Goodman targets 9% growth in operating earnings per security in FY2027
Key Facts
In its first-quarter FY2027 operating update, Goodman Group said it remains on track to achieve its target of 9% growth in operating earnings per security in FY2027. Investing.com reported from the group’s call that the portfolio and balance sheet are “well positioned” and earnings are tracking toward that target. The guidance sets a target for growth in operating earnings per security, not earnings growth overall. The update comes as management said demand for computing is growing faster than the sector’s ability to provide capacity. That places the earnings target alongside operational expansion in which a large share of development projects is concentrated in data centres.
Goodman’s total portfolio was valued at A$90 billion in the first quarter, including A$76 billion in partnerships, Investing.com reported from the group’s call. These figures show the scale of the portfolio through which the company operates, with partnerships accounting for the largest share of its value. Development projects underway totalled A$19.7 billion. Data centres accounted for 79% of that amount, according to management. The company said its global development work in progress includes these projects, without directly attributing the 9% operating earnings growth target to demand for data centres.
The concentration of development coincided with rising demand for computing capacity, according to Chief Executive Greg Goodman, who said demand is “growing faster than the sector’s ability to provide capacity.” He added that artificial intelligence is accelerating demand, while cloud computing remains a key driver. Goodman’s global power bank stands at 6.6 gigawatts, of which 3.6 gigawatts is secured, according to the first-quarter update. These figures link the data-centre project pipeline with available power requirements, part of the company’s readiness to develop those projects. Management said it has 0.5 gigawatts of data-centre projects under development worldwide.
Goodman said delivery of data-centre projects under development is scheduled in stages between 2027 and 2030. Management said the delivery program remains on track for its expected timelines. This schedule provides a timeframe for executing projects with current capacity of 0.5 gigawatts, while development forms part of a broader portfolio valued at A$19.7 billion. The group also expects earnings to be weighted toward the second half of FY2027. It said on the call that this distribution was already included in its guidance and that it still expects earnings to be weighted toward the second half.
On financing, the chief financial officer described the development books as effectively debt-free, saying they are “in a very good position at present.” He added that debt markets have become more selective and expensive compared with previous years, making financing conditions a factor in monitoring project execution. EL7 data showed the daily closing price of the GMGSF ticker at $18.55 on November 2, 2026. That price relates to the November 2 session, while the operating update was issued on November 4, according to Goodman’s calendar. The calendar set the annual general meeting for November 19, 2026, following the first-quarter update scheduled for November 4.