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Abacus Group (ABG) investor relations material
Abacus Group H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Diversified commercial REIT with AUD 2.6 billion in assets, focused on office, retail, and self-storage sectors, up 1.4% on FY24.
Statutory profit was AUD 26.9 million, a turnaround from a AUD 241.0 million loss in FY24, driven by fair value adjustments and improved operating earnings.
FY 2025 distribution of AUD 0.085 per security, flat year-on-year, with FFO per security at 9.26cps and distributions maintained at 8.50cps per security.
Strong leasing momentum in office and retail, with positive rental growth and high occupancy rates; portfolio occupancy at 92.1% and over 44,000 sqm leased.
Self-storage (ASK) continues to deliver stable income and growth, with a 19.8% ownership stake and total assets up 11.8% to AUD 3.6 billion.
Financial highlights
Like-for-like operating earnings rose 7.7% year-over-year, with all segments contributing to growth; operating earnings grew 7.0% to AUD 168.4 million.
Office operating earnings up 9.8% year-over-year, supported by 4.3% rental growth and positive leasing spreads.
Retail operating earnings grew 8.8% year-over-year, driven by CPI-linked rental growth and improved occupancy.
ASK delivered AUD 16.8 million in earnings, plus AUD 18.1 million in management fees; management fees and other income increased 2.2% to AUD 28.1 million.
Net tangible assets per security increased 2.3% to AUD 1.72.
Outlook and guidance
FY 2026 distribution guidance of AUD 0.0851 per security, with a payout ratio of 85%-95% of FFO, and 50% of distributions expected to be fully franked.
Guidance assumes stable business conditions and continued management/ownership of ASK.
Earnings forecast at the top of the payout ratio range due to normalized tax expense.
ASK proposal update: Consortium granted six-week due diligence for a potential AUD 1.65 per security offer.
Ongoing focus on re-leasing, capital partnering, and leveraging key enablers for recurring income and value creation.
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