Key Highlights

Australia's listed real estate and financial sectors head into September 2026 in a genuinely two-sided environment. The Reserve Bank of Australia (RBA) left the cash rate at 4.35% at its August 2026 meeting, and by early September the market debate had shifted from when the next cut would arrive to whether the next move might be up: Westpac, the last of the major banks to change its base case, moved to forecast a 25-basis-point rise to 4.60% in November 2026, citing a more resilient household sector. That backdrop matters a great deal for the eight companies examined here, because property trusts and non-bank lenders are among the most rate-sensitive names on the exchange.

This article looks at a deliberately diverse basket of Top ASX property stocks and Top ASX financial stocks spanning retail, industrial, convenience and office real estate, an alternative asset manager, an insurance broker, a serviced-office operator and a non-bank lender. It covers Scentre Group (ASX:SCG), GPT Group (ASX:GPT), HMC Capital Limited (ASX:HMC), AUB Group Limited (ASX:AUB) and Pepper Money Limited (ASX:PPM), alongside Centuria Industrial REIT (ASX:CIP), Dexus Convenience Retail REIT (ASX:DXC) and Servcorp Limited (ASX:SRV).

Reporting periods matter, and they differ. Scentre, GPT and Pepper Money have a 31 December balance date, so their most recent full year is FY2025 and the freshest numbers are the half-year to 30 June 2026 (labelled 1H FY2026 or H1 2026). Centuria Industrial REIT, Dexus Convenience Retail REIT, HMC Capital, AUB Group and Servcorp have a 30 June balance date, so their newest figures are the full FY2026 results released in August 2026. Every figure below is tagged to its period.

A short note on method: all figures are drawn from company announcements, results releases and reputable market reporting published in August and September 2026, and are labelled as results, guidance or market data accordingly. Where a metric was not disclosed in the sources reviewed as at 11 September 2026, that is stated plainly rather than estimated.

ASX Market Outlook for September 2026

The macro setting is the single biggest swing Factor for these names. The RBA cash rate stood at 4.35% in early September 2026 after the Central Bank held in August; Finder's survey of economists showed an overwhelming majority had expected that hold, with the next Board meeting scheduled for 29 September 2026. Inflation remains the sticking point: the June-quarter trimmed mean (core) measure was reported at 3.5% and headline at 3.8%, both still above the RBA's 2-3% target band.

The tone of the market shifted through early September. On 8 September 2026 the S&P/ASX 200 closed near 8,920 points, its lowest finish in roughly six weeks, with the Australian dollar around 72 US cents. Consumer sentiment had fallen sharply, pressured by petrol prices above $2 a litre, and the interest-rate conversation had turned hawkish: Westpac's move to a November hike call joined a broader repricing of rate expectations. For property investors this is the crux - A-REIT valuations, distribution yields and asset cap rates are all sensitive to the direction of bond yields and the cash rate, and the real estate sub-index fell around 1.7% on that session amid warnings about housing-market softness.

Retail property

Physical retail landlords have been a relative bright spot. Foot traffic at major shopping centres has run at or near record levels, occupancy across dominant centres sits close to full, and specialty sales growth has outpaced headline retail conditions. The read-through is most direct for Scentre Group, whose Westfield portfolio is heavily weighted to flagship centres, and is also relevant to GPT's retail assets.

Office property

Office remains the most scrutinised sector, with a clear divide between premium, well-located towers and secondary stock. Leasing incentives are still elevated, and valuations across the sector have been rebased over recent years. GPT carries meaningful office exposure, while Servcorp offers a flexible-workspace lens on the same structural question of how businesses use space.

Industrial and logistics

Industrial and logistics has been the standout property class of the cycle, underpinned by e-commerce, supply-chain reconfiguration and, increasingly, Demand linked to data-centre and digital-infrastructure build-out. Vacancy in prime logistics markets remains low and re-leasing spreads have been substantial, benefiting Centuria Industrial REIT directly and forming part of HMC Capital's real estate and digital-infrastructure strategy.

REIT conditions and rate sensitivity

Across the trust sector, the FY2026 reporting season delivered generally resilient funds from operations (FFO), stabilising to modestly rising asset values in several portfolios, and gearing largely held within target ranges. The key sensitivity is the cost and Maturity of debt: as fixed-rate hedges roll off and are refinanced at higher prevailing rates, weighted-average borrowing costs have been drifting up, which several trusts flagged in their FY2027 guidance.

Insurance broking and non-bank lending

On the financial side, insurance broking has continued to benefit from firm commercial premium rates and roll-up Acquisition strategies, supporting Revenue and Margin - the backdrop for AUB Group. Non-bank lending has been a tale of substantial origination volumes against the counterweight of higher funding costs and a gradual rise in Credit losses as households absorb higher repayments, the dynamic most visible at Pepper Money. HMC Capital sits across several of these themes as a diversified alternative asset manager.

GPT Group (ASX:GPT)

Company Business

GPT Group is one of Australia's largest diversified real estate groups, with an integrated investment-management platform spanning retail, office and logistics property. It owns Assets directly on its Balance Sheet and manages capital on behalf of third-party investors through its funds-management business, earning both rental income and management fees. Its 31 December balance date means the latest full-year results are FY2025, with the half-year to 30 June 2026 the freshest disclosure.

Latest ASX Announcements

17 August 2026 - 1H FY2026 results (half-year to 30 June 2026) released, with FY2026 guidance reaffirmed.

August 2026 - Estimated distribution for the six months to 30 June 2026 of 12.25 cents per security declared, payable on 31 August 2026.

1H FY2026 Financial Performance (half-year to 30 June 2026)

Funds from operations (FFO): $338.8 million, or 17.7 cents per security.

Adjusted funds from operations (AFFO): $263.4 million.

Statutory net profit: $400.1 million, including a $45.0 million investment-portfolio valuation uplift.

Assets under management (AUM): $41.6 billion, up $1.8 billion since 31 December 2025.

Investment-portfolio occupancy: 97.6% including heads of agreement (98.2% excluding Grosvenor Place).

Like-for-like net property income growth: 5.8%.

FY2026 guidance (as reaffirmed on 17 August 2026): FFO of approximately 35.4 cents per security, representing around 4% growth on FY2025, and a distribution of 24.5 cents per security. These are guidance figures, not results.

Key Business Developments

The defining feature of GPT's recent evolution has been the scaling of its funds-management platform, reflected in AUM growth to $41.6 billion. Growing the pool of third-party capital adds recurring management-fee income that is less capital-intensive than owning assets outright, and management has positioned logistics and the funds business as the primary engines of growth alongside a stabilising office book.

Dividends and Income

Distribution (1H FY2026): 12.25 cents per security for the six months to 30 June 2026.

Payment date: 31 August 2026.

FY2026 distribution guidance: 24.5 cents per security.

The ex-distribution date and Record Date were set out in GPT's distribution announcement; a Yield is not computed here to avoid pairing a forward distribution with a single point-in-time price.

Growth Drivers

Expansion of funds under management and associated recurring fee income.

Logistics development pipeline benefiting from structural demand for prime industrial space.

Like-for-like income growth of 5.8% in the half, supported by high occupancy across the portfolio.

Risks to Consider

Office valuations and leasing incentives remain under pressure in parts of the market.

A weighted-average cost of Debt of 5.0% rising as hedges roll off would weigh on distributable earnings; net gearing at 31.5% sits within the 25-35% target range.

A higher-for-longer, or higher, cash rate would pressure asset values and the sector's relative yield appeal.

September 2026 Outlook

With 1H FY2026 delivered and FY2026 guidance reaffirmed, the near-term focus is execution on the funds-management build-out, office leasing momentum and the trajectory of borrowing costs into the December year-end. GPT's weighted-average debt term of 4.4 years and available Liquidity of about $1.0 billion provide a buffer as refinancing conditions evolve. This is general information only and not a recommendation.

Centuria Industrial REIT (ASX:CIP)

Company Business

Centuria Industrial REIT is Australia's largest domestic pure-play industrial property trust, owning a portfolio of logistics and industrial facilities concentrated in and around major metropolitan markets. Managed by Centuria Capital Group, it targets assets exposed to structural tailwinds in e-commerce, Warehousing and last-mile distribution. It has a 30 June balance date, so FY2026 is its most recent full year.

Latest ASX Announcements

11 August 2026 - FY2026 full-year results (year to 30 June 2026) released, with FY2027 guidance provided.

FY2026 Financial Performance (year to 30 June 2026)

Funds from operations (FFO): $114.1 million (FY2025: $110.9 million), or 18.2 cents per unit (FY2025: 17.5 cents).

Statutory profit: $160.4 million, aided by a like-for-like portfolio valuation increase of $116 million.

Distribution: 16.8 cents per unit for the year.

Net tangible assets (NTA): $4.01 per unit, up from $3.92.

Portfolio (total assets): $3,966 million; occupancy 95.2%; WALE 7.0 years; weighted-average Capitalisation rate 5.8%.

Like-for-like net Operating Income growth: 5.2%; average re-leasing spreads of about 30%.

Key Business Developments

The standout operational metric was average re-leasing spreads of roughly 30%, meaning expiring leases were being renewed or replaced at materially higher rents - a direct reflection of tight prime-logistics supply. Management also highlighted optionality in data-centre and digital-infrastructure conversion of selected industrial sites, a theme that has drawn investor attention across the sector.

Dividends and Income

Distribution (FY2026): 16.8 cents per unit, paid across quarterly instalments.

FY2027 distribution guidance: 17.3 cents per unit.

CIP pays quarterly distributions; individual ex-dates and payment dates are set each quarter. A yield is not computed here.

Growth Drivers

substantial re-leasing spreads (~30%) embedding rental uplift as leases roll.

Like-for-like NOI growth of 5.2% and a 7.0-year WALE providing income visibility.

Potential value uplift from data-centre and higher-and-better-use opportunities within the portfolio.

Risks to Consider

Gearing of 34.9% (up from 33.2%) with a weighted-average debt maturity of 3.6 years and 54% of debt hedged - refinancing at higher rates is a live risk.

Occupancy of 95.2% leaves some vacancy to backfill.

An Interest Cover ratio of 2.4 times is adequate but sensitive to rising funding costs.

September 2026 Outlook

CIP enters FY2027 with guidance for FFO of 18.8-19.2 cents per unit and a distribution of 17.3 cents per unit - both step-ups on FY2026. The investment case rests on whether stable re-leasing Economics can continue to offset a rising cost of debt. This is general information only, not advice.

HMC Capital Limited (ASX:HMC)

Company Business

HMC Capital is a diversified alternative asset manager that has grown rapidly from its origins as a large-format retail landlord into a multi-strategy platform spanning real estate, digital infrastructure, private credit and energy transition. It earns management and performance fees on third-party capital and co-invests alongside its funds. HMC has a 30 June balance date, so FY2026 is its latest full year.

Latest ASX Announcements

26 August 2026 - FY2026 full-year results (year to 30 June 2026) released, with FY2027 guidance.

FY2026 Financial Performance (year to 30 June 2026)

Fee-generating AUM: $16.9 billion, up 15% year on year - grown from about $2.1 billion in FY2021 (roughly a 52% compound annual growth rate).

Operating Earnings per share (EPS): 40.4 cents, in line with guidance.

Underlying EPS: 30.2 cents, described by the company as cash-backed.

Recurring funds-management revenue: $165.5 million, up 22%; management-fee revenue $159.3 million, up 23%.

Transaction and performance fees: $41.2 million, down from $91.6 million in FY2025.

Balance sheet: NTA of $1.2 billion ($2.95 per share); gearing 10.7% (down from 20.5% at December 2025); combined liquidity and investment capacity of $1.9 billion.

Key Business Developments

HMC's platform breakdown at year-end was Real Estate $9.0 billion, Digital Infrastructure $4.1 billion, Private Credit $2.3 billion (committed AUM around $3.3 billion) and Energy - via Illuma Energy - $1.5 billion. The strategic pivot of the year was the visible shift toward recurring management-fee income, which rose sharply even as lumpier transaction and performance fees fell back from an unusually substantial FY2025 base. Reducing gearing to 10.7% also rebuilt balance-sheet flexibility for future deployment.

Dividends and Income

FY2026 final dividend: 6.0 cents per share.

FY2026 full-year dividend: 12.0 cents per share.

FY2027 Dividend guidance: 15.0 cents per share, a 25% increase.

Ex-date and payment date for the FY2026 final dividend were set out in the results release.

Growth Drivers

Rapid growth in fee-generating AUM (52% CAGR since FY2021) and a shift toward higher-quality recurring fees.

Scaling of private credit and digital-infrastructure platforms into structurally growing markets.

FY2027 guidance for recurring funds-management revenue growth of more than 30%.

Risks to Consider

Performance and transaction fees are inherently variable, as the fall from $91.6 million to $41.2 million shows.

Rapid Diversification into newer strategies (energy, digital infrastructure) carries execution and integration risk.

September 2026 Outlook

HMC guided to underlying EPS of at least 35 cents in FY2027 (about 16% growth), recurring funds-management revenue growth above 30% and a lifted dividend of 15 cents. The narrative for the period ahead is the durability of recurring fees and deployment of the private-credit and digital-infrastructure pipelines. General information only; not advice.

Servcorp Limited (ASX:SRV)

Company Business

Servcorp is a global provider of premium serviced and virtual offices and coworking space, operating floors across Australia, the Middle East, Asia, Europe and North America. Its model leases or fits out floors, then sub-lets flexible workspace and virtual-office services at a margin, generating cash from occupancy and ancillary services. Servcorp has a 30 June balance date, so FY2026 is its latest full year.

Latest ASX Announcements

20 August 2026 - FY2026 full-year results (year to 30 June 2026) released, with FY2027 guidance.

FY2026 Financial Performance (year to 30 June 2026)

Underlying net profit before interest and tax (NPBIT): $87.0 million.

Statutory net profit after tax (NPAT): $65.6 million.

Revenue and other income: $367.5 million.

Underlying free cash: $101.9 million.

Unencumbered cash (30 June 2026): $152.4 million.

Servcorp described the result as a record on the profit and cash-generation measures. Specific serviced-office and mature-floor occupancy percentages were not disclosed in the sources reviewed as at 11 September 2026, and are not estimated here.

Key Business Developments

Management framed FY2027 as a year of consolidation - improving existing operations, completing new locations and allowing recently invested sites to mature. The substantial unencumbered cash position of $152.4 million is a defining feature of the Servcorp story, giving the company an unusually stable balance sheet for its size and funding capacity for buybacks, dividends or new floors.

Dividends and Income

FY2026 total dividends: 32.0 cents per share (FY2025: 28.0 cents).

FY2026 final dividend: 16.0 cents per share.

FY2027 dividend guidance: not below 34.0 cents per share.

The ex-date and payment date for the final dividend were set out in the results release.

Growth Drivers

Maturation of recently opened floors lifting occupancy and margin over time.

A very substantial cash position ($152.4 million unencumbered) funding growth and Shareholder returns.

Structural demand for flexible workspace as corporates favour agility over long leases.

Risks to Consider

Serviced-office occupancy is cyclical and sensitive to small-business and corporate confidence.

Global footprint brings foreign-exchange and geopolitical exposure, including the Middle East.

Fixed floor-lease commitments can pressure margins if occupancy softens.

September 2026 Outlook

With FY2027 guidance for underlying NPBIT of $85-90 million, free cash above $105 million and dividends of at least 34 cents, Servcorp has signalled a steady, consolidation-focused year. The near-term watch items are occupancy trends across mature and newer floors and disciplined cost control. This is general information only, not advice.

Scentre Group (ASX:SCG)

Company Business

Scentre Group owns and operates the Westfield portfolio of flagship shopping centres across Australia and New Zealand, one of the most concentrated collections of premium, high-traffic retail real estate in the region. It is a vertically integrated landlord, managing leasing, development and the Westfield Brand and membership programme in-house. Scentre has a 31 December balance date, so the freshest numbers are the half-year to 30 June 2026 (H1 2026).

Latest ASX Announcements

25 August 2026 - H1 2026 results (six months to 30 June 2026) released, with an upgrade to FY2026 guidance.

H1 2026 Financial Performance (six months to 30 June 2026)

Funds from operations (FFO): $612 million, up 4.4%, or 11.73 cents per security.

Statutory profit: $975 million.

Distribution: 9.215 cents per security, up 4.9%.

Portfolio value: $33.7 billion; portfolio occupancy 99.8% (up 10 basis points year on year).

Customer visits: 347 million over the half (up 3.5%); a record 552 million over the trailing 12 months.

Business-partner sales: $30.3 billion over 12 months (up 4.2%); specialty sales up 5.4%.

Leasing: 1,401 deals completed at average releasing spreads of +3.7%, with rent escalations of 5.5%.

Upgraded FY2026 guidance: FFO of at least 23.79 cents per security (about 4.25% growth) and a full-year distribution of 18.473 cents per security (about 4.25% growth). NTA, gearing and portfolio WALE were not captured in the sources reviewed as at 11 September 2026; Scentre reported available liquidity of $3.5 billion, an average debt margin reduced to 1.6% (from 2.6% at end-2025) and interest-rate hedging of 95% at a 3.26% average base rate.

Key Business Developments

Record customer visitation and near-full occupancy underpinned the guidance upgrade - a notable outcome given persistent commentary about the pressures on discretionary retail. The Westfield membership programme reached 5.2 million members, reinforcing the group's data and engagement moat. Positive releasing spreads of +3.7% indicate landlords are still able to grow rents on renewal in the dominant centres.

Dividends and Income

Distribution (H1 2026): 9.215 cents per security.

H2 2026 guidance: at least 9.258 cents per security, for a full-year distribution of 18.473 cents.

Ex-date and payment date were set out in the results and distribution timetable. A yield is not computed here.

Growth Drivers

Record foot traffic and near-full occupancy across dominant Westfield centres.

Positive releasing spreads and 5.5% rent escalations supporting income growth.

A sharp reduction in average debt margin (to 1.6%) easing funding costs relative to a year earlier.

Risks to Consider

Discretionary retail is exposed to household budgets pressured by high rates and cost-of-living strain.

Retail asset values remain sensitive to cap-rate movements driven by bond yields.

The scale of the portfolio concentrates exposure to Australian and New Zealand consumer conditions.

September 2026 Outlook

Having upgraded FY2026 FFO guidance to at least 23.79 cents per security, Scentre carries clear operating momentum into the second half. The key watch items are whether record visitation and sales growth hold up against softening consumer sentiment, and the path of asset values as rate expectations shift. General information only; not a recommendation.

Pepper Money Limited (ASX:PPM)

Company Business

Pepper Money is a leading non-bank lender in Australia and New Zealand, originating residential mortgages (including near-prime and non-conforming loans) and asset finance, and providing loan-servicing. It funds itself largely through Warehouse facilities and public securitisation markets rather than deposits. Pepper has a 31 December balance date, so the latest disclosure is the half-year to 30 June 2026 (1H26).

Latest ASX Announcements

1 August 2026 - Completion of servicer appointment for the RAMS residential Mortgage portfolio.

20 August 2026 - 1H 2026 results (six months to 30 June 2026) released.

1H 2026 Financial Performance (six months to 30 June 2026)

Statutory NPAT: $50.4 million, up 7% year on year.

Pro-forma NPAT: $53.9 million, up 15%.

Total originations: $6.3 billion, up 40% - the highest half-year figure in Pepper's history.

Mortgage originations: $4.5 billion (up 63%); asset-finance originations $1.7 billion (up 2%).

Assets under management: $24.0 billion (up 20%); lending AUM $18.5 billion (up 18%).

Net interest margin (NIM): 2.10%, up 12 basis points.

Loan-loss expense: $48.7 million (up 19% from $40.9 million); loss coverage ratio 0.79%.

Key Business Developments

The transformational item was the RAMS transaction: Pepper completed its servicer appointment on 1 August 2026 for a residential mortgage portfolio valued at approximately $15.4 billion, lifting total serviceable AUM to about $40 billion. This materially scales the servicing platform and diversifies Pepper's earnings mix beyond on-balance-sheet lending. Record originations and a modest NIM expansion drove the profit growth, though the 19% rise in loan-loss expense signals the counterweight of a normalising credit environment.

Dividends and Income

Interim dividend (1H 2026): 7.2 cents per share, fully franked, up 12%.

Payment date: 8 October 2026.

The ex-date and record date were set out in the results release.

Growth Drivers

Record mortgage originations and a 20% lift in AUM to $24.0 billion.

The RAMS servicing mandate lifting serviceable AUM to about $40 billion and diversifying fee income.

NIM expansion of 12 basis points to 2.10%, aiding net interest income.

Risks to Consider

Loan-loss expense up 19% to $48.7 million as credit conditions normalise; a further deterioration would weigh on earnings.

Reliance on wholesale funding and securitisation markets makes Pepper sensitive to credit-spread and funding-cost movements.

A higher-for-longer, or rising, cash rate pressures borrower affordability and origination volumes.

September 2026 Outlook

Pepper enters the second half of 2026 with record Volume momentum, an enlarged servicing platform and a rising - but still contained - credit-loss trend. The balance between origination growth, margin and asset quality, alongside the integration of the RAMS servicing book, will shape the period ahead. This is general information only, not advice.

Dexus Convenience Retail REIT (ASX:DXC)

Company Business

Dexus Convenience Retail REIT owns a portfolio of service-station and convenience-retail properties across Australia, leased on long terms to established fuel and convenience operators. Its appeal is defensive, contracted income with fixed annual rent escalations. Managed within the Dexus platform, it has a 30 June balance date, so FY2026 is its most recent full year.

Latest ASX Announcements

10 August 2026 - FY2026 full-year results (year to 30 June 2026) released, with FY2027 guidance and an expanded buy-back.

FY2026 Financial Performance (year to 30 June 2026)

Property FFO: $44.7 million (up 1.5%); total FFO $28.7 million (up 1.0%), or 20.9 cents per security.

Distribution: 20.9 cents per security - a payout of 100% of FFO.

Net tangible assets (NTA): $3.86 per security, up 6.0% from $3.64, after a $27.4 million valuation uplift.

Portfolio: $779 million across 91 properties; occupancy 99.2%; WALE 7.6 years.

Balance sheet: gearing 30.6% (target 25-40%); borrowings $240.1 million; cost of debt 4.8% (up from 4.5%); weighted-average debt maturity 4.2 years; 66% hedged.

Income: like-for-like income growth 3.0%; contracted escalators averaging 3.3%.

Key Business Developments

The FY2026 result met guidance and delivered a 6% NTA uplift, a reassuring signal that convenience-retail asset values had stabilised. Management doubled the on-market buy-back to 5% of securities (the earlier 2.5% target was around 60% complete at an average price of $2.67), an explicit response to the security trading at a wide discount to NTA. Selective divestments continued at small premiums to book value.

Dividends and Income

Distribution (FY2026): 20.9 cents per security, roughly one-third tax-deferred.

FY2027 distribution guidance: flat at 20.9 cents per security.

DXC pays quarterly; ex-dates and payment dates are set each quarter. Notably, FY2027 guidance implies a Payout Ratio of 103-104% as FFO is guided 3-4% lower on a rising cost of debt (expected around 5.5%). Securities traded around $2.79 on 1 September 2026, per third-party data; a yield is not computed here.

Growth Drivers

Long WALE of 7.6 years and 99.2% occupancy providing highly visible, contracted income.

Fixed rent escalators averaging 3.3% supporting steady like-for-like growth.

An expanded 5% buy-back capitalising on the discount to NTA.

Risks to Consider

FY2027 FFO guided 3-4% lower, with a payout ratio temporarily above 100% as debt costs rise toward ~5.5%.

A small portfolio ($779 million) concentrated in a single, structurally evolving sub-sector (fuel/convenience).

Longer-term exposure to the energy transition and changing fuel-retailing economics.

September 2026 Outlook

DXC offers defensive, contracted income with a flat 20.9-cent distribution guided for FY2027, balanced against a modest FFO decline as funding costs climb. The buy-back and discount to NTA will remain focal points. General information only; not a recommendation.

AUB Group Limited (ASX:AUB)

Company Business

AUB Group is one of Australasia's largest insurance-broking and underwriting-agency networks, operating across Australian broking, agencies, the SME-focused BizCover platform and an international broking business (including the Tysers operations in the London market). It earns commissions and fees on premiums placed and managed. AUB has a 30 June balance date, so FY2026 is its latest full year.

Latest ASX Announcements

25 August 2026 - FY2026 full-year results (year to 30 June 2026) released, with FY2027 guidance.

FY2026 Financial Performance (year to 30 June 2026)

Underlying NPAT: $224.6 million, up 12.2% from $200.2 million - a record.

Revenue: $1.597 billion, up 6.4%.

Group EBIT margin: 36.1%, an expansion of about 140 basis points.

Segment Underlying Profit before tax: Australian Broking up 10.0%; BizCover up 19.9%; International up 19.6%; New Zealand described as challenging, with improvement targeted in FY2027.

AUB reported that statutory (reported) net profit fell even as underlying profit rose - a divergence typically driven by amortisation, acquisition and one-off items. The exact statutory NPAT figure was not captured in the sources reviewed as at 11 September 2026 and is not estimated here.

Key Business Developments

AUB's growth has been driven by a combination of firm commercial insurance pricing, organic broking growth and a long-running acquisition (roll-up) strategy that expands its network of authorised representatives and agencies. The substantial contribution from the international segment reflects the integration and scaling of Tysers, while BizCover's near-20% profit growth underscores momentum in the digital SME channel. New Zealand was the soft spot, a point management flagged for attention in FY2027.

Dividends and Income

FY2026 full-year dividend: 98.0 cents per share, up 7.7% from 91.0 cents.

The final-dividend amount, ex-date, payment date and franking were set out in the results release; these specifics were not fully captured in the sources reviewed as at 11 September 2026 and are not estimated here.

Growth Drivers

Record underlying NPAT and a 140-basis-point EBIT-margin expansion to 36.1%.

Double-digit profit growth in Australian Broking, BizCover and International segments.

A continuing acquisition pipeline broadening the broking and agency network.

Risks to Consider

A softening in commercial insurance premium rates (the pricing cycle) would slow revenue growth.

New Zealand underperformance and integration risk across acquired businesses.

The gap between rising underlying profit and a falling statutory result warrants scrutiny of one-off and Amortisation items.

September 2026 Outlook

AUB guided to FY2027 underlying NPAT of $245-265 million, implying 9.1-18.0% growth on FY2026. The outlook hinges on the durability of commercial premium rates, execution on acquisitions and a turnaround in New Zealand. This is general information only, not advice.

Comparison

The table below summarises the eight companies. Market-capitalisation figures are indicative, drawn from third-party data on the as-at dates noted in each company section (late July to early September 2026), and should be re-checked against live prices. Revenue and earnings are labelled by their reporting period; 'n/a' denotes a metric not verified in the sources reviewed as at 11 September 2026.

FFO = funds from operations; NPAT = net profit after tax; c = cents per security/share. Figures are results unless labelled as guidance.

Conclusion

The FY2026 and 1H FY2026 reporting round painted a picture of operational resilience across these eight names, set against a macro backdrop that turned more uncertain through early September 2026. With the RBA holding at 4.35% and at least one major bank shifting to forecast a November rate rise, the direction of the cash rate - and of bond yields - remains the dominant variable for Top ASX property stocks and Top ASX REIT stocks alike.

Among the property trusts, the standouts on operating momentum were Scentre Group, which upgraded FY2026 FFO guidance to at least 23.79 cents per security on record customer visitation, and Centuria Industrial REIT, whose ~30% re-leasing spreads captured the strength of prime logistics. GPT Group leaned on its growing funds-management platform and $41.6 billion AUM, while Dexus Convenience Retail REIT offered defensive, contracted income - albeit with FY2027 FFO guided modestly lower as debt costs climb. The common thread is that rental income held up, but the rising cost and shortening runway of hedged debt is the clear pressure point across the sector.

On the financial side, the results were similarly stable. AUB Group delivered a record underlying NPAT of $224.6 million and lifted its dividend, riding firm insurance pricing and acquisitions. Pepper Money posted record half-year originations of $6.3 billion and scaled its servicing platform through the RAMS mandate, even as loan-loss expense rose. HMC Capital continued its rapid transformation into a diversified alternative asset manager with $16.9 billion of fee-generating AUM and a shift toward recurring fees. Servcorp reported record profit and a fortress cash position of $152.4 million.

For readers monitoring ASX stocks to watch and building a picture of Australian shares September 2026, the takeaway is that fundamentals across these Top ASX financial stocks and property names were largely sound at their most recent results, while the share-price and valuation outlook is tethered to the rate debate now playing out. Each company faces its own idiosyncratic swing factors - retail spending for Scentre, logistics demand for CIP, funding markets for Pepper, the premium-rate cycle for AUB, and capital-raising conditions for HMC.