Garda Property Group (GDF) H2 2026 earnings summary

Executive summary

• Core earnings, distributions, and balance sheet measures improved year-over-year, with FFO per security up 54% to 11.1 cps and distributions per security up 18% to 8.5 cps compared to FY25.

• Revenue from operations increased 19.4% year-over-year to $38.3 million for the year ended 30 June 2026.

• Lending revenue contribution rose significantly, now representing 49% of group revenue, up from 23% in FY25, as capital was reallocated from property to lending.

• Loan receivables nearly doubled in the half to June 2026, reaching $134.1 million, with $68 million of undrawn commitments expected to be drawn through FY27.

• Sale of North Lakes industrial development and Cairns Corporate Tower enabled capital redeployment into commercial lending and debt repayment.

Financial highlights

• FFO per security: 11.1 cps (+54% YoY); Distributions per security: 8.5 cps (+18% YoY); Payout ratio: 77.0% (down from 84.9%).

• Group revenue: $41.9 million (+25% YoY); Lending revenue up 168% YoY to $20.6 million.

• Net tangible assets (NTA) per security rose 1.9% to $1.64.

• Gearing reduced to 29.8% from 42.9% YoY.

• Profit after tax was $23.8 million, reversing a prior year loss of $6.1 million.

Outlook and guidance

• FY27 guidance: Earnings per security of 10.5 cps and distribution per security of 9.0 cps (+5.9% YoY), with an ~85% payout ratio.

• Lending is forecast to contribute 55% of FY27 revenue from 27% of group assets.

• Capital redeployment into commercial lending and debt reduction is expected to support future profitability and lower gearing.