Centuria delivers record $22.2bn AUM and 14% profit growth guidance for FY27
In its FY26 full-year results presentation delivered on 27 August 2026, Centuria Capital Group (ASX:CNI) reported an operating net profit after tax (ONPAT) of $113.8m for the financial year ended 30 June 2026, up from $100.8m in FY25.
The Group recorded a new Group assets under management (AUM) record of $22.2bn (FY25: $20.6bn), with operating earnings per security (OEPS) of 13.6cps, some 11.5% above FY25’s 12.2cps. Distributions per security (DPS) were held at 10.4cps, in line with guidance.
Looking ahead, management outlined FY27 ONPAT guidance of $130m, representing 14% growth on FY26, with EBIT expected to grow c.20%. The presentation framed Centuria as a differentiated funds manager spanning real estate equity, real estate credit and emerging AI infrastructure.
The combination of record AUM and double-digit earnings growth guidance positions the Group in a growth phase, capitalised by a June 2026 raise.
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FY26 results snapshot — earnings, AUM and capital strength
The following table summarises the Group’s headline financial and capital metrics for FY26 against the prior year.
| Metric | FY26 | FY25 | Change/Note |
|---|---|---|---|
| ONPAT | $113.8m | $100.8m | +12.9% |
| OEPS | 13.6cps | 12.2cps | +11.5% |
| DPS | 10.4cps | 10.4cps | Held flat |
| Group AUM | $22.2bn | $20.6bn | Record |
| NAV per security | $1.76 | $1.79 | — |
| Balance sheet gearing | 5.1% | 12.3% | Reduced |
| Cash & undrawn debt | $445m | $347m | Strengthened |
Platform highlights reported during the presentation included:
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$1.2bn of FY26 real estate acquisition activity, exceeding the $1bn target
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$8.6bn of lending facilities across the platform
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15,500+ unlisted investors, 1,200+ advisers and 10 institutional investors
With balance sheet gearing more than halved and the cash position strengthened, the Group entered FY27 with balance sheet capacity to fund its growth phase.
Real estate platform drives the result
Property funds management and investment
Property funds management (PFM) AUM grew to $18.6bn (FY25: $17.4bn), while PFM operating EBITDA rose to $74.8m (FY25: $59.6m), lifting the EBITDA margin to 40% from 35% in FY25. Performance fees booked jumped to $20.0m (FY25: $7.0m).
Across the platform, the Group reported 95% occupancy, a 5.5yr weighted average lease expiry (WALE), a 6.4% weighted average capitalisation rate (WACR), 390+ properties and 2,500+ tenant customers.
Management highlighted the counter-cyclical 680 George Street acquisition through CSPOF, described as Centuria’s largest single-asset acquisition to date. The asset was acquired at $13,411psqm on a 7.50% cap rate, c.60% below replacement cost, with valuation rising from $454m to $493m and NTA per unit lifting from $0.86 to $1.01. Settlement occurred on 17 August 2026, a post-balance date event.
The Centuria Sydney CBD Prime Office Fund launched in June 2026 around the same acquisition, raising $268 million in equity from Japanese institutional investors and domestic capital, with a targeted 7.50% p.a. distribution yield and an initial five-year fund term.
The Group also secured Arrow management rights, adding $444m of unlisted AUM and expanding Group Agriculture AUM to $1.3bn.
Centuria Bass Credit — real estate finance
Real estate finance AUM grew to $2.6bn (FY25: $2.3bn). The loan book featured 94% first mortgage exposure, a 67% average loan-to-value ratio, less than 1% principal impairments since inception and 93% residential exposure.
Since inception, the CBCF fund delivered an annualised return of 9.03%, while BPCF returned 9.48%.
The presentation noted the Bathla Group exposure of $278m secured across six residential projects in New South Wales and Victoria, benefiting from a cross-collateralised security structure. Bathla entered voluntary administration, which the source stated “does not, of itself, change the ranking of Centuria’s security across the portfolio.”
Centuria Bass Credit’s Bathla Group exposure at the Group level is limited to a $4.5 million loan facility on a near-complete construction project, with Centuria confirmed as not a unitholder of any Bathla-related credit fund, meaning it carries no fund-level equity exposure to the administration event.
The diversified, predominantly first-ranking credit book is positioned to generate through-cycle returns.
ResetData — building sovereign AI infrastructure
Centuria and ResetData formed a 50/50 partnership, combining infrastructure capability with capital and property expertise to build sovereign Australian AI Factories. A key FY26 milestone was the delivery of AIF1 within a Centuria property, an NVIDIA H200 GPU cluster the company described as “Australia’s first sovereign public AI Factory.”
Post-raise execution progressed across three AI Factories:
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AIF1 (Centuria facility, H200, c.1MW): 265 H200 GPUs installed, 512 ordered; DFS funding committed
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AIF3 (Centuria facility, B300, c.2.5MW): 64 B300 GPUs initial order; customer MOU signed (non-binding)
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AIF6 (CDC facility, B300, c.7MW): 1,152 B300 GPUs initial order; Macquarie bridge funding established
A $165m Macquarie bridge facility was executed, supporting a 10MW near-term capacity target for 2H FY27. The presentation outlined a pathway to 250MW+ of potential data centre capacity, with 72MW of generation secured.
Management noted that ResetData “remains in investment and deployment phase through FY27.” The FY26 Sovereign AI segment recorded a net loss to Centuria of $5.9m.
Why the AI infrastructure opportunity matters
The presentation framed the opportunity around a supply and demand imbalance, where AI compute demand is scaling far faster than physical, power-ready capacity can be delivered.
According to data cited in the presentation, 88% of organisations use AI in at least one business function, while Neocloud demand is forecast to grow approximately 25x between 2023 and 2030, a 58% CAGR.
The investment implication outlined by management is that value shifts to groups able to deliver power-ready capacity within customer timeframes, requiring scarce inputs including power, capacity, GPUs, funding and customers to align. This represents optionality on a structural growth theme, layered onto a stable real estate earnings base.
Balance sheet capitalised for the growth phase
The Group completed a $300m capital raise in June 2026, increasing securities on issue by c.20%. Balance sheet gearing was reduced to 5.1% (FY25: 12.3%), while look-through gearing fell to 33.5% (FY25: 36.9%).
Cash and undrawn debt stood at $445m, with the weighted average debt duration extended to 3.1 years and no debt expiring until June 2028. During FY26, the Group realised $197m of cash from asset sales and recycling.
Capital management narrative
Management outlined that the combination of a lower gearing position and strengthened liquidity provides the Group with capacity to fund larger acquisitions and ResetData deployment simultaneously as it enters its growth phase.
FY27 outlook and what comes next
The presentation disclosed FY27 guidance of OEPS 13.0cps, DPS 10.4cps and ONPAT of $130m, representing 14% growth on FY26, with EBIT expected to grow c.20%.
Management explained the moving parts behind the guidance: growth in core real estate earnings; ResetData remaining in its investment and deployment phase; lower average gearing offset by higher forecast interest rates and effective tax rate; and the June 2026 raise, which lifted securities on issue by c.20%.
The Group’s stated strategic priorities for FY27 are:
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Grow core real estate funds and investment earnings via larger acquisitions for private and institutional capital
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Advance ResetData deployment, including GPUs ordered, funding pathways and customer discussions
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Maintain balance sheet discipline while recycling capital into new funds
Management framed these priorities as positioning the business for growth momentum into FY28/29, underpinned by a capitalised balance sheet and a clear, quantified growth trajectory.
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