Key Highlights

  • Operating net profit after tax (ONPAT) was A$113.8m, up from A$100.8m in FY25.
  • Centuria is best understood as a Fund Manager with a Balance Sheet attached.
  • In June 2026 Centuria raised A$300m of equity, lifting securities on issue by about 20% to 984,061,961.
  • The most distinctive part of the story is ResetData, the AI infrastructure Business in which Centuria has invested.

Centuria Capital Group (ASX:CNI) enters FY27 with record Assets under management and stronger operating earnings, but its next growth chapter is far from straightforward. The property funds manager closed FY26 with A$22.2 billion under management and A$113.8 million in operating net profit after tax, while a new AI infrastructure Investment introduces a different set of execution challenges.

The headline numbers

Operating net profit after tax (ONPAT) was A$113.8m, up from A$100.8m in FY25. Operating Earnings per security were 13.6 cents, up 11.5%, and operating EBITDA was A$182.5m. The distribution declared was 10.4 cents per security.

Statutory profit attributable to securityholders was A$56.5m, or 6.7 cents per security. Operating earnings are a non-statutory measure, so the gap between the two is worth understanding before relying on either. Net asset value was A$1.76 per security.

Group assets under management (AUM) reached a record A$22.2bn. Of that, A$18.6bn sat in property funds management and property investments (up from A$17.4bn), split between A$6.0bn of listed and A$12.6bn of unlisted vehicles. Centuria Bass Credit, the group’s real estate Credit arm, managed A$2.6bn, up from A$2.3bn.

How Centuria makes its money

Centuria is best understood as a fund manager with a balance sheet attached. Its Property Funds Management division earns recurring management fees, plus transaction and performance fees. In FY26 that division’s EBITDA rose 23% on all three.

Property Investments holds co-investments in the group’s own funds and produced proportionately consolidated earnings of A$92.2m. Property Development and Finance, which includes the credit business, delivered EBITDA of A$24.3m.

Operationally, the group reported A$1.2bn of acquisitions (FY25: A$0.5bn), of which A$702m had settled and A$521m was yet to settle. It leased 729,000 square metres, about 18% of net lettable area, and reported 95% occupancy, a weighted average Lease expiry of 5.5 years and a weighted average Capitalisation rate of 6.4%. Revaluations added about A$0.2bn.

The balance sheet and the Equity raise

In June 2026 Centuria raised A$300m of equity, lifting securities on issue by about 20% to 984,061,961. Gearing at 30 June was 5.1%, with A$445m of cash and undrawn debt. The weighted average cost of Debt was 7.8%, with a 3.1-year average duration.

The raise matters for per-security comparisons. Management’s FY27 operating EPS guidance of 13.0 cents is below FY26’s 13.6 cents even though ONPAT is guided higher, because there are more securities on issue. The company also said higher forecast interest rates and a higher effective tax rate are expected to offset the benefit of lower average gearing.

Across the managed funds, A$8.6bn of facilities are spread over 25 lenders. Weighted average fund gearing was 46% against a 58% covenant, which matters because fee income depends on funds staying stable through valuation and refinancing cycles.

ResetData: the swing factor

The most distinctive part of the story is ResetData, the AI infrastructure business in which Centuria has invested. In FY26 it recorded an operating EBITDA loss of A$10.9m, with a net loss to Centuria of A$5.9m.