Goodman posts AUD $2.3 billion profit as data centre growth surges

Goodman Group has reported an operating profit of AUD $2,311.2 million for the year ended 30 June 2025, marking a 13% increase on the previous financial year.

The company announced operating earnings per security (OEPS) of 118.0 cents, a rise of 9.8% compared to the same period last year. Statutory profit came in at AUD $1,666.4 million, a significant turnaround from the loss of AUD $98.9 million in FY24. Goodman is targeting OEPS growth of 9% for the 2026 financial year.

Financial details

Net tangible assets per security grew by 25% to AUD $11.03. The company's gearing stood at 4.3%, down from 8.4% the previous year, with look-through gearing of 17.3%. The interest cover ratio (ICR) reported was 47.6 times, and 11.9 times on a look-through basis. Liquidity, including undrawn credit lines, totalled AUD $6.6 billion.

For FY25, the distribution per security is set at 30.0 cents. Goodman's total portfolio reached AUD $85.6 billion, representing a 9% year-on-year increase. Revaluation gains across the Group and its Partnerships amounted to AUD $1.6 billion, with the Group's share being AUD $0.3 billion.

Portfolio occupancy was 96.5% and like-for-like net property income rose by 4.3%. The estimated end value of development work in progress is AUD $12.9 billion, involving 57 projects, with an expected yield on cost of 7.5%.

Data centres and development

Data centres now constitute 57% of the Group's development work in progress. The global data centre power bank is 5.0 GW across 13 major cities, with 2.7 GW secured and 2.3 GW at advanced procurement stages. Goodman anticipates having 0.5 GW of data centre development underway in key cities by June 2026.

Outlining the Group's strategy and performance, Group Chief Executive Officer Greg Goodman stated,

"Goodman has reported a strong operating result for FY25. This reflects the quality of our assets, the strength of our financial position, and the continued successful execution of our strategy. We have looked beyond the volatility in the economic and trade environment over the last 12 months, and actively pursued long-term growth opportunities. These include making a number of strategic site acquisitions that will enable us to meet growing demand for data centres and capture future growth in logistics demand across our metropolitan locations. The scale and potential impact of the data centre opportunity for Goodman is significant. We are on target to have 0.5 GW of data centre development underway in key global cities by June 2026. A development program of this scope is ideally suited to the capital Partnering model we've successfully employed at Goodman for years, with recent examples being the establishment of data centre Partnerships in Europe and Hong Kong in FY25. We continue to rotate capital and assets, with significant data centre Partnership activity throughout the year, including the sale of a completed data centre into the Goodman Japan Data Centre Partnership. In addition, we have recently launched a data centre Partnership in Australia and are also preparing to launch another in Europe in FY26. Goodman is in a strong position heading into FY26 and is well placed for long-term growth, supported by the significant data centre opportunities in the near term and the Group's financial capacity and flexibility.​"

Capital management

During the reporting period, Goodman raised AUD $4 billion in new equity, which the company says will provide significant balance sheet capacity for development, especially in the data centre space. The Group maintains a low level of gearing and a high cash reserve, while employing significant hedging strategies to manage risk.

The company completed significant data centre development projects and had 130 MW of fully fitted data centre developments underway at the end of June 2025. The detailed infrastructure works on new sites include demolition, substructure tasks, power connections, and substations; and ongoing discussions with customers are focused on providing a range of infrastructure solutions, from powered shell to fully fitted data centres.

Goodman's portfolio remains concentrated in high-barrier-to-entry metropolitan locations, targeting both hyperscaler and colocation customers with low-latency requirements.

Partnership expansion

Goodman reported establishing new data centre Partnerships in Europe and Hong Kong, as well as a Partnership in Australia. Plans are underway for further Partnership launches in Europe in FY26.

Commenting on the sector outlook, Greg Goodman said,

"Technology has disrupted the way we live, work and consume – and Goodman is well positioned to capitalise on the opportunities these changes bring. Whether it's delivering more sophisticated logistics facilities to meet consumer expectations, or building low-latency data centres to power the digital infrastructure of modern life, our competitive advantages are clear: land in key metropolitan locations, a 5.0 GW global power bank, and the expertise to provide the infrastructure that underpins this digital transformation. We expect to have 0.5 GW of data centre projects in key global cities underway by June 2026. This opportunity requires a strong capital base, and we continue to expand our Partnerships to co-fund the development program alongside the Group. New Partnership launches are underway with more regional data centre Partnerships planned. Our long-term focus means that we continue to invest in our land bank, acquiring significant sites that offer future regeneration potential for high value logistics, data centres or both. The team remains focused on executing the strategy, optimising returns, and generating sustainable long-term growth for investment Partners and Securityholders. The Group's global opportunities and strong capital position should support future earnings. Goodman is targeting operating EPS growth of 9% for FY26. This equates to over $2.6 billion of operating profit."

Goodman continues to review its targets annually and notes these are subject to no material adverse changes in market conditions or unforeseen events.