Balance Sheet & LiquidityLower headline gearing, strong interest cover and A$1bn of available liquidity with no near‑term maturities materially improve financial flexibility. This reduces refinancing risk, supports capital recycling and funds pipeline execution, strengthening the group's ability to deliver projects over the next 2–6 months.
Residential Sales & PipelineA 38% uplift in residential sales, higher margins (22.5%) and ~90% of full‑year sales secured indicate durable demand and improved development economics. Restocked lots and increased MPC projects provide multi‑period settlement visibility, supporting recurring development earnings and capital recycling over the medium term.
Funds & Capital PartnershipsStrong institutional demand (A$17bn third‑party capital, FUM growth >A$1bn) and recent equity raises deepen fee income and provide capital‑light growth options. Robust third‑party funds reduce reliance on balance sheet capital and support scalable BTR and funds management earnings over several years.