Goodman Group (GMG) Q1 2026 earnings summary

Executive summary

• Development workbook stands at $12.4 billion, forecast to exceed $17.5 billion by June 2026, driven by significant data center projects and logistics developments in key global cities.

• Data centers comprise 68% of work in progress, expected to rise above 75% by June, with a focus on supply-constrained metropolitan markets and speed to market for hyperscaler customers.

• Strong customer demand for automation and AI-driven logistics solutions is driving sector consolidation and investment in advanced facilities.

• Active capital partnering program underway, especially for data centers in Europe and Australia, to support development and maintain capital management objectives.

• Recent acquisitions include multi-purpose sites, such as the Silicon Valley purchase combining data centers and warehouse facilities, and entry into due diligence on large-scale opportunities.

Financial highlights

• Targeting operating EPS growth of 9% for FY 2026, equating to over $2.6 billion in operating profit.

• First half operating profit expected to be around $1 billion, with a $200–$300 million earnings skew anticipated toward the second half.

• $12.4 billion of development work in progress as of September 2025, projected to exceed $17.5 billion by June 2026.

• 4.2% like-for-like annual net property income growth across partnerships.

• 96.1% occupancy rate across the property portfolio.

Outlook and guidance

• FY26 forecast for operating EPS growth reaffirmed at 9%.

• Expectation to recognize income from new partnerships in Australia and Europe in the second half, with North America not planned for FY 2026.

• Development activity expected to increase significantly through to June 2026, with a focus on data center commencements and ongoing capital raisings.

• Ongoing negotiations and advanced planning for major data center projects, with customer commitments and capital updates expected into 2026.

• Development activity likely to be weighted to the second half of FY26, potentially affecting earnings timing.