Growthpoint Properties Australia (GOZ) H1 2026 earnings summary

Executive summary

• Delivered FFO of $91.9 million for 1H26 and statutory net profit of $62.6 million, reversing a prior year loss, driven by strong leasing activity and high occupancy in both office (94%) and industrial (98%) portfolios.

• Achieved record office leasing volumes, reducing near-term expiries, and expanded assets under management with new funds and capital recycling.

• Like-for-like property FFO grew 5.9% year-over-year, with office up 7.0% and industrial up 3.3%.

• Maintained high sustainability standards, achieving Net Zero Target for operational emissions as of July 2025, higher NABERS and GRESB ratings, and meeting most Sustainability Linked Loan targets.

• Funds management AUM reached $1.4 billion, with $125 million new AUM and $140 million divested in the half.

Financial highlights

• FFO of $91.9 million (12.2 cps) for 1H26, up 3.5% year-over-year; statutory net profit of $62.6 million, reversing a $98.7 million loss in 1H25.

• Distribution per security was 9.2 cps, payout ratio of 75.5% within target range.

• Net tangible assets per security stable at $3.10.

• Gearing increased to 41.2%, within the 35–45% target range.

• Weighted average cost of debt at 5.0%, with 78% of debt fixed.

Outlook and guidance

• FY26 FFO guidance upgraded to 23.0–23.6 cps (from 22.8–23.6 cps), with distribution guidance at 18.4 cps.

• 1H26 FFO expected to be higher than 2H26 due to lease and fund expiries impacting the second half.

• Guidance assumes no acquisitions or disposals of direct investment properties and no significant market movements.

• Focus remains on record office leasing, active asset management, and funds management growth.