Centuria Capital Group (CNI) H1 2025 earnings summary

Executive summary

• Assets under management stood at AUD 20.5 billion as of HY25, reflecting divestments and market revaluations, with significant growth in alternatives and real estate finance, and a 50% investment in ResetData positioning the group for AI/data infrastructure growth.

• Operating NPAT rose to AUD 51.1 million (HY24: AUD 49.4 million), with OEPS at 6.2cps and DPS at 5.2cps, while statutory NPAT fell to AUD 14.8 million due to non-operating items and market revaluations.

• Group reported AUD 1.9 billion in transaction activity and AUD 600 million in new capital raised, with total operating revenues at AUD 165.4 million.

• ResetData acquisition and AI Factory launch establish a scalable growth platform in digital infrastructure, with Australia's first sovereign AI Factory nearing completion.

• Alternatives AUM reached AUD 4.9 billion (24% of Group), with strong expansion in credit and technology verticals.

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 14.8 million, down from AUD 45.2 million in HY24, impacted by negative mark-to-market movements and higher finance costs.

• Net asset value per security at AUD 1.75, with operating gearing at 14.5% (up from 12.1% at June 2024).

• Cash and undrawn debt available exceeded AUD 300 million at 31 Dec 2024, with AUD 164 million realised from asset sales.

• 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 guidance reaffirmed: OEPS 12.0cps, DPS 10.4cps, targeting over 20% EBIT growth in credit and continued expansion in AI/data infrastructure.

• Management anticipates a recovery in REIT sector and unlisted trust activity, with increased transactional volumes and positive commercial real estate momentum.

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

• Two sector-specific REITs and a credit listed investment trust planned for FY26, subject to market conditions.