Ingenia Communities Group has reported a strong FY25 result, with underlying profit rising 33% to $126.1 million as development activity ramps up in line with growth targets.

Statutory profit surged to $128.4 million for the year ending 30 June 2025 – an 816% increase on FY24, which was impacted by a goodwill write-down. Group revenue climbed 8% to $512 million, while EBIT rose 22% to $164.1 million, finishing towards the top of guidance ($162-$165 million).

Chief Executive Officer John Carfi said the uplift was driven by growth in both development and recurring revenue streams, alongside tighter corporate and support costs.

“Most pleasingly, we have seen development activity accelerate with productivity gains emerging,” he said. “I am confident of continuing to accelerate construction activity, with five projects commencing this year – a step change that will enhance medium-term returns but elevate capital investment and upfront marketing costs, impacting EBIT margin in FY26.”

The Group’s Ingenia Lifestyle rental segment delivered full-year EBIT of $46.2 million, up 2%.

Ingenia also confirmed the impact of a recent Victorian Civil and Administrative Tribunal (VCAT) ruling, with FY25 Deferred Management Fees (DMF) of $2.2 million not recognised and the $25.4 million carrying value of DMF written off at 30 June.

“While DMF revenue is not material to the Group and does not form part of the growing Ingenia Lifestyle model, a revised DMF will be included on resales across the Group’s 500-home Federation portfolio to preserve affordability in these communities,” it stated.