GemLife AGM Trading Update – all on track

Research evidence excerpt

GemLife AGM Trading Update – all on track

J P M O R G A N Asia Pacific Equity Research

28 May 2026

GemLife Overweight

GLF.AX, GLF AU

AGM Trading Update – all on track Price (27 May 26):A$4.65

Price Target (Dec-26):A$5.30

GLF’s AGM trading update reaffirmed FY26 underlying EPS guidance of 28.5-

30.0¢ps (20-27% growth on FY25's 23.7¢ps). Management reported record

monthly enquiry levels in March and April 2026, with YTD margins holding at

~50%, settlement pricing in line with / slightly above 2H25 averages, and a

reiteration of its 420+ settlement guidance for FY26. We view this update as mildly

positive for GLF, with all key metrics tracking in-line or ahead of GLF's

guidance, displaying GemLife’s resilience and the robustness of demand in the Australia

QLD LLC market, despite RBA rate hikes and federal budget changes creating a

Australian REITs

negative narrative for the sector.

Richard Jones, CFA AC

• Key Positives:1) FY26 EPS guidance of 28.5-30.0¢ps reaffirmed despite (61-3) 9633-4038

adverse macroeconomic conditions since setting guidance in February. 2) GLF richard.b.jones@jpmorgan.com

achieved record monthly levels of enquiry, albeit it was helped by launching Connor Eldridge

new communities. Pricing remains strong across all states, suggesting no (61-2) 9003-6415

connor.eldridge@jpmorgan.com

material demand disruption from RBA rate hikes. 3) YTD margins at ~50%,

Adam West

at the top of the 47-50% target range and marginally ahead of JPMe 49.5%,

(61-2) 9003-8010

representing the 7th consecutive year of margin delivery within target, adam.west@jpmorgan.com

particularly impressive this period amidst increasingly challenging J.P. Morgan Securities Australia Limited

construction conditions. 4) YTD settlement pricing in line with or slightly