Goodman Group (GMG) H2 2025 earnings summary

Executive summary

• Operating profit rose 13% year-over-year to $2,311.2 million (AUD 2.3 billion), with operating EPS up 9.8% to 118.0 cents per security.

• Statutory profit reached $1,666.4 million, reversing a prior year loss.

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

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

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

Financial highlights

• Net tangible assets per security rose 25% to $11.03 year-over-year.

• Investment earnings rose 20% (AUD 111 million) year-over-year.

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

• Development earnings: $1,338.5M (+5% YoY); property investment income up 20% to $677.7M.

• Cap rates tightened by 9bps to 5.1%; market rents increased 1.4%.

Outlook and guidance

• Targeting FY26 operating EPS growth of 9%, equating to over $2.6 billion in operating profit.

• Work in progress expected to exceed AUD 15 billion by FY 2026.

• Plans to have 0.5 GW of data centre projects underway by June 2026.

• Ongoing expansion of Partnerships to co-fund development, with new regional data centre Partnerships planned.