Australia’s Goodman Group (GMG) reported a 10.1% rise in FY2026 operating profit to AUD 2.675 billion, driven by realized development earnings and investment gains, while setting a 9% earnings-per-share growth target for FY2027.
The industrial and logistics specialist said its data center work in progress reached AUD 19.7 billion, with over AUD 15 billion of projects under construction containing nearly 500 megawatts of capacity. The annualized production rate climbed to more than AUD 7.5 billion, up from AUD 6 billion a year earlier.
Management guided for 9% EPS growth in FY2027, with earnings expected to be weighted toward the second half. The group ended the year with AUD 6.4 billion in cash and undrawn credit lines, while gearing remained low at 6.5%.
Total portfolio value approached AUD 90 billion, with external assets under management at AUD 75.4 billion. Stabilized third-party AUM rose to AUD 68.7 billion, up from AUD 6 billion in FY2025. Cash back to earnings totaled AUD 2.7 billion, with operating cash flow at AUD 1.9 billion.
Realized development earnings increased by AUD 454 million, while investment earnings rose 7% to AUD 44 million before foreign-exchange effects. Operating profits included AUD 734 million from reversals of prior-period valuation gains on sold properties.
The average cost of borrowings stood at about 4.6%, but the net weighted average cost of debt, including hedges, was around 1%. Cap rates declined from 5.1% to 5%, while market rents increased 0.6% overall, excluding mainland China where growth was 1.3%.
Goodman’s stock slipped 1.2% to AUD 28.87, extending a decline from its 52-week high of AUD 37.31. The group has paid dividends for 22 consecutive years, yielding 1.03%.
CEO Greg Goodman highlighted the group’s five-year strategic shift toward digital infrastructure, noting that over AUD 60 billion in debt and third-party equity had been raised during that period. The Tsukuba Tech Central project in Tokyo, a 1-gigawatt facility, is on track for completion in early 2028 under a 20-year lease with a global hyperscaler.
