GMG -3.4%: edged higher today after reaffirming its full-year operating earnings per share (EPS) guidance at +9% for FY26 – inline with expectations, though they did suggest a 2H skew is likely.
- Operating EPS remains on track for +9% growth in FY26
- 68% of the Group’s $17.5bn work-in-progress (WIP) is now data centre-related
- 4.2% like-for-like annual net property income growth across Partnerships
- A deliberate push into city-adjacent, high-power, scalable data centre sites – with 0.5GW of new WIP expected by June 2026
- Development activity weighted into 2H FY26 – meaning some earnings uplift may be delayed, but fully-funded and backed by customers
AI is changing the economic landscape, and data demand is the backbone. But this is capex-heavy, capital-intense, execution-critical infrastructure, and Greg highlighted these challenges today. Their strategy remains; secure power, develop prime sites in key global cities, bring in pension + sovereign wealth partners, hand over to hyperscalers and move on to the next one. Repeat for decades. The industrial business has already proven that model out. Data centres are the structural extension.
MM remains long & bullish GMG
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