External broker reports(aggregated public sources), Bell Potter Securities

Bell Potter

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to individuals, institutions and corporations.

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External broker reports(aggregated public sources)

Bell Potter Securities

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to individuals, institutions and corporations. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>1Q26 update; trail of breadcrumbs on commencementsGMG provided a 1Q26 update reiterating FY26 operating EPS for +9% growth y/y (BPe +10%, VA consensus +10%).</li><li>Key takeouts included:(1) WIP down q/q but targeting &gt;$17.5b by end FY26 – Development WIP declined -4% q/q to $12.4bn vs.</li><li>$12.9bn FY25 and $12.8bn pcp, but GMG is targeting &gt;$17.5b WIP across Data Centres (“DCs”) and Industrial by FY26.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

1Q26 update; trail of breadcrumbs on commencementsGMG provided a 1Q26 update reiterating FY26 operating EPS for +9% growth y/y (BPe +10%, VA consensus +10%).Key takeouts included:(1) WIP down q/q but targeting &gt;$17.5b by end FY26 – Development WIP declined -4% q/q to $12.4bn vs.$12.9bn FY25 and $12.8bn pcp, but GMG is targeting &gt;$17.5b WIP across Data Centres (“DCs”) and Industrial by FY26.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Goodman Group (GMG): $17.5b+ Would Be Good