EarningsQ4 2026 Earnings Report

Argosy Property Limited (IGPYF) Q4 2026 Earnings Report

6 Followers

Previous Report: Q2 2026

IGPYF Q4 2026 EPS Results

Actual EPS$0.04

Consensus EPS―

Beat/Miss―

One Year Ago EPS$0.06

IGPYF Q4 2026 Revenue Results

Actual Revenue$44.67M

Expected Revenue―

Beat/Miss―

YoY Revenue Growth+2.51%

Earnings Announcement Details

QuarterQ4 2026

Date05/20/2026

TimeTBA

Conference CallWednesday, May 20, 2026

IGPYF Upcoming Earnings

Argosy Property Limited's next earnings date is estimated for December 2, 2026, based on past reporting schedules.

Q4 2026 Earnings Call Audio

No earnings call audio is available for this earnings event.

Q4 2026 Earnings Slide Deck

No slide deck is available for this earnings event.

Q4 2026 Earnings Call Summary

Q4 2026

Earnings Call Date:May 20, 2026|

% Change Since:

Earnings Call Sentiment|Neutral

The call presents a balanced picture: several positive financial outcomes (modest revenue and distributable income growth, improved interest costs and coverage, portfolio valuation gains, sustainability credentials and completed transactions) are tempered by meaningful headwinds—geopolitical uncertainty, higher vacancy and lease timing risk (notably Neilson Street), constrained development outlook due to anticipated construction cost inflation, and persistent dividend stagnation. Management has taken conservative actions (hedging, dividend policy change, DRP suspension, planned divestments) to shore up the balance sheet. Overall, positives and negatives are roughly balanced.

Company Guidance

Guidance for FY27 was left unchanged at a dividend of $0.0665 per share (Q4 $0.016625), with the DRP suspended and a new dividend policy targeting 80–95% of FFO; FY26 metrics that frame that guidance include gross property income $137.5m (+3.6%), net property income $120.8m (+3.3%), gross distributable income $70.4m (+9.8%), NDI $0.0705/share, FFO $59.1m (+8.3%) or $0.0685/share, and a payout of 97% of AFO (90% of FFO); rent reviews totaled 111 on $81m of rent (72% fixed +3.1% pa, 25% market +4.8% pa, 3% CPI +2.8% pa) with $109m up for review in FY27 (60% fixed); balance sheet metrics include portfolio value $2.2bn (+$94m), debt/total assets 37.2% (now just over 36%), weighted average cost of debt 4.6% (from 5.1%), interest cover 2.7x (bank covenant 2x), 74% fixed-rate cover (added $265m of swaps) and average debt tenor 3.1 years; operational guidance flags minimal development activity, expected construction cost inflation of 10–15%, and—if the Neilson Street lease completes—occupancy improving to 97.2% with WALE ~5.3 years.

Revenue and Net Property Income Growth

Gross property income was $137.5M, up 3.6% year‑on‑year; net property income (NPI) increased 3.3% to $120.8M.

Distributable Income and Per-Share Metrics

Gross distributable income rose 9.8% to $70.4M; net distributable income per share was $0.0705 versus $0.0658 last year, a 7.1% increase.

Funds From Operations (FO/FFO) Improvement

FO increased 8.3% to $59.1M from $54.6M; FO per share rose to $0.0685 from $0.0643 (year‑on‑year improvement).

Portfolio Valuation and Revaluation Gain

Investment property value increased by $94M during the year to a portfolio valuation of $2.2B; included a $4.4M gain on two held‑for‑sale properties.

Balance Sheet and Interest Rate Management

Debt to total assets was 37.2% at 31 March and has fallen to just over 36% post-settlements; weighted average cost of debt improved to 4.6% from 5.1%; interest cover ratio improved to 2.7x from 2.5x; fixed‑rate cover increased to 74% (vs 63% last year).

Completed Acquisitions and Development Completions

Acquired 291 East Tamaki Road and completed capital works including 224 Neilson Street (Warehouse B) and Mt Richmond development; capital spending focused on these projects.

Sustainability Recognition and Green Demand

224 Neilson Street won industrial gold and overall sustainability awards; Mt Richmond achieved a confirmed 6 Green Star rating; strong inquiry for 5–6 star green industrial buildings reported.

Dividend Maintained and Policy Update

Full‑year dividend maintained at $0.0665 per share (Q4 = $0.016625). Board changed dividend policy to target 80%–95% of FFO to support sustainable dividends; DRP suspended this dividend.

IGPYF Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Dec 02, 2026	2027 (Q2)	- / -	0.02	―
May 20, 2026	2026 (Q4)	- / 0.04	0.061	-29.36% (-0.02)
Nov 18, 2025	2026 (Q2)	- / 0.02	0.018	12.50% (<+0.01)
May 20, 2025	2025 (Q4)	- / 0.06	-0.024	359.52% (+0.08)
Nov 20, 2024	2025 (Q2)	0.02 / 0.02	0.02	-8.57% (>-0.01)
May 22, 2024	2024 (Q4)	- / -0.02	-0.061	61.11% (+0.04)
Nov 29, 2023	2024 (Q2)	0.02 / 0.02	0.022	-10.26% (>-0.01)
May 16, 2023	2023 (Q4)	0.02 / -0.06	0.022	-370.00% (-0.08)
Nov 22, 2022	2023 (Q2)	0.04 / 0.02	0.022	-2.50% (>-0.01)
May 18, 2022	2022 (Q4)	- / 0.02	0.021	5.26% (<+0.01)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed