Centuria Capital Group

Reported operating EBITDA was $89.3 million for the half. Operating profit after tax was $54.6 million and operating earnings per security were $0.066, up 6.5% on the prior period. Statutory NPAT was higher, helped by fair value movements on co-invested property assets. The declared distribution was $0.052 per security. AUM increased 6% to $21.8 billion, property funds management AUM increased 5% to $18.3 billion, and property and development finance AUM increased about 9% to $2.5 billion. The group realized $133 million of cash from sale and recycling of balance sheet assets, and the average cost of debt fell after repayment of listed notes, with the all-in margin moving from approximately 325 bps to approximately 275 bps. Management upgraded FY26 operating earnings guidance to $0.136 per security; they also reiterated performance fees around $20 million for the year and said ResetData should still be loss-making in the second half, but less so than the first half.

John McBain framed the half as evidence that Centuria’s diversified platform is working through the cycle, with most earnings coming from contracted or recurring sources. He repeatedly emphasized discipline, conservative balance sheet settings, and “measured” capital deployment, especially in ResetData and data centers. His tone was constructive and confident, highlighting strategic optionality in property, credit, and sovereign AI while stressing that growth is being built around customer demand and investor appetite.

Simon Holt highlighted the quality of the earnings mix, saying the majority of operating earnings continue to come from recurring and contracted sources, with performance fees secondary. He said operating EBITDA was $89.3 million, operating profit after tax was $54.6 million, and EPS was $0.066, up 6.5%, while the declared distribution was $0.052 per security. He also pointed to $133 million of cash realized from asset recycling, no near-term debt maturities, and a reduction in the corporate all-in debt margin from about 325 bps to about 275 bps, with average platform funding margins at 1.57%.

Analysts focused heavily on ResetData, asking about second-half contribution, breakeven timing, leasing progress, technology choice, and funding needs. Management said performance fees should be about the same in the second half at around $20 million, while ResetData should still be a loss but smaller than in the first half; they attributed the change mostly to customer-signing timing and said the business is very young and being built around locked-in demand. Questions also covered Centuria Bass credit quality, gearing, acquisitions in due diligence, and potential IPOs of listed vehicles; management said the Bass book is in very good shape, look-through gearing is a metric they monitor but operating gearing remains around the 10% to 15% target band, and any listed IPOs depend on market conditions.