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Centuria Capital Group_Joint CEOs_ John McBain_Jason Huljich
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Centuria exceeds FY25 earnings guidance

Bolsters FY26 earnings by 10% with strong forecast transactional activity

  • FY25 Operating Earnings Per Security (OPES)1 12.2cps: outperformed FY25 guidance, +4.3% above FY24
  • FY25 Distribution Per Security (DPS) 10.4cps, +4% above FY24
  • FY26 guidance: OEPS 13.4cps (+10%pcp), DPS 10.4cps
  • Group AUM: $20.6bn2 remains at or near historic highs through post-COVID period
  • Targeting >$1bn3 in real estate acquisitions in FY26

Australasian real estate funds manager, Centuria Capital Group (ASX: CNI or “Centuria”), has signalled real estate markets have passed the latest cycle’s inflection point, with the Group reporting earnings exceeding guidance and forecasting a further 10% growth on FY26 earnings.

During FY25, Centuria delivered operating earnings per security (OEPS)1 of 12.2 cents, which exceeded its guidance of 12.0 cents per security. The FY25 earnings were also 4.3% above its FY24 OEPS of 11.7cps.

Additionally, Centuria’s distribution per security for the year was 10.4 cents, in line with its FY25 guidance and 4% higher than FY24.

The strong earnings were resultant of an increased operating net profit after tax of $100.8 million4,5, (FY24: $94.7 million), supported by sustained stability in property funds management’s6 recurring revenue streams. Property and development finance, under Centuria Bass, increased to $27 million.

John McBain, Centuria Joint CEO, said, “Improved market conditions have enabled Centuria to outperform on its initial FY25 earnings guidance and position the Group to commence FY26 with a double-digit earnings growth forecast targeting more than $1 billion in real estate acquisitions3. Moving into FY26, real estate markets have passed the latest cycle’s inflection point, enabling Centuria to accelerate transactional activity and generate attractive relative investor returns.

“The Group has a major, on-going focus on driving attractive earnings growth for Centuria securityholders, with a backdrop of falling deposit rates highlighting the attractive relative returns of Centuria’s property funds. We believe conditions are right to see accelerated transaction activity and enhanced revenues.”

During the period, Centuria executed $2.9 billion7 of total real estate activity including $489 million of real estate acquisitions.

At 30 June 2025, Centuria’s assets under management totalled $20.6 billion2, including $13.7 billion of unlisted real estate and $6.0 billion of listed real estate.

Centuria’s unlisted platform is a third weighted to alternative real estate sectors including agriculture, healthcare and real estate finance. Significantly, $628 million of real estate finance activity propelled Centuria Bass Credit’s AUM to $2.3 billion (+21% pcp).

Centuria’s retail and wholesale distribution capabilities highlighted ongoing investor appetite with $0.5 billion of capital raising inflows. Institutional capital expanded through $0.3 billion of new commitments with a newly formed BGO partnership and the upsizing of UBS’s senior secured warehouse commitment for real estate finance activity.

Jason Huljich, Centuria Joint CEO, said, “Throughout the year, Centuria provided new unlisted fund investment opportunities, which significantly contributed to our earnings momentum. Despite the ongoing impacts of higher interest rates in FY25, the Group benefitted from $0.8 billion of equity inflows across investor capital raisings and institutional commitments. Our institutional partnerships now total $2.2 billion in AUM on behalf of six global institutional partnerships.

“Among our alternative verticals, Centuria Bass continued to rapidly expand, growing its mid-market presence. Despite increasing market competition, it remains disciplined with its real estate-backed lending activity, positioning for further expansion with the potential for new institutional and retail investment products. Through ResetData, Centuria continues to progress its PropCo and OpCo strategies, the latter building a complementary technology division, which is anticipated to add new and scalable earnings from FY26.”

Since Centuria announced its 50% investment in ResetData in August 2024, the next-generation cloud services and AI provider has commenced testing of Australia’s first sovereign public AI Factory called AI-F1, which is a next-generation data centre optimised for large-scale, parallel AI computation and built with NVIDIA-certified clusters.

AI-F1 anticipates generating revenues from Q2 FY26. ResetData is also evaluating feasibility for eight data centres/AI Factory opportunities.

During the period, ResetData also launched Australia’s first AI Marketplace, providing pre-trained software (no further coding required) that uses AI tools, Large Language Models (LLM) and other software to inference between each other to deliver simple business solutions.

Mr McBain and Mr Huljich concluded, “Improved real estate market conditions and the potential for higher relative returns to our investors present a more compelling real estate investment environment. We intend to capture investor appetite throughout FY26, by securing high-conviction assets that appeal to our retail, wholesale and institutional investor networks. Our focus is on delivering innovative new real estate funds, including a continued strategy to launch further listed vehicles as equity capital markets unlock.

“Increased real estate transaction volumes, expanding real estate finance with new products and capital sources, and complementary revenues through AI-enabled technology are anticipated to drive earnings growth.”

1. Operating Earnings Per Security (OEPS) is calculated based on the Operating NPAT of the Group divided by the weighted average number of securities.
2. Assets under management (AUM) as at 30 June 2025. All figures above are in Australian dollars (currency exchange ratio of AU$1.000:NZ$1.0768 as at 30 June 2025). AUM includes assets exchanged to be settled, cash and other assets and the impact of revaluations during the period.
3. Excludes real estate finance activity.
4. Attributed to CNI securityholders.
5. Operating NPAT of the Group comprises of the results of all operating segments and excludes non-operating items such as transaction costs, fair value movements in derivatives and investments, the results of Benefit Funds, Controlled Property Funds, Centuria Bass Credit SPVs, share of equity accounted net profit in excess of distributions received and all other non-operating activities.
6. Includes development management, performance fees (FY25: $7.0m and FY24: $6.0m) and corporate overheads (FY25: $17.6m and FY24: $18m).
7. Includes $489 million of acquisitions exchanged and settled in FY25, $628 million of real estate finance transactions, $1,529 million of real estate divestments, $229 million of real estate finance repayments.​

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