Good morning and thank you for joining GemLife FY25 results presentation. My name is Adrian Puljich and I am the CEO of GemLife.

Joining me today is Ashmit Thakral, Chief Financial Officer. Against the backdrop of a milestone year for GemLife, being our first full year results post-IPO, I am pleased to report that we are ahead of prospectus forecast across all key financial metrics.

Today I will speak to the continuing success of GemLife’s vertically integrated business model for the year. Ashmit will then take you through the financial performance before I return to discuss our portfolio positioning and our FY26 IQ&A.

GemLife is a leading pure play founder and operator of land lease communities. Boasting a strong track record of operating performance, with an established financial history backed by almost 45 years of sector knowledge and experience through its connection with the Puljich family, GemLife operates a fully vertically integrated business model that delivers superior staff facilities and amenities underpinned by material home building profit margins and rental income.

At our core, we are placemakers exclusively servicing Australia’s over-50s market, providing affordable housing opportunities and well-being, transparency and long-term financial and lifestyle security. We now move on to our FY25 group overview.

Our proven and unrivalled vertically integrated group, exceeding prospectus forecast across revenue, EBIT and underlying NPAT, while settlements were modestly below prospectus expectations, margin performance more than offset volume timing differentials. Average sale prices and home building margins is attributable to GemLife’s internal building capability that we define as being a reactionary function, responding directly to seasonality and market forces in each specific geographic location.

This unique approach ensures home building margins by strategically assigning a range of, whether they be single, multi-storey or split-level homes on specific home sites to maximise home build revenue. The average home sale price increased 18% to $833,000, 11.8% ahead of prospectus, and the average home sold to $418,000, 12.8% ahead of prospectus.

Our reactionary approach has led to margin preservation amid Australia’s worst housing and construction crisis. Important, completed and sold into FY26, supporting earnings visibility into the new year.

To this end, we have put of underlying EPS between 28.5 cents to 30 cents. I will elaborate on this point further towards the end of this presentation.

GemLife generates value through two distinct revenue streams. The first is development profit, utilising our time-proven proprietary building methods to construct and selling us to recycle capital into new greenfield development opportunities to support disciplined organic growth.

The second is recurring and growing rental income, retaining land ownership and benefiting from a self-funded that continues to stabilise as communities mature. These two revenue streams are further brief sale agency function, GemLife Realty.

At year end, GemLife’s portfolio comprised sites across 33 communities in four Australia: 2,116 occupied homes, 4,107 sites, 4,244 sites in the greenfields development pipeline. This 10-plus year, fully funded, gives visibility over our future organic greenfields growth activity.

It has firmly entrenched GemLife as a dominant innovator, strategically positioned to expand for the burgeoning Australian downsizing cohort. Importantly, we do not charge deferred management fees.

Moving on, GemLife’s unrivalled fully vertically integrated business model that ensures consistent development margin preservation while also fueling organic portfolio growth. Having this enables us to dynamically manage all stages of the development and operations lifecycle.

This includes site acquisition, planning and civil works, through to residential and commercial construction, ongoing community operations, and resale of established homes. This degree of autonomy means we maintain control over all costs, speed to market, specification and quality, while retaining and internalising the build margin that would otherwise be paid to a third-party builder.

Unrestricted building license in each of the operating states, thereby allowing us to contract directly with homeowners to collect progress bill process. This unique attribute within the listed landscape allows us to reduce costs by more efficiently managing our working capital.

GemLife’s internal building capability also enables us to adjust build pace in response to seasonality and market conditions while maintaining delivery momentum. GemLife Moreton Bay, shown on slide nine, is a practical example of this, with residential and commercial construction teams operating concurrently, enabling multiple uninterrupted revenue streams to progress in parallel.

Finally, we will focus on financial performance. The model is underpinned by long-term community Our purpose is to create high-quality, thoughtfully designed communities for Australia’s downsizer cohort.

Structures, aging in place design, energy efficiency initiatives and strong homeowner engagement all contribute to sustained demand and long-term asset value. Importantly, Gem Life’s community attributes that have made our 3,600-strong base, with 47% of new home sales enquiries generated through existing homeowner referrals.

I hand over to Ashmit to provide a detailed overview of our financial performance.

Thank you, Adrian, and good morning everyone. Turning to slide nine with our 2025 performance, delivering pro forma underlying NPAT of $90 million.

Despite fewer settlements than last year, revenue increased and both EBITDA and underlying NPAT were 10% on FY24. This outcome was driven by the strong sales prices and margins achieved, which I’ll expand on shortly.

Statutory NPAT includes approximately $49 million of one-off stamp duty on the Aliria portfolio acquisition and higher pre-IPO interest costs. As Adrian said earlier, our business outcomes for profit through the development segment, and we retain land ownership to generate recurring rental income through community operations.

On slide 10, we break down the performance across these two segments. Both developed performed FY24 and exceeded prospectus forecast as shown in the table.

Within this, our sale prices, margins and settlement volumes. Together, these drivers delivered development EBITDA 6.6% above prospectus and 7.4% higher than the prior year.

In community operations, all key drivers improved year on year, compounding to produce a 30% increase in FY24. Performance was consistent with prospectus expectations, reflective of the stable nature of this rental income.

Looking more closely at development on slide 11, average sale prices and build margins were up 18% and 24% respectively, more than 11% to 12% ahead of prospectus. This reflects both the quality of our locations and our disciplined approach to optimise.

We are measured in the timing of new stage releases to the market. This is done to ensure we, once we know how much that home will cost to build.

By applying this method, we have consistently maintained our home build margins between 40%. That same discipline meant we entered FY26 with 246 homes under contract or with EOI, and have continued to sell very strongly as well.

and as of earlier this week, which we believe is an optimal level aligned with the current build activity. Moving to slide 14, to further elaborate on our debt facility, earlier this month, splitting the facility into tranches maturing in 2031.

This was achieved at the same time as reducing the overall cost of debt. Our debt is 78% hedged, and we believe we are well cushioned, with over 250 million available to be drawn under our facility.

We're also well maintaining strong covenant headroom. Apologies, I...

to page 12. Movement growth and occupied homes continues to strengthen community operations, while new agreements have contracted increases to site fees by the greater of three and a half percent or CPI, 1.3% over last year.

This was driven by two factors: one, new residents paying current market pricing, and two, new residents where clubhouses reached completion. Resale commissions were well ahead of last year and prospective as a result of strong resale price, demonstrates that sector supply is still falling short of demand, leading buyers to purchase completed resale dwellings.

Operating margins are used and improve as they mature, and so we're pleased that we still maintained a 64.6% operating margin across the group, even with the addition of new communities in our portfolio. When considering the drivers of this segment, more occupied homes, higher site fees, strong resale performance and margin expansion to create earnings growth.

Over the past three years, while community operating profit grew at 39% per annum. On the balance sheet on slide 16, at year end, comfortably within our target range of 25 to 35%.

The modest increase and investment into early civil and infrastructure works at new communities. We expect gearing to increase slightly within our stated band at FY26 and 2027 before trending lower as those projects begin selling homes and generating cash.

The ability to acquire new sites on balance sheet while remaining within our target gearing range is a key feature of our model, demonstrated by the recent addition of the Townsville site. Turning to page 15, inventory management is another important element of our capital management strategy.

As Adrian mentioned earlier, and controlled build volumes at each site allows us to respond efficiently capital carefully. We also utilise our working capital to build, this is to ensure sufficient product for buyers seeking immediate occupancy and is reflected in our inventory on hand.

At year end, there were 59 completed homes under construction, a big step up from June, demonstrating our ability to... Importantly, of the 59 completed homes, 38 were already sold and could have settled, leaving 21 unsold homes across 10 communities, and if we excluded the display homes, the number of genuinely under 10, highlighting how effectively the platform manages inventory and working capital.

I'll now pass over and provide key updates.

Thank you, Ashmit. On page 17, we now review the portfolio.

We now have 10,400 sites across Queensland, New South Wales, and South Australia. Geographically, our portfolio remains weighted toward high-demand coastal and regional locations, with a pronounced undersupply of downsizing opportunities for our target customers.

Queensland remains our largest market, followed by New South Wales with seven, South Australia with one. Importantly, the portfolio spans active, under development, DA approved and greenfield, providing responsible, fully funded growth for at least the next 10-plus years.

When considering land opportunities, GemLife's natural undulation, new corridors, aspect and breezes. These support building capability, enabling us to deploy a range of curated home product types across specific home sites to maximise...

Australia's land lease legislative and regulatory framework remains deeply fragmented across the... To hedge differing legislative requirements and regulatory risks, first, proprietary chassis system that ensures compliance with movability requirements in each of the...

Over the last six months, we secured development approvals for 604 additional homes. Earthworks and civil construction are underway at seven communities, and active home construction is occurring across 10 communities.

We also commenced GemLife Fontaine and Highfield Heights, further broadening earnings contribution. Facilities have also commenced in earnest, including country clubs, summer houses and other sports, which underpin pricing strength and homeowner satisfaction.

Vertically integrated business model allows for steady and disciplined construction progression across multiple sites, manages concentration risk and ensures consistent delivery of product to the GemLife standard. Now moving on to outlook and guidance on page 21.

Looking forward, with over 4,000 home sites under development and development approval, and a further 4,200 home sites in the... capital recycling from near-complete communities into new greenfield development tends to achieve our aspirational growth objectives.

Recycled capital has most recently been deployed on our latest greenfield development site in Townsville, which upon development approval will boast 550 home sites. We continue to innovate in both format and delivery.

GemLife is continuing to partner through the upcoming development of Australia's first vertical land lease community on the Gold Coast and the successful Pocket Park community at GemLife Fontaine in Rockhampton. Our vertical multi-story land lease living landscape and provide operators the opportunity to target middle and inner ring metropolitan locales and access to the land lease model.

Pocket Park developments, comprising of 50 to 100 homes per community, fitted within established urban or regional locations, providing a practical downsizing option for older Australians and seniors seeking lifestyle orientated living. GemLife is also in the early stages of pioneering a new factory-built home construction and building method that will enhance build margins across the group, further improve build 16-week build program, reduce waste and enhance our ESG credentials.

I am pleased to report that we delivered a pocket community on the eve of Christmas 2025 and this application, and we'll continue to develop the business case. Far, good.

In FY26, our focus remains on disciplined execution and preservation. While we expect to settle over 420 homes, earnings remain our— We have provided FY26 underlying EPS guidance of 28.5 to 30 cents, representing growth of 20 to 27%.

This is well supported by both construction and sales. As at year end, 300 homes, and we also had 246 homes under contract or with expressions of interest.

While we're early stage communities, the average sales price of the 246 homes we have sold is greater than the average sale, providing strong visibility into 2026 earnings. GemLife remains bullish on the favourable long-term trends and demographic tailwinds expected to persist over the next 20 to 30 years.

Overall, FY25 demonstrates the scalability of our model, the visibility embedded in our pipeline. With that, we're happy to take your questions.

Morning, Adrian and Ashmit. Thanks for your time this morning.

First question from me, maybe give us some colour on the key projects contributing to that 420. Just looking like Gold Coast and Moreton Bay are obviously, yeah, maybe just the number of actively selling communities for FY26, I guess we can start thinking about sales rates.

At the moment, we have active house construction across 10 communities, which is that at Elimbah, GemLife Fontaine, Gold Coast, Highfield, Moreton Bay, Palmwoods, Rainbow Beach and Three Borders importantly, we have another seven communities where earthworks are underway, Coomera as well as our site at Beachmere and New Gisborne. Those will all start contributing towards the end of the year.

We expect the year picking up what projects are finishing in the first half of the year.

Great, average sales price, premium homes coming through obviously push that number up a little bit for the full year. Just wondering how we should think about the mix of homes going into that average sales price number to land.

Of the current sale prices at FY25, we've actually given a breakdown on page 30 in the appendix. That's the graph on the right.

A lot of homes in that sort of standard range over a million dollars ex-GST. Having said that, the average sales price of the 246 contracts in EOFY, was actually higher than the FY25 average.

Even though we expect new sales and new communities to start at more standard homes, we still believe the average will 25.

Great. That's very clear.

Just final question from me, just around cost pressures and what you have been in Queensland, just with materials, civils, labour, and I guess how confident you are in being able to sustain this strong development.

Thanks Connor, Adrian here. Look, we continue to manage that responsibly with our suppliers and subbie networks.

We have had for quite a number of years where we actively manage inventory and balance sheets of our subbies and suppliers to ensure that they are able to assist GemLife's growth. At the moment, as far as GemLife is concerned, we are managing those risks extremely well.

No doubt there are price point pressures and cost escalations starting to creep in. However, as a business, because of our vertically, there are many levers that we can pull before there is any building margin erosion.

We monitor weekly, but at this stage managing quite successfully.

Thanks, Connor.

Hi Adrian and Ashmit. Congrats.

246 contracts on hand at 31 December. How's that tracked year to date?

Thanks Adam, that's a great question. We have 301 sales on hand, including 69EOIs, measured with how we release stages.

It was the right time to release those stages in the first half of the year. We've seen a really good uptick.

Whatever we've settled year to date, we've replaced with a new sale, and on top of that to refill that bucket.

That's pretty clear. Hey, and then so I'm just trying to reconcile, you're above that number for settlements, but at that sales rate with those current contracts on hand, it seems like to get well above 420.

What am I hindering that number? So

it's a combination of a couple of things. I think completing this year and a few communities that are starting towards the end of the year.

Yes, I guess the current sales on hand are pretty strong, but there's not many completing communities, like Rainbow Beach and Tweed Waters. They're all spoken for, but really it's the new sales of the second half.

It's more of a timing thing, but really with the number of active projects we have in the second half of the year, 27-6 guidance is in line with just what's active at the time. And

Maybe just one more, if you take the average sale price, you put a margin on it and assume the rest of the business is tracking top end, if not above that, is there anything that's going to be dragging that 28.5

to 30? One thing that means is that we're marketing a lot of new sites that will come on in 2027, second half of 26.

There's a lot of setup and I guess scalability for future growth. Otherwise, yeah, look, things are obviously we hit our numbers appropriately.

Adam, Adrian here, just to add to Ashmit's comments, where we need to revise guidance this year, we will do so. What we want security holders had confidence in GemLife's ability not to blame weather and other reasons for not delivering.

We've taken a very consistent approach as an operator, developer and builder that we are releasing, we can price correctly and ensure a margin. Whilst we look at those numbers and the guidance we've given you, pay bar, there are many factors across multiple locations that could potentially drag us that with the numbers that we've provided today, we should very much be FY26.

Great, thanks Adrian and Ashmit. Congrats on the result.

Thanks Adam. It

look, I think it's important to know, Lauren, it's a very good question. We had 30 at year end that could have settled in FY25.

Really for us, they're just timing differences. More importantly for GemLife, noting that we are not a widget business.

For us, we are a margin-driven business to grow our portfolio organically. What I can is homes that are now starting to settle in the early part of this year, today, and reflect on January and February and now obviously into March, the guidance that we've given for the year, and strong on delivering.

So

was this more a delay, or were you managing the process? So

just timing differences. Obviously with so much activity, some people push their settlements into January, just smooth transition from their homes into ours.

At the end of the day, we're confident in the margins that we will receive for those homes. As far as we are concerned, it's not so relevant because there are still profitable sales and they complement the...

Just to add to what Adrian saying, Ashmit here. Obviously the 21 homes that didn't settle, now pour 26 earnings.

The fact that we still surpassed our forecast by 4-5% and giving clear visibility of additional earnings that previously didn't exist before is viewed as an overall positive.

Yeah. Just on that, Lauren, third only had 10 homes.

When you strip it all back, there were only 10 homes that remained unsold in the group. We were very inventory light whilst also recognising the fact that no homeowner missed out nor did we miss out on a sale.

Just on production, you've called out you've got 300 lots under production at the moment. You've got seven sites.

Can you give us a bit of a feel how you expect the production across the year, and particularly as you hit the end of FY26, please?

Very good question, Lauren. Look, where civil construction's now in full swing.

I can say that we have now filled all of the positions required to now execute home delivery and amenity delivery. We certainly anticipate half, and we are primely positioned to capitalise preservation and growth across those communities based on what we are seeing from a house cost perspective.

Whilst we have a number of communities this first half coming to completion, which as Ashmit raised earlier, for us, it's very much those Aliria communities that we acquired will now come into their own. That's why in the past when we've spoken to that uninhibited runway to embark on that runway, kicking off in the second half.

Great. Then just final one from me.

Can you make a

first half, second half

skew that you expect on the settlement numbers, please?

There is always a bit of a skew November, December, tends to be a bit stronger. Not materially so this year, simply just because, I guess, instead of finishing in the first half of the year, and that's replaced by new communities.

Okay,

great. Thanks, guys.

all of them except New Gisborne, which will probably fall into. Just list them out: Beachmere, Cotswold Hills, Elimbah, The Greens, Lighthouse Bay, Logan Grove.

And

then what typically consider on these communities, on a monthly basis or a quarterly basis, is a good number that you're targeting, just in terms of the velocity of sales and volumes?

Good question, Suresh. A new community until we sort of can establish a track record and we can feel we can ramp it up.

To Adrian's point earlier, we always respond to market forces. If we feel demand and yield, we will add more.

For forecasting purposes, three per month is probably fair.

Thank you. I guess just one question on—

oh, sorry, I should have added quickly through the second half. Does that make sense?

It's not everything starting from July, but they feed in.

That makes sense. Then just on the Queensland, I was keen to understand how things are going there, and with respect to market inquiry and any changes you've seen.

There's obviously a lot of chatter around Queensland housing. Obviously you guys are in the other land lease accommodation, but how are you seeing the housing fees and the sales rates being impacted?

Suraj, good question. Look, the Queensland market is still performing quite strongly and certainly outperforming the other states and territories as to what GemLife has experienced for the month of December, for December 2025, we had over 1,000 enquiries.

Into January, we actually placed 55 into pending communities. That has continued into very similar activity going into March.

Still very much outperforming the other states. We're very confident.

We're very bullish on Queensland. That's not to say that our attention is not turning to Victoria and New South Wales in those states, and a couple of development opportunities where we have profit margin that are currently being negotiated in the medium to long term.

Makes sense, Adrian. Just one final one for Ashmit, please.

Obviously a big step up in settlements next year. Can you talk to tax rates and maybe into next year, please?

If possible?

Good question, Suresh. Look, I think sort of we do expect that because we're putting a lot of investment into these new projects that are currently any positive cash flow without kicking in later.

Yes, part of the P&L for next year, there is a sort of expected rise. Generally, in the medium term, we feel our effective tax rate will increase, but that will happen gradually over time.

Any expectations for 26 jump from where you are currently?

Just again, it was because of the tax benefits, the IPO, there is a few deductions still flowing through. No real expectation, largely above what we did this year and closer towards the 10%.

great. We have supreme confidence in achieving the DA up in Townsville.

For those that don't understand code accessible, it essentially means the site benefits from a type of use. However, we then have obligations to satisfy ecology and other matters such as traffic as well in achieving a DA over the course of the coming 12-month period.

In terms of the Townsville market, it's booming. It is a beneficiary of significant government funding, particularly the military aspect of Townsville has also been appealing from a migration perspective.

sites and competition for sites, leading land lease operators that were considering this site, and we also need to make reference step. We're extremely excited to be delivering what is typically a superior GemLife product in a market that has unsatisfied demand.

I guess probably just turning to settlements and I guess the increase in settlements, I'm just wondering your thinking around what would be the drivers in you guys stepping up these settlements rates in your out years and your sell levels that will get you increasing that?

Look, I think something that we here at head office consistently debate, recognize that all of GemLife's locations are in desire where there is a burgeoning cohort of downsizers seeking the GemLife product. For us, it's all about speed.

We are blessed with that cohort, as I said. It's being able to service that through.

For us, it's being disciplined in the way in which we release our staging, and how we can improve the numbers. Be disciplined in the way in which we release the homes, noting that now we are across multiple, and we are solely focused on that margin to add to.

We're confident that if the market persists and the environment persists, GemLife is primed coming through these locations.

Following on from that, but I guess with gearing kicking up and if you guys were to increase capital management strategy.

Our capital strategy is obviously critical for our growth objectives. We've obviously continued to give guidance on that target range to stick within that range.

What we see facilitate is that margin. If we can continue to derive healthy margin, also maintaining our debt levels, we are still comfortable that we still deliver new communities within the existing portfolio projects, as Ashmit and I touched on earlier, we have a number of projects where cash is coming back into the business from the IPO.

We obviously raised sufficient capital to not only power the 10-plus-1, but we also had full confidence in knowing that there was additional capital in GemLife communities that would allow us to do things such as Townsville would. We see that heavy lifting coming from the range that we've given, but also from the margins across these locations, noting that they are ideally operators we'd like to be in.

Yep. Thanks.

thanks, Peter. Good question.

It's an exciting development for the land lease sector in particular. We've been bent to ensuring that the vertical land lease model adheres to the regulatory and legislative states and territories at pace.

We're very excited to be working cooperatively with Gold Coast to market. When we look at some of the price points at the southern end of the Gold Coast, being Burleigh Heads, Palm Beach, Coolangatta, very good.

This complementary mix of land lease product that we think will do really well will enable other operators to view vertical land lease as a viable alternative. As we've discussed previously, we have very growth objectives that we want to hit over the coming years and decades, sort of customer coming through for the next 20 to 30 years.

We aren't going to be the only site that will deliver that growth for us and provide different product types, which is why we've looked at pocket parks and have been quite successful. I hope that our vertical land lease in Currumbin Waters will do the exact same.

With respect to the modular builds, because we have that in-house developed over the last 45 years, with looking at alternative building methods that will make us become more efficient and drive. I don't think we are saying anything new when we speak to the employment rate in Australia, the lack of trades that are there to actually deliver this product, continue to deliver these margins, last seven years of data that we've provided.

We are sober to the fact that we have to. One of my critical requirements, modular, that it doesn't look modular, but still a modular home.

At Rainbow Beach, and that house stood next door to constructed homes and super impressed what a factory built home next to a traditional home. We'll say more on that in time.

This is testing financial metrics, prosecution with Ashmit and the team, into lightly, and we hope to be able to report on this and indeed at next year's full year results as well.

prices. It does seem that maybe premium home, your expectations that you set at the start of 2025.

Just wondering how this is still, the same sort of premium versus standard mix, or the premium percentage and therefore drive higher ASP?

Good question. It's a good question.

I think really what drives the price is lot types. We always want to take advantage of the specific, whether it makes sense to do a split level driving factor.

That makes a little change year on year, no doubt, to areas. The most important thing is that the pricing that we see on the higher than the average FY25.

Looking quite positive, but we'll continue to review that year on year.

Just on that point, just to reinforce Ashmit's comments there, we are very disciplined in the way in which we release those stages and those home designs on those. Yes, we are in a booming market to chase premium pricing for special homes, bespoke homes on these lots.

Again, for whatever goes up, GemLife has a multiple range of product types, anywhere from $600,000, all the way up to that $1.85 million. As I said earlier, the ability different levers to manage inflation and material shortages and people shortages.

There are so many levers there and I'm proud of this.

That makes sense. Can you just comment on settlement timeframes as well and how they've evolved?

Has it been relatively stable or has it increased?

No sort of increase or decrease noted. I think one thing that buyers are generally not as sensitive to interest rates.

They're the houses at Surfers and funding a house with cash, they're not taking mortgages, their savings and super all tied up in term deposits. If interest rates go up as well.

Kind of some of these macro conditions that may affect first-time buyers, that don't.

Great. That's it for me.

Thanks.

Before we, thanks to the exceptional people that make up the GemLife family. The feel of the product offering and the lived experiences of our valued home owners are a direct reflection of your hard work, passion and commitment to making GemLife best in class in everything that we do.

To our bank now inception and for continuing to be an entity. A special thank you to our security holders for your continued confidence in our strategy and aspirational objectives and growth journey together.

Homeowners who are at the heart of everything that we do. Whilst we may buy your trust in the business and its people and we are proud to be your certain lived experiences that ultimately underpin the strength of our brand and our...

For joining us today. Ashmit and I look forward to meeting many of you.

We will now conclude the call.