Centuria Capital Group (CNI) H1 2025 earnings summary

Executive summary

• Assets under management stood at AUD 20.5 billion as of HY25, down from AUD 21.1 billion in HY24, reflecting divestments and market revaluations.

• Operating profit after tax rose to AUD 51.1 million (HY24: AUD 49.4 million), with operating EPS up to 6.2 cents, while statutory NPAT fell to AUD 14.3–14.8 million due to non-operating items and negative mark-to-market movements.

• Significant growth in alternatives, with AUD 4.9 billion AUM (24% of Group), and strong expansion in real estate finance and data centres.

• ResetData acquisition and AI Factory launch position the group as an early mover in data centre and AI infrastructure, with Australia's first sovereign AI factory nearing completion.

• Revenue increased to AUD 229.4 million from AUD 143.5 million year-over-year, driven by higher management and financing fees.

Financial highlights

• Operating earnings rose 3.6% to AUD 51.1 million, with operating EBITDA at AUD 74.3 million and operating profit before tax at AUD 54.6 million.

• Statutory NPAT was AUD 14.3–14.8 million, down from AUD 45.2 million, due to negative mark-to-market movements and higher finance costs.

• Net asset value per security at AUD 1.75 (FY24: AUD 1.79); operating gearing at 14.5% (up from 12.1%).

• Cash and undrawn debt available at AUD 304 million at 31 Dec 2024; cash and cash equivalents at AUD 185 million.

• Group development pipeline valued at AUD 2.2 billion, with AUD 0.5 billion committed and AUD 1.7 billion in future projects.

Outlook and guidance

• FY25 operating EPS guidance reaffirmed at 12.0 cents per security; distribution guidance at 10.4 cents per security.

• Management targets over 20% EBIT growth in the credit division for FY25 and continued strong growth for FY26.

• Strategic focus on scaling real estate, expanding Centuria Bass Credit, and rolling out AI Factory/data centre pipeline.

• Anticipated recovery in REIT sector and unlisted trust activity as market conditions improve.

• The Group is focused on managing risks from market volatility, interest rates, and sector-specific headwinds, particularly in office assets.