Centuria Office (COF) H1 2026 earnings summary

Executive summary

• Statutory profit for HY26 was $61.5 million, reversing a prior $21.2 million loss, with NTA up 3% to $1.72 per unit and a $1.9 billion book value across 19 assets.

• HY26 saw 29,354 sqm leased across 26 deals (10.7% of NLA), a 133% year-over-year increase, with portfolio occupancy at 91% and WALE of 4.1 years.

• Achieved a 12.5% premium on the divestment of 9 Help Street, supporting NTA and reducing near-term leasing risk.

• FFO for HY26 was $33.4 million (5.6cpu), down 3.6% year-over-year, with distributions of 5.05cpu and a payout ratio of 90.2%.

• Strategy remains focused on sustainable income, value creation, and high-quality, well-located office assets.

Financial highlights

• Gross property income for HY26 rose to $86.8 million, with 3% like-for-like growth year-over-year.

• Statutory net profit was $61.5 million, driven by $42.8 million in like-for-like valuation gains and derivative movements.

• Net tangible assets per unit increased to $1.72 from $1.67 at FY25.

• Finance costs increased by $1.8 million to $24.7 million for the half.

• Cash and cash equivalents at period end were $11.2 million, up from $8.5 million at 30 June 2025.

Outlook and guidance

• FFO guidance for FY26 reaffirmed at 11.1–11.5 cents per unit; distribution guidance at 10.1 cents per unit, implying a 9.5% yield.

• Guidance assumes an average all-in cost of debt of 5.4% for FY26.

• FY26 is expected to be the trough year for earnings, with a conservative outlook on vacancies.

• Portfolio priorities include maintaining high occupancy, improving quality, and preserving balance sheet strength.

• Distribution payments are expected quarterly.