Key Highlights

  • Centuria Capital Group reported FY26 operating net profit after tax of AUD 113.8 million, compared with AUD 100.8 million in FY25, supported by increased real estate funds management activity.
  • Group Assets under management reached a record AUD 22.2 billion at 30 June 2026, compared with AUD 20.6 billion a year earlier.
  • The company is expanding its artificial intelligence infrastructure exposure through its 50% Investment in ResetData, including planned GPU deployments and additional computing capacity.
  • FY27 guidance targets operating net profit after tax of approximately AUD 130 million, representing anticipated growth of 14% compared with FY26.

Centuria Capital Group (ASX:CNI) is an Australasian real estate funds manager operating listed and unlisted property investment vehicles, private Credit businesses and alternative asset platforms. The company generates income through funds management fees, property transactions, investment activities and financing services. During FY26, increased property acquisitions and recurring management fees supported Earnings growth, while its investment in ResetData introduced an additional Business opportunity in artificial intelligence infrastructure. Centuria enters FY27 focusing on expanding assets under management, deploying capital and developing new Revenue streams.

FY26 Financial Performance and Funds Management Growth

For the financial year ended 30 June 2026, Centuria reported operating net profit after tax of AUD 113.8 million, increasing approximately 13% from AUD 100.8 million in FY25.

Operating earnings per security increased 11.5% to 13.6 Australian cents, while distributions remained at 10.4 cents per security.

Group operating EBITDA reached AUD 182.5 million, supported by higher recurring funds management income, transaction activity and performance fees.

However, statutory net profit attributable to securityholders was AUD 56.5 million, reflecting differences between operating earnings and statutory accounting adjustments, including fair-value movements and other non-operating items.

The property funds management division recorded EBITDA of AUD 74.8 million, compared with AUD 59.6 million in FY25.

Group assets under management increased to AUD 22.2 billion from AUD 20.6 billion, reflecting property acquisitions and additional management mandates.

During FY26, Centuria completed or exchanged approximately AUD 1.2 billion of property acquisitions and recorded 729,000 square metres of leasing activity.

These developments contributed to expansion across the company's property funds platform despite challenging Commercial Real Estate conditions.

Property Portfolio Expansion and Private Credit Operations

Centuria's property funds management and investment platform accounted for AUD 18.6 billion in assets under management at 30 June 2026.

Listed property investment vehicles represented AUD 6.0 billion, while unlisted funds accounted for AUD 12.6 billion.

The company continued expanding its portfolio through acquisitions covering industrial facilities, agricultural infrastructure and commercial office properties.

Notable transactions included a major industrial distribution facility, a hydroponic glasshouse investment and a Sydney CBD office property valued at AUD 454 million.

Centuria also secured management rights associated with the Arrow Primary Infrastructure Fund, adding approximately AUD 444 million to assets under management.

Its private credit division, Centuria Bass Credit, increased assets under management to AUD 2.6 billion from AUD 2.3 billion in FY25.

The division reported lending activity across construction finance, bridging facilities and residual property stock.

These operations provide Centuria with multiple sources of fee income, although property market activity and borrowing conditions remain important influences on future earnings.

ResetData and Artificial Intelligence Infrastructure Expansion

Centuria's investment in ResetData represents an emerging component of its business strategy.

The company holds a 50% interest in ResetData, which is developing infrastructure for high-performance computing and artificial intelligence applications.

In August 2026, ResetData entered into a master services agreement covering an initial 7 megawatts of data centre capacity, alongside a proposed expansion to 10 megawatts.

The business also secured financing arrangements of approximately AUD 165 million to support GPU infrastructure deployment.

Additional plans include 72 megawatts of power generation capacity scheduled for delivery in 2028, forming part of a broader identified infrastructure development pipeline exceeding 250 megawatts.

Customer revenue from the initial GPU deployment is anticipated during H2 FY27, subject to equipment delivery, commissioning and commercial arrangements.

However, ResetData remains in its investment phase. During FY26, the business recorded an operating EBITDA loss of AUD 10.9 million, corresponding to a net loss contribution of AUD 5.9 million for Centuria.

The timing of revenue generation, customer commitments and infrastructure utilisation will be important considerations as the business expands.

Capital Position and FY27 Earnings Guidance

Centuria completed an approximately AUD 300 million Equity raising during June 2026 to support property acquisitions, AI infrastructure investment and financial flexibility.

At 30 June 2026, the company reported cash and undrawn Debt facilities totalling AUD 445 million.

Balance sheet gearing declined to 5.1%, compared with 12.3% in FY25, while the weighted average cost of debt was approximately 7.8%.

For FY27, management expects operating net profit after tax of approximately AUD 130 million, representing anticipated growth of 14%.

Operating earnings guidance stands at 13.0 Australian cents per security, while expected distributions remain at 10.4 cents per security.

Although total operating profit is forecast to increase, earnings per security are expected to decline from FY26 because the June equity raising increased the number of securities outstanding.

Management expects the larger capital base to support additional earnings contributions during H2 FY27 and FY28.

Business Risks and Execution Priorities

Centuria remains exposed to commercial property market conditions, financing costs, transaction activity and changes in property valuations.

Higher interest rates may influence investor Demand for property funds and affect Acquisition opportunities, refinancing costs and borrowing conditions.

The company's AI infrastructure strategy also introduces execution risks associated with equipment procurement, construction schedules, customer contracting and technology development.

ResetData's infrastructure expansion requires Capital Expenditure before anticipated revenue generation, creating uncertainty around the timing of profitability.

The availability of power capacity, GPU equipment and contracted computing demand will influence its commercial development.

Centuria's priorities include integrating acquired assets, expanding recurring management income, maintaining financial discipline and progressing ResetData's initial infrastructure deployment.

Key Insights

Centuria Capital Group (ASX:CNI) delivered encouraging operating earnings growth in FY26, supported by expansion across its real estate funds management and private credit platforms. Its investment in AI infrastructure introduces an additional growth opportunity, although ResetData remains in an early commercial development phase. FY27 performance will depend on maintaining property funds activity, converting infrastructure investments into revenue and managing financing requirements while pursuing the company's operating profit guidance.