GMG delivered a solid 1H result, with operating profit slightly ahead of consensus despite revenue softness, while guidance was reaffirmed for ~9% EPS growth.
- Revenue $1.10 billion, -18% y/y
- Operating profit $1.20 billion, -1.5% y/y, estimate $1.13 bn consensus
- Interim distribution per security $0.150 vs. $0.150 y/y
Management reiterated it is on track to have data centre projects providing 0.5GW of power in development by the end of FY26, taking work-in-progress toward ~$18bn by June. GMG’s continues to secure power in supply-constrained global cities and partner with deep-pocketed institutional capital – highlighted by the recently announced $14bn European data centre partnership and a $2bn North American logistics partnership.
- Overall, this was a steady result with guidance intact, demonstrating Goodman’s ability to execute on its global data centre pipeline, which remains the next major growth leg for the business into 2026 and beyond.
MM remains long and bullish GMG
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