Goodman Group (GMG) H2 2025 earnings summary

Executive summary

• Operating profit reached $2,311.2M (AUD 2.3B), up 13% year-over-year, with operating EPS up 9.8%.

• 70% of operating earnings now generated outside Australia, reflecting global strategy.

• Statutory profit was $1.7B; net tangible assets per security rose 25% to $11.03.

• Maintained high occupancy at 96.5% and robust development activity, especially in data centres.

• Raised $4.0B in new equity, supporting significant balance sheet capacity and future growth.

Financial highlights

• Investment earnings rose 20% (AUD 111M) year-over-year; property investment income up 20% to $677.7M.

• Management revenue increased by AUD 61M; total fee revenue at 1.3% of average stabilized third-party AUM.

• Performance and transactional revenues reached AUD 372M, up from AUD 331M.

• Net borrowing costs improved by AUD 52M, resulting in net income of AUD 34M; net interest income improved to $33.9M.

• Group NTA per security: $11.03 (+25% YoY); gearing reduced to 4.3%.

Outlook and guidance

• Targeting 9% operating EPS growth for FY26, equating to over AUD 2.6B operating profit.

• Work in progress expected to exceed AUD 15B by FY26.

• FY26 distribution guidance maintained at 30.0 cents per security.

• Development business seen as primary growth driver for the coming year.

• Third-party stabilized AUM expected to grow, with new partnerships contributing.