Garda Property Group (GDF) H1 2026 earnings summary

Executive summary

• Transitioned to a pure-play Brisbane industrial property portfolio after divesting Cairns and North Lakes assets, reducing gearing and focusing on industrial and lending operations.

• Achieved funds from operations (FFO) of $8.86 million for 1H26, up 20.3% year-over-year, driven by lending portfolio growth.

• Net profit after tax for HY26 was $6.78 million, a turnaround from a $10.19 million loss in the prior year.

• Lending operations expanded, with $68.8 million in loans deployed and lending forecast to contribute 46% of FY26 revenue.

• FY26 FFO guidance upgraded by 10% to 10.0 cps, and distribution guidance raised to 8.5 cps, reflecting an 85% payout ratio.

Financial highlights

• HY26 FFO increased to $8.86 million (4.4 cps), up from $7.37 million (3.7 cps) year-over-year.

• Total revenue for HY26 rose to $20.34 million from $15.55 million year-over-year, driven by higher lending income.

• Gearing reduced to 20.8% from 42.7% at June 2025, following major asset sales and debt repayment.

• Distributions increased 27% to $0.0200 per security, with a payout ratio of 91.4%.

• NTA per security at $1.60, with securities trading at a 28% discount to NTA.

Outlook and guidance

• FY26 FFO guidance increased to 10.0 cps, with distributions upgraded to 8.5 cps, reflecting a 7.4% yield and 85% payout ratio.

• $33.56 million in committed but undrawn loan deployments expected in 2026.

• Key earnings drivers for FY27–FY28 include embedded rent growth, Morningside expansion, Acacia Ridge leasing, and continued lending growth.