The BWP Trust (ASX: BWP) share price is in focus today after the company announced a 41.2% jump in statutory profit to $221.8 million for the half-year ended 31 December 2025, with revenue up 3% and an interim distribution per security increasing 4.1% to 9.58 cents.
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What did BWP Group report?
- Revenue rose 3.0% to $103.6 million (HY24: $100.6 million)
- Statutory profit after fair value adjustments and tax surged 41.2% to $221.8 million (HY24: $157.1 million)
- Interim distribution per security lifted 4.1% to 9.58 cents
- Net tangible assets per security climbed 2.0% to $4.00
- Weighted average capitalisation rate of 5.27% across the property portfolio
- Portfolio value increased by $195.9 million to $3.9 billion, including significant unrealised gains
What else do investors need to know?
BWP completed its management internalisation in August 2025, focusing on strengthening systems and employment arrangements as it transitions to an internal model. The company advanced key leasing milestones, amending 62 Bunnings leases and making progress on development approvals for property expansions in Western Australia and New South Wales.
The Group's occupancy rate remained solid at 96.7%, with a long weighted average lease expiry of 7.5 years. Divestments included several properties sold at strong premiums, while new debt facilities have improved funding flexibility and reduced risk.
What did BWP Group management say?
Managing Director Mark Scatena said:
The half saw a continued focus on asset repurposing, occupancy improvement and asset recycling whilst transitioning to an internalised management structure, with funding diversified and the balance sheet expanded to support the lower cost of capital post internalisation.
What's next for BWP Group?
BWP expects to maintain its strategic direction, balancing portfolio optimisation, growth and renewal through the remainder of FY26. Priorities include embedding the internal management model, deploying capital efficiently for site repurposing and tenant-led expansions, and capitalising on further leasing opportunities.
The company guides to a full-year distribution per security of 19.41 cents, about 4.1% higher than FY25. Ongoing rent reviews, site developments, and tenant mix enhancements should underpin future growth, supported by a low supply pipeline in the large format retail sector.
BWP Group share price snapshot
Over the past 12 months, BWP Group shares have risen 8%, slightly outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 6% over the same period.
