6.025,803 12 10 03.0
Tāmaki Estate
Containerco, Camelspace
Panmure Value Add 6 .7 52 3,6 74 7 951 .7
Connect Industrial Estate
Fletcher Building
Penrose Value Add 6.2521,0 02 7 10 05 .7
Leonard Road Estate
Sky Network Television
Mt Wellington Value Add 6.8815,0 4 8 3 964.6
Mt Wellington Estate
Tesla, Acrow
Mt Wellington Value Add n /a6,011 2 10 00.4
Great South Road Estate
Sleepyhead
Ōtāhuhu Value Add 6 .7 5– 1 10 01.6
Look-through portfolio
1
1 , 17 3 ,75 5 175 96.9%4.9
1
Weighted based on GNZ’s ownership interest except for NLA which reflects total unweighted lettable area and building count.
PROPERTY PORTFOLIO
AND KEY CUSTOMERS
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BOARD OF DIRECTORSEXECUTIVES
James Spence
Chief Executive Officer
James is Chief Executive Officer. He is responsible
for delivering GNZ’s investment strategy and
managing all other business functions. James
joined Goodman in 2006 and has around 20 years
of corporate, property and funds management
experience in Europe and New Zealand. James
holds a Bachelor of Property from the University of
Auckland as well as a Graduate Diploma in Applied
Finance from Kaplan Education in Australia.
Andy Eakin
Chief Financial Officer
Andy’s role as Chief Financial Officer involves
managing the finance and treasury activities of
GNZ. He is also the Chair of the ESG Committee
which encompasses ESG matters material to
GNZ including providing sustainability leadership
across the business. Andy joined Goodman in
March 2011, has more than 30 years’ experience in
finance roles in Ireland, Scotland and New Zealand,
and is a Fellow of Chartered Accountants Ireland.
Anton Shead
General Counsel and Company Secretary
Anton is responsible for the provision of legal and
compliance support to the business. With a Bachelor
of Commerce and Bachelor of Laws (Hons) from
the University of Auckland, Anton has over 25
years’ legal experience. Prior to joining Goodman,
Anton worked for Bell Gully. Anton has also worked
for international law firm Herbert Smith LLP in its
London office, Carey Olsen, a specialist corporate
law firm in the Channel Islands and Buddle Findlay.
John Dakin
Chair and Non-Executive Director
John’s career in the property industry spans over 30 years
and he has developed extensive experience across the real
estate, funds management and corporate sectors. John
joined Goodman Group in 2004 and along with his role as
Chair of GNZ he is also a member of the Group Operations
Committee and a Director of the Goodman Foundation.
He holds a Bachelor of Commerce (VPM) from Lincoln
University and a Graduate Diploma in Applied Finance
and Investment from the Australian Securities Institute.
David Gibson
Deputy Chair and Independent Director
David is a professional director and investor. His
current directorships include Contact Energy Limited
and Freightways Limited. David has over 25 years’
corporate finance and capital markets experience
having held senior positions and governance roles with
Deutsche Craigs and Deutsche Bank, in New Zealand.
He holds a Bachelor of Laws (Honours) and Bachelor
of Commerce from the University of Canterbury.
Kimberley Richards
Director – Investment Management
and Capital Transactions
Kimberley is the Director of Investment Management
and Capital Transactions, responsible for the
acquisitions and disposals of GNZ and its Funds
Management business. She has over 20 years’
experience and previously worked in London
for Europa Capital covering transactions across
Northern Europe. Kimberley holds a Bachelor of
Commerce and a Bachelor of Property from the
University of Auckland as well as a Masters in Real
Estate Finance from the University of Cambridge, UK.
Mandy Waldin
Marketing Director
As Marketing Director, Mandy is responsible for
branding and marketing. Mandy has almost 30 years’
experience in brand development and marketing,
holding various senior management positions in
electronics, publishing and office products sectors.
She was co-owner and director of a marketing &
graphic design company where she developed and
implemented communication strategies for various
NZX listed companies. Mandy has a Bachelor
of Business Studies from Massey University.
Mike Gimblett
General Manager – Development
As General Manager Development, Mike is
responsible for GNZ’s development programme,
including stakeholder relationships. With 25 years
of experience in the property industry, Mike has
a proven track record in leasing, project delivery,
and managing complex transactions. Since joining
Goodman in 2005, Mike has held various roles
within acquisition, portfolio management, and
development management. He holds a Bachelor
of Business Studies in Property Management
and Valuation from Massey University.
Evan Sanders
General Manager – Property Services
Evan is the General Manager of Property
Services. His key responsibilities include leading
the property services team and overseeing the
management of GNZ’s substantial property
portfolio. Evan joined the business in 2009 and
has over 18 years’ experience in the property
industry, including roles in property finance and
investment. He has a Business Administration
degree from the University of Bath, UK.
Sophie Bowden
General Manager – People
Sophie is General Manager People. She works
with the leadership team to implement strategic
people and culture initiatives, with a focus on
performance and development, diversity and
inclusion, and employee experience. Sophie
joined Goodman in August 2021 having held HR
roles in FMCG and retail. She has a Bachelor of
Commerce from the University of Auckland.
Laurissa Cooney
Chair, Audit and Risk Committee
and Independent Director

Laurissa is a professional director with extensive experience
in both governance and finance. Her current directorships
include Independent Director for Air New Zealand Limited,
Rabobank NZ Limited and Metlifecare Ltd. She is also
Co-Chair for Aotearoa Circle, a committee member of
the Chapter Zero NZ steering group and Chair of Ngai
Tai Ki Tāmaki Audit & Risk Committee. Prior to these
governance roles Laurissa was Chief Financial Officer
of Te Whare Wānanga o Awanuiārangi. Her professional
career has also included senior auditing and consulting
roles with Deloitte. She holds a Bachelor of Management
Studies (Hons) from Waikato University, is a Fellow of
the Chartered Accountants Australia and New Zealand
and a Chartered Member of the Institute of Directors.
Leonie Freeman
Independent Director
Leonie is the CEO of the Property Council New Zealand.
Prior to this she has been an entrepreneur, business futurist
and speaker who has broad experience across a range of
property disciplines having held senior development, property
management, strategic and education roles. Her 35-year
career has also included advisory positions with local and
central government. Leonie holds a Masters of Commerce
(Hons) and has previously held board positions with the
New Zealand Institute of Valuers, the Massey University
Property Foundation and Government Property Services.
Steve Jurkovich
Independent Director
Steve is a banking executive with over two decades of
leadership and governance experience in New Zealand’s
financial services sector. Chief Executive of Kiwibank
since July 2018, his career has also included senior
positions with ASB, Commonwealth Bank and Westpac.
Steve practiced as a commercial lawyer for six years
before moving into banking. He holds an Executive MBA
from the University of Sydney and Bachelor of Laws
from the University of Otago. Steve is a Founding Trustee
of the Tania Dalton Foundation Charitable Trust and a
Board Member of the Banking Ombudsman Service.
Gregory Goodman
Non-Executive Director
Gregory is the Chief Executive Officer of Goodman Group
and is responsible for Goodman’s overall operations and
the implementation of its strategic plan. He has over 30
years of experience in the property industry with significant
expertise in the industrial property arena. Gregory was
a co-founder of Goodman, playing an integral role in
establishing its specialist global position in the property
market through various corporate transactions, including
takeovers, mergers and acquisitions. He is a director of GNZ
and director and/or representative on other subsidiaries,
management companies and Partnerships of Goodman.
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Our People
Our Business


Well established Highbrook ngahere
with the Goodman team having planted 3,500 native plants in 2022.
OUROUR
SUSTAINABILITYSUSTAINABILITY
STRATEGYSTRATEGY
As a long-term property investor, our decision
making is guided by a business strategy that
aims to deliver positive outcomes for all our
stakeholders. It
includes targets for a lower
carbon

and

more resilient portfolio.
Our sustainability strategy is built
upon the following three pillars.
SUSTAINABLE
PROPERTIES
We invest in and develop sustainable properties
that are designed to be adaptable, resource
efficient and resilient, targeting green star
ratings
certifications.
Located close to key transport networks and utility
infrastructure, these facilities help our customers
improve productivity and reduce emissions.
High-quality workspaces and a range of amenity
features
also contribute to the wellbeing of the
people

working in these

businesses.
PEOPLE
AND CULTURE
We believe that a sustainable business, positively
connected with its people and the wider
community, delivers superior long-term results.
CORPORATE
PERFORMANCE
A sustainable investment strategy, strong
governance and commitment

to ESG principles
give our investors, regulators, customers, and
community partners confidence in our business.
SUSTAINABILITY
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The material factors presented in the
materiality matrix remain unchanged
since last surveyed in FY24. These
factors are expected to be re-
evaluated ahead of our FY27 annual
report and will include both internal
and external stakeholder feedback.
The 10 material factors reflect the range of criteria applied
by our customers, investors, suppliers, community partners
and our own people when assessing the success of our
business. Understanding these factors and the relative
importance attributed to each, informs and helps prioritise
our sustainability initiatives.
An internal review of our material factors confirmed the
scope, relevance and relative rankings of the existing
factors
remains appropriate.
The 10 factors are categorised under the three pillars of
our
sustainability strategy and are described below.
SUSTAINABLE PROPERTIES
1 Customer attraction and retention
To attract customers and maximise rental
revenue GNZ’s properties need to be
well-located, sustainable and operationally
efficient. They also need to be well maintained
with ongoing investment in new building
technologies. Superior service supports strong
customer retention levels and helps build long
term relationships with these businesses.
2 Sustainable design
and management
All new industrial developments to be
New Zealand Green Building Council (NZGBC)
Green Star certified, targeting a 5 Green Star
Built or Buildings rating, with the construction
process carefully managed to reduce
embodied carbon, building waste and other
environmental impacts. Adopting an internal
carbon price in the development feasibility for
future projects will provide funding to invest
in new, sustainable building technologies.
3 Flexible, adaptable and
resilient properties
Around 97% of the investment portfolio is
independently assessed as being low risk
from the physical impacts of climate change.
The warehousing and logistics focus makes
GNZ’s properties suitable for a range of
business uses. They are designed to be flexible,
resource efficient and can be easily adapted
to meet specific customer requirements.
4 Emission reduction and energy
efficiency strategies
Our FY30 Scope 3 emissions reduction targets
align with criteria defined by the Science
Based Targets Initiative and limiting global
warming to 1.5°C or less. We are investing in
lower carbon developments and undertaking
resource efficiency and building upgrade
projects to improve the operational and
environmental performance of the portfolio.
CORPORATE PERFORMANCE
5 Sustainable structure, operations,
and results
Disciplined financial management has enabled
sustainable growth. A corporatised and stapled
group structure provides the most effective
framework to support the delivery of our long-
term investment strategy. With an objective
to provide shareholders with a consistent
and stable dividend stream while maintaining
financial flexibility through the property cycle,
we continue to manage the business prudently.
6 ESG reporting and stakeholder
engagement
Engagement with our stakeholders on
environmental, social and governance
matters is a priority. Our corporate
reporting includes detailed information
on all aspects of our business operations,
including Climate-related Disclosures.
We have adopted the GRI framework in our
reporting and benchmark ourselves through
various sustainability rating

services.
7 Responsible and environmentally
sensitive investment
The Board is committed to delivering a
sustainable business strategy, focused on
long term value creation. It includes a risk
management framework that considers non-
financial issues, such as climate change impacts
on new investment initiatives. A Sustainable
Finance Framework supports investment

in
sustainable property solutions for customers.
PEOPLE AND CULTURE
8 Health, safety and wellbeing
The health, safety and wellbeing of our
people, our customers, our contractors
and the wider community is fundamental
to our business. We adhere to strict safety
protocols and encourage a culture of safety
awareness. Health and safety KPI’s are also
a feature of all employees’ remuneration.
High retention levels and engagement scores
confirm we are creating a positive and
supportive work environment for our people.
9 Diversity and inclusiveness
We celebrate individual differences and
have a comprehensive inclusion and
diversity policy that includes strategies to
improve representation over time. We want
a positive culture that is free of harassment,
victimisation and discrimination and have
adopted flexible work practices that
help reduce bias and ensure we are an
inclusive and progressive organisation.
10 Social equity
A contemporary remuneration framework
ensures we continue to attract and retain
the best people. To encourage wider
participation in our industry we provide an
annual scholarship for a University of Auckland
property student. We invest in social initiatives
through Goodman Community and encourage
social procurement in new construction
contracts and supplier

agreements.
HIGH
HIGHEST
Significance of environmental, economic and/or social impact
Influence on assessments and decisions
0
5
Sustainable structure,
operations, and results

Customer attraction
and retention
3
Flexible, adaptable and
resilient properties
2
Sustainable design and management
4
Emission reduction and
energy efficiency strategies
Social equity
7
Responsible and environmentally
sensitive investment
6
ESG reporting and
stakeholder engagement
9
Diversity and inclusiveness
8
Health, safety and wellbeing
FOCUSED ON
WHAT MATTERS
MATERIALITY MATRIX

Water collection
is standard in new
Goodman developments.
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
ACC and Dicker Data
M20 Business Park
Active management of our portfolio includes
maintaining our properties to a high standard
and investing in upgrade programmes that
improve the operational and environmental
performance of our buildings.
FOCUS
EMISSIONS
REDUCTION
PAT H WAY
ACTION
+FY30 corporate emissions
target
1
on track with 19.6%
reduction from our FY20
base year
+Completion of core portfolio
HVAC upgrade programme
1
Corporate emissions include Scope 1,
Scope 2 and Scope 3 categories 3-7.
FOCUS
IMPROVING
BIODIVERSITY
ACTION
+44 mature pohutakawa
trees relocated with
24 transplanted within
Waitomokia during
infrastructure works and
20 relocated off site for
Auckland Council and other
projects
+Over 5,500 native specimens
planted at first stage of the
Waitomokia ngahere
+ A
pproximately 700 native
plants planted at the rear
of
Savill Link multi units
FOCUS
ENERGY
EFFICIENCY
FOCUS
GREEN STAR
R AT E D
DEVELOPMENT
ACTION
+Customers continue to
benefit from LED lighting
across core portfolio
+5 o
r 5.5 Star NABERSNZ
ratings achieved for all
eligible office buildings
at Highbrook and M20
Business Park
+10 assets awarded Green
Star Performance during the
period
+S
ubmetering programme
now 71% installed or in
progress
ACTION
+94% of waste diverted from
landfill for Mount Wellington
demolition
+The first project funded by
Goodman NZ’s Embodied
Carbon Innovation Fund
(ECIF) has been completed,
supporting the use of
alternative construction
techniques
FOCUS
RENEWABLE
ENERGY
ACTION
+Renewable electricity
certificates
2
supplied by
Meridian Energy and Mercury
+2
.9 MWp of solar installed
to date

2
Through the purchase of New Zealand
Energy Certificates (NZ-ECs) from
Meridian Energy’s and Mercury
Certified Renewable Energy product,
Goodman is able to utilise a ‘0’
emission factor, reflecting Meridian’s
and Mercury’s renewable electricity
generation.
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A resource-efficient portfolio that
supports our customers in meeting
their own climate goals is helping
create a sustainable business.
The following highlights summarise
our progress toward our targets.
SUSTAINABLE
PROPERTIES
Enhancing operational efficiency
Our properties can help businesses achieve their own climate
targets and contribute to greater productivity and reduced
operating costs.
Active management of our portfolio includes maintaining
our properties to a high standard and investing in upgrade
programmes that improve the operational and environmental
performance of our buildings.
It’s a strategy that helps attract and retain customers with
these businesses benefitting from lower emissions, more
resource efficient and resilient buildings.
Our sustainability initiatives have included the installation of
electrical submetering, customer and public EV chargers,
LED lighting upgrades, rooftop solar energy systems, and
water saving technologies.
We also completed the replacement of R22 refrigerants
in building HVAC systems with lower GWP alternatives
to reduce the climate impacts of fugitive emissions from
system

failures.
Developing sustainably
Our commitment to sustainable development includes
targeting a minimum 5 Green Star Built or Buildings rating
from the NZGBC for all new projects.
The first stage of the Mt Wellington warehouse development
project, consisting of 21,850 sqm is targeting a 6 Green Star
Built rating.
Corporate emissions
Corporate emissions relate to our general business activities
and include the buildings and spaces within the portfolio
where we have operational control. Toitū net carbonzero
certification confirms that our corporate emissions have
been measured in accordance with the ISO 14064-1:2018
standard and matched with locally sourced carbon credits
(Category 1-4), and certified renewable energy certificates
(Category 2) from Meridian and Mercury.
Scope 3 emissions
Scope 3 emissions make up the majority of our carbon
footprint and are the main focus of our sustainability efforts.
The largest contributors to these are our capital expenditure
programme and in use carbon emissions as a result of our
customers leasing space within the portfolio.
Refer to detailed disclosure of Scope 3 emissions in the Full
Greenhouse Gas Emission inventory included in our climate-
related disclosures on page 58 later in this report.
Sustainability

FOCUS
FINANCIALLY
SUSTAINABLE
ACTION
+Portfolio occupancy
of 96.9%
+Investment grade credit
rating of BBB
+Look through loan to
value ratio of 19.8% and
committed gearing of 24.0%
+Cash distributions for FY26
reflecting a pay-out ratio of
around 85.5%
FOCUS
EXTERNAL
CERTIFICATION
ACTION
+PwC limited assurance of
FY26 GHG emissions
+Toitū net carbonzero
certification for corporate
emissions
+Goodman New Zealand
Limited and Goodman
Property Services (NZ)
Limited adopted the new
Sustainable Finance
Framework
FOCUS
COMMUNITY
SUPPORT
ACTION
+$0.5 million distributed
through Goodman NZ
Community
+D
irect and indirect support
to 15 organisations
FOCUS
GOVERNANCE
AND DISCLOSURE
ACTION
+Streamlined governance
and compliance processes
following the corporatisation
of GMT and the move to
a stapled structure for the
business
+A
lignment with the NZX
Corporate Governance
Code
+Climate-related Disclosures
incorporated into FY26
Annual Report
+G
RI reporting framework
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We believe that a sustainable operating model is
essential for an organisation to be successful over
the long-term. We have continued to pursue initiatives
that enhance our business, extend our reporting
and provide transparency to our stakeholders.
CORPORATE
PERFORMANCE
Environmental, social and governance (ESG)
Engagement with our stakeholders on environmental, social
and governance matters is a priority for our business.
Effective and transparent governance structures gives
stakeholders confidence in the delivery of our business
strategy. The GRI index on page 172 assists those
focused on
our sustainability performance, with links to
key disclosures.
Our Climate-related Disclosures on page 43 include a
full emissions inventory with assurance provided by PwC.
The disclosures also describe how we govern and manage
climate-related risks and opportunities. They form part of a
wider enterprise risk management framework that includes
climate, compliance, financial, health and safety, operational,
people, regulatory, strategic and other risks.
The corporate governance section on page 140 compares our
current practices against the principles and recommendations
of the NZX Corporate Governance Code. GNZ’s suite
of governance documents has been updated following
corporatisation and stapling and is available online: https://
nz.goodman.com/about-goodman/corporate-governance
Communication and industry participation
Listed on the NZX, we have an obligation to provide the market
with timely, balanced and easily accessible information.
We
engage with our stakeholders on a regular basis, through
a
variety of communication channels, including formal
reporting, market announcements and briefings, and more
directly through, presentations and meetings. We extend our
reach through the use of social media.
We are an active industry participant, supporting initiatives
and organisations aligned with our business.
Our corporate memberships and partnerships include
New
Zealand Shareholders’ Association, Property Council
New Zealand, NZ Green Building Council, Greater East Tāmaki
Business Association, Te Uru Tāngata Centre for Workplace
Inclusion and Australasian Investor Relations Association.
Financially sustainable
To build a long-term business, we need to be financially
sustainable. We achieve this through prudent capital
management and by maintaining high occupancy rates.
The strength of our customers supports our own financial
performance, providing the strong rental cash flows that
underpin earnings and dividend growth.
Low gearing and substantial liquidity add resilience to our
business and the flexibility to invest in new growth and active
investment opportunities when they arise. The establishment
of a property funds management platform provides GNZ with
additional capital management options.
Our Sustainable Finance Framework is a treasury initiative
that enables the business to issue bonds and establish loans
to support the delivery of sustainable property solutions.
GNZ’s investment grade credit rating of BBB/stable has
been
assigned by S&P Global Ratings. GNZ’s senior secured
debt facilities, including its bonds, are rated one notch higher
at BBB+.
Community engagement
Recognising the needs of our stakeholders and actively
engaging with our communities continues to foster positive
relationships.
Our relationship with tangata whenua is one of the most
important of these connections. We celebrate Māori culture
and work alongside local Iwi in our investment and social
initiatives.
Pictured above is the model replica of the mahi toi
(sculpture) designed by artist Tessa Harris, Director
of
Taonga Toi, in collaboration with Ngāi Tai. It is a
tribute to Maungarei, one of the tallest
and most
significant maunga in Tāmaki.
The finished sculpture in the Highbrook Ngahere
will stand nearly
2 metres tall. A second, larger work
located on Highbrook Drive in front of Tawharau Lane
will be

5

metres tall and illuminated.
Zilch has partnered with Goodman NZ to bring
flexible

electric vehicle access to Highbrook Business
Park. The new Zilch Highbrook Hub provides
businesses, customers and the wider community
with an easier way to use zero-emission transport,
without the cost or complexity of vehicle ownership.
It’s a smart, sustainable solution for commuting,
client meetings, site visits or day-to-day travel across
Auckland.
Through Goodman NZ Community we continue
to support programmes that help build inclusive,
resilient, and sustainable communities. You can
read more on Goodman NZ Community on page 40.

Ngāi Tai ki Tāmaki artist Tessa Harris
and Goodman’ Landscape Manager
Shane Everett with the mahi toi model.

Zilch electric hire cars
are located at Highbrook.
Sustainability

FOCUS
INVESTING IN
OUR PEOPLE
ACTION
+390 training hours
completed in FY26
+T
eam events that celebrate
diversity and support
inclusion, wellbeing and
workplace culture
+Long-term incentive plan
which rewards permanent
team members, aligning
their interests with those of
our investors
FOCUS
HEATH AND
SAFETY AT WORK
ACTION
+Workplace wellbeing and
people care programme,
provided by Sonder
+Free flu vaccine and skin
checks for team members
+E
nhanced board reporting
+R
obust overlapping duties
framework in response to
Whakaari Management Ltd
High Court decision
+N
o serious harm injuries
recorded in FY26
FOCUS
SOCIAL
PROCUREMENT
AND SUPPLY
CHAIN ETHICS
ACTION
+Social procurement
encouraged in new
construction contracts and
supplier agreements
+Team members trained to
assess potential risks in
our supply chain in relation
to money laundering and
modern slavery
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
The Goodman team planting
natives at Waitomokia.
By investing in our people, our culture and
in positive community outcomes we are
creating a more sustainable business
that benefits all our stakeholders.
PEOPLE AND
CULTURE
Supporting our people
Our workplaces support the health, safety and wellbeing
of our people while our brand values guide how we interact
with each other, represent our business, and engage with
stakeholders.
An engagement score of 83% and a high employee retention
rate over the last year, reflect a positive and supportive work
environment.
We continue to promote wellbeing through initiatives that
support mental and physical health.
Through initiatives such as Fareshare and Workride, our team
can access benefits that support commuting to and from
work, helping promote wellbeing, reduce costs, and align with
our commitment to sustainability.
The Fareshare benefit is designed to support sustainable
commuting by subsidising public transport costs via bus, train
and ferry travel to and from work. Workride is New
Zealand’s
bike benefit programme providing employees with an easy and
flexible option to support their commute to and from work.
Various sporting, recreational and cultural events are also
supported throughout the year.
Developing our people in an inclusive and
diverse
workplace
Developing our people is a continual focus for our business.
To help our people reach their potential we provide career
pathways. This includes formal induction programmes, regular
reviews, annual development plans and training objectives.
To encourage wider participation in our industry we award an
annual scholarship to a University of Auckland property student,
participate in the University’s property buddy programme and
support the Keystone Trust through Goodman NZ Community.

Highbrook FunRunWalk 2026

The Fareshare benefit encourages
employees to use more public transport.
FOCUS
DIVERSE AND
INCLUSIVE
WORKPLACE
ACTION
+A diverse team of over 70
that includes 13 different
ethnicities, with speakers of
14 languages
+An engagement score
of 83%, reflecting a high
level of connection and
motivation among our
people
+Board and executive
diversity reflect 33.3%
and 37.5% female
representation, respectively
We believe an inclusive and diverse team enhances the way
we think and work, contributing to better business outcomes.
Our Inclusion and Diversity policy sets targets for 2030
across gender, ethnicity and age. These objectives guide
our behaviour and help ensure we are a representative and
inclusive workplace. We value each person’s uniqueness and
want our people to feel supported.
Our flexible and progressive employment policies reduce bias
and promote work life balance. Further information on our
workplace demographics can be found on page 142.
Prioritising health and safety
The Board is fully committed to providing and maintaining
safe work environments for all who work at or visit our sites.
This is achieved by adhering to all health and safety legal
requirements, providing pragmatic and effective systems,
ensuring people have the right skills, and partnering with
our customers, contractors and other key stakeholders to
support safe work practices.
We monitor a range of performance measures which are
presented to the Board on a quarterly basis. During the year,
there were 95 recorded events (incidents and near misses),
compared to 75 in FY25, with no serious harm injuries
recorded. The increase in recorded events reflects our
improved reporting, an area of focus during the year, with the
majority resulting in little to no harm.
We support the protection of human rights and equity and
fairness in our operations and supply chain. Mandatory
modern slavery risk training is completed annually by all
team

members.
We believe an inclusive and
diverse team enhances the way
we think and work, contributing
to better business outcomes.
Sustainability

We aim to help build inclusive, resilient, and sustainable
communities where we operate to provide people
with the opportunity to reach their full potential.
Through dynamic partnerships with community organisations,
we aim to make a sustained and tangible difference that
strengthens communities and enables long-term positive change.
We support community
organisations that are enabling
food and housing security
and providing access to
household goods and clothing.
KiwiHarvest
As New Zealand’s leading food rescue
organisation, KiwiHarvest collects nutritious
but perishable food that would otherwise go to
landfill and redirects it to those in need.
We are extremely proud to be a founding
partner and supporter since 2015 with
KiwiHarvest being our largest community
partnership.
During the year, Goodman NZ Community
funding has enabled KiwiHarvest to deliver over
500,000 meals to those in need. This includes
food banks and other recipient agencies. This is
equivalent to 396,816 kg of food rescued.
Our support also includes the provision of
KiwiHarvest’s warehouse facilities at Highbrook
Business Park where our team take part in
regular volunteering to help process and pack
produce and other food items for distribution.
GOODMAN NZ
COMMUNITY
MEETING
ESSENTIAL
NEEDS
https://www.kiwiharvest.org.nz/
We partner with organisations that offer education
and employment pathways in our communities.
ENABLING
EDUCATION &
EMPLOYMENT

Goodman NZ’s partnership with Duffy Books in Homes
continues to make a meaningful difference for tamariki
with support across four schools.

KiwiHarvest
Highbrook Business Park
We focus on initiatives that improve
psychosocial wellbeing and create space
for people and communities to flourish.
Ongoing support is provided through our Give Back initiative,
discretionary grants and other fundraising, financial support
was also provided to organisations and events which include:
+Daffodil Day – Cancer Society New Zealand
+IDFNZ The Kids Foundation
+Orange Sky
+R
onald McDonald House
+S
pringboard Community Works
+Starship Foundation
We support organisations
equipped to deliver immediate
response and initiate
recovery to natural disasters
and

extreme

events.
During the year, support was made to
organisations equipped to respond quickly
and
to assist communities in early recovery
which include:
+R
apid Relief Team
+Tauranga Land Search and Rescue
PROMOTING
SOCIAL AND
MENTAL WELLBEING
PROVIDING
DISASTER
RELIEF
Duffy Books in Homes
Founded by author Alan Duff,
Duffy Books is a national literacy
programme that promotes reading
through book ownership. Since its
launch in 1995, the programme has
grown to support more than 520
schools and 280 early childhood
centres, distributing over 15
million
books to more than 100,000
students in communities throughout
New

Zealand.
Duffy Books is our longest-running
community partnership, supporting
Fairburn School, Sir Edmund Hillary
Collegiate, Wiri Central Primary and
Ōtāhuhu Primary School.
Keystone Trust
The Keystone Trust is focused on
promoting opportunities and lifting
the
participation of young people in
the New
Zealand property industry.
Since 1994, the trust has granted
over 376 scholarships and awarded
$3.3 million in scholarship funding
to help young people held back by
inequality to take up tertiary studies in
the property and construction sector.
The scholarship recipients also
receive broader support including
mentoring, networking opportunities,
site visits and paid work experience.
For the 2026 intake, there were
38
scholarships awarded (the largest
intake in its 22-year history), lifting
the total number of students on the
programme to 74.
Tania Dalton Foundation
The Tania Dalton Foundation (TDF) is
helping the next generation of female
athletes thrive. With an aim to award
up to 14 scholarships each year,
the TDF Scholarship
Programme
provides support, mentorship, and
creates long-term opportunity, helping
girls from all backgrounds reach their
full potential. They believe in equity,
inclusion and the value
of backing
someone who may not otherwise get
the chance.
We have proudly supported the TDF
programme since 2018, with Trinity
Waiwiri
-Toka our current scholarship
recipient. Trinity is a talented softball
player from Rosehill College who
has represented New
Zealand
internationally and is now in her final
year of the three-year programme.
www.booksinhomes.org.nz
www.keystonetrust.org.nz
www.taniadaltonfoundation.org.nz
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These climate statements are voluntary
statements for the year ending
31
March 2026 for the GNZ group.
The Financial Markets Conduct
Amendment Bill proposes reforms that
would remove managed investment
scheme (MIS) managers from
mandatory climate reporting, and raise
the listed issuer thresholds (to $1bn
for
equity and debt).
While the Bill is still progressing, the
Financial Markets Authority has
announced a “no action” approach
for affected entities that expect their
climate reporting obligations to cease
once the legislative changes are
enacted.
The Bill, as proposed, will have the
following effects:
+
GPS would cease to be a CRE in
respect of the GMT once the Bill is
enacted, because the Bill proposes
to remove MIS managers from the
regime.
+

G
MB would cease to be a CRE
once the Bill is enacted, because
the listed debt issuer threshold is
proposed to increase to $1bn and
GMB is below that threshold.
GNZL is a newly incorporated entity and,
on that basis, will not meet the definition
of a CRE in (at least) its first or second
accounting periods. Both GPS and GMB
are relying on the FMA’s “no action” relief
and are not preparing mandatory climate
statements for the financial year ending
31 March 2026.
Recognising that our stakeholders are
interested in our approach to climate
change, we have prepared voluntary
climate statements for the year ending
31 March 2026 in respect of the GNZ
group on a consolidated basis. These
voluntary climate statements have
been prepared by reference to the
GNZ group following completion of the
corporatisation and stapling transaction
described on page 149.
This is to ensure that investors in the
GNZ group are receiving information
that is most relevant to their investments
going forward, and to support
consistency with any mandatory
reporting that may be required in
future
years.
These voluntary climate statements
have been prepared by reference to the
disclosures required by the Aotearoa
New Zealand Climate Standards (NZ CS)
issued by the External Reporting Board.
These voluntary climate statements
are not required to comply, and are not
represented as complying, with the
NZ
CS.
In preparing this report, Goodman
NZ has elected not to disclose its
assessment of the anticipated financial
impacts of the physical and transition
impacts of the climate-related risks
and opportunities it has identified. In
the context of mandatory disclosures,
excluding this information is permitted by
adoption provision 2 in an entity’s first to
fourth reporting periods.
Forward looking statements
These disclosures summarise
Goodman NZ’s assessment of future
climate
-r
elated risks and opportunities
and how these are integrated into our
broader business strategy. They include
forward-l
ooking statements relating to
climate-related goals, targets, pathways,
ambitions, risks and opportunities, and
current transition plans.
These statements are based on
assumptions that involve inherent
risks and uncertainties, many of
which are beyond our control. As a
result, actual outcomes may differ
from our predictions or expectations,
assumptions may prove incorrect, and
our objectives, targets and strategies to
mitigate and adapt to climate-r
elated
risks and opportunities may not be
achieved.
The basis and limitations of our
analysis are outlined, and we reserve
the right to revisit assumptions as our
understanding evolves.
CLIMATE-RELATED

Viridian

Highbrook Business Park
DISCLOSURES
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GHG EMISSIONS SNAPSHOT (tCO
2
e) FY26F Y25F Y24
Corporate emissions (location based)8 9 7. 6 729.66 3 8 .7
S
cope 3 emissions – variable investment impacts1 , 476 .723,831.026,436.8
Scope 3 emissions – other20,040.217,272.3 14,313.2
Total emissions (location based)22,414.5 41,832.9 41 ,3 8 8 .7
Emissions from variable investments include the impact of developed and sold assets. These emissions will therefore
fluctuate year on year depending on the timing of these activities.
To make underlying trends clearer, emissions are reported including and excluding variable investment impacts.
CLIMATE-RELATED RISKS AND OPPORTUNITIES SUMMARY
OpportunitiesStrategyRisks
Extreme WeatherNot materialAsset selection
and adaptation
Flooding and increased
temperatures
Customer PreferencesCollaborate to reduce
customer carbon
Energy efficient upgradesProperties may not meet
sustainability targets
Stranded AssetsPurchase and redevelop
stranded properties
Adapt at risk assetsPolicy changes affect
leasability
Cost of InsuranceLower insurance costAdapt at risk assetsInsurer scrutiny increases
Cost of CapitalImprove investment case
in

GNZ
Implement sustainability
strategy
ESG expectations not met
EnergyProvide resilient, efficient
properties
Solar upgrade programmeNot material
Cost of DevelopmentNot materialSupplier engagementSlow decarbonisation of
construction sector
Reporting boundaries
The scope of our reporting includes Goodman New Zealand
Limited (GNZL) and Goodman Property Services (NZ)
Limited (GPS), (together, Goodman NZ), and subsidiaries of
GNZL and GPS. Their subsidiaries include GNZ Bond Issuer
Limited and all other property owning and management
related entities. The boundary also includes HLP, the limited
partnership that owns Highbrook Business Park. For the
purposes of this report, we either refer to these entities
specifically or collectively as Goodman NZ or GNZ.
Governance and risk management
Climate considerations are embedded in Goodman NZ’s
strategic and investment decision
-ma
king. The Board has
ultimate responsibility for climate strategy, and adopted the
current three-year strategic plan and transition plan. Climate
performance towards targets is reviewed quarterly, and
climate impacts are assessed as part of all new investment
and development approvals. Executive management is
responsible for delivering the climate strategy, supported
by

a

dedicated sustainability team.
Climate-related risks are managed through the enterprise
risk management framework and assessed across short,
medium and long-t
erm horizons.
Science-aligned targets
In 2025, the Board approved science
-aligned emissions
reduction targets, covering approximately 80% of our FY25
base year emissions.
All targets are to be achieved by FY30, from a FY25 base
year, and include:
+30.4% reduction in developments’ embodied carbon
intensity
+26.9% reduction in leased warehousing in-use emissions
intensity, applying a location-based approach
+3
7.6% reduction in leased whole portfolio in-use
emissions intensity, applying a market-based approach
Transition plan
On pages 54-55, the transition plan outlines GNZ’s strategy
for achieving a climate-r
esilient future, including new pathways
that detail how we aim to meet our embodied
-c
arbon and
in-use emissions targets. This includes forecast reductions
in embodied carbon intensity as we work with suppliers of
building materials. It also reflects the expected impact on
in-use emissions from lighting upgrades, submetering and
solar along with emission factor changes from the ongoing
decarbonisation of the electricity grid.
Capital deployment associated with this transition totalled
$16.8m in FY26.
Assurance and sign off
The Board has overseen the preparation of this year’s Annual
Report and the Climate-related Disclosures it contains. PwC
have provided limited assurance over the emissions inventory
as described on pages 75-77.
The full Board have reviewed the completed Annual Report,
including the Climate-related Disclosures, and approved
these for release on 25 June 2026.
Absolute emissions
Total emissions decreased 46% from FY25 to FY26,
primarily due to no developments completing in FY26.
Developments accounted for 57% of emissions in
FY25.
Beyond developments, the sale of Bush Road in May 2025
accounted for 5.7% of total emissions (1,279 tCO
2
e),
capturing emissions from the asset’s ongoing use, as well as
end-of-life impacts. Demolition waste from the Mt Wellington
redevelopment contributed a further 0.9% (197.2 tCO
2
e).
Excluding these variable investment activities, total emissions
increased by 16% from FY25 to FY26, primarily due to higher
capex spend across the stabilised portfolio.
Emissions intensity
Emissions intensity is calculated based on portfolio NLA
(sqm) and net property income ($pa). Reporting emissions
intensity helps normalise for changes in portfolio size and
earnings, making year
-on-year trends more comparable.
Total emissions intensity reduced by 45% (NLA) and 43%
(rental income) from FY25 to FY26. Excluding variable
investment activity, intensity increased by 20% (NLA) and
23% (rental income).
In-use emissions intensity decreased by 17% for warehousing
(location-based) and 15% across the total portfolio (market-
based), supporting progress towards our FY30 in-use
emissions intensity reduction targets.

John Dakin Laurissa Cooney
Chair Chair, Audit and Risk Committee
Our climate-related risks and opportunities
In FY24, a detailed assessment process was undertaken
to identify our climate-related risks and opportunities. This
involved scenario analysis across three climate futures:
Orderly, Disorderly, and Hot House World.
From this, we identified six risks and five opportunities, across
seven climate-related impacts as material to GNZ’s long-term
success. These are summarised in the table below. Of the
eleven identified risks and opportunities, ten are transition-
related, with the remaining physical risk detailed separately
below. Management assessed the FY26 impacts of these
items and considered there to be no material financial impact.
A comprehensive review of our climate-related risks and
opportunities will be undertaken in FY27 as part of our
regular review cycle.
Physical risks – extreme weather
Independent specialists have assessed the financial impact
of physical risks from extreme weather events across our
portfolio as low.
By rental income, 97% of the portfolio is classified as low risk,
with 2.3% having moderate fluvial risk and 0.7% high pluvial
risk. The pluvial risk relates to a property earmarked for
redevelopment in the short to medium term. Redevelopment
is expected to mitigate the impact of future pluvial flooding at
this property.
CLIMATE-RELATED
DISCLOSURES
AT A GLANCE
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Sustainability is a permanent agenda
item at each quarterly Board meeting,
where Directors review progress
towards established targets and
approve new climate-related initiatives.
Long-term
2050+
A future time horizon
that represents the
economic lifespan
of GNZ’s industrial
portfolio.
Identifying, assessing, and managing climate-related risks
Goodman NZ has adopted a risk management framework
that considers climate, compliance, financial, health and
safety, operational, people, regulatory, strategic and other
risks. Established processes govern the identification,
assessment and management of these enterprise risks.
In line with Aotearoa New

Zealand Climate Standards,
climate-related risks are evaluated under three climate
scenarios and time horizons. The process to establish
the
detailed climate-related risks and opportunities disclosed
on pages 52-53 was fully described on page 28 of the 2024
Sustainability Report at gmtcrd24.co.nz.
Our adopted climate scenarios will be reviewed periodically, to
reflect changes in
underlying climate models. There were no
material changes to the underlying climate scenarios in FY26.
The climate-r
elated risks identified in FY24 are
comprehensively reassessed on a three
-year cycle, with the
next review scheduled for FY27. The full assessment can
be found on page 31 of the 2024 Sustainability Report at
gmtcrd24.co.nz. Between reviews, management and the
Board assess annually whether any material changes have
occurred. No material changes were identified in FY26.
The assessment encompasses
both
physical and transition risks.
Aon Global Risk Consultants
conducted the physical risk
assessment, which included
a comprehensive review of
the entire value chain, from
upstream development
to internal
operations and
downstream customer activities.
Integrating climate-related risks into risk management
A detailed risk register, maintained by management, forms
the foundation of the business’s risk management framework.
Quarterly reviews and a comprehensive annual risk
assessment process evaluate changes to the business
or operating environment, assessing existing risks and
identifying new ones.
These assessments include consideration of the impact
and likelihood of each material risk, with priority reflecting
the severity of potential impacts, together with the agreed
mitigation approach. The outcome of the annual risk
assessment process is presented to the Board for approval.
Environmental sustainability and climate change are among
the areas of significant risk previously identified. Business
planning incorporates strategies to manage and mitigate these
risks, such as setting carbon reduction targets and achieving a
minimum 5
Green Star certification for new developments.
Climate impacts on new investments are assessed during
due diligence, with the Board considering these factors when
approving new property acquisitions or development initiatives.
RISK MANAGEMENT MATRIX
Shor t-term
Present – 2030
Reflecting the average
lease term within
the portfolio, and detailed
business budgeting
timeframes.
Medium-term
2030 – 2050
Consistent with
longer-term business
planning, capital
expenditure projects and
re-development plans.
GOVERNANCE HIERARCHY
Board of
Directors
Audit and Risk
Committee
Executive
Management
Team
Head of
Environmental
Sustainability
GOVERNANCE
Board oversight
The Boards of Goodman New Zealand Limited and Goodman
Property Services (NZ) Limited govern the business
operations and strategic direction of GNZ. This oversight
includes ensuring that all commercial activities are aligned
with the sustainability objectives and
climate-related targets
contained in its three-year strategic plan.
The Board considered and adopted the current three-year
strategic plan in March 2026. This process included a review
of the business’s transition plan and previously identified
climate-related risks and opportunities. The transition
plan presented on pages 54-55 summarises the strategic
response to these risks and opportunities, and the FY30
emission reduction targets.
Sustainability is a permanent agenda item at each quarterly
Board meeting, where Directors review progress towards
established targets and approve new climate-related
initiatives. Climate risk assessments are also a requirement of
new investment approvals.
Our Directors have a complementary set of skills, with
sustainability one of the core competencies represented on
the Board. Specialist external advice and ongoing training
help ensure Directors are well-informed on developments in
climate science and climate
governance.
Board composition changed during the year, with Keith
Smith’s retirement and Steve Jurkovich’s appointment. An
internal skills matrix, developed in FY24, maps competencies
across the Board, including climate and sustainability
expertise. The Nomination Committee references this matrix
when evaluating Board composition and recruiting new
directors, ensuring the Board maintains appropriate skills and
competencies to provide oversight of climate-related risks
and opportunities.
The role of Management
The executive management group, led by the Chief Executive
Officer, is responsible for delivering a business strategy that
includes the goal of becoming a sustainable, resilient, and low-
carbon real estate provider.
The Chief Financial Officer, as Head of Sustainability,
oversees the sustainability programme, including climate
reporting and initiatives to enhance environmental
performance and resilience, primarily by reducing upfront
embodied carbon emissions and in-use carbon emissions.
The Head of Environmental Sustainability, one of four
dedicated sustainability roles, reports directly to the
Head
of Sustainability.
RISK MANAGEMENT
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
The Viridis ecology team measuring and
benchmarking biodiversity at Waitomokia.
Climate-related Disclosures

STRATEGY
This section describes the climate
scenario analysis undertaken by
Goodman NZ, the key climate-related risks
and opportunities including anticipated
business impacts and how this has
influenced Goodman NZ’s transition plan
for a low-emissions, climate-resilient future.
Goodman NZ’s business strategy is focused on the delivery of
sustainable property solutions for its customers. Exclusively
investing in the Auckland industrial market, our warehouse and
logistics facilities provide these businesses with well-located
and operationally efficient facilities that provide critical supply
chain infrastructure for the New
Zealand economy.
Goodman NZ has been monitoring and disclosing its
corporate emissions since 2006. These disclosures
have been extended over the last three years to include a
comprehensive assessment of all Scope 3 emissions.
The potential impacts of climate change are far-reaching, with
current behaviours and actions expected to have significant
consequences on the future operating environment. The
three climate scenarios that have been adopted reflect a
range of outcomes, aiding in the understanding of specific
risks and opportunities the business may encounter over
short, medium, and long-term time horizons.
The business’s current strategic plan incorporates the
objectives of the transition plan presented on pages 54-55.
These

objectives focus on mitigating climate change impacts,
including reducing the intensity of upfront embodied carbon and
in-use carbon emissions, and adapting the business to support
the climate goals of its
customers.
In 2025, Scope 3 emissions reduction targets were set for
FY30. Toitū Envirocare have independently verified that
these short-term targets align with SBTi’s criteria for limiting
global warming to no more than 1.5°C.
Selecting climate scenarios
The three climate scenarios established by the NZGBC for the
Construction and Property Sector were adopted in 2024. While
there have been no revisions to these scenarios over the past
12 months, they continue to represent the most appropriate
framework for New Zealand-based real estate investment
entities such as Goodman NZ. We acknowledge that climate
science is evolving and remain alert to new developments that
may shape future scenarios.
The current scenarios are fully described in the NZGBC
Climate Scenarios for the Construction and Property Sector.
Please review the full report to understand the assumptions
and limitations underpinning these scenarios. https://nzgbc.
org.nz/research-and-reports
CLIMATE SCENARIO SUMMARIES
SCENARIO 1
ORDERLY
NGFS
1
: ‘Net Zero 2050’
Policy reaction: Immediate/Smooth
Policy ambition: 1.5°C
Technology and
behaviour

change:
Fa
st
Physical risk severity:
M
oderate
Average sea levels:
+0
.39m
Mean temperature:
+1
.4° C
Rainfall intensity:
+6%
N
umber of hot days:
+
40%
SCENARIO 2
DISORDERLY
NGFS: ‘Delayed Transition’
Policy reaction: Delayed
Policy ambition: <2.0°C
Technology and
behaviour change:
S
low/Fast
P
hysical risk severity:
M
oderate
Average sea levels:
+
0.60m
Mean temperature:
+1
.8 ° C
Rainfall intensity:
+6%
N
umber of hot days:
+
40%
SCENARIO 3
HOT HOUSE WORLD
NGFS: ‘Current Policies’
Policy reaction: None
Policy ambition: >3.0°C
Technology and
behaviour change:
S
low
P
hysical risk severity:
E
xtreme
Average sea levels:
+1
.0 8 m
Mean temperature:
+
3.6°C
Rainfall intensity:
+
2 6 . 1%
Number of hot days:
+
300%
Timely policy change prompts
organisations to quickly adopt
carbon reduction strategies.
In the short to medium-term the shadow cost
of carbon rises, driving demand for low carbon
building materials. These materials are in short
supply. Building costs rise.
Behavioural change and energy caps see
demand for more energy efficient buildings.
A
shortage of energy efficient space drives
demand for assets with on-site electricity
generation and low carbon technologies, like
those found in Green Star rated properties.
The scale of retrofit activities is significant
with building upgrades for energy efficiency
supporting occupier emissions reduction targets
in the short-term. Technology changes quickly
and lower carbon materials become more cost
and time effective in the medium-term.
The grid becomes fully renewable in the
medium-term and buildings become more
energy efficient as occupiers and property
owners play their part in achieving a Net Zero
2050 outcome.
Policy, technology and behaviour
change is slow up until 2030.
Around 2030 there are a series of abrupt
and stringent decarbonisation policies.
The
electricity sector is unprepared for the
rapid demand for electrification. Assets with
on-site generation surge in demand while
New
Zealand experiences frequent blackouts
and electricity price fluctuations in the
medium-term.
The rapid increase in demand for lower
carbon materials sees significant disruption
for the sector with competition for materials
and expertise leading to
significant price
escalations.
Early movers get the opportunity to access
these materials and subject matter experts
before others in the sector.
No policies are introduced to
curb emissions. Regulatory
change is slow with a
focus on adaptation and
managing climate driven
immigration/refugees.
There is limited innovation around lower carbon
materials and technologies due to low demand.
Building codes become more stringent as they
look to address the physical impacts of climate
change with more frequent storm events,
heatwaves, floods and heavier rainfall. Assets
that are unable to meet the new codes risk
becoming stranded.
Mandates are introduced to conserve energy for
critical functions as infrastructure is damaged
by climate change. Demand for buildings
resilient to direct climate-related physical events
and electrical network failures increases.
A breakdown in social cohesion occurs with
heat stress, mental health impacts and food
insecurity from climate change prompting a
retreat from Auckland and other cities.
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1
The Network for Greening the Financial System


Electrical Submetering
Goodman Energy Management (GEM) system allows customers to measure,
monitor and manage usage, to minimise power and report energy spikes.
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CLIMATE-RELATED RISKS
AND OPPORTUNITIES
Following a comprehensive assessment process, we have
identified six risks and five opportunities across seven
climate-related impacts as material to GNZ’s long-term
success. These were first reported in our 2024 Climate-
related Disclosures, with full details of the assessment
process set out
on page 28 of the 2024 Sustainability
Report at gmtcrd24.co.nz.
These risks and opportunities are comprehensively reassessed
on a three-year cycle, with the next review scheduled for FY27.
The following table presents the expected impact areas against
the corresponding risks and opportunities.
Current year Financial Impact
In FY26, the Board assessed these climate-related impacts
to be unchanged as part of strategic planning, a finding
independently confirmed by Aon Global Risk Consultants,
who identified no material change to the portfolio’s physical
risks. Management also assessed the FY26 impacts for each
of these climate-related risks and opportunities and found no
material financial impact.
Further detail on how these climate
-related impacts relate to
our environmental sustainability objectives is provided in the
2024 Sustainability Report at gmtcrd24.co.nz.
OpportunitiesImpactStrategyRisksImpact
PHYSICAL
Extreme
Weather
Not materialAsset selection
and adaptation
Pluvial flooding
and increasing
temperatures

Capex
TRANSITION
Customer
Preferences
Collaborating with
customers to reduce
their operational
carbon

Opex

Rental
income
Energy efficiency
upgrade programme
Properties not
suited to customers’
sustainability targets

Rental
income
TRANSITION
Stranded
Assets
Purchasing and
redeveloping stranded
properties

Revenue
from new
assets
Adapt at risk assetsPolicy change affects
leasability of non-
compliant properties

Capex
TRANSITION
Cost of
Insurance
Lower insurance cost
for assets with lower
physical risks

Opex

Rental
income
Adapt at risk assetsInsurers apply
more scrutiny
following climate-
related losses

Insurance
premiums
TRANSITION
Cost of
Capital
Increase investment
case in GNZ
 Funding
costs
Develop and implement
sustainability strategy
Failure to meet ESG
expectations and
climate standards

Funding
costs
TRANSITION
Energy Provide energy efficient
and grid resilient
properties
 Leasability
 Rental
income
Solar upgrade
programme
Not material
TRANSITION
Cost of
Development
Not materialSupplier engagementConstruction sector
slow to decarbonise /
supply chain disruption

Cost of
carbon,
material
and labour

Climate-related risks and opportunities (continued)
OpportunitiesStrategyRisks
Cost of
Insurance
Transition – Market
Hothouse (Long-term).
All lower-risk properties.
As insurance premiums increasingly
reflect physical risk exposure, a
multi-tiered market is likely to emerge.
Lower-risk assets will benefit from
reduced insurance costs, translating
to lower operating expenses for
customers and stronger rental
growth
potential.
+ Assess and address both physical
and transition risks in new
investments.
+
Enhance existing assets and
development specifications to
improve resilience against the
growing frequency and severity
of extreme weather events.
Transition – Market
Hothouse (Long-term).
All properties.
The growing frequency and intensity
of extreme weather events linked
to climate change are expected to
significantly impact the insurance and
reinsurance sectors. This may drive up
premiums across the board, even for
low-risk assets, while high-risk assets
could face steep premium hikes or
difficulty securing coverage.
Cost of
Capital
Transition – Market
Disorderly (Short-term).
Hothouse (Short/Medium/Long-term).
Whole portfolio.
Form a robust sustainability strategy
that positions our business for a low-
emissions, climate-resilient future,
aligned with investor direction. Meeting
investor demand for these assets can
attract more capital, potentially at a
lower cost.
+
Leverage our Sustainable Finance
Framework to fund sustainable
property initiatives.
+
Develop energy-efficient,
high-quality workplaces targeting
Green
Star certification.
+ Incorporate site-specific nature
and biodiversity targets into
project
planning.
Transition – Reputation
Orderly (Short/Medium/Long-term).
Disorderly (Medium/Long-term).
Whole portfolio.
ESG performance is increasingly
integral to investor decision-making,
influencing WACC and target price.
As
energy and carbon regulations
tighten, failure to keep pace may
directly impact GNZ’s access to
competitively priced funding.
Energy
Transition
– Resilience/Energy Source
Orderly (Short-term).
Disorderly (Medium-term).
Hothouse (Long-term).
Core Portfolio & developments.
Blackouts caused by aging energy
infrastructure will drive demand
for energy-efficient, grid-resilient
properties. Assets with onsite
renewable energy will experience fewer
disruptions, boosting leasing demand
and rental growth.
+
Create energy-efficient,
Green Star-certified workplaces.
+

T
ailor solar installations to meet
customer energy needs.
+

P
repare assets for electrification,
including EV charging
infrastructure.
While there are energy-related risks to
our customers’ operations, we do not
consider these to be a material risk
to
GNZ.
Cost of
Development
We do not consider opportunities
relating to development costs to be
material to GNZ.
+ Collaborate with the construction
sector to identify, test, and adopt
lower-carbon alternatives to
traditional building materials
through GNZ’s Embodied Carbon
Innovation Fund.
+
Prioritise brownfield opportunities
by conserving, reusing, and
recycling materials, and exploring
circular economy solutions in
Value Add properties before
deconstruction.
+
Invest in resource-flexible buildings
designed for easy repurposing at
the end of their economic life.
Transition – Market
Orderly (Short/Medium-term).
Disorderly (Medium-term).
Developments.
The construction sector faces
challenges in rapidly decarbonising.
As

climate-resilient materials and
designs emerge to meet stricter
regulations, limited supply will drive up
material and labour costs.
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OpportunitiesStrategyRisks
Extreme
Weather
We do not consider opportunities
arising from more extreme weather
to be material to GNZ.
+ Enhance asset resilience through
adaptation, landscaping practices
and updated development
specifications.
+
Plan redevelopment for high-risk
buildings.
+ Focus on expanding resilient
locations through intensified
development.
+
Assess and mitigate physical
risks in new investments
while implementing proactive
maintenance plans and supporting
infrastructure to prevent future
damage.
+
Monitor planning and infrastructure
changes across regions of interest.
Physical Risk – Acute/Chronic
Hothouse (Long-term).
Few susceptible assets.
New
Zealand’s climate is evolving,
with more extreme weather patterns
expected, including hotter days, fewer
frost days, and more intense rainfall.
Coastal areas will face rising sea
levels, heightening the risk of flooding
and storm damage. As these climate
challenges intensify, GNZ’s assets in
vulnerable locations will be increasingly
exposed to operational disruptions and
physical damage requiring more capital
expenditure.
Customer
Preferences
Transition – Market
Disorderly (Short-term).
Hothouse (Short & Medium-term).
Core Portfolio & development.
Seven of GNZ’s ten largest customers
have public carbon reduction targets,
with more expected to follow. As supply
of sustainable properties continues to
lag, leading occupiers are expected
to favour energy-efficient, climate-
resilient properties. Investing in these
assets supports customers in meeting
their carbon goals and underpins
stronger rental growth.
+
Partner with customers to reduce
emissions using submetering data.
+
Deliver energy-efficient, Green
Star-certified or equivalent spaces
and introduce green leases.
+
Support customer demand for on-
site solar.
+
Future-proof assets with
EV infrastructure.
Transition – Market
Orderly (Short-term).
Disorderly (Medium-term).
Whole portfolio.
Shifting consumption and global
trade patterns may also reduce
logistics demand. These factors risk
suppressing rental growth.
Stranded
Assets
Transition – Market/Resilience
Hothouse (Long-term).
Value Add assets.
An increasing mismatch between
outdated building stock and evolving
occupier needs is emerging. This
dynamic may drive rent repricing
and open opportunities for GNZ to
reposition, acquire, and redevelop
assets – unlocking new revenue and
strengthening the portfolio.
+
Enhance development and
maintenance strategies to
withstand extreme weather and
safeguard assets from physical
climate risks.
+

E
mbed both physical and
transitional consideration into all
investment decisions.
+
Design and invest in resource-
flexible buildings that support
adaptive reuse at the end of their
economic life.
+
P
repare assets for electrification,
including scalable EV infrastructure.
+

R
educe reliance on external utilities
through efficient systems.
Transition – Market/Regulatory
Hothouse (Long-term).
All properties.
Climate change may render some
buildings obsolete or too expensive to
upgrade. Not adapting our base build
and building upgrade works to meet
sustainability and resilience standards,
could greatly reduce demand and lead
to stranded assets.
Where considered material, the table below shows the risk or opportunity
type (e.g. Transition – Market), the impacted scenario and timeframe
(e.g. Orderly, Short term), the scope of the impact (e.g. Whole portfolio)
and the primary impact assessment. The table also shows the strategy
we have adopted to realise these opportunities and mitigate these risks.

TRANSITION PLAN
Goodman NZ’s first emissions reduction plan in FY21 set out
a clear pathway for lowering corporate emissions with targets
aligned with the objectives of the Paris Agreement. Our
targets now include the reduction of corporate emissions by
43% from 2020 to 2030 and the science-aligned reduction
of our most significant Scope 3 emissions.
In 2025, the Board set new Scope 3 emission reduction
targets, covering around 80% of GNZ’s base year greenhouse
gas inventory. These relate to embodied carbon within
developments and the operational emissions from buildings
within the portfolio.
This climate transition plan summarises our strategic response
to the preceding climate risks. The overarching strategy,
targets and execution included in the plan are grouped into
four categories below: Corporate Activity, Building Materials,
Customer Footprints, Climate Resilience.
The plan also includes the steps we are taking to transition to
a lower carbon economy.
Corporate ActivityBuilding MaterialsCustomer FootprintsClimate Resilience
AimReduce emissions within
Goodman NZ’s direct control.
Use materials and
construction techniques
focused on reducing
upfront embodied carbon.
Support the reduction of
customers’ carbon and other
footprints.
Decarbonise, adapt
assets, and mitigate
risks to be resilient to the
impacts of climate change.
Significance4% of total FY26 emissions.
The most significant corporate
emission sources have
been diesel, electricity, staff
commuting and refrigerant loss,
accounting for over 80%.
Embodied carbon from our
developments accounted
for 57% of total emissions
in FY25. None in FY26.
Our customers’ operational
energy use accounted for
48% of total FY26 emissions
on a location-based
approach.
3% of GNZ’s assets
by rental income have
been assessed to be at
risk to moderate or high
potential for damage from
extreme weather events.
StrategyReduce fugitive emissions by
renewing older HVAC systems.
Reduce the use of fossil fuels
through renewable energy
and promoting low emission
company transport.
Measure embodied carbon
for all developments.
Specify lower GWP
materials and minimise
waste to landfill.
Measure in-use emissions.
Create energy efficient
workplaces with more
advanced lighting, electrical
submetering and on-site
solar.
Invest in low risk locations.
Mitigate and adapt
climate risks.
Adapt at risk assets.
Ta r g e t sReduce corporate emissions
by 43% by FY30 from a base
year of FY20.
Reduce upfront embodied
emissions intensity by 30%
by FY30 from a base year
of F Y25.
Reduce in-use emissions
intensity by 38% by FY30
using a market-based
approach.
Reduce warehouse in-use
emissions intensity by 27%
by 2030 using a location-
based approach.
Minimise number of at risk
assets.
ExecutionRefrigerant replacement
programme now complete.
Electrification of vehicle fleet
and employee incentive scheme
has resulted in 40% of
staff
driving electric vehicles.
Support for AT Fareshare and
Workride schemes from FY26.
GWP targets included in
build specification.
94% of demolition waste
from the Mt Wellington
development was diverted
from landfill.
Energy benchmarking for
core assets.
Collaborate with customers
to understand and reduce
footprint.
Upgrade or redevelop
buildings to improve energy
efficiency.
Complete physical
climate risk assessments
on each new investment.
Adapt or redevelop
assets that are at risk.
Capital
deployment
We have spent $4.9m in
FY23-26 replacing older
refrigerant systems with
lower
GWP refrigerant.
Rebates totalling $360,000
issued to staff through the EV
incentive scheme.
Carbon allocations from
developments to ECIF
totalled $0.9m in FY26.
A five year $27+
million
building upgrade programme
to retrofit our Core Portfolio.
Investment in Green Star
development programme of
$422m since 2021.
Budgeting for risk
assessments on
acquisitions.
Redevelop brownfield
sites that are at risk.
ChallengesLower GWP HVAC systems
still produce fugitive emissions.
The
technology to eliminate
fugitive emissions is still in its
early stages.
Heavily reliant on the
advancement, availability
and lower cost of supply
chain technologies,
specifically around
concrete and steel.
Occupier operations are
outside of our control. Will
rely on collaborating with
customers around the use of
smart building features.
Adaptation reliant
on the
viability of
redevelopment of at
risk

sites.
The charts below show the pathways to transitioning
to lower carbon operations and achieving our
science-aligned carbon reduction targets.
We have published policies for these sustainability objectives at https://nz.goodman.com/about-goodman/corporate-governance
Embodied emissions (developments)
Goodman NZ has engaged with Beca and key
materials suppliers to establish a plausible
reduction pathway for the most significant
contributors to Goodman NZ’s embodied
carbon. Over the next four years, procurement
will focus on lower GWP materials that align with
our 2030
target.
Supplier engagement has been positive with
support for the GWP targets for each element.
The first project funded by Goodman NZ’s
Embodied Carbon Innovation Fund (ECIF) has
resulted in design efficiencies that have been
implemented in new development projects.
In-use emissions (stabilised portfolio)
Goodman NZ targets a minimum 5 Green Star
rating for all new developments, which are on
average 41% more energy efficient than existing
warehouses. As the Green Star development
programme progresses, these buildings will
make up a greater share of the portfolio, and
overall emissions intensity will fall.
Lighting across the Core Portfolio is now 98%
LED following a rolling upgrade programme,
with over 339,000 sqm of space upgraded
over the last 3 years. Customer demand is
expected to drive an increase to the 2.9 MWp
of solar already installed. Submetering installed
or in progress across 71% of the Core Portfolio
enables customers to identify and address
energy inefficiencies.
As the grid transitions to more renewable
generation, the electricity emission factor is
expected to decrease, further reducing
emissions
associated with customer electricity use.
Around 70% of Goodman NZ’s largest
customers have public carbon reduction targets
and many already purchase New
Zealand Energy
Certificates (NZ-ECs). Under a market-based
approach, NZ-ECs allow electricity usage to be
reported with a zero emission factor, directly
reducing the portfolio’s reported emissions
intensity. NZ-EC coverage across the portfolio
has grown from approximately 8% in FY25 to
12% this
year, with further uptake expected.
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REDUCTION PATHWAY – EMBODIED CARBON
kgCO
2
e/sqm
REDUCTION PATHWAY – WAREHOUSING PORTFOLIO
kgCO
2
e/sqm
REDUCTION PATHWAY – WHOLE PORTFOLIO
kgCO
2
e/sqm



BaselineGreen
Star
LED
upgrades
SolarSub-
metering
Emission
factor
RECsTa r g e t
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0



BaselineGreen
Star
LED
upgrades
SolarSub-
metering
Emission
factor
Ta r g e t
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
BaseConcreteHot rolled
steel
Welded
steel
ReinforcingCladdingTa r g e t



0
50
100
150
200
250
300
350
400
450
500
Climate-related Disclosures

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
Rainwater harvesting, low-flow fittings and other water-saving
technologies are key features of new developments.
Pictured is Tāwharau Lane, Highbrook Business Park,
which achieved a 6 Green Star Built rating.
Climate-related Disclosures
A summary of Goodman NZ’s FY26 greenhouse
gas emissions is presented below, together
with FY30 emission reduction targets.
22,415
TONNES CO
2
e
METRICS & TARGETS
1
Warehousing assets excludes users classified as data centres, cold storage, manufacturing, retail, office, cafeteria and parking.
CORPORATE EMISSIONS
4.0%
8 97. 6 tC O
2
e
Direct and indirect emissions
— Scope 1, 2 and 3
+ Fuel, fugitive refrigerants
+
P
urchased electricity
+
Waste generated in operations
+
Bus
iness travel
+
Couriers
+

E
mployee commuting
+
Transmission and
distribution

losses
FY30 Target
+ 43% reduction against
a 2020 base year
UPSTREAM EMISSIONS
41.9%
9,380.9 tCO
2
e
Indirect emissions
— Scope 3
+ Operating expenses on portfolio
+

C
apital expenditure on portfolio
+ Waste from demolitions
FY30 Target
+ 30% embodied carbon
intensity reduction
against a FY25 base year
DOWNSTREAM EMISSIONS
54.1%
12,136.0 tCO
2
e
Indirect emissions
— Scope 3
+ Customer energy consumption
+
P
ublic EV charging
+
End-of-life waste from sold assets
+
R
emaining lifetime energy use
of

sold assets
FY30 Target
+ Whole portfolio:
38% intensity reduction against
a FY25 base year using a
market-based approach
+
Warehousing assets
1
:
27% intensity reduction against
a
FY25 base year using a
location-based approach

APPROACH TO REPORTING SCOPE 3 EMISSIONS
We report Scope 3 emissions
both including and excluding variable
investment impacts to give a clearer
picture of our emissions performance.
Total Scope 3 emissions
This includes all indirect emissions across our value chain, including emissions related to
variable investment activity such as new developments embodied carbon, demolition waste,
the estimated future use and end
-of-life impacts of sold products. These emissions can vary
significantly from year to year depending on the amount of development or product sales
in
a given year.
Scope 3 emissions excluding variable investment impacts
This excludes variable investment-related, one
-off items and focuses on emissions from
our
ongoing operations. This disclosure helps make year-on-year trends more comparable.
FULL GREENHOUSE GAS EMISSION INVENTORY
Below is our FY26 inventory, covering our Scope 1,
Scope 2, and Scope 3 greenhouse gas emissions.
Where
available, the data includes comparisons to prior
periods. We use two base years – FY20 for corporate
emissions and FY25 for remaining Scope 3 emissions.
The FY26 emissions figures have been assured by PwC
1
.
Additional details on Goodman NZ’s calculation
approach, organisational boundary and consolidation
approach, base year and restatements and assumptions
and methodologies can be found in the ‘Measuring our
Emissions’ and ‘Inclusions and Methodologies’ sections
on
pages 66-73.
ScopeCorporate

emissionsScope 1 and 2 emissions
Gross tCO
2
e
FY26F Y25
2
F Y24
2
F Y20
1
Direct emissionsIncludes stationary diesel,
refrigerants
4 8 7.7192.3 255.0 482.0
2
Purchased electricityLocation-based method166.8 235.8 159.2 199.2
2
Purchased electricityMarket-based method3.80.0 2.4 n/a
Total location-based Scope 1 & 2 emissions654.5 428.2 414.2 681.2
Total market-based Scope 1 & 2 emissions491.5 192.3 2 5 7. 4 n/a
CatScope 3 emissions
1P
urchased goods and servicesOperating expenses across
the

stabilised portfolio
1,547.91,498.8 1 , 2 3 6 .7 n/a
2Capital goods (stabilised)Capital expenditure across
the
stabilised portfolio
3
7, 6 3 5 . 85,350.9 5 , 8 8 2 .7 n/a
3
Transmission and distribution losses12.517. 4 18.4 n/a
4
Freight transport agenciesCouriers 0.50.3 n/an/a
5
Waste generated in operationsWaste from management offices6 8 .768.4 33.9 4 0.6
6
Business travelIncludes flights, taxis, car hire59.65 7. 4 6 7. 9 181.9
7
Employee commutingIncludes working from home 102.0 158.0 10 4.3 212.3
11Use of sold products Public EV charging on GNZ
owned chargers
4 9.3 4 4.9 22.6 n/a
13Downstream leased assetsCustomer consumption across
GNZ’s stabilised portfolio
1 0 , 8 0 7. 3 1 0 , 3 7 7.7 7, 17 1 . 2 n/a
Total Scope 3 emissions excluding variable investment impacts20,283.417, 5 7 3 .7 1 4 , 5 3 7.7 434.8
2Capital goods (developments)Upfront embodied carbon for
development completions
0.0 23,831.0 26,436.8 n/a
5Waste generated in operationsWaste from demolitions1 9 7. 2n/an/an/a
11Use of sold products Remaining lifetime energy
consumption from a sold asset
1 , 0 3 7. 4 n/an/an/a
12End-of-life treatment of
sold products
Waste disposal at the end of life
of sold asset
242.1 n/an/an/a
T
otal Scope 3 emissions 21 ,76 0.0 41 , 4 0 4 .7 40,974.5 434.8
T
otal emissions (location-based)22,414.5 41,832.9 41 ,3 8 8 .7 1,116.0
Total emissions excluding variable investment impacts (location-based)20,937.818,001.914,951.91,116.0
Total corporate emissions (location-based)8 9 7. 6729.66 3 8 .71,116.0
T
otal corporate emissions (market-based)7 3 4 .7 493.84 81.9n/a
Market-based approach for customer operational energy

13Downstream leased assetsCustomer consumption across
GNZ’s stabilised portfolio
8,851.91 0 , 6 4 7. 0n/an/a
1
PwC has provided limited assurance over the FY26 total scope 1, scope 2 (location-based), scope 2 (market-based) and scope 3 emissions.
The PwC assurance report is on pages 75-77.
2
These figures have been restated from FY25 disclosures. Refer to the Restatements section on pages 66-67 for details on the nature,
reason, and impact of each restatement.
3
Emissions from the Highbrook Crossing upgrade are included under this line item.
INVENTORY OVERVIEW
Sold products, Scope 3 Category 11 and 12
This year we are reporting sold product emissions for the first
time. These emissions capture the future greenhouse gas
impacts of buildings sold in the year and account for 5.7% of
total emissions (1,279 tCO
2
e).
Emissions from electricity use over the building’s remaining
life are reported under Scope 3 Category 11, while emissions
associated with demolition and disposal at the end of the
building’s life are reported under Scope 3 Category 12.
These emissions are estimates and may vary over time due
to long asset lifespans and uncertainty around future use and
end
-of-life treatment.
Demolition waste, Scope 3 Category 5
The demolition of older buildings ahead of the redevelopment
at Mt Wellington generated 197 tCO
2
e. 94% of this
demolition waste was diverted from landfill and accounted for
105 t C O
2
e. 6% of waste to landfill accounted for 92 tCO
2
e.
In-use emissions, Scope 3 Category 13
In-use emissions are our largest source of emissions in FY26,
generated from electricity and gas consumed by customers
in leased spaces outside our operational control.
In FY26, 72% of in-use emissions data was sourced from
utility bills and submeter readings. Where direct data was
unavailable, estimates were derived using benchmarks from
the New
Zealand Green Building Council (NZGBC) or data
from U.S. commercial building surveys. Further detail on this
methodology can be found on pages 72-73.
The emissions profile varies significantly across customer
types. Customers with the highest energy intensity include
cool stores, a data centre and manufacturing facilities. These
make up 21% of the leased portfolio by NLA but account for
64% of in-use emissions. Key levers for reducing emissions
from these customers include electrification, large-scale solar
and renewable energy instruments.
Warehousing makes up 73% of the leased portfolio by NLA
and 30% by in-use emissions. Emission reduction across
the warehousing portfolio is influenced more by base build
energy efficiency. Building upgrades that include lighting,
submetering and solar are expected to deliver meaningful
reductions for these customers.
Metrics & Targets (continued)
49.4
kgCO
2
e
24.5
kgCO
2
e
3 .7
kgCO
2
e
10.7
kgCO
2
e
1,200,432 sqm10,807 t C O
2
e
9.2
kgCO
2
e
FY26 SCOPE 3 CATEGORY 13 SUMMARY
High Intensity
1,476 t C O
2
e
Manufacturing
5,395 t C O
2
e
Warehousing
3,208 t C O
2
e
Other 729 tCO
2
e
Manufacturing
220,613 s q m
Warehousing
855,995 sqm
Other 68,100 sqm
Vacan cy
High Intensity 29,892 sqm
5958
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Portfolio areaIntensityEnergy use

Emissions intensity and trends
Emissions intensity is presented using denominators that reflect the net lettable area (NLA) and revenue of our properties.
For
upfront embodied carbon from completed developments (Scope 3 Category 2), intensity is calculated using the
developments’ NLA and associated rental income at completion. For in-use emissions, intensity is based on leased area
across the portfolio and rental income. This leased area includes Great South Road Estate, which is excluded from NLA due to
the
ground lease nature of the improvements. All other intensity metrics use NLA and rental income across the total portfolio.
EMISSIONS INTENSITY BY SCOPE
kgCO
2
e per sqm NLAtCO
2
e per $m rental income
FY26F Y25F Y24F Y20FY26F Y25F Y24F Y20
Scope 10.420.160.22 0.46 2.20.81.33.3
Scope 20.140.190.14 0.19 0.81.00.81.4
Scope 318.5434.23 35.55 n /a10 0.0 17 9. 6 2 0 1 .7 n /a
Total emissions19.1034.58 35.91 n /a103.0 181.5 203.8 n /a
Total excluding variable investments 17. 8 4 14.88 12.97 n /a96.2 78.1 73.6 n /a
KEY EMISSIONS INTENSITY METRICS
Corporate emissions0 .760.60 0.55 1.05 4.13.23.17.7
Embodied emissions, Scope 3 Cat 2
(developments)
n /a474 428 n /an /a2,3202,188 n /a
In-use emissions, Scope 3 Cat 13
Whole portfolio, location-based9.28.6 6.2 n /a4 9 .7 45.0 35.3 n /a
Warehousing, location-based3 .74.54 .7n /a
Whole portfolio, market-based7. 58.8n /an /a
BASIS FOR CALCULATING INTENSITY
NLA (sqm)Net operating income ($m)
FY26F Y25F Y24F Y20FY26F Y25F Y24F Y20
Total portfolio
1
1 ,17 3 ,7 5 5
2
1,209,581 1,152,546 1,059,263 2 17. 6230.520 3.114 5.3
Development completionsn /a50,2866 1,73 7 n /an /a10.3 12.1 n /a
1
Portfolio metrics reflect 100% of Highbrook properties.
2
The leased area used as a basis for in-use emissions is 1,174,600 for FY26.
EMISSIONS INTENSITY TRENDS AND DRIVERS
Scope 11.2% above FY20 base year on an absolute basis. 9% below FY20 base year on an NLA intensity basis.
Subject to fluctuation due to timing of refrigerant leaks and use of diesel generators. The trend has been
downwards but rose in FY26 due to a number of R410A refrigerant leaks.
Scope 216% below FY20 base year on an absolute basis. 24% below FY20 base year on an NLA intensity basis.
The reduction is principally attributed to solar installations on office assets’
common areas.
Scope 3Subject to fluctuation due to volume and timing of investment activity and reporting of embodied carbon
and in-use emissions from sold assets. The 47% reduction in absolute emissions and 46% reduction on
an NLA intensity basis of emissions from FY25 was a result of no embodied carbon from developments
(Scope 3, Category 2) as there were no development completions in FY26.
Total emissionsCombination of the above – most influenced by Scope 3 emissions which made up 97% of total emissions
in FY26. Intensity (over NLA) was 45% lower than FY25 due to the lack of development completions.
Total emissions
excluding
variable
investment activity
Most influenced by customers’ in-use emissions and portfolio capex and opex. The 16% increase on
an
absolute basis from FY25 to FY26 was mostly due to higher capex across the stabilised portfolio in
the

period.
Metrics & Targets (continued)
CORPORATE
EMISSIONS TARGETS
CORPORATE EMISSIONS (ABSOLUTE)
Target

REDUCE BY
43% by F Y30
The target is to reduce corporate emissions by 43%
by FY30, from a base year of FY20.
Coverage
Scope 1, Scope 2, Scope 3 Categories 3, 4, 5, 6, and 7
– 4.0% of all GHG emissions for FY26.
Progress
In FY26, Goodman NZ achieved a 19.6% reduction in
corporate emissions from its FY20 base year, resulting in total
gross emissions of 897.6 tCO
2
e.
As part of our commitment to reducing corporate emissions,
we have obtained Toitū net carbonzero certification for FY26.
This certification confirms that our emissions have been
accurately measured and verified in accordance with the
ISO
14064-1:2018 standard for the purpose of achieving
the Toitū certification. These emissions have been matched
with locally sourced carbon credits for residual Scope 1 and
3 emissions, New Zealand Energy Certificates (NZ-ECs)
from
Meridian and Mercury for Scope 2 electricity use,
and carbon credits for any residual Scope 2 emissions not
covered by NZ-ECs.
The approach for achieving this target can be seen in our
Transition Plan on pages 54-55.

Efficient LED lighting to reduce
operational energy consumption.
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