Goodman Group (ASX:GMG): Data Centre Development Shapes Its Property Portfolio

Aditi Sarkar

30 October 2026 10:29 PM AEDT

Goodman Group (ASX:GMG): Data Centre Development Shapes Its Property Portfolio

Image Source: Shutterstock

You are reading a free article with opinions that may differ from the recommendation given by Kalkine in its paid research reports. Become a Kalkine member today to get access to our research reports, in-depth technical and fundamental research. Learn more

Start Your Free Trial Now!

Highlights

FY26 operating profit reached AUD 2.675 billion, up 15.7% YoY.
Operating Earnings per security were 129.9 cents, up 10.1% YoY.
Statutory profit for FY26 was AUD 2.779 billion.
The development work-in-progress portfolio expanded to AUD 19.7 billion.

Goodman Group owns, develops and manages industrial property and digital infrastructure, with activities spanning logistics Assets and data centres. Its FY26 results, released in August 2026, showed a larger contribution from development activity and highlighted the increasing importance of powered sites in urban markets. Goodman Group (ASX:GMG) reported higher operating earnings while continuing to invest in facilities for logistics and digital infrastructure customers.

Operating earnings and their composition

For the year ended 30 June 2026, Goodman Group (ASX:GMG) reported operating profit of AUD 2.675 billion, an increase of 15.7% YoY. Operating earnings per security rose 10.1% YoY to 129.9 cents, while statutory profit was AUD 2.779 billion. Operating profit and statutory profit are different accounting measures: the latter captures items that may not represent the recurring performance of the property and development platform. The difference matters when comparing a property group’s reported results across financial periods. The FY26 figures indicate that the earnings improvement was not confined to a single per-security measure.

Data centres alter the development mix

Goodman’s FY26 development work in progress reached AUD 19.7 billion. Data centre projects have become an increasingly important component of the development programme as the group seeks locations with access to electrical power and transport and communications infrastructure. Goodman Group (ASX:GMG) also operates an industrial and logistics property business, so its activity is not limited to data centres. The Economics of each development depend on construction schedules, tenant commitments and capital investment. Work in progress describes projects under development; it should not be confused with Revenue already recognised or completed properties. This distinction helps explain why the size of a pipeline and operating earnings can move differently.

Funding projects and managing property exposure

Goodman combines direct property investments with capital partnerships, allowing development and asset ownership to be funded through more than one structure. The company’s 2026 announcements refer to ongoing fundraising and the expansion of its data centre Partnership activities. Goodman Group (ASX:GMG) announced a US$455 million Equity raising for its Hong Kong data centre partnership in September 2026. The transaction provides context for how the Business is financing a development pipeline that spans several geographic markets. Commitments from capital partners and the availability of power do not automatically result in completed or occupied properties. Delivery timing, construction costs and customer requirements remain relevant operational considerations.

The company’s 2026 half-year results also provide a useful comparison within the financial year. For the six months ended 31 December 2025, operating profit was AUD 1,203.5 million, while operating earnings per security were 58.5 cents and statutory profit was AUD 824.7 million. Goodman reported AUD 14.4 billion of development work in progress at that date and a total portfolio of AUD 87.4 billion.

Key Insights

Goodman Group (ASX:GMG) combines income from property investment and management with earnings from development. Its FY26 results show an expansion of development activity alongside growth in operating earnings. Data centre projects bring different infrastructure requirements from conventional warehouses, particularly regarding power availability. The distinction between an announced project pipeline, construction work under way and operating assets remains central to understanding the group’s disclosures. Goodman Group (ASX:GMG) reports both statutory and operating measures, which serve different purposes in assessing the year’s performance.

Download Free Report – Explore 3 Stock Ideas & Industry Insights

Unlock 3 stock ideas and key industry insights in our free report. This information is general in nature and does not consider your personal objectives, financial situation, or needs. It is not financial advice.

All investments involve risk—consider independent advice before making any investment decisions.

View 3 Research Reports

Disclaimer:

This article (“Article”) has been prepared by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and its related bodies corporate who are authorised to provide general financial product advice. Kalkine.com.au and its associated pages are published by Kalkine.

Any information/advice provided in this article is general in nature and does not take into account your objectives, financial situation or needs. You should therefore consider whether the information is appropriate for your objectives, financial situation and needs before acting upon it.

There may be a Product Disclosure Statement, Information Memorandum or other offer document (“Offer Document”) for the securities or other financial products referred to in Kalkine articles. You should obtain a copy of the Offer Document and consider it before making any decision about whether to acquire the security or financial product.

Kalkine strongly recommends that you seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) before acting on any advice/information in this Article or on the Kalkine website. Not all investments are appropriate for all people.

The information in this Article and on Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of the information contained in its articles (including this Article), newsletters and websites. All information represents our views at the date of publication and may change without notice.

The information in this Article does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products.

Kalkine does not issue, sell or deal in any financial products.

This Article may contain information on past performance of particular investments. Please note past performance is neither an indicator nor a guarantee of future performance.

To the extent permitted by law, and excluding any dishonesty or gross negligence by Kalkine, Kalkine disclaims and excludes all liability for any direct, indirect, implied, punitive, special, incidental or other consequential loss or damage arising from the use of or reliance on this Article, the Kalkine website and any information published on the Kalkine website without any warranties or representations by Kalkine to you. To the extent the law prohibits or limits this exclusion, Kalkine limits its liability to the resupply of services.

Please also read our Terms & Conditions and Financial Services Guide for further information.

Employees and/or associates of Kalkine and its related entities may hold interests in the securities or other financial products covered in this Article or on the Kalkine website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.

Some of the images/music that may be used in the Article are copyright to their respective owner(s). Kalkine does not claim ownership of any of the pictures displayed/music used in the Article unless stated otherwise. The images/music that may be used in the Article are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Kalkine Media Pty Ltd, an affiliate of Kalkine Pty Ltd, may have received, or be entitled to receive, financial consideration in connection with providing information about certain entity(s) covered on its website.