Thank you. Good morning, everyone.

Today we're going to spend some time going through our strategy. I'll also go through progress on developments and leasing across some of our key industrial and data center projects around the world.

Then Nick will then cover capital management and our forecast earnings for the 2026 financial year. We are in the early stages of the most significant technological transition of the 21st century.

Goodman is a global provider of the physical infrastructure that makes this possible. AI adoption is accelerating, and compute capacity remains constrained.

Demand is concentrating into metro markets where inferencing workloads require proximity to end users. Energy availability is the most significant constraint to delivering the required infrastructure.

In addition, the scale of data center investment required to meet global industry demand is likely to exceed the current funding capacity of global capital markets. As a result, the gap between demand and supply is expected to widen.

Consumer and business expectations are driving a structural shift in the supply chain. Robotics and automation accelerated by AI are being adopted at great pace.

Goodman Group has progressively repositioned its portfolio towards large-scale industrial and data center infrastructure. Across both asset classes, the focus remains on creating a portfolio to meet our customers' evolving requirements.

Goodman's strategy is clear. Our portfolio is concentrated in prime, urban infill locations and low-latency metro markets to cater to the respective needs of our logistics and data center customers.

These are locations where demand is most durable and assets are becoming hard to replicate. The scale of land required, the complexity of approvals, and the power procurement and the capital needed to execute increasingly favor a small number of groups.

As a result, the barriers to entry are getting higher. Our focus is on industrial properties capable of supporting full automation and robotics, where customers invest significant capital alongside Goodman.

In data centers, we offer a range of deployment models from powered shells to fully fitted assets with operations when we are required. The development pipeline remains a primary source of value creation and growth driven by the strength of our property locations and facilitated by our integrated capability across land, planning, power, design, construction, and leasing.

We've continued to execute our development program and expect work in progress to be around $18 billion by June 2026. The industrial projects on slides 3 and 4 show the scale of the development sites we've secured.

These projects offer the infrastructure our customers need to support increasing levels of automation and operational efficiency. Together, they have an expected value on completion of more than $18 billion.

We're also executing our data center strategy with development projects underway and capital partnerships in place to deliver at scale globally. During the quarter, our global power bank increased to 6.4 gigawatts, primarily driven by increase in Australia.

Now, as shown on slides 6 to 9, we're progressing construction, we are securing capital, and we're advancing leasing across our data center projects globally. The scale of our data center development program is significant, supported by our financial position and access to capital.

We've established a range of data center investment vehicles with our capital partners, and very importantly, 90% of these projects depicted on slide 6 sit within these partnerships. Commercial terms with customers are well advanced across a number of projects globally, with negotiations progressing in parallel with importantly construction.

Deployments will range from 1 to 250 megawatts IT for individual buildings and campus-scale deployments. We also expect to secure a number of contracted commitments across the remainder of this calendar year.

I now hand over to Nick for a few comments on capital, management, and earnings.

Thanks, Greg. First on the capital side, just want to put our recent financing activities in context.

Our capital management strategy and financial risk management policies are customized for our business. Here's some of the key considerations we're solving for.

We're a long-term investor, so long-term funding makes sense for asset-liability duration. There's a large development pipeline, low gearing, strong liquidity buffers, and co-investing in partnerships are all desirable.

We operate in many countries, matched currency denomination and access to a wide variety of global markets makes sense. We'd like to limit the impacts of interest rate volatility, we take on fixed-rate debt or put hedges in place.

With these considerations in mind, our retained earnings allow us to fund our share of long-term holdings in the assets we're developing without excessive reliance on debt. Over the next 5 years, you can see a scenario where we'll raise over $10 billion through retained earnings.

That said, long-term debt funding arrangements can also be used proportionally alongside retained earnings without exceeding our desired gearing parameters. We just raised $2.7 billion in debt, mainly in 7, 10, and 20-year bonds and some bank lines for the group.

This has added to our cash holdings and undrawn credit lines. We now have cash and bank facilities that match our development working capital needs, and then we have equity and long-term debt to match our long-term holdings.

Since the equity raising last year, we kicked off several DC projects as expected. We then brought in outside equity from partners and have executed a substantial amount of debt in partnerships for maturity extensions and growth.

This has given us capacity to start more projects. With the current funding plan and strategy, we can create a significant volume of assets in the coming 5 years and maintain appropriate levels of liquidity and gearing.

We're staying ahead of the capital needs of our development program and actively managing our debt maturities. With regard to our earnings, our target of 9% EPS growth will be achieved as a minimum.

The investment portfolio has performed in line with expectations, and sufficient transactions necessary to achieve the target are now contracted. We'll go through the drivers in detail with the full-year results.

That's all for now. Thanks, Greg.

Thanks, Nick. Now just in closing before we go to questions, Goodman remains focused on execution.

In the data center space, as Nick has described, we have the capital in place. We have the construction progressing, and you've got some good slides on that in the pack today.

We're now in the customer phase, which we've talked about, advancing the leasing negotiations through to the end of this calendar year. Importantly, though, on the logistics side, there is clearly a large opportunity to build into the need for more automation and robotics so our customers can optimize these operations.

You're going to see more billion-dollar warehouses coming from Goodman's pipeline. I can also confirm that the group set a target of 9% operating EPS growth for FY 2026.

We're currently on track to deliver at least this level of minimum performance. I thank you, and we can now talk and go to questions.

Hi. Good morning, guys.

Hey, first question relates to your 9% growth. You said it with a fair bit of conviction there, Nick, about 9% EPS growth will be achieved as a minimum.

Can you just give me some insight, what are some of those items that could take it above 9% then?

Simon, look, things like, for example, performance fees are subject to the final valuation outcomes. We've put in an allowance for something that we think is very achievable, but that can move a little bit.

Things like calculation of percentage of completion, you've got to do a reconciliation, cash flow timing can impact percentage of completion, for example, in terms of revenue recognition, and cash flow timing for the transactions can impact as well. There are still a few moving parts, and so we just need to land some of those before we come out with the final position.

I think the other thing, Chan, as well, it won't be lost on you, global volatility. There's an element of prudence in everything we're saying today because the world is a little bit of a different place today than it was maybe 12 months ago.

I think volatility, that is cost and time, right, we're seeing all around the world. We're very careful and mindful of not overplaying our hand either.

We're trying to give you a very, very good basis for what you're doing with your analysis. I think that's what we're doing.

Hey, the CPs for Europe/Paris, etc., are they all sorted now?

Yes. That's all closed.

You'll see from our nice picture pack, I hope you enjoy reading that tonight at home, but we've sent you some nice photos, and you'll see that there's substations, transformers, work going on. Those substations are going in because power has been connected and contracts are being let, and buildings are in process of going up around the world.

That program is in place, which, once again, over the last 6 months, I won't say it's not challenging around the world around power. It's also very challenging around construction and contracting.

Costs need to be under control, and all those things be managed pretty effectively globally, but in difficult circumstances as you'd appreciate.

What percentage of your CapEx program already have a cost locked in, or have you had to deal with contractors coming to you asking you for more money over the last few months? Hi.

Look, it's mainly been around the long-lead items. We've been very careful.

We've been careful of big escalations and big escalators, and trying to lock as much down as early as you can, and we've done that, Chan. The reason we are building into the demand, which the demand is very strong around the world, the reason we're building into it is that we can actually get certainty in costs and time and space.

When we give someone an RFS date of '28, we can hit it, and we don't expose ourselves to risks at the back end. Right?

We've spent a lot of time in the last 6 months getting these in order. As you will see from a number of the photos tell a thousand words, things are in progress, they're going up, contracts are locked in, and we're very comfortable we've achieved some very good results on this first round of program that's coming out of the ground.

Thanks. Just one more for me, and I'll let someone else have a go.

Hey, I don't want to sound abrupt, Greg, but why is it taking so long to get customer contracts? What's been the most contentious points, you reckon?

Are you argie-bargying over rents or duration?

No,

no, no, mate.

No, it's RFS dates. We need to be in the slot so we know what we're building, what it's going to cost us.

It's folly to do a deal and lock down a rent before you know how much it's going to cost you to build it. I think you'd know that, right?

We're just being very careful, very cautious. We've got a good book of demand.

Some of that demand is actually in documentation with lawyers and agreements being lawyered around the world. This is a big program.

We've got some demand that wants 200-megawatt programs. There is a number of customers that are actually in diligence now on the buildings and what they want out of the buildings, there's some redesign for certain customers that may want certain configurations.

No, I think we are exactly where we want to be, but importantly, if you've got an RFS date of 2028, you want to be leasing that into the end of 2026 into 2027. There are not too many customers running around for 40 megawatts, 50 megawatts, which is the size we're putting into the market pretty well around our different complexes on average, that they want to know you're hitting that date, they're not taking '29 orders.

It's working together very, very well, and as we've programmed that, I think capital is number one, and Nick's been through that, construction is number two, we've got that locked down, customers is number three. That is the point we're at.

Then after we've got customers, we'll all have to sit down and look at the terminal values of these as well. That'll be number four.

That's very clear.

We're right where we want to be.

I think just again putting it in context, and I think we talked about this before, but first potential billing dates for LAX is Q1 next year earliest. At the moment, we actually can't bill anything, and then it goes from there, right?

European projects, earliest is late 2026, early 2027, and it goes back from there. Just sort of keep that in mind.

Cool. Thanks, guys.

Hi. Good morning, Greg and Nick.

Just first question around the $18 billion of WIP that you're targeting for the end of FY 2026. You're at $14 billion today.

Can we just talk about the ins and outs that you're thinking about in the last quarter? It looks like the Paris assets, a couple of them, but just a bit more color, please.

Look, it'd be data center driven, I think, is the reality. That's just about property being contracted, final contracting, and work in progress.

It's really that simple. There'll be a bit of industrial as well, isn't it, Nick?

I think we've got a really good industrial pipeline, which we don't talk much about on these calls, but that's world class. I just go to the locations on what we're building around the data centers around the world, have a good look at those locations, that's as good as it gets, right?

With speaking with humility, but that's as good as it gets.

James, and I think you can see the list of the projects in the data center slide, which we're expecting to commence. It's all detailed there.

That's the thick end of what's going to get us there.

Okay. Just a follow-up, I think it's on maybe Chan's question, have you got the general contractors locked in for Paris 1 and 2 now?

Is that all sort of signed and dusted or settled?

Yeah. We've got all the pre-works done.

We've contracted the lois, and the main contractors in Europe have been either locked down or being locked down and have been in the main negotiated. That's similar to obviously in Australia, you can see that's going up.

We're in there. Obviously, LAX is well, well advanced, and the inquiry around that building's great, from hyperscalers to primarily wholesale and enterprise, so that's going really well.

Tokyo, yep, that's on the way. You can see the photo there of that moving through, that's contracted.

Now that's contracted in Tokyo as we're working with customers, right? We're building in, once again, starting earthworks and shells, working into the customer demand, we know what they want.

To save time and to make sure that we have an RFS date at the end we can hit ready for service, we're advancing these things, we take the risk out at the back end, and I can't emphasize that enough, right? The last thing we'd want to do is make a big announcement about a big customer commitment and then have a loosey-goosey at the back end of it, and effectively, you'll end up making no money.

That is not what we're in this business for.

Okay. One more if I may.

Around the world, sort of you're starting to see some sort of stabilized funds being created for data centers. The Australian partnership that you're trying to create, do you think that's going to be, can you share a bit of color about the nature of that?

Is that going to be more in line with the CPPIB sort of partnership that you created, or will it be something a little bit different?

It'll be very similar. Europe, we're in final negotiations with partners on that at the moment.

There is a pipeline as well that some of the big partners around the world want, we're just effectively looking at the pipeline in Australia. Apart from a timing, there's a desire to do more.

If we're taking our time on it, that is the reason, because it'll probably have some opportunities to do more with us, particularly in Melbourne and a big site we've also got in Sydney. That's going well.

I've got to say the partnership process around the world, led by the teams globally and also Nick here, has gone incredibly well, and we're offering really good products to people we know very well that basically want to have the development risk, and at the end of that period, once they're stabilized, then they'll go into long-term Holdcos, which is more the theme I think you'll see that the guys in the US are doing in New York Exchange at the moment, or they've raised some capital for. You'll see Holdcos become a pretty dominant feature in the next 2 or 3 years as a lot of these data centers are completed and then they're exited into long-term holding vehicles from investors globally.

Okay. That's clear.

Thank you.

Morning, Greg and Nick. Thanks for the time.

Just wanted to draw out on Chan's question on costs further. You're saying locking those down.

What's the direction of travel for development yields, call it over the next 12 to 18 months? Hi.

Look, on data centers, we're, low, depending on where it is, 9 all the way through to 11, and potentially more if you're knocking the buildings down into smaller floor-by-floor type arrangements or half floors. Look, it's in good, Nick.

The book's looking good. Really important, though, and I've got to emphasize it again on this call, really important to lock it down at the beginning, your cost down at the beginning, and don't leave the tail wagging at the end on your ready for service date, right?

You'll get in all sorts of trouble, and I don't think hyperscalers will be too friendly if you don't deliver on time. Then

just for the logistics business? Hi.

Look, logistics is good, but it's actually all about big warehouses. It's all about robotics with AI, agentic systems.

That's the future of logistics, peopleless warehouses, things of that nature. We are really moving hard into that sector.

There's asset rotation we're doing as well to create more capital in the industrial partnerships to keep moving hard into big, modern, contemporary powered sites around the world. We put a splash on the page here today, which hopefully you guys can read at your leisure, but they're great sites, and there'll be all robotics going in those warehouses.

Okay. That's clear.

Just turning to the DataBank JV, Greg, you've spoken in the past about opportunities kind of emerging in the US with some developers getting over their skis. How are you thinking about that JV and where it could progress to in the coming years?

Look,

I think in the release, and I'm only repeating what was in the release, I think Rahul was saying from DataBank, and I think we were saying as well or Anthony was saying, that's the start. There's actually other sites in that LA cordon that actually triple the size what we're doing now, so that's probably 150 meg gross partnership over time, hopefully.

Then there'll be other things as well we're looking at in the US as well, which could go into that joint venture, but that's a further discussion and negotiation on that. That's the intent.

Yeah. We like them.

They're a good team, 1,000 people, 90 90 people, 90 leasing people, good platform. We like those guys.

Great. Thanks, Greg.

Morning, Greg and Nick. I just was interested in where you see the sustainable per annum cadence of putting projects into WIP from a data center perspective per year.

You've got roughly 400 500 megawatts going into production this year. Should we think of that as a kind of starting point for a sustainable run rate?

Can you accelerate from there, or do you think it will take longer given production challenges?

We can give you a bit of guidance in the short term. I think after that, it's a little bit harder, but, well, overall, we've got a potential pipeline of 6 gig, some of that's already delivered, and some of it's in WIP.

If you look at just the projects that are coming up for continuing phases in LA, in Paris, Amsterdam, Frankfurt, Tokyo, you can see a similar sort of run rate in the short term. It's just following one foot after the other, and that's very achievable, fundable.

Comfortable with that. What happens after that, we'll aim to continue to do that.

A lot of work we can do. How quickly we do it will depend on a whole bunch of parameters, but we have the capacity and capability to continue this kind of run rate for quite some years.

Because I'm just looking at your overall power bank and it's, call it 10, 11 years at the current run rate. Is that the right way to think about it?

Yeah.

Okay. Thanks.

Then just on the sort of discussions with customers across a lot of your projects, the way that you've framed it is discussions with multiple customers, in some cases you talk about whole facility type arrangements, but just be keen to understand at what point do you go exclusive with a customer, particularly when you're doing design work on a particular site, and I guess when will we see those convert to leases?

We're exclusive with a number. We're under a lot of NDAs, we can't talk about them through those programs.

It's already in that stage. Discussions is probably not the correct descriptor.

It's negotiations and finalizations is where we're at. Discussions that we're having on, for example, in Melbourne, where we've got a big site in Melbourne, I think it's going to end up being a gigawatt of power, which is going to be Australian significant.

There's discussions going on there because we're locking down power. Where we've locked down the power, on the projects on the page are in negotiation.

That's clear. Thanks, guys.

Oh, good morning. Hey, just wanted to clarify which projects, I know it was sort of a question asked earlier, but just which projects are not in WIP that will go in WIP in the next 6 weeks?

The ones that are on the page, I think we've told you what's in and what's not. There's no page number here, but it says Data Centers at the top and Projects.

Everything that's not in WIP, we expect to be in WIP. Okay.

Just in terms of the negotiations with the customers, which specific projects would you expect to see formalized leases in calendar '26? You're able to just step through it from a four-mode perspective?

Yeah. Look, we're under NDAs, all sorts of constraints, exclusivity arrangements on sites, I'm not going to pick them out for you.

All I will say is there's a body of work going on around that 328-megawatt IT list, which is very, very good. What we're doing is negotiating outcomes for our investors that we think are representative of the risk we're taking and the outcomes we need.

Right? We're not rushing.

We're sensible. We're getting risk out of the back end, and I can't overemphasize that.

That risk at the back end in the last 6 months is a lot higher than it would have been even 12 months ago. We're really making sure that we get this right.

To get it right, you need to be building the right building in the right locations, but you need to have your costs locked down, and you need to be able to deliver. Otherwise, don't open your mouth.

Yeah? We're in that process.

A lot of it's highly sensitive, quite frankly, and, effectively, even when we do lease some of the buildings, you'll know they're leased to a hyperscaler, but there're a lot of names you won't even be able to talk about, right? How that works.

Yeah. Okay.

Then just finally, just on Moorabbin Airport, is that project sold and settled, and is that going to be a material contributor to profit in FY 2026?

I've never said anything about it. I think the press have run a few articles on it.

Obviously, there's some work being done on it, but, yeah, look, I can't really make any comment about that. We comment on...

It hasn't sold and settled. We can definitely say that.

Yeah.

Yes.

Yeah. Okay.

Thank you.

Morning. Just a couple for me.

Just going back to the production rate, I think at the moment it's 2.4 years. Nick, were you confirming that that is roughly what it'll stay at, or are you expecting that to move out over time?

Maybe it goes up from there because most likely anyway, I think if you look at the percentage of the WIP that's going to be data centers, it's likely to trend up, and then even the industrial projects that we're doing are going to be bigger and take a bit longer as well. I think it probably goes up from here.

Does that ultimately mean if you're getting to the kind of 18 that you're still running at around $6 billion on an annual basis?

Yeah. Look, and it could go up a little bit as well, but, yes, we're expecting that the volume of WIP will go up.

Production rate is going to be flat to up a little bit.

Your profit or fee take grows then as well, does it, to grow development earnings?

Yeah. That's a factor.

As there's a lot of factors that drive development earnings, but, yes, an increase in production rate, all other things equal, would have a positive effect on NPI earnings. Yes.

Maybe could you just clarify just when you're going in, Greg, to start a data center, what is the CP for the customer side? Is it an LOI, an MOU, something to that effect with a specific customer before you will start, or you'll start without anything?

No,

we're starting early works.

We're starting early works packages and shells effectively as we're negotiating out the leases and contracts. We're keeping the projects moving, then we don't have a tail at the end.

Bearing in mind, we've got a big site in Tokyo, which is a gig site, which is pretty extraordinary. We're kicking off 50, we're not kicking off 300.

We're just being very careful and measured how we do. We're not putting too much into any one market, we're spreading it globally.

It's a globally significant portfolio. All the big hyperscalers around the world are aware of us and what we're doing and how we're doing it, and we're just being metered and pacing it, and then once we get one away, we'll accelerate into another one.

The other thing to appreciate, too, some of the larger campuses, which we do have, will be breaking them down into bite size so then we can make sure we can deliver on what we say we can do. Right?

The trick there is don't overpromise hundreds if really, at the end of the day, personally, it's not even economically feasible, and secondly, I don't even know how you cost that accurately if it runs out 5 years. Right?

We're super disciplined around what we're building, why we're building it, and where we're building it. Super disciplined, and that is far more important at the moment than basically having a lease signed currently.

Right? They are following, and that's part of phase 3.

I talked about the capital, because if you don't have the money, don't start building it. Got that.

Then start building it. Got that.

3, that is where we're at at the moment, and that's what we've said over the last 12 months. It's playing out exactly the way we said it would, probably 12 months ago.

Maybe just my last one, just going to the Japan partnership. I think it's two new partners that have come in.

That's for SCUBA as opposed to the prior partner that is not continuing into SCUBA? Am I interpreting that correctly?

No, that's a stabilized partnership that has four data centers already in it. We actually do build data centers, a couple to a colo and a couple to a hyperscaler.

We just finished one recently to a colo. No, that's that partnership, the stabilized data center partnership.

It's not for the rights to SCUBA?

No, SCUBA already is in a development joint venture with Goodman and another partner.

Okay. Thanks.

Good morning, Greg and Nick. Just picking up on an earlier question and some of the comments just around the sort of what's under discussion ranging from 1 to 250 megawatts, are you able to kind of provide the total IT capacity you'd say is sort of at that stage of discussion?

Do you mean the total book of demand?

Yes.

Oh, it's vast. It's vast.

It's a matter of how much you can actually supply is more the issue, the ready for service. Right?

That's really the issue. It doesn't matter what you read, where you look, when you look at whether they're the publicly traded data center developers and operators, whether it's the large companies around the world that are building trillions of dollars of hundreds of billions of dollars of infrastructure, demand is very strong globally, and it's unprecedented.

What is difficult is the infrastructure, and we've talked about that today, capital, right? Don't take that for granted because it's not infinite, it's definitely finite, right?

Capital is critical. Getting construction companies to work for you on projects in different countries is difficult, right, because they're all at capacity.

Then you have problems with grids, power, planning, all the above. General population don't want data centers next door to them, you've got all those issues.

You're in a very constrained market, which cannot meet currently the demand. Right?

Just think about it in that context. We're building into a very strong market set of demand across a number of locations globally, and then give that the portfolio effect.

Right? We're not overly exposed to any one market, we've got a great portfolio effect.

We're operating in different countries, different time zones, different places, right round the world. Put it in that context, and then think about the book of demand.

It's very large, and it's just needs to be done carefully and quietly and sensibly.

Okay. Thank you.

Then I was just wondering if you could sort of make any sort of comment just around some of the projects that I think it's on page 6, just on the data centers page, just around the projects that sort of may have sort of received development approval where you're kind of at on timing and power commitments for those couple of projects?

All the ones on the page are all moving, and that's where we're having negotiations with customers. On all those projects, they're the ones that are in the 500 gross or the 328 IT, they're the ones in June work in progress.

They're live, and they're moving, and we're on with it.

Okay. Thank you.

Just a couple from me. Just in terms of the 5.3-ish gigawatts that hasn't been delivered and isn't in progress, are you able to just sort of comment on the WALE of that portfolio and sort of how you're managing the leasing dynamics to the extent particularly on the non-secured power side of it?

Yeah. Look, key to it is we're not leasing or we're not trying to lease or pre-lease sites that are not power procured.

We've got to have the power, we've got to have the substations, we've got to have the infrastructure going in, otherwise we're not talking to customers. They may know they're coming up, they may be asking us for progress reports, but we're not in the market talking about stuff we don't know when we can deliver it, and we don't have that cost locked down.

We're not doing those discussions.

Okay. It's more just the developments predominantly brownfield, I'm more curious in terms of the existing industrial tenants, and, obviously there's an opportunity cost of capital in terms of you've got existing tenants in these brownfield developments.

I'm just curious as to how long the WALE is on these industrial assets that are envisaged for data center development down the line, so that 5.3 gigawatts that hasn't been developed and isn't in progress. Yeah.

Got it.

Look, we're managing that in London, for example, on a big site we've got inside the M25, and we're just shortening up the leases to give us 2, 3 years to work through the planning process or the power process. Because we manage all our own sites around the world, we actually have a real competitive advantage in that we can keep these sites income-producing while we work through planning and the program around power, which may be some of it may be faster, but some of it may be longer-dated.

A lot of the sites we have around the world, or the majority of the sites we have around the world, are already sitting in partnerships and earning their keep in regard to some income coming off them while we work through the planning process. There's a good example actually at Western Sydney of that right now, where it's not greenfield, there's a building on it, it's probably a 500-megawatt site is the ambition, or where we'll get to we think.

It's got income coming off it currently.

Okay. Thanks.

That's helpful. Then just in terms of the materiality of that in terms of the sort of 5.3 gigawatts that hasn't been delivered and isn't in progress, can you sort of quantify that as a percentage of the overall investment earnings?

I assume it's not huge, but...

Look, as a scale, it's globally significant in regard to amount of power we can deliver. In regards to ultimately the development program, it's $140, $150 billion or something of end value, maybe a little higher depending on where it is.

That is not in production at the moment, so, primarily apart from some income coming off those sites,

there's no direct correlation to the earnings at this point.

No, I think in terms of the investment earnings, I think the ones that are already built and income-producing represent I think 6% or 7% of our total investment income today. The projects in WIP will sort of more than double that, and then it goes from there.

That's over the next 2 to 3 years if that's your question. Then, yeah, look, over time, as Greg said, the size of the total opportunity is significant.

Obviously, we will also have growth on the industrial side, if you take a really long-term view, there is a scenario where you can see sort of 50%, for example, coming out of industrial and data centers.

Yes. I probably didn't articulate myself clearly.

I meant more in terms of the existing that sort of 5.3 gigawatts that shovels aren't in the ground yet on the data center side, in terms of the existing industrial tenants, they're paying income, I'm just curious as to the materiality of that

just to look at the drag,

yeah, on earnings. Oh,

yeah, it's marginal. Yeah.

Yeah. Cool.

Just wanted to confirm that. Cool.

Then maybe just one quickly on the secured power side of things. I just want to clarify, hasn't really moved a lot.

I appreciate these things take time, but on the planning obviously, there's power approval and then there's planning approval. Where's planning approval at relative to that secured power figure?

Look, planning's going well, particularly in where a lot of that's coming from, planning's going well. It's really around the power and the infrastructure.

There's a couple of major sites working on at the moment where to be quite honest, we're negotiating the power infrastructure cost, because it's all pay-to-play now all around the world. If 5 years ago there was power available, now that's not the case primarily in the prime markets where we're building around the world, maybe some secondary markets that's different.

Where we're building, you pay to play, and that pay is significant. We're deep in that, which then means over the next 5 years, if you look at where demand's going and supply is getting more constrained and the barriers to entry are getting higher and it's costing more, yeah, it's a pretty interesting pipeline of opportunity if you have the money to play it.

If you don't have the money, you should get out quick, because the money's getting bigger and it's getting harder.

Got it. Are you able to put a figure where you're saying there's sort of 3.6 gigawatts of secured power, where's the planning approval at?

What's the quantum on the planning approval side?

Planning are in good shape. It's really around the energization is where most of the work is going, because most of our industrial sites actually cater for primary data center or industrial in most of the countries around the world, actually.

It's not the planning of the building as such. Now, in some of the leafy urban areas where you try and build a data center next to homes, I think that's going to be an issue moving forward.

Primarily, most of what we've got and some of the bigger stuff coming forward, some of the bigger sites are actually in industrial areas that already have the opportunity to go data center anyway. It's really around the power infrastructure is where the heavy lifting is going, and the money, real money is required.

Okay. Thanks, guys.

I'll leave it at that.

Hi, Greg and Nick. Just a quick one, is the 1 gigawatt in West Melbourne, is that in the current power bank?

It is not in the secured. It is not in the secured, correct.

Okay.

It's one of the reasons why 6 went to 6.4.

Okay. Perfect.

Then how do we think about you guys selling powered land and capitalizing on the current economics relative to developing out you've called it a 10-year development pipeline of data centers?

Sorry, can you repeat the question?

How do you think about selling powered land and capitalizing on the current economics and the returns you're getting on powered land over the next couple of years versus developing out a 10-year pipeline?

No, that a really, really good question. We look at that all the time.

From time to time, customer will come and we just had one recently in actually UK, probably Australia, too, I think, just recently and go, "Well, can we just buy the land?" and blah blah blah.

We'll go, "Yep, we'll work on the power, and then we can have that conversation." We've done it before.

We've done it in a number of locations around the world. We'll just look at it.

We'll look at the return on capital, the velocity of capital, how much we want to fund, how much risk do we want to take off the table early. We'll look at all those things, and we do.

That's a really good question.

Makes sense. Then just on the $18 billion industrial pipeline, what's the timeline?

When can we expect that to commence? What's the blended yield on cost for that pipeline?

Actually, it is commencing. If you look at Goodman around the world, we're targeting 7s, 8s on good industrials.

You'll see billion-dollar sheds, though, coming out of Goodman. I think there was an article in the paper the other day about shed for Aldi, might have been with the Inghams.

You're going to find more larger, fully automated sheds, 6 buildings going in 1 building. You need 9, 10 megawatts of power to drive them, and these things are only getting bigger and more sophisticated.

Don't underweight the big opportunity, particularly around robotics and AI and agentic programs and processes inside warehouses. It's big, very big in China where we've got operations, and accelerating in other parts of the world.

Okay. Maybe just to be a bit more granular for modeling purposes, that $18 billion, is that going to be delivered over the next 12 to 24 months, or is it more longer-dated?

No, it'd be longer than that. Yeah.

Okay. Great.

That's all for me. Thanks.

Thank you very much. Have a good day.