The Goodman Group (ASX: GMG) share price is in focus after the company reported a half-year operating profit of $1.2 billion, and increased its data centre pipeline with 73% of development activity now in that sector.
What did Goodman Group report?
- Operating profit of $1,203.5 million for the half year
- Operating earnings per security (OEPS) of 58.5 cents
- Statutory profit of $824.7 million
- Distribution per security of 15.0 cents (forecast 30.0 cents for FY26)
- Gearing reduced to 4.1% (17.8% look-through)
- Portfolio occupancy at 95.9%, with like-for-like net property income growth of 4.2%
What else do investors need to know?
Goodman ramped up its data centre development, now making up nearly three-quarters of its $14.4 billion work in progress, as global demand for digital infrastructure keeps rising. The Group also boosted its global power bank to 6.0 GW across 16 major cities, putting it in a strong position to deliver large-scale data centre projects over the next year.
The company maintains a solid financial footing, with $5.2 billion in liquidity and interest cover of 133.1 times. External assets under management grew to $75.2 billion, supported by new partnerships in Europe and North America to fund both logistics and data centres.
What did Goodman Group management say?
Group Chief Executive Officer Greg Goodman said:
Goodman Group has delivered operating profit of $1.2 billion. Importantly, we’re continuing to provide high quality essential infrastructure for the digital economy in supply constrained markets. We’re building into strong demand for metro locations across both logistics and data centres. Large scale logistics customers are targeting productivity and efficiency gains through increased automation and consolidation. Data centre customers require facilities with low-latency and high connectivity to meet the unprecedented levels of capex spending forecast across the sector. Goodman is set to benefit from these structural shifts given the quality and location of our sites, and our track record of developing complex infrastructure. Power, sites and capital are critical to being able to service demand and provide delivery certainty for customers. Our power bank has grown to 6.0 GW on sites we own across 16 metro markets. Our balance sheet is strong, with significant liquidity to commence construction. We are on track to have data centre projects, providing 0.5 GW of power, in development by the end of FY26. This will take work in progress up to approximately $18 billion by 30 June. We are partnering with large investors to fund multi-year development programs, having established a $14 billion data centre development Partnership in Europe and a $2 billion logistics Partnership in North America. Our engagement with data centre customers is progressing well across multiple sites, with commitments expected in 2026.
What’s next for Goodman Group?
Looking ahead, Goodman expects demand for digital infrastructure and logistics space to outstrip supply in coming years, especially in key metro markets. The company aims to have $18 billion of developments underway by June 2026, with further growth in both data centre and logistics projects backed by a robust balance sheet and strong capital partnerships.
The Group reiterated a target of 9% growth in FY26 operating earnings per security, but notes this remains subject to stable market conditions.
Goodman Group share price snapshot
Over the past 12 months, Goodman Group shares have declined 9%, trailing the S&P/ASX 200 Index (ASX: XJO) which has risen 7% over the same period.
The post Goodman Group posts $1.2b profit and expands data centre pipeline appeared first on The Motley Fool Australia.
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Motley Fool contributor Laura Stewart has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Goodman Group. The Motley Fool Australia has recommended Goodman Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips. This article was prepared with the assistance of Large Language Model (LLM) tools for the initial summary of the company announcement. Any content assisted by AI is subject to our robust human-in-the-loop quality control framework, involving thorough review, substantial editing, and fact-checking by our experienced writers and editors holding appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content published by The Motley Fool Australia.