Centurion Corporation (OU8) Q1 2026 TU earnings summary

Executive summary

• Living-sector portfolio comprised S$3.0b AUM, 81,388 operational beds and apartments, and 40 properties across 14 cities in five countries.

• 1Q 2026 revenue rose 30% YoY to S$89.436m from S$69.049m, supported by new operational beds, acquired portfolio contributions and positive rental reversions.

• Portfolio capacity is projected to reach ~85,470 beds by 2027; expansion includes Australian key worker accommodation.

Financial highlights

• PBWA revenue increased 30% to S$69.240m; PBSA revenue increased 30% to S$19.618m; Others contributed S$0.578m.

• Revenue by geography: Singapore S$62.623m (+29%), Malaysia S$6.212m (+30%), Australia S$7.537m (more than doubled) and UK S$11.594m (+5%).

• Non-IFRS revenue streams: owned and operated assets S$36.2m vs S$33.8m; management services S$7.0m vs S$0.2m; CAREIT S$52.5m vs S$35.0m.

• Management-services revenue included S$6.3m of property and REIT management fees eliminated at consolidated level; CAREIT comparative revenue reflects assets spun off in Sep 2025.

Outlook and guidance

• Net bed capacity is expected to grow by ~4,967 beds in FY 2026, with portfolio capacity projected to rise from 81,388 to ~85,470 beds by 2027.

• Singapore pipeline includes ~540 beds at Westlite Ubi, targeted for 4Q 2027, and a ~1,500-bed third-party dormitory management agreement commencing after FEDA licensing.

• Australia pipeline includes ~644 Melbourne beds targeted for 1H 2027, ~472 Perth beds targeted for 4Q 2027, and a ~675-bed Melbourne project with Development Approval.

• UK pipeline includes a ~225-bed London PBSA development expected by 4Q 2028; Dwell Hotwells House refurbishment is expected ahead of AY2027/28.

• UK PBSA may moderate near term; active management will target healthy occupancy and rental rates. Malaysian expansion remains a long-term objective, and further Xiamen BTR expansion will depend on market conditions and performance.