How GPT Group’s latest half year result reshaped the earnings picture
GPT Group (ASX:GPT) attracted fresh attention after reporting half year earnings to 30 June 2026, with net income and earnings per share from continuing operations higher year on year despite lower reported revenue.
The company posted sales of A$428.2 million compared with A$417.6 million a year earlier. Reported revenue was A$504.8 million against A$551.2 million, while net income rose to A$400.1 million from A$329.1 million.
Basic and diluted earnings per share from continuing operations were both A$0.209, compared with A$0.172 in the prior corresponding period. This puts per share profitability at the centre of the latest market discussion around GPT Group.
GPT Group’s shares last closed at A$4.70, with the stock down 6% on a 1 month share price basis and 13.92% year to date. The 3 year total shareholder return of 30.29% suggests longer term holders have seen a very different experience.
The latest half year earnings update, which featured higher net income and earnings per share from continuing operations, arrives against this backdrop of softer recent share price performance. This update is likely to influence how investors weigh the balance between income resilience and perceived risk in GPT Group’s property portfolio.
Compare GPT Group’s earnings story with other property stocks that pair income resilience with balance sheet strength through our hand picked list of solid balance sheet and fundamentals (20 results)
After a weak year-to-date share price and higher earnings per share from continuing operations, the question for GPT Group now is whether most of the rerating has already played out or if meaningful upside is still in front of you.
Most Popular Narrative: 16.2% Undervalued
According to the leading narrative on GPT Group, a fair value of A$5.61 per share sits above the last close of A$4.70. This puts the recent half year result into a sharper earnings and income context.
At A$5.608 per share, GPT Group (ASX: GPT) appears reasonably valued based on its current property portfolio and FY26 earnings guidance. GPT has forecast FY26 funds from operations (FFO) of approximately 35.4 cents per share, representing growth of around 4% from the 34.0 cents generated in 2025. This gives a forward price-to-FFO ratio of approximately 15.8 times at the assessed price.
The valuation depends on how GPT Group converts high occupancy and like for like income growth into future cash flow. One funding cost assumption and one portfolio earnings line do most of the heavy lifting behind that A$5.61 fair value. The full narrative spells out exactly which parts of retail, office and logistics drive the model and what that means for future distributions.
Result: Fair Value of A$5.61 (UNDERVALUED)
Have a read of the narrative in full and understand what's behind the forecasts.
However, GPT Group’s case still hinges on office occupancy improving and funding costs staying contained, so weaker leasing conditions or higher interest expenses could quickly challenge this view.
Find out about the key risks to this GPT Group narrative.
Next Steps
Given the mixed tone around GPT Group, with both risks and potential rewards in play, it makes sense to check the data yourself and move quickly if needed. To see that balance set out side by side, review the 3 key rewards and 4 important warning signs
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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