Sydney, May 18, 2026, 00:06 AEST
- Goodman closed Friday at A$31.38, up 3.7% from the previous Friday, while the S&P/ASX 200 fell 1.3%.
- The next formal marker is Goodman’s Q3 FY26 operational update on May 26.
- Investors are watching whether data-centre projects turn into leased, powered and funded developments.
Goodman Group heads into Monday’s ASX open with its shares ahead of the broader market, after the industrial property and data-centre developer gained 3.7% last week to close at A$31.38 on Friday. The S&P/ASX 200 fell 1.3% over the same Friday-to-Friday stretch.
That matters now because Goodman’s stock is trading less like a plain warehouse landlord and more like a bet on digital infrastructure — the powered sites, long leases and capital partners needed to build data centres. The company’s next scheduled update is its Q3 FY26 operational update on May 26.
The Australian market had not reopened at the time of publication. May 18 is listed as a normal ASX trading session, with cash trading scheduled later Monday.
The move came in a choppy week for local equities. Reuters reported that Commonwealth Bank of Australia lost nearly A$30 billion in market value on Wednesday after higher provisions and concerns over housing-tax changes, adding pressure to the broader market.
Goodman’s February results set the yardstick. The company reported operating profit of A$1.2035 billion, operating earnings per security of 58.5 cents and statutory profit of A$824.7 million for the half year to Dec. 31. Operating earnings per security, or OEPS, is Goodman’s measure of recurring earnings for each stapled security.
The growth story is now mostly about execution. Goodman said work in progress, meaning active development projects, stood at A$14.4 billion, with data centres making up 73% of that pipeline; it also reiterated a target of 9% FY26 OEPS growth. Group CEO Greg Goodman said “power, sites and capital are critical” and that digital-infrastructure demand was expected to “materially exceed supply” over the foreseeable future.
Goodman also said its global power bank had risen to 6.0 gigawatts across 16 major cities, and it expects more than A$14 billion of data-centre projects in work in progress by June 30 on sites with secured power connections. Power is the first hard constraint in data centres: without grid access, land is not enough.
In the local competitive set, NEXTDC closed Friday at A$14.87, only 0.5% above the previous Friday, giving Goodman the stronger week among listed names tied to Australian data-centre demand. NEXTDC is the cleaner data-centre peer; Goodman is trying to prove that its industrial land bank can be converted into larger powered campuses.
The bullish case is not new, but it still drives the trade. John Lockton, head of investment strategy at Sandstone Insights, told Reuters that “investments into data centres continue to see momentum,” while noting that higher data-centre exposure helped investors pay a higher multiple for Goodman. Reuters
Sell-side views remain positive, though not without limits. MarketScreener’s consensus page showed 13 analysts with a mean “buy” rating, an average target price of A$34.46 and a high target of A$40.00, compared with Friday’s A$31.38 close. MarketScreener
But the risk is that the market has already priced in too smooth a conversion from land to earnings. “When everyone is in a frenzy, it’s easy to overpay for things,” Morningstar analyst Yingqi Tan said in comments carried by Bloomberg/The Star, adding that data-centre developments are capital intensive and have long lead times. A delay in power approvals, tenant commitments or capital-partner funding would quickly make the valuation look less forgiving. The Star
For the week ahead, the stock may move less on fresh company news and more on how investors position before the May 26 update. The question is simple enough: can Goodman keep turning scarce metropolitan land into committed data-centre projects before the market asks for harder evidence?
