Centuria upgrades earnings guidance

HY26 performance underpinned by alternatives growth

• FY26 earnings guidance¹ upgraded to 13.6cps (11.5% above FY25); Reaffirmed distribution guidance of 10.4cps
• Operating net profit after tax (OPAT)² $54.6m (HY25: $51.1m); $0.4bn gross unlisted capital inflows
• New Group AUM record of $21.8bn (FY25: $20.6bn), alternatives represent 27% of property management platform
• Secured 100% ownership of Centuria Bass Capital, finance division increased 9% to $2.5bn
• Secured Arrow Funds Management rights bringing Agriculture AUM to $1.3bn
• $0.5bn in real estate acquisitions, a further $0.8bn secured or in DD since 31 Dec 2025

Australasian real estate funds manager, Centuria Capital Group (ASX: CNI or “Centuria”), has announced an upgraded FY26 Operating Earnings Per Security (OEPS) guidance¹ of 13.6 cents per security (cps), an 11.5% increase above FY25, during its half year results. Centuria also reaffirmed its FY26 distribution guidance of 10.4cps.

The increased earnings upgrade is underpinned by Centuria’s growth in alternative real estate sectors, which now account for 27% of the Group’s total real estate AUM. During HY26, Centuria’s agriculture vertical increased 85% to $1.3 billion and its property finance vertical increased nine per cent to $2.5 billion.

The fund manager also increased its ownership of the property finance business, Centuria Bass Credit, from 80% to 100%. Since the Group announced its joint venture with Centuria Bass in 2021, the division has delivered a 36% Compound Annual Growth Rate (CAGR), outperforming the wider market growth rate of 14%.

Additionally during the period, Centuria secured the Arrow Primary Infrastructure Fund management rights, which added an additional $444 million of AUM to the Group. Centuria now oversees the Arrow Fund, welcoming their management team and Arrow’s network of more than 460 private investors and family offices. Centuria also acquired the largest hydroponic glasshouse facility in the Southern Hemisphere, operated by Perfection Fresh, in Two Wells, South Australia.

John McBain, Centuria Joint CEO, said, “Today’s earnings upgrade reflects the strength of underlying Group profit drivers and momentum into the second half of the 2026 financial year. Centuria’s platform is well-positioned to benefit from improving real estate market conditions, supported by rising transactional activity and a growing network of more than 15,500 private investors.”

Centuria reported Operating Net Profit After Tax of $54.6 million², resulting in OEPS of 6.6cps¹ (+6.5% above HY25). An interim distribution of 5.2cps was declared. HY26 Statutory NPAT of $49.8 million represents statutory earnings per security of 6.0cps, reflecting the positive fair valuation impact of property investments held by Centuria.

During the period, Centuria generated $0.4 billion of gross unlisted capital inflows across property funds management ($200 million) and property and development finance ($200 million).

Centuria’s private investor network recently expanded by almost 2,000 investors. Currently, more than 1,600 unlisted investors have investment in three or more Centuria funds. The success of Centuria’s corporate integration strategy is illustrated by half of the investors who joined the Group in the Primewest merger now investing in other Centuria funds.

The Group’s assets under management (AUM) expanded to a record $21.8 billion during HY26 (FY25: $20.6bn). Centuria’s platform comprises $18.3 billion in Property Funds Management (two-thirds unlisted funds and a third listed funds), $2.5 billion in Real Estate Finance, and $1.0 billion in Investment Bonds.

Jason Huljich, Centuria Joint CEO, said, “Private and institutional investor demand remains strong, particularly evidenced by our growth in alternative real estate sectors and through targeted offerings, more recently focused on industrial and large format retail. Centuria has a long and proud history of servicing private investors, many of whom are repeat clients or hold multiple investments across the platform. Our inorganic growth has been undertaken with a careful focus on integration of management teams, funds and investors as we build long term partnerships.”

During the half-year, Centuria acquired $0.5 billion in real estate asset and a further $0.8vbillion of assets have been secured or in Due Diligence since 31 December 2025.

On a leasing front, more than 450,000sqm of lease terms were agreed across 11% of Centuria’s platform³ during the period. The platform provides a 6.4% Weighted Average Capitalisation Rate, 95% occupancy and 5.6-year Weighted Average Lease Expiry (WALE).

Following Centuria and ResetData’s joint venture in August 2024, Australia’s first public sovereign AI Factory has been completed and is operational. Centuria and ResetData are steadily increasing GPU capacity directly in relation to customer demand. The Group enjoys Cloud Partner status with NVIDIA, Titanium Partner status with Dell and access to the world’s leading GPU chip sets.

Mr McBain and Mr Huljich concluded, “The Group will continue to advance various long-term priorities while remaining nimble as markets evolve. Centuria has a history of successfully complementing organic growth with select inorganic opportunities. Our upgraded guidance reflects accretion from organic growth as well as the acquisition of the Arrow agriculture fund, which we foreshadowed in our December 2025 platform release. Centuria is steadily building momentum with $0.8 billion of real estate currently in DD or secured since 31 December 2025. The platform has many channels to grow, supported by an expanding and difficult to replicate network of investors.”

As at 31 December 2025, Centuria recorded its Net Asset Value (NAV) of $1.78⁴ per security. Centuria retained cash and undrawn debt totalling $288 million with balance sheet gearing at 12.4%⁵. CNI’s weighted average debt maturity increased to 3.6 years.

CNI HY26 results wrap

1. Operating Earnings Per Security (OPES) is calculated based on the Operating NPAT of the Group divided by the weighted average number of securities.
2. Operating NPAT represents the results of all operating segments and excludes non-operating items such as transaction costs, fair value movements in derivatives and investments, share of equity-accounted profits in excess of distributions, all eliminations and the results of all controlled entities that do not relate to the Group’s securityholders (including Benefit Funds, Controlled Property Funds, and Centuria Bass Credit SPVs). Operating EPS is calculated based on the Operating NPAT of the Group divided by the weighted average number of securities.
3. Leasing by Net Lettable Area (NLA).
4. Number of securities on issue 31 December 2025: 830,091,925. Net asset value is based on net assets attributable to CNI securityholders.
5. Gearing ratio is calculated based on (operating borrowings less operating cash), divided by (operating total assets less operating cash, non recourse loans and mark to market).