Centuria Capital delivered FY26 operating earnings of 13.6 cents per security, an 11.5 percent increase on the prior year, with management guiding for further 14 percent growth to FY27 through an expected ONPAT of $130 million. The company’s performance was underpinned by record asset under management of $22.2 billion and $1.2 billion in real estate acquisitions during the period, demonstrating both organic and inorganic growth momentum despite uncertain macroeconomic conditions. The consistency of distributions at 10.4 cents per security, maintained across both FY26 and FY27 guidance, signals management confidence in earnings sustainability.
At the operational level, Centuria’s Property Funds Management segment expanded operating EBITDA by 23 percent period on period through higher recurring revenues, transaction activity and performance fees. This segment forms the core of earnings generation and its acceleration reflects the effectiveness of the company’s platform model in capturing growing activity volumes. Property investment earnings from asset recycling and new fund acquisitions contributed $92.2 million on a proportionately consolidated basis, while the property and development finance business generated $24.3 million in EBITDA despite a challenging lending environment marked by residual stock and land bridge concentration.
A material strategic development emerges through the ResetData joint venture, where Centuria is deploying GPU infrastructure across a portion of its near-term data centre power capacity. While the venture recorded a $10.9 million operating loss in FY26 as it progresses through its scale-up phase, the Centuria DC pipeline has expanded to exceed 250 megawatts of potential capacity. This positions the company at the intersection of AI infrastructure buildout and institutional capital deployment, an opportunity set attracting substantial investor capital and offering meaningful revenue upside as utilisation rates climb.
The balance sheet provides substantial flexibility for continued growth and capital deployment. Centuria carries $445 million in cash and undrawn debt facilities, with consolidated gearing at just 5.1 percent and weighted average debt duration extended to 3.1 years. The weighted average cost of debt sits at 7.8 percent, with average margins across the debt facilities at 273 basis points. A $300 million fully underwritten equity raise completed in the second half of FY26 has provided additional strategic flexibility, while net asset value stands at $1.77 per security, supporting the valuation framework for ongoing shareholder capital allocation decisions.
Investors should monitor three key areas over the coming periods: progression of the Centuria DC pipeline towards utilisation and ResetData’s earnings contribution as the AI infrastructure opportunity develops, execution of larger-scale real estate acquisitions as evidenced by the recently completed $454 million Sydney CBD Prime Office Fund, and whether management can sustain the earnings growth trajectory guided through FY27 and into the medium term. This announcement is price sensitive and has been flagged as material by the ASX.
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About Centuria Capital Limited (ASX: CNI)
Centuria Capital Limited is an Australian investment manager specializing in property and real estate across multiple asset classes. The company manages listed real estate investment trusts, unlisted property funds, and real estate credit funds spanning office, industrial, retail, healthcare, and agricultural properties. It provides investment products and financial services to institutional and individual investors seeking exposure to property markets.
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