Sydney, May 14, 2026, 07:03 AEST
- Goodman shares were quoted at A$31.30 late Wednesday, up 1.39%, as investors refocused on the group’s data-centre pipeline.
- The next scheduled test is Goodman’s Q3 FY26 operational update on May 26.
Goodman Group shares climbed in Sydney late Wednesday, putting the Australian property group’s shift from warehouses to data centres back in focus before a scheduled trading update later this month. The stock was quoted at A$31.30 at 16:41 AEST on May 13, up A$0.43, or 1.39%, and was 5.14% higher over seven days, market data showed.
Why it matters now is timing. Goodman’s investor calendar lists a Q3 FY26 operational update for May 26, giving investors a near-term check on whether the group is turning scarce powered land — sites with secured electricity capacity needed to run data centres — into leased, funded projects.
The company told investors in February that first-half operating profit was A$1.2035 billion, with operating earnings per security of 58.5 cents and statutory profit of A$824.7 million. It reiterated a 9% FY26 operating earnings growth target; development work in progress, or projects under way, was A$14.4 billion, with data centres making up 73% of that workbook, ASX material showed.
Goodman’s pitch is straightforward. It owns urban land, has power attached to many sites and can bring in capital partners once projects are advanced. Its website puts its total portfolio at A$87.4 billion and its data-centre power bank at 6.0 gigawatts, with 0.3 GW of work in progress and 0.7 GW stabilised.
Group CEO Greg Goodman has framed the bottleneck as land and power. “The scale and locations of our powered land bank is rare,” he said in the February update, adding that construction-ready powered sites take years to acquire, plan and connect. Goodman
Goodman’s April venture with DataBank sharpened that point. The companies formed a 50/50 joint venture for a 32-megawatt facility in Vernon, near Los Angeles; the site is due to open in December 2026 with an initial 6 MW and add the remaining 26 MW in stages through September 2027, DataBank said.
Anthony Rozic, CEO of Goodman North America, said “power, sites, and capital” were critical to building into demand and giving customers delivery certainty. DataBank CEO Raul Martynek said the venture would bring “AI-ready data center capacity” to enterprises in Los Angeles, one of the tighter U.S. markets. DataBank | Data Center Evolved
That puts Goodman nearer the listed digital-infrastructure trade as well as the industrial REIT trade. In Australia, NEXTDC is one reference point: the company describes itself as an ASX 100-listed technology company focused on data-centre outsourcing, connectivity services and infrastructure management software.
The rates backdrop is less friendly. Polymarket’s Fed-rates dashboard priced a 98% chance of no change at the June 17 Federal Reserve meeting, while its 2026 rate-cut market put the chance of zero Fed cuts at about 69% to 70%; Kalshi also lists Fed decision and 2026 rate-cut contracts that resolve against Federal Reserve outcomes. For a developer funding long-duration power and construction work, that leaves less room for a valuation lift from lower U.S. borrowing costs.
But the risks remain plain. Morningstar analyst Yingqi Tan, CFA, wrote after Goodman’s half-year result that the “timeline for building out the data center pipeline is still somewhat unclear,” and said regulatory approvals and environmental policy are a wild card; she kept a A$29 fair value estimate on the securities. Morningstar
Investors may therefore treat the May 26 update less as an earnings event and more as a proof point. The questions are practical: how many megawatts are under construction, how much is pre-committed, which partners are writing checks, and whether Goodman can keep the balance sheet light while still moving fast.
