Lendlease Annual Report 2024

Our Business 21 Melbourne Quarter Tower, Melbourne Comprising 75,000sqm across 34 levels, the building commenced in April 2021 and recorded a peak workforce onsite of 450 people. The Exchange TRX With more than 400 of the world's leading retailers, The Exchange TRX blends an immersive retail journey with the beauty of nature through the 10-acre TRX City Park. Sydney Metro stations After more than five years, two world-class integrated Metro stations at Martin Place and Victoria Cross were completed, marking a significant milestone in Australia’s biggest public transport project. The integrated transport precincts exemplify our commitment to excellence, innovation and transformation, requiring expertise from all disciplines, including development, design, construction and project management. Our teams worked together to solve the challenges on these projects, ensuring every aspect of both precincts were delivered to the highest standard. Managing logistical challenges, including materials handling and workforce management in confined, heavily trafficked areas, demanded meticulous planning and innovative construction methods. Ensuring safety and accessibility for both workers and the public was paramount. The successful delivery of these precincts highlights the exceptional talent and capability within our organisation and demonstrates why we remain a trusted partner for government, client partners and investors. Fossil fuel free construction Eliminating the use of fossil fuels in construction is an essential step in tackling climate change and reaching our Mission Zero targets. Our project teams, in collaboration with our customers and suppliers, continue to move towards our goal of fossil fuel free construction. For further information about the initiatives underway, refer to the Sustainability section on page 34 of this Report. Risk management Our risk management approach begins with disciplined origination that incorporates thorough market assessments. Prior to the commencement of construction, detailed project management plans are formed and a team with the optimal skill set for the project is chosen. The delivery phase comprises construction management, production and program controls, functional reviews and reporting. Post construction, a rigorous commissioning process is undertaken ahead of transitioning to the customer. From a pricing and risk management perspective, our design management capability, deep supplier relationships and buying power across the supply chain provide high confidence in the price- setting process. Supply chain We counteract disruption in the supply chain by working directly with manufacturers and implementing agreements with strategic partners. Our key areas of focus include: • Maintaining deep relationships with our suppliers to proactively manage risk • Establishing the right trading partnerships to introduce low embodied carbon materials • Building a more connected supply chain via the use of digital technologies. Strategic direction As part of our refocussed strategy and simplification of the business announced in May 2024, we are exiting international construction via the divestment of our construction operations in the US, the UK and Asia. Significant progress has already been made in Asia with the announcement of a newly established life sciences platform with Warburg Pincus, which will see the transfer of our current life sciences construction, development and investment capabilities to the new joint venture. We also announced the sale of our US East Coast Construction operations. This follows earlier decisions to wind down construction operations on the West Coast and Central US. In the UK, we are in the early stages of preparing the business for sale. Going forward, as with Investments and Development, the Construction segment will be led by a dedicated Chief Executive, focussed on the following strategic areas: • Remaining a partner of choice for governments and other key clients • Delivery capability for the integrated model in Australia • Maintaining efficiency and risk management. Sydney: Victoria Cross Station