Goodman Group (GMG) H1 2026 earnings summary

Executive summary

• Delivered operating profit of $1,203.5 million for H1 FY26, with statutory profit at $824.7 million, driven by strong development activity, capital partnering, and early recognition of development and performance income.

• Operating EPS was 58.5 cents, with a distribution per security of 15.0 cents for the half year.

• Data centres now comprise 73% of development work in progress (WIP), with a robust pipeline 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, with further partnerships planned.

• Maintained high occupancy at 95.9% and a weighted average lease expiry (WALE) of 4.9 years across an $87.4 billion global portfolio.

Financial highlights

• Operating profit for H1 FY26 was $1,203.5 million, exceeding prior guidance, while statutory profit rose to $824.7 million.

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

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

• Property investment earnings up 17% to $366 million; management earnings down to $325 million due to lower transactional and performance fees.

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

Outlook and guidance

• Targeting 9% operating EPS growth for FY26 and a full-year distribution of 30.0 cents per security.

• Development WIP expected to exceed $18 billion by June 2026, with increasing data centre development and higher margins.

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

• Ongoing supply constraints in key markets anticipated to sustain rental growth and high occupancy.