Centurion Corporation 1Q 2026: Group Revenue Rises 30% To S$89.4 Million On Mandai Consolidation, Harum Megah Bed Stack And EPIISOD Macquarie Park First-Quarter Contribution — Australia Revenue More Than Doubles To S$7.5 Million (+107% YoY), United States Exit Completed With March 2026 Disposal Of Dwell Towers On State And Dwell Statesider, And April 2026 Pilbara Acquisitions At Karratha And South Hedland Open A Fourth Living-Sector Segment In Key Worker Accommodation Targeting Australia's Iron-Ore Workforce

Centurion Corporation reported 30% year-on-year revenue growth to S$89.4 million in 1Q 2026, with PBWA segment revenue rising 30% to S$69.2 million on the consolidation of Westlite Mandai and the Harum Megah portfolio, PBSA segment revenue rising 30% to S$19.6 million on EPIISOD Macquarie Park's first-quarter contribution and 98% United Kingdom occupancy, and Australia revenue more than doubling to S$7.5 million (+107% YoY). Beneath the headline growth, three structural moves frame the 1Q 2026 narrative. In April 2026, the Group entered the Australian Key Worker Accommodation segment through two Pilbara acquisitions — c.321 beds at Karratha and c.125 beds at South Hedland — opening a fourth living-sector vertical with strategic exposure to Australia's iron-ore mining workforce. In March 2026, the Group completed its United States exit by disposing of its two remaining PBSA assets, Dwell Towers on State and Dwell Statesider. And the forward pipeline expands portfolio capacity from 81,388 operational beds today to c.85,470 beds by 2027 — anchored by Singapore PBWA ramp-up, three Australian EPIISOD developments, a UK PBSA acquisition at William Road in London, and the asset-light c.1,500-bed Gul Drive Property Management Agreement signed in February 2026.

Group revenue: clean 30% across all three segments, all four geographies in growth

The 1Q 2026 voluntary business update covers the three months ended 31 March 2026 and represents the first quarterly disclosure since the FY2025 full-year results released in February 2026. Group revenue of S$89.4 million prints 30% above the S$69.0 million comparable quarter of 2025 — a clean S$20.4 million step-up that arrived in a single quarter rather than building gradually across the year. The growth distributes evenly across the three operating segments: PBWA revenue of S$69.2 million is 30% above the S$53.4 million 1Q 2025 print, PBSA revenue of S$19.6 million is 30% above the S$15.0 million 1Q 2025 base, and the residual Others segment contributes S$0.6 million (slightly below the S$0.6 million 1Q 2025 figure). Geographically, Singapore revenue of S$62.6 million prints +29% YoY, Malaysia revenue of S$6.2 million prints +30%, Australia revenue of S$7.5 million prints +107% (more than doubling on a small base), and the United Kingdom contribution of S$11.6 million prints +5%. The Other countries residual sits at S$1.5 million, +64% YoY.

The growth dispersion across geographies maps cleanly to the underlying portfolio activity. Singapore's 29% reads as the consolidation effect of Westlite Mandai (which became a wholly-owned subsidiary in September 2025 following the 55% stake acquisition that lifted holdings to 100%) plus approximately 5,460 newly operational beds from Asset Enhancement Initiatives at Westlite Toh Guan and Westlite Mandai. Malaysia's 30% reflects the Harum Megah portfolio acquired in September 2025 — six Johor PBWAs totalling approximately 7,197 beds, progressively rebranded to Westlite during 1Q 2026 and contributing for a full quarter for the first time. Australia's 107% is the single largest growth signal in the print: EPIISOD Macquarie Park, the 732-bed PBSA asset acquired by Centurion Accommodation REIT on 13 January 2026 for A$345 million, commenced operations in the quarter under a two-year master lease through 31 December 2027, lifting Australia's portfolio bed capacity from c.897 to c.1,629 beds. The United Kingdom's 5% growth is the lowest in the print but the most stable — it reflects 98% financial occupancy on a portfolio of ten PBSA assets and moderate rental growth on a high base, with the GBP appreciating against the SGD over the quarter.

PBWA — Singapore consolidation, Malaysia ramp, Hong Kong recovery

Singapore PBWA revenue rose 29% year-on-year to S$62.6 million. The growth driver is the consolidation of Westlite Mandai from September 2025, when Centurion's acquisition of an additional 55% interest lifted ownership to 100% and brought the asset onto the balance sheet rather than the equity-method line. The Singapore segment also benefited from approximately 5,460 newly operational beds following the completion of Asset Enhancement Initiatives at Westlite Toh Guan (new block: 1,764 beds, FEDA licensed December 2025; Toh Guan Expanded Capacity: 664 retained beds, FEDA licensed March 2026) and Westlite Mandai (new block: 3,696 beds, FEDA licensed March 2026). Average financial occupancy for the Singapore PBWA portfolio printed at 95% in 1Q 2026 versus 98% in 1Q 2025 — a 3 percentage point compression that the Group attributes to the ramp-up phase of newly available beds rather than any softening of underlying demand. All four of the Group's Quick Build Dormitories (Westlite Kranji Way, Westlite Tuas Avenue 2, Westlite Jalan Tukang, Westlite Tuas South Boulevard), Westlite Ubi, and the new blocks at Westlite Toh Guan and Westlite Mandai are now fully compliant with New Dormitory Standards under the Dormitory Transition Scheme. The remaining permanent purpose-built dormitories already meet key NDS specifications and will progressively retrofit to full compliance ahead of the 2030 IDS deadline and 2040 NDS deadline.

Demand in Singapore continues to be anchored by construction sector fundamentals. The Building and Construction Authority's January 2026 outlook forecasts total construction demand between S$47-53 billion for 2026 and S$39-46 billion annually through 2027 to 2030, supported by major pipeline projects including Changi Airport Terminal 5 and the Marina Bay Sands expansion. Singapore Construction, Marine Shipyard and Process worker permit holders rose 5.6% year-on-year to 482,600 as at December 2025, with the segment growing at a CAGR of 11.0% over 2020-2025 versus 5.2% for real GDP. New supply is gated by the Dormitory Transition Scheme structure: 40,200 beds across five purpose-built dormitory sites are scheduled for delivery in 2026-2027, while approximately 102,800 beds across the existing market face lease expiries in 2026-2030, a non-renewal of any meaningful share of which would compress effective supply further.

Malaysia PBWA revenue grew 30% to S$6.2 million in 1Q 2026 from S$4.8 million in 1Q 2025, reflecting the full-quarter contribution of the Harum Megah portfolio acquired in September 2025. Average financial occupancy stood at 73% in 1Q 2026 versus 80% in 1Q 2025 — the dilution reflects the larger but less-stabilised post-acquisition portfolio base. The Group cites foreign worker caps as a near-term constraint on employer recruitment, but flags longer-term tailwinds from the enforcement of Act 446 (the Workers' Minimum Standards of Housing and Amenities Act) and continued industrial development across Johor and the broader region. In Hong Kong SAR, Westlite Sheung Shui's average financial occupancy walked from 62% in 4Q 2025 to 68% in 1Q 2026 — a six percentage point quarter-on-quarter recovery. Demand for the asset is supported by the Hong Kong government's Enhanced Supplementary Labour Scheme, which has received over 22,500 applications to import more than 171,000 workers since September 2023. The Group is monitoring performance before considering further expansion in the Hong Kong PBWA market.

PBSA — UK Russell Group anchors, Australia doubling on EPIISOD, Hong Kong at 99%

The PBSA segment delivered revenue of S$19.6 million in 1Q 2026, 30% above the S$15.0 million 1Q 2025 base. The United Kingdom contributed S$11.6 million (+5%), Australia contributed S$7.5 million (+107%), and Hong Kong's two PBSA assets contributed within the residual line. UK occupancy printed at 98% on a portfolio of ten PBSA assets — nine owned by Centurion Accommodation REIT and one (Dwell Garth Heads, Newcastle) held directly by the parent. The Group's UK strategy is anchored by Russell Group university locations across Manchester, Liverpool, Bristol and Nottingham, providing structural insulation against the broader UK PBSA sector pressures from continued student visa management measures and cost-of-living concerns. UCAS data for the January 2026 deadline shows a record 338,940 UK 18-year-olds applied to UK universities, a 4.8% increase year-on-year, while international undergraduate applications rose 5.1% to 124,830, led by a 10% increase in Chinese applicants — a directional read that supports the Russell Group-tilted portfolio's pricing power.

Australia PBSA revenue of S$7.5 million more than doubled from S$3.6 million in 1Q 2025, driven by positive rental rate reversions across the existing portfolio (Dwell Village Melbourne City, Dwell East End Adelaide) and the first-quarter contribution from EPIISOD Macquarie Park in Sydney. The 732-bed Macquarie Park asset commenced operations in January 2026 under Centurion's premium EPIISOD brand and is accounted for as 100% occupied based on its two-year master lease through 31 December 2027 — the master lease provides fixed rental income of A$14.1 million for FY 2026 and A$20.0 million for FY 2027. Including the master-lease-driven 100% occupancy, the Australia PBSA portfolio average occupancy printed at 92%. The structural backdrop continues to read constructively: Australia's PBSA supply remains tight with approximately 3.6 international students and 8.5 total students competing for each bed nationally, international student demand has surpassed pre-COVID levels, and the Australian Government's 2026 National Planning Level set a cap of 295,000 new international student commencements, a 9% increase from 2025.

In Hong Kong SAR, the Group's two PBSA assets (Dwell Prince Edward and Dwell Ho Man Tin) achieved average financial occupancy of 99% in 1Q 2026, compared with 98% in 4Q 2025. The Hong Kong PBSA market is in a growth phase, supported by government policy to position the city as an international post-secondary education hub. The Group continues to monitor the market before considering further expansion.

April 2026 KWA segment entry — Pilbara mining workforce, c.446 beds

In April 2026, Centurion entered a fourth living-sector segment with two Sale and Purchase Agreement acquisitions in Western Australia: c.321 beds at Velocity Village and Velocity Motel and Bistro in Karratha, plus c.125 beds at Concorde South in South Hedland. Both acquisitions are pending completion expected by 2Q 2026. The new segment — Key Worker Accommodation, abbreviated KWA — sits alongside PBWA, PBSA and BTR as a distinct operating vertical, and is the Group's first dedicated exposure to Australia's resource sector workforce. Both assets serve the mining, resources and related services workers in the Pilbara region of Western Australia, which produces approximately 96% of Australia's iron ore exports. Western Australia is expected to account for roughly 40% of all new resource sector jobs nationally over the next five years.

The strategic rationale reads as a deliberate diversification beyond the demographic-driven PBWA (Singapore-Malaysia construction labour) and education-driven PBSA (UK-Australia student) cycles into a commodity-cycle-linked accommodation segment. The Pilbara workforce thesis is structurally distinct from the existing book — Australian iron ore demand is dominated by Chinese steelmaking activity, and the KWA segment's lease structure typically involves longer commitments by resource operators bundling accommodation with operational logistics. The Group has framed the acquisitions as earnings-accretive upon completion, but has not yet disclosed asset-level rental yields, master-lease counterparties, or the contractual structure of the operator agreements. Those details will become material to the FY 2026 second-half read.

March 2026 US exit and the forward pipeline

The United States exit completed in March 2026 with the disposal of Centurion's two remaining PBSA assets, Dwell Towers on State and Dwell Statesider — the latter held within the Centurion US Student Housing Fund (CUSSHF) in which the Group held a 28.7% interest. The disposals close a chapter that began in 2018 with the Group's entry into the US PBSA market and frees capital and management attention for the higher-growth Australian PBSA segment and the new KWA vertical. No disposal proceeds figure is disclosed in the business update; the financial impact will surface in the FY 2026 results.

The forward pipeline disclosed in the 1Q 2026 update reframes the next 36 months of portfolio activity. In Singapore, the Group has received Provisional Permission for a 540-bed extension at Westlite Ubi (expected completion 4Q 2027) and acquired a 65% stake in a land site at Kim Chuan Lane for the development and operation of a worker accommodation asset (subject to regulatory approvals). A c.1,500-bed Property Management Agreement was secured in February 2026 to manage a third-party dormitory in the Gul Drive vicinity, commencing upon the property's receipt of FEDA licensing — this is fee-income only, with no balance-sheet exposure, and represents the most concrete instance to date of the Group's asset-light strategy. In Malaysia, the Group is exploring a potential c.7,000-bed PBWA development at Nusajaya in Iskandar, Johor, and signed a Memorandum of Understanding with NS Corp in January 2026 to explore Centralised Labour Quarters developments in Negeri Sembilan.

The Australian PBSA pipeline runs deepest. EPIISOD North Melbourne — a c.644-bed PBSA developed on a redeveloped existing carpark site — is targeted for completion in 1H 2027. EPIISOD Stirling Highway in Perth — c.472 beds — is targeted for 4Q 2027. Development Approval has been secured for a land site at Mackenzie near RMIT University in Melbourne for a c.675-bed PBSA. In the United Kingdom, a land site at William Road, Euston, London was acquired in October 2025 to develop a c.225-bed PBSA targeted for completion by 4Q 2028, and an Asset Enhancement Initiative has commenced at Dwell Hotwells House in Bristol, converting 119 non-suite rooms to 114 rooms (98 ensuite rooms and 16 studios) to align the asset with current ensuite market demand. The AEI is estimated at £3.6 million funded through existing debt facilities, with completion expected ahead of academic year 2027/28.

The Read

The 1Q 2026 update is the cleanest single quarter Centurion has reported in the post-CAREIT-IPO era. Three months of contribution from a wholly-consolidated Westlite Mandai, three months of Harum Megah at run-rate, and three months of EPIISOD Macquarie Park master-lease income produce a 30% headline that is mechanically clean rather than reversion-led. The underlying business is operating on multiple growth levers simultaneously — Singapore consolidation, Malaysia post-acquisition ramp, Australia step-change, UK stable-and-compounding — which is the disclosure profile of a holding company executing on a structurally varied portfolio rather than betting on a single geography or cycle.

Beneath the headline, three structural moves frame the strategic direction for the next 18 to 24 months. The first is the KWA segment entry. Two Western Australia acquisitions for a combined c.446 beds in April 2026 do not change the group P&L materially in FY 2026, but they open a fourth living-sector vertical that is structurally distinct from the existing three. The Pilbara workforce thesis is commodity-cycle-linked rather than demographic-driven, which means it will diversify the portfolio's exposure to global iron ore demand and Chinese steelmaking — a structural risk profile separate from the Singapore CMP cycle, the Malaysia industrial cycle, and the UK-Australia education cycle. Whether this segment scales beyond the Pilbara into broader Australian resources accommodation, or remains a small bolt-on vertical, will be the read on the Group's risk appetite for cycle-diversified expansion.

The second is the asset-light strategy turning concrete. The c.1,500-bed Gul Drive Property Management Agreement, signed in February 2026 for a third-party dormitory, is the first material instance of the Group monetising operational capability without committing balance sheet. CEO Kong Chee Min's framing — "enlarging our owned and operated assets portfolio, growing fee income from management services, and supporting the performance and growth of CAREIT" — places fee income as a co-equal growth lever alongside owned asset expansion. If the Gul Drive PMA scales to a multi-property management book over 2026-2027, the Group's earnings mix structurally re-rates toward a more fee-stable, less capital-intensive profile — which is the conventional read on what a REIT sponsor's investment case becomes once the REIT vehicle is mature enough to absorb owned assets at scale.

The third is the US exit completing the geographic rationalisation. Disposing of Dwell Towers on State and Dwell Statesider in March 2026 — the latter held through CUSSHF at 28.7% — closes a chapter and frees capital for the higher-growth Asia-Pacific verticals. CEO Kong Chee Min's framing of the 1Q 2026 print, for shareholders: "With multiple growth levers in motion, we are well-positioned to deliver sustained growth and value to our shareholders." The next two reporting periods will start to define whether the KWA segment scales, whether the asset-light Gul Drive PMA model replicates, and whether the Australian EPIISOD pipeline crystallises into the FY 2027 NPI lift that today's pipeline disclosure implies. Portfolio capacity is on track to step from 81,388 operational beds to c.85,470 by 2027. The unit of measure of the next eighteen months is how that 4,082-bed step gets converted into stabilised revenue.