DC Development Pipeline Deep Dive & 3Q FY26 Preview

Research evidence excerpt

DC Development Pipeline Deep Dive & 3Q FY26 Preview

Australia | Real Estate Finance

Goodman Group EquityMayResearch20, 2026

COMPANY UPDATEDC Development Pipeline Deep Dive & 3Q

RATING BUYFY26 Preview

PRICE AUD30.00^

Ahead of the 3Q FY26 update next week, we have done a deep dive on

GMG's current and future data centre development pipeline, totalling an PRICE TARGET | % TO PT AUD36.45 | +22%

estimated ~3GW. Our analysis captures an additional 8 projects (~1GW 52W HIGH-LOW AUD37.31 - AUD24.56

capacity) that we have been able to track through various state planning FLOAT (%) | ADV MM (USD) 97.3% | 107.08

portals, which are not yet referenced in GMG's disclosures. We remain high- MARKET CAP AUD60.9B | $43.2B

conviction BUY rated on GMG & continue to see material re-rate potential TICKER GMG AU ^Prior trading day's closing price unless otherwise

with the stock trading on ~24x P/E. noted.

DC development pipeline deep dive - Our analysis within seeks to break down everything we FY (Jun) CHANGE TO JEFe JEF vs CONS

have been able to uncover and form a view on, including: (1) pipeline end value, (2) capital 2026 2027 2026 2027

partnering and (3) a project-level summary across the 3GW of total DC projects we have been REV NA NA NA NA

able to track. Our conclusions are - (1) We estimate the $14bn of DC WIP by 30-Jun-26 implies

EPS NA NA +1% NM

a development margin of ~$5bn or ~56%. Extrapolating this returns profile across the ~2.3

GW of additional projects we tracked implies >$30bn of future margin. GMG will only be able

2026 (AUD) 1Half 2Half FY

to recognise profits on the share sold down into partnerships, however this goes a long way

EPS 0.59 0.72 1.31

in de-risking earnings & AUM growth over the medium-to-long term. (2) We believe GMG is

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