Highlights

• Group Assets under management reached A$22.2 billion at 30 June 2026.

• Operating net profit after tax was A$113.8 million and operating EBITDA was A$182.5 million.

• Centuria completed A$1.2 billion of real estate Acquisition activity during FY26.

• Operating gearing was 5.1%, with A$445 million of cash and undrawn debt.

• FY27 guidance targets operating net profit after tax of A$130 million and a 10.4 cent distribution.

Centuria Capital Group (ASX:CNI) is an Australasian real estate Investment and funds management company spanning property funds, real estate debt, development, investment bonds and digital infrastructure. At 30 June 2026, the Group managed A$22.2 billion of assets while investing in newer growth areas linked to artificial intelligence infrastructure.

FY26 Earnings were driven by funds management activity

For FY26, Centuria reported operating net profit after tax of A$113.8 million and operating EBITDA of A$182.5 million. Operating earnings were 13.6 cents per security and the distribution was 10.4 cents. The result was supported by the Group’s diversified funds management platform, which reached A$22.2 billion in assets under management by year-end.

Centuria completed A$1.2 billion of real estate acquisition activity during the year and broadened its alternative real asset exposure through new mandates. The real estate platform remained the largest contributor to managed assets, while the Credit Business added another source of recurring fees.

Balance sheet capacity supports further investment

Centuria reported operating gearing of 5.1% and A$445 million of cash and undrawn Debt at 30 June 2026. The Group also reported a weighted average debt duration of 3.1 years and a weighted average cost of debt of 7.8%. These figures matter because Centuria not only earns management fees but also deploys its own capital into co-investments, development and finance activities.

Earnings remain sensitive to fund inflows, transaction volumes, asset values and funding costs. Low operating gearing provides flexibility, but capital costs still influence new acquisitions and infrastructure investment.

AI infrastructure introduces a different growth profile

During 2026, Centuria advanced an artificial intelligence and digital infrastructure strategy alongside its property businesses. The Group has identified a potential pipeline of more than 250 megawatts of data centre capacity and is working to commercialise access to power, facilities and computing infrastructure through its 50%-owned AI platform.

The platform remained in a scaling phase during FY26 and recorded an operating EBITDA loss in the source material. That makes customer demand, power availability, financing costs and execution important variables. Unlike the established funds management operations, the AI initiative is more capital intensive and is still moving toward recurring earnings.

FY27 guidance points to higher operating profit

For FY27, Centuria guided to operating net profit after tax of A$130 million, operating earnings of 13.0 cents per security and a distribution of 10.4 cents. The guidance indicates higher total operating profit while the per-security earnings measure is lower than FY26, reflecting the enlarged security base and continuing investment in growth initiatives.

Performance will depend on fund inflows, acquisitions, property market conditions and the pace at which the digital infrastructure strategy converts development activity into earnings. Funding costs and asset valuations remain additional sensitivities for a business exposed to both property and capital markets.

Key Insights

Centuria enters FY27 with a larger funds management platform, low operating gearing and a broader growth agenda. Its property and credit businesses remain the core earnings base, while AI infrastructure adds a higher-growth but more capital-intensive element. The key issue is whether operating profit can rise in line with guidance while the Group maintains funding discipline and converts newer infrastructure investments into sustainable earnings.