Goodman Group (ASX:GMG): Data Centre Pipeline Shapes FY27 Growth Focus

Aditi Sarkar

08 October 2026 12:48 AM AEDT

Goodman Group (ASX:GMG): Data Centre Pipeline Shapes FY27 Growth Focus

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Highlights

FY26 operating profit reached A$2.67 billion, while operating Earnings per security were 129.9 cents.
Development work in progress stood at A$19.7 billion, with data centres representing 78% of the pipeline.
The Group reported A$6.4 billion of Liquidity and A$12.4 billion of cash, undrawn lines and Equity commitments across partnerships.
Goodman is targeting 9% growth in operating earnings per security for FY27.
Power availability, leasing progress and project delivery remain central to execution across the data centre strategy.

Goodman Group (ASX:GMG) is a global property group that owns, develops and manages industrial property and data centre assets, primarily through Investment partnerships. Its FY26 result places the development pipeline at the centre of the outlook, with data centres now accounting for most of work in progress while the established logistics portfolio continues to contribute rental and management income.

FY26 Operating Performance

For the year ended 30 June 2026, Goodman Group (ASX:GMG) reported operating profit of A$2,674.5 million and operating earnings per security of 129.9 cents. Statutory profit was A$2,778.7 million. The Group also reported a distribution of 30.0 cents per security and net tangible Assets of A$11.79 per security. These figures show that operating earnings remained the primary measure used by management alongside statutory profit, which includes valuation effects.

Group gearing was 6.5%, while look-through gearing, which includes Partnership exposure, was 19.5%. Goodman reported A$6.4 billion of Group liquidity, with a further A$12.4 billion of cash, undrawn facilities and equity commitments across partnerships. The Capital position provides capacity to fund development activity while retaining flexibility across the portfolio.

Data Centres Dominate the Development Pipeline

Goodman Group (ASX:GMG) ended FY26 with A$19.7 billion of work in progress across 50 projects in 12 countries. Data centres represented 78% of this pipeline. The Group started A$8.1 billion of developments during FY26 and completed A$3.6 billion, with 89% of completed projects leased. Around half of the work-in-progress pipeline was leased or in advanced negotiations at year end.

The global power bank reached 6.4 gigawatts across 16 cities. Of this, 3.6 gigawatts was secured and 2.8 gigawatts was in advanced procurement. Goodman also had about 0.5 gigawatts of data centre developments under way across ten projects in eight cities. This makes access to power, suitable land and customer commitments important determinants of how quickly the pipeline converts into completed assets and earnings.

Portfolio Base Continues to Support Earnings

Outside the development pipeline, Goodman Group (ASX:GMG) reported a total portfolio of A$89.0 billion, including A$75.4 billion of external assets under management. Portfolio occupancy was 95.6% and like-for-like net property income increased 4.0%. The existing industrial and logistics portfolio therefore remains an important source of recurring property and management income while the data centre programme expands.

FY27 Focus and Execution Factors

For FY27, Goodman is targeting 9% growth in operating earnings per security. The target depends on development starts, leasing, project timing and the contribution from investment partnerships. Goodman Group (ASX:GMG) also expects an Australian development partnership in the first half of FY27. Delivery against these milestones will be influenced by construction costs, power connection timing, tenant commitments and capital availability.

The concentration of development activity in data centres increases exposure to a single Asset Class whose Demand is linked to cloud infrastructure, artificial intelligence and broader digital investment. At the same time, the portfolio spans multiple countries, which introduces currency and local market exposure. Revaluation movements can also affect statutory profit separately from operating earnings.

Key Insights

Goodman enters FY27 with a large development programme, significant partnership liquidity and a portfolio that continues to generate recurring property income. The main operating question is how efficiently the data centre pipeline converts from secured land and power into leased, completed projects. Progress in leasing, power procurement and project delivery will therefore be central to assessing whether the FY27 operating earnings target remains on track.

FAQs

Q: What did Goodman Group report for FY26 operating profit?

A:Goodman Group reported FY26 operating profit of A$2,674.5 million and operating earnings per security of 129.9 cents.

Q: How large is Goodman Group’s development pipeline?

A:Work in progress was A$19.7 billion at the end of FY26 across 50 projects in 12 countries.

Q: How much of Goodman’s pipeline is linked to data centres?

A:Data centres represented 78% of Goodman’s work-in-progress development pipeline at the end of FY26.

Q: What is Goodman Group targeting for FY27?

A:Goodman is targeting 9% growth in operating earnings per security for FY27.

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