Sydney, May 14, 2026, 07:03 AEST
- Goodman was last seen at A$31.30, up 1.39% late Wednesday, with investors zeroing in again on the group’s data-centre pipeline.
- Goodman’s next event comes May 26: the Q3 FY26 operational update.
Shares of Goodman Group popped higher in Sydney late Wednesday, as investors circled back to the company’s move away from warehouses toward data centres ahead of its trading update due later this month. At 16:41 AEST on May 13, the stock traded at A$31.30, marking a gain of A$0.43, or 1.39%. Over the past week, shares rose 5.14%, according to market data.
The timing’s key. Goodman’s investor calendar puts a Q3 FY26 operational update on May 26, offering a close-up soon on whether the company is actually converting its limited supply of powered land—those hard-to-find sites with locked-in electricity for data centers—into leased, funded projects.
Back in February, the company reported a first-half operating profit of A$1.2035 billion and operating earnings per security at 58.5 cents. Statutory profit landed at A$824.7 million. The 9% operating earnings growth target for FY26 was reaffirmed. According to ASX filings, development work in progress stood at A$14.4 billion—data centres accounted for 73% of that total.
Goodman keeps the message simple: it owns urban land, offers power at many locations, and pulls in capital partners further along in a project’s life. On its website, the company lists a total portfolio worth A$87.4 billion. The data-centre power bank clocks in at 6.0 gigawatts—0.3 GW sits under construction, while another 0.7 GW is classified as stabilised.
Group CEO Greg Goodman points to land and power as the main obstacles. “The scale and locations of our powered land bank is rare,” he said during the February update. According to Goodman, lining up construction-ready powered sites isn’t quick—acquisition, planning, and connection can drag on for years. Goodman
That focus came into clearer view in April, when Goodman teamed up with DataBank. The two split ownership down the middle on a 32-megawatt data center in Vernon, just outside Los Angeles. According to DataBank, the project is expected to start operations with 6 MW in December 2026, bringing the other 26 MW online in phases by September 2027.
Anthony Rozic, CEO at Goodman North America, stressed the need for “power, sites, and capital” to capture demand and assure customers of consistent delivery. DataBank CEO Raul Martynek, for his part, pointed to the venture’s promise of “AI-ready data center capacity” for Los Angeles—calling out just how constrained that market is. DataBank | Data Center Evolved
That move edges Goodman closer to both the industrial REIT space and listed digital-infrastructure names. In the local market, NEXTDC stands out—an ASX 100 tech player, the company pitches itself as specialising in data-centre outsourcing, connectivity, and infrastructure management software.
Higher rates aren’t doing developers any favors. Polymarket’s Fed-rates dashboard shows markets assigning a 98% probability that the Federal Reserve holds steady on June 17, while the 2026 rate-cut contract sees about a 69% to 70% chance there will be no rate cuts at all through 2026. Kalshi’s contracts on Fed moves and 2026 cuts also track these expectations, both resolving directly on official outcomes. For companies funding extended construction or power projects, the limited outlook for cheaper U.S. debt means little relief for valuations.
Still, the risks are right there. Morningstar’s Yingqi Tan, CFA, pointed out after Goodman’s half-year numbers that the “timeline for building out the data center pipeline is still somewhat unclear.” Regulatory sign-offs and shifting environmental policies? Unpredictable, she said. Tan held her A$29 fair value call on the stock. Morningstar
So, for investors, the May 26 update isn’t really about earnings—it’s more of a checkpoint. The core questions: megawatts under construction, the amount pre-committed, which partners are actually putting up money, and whether Goodman is still keeping the balance sheet lean without losing speed.
