Highlights

  • Goodman Group (ASX:GMG) reported FY26 operating profit of AUD 2.6745 billion.
  • FY26 operating Earnings per security reached 129.9 Australian cents.
  • Data centres represented 78% of AUD 19.7 billion development work in progress at 30 June 2026.
  • A November 2026 joint Investment acquired a 9.9% interest in NEXTDC.

Goodman Group owns, develops and manages industrial property, logistics facilities and data centre infrastructure across major international markets. Goodman Group (ASX:GMG) securities closed at AUD 29.40 on 10 November 2026. Its FY26 results and subsequent developments highlight the increasing scale of data centre construction within a Business that also retains an extensive industrial property portfolio.

FY26 Earnings and Financial Position

For the year ended 30 June 2026, Goodman Group (ASX:GMG) recorded operating profit of AUD 2.6745 billion, an increase of 15.7% year on year. Operating earnings per security were 129.9 cents, up 10.1%, while statutory profit was AUD 2.7787 billion. Operating and statutory profit reflect different accounting measures.

The group reported gearing of 6.5% at 30 June 2026 and Liquidity of AUD 6.4 billion. Net tangible Assets were AUD 11.79 per security, and the FY26 distribution totalled 30 cents per security. Goodman Group (ASX:GMG) has targeted 9% growth in operating earnings per security for FY27; this is a forward-looking target rather than a completed outcome.

Data Centre Work in Progress and Power Capacity

Development work in progress stood at AUD 19.7 billion at 30 June 2026, across 50 projects in 12 countries, with an expected Yield on cost of 8.2%. Data centres accounted for 78% of that total. Goodman reported more than AUD 15 billion of data centre work in progress, illustrating the Capital intensity of projects that require suitable land, grid connections, engineering capacity and customer commitments.

Its global data centre power bank totalled 6.4 gigawatts at 30 June 2026, comprising 3.6 gigawatts of secured power and 2.8 gigawatts in advanced procurement. These figures do not represent operating capacity. The company indicated that its data centre projects in progress were scheduled for phased delivery from early 2027 through 2030. Goodman Group (ASX:GMG) therefore faces an extended construction and commissioning cycle before all planned facilities can contribute as stabilised assets.

Industrial Portfolio and Investment Partnerships

Goodman’s total portfolio was valued at AUD 89.0 billion at 30 June 2026, with occupancy of 95.6% and like-for-like net property income growth of 4.0%. External assets under management reached AUD 75.4 billion. These indicators provide context for the established property and investment management activities alongside the expanding development program.

During FY26, development completions totalled AUD 3.6 billion and were 89% leased. Goodman Group (ASX:GMG) also reported AUD 3.2 billion of third-party capital initiatives and four new capital partnerships. These partnerships share funding requirements, while development and leasing timing affects earnings.

November Development and Execution Risks

On 8 November 2026, Goodman and Digital Realty announced that a jointly owned vehicle had acquired a 9.9% interest in NEXTDC at an average price of AUD 9.22 per NEXTDC share. The announcement stated that neither investor had a present intention to make a Takeover offer. The investment does not itself establish any additional development contract or operating partnership.

For Goodman Group (ASX:GMG), key monitorables include power procurement, construction schedules, customer leasing, capital deployment and the conversion of work in progress into completed assets. Delays or higher costs could affect project economics, while FY27 earnings outcomes will depend on the timing of development and management contributions.

Key Insights

Goodman’s FY26 earnings growth accompanied a larger data centre development pipeline, while its industrial property portfolio and investment partnerships remained substantial. FY27 execution will depend on delivering projects, securing customers and managing capital commitments within the reported development program.