Goodman Group (GMG) H1 2026 earnings summary

Executive summary

• Delivered operating profit of $1,203.5 million for H1 FY2026, with statutory profit at $824.7 million, driven by strong development activity and capital partnering.

• Operating earnings per security (OEPS) reached 58.5 cents, with a distribution per security of 15.0 cents for the half year.

• Data centres comprise 73% of development work in progress (WIP), which reached $14.4 billion and is expected to exceed $18 billion by June 2026.

• Major new partnerships established: $14 billion European data centre JV and $2 billion North American logistics JV.

• Portfolio value increased to $87.4 billion, with high occupancy at 95.9% and a global power bank of 6.0 GW across 16 cities.

Financial highlights

• Operating profit: $1,203.5 million (down 1.5% year-over-year); statutory profit: $824.7 million (up from $799.8 million in HY25).

• Net tangible assets per security: $11.18, up 1.4% since June 2025.

• Gearing at 4.1% (look-through 17.8%), with $5.2 billion in liquidity and 5.3 years weighted average debt maturity.

• Property investment earnings up 17% to $366 million; management earnings down 29.7% to $325 million; development earnings at $665 million.

• Portfolio occupancy at 95.9%; like-for-like net property income growth of 4.2%.

Outlook and guidance

• Targeting 9% operating EPS growth for FY2026 and a full-year distribution of 30.0 cents per security.

• WIP expected to exceed $18 billion by June 2026, with increasing data centre development and continued high occupancy.

• Demand for digital infrastructure, especially data centres, expected to materially exceed supply, supporting long-term growth.

• Management expects higher-than-average margins due to longer project durations and increased data centre focus.