Highlights

  • Goodman Group's FY26 operating profit increased 15.7% to $2.67 billion, while operating Earnings per security rose 10.1% to 129.9 cents.
  • Development work in progress increased to $19.7 billion, with data centres representing 78% of the pipeline.
  • The group's total portfolio reached $89.0 billion, while external Assets under management increased 5% to $75.4 billion.
  • FY26 distributions were 30.0 cents per security, while gearing increased to 6.5% from 4.3% a year earlier.

Goodman Group (ASX:GMG) reported operating profit of $2.675 billion for the year ended 30 June 2026, an increase of 15.7% from FY25. Operating earnings per security rose 10.1% to 129.9 cents, while statutory profit was $2.779 billion.

Goodman shares were trading at A$28.63 at 11:23 am on 20 August 2026, down A$0.59, or 2.02%, on the day. The share movement came as the group released its full-year financial results.

Development earnings were the largest contributor to the operating result, reaching $1.792 billion, up 34% from FY25. Goodman commenced $8.1 billion of developments during the year and completed $3.6 billion, with the expanding development pipeline providing a larger base of projects entering construction and completion phases.

Data Centres Account for Most Development Pipeline

Goodman's development work in progress increased to $19.7 billion across 50 projects in 12 countries. Data centres accounted for 78% of WIP, meaning more than $15 billion of the development pipeline was allocated to data centre projects at 30 June 2026.

Approximately $500 million? No—the company reported approximately 0.5 gigawatts of data centre developments underway, comprising 10 projects across eight global cities. The group's total global power bank increased to 6.4 gigawatts across 16 major cities, compared with 5.0 gigawatts across 13 cities in FY25.

Approximately half of the projects within WIP were either leased or in advanced negotiations. Goodman also reported that 0.5GW of data centre projects were under construction, with delivery scheduled in stages from early 2027 through 2030.

Property Portfolio Reaches $89 Billion

Goodman's total portfolio increased 4% to $89.0 billion at 30 June 2026. Property Investment income rose 7% to $722.1 million, supported by higher average Capital Investment and rental growth.

Portfolio occupancy was 95.6%, while like-for-like net property income increased 4.0%. Valuations across the Group and its Partnerships increased by $3.1 billion, although only $229.7 million represented Goodman's share of those valuation gains.

The average expected future rent reversion across the portfolio was approximately 10%, while Capitalisation rates tightened to 5.0%.

Management Platform Continues to Expand

External assets under management rose 5% to $75.4 billion. Management earnings reached $690.1 million, with higher base fees and property services income partly offset by lower transactional and performance fees.

Goodman raised approximately $3.2 billion of third-party Equity during FY26 and established four new capital Partnerships, bringing the total number of Partnerships to 26. The Partnership platform had $6.7 billion of cash and undrawn Debt available and $5.7 billion of conditional equity commitments at year-end.

Gearing Moves Higher Despite Large Liquidity Position

Goodman's gearing increased to 6.5% at 30 June 2026 from 4.3% a year earlier. On a look-through basis, gearing was 19.5%.

The group reported an Interest Cover ratio of 25.4 times, compared with 9.5 times on a look-through basis. Liquidity remained substantial, with $6.4 billion in group cash and undrawn facilities and $12.4 billion available across the Partnerships when cash, equity commitments and undrawn debt are included.

Net tangible assets per security increased 7% to $11.79. FY26 distributions were 30.0 cents per security.

Outlook Focuses on Development and Digital Infrastructure

Goodman expects logistics requirements to continue evolving as customers increase automation and consolidate operations, while Demand for data centre capacity remains linked to cloud services and artificial intelligence infrastructure.

The company has indicated that approximately 90% of data centre projects under construction, including associated future expansion land, are held within Partnerships. It also recently signed a 20-year Lease for 50MW with a hyperscale customer in Tokyo, while negotiations for additional whole-building leases are progressing.

Goodman has stated a target for FY27 operating earnings per security growth of 9%. The announcement's final outlook section contains an incomplete reference to the FY27 operating EPS target, while the headline guidance elsewhere in the release specifies 9%.

Conclusion

Goodman Group entered FY27 with higher operating profit, an expanded $89.0 billion portfolio and $19.7 billion of development work in progress. Data centres now account for the majority of the development pipeline, while logistics assets continue to contribute through high occupancy and rental growth. Gearing increased from the previous year, although the group retains substantial liquidity and access to Partnership capital. The FY26 result also included higher development earnings and management income, while distributions remained at 30.0 cents per security. The company's stated FY27 operating earnings target is 9% growth, with development activity and data centre projects forming a significant part of the reported pipeline.