The Goodman Group (ASX: GMG) share price is in focus today after the company revealed strong Q1 FY26 operational results, including $12.4 billion of development work in progress and reaffirming its forecast for 9% operating EPS growth this year.
What did Goodman Group report?
- Development work in progress reached $12.4 billion as at 30 September 2025
- Data centres now account for 68% of total WIP
- Annual net property income (NPI) growth of 4.2% across partnerships
- Occupancy remains high at 96.1% across the portfolio
- Total property portfolio increased to $85.9 billion
- FY26 forecast operating EPS growth maintained at 9%
What else do investors need to know?
Goodman continues to advance its logistics and data centre development pipeline, with $17.5 billion in projected WIP by June 2026. The company's focus on supply-constrained metropolitan markets has helped maintain robust occupancy and rental growth, especially as demand for advanced infrastructure rises.
Around 40% of current development is pre-sold or being delivered for partners or third parties. Goodman is also raising additional capital for new data centre partnerships in Europe and Australia, expanding its global reach and partnership opportunities.
What did Goodman Group management say?
Greg Goodman, Group CEO, said:
Logistics customers are focused on significant capital investment in AI and robotic technology, to drive automation and productivity gains… Our sites are predominantly located in highly supply-constrained, metropolitan markets, where there's significant demand for power to service cloud customers. We're focused on speed to market, commencing construction, and activating sites to provide certainty of delivery. Goodman's strong liquidity position provides financial flexibility to support capital investment in our overall development program.
What's next for Goodman Group?
Goodman is targeting major data centre commencements in FY26, aiming to lift data centre WIP power capacity to approximately 0.5 GW by June 2026. The business expects development activity will be more heavily weighted to the second half and maintains its ambition for 9% operating EPS growth in FY26. Management sees continued strong enquiry in key market segments and plans to pursue large-scale sites to serve growing demand for cloud and AI infrastructure.
Goodman Group share price snapshot
Over the past 12 months, Goodman Group shares have declined 11%, underperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 8% over the same period.
