Ingenia Communities Group (INA) H1 2026 earnings summary

Executive summary

• First half results were in line with expectations, with statutory profit up 11% to $97.4 million, driven by fair value gains and resilient demand in residential and holiday communities, despite underlying profit declining 10% due to higher finance and tax expenses and settlement timing.

• Revenue was stable at $257.3 million, with strong performance in Lifestyle Rental and Holidays segments offset by lower new home settlements.

• Operational momentum was supported by high occupancy, robust forward bookings, and a pronounced skew of settlements and earnings to the second half of FY26.

• Strong demand for new projects, with 440 deposits/contracts and 248 new land lease home settlements year-to-date.

• Disciplined capital management maintained, with sufficient funding for growth and capital recycling options.

Financial highlights

• EBIT was $85.0 million, down 1% year-over-year, with underlying profit at $62.1 million and underlying EPS at 15.2c.

• Statutory profit rose 11% to $97.4 million; NTA per security increased 5% to $4.10.

• Revenue flat at $257.3 million; holidays revenue up 12–15% like-for-like, offsetting lower development settlements.

• Interim distribution of 4.8c per security declared, down 8% from prior period.

• Gearing at 31.1%, within target range; $88 million invested in growth.

Outlook and guidance

• FY26 guidance affirmed at the top of the range: EBIT $180.5–$188.7 million, underlying EPS 32.5c–34.0c, with settlements and earnings skewed to the second half.

• Five-year plan targets 10–15% CAGR in settlements, with two new communities contributing in FY26.

• Growth in recurring revenue and residential rents expected; new projects and marketing to escalate FY26 costs but support medium-term scale.

• Sales on hand and new project commencements support confidence in FY26 and momentum into FY27.

• Guidance subject to no material changes in market conditions or unforeseen adverse circumstances.