Goodman Group (ASX: GMG) Lifts Operating Profit 15.7%

Goodman Group reported higher annual earnings as revenue, assets under management and property values increased during fiscal 2026.

Operating profit attributable to securityholders rose 15.7% to $2.67 billion for the year ended June 30. Revenue increased 10.9% to $2.56 billion.

Diluted operating profit reached 129.9 cents per security, up 10.1% from 118 cents. The result provides a clearer measure of underlying performance than statutory profit, which includes several valuation and transaction-related items.

Statutory Earnings Outpace Operations

Statutory profit attributable to securityholders climbed 66.7% to $2.78 billion. Diluted statutory profit per security increased 57.5% to 132.9 cents.

Other income rose 21.6% to $1.60 billion. This category includes property fair-value movements, disposal gains and losses, and results from equity-accounted investments.

It also captures gains from reallocating partnership interests and disposing of controlled entities. Consequently, the statutory increase was considerably stronger than the rise in operating profit.

The preliminary final report was audited by KPMG. Goodman said the Appendix 4E should be read with its directors’ report and consolidated financial statements.

Portfolio and Asset Base Expand

Goodman’s total portfolio increased 4% to $89 billion. External assets under management grew 4.6% to $75.4 billion from $72.1 billion.

That expansion is relevant because Goodman operates through a broad network of property partnerships and joint ventures. Its disclosed holdings span Australia, Europe, Asia, New Zealand and North America.

Net tangible assets increased 6.9% to 1,178.6 cents per security. That compared with 1,102.5 cents a year earlier.

However, gearing rose to 6.5% from 4.3%, an increase of 220 basis points. The ratio remains an important balance-sheet measure alongside Goodman’s larger portfolio and asset base.

During the year, Goodman gained control of five material entities. It lost control of six, including Moorabbin Airport Corporation and several limited liability companies.

The group also disclosed interests across an extensive list of associates and joint ventures. Ownership levels ranged from 10% to 55% among the entities listed.

Distribution Held at 30 Cents

Goodman maintained its annual distribution at 30 cents per security. That comprises a 15-cent interim distribution and a proposed 15-cent final payment.

Although the per-security amount was unchanged, total distributions increased 3.7% to $613.4 million. The interim payment totalled $306.7 million, while the proposed final payment was also $306.7 million.

The final dividend and distribution is payable on August 26. The entitlement record date was June 30.

No portion of the distribution is franked. Goodman’s distribution reinvestment plan also remains suspended.

Overall, the result shows double-digit operating earnings growth alongside a larger managed asset base. Statutory earnings benefited additionally from the valuation and transaction items included within other income.