Centurion Corporation (OU8) H1 2026 earnings summary

Executive summary

• 1H 2026 revenue rose 31% YoY to S$184.936m, driven by added operational beds and asset contributions; gross profit increased 34% to S$146.015m.

• Core business net profit rose 34% to S$87.741m, while reported net profit fell 36% to S$53.092m, primarily reflecting investment-property fair-value losses.

• Portfolio comprised 43 operational properties and 85,528 beds and apartments across five countries; AUM was S$3.1b, excluding third-party managed assets.

Financial highlights

• Revenue increased to S$184.936m from S$140.722m; gross profit rose to S$146.015m from S$108.600m, with gross margin up to 79.0% from 77.2%.

• Core business profit attributable to equity holders fell 16% to S$48.811m from S$57.821m following CAREIT’s listing and the Distribution in Specie.

• Net fair-value loss on investment properties was S$32.8m versus S$3.5m; it included S$19.1m of stamp duties and S$13.7m of right-of-use asset adjustments.

• Operating cash flow was S$104.7m; investing outflow was S$446.9m, mainly for acquisitions and investment-property additions.

Outlook and guidance

• 2H 2026 revenue guidance is ~S$190m, up ~22% YoY, supported by new capacity, Westlite Mandai consolidation, asset additions, occupancy and moderate rental reversions.

• Net bed capacity is expected to grow by ~6,462 beds in 2026; developments in progress are expected to add ~9,770 beds across 2027–2029.

• Singapore and Malaysia worker-accommodation occupancy is expected to improve in 2H as new beds fill and quota applications ease in select industries.

• UK student occupancy may soften slightly but remain high; Australian student occupancy is expected to remain stable in 2H 2026.