Centurion Corporation (OU8) H2 2025 earnings summary

Executive summary

• FY 2025 revenue rose 17% to S$295.9m; core-business net profit increased 26% to S$139.2m.

• Living-sector AUM was S$2.7b, with 78,847 beds and apartments across 42 properties in six countries at 31 Dec 2025; 8,918 beds were added during FY 2025.

• CAREIT’s Singapore listing established a platform for asset recycling and recurring fee income; 42.9% of units in issue and to be issued were retained.

Financial highlights

• FY 2025 revenue increased 17% to S$295.9m and gross profit rose 16% to S$227.0m; gross margin was 76.7%.

• 2H 2025 revenue rose 20% to S$155.2m and gross profit increased 17% to S$118.4m.

• Net profit was S$141.6m; net profit attributable to equity holders fell 67% to S$114.8m, mainly due to lower fair value gains and CAREIT IPO costs.

• Core-business net profit rose 26% to S$139.2m; core net profit attributable to equity holders increased 9% to S$108.6m.

• Revenue growth reflected rental revisions, stronger Singapore and UK occupancies, Westlite Ubi’s opening and Westlite Mandai’s consolidation; lower Malaysia PBWA and Australia PBSA occupancy partly offset growth.

Outlook and guidance

• FY 2026 net bed capacity growth is expected at ~4,635 beds, including Westlite Mandai and EPIISOD Macquarie Park additions completed in early 2026.

• Projects include ~540 beds at Westlite Ubi, ~644 in Melbourne, ~472 in Perth and 225 in London, with completions expected from 2027 to 2028.

• Growth priorities include asset enhancements, acquisitions and development, asset-light management income, and capital recycling across existing and new markets.

• Outlook remains cautiously optimistic, with high occupancies and rental revisions expected to support performance; Westlite Sheung Shui occupancy is expected to ramp up from 62% in 4Q 2025.