Centuria Capital (ASX: CNI) – Centuria Capital Files 2026 Annual Report

Centuria Capital Group delivered operating earnings per security of 13.6 cents for FY26, representing growth of 11.5 percent compared to FY25, while assets under management reached a record $22.2 billion. Operating net profit after tax climbed to $113.8 million from $100.8 million, driven primarily by a 26 percent increase in core property funds management earnings to $74.8 million. The company declared distributions of 10.4 cents per security in line with guidance.

The announcement includes a significant leadership transition. Jason Huljich will become sole Group Chief Executive Officer from the close of the company’s annual general meeting on 27 November 2026, succeeding retiring co-CEO John McBain who has led the company since 2008. McBain will remain on the board as a non-executive director. Management framed the succession as a planned next step in the company’s long-term strategy, with Huljich having built Centuria alongside McBain for many years and maintaining strong market relationships.

Balance sheet management proved significant during the period. Centuria completed a fully underwritten $300 million equity raise that expanded the security base by approximately 20 percent. Operating gearing contracted substantially to 5.1 percent at 30 June 2026 from 12.3 percent a year prior, providing flexibility for capital deployment. Cash and undrawn debt totalled $445 million at year end, with no debt expiring until June 2028. Since the financial year closed, the company has applied part of the equity proceeds to repay approximately $221 million of floating rate notes, further reducing refinancing risk.

Real estate fund management AUM increased to $18.6 billion from $17.4 billion, supported by $1.2 billion in acquisitions and a record 729,000 square metres of lease terms agreed. The company expanded beyond traditional industrial and office assets, acquiring Australia’s largest hydroponic glasshouse for $168 million and securing its first Sydney CBD office acquisition in a decade. Centuria Bass Credit, the private credit business, grew assets under management to $2.6 billion with a diversified loan book spanning construction, bridge and residual stock exposures.

ResetData, the 50 percent AI infrastructure investment, moved from strategy to execution. The venture secured a $165 million senior bridge GPU financing facility with Macquarie Bank after balance date and signed a master services agreement with CDC Data Centres commencing with 7 megawatts of capacity. The company deployed H200 GPUs at its first sovereign AI Factory and has positioned 250 megawatts of potential capacity across its property portfolio for deployment.

Management guided FY27 operating earnings per security of 13.0 cents and distributions of 10.4 cents. While operating earnings per security declines from FY26, the company expects operating EBIT to grow approximately 20 percent and operating net profit after tax to increase 14 percent, with the per-security decline driven by dilution from the 20 percent increase in securities on issue. Investors should monitor whether actual deployment of ResetData capacity matches the company’s customer contracting expectations and how asset revaluations in the underlying property portfolio hold up during a period of subdued growth and higher interest rates.

View the full ASX announcement (PDF)

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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