Slides
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ANNUAL GENERAL MEETING 2026 Ariella, Henley Brook, WA
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Noble Park, VIC 1. Chairman's Address 04 2. Managing Director's Review 08 3. Project Showcase 13 4. Formal Business 16 5. Questions 24 AGENDA
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03 Annual General Meeting 2026 HOW TO PARTICIPATE Mason Quarter, VIC Shareholders and proxyholders will have reasonable opportunity to ask questions and cast their vote online or in person IN PERSON 1. Raise your attendance card 2. State your name and who you represent 3. Ask your question ONLINE 1. Select the Q&A tab 2. Choose a topic and type your question Follow the platform instructions to ask a verbal question Asking Questions IN PERSON 1. Mark For, Against or Abstain on your voting card 2. Print your name on the card 3. Place the card in the ballot box before the poll closes ONLINE 1. Select the Vote tab 2. Choose For, Against or Abstain for each resolution You may change your vote before the poll closes Voting
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CHAIRMAN'S ADDRESS Mr William G Hames 04 Annual General Meeting 2026
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Sage, QLD Geography Good geographic spread of well-located projects in four States Product Type Range of housing lots, apartments, townhouses & commercial properties Price Point Wide range of price points offered in Queensland, South Australia, Victoria & Western Australia To grow our national project portfolio, diversified by geography, product type & price point, so that it continues to hold broad customer appeal & performs well in a range of market conditions OUR STRATEGY Driving growth through portfolio diversification 05 Annual General Meeting 2026
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$65.6m NET PROFIT AFTER TAX 77.9¢ 39.0¢ 1,326 NET SALES Lots / homes / offices sold at 30 June 2026 1,068 SETTLEMENTS Lots / homes / offices settled $830m PRESALE CONTRACTS 1,184 ACQUISITIONS Lots added to the pipeline via acquisitions contracted in FY26 $502.4m TOTAL REVENUE EARNINGS PER SHARE DIVIDENDS PER SHARE FY26 RESULTS SUMMARY Strong, dependable financial performance Greville, QLD 06 Annual General Meeting 2026 36% on pcp 8% on pcp 34% on pcp 33% on pcp
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SHAREHOLDER RETURNS 07 Annual General Meeting 2026 • Momentum building within the business with more projects & lots under production than ever before • Delivering record financial outcomes including profits, dividends & presales • Earnings per share of 77.9c in FY26, up 33.4% (FY25: 58.4 cps) • Dividend yield of 7.2% as at 4 November 2026 (fully franked) • Share price outperforming benchmark index in 3 years to June 2026, but more recently impacted by rising interest rates SHARE PRICE PERFORMANCEEPS DPS
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MANAGING DIRECTOR'S REVIEW Mr Nathan Blackburne 08 Annual General Meeting 2026
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PORTFOLIO Diversified portfolio with multiple product types across 4 States Bushmead, WA 09 Annual General Meeting 2026 Portfolio of 36 quality projects across 4 States & a pipeline of over 9,600 lots/homes/offices to support future earnings Product diversification – mix of projects delivering apartments, townhouses, master-planned communities & commercial Broad customer base enabling performance across cycles 33% 28% 22% 17% Western Australia Victoria Queensland South Australia LOTS IN PORTFOLIO BY LOCATION (No. of lots/homes/offices at Jun 26) 1% 61% PORTFOLIO BY PRODUCT TYPE (No. of lots/homes/offices at Jun 26) 30% 8% Land Townhouse/Semi Detached Commercial Apartment
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1Q FY27 UPDATE 10 Annual General Meeting 2026 • 311 settlements achieved during the quarter, ahead of budget and tracking well towards the FY27 target of 1,100 to 1,200 settlements • Buyer activity was subdued across the portfolio during Q1, reflecting rising interest rates, broader cost-of-living pressures and taxation reforms • Sales were also lower due to fewer stages being released in the quarter and lower marketing spend. Increased marketing activity and new stage releases are planned for Q2 to support sales over the remainder of FY27 • Presales of more than $763 million at 30 September 2026 (pcp: $763 million), providing strong earnings visibility • Strong balance sheet with low gearing and significant undrawn finance facilities available, positioning the Company to take advantage of acquisition opportunities arising from softer market conditions • A number of acquisition opportunities are currently under negotiation or in formal due diligence • On track to deliver FY27 guidance of approximately 15% growth in NPAT Glenside, SA
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Strong Employment & Population Growth • Economic conditions remain generally supportive for the sector • Job security is a key factor in determining housing sales volumes & the outlook for unemployment is that it increases slightly • National unemployment rate increased 0.1ppt to 4.7% at September 2026 • Population growth remains strong at 1.4% in year to March 2026 • Net overseas migration of 245,000 is forecast for FY27 • State Govts are fast-tracking planning approvals to unlock supply • Attractive Federal & State incentives for buyers: ◦ 5% Deposit Scheme ◦ Stamp duty relief ◦ Cash grants for buyers • First home buyers are main beneficiaries • Planning policies are supporting increases to maximum heights which is increasing project returns eg Subiaco, Wooloowin & Glenside • New housing supply is near the lowest level in 10yrs • Commencements & completions not keeping pace with demand - shortfall of 400,000 dwellings on Govt. targets expected • Sales volumes ~18% below the previous 5-year average (Cotality) • Supply shortfalls are set to continue – at least 5 yrs • Shortfalls underpin pricing levels & sales volumes • 5 interest rate hikes in 2026 so far • Cash rate expected to be lowered in 2027 • Buyer confidence expected to return when rates peak or begin to reduce • Demand expected to build in the interim as completions remain low & population grows HOUSING SECTOR OUTLOOK • Property market nationally currently experiencing weak conditions • This is due to rising interest rates, affordability pressures and taxation changes, all of which are impacting buyer sentiment • Weaker conditions expected to persist throughout FY27 • Demand still present, but buyers currently cautious • Buyer confidence expected to return when interest rates peak or begin to reduce • The undersupply of housing, strong employment & population growth will continue to support the new housing sector Housing Undersupply Policy Support Interest Rates Most CWP projects have first home buyer product CWP has 36 projects with 9,600+ dwellings to supply to market QLD & WA are the primary beneficiaries of interstate migration, where CWP has a strong presence Sales volumes to increase for CWP as confidence returns & rates peak or reduce 11 Annual General Meeting 2026 Eglinton, WA
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Acquisitions contracted in FY26 ACQUISITIONS Mount Barker, SA 12 Annual General Meeting 2026 Significant acquisitions activity in FY26 & FY27 so far, to replenish & grow the portfolio & support future earnings • In early FY26, the Company embarked upon an accelerated acquisitions strategy. This was effectively executed with 6 sites secured • In July 2026, Cedar Woods has contracted & settled a further WA acquisition for $15.55 million, enabling the expansion of its high-performing Bushmead estate by an additional 161 residential lots • Further sites are under due diligence
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Ariella, Henley Brook, WA PROJECT SHOWCASE 13 Annual General Meeting 2026
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Product Acquisition Date Acquisition Price Large-scale master-planned community 2021 $49.5 million Launch February 2023 Location Eglinton, WA; 44km north of Perth CBD Land Size Dwellings Price Growth 2023-26 Average Price Buyer Profiles Gross Margin FY27 Contribution Lots Remaining 86 hectares 1,207 Lots 32% $437,000 80% owner occupiers (mainly 1st home buyers) Approximately 40% 162 lots; EBIT $20m+; 90%+ presold 954 EGLINTON VILLAGE WAS THE PERFECT FIT AND ALSO LOOKS TO BE A LOVELY COMMUNITY TO RAISE OUR NEW FAMILY IN. - a 2026 buyer Eglinton, WA 14 Annual General Meeting 2026 EGLINTON CASE STUDY
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OUTLOOK 15 Annual General Meeting 2026 • Structural undersupply of housing across Australia & across product types will continue to support the new housing sector • Weak sales conditions expected to persist in FY27 • Buyer confidence to return when interest rates peak or decline • Presales contracts of $763m as at 30 September 2026 supporting earnings outlook including $300m+ in presales in place for FY28 • Strong balance sheet with ample liquidity from undrawn facilities & cash • Successful acquisitions efforts contributing to growing pipeline of 9,600+ lots, homes & offices that will support future earnings • Targeting full year FY27 NPAT growth of 15% • This outlook is subject to market conditions REVENUE AND PRESALES NET PROFIT AFTER TAX $m $m
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Millars Landing, WA 16 Annual General Meeting 2026 FORMAL BUSINESS
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Flourish, QLD 17 Annual General Meeting 2026 ITEM 1 To receive and consider the Financial Report, the Directors' Report and the Auditor's Report of the Company and its controlled entities for the financial year ended 30 June 2026. Financial Statements and Reports
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18 Annual General Meeting 2026 POLL PROCEDURE All resolutions will be decided by poll Results will be announced to ASX after the Meeting Glenside, SA IN PERSON 1. Mark For, Against or Abstain for each resolution on your voting card 2. Print your name on the card 3. Place the card in the ballot box before the poll closes ONLINE 1. Select the Vote tab 2. Choose For, Against or Abstain for each resolution Select "Click here to change your vote" to change it Voting
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19 Annual General Meeting 2026 ITEM 2 - RESOLUTION 1 That Valerie A Davies, FAICD, who retires in accordance with rule 11.7(a) of the Constitution and ASX Listing Rule 14.4 and, being eligible, offers herself for re-election, be re-elected as a Director of the Company. # % For 37,457,419 78.43 Against Open 1,484,451 3.11 Abstain 8,819,854 18.47 58,200 NA SUMMARY OF VALID PROXIES RECEIVED TOTALLING 47,819,924 SHARES Re-election of retiring Director Ms Valerie A Davies
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20 Annual General Meeting 2026 ITEM 3 - RESOLUTION 2 That Jane M Muirsmith, FCA, GAICD, who retires in accordance with rule 11.7(a) of the Constitution and ASX Listing Rule 14.4 and, being eligible, offers herself for re-election, be re-elected as a Director of the Company. # % For 37,499,184 78.51 Against Open 1,484,451 3.11 Abstain 8,778,089 18.38 58,200 NA SUMMARY OF VALID PROXIES RECEIVED TOTALLING 47,819,924 SHARES Re-election of retiring Director Mrs Jane M Muirsmith
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21 Annual General Meeting 2026 ITEM 4 - RESOLUTION 3 That, for the purposes of section 250R(2) of the Corporations Act and for all other purposes, the Remuneration Report for the financial year ended 30 June 2026, as set out in the Directors' Report in the Company's 2026 Annual Report, be adopted. # % For 28,815,512 93.28 Against Open 1,474,651 4.77 Abstain 600,275 1.94 4,934 NA SUMMARY OF VALID PROXIES RECEIVED TOTALLING 30,895,372 SHARES Adoption of Remuneration Report Fletcher's Slip, SA
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22 Annual General Meeting 2026 ITEM 5 - RESOLUTION 4 That, for the purposes of ASX Listing Rule 10.14 and for all other purposes, approval be given for the grant of up to 122,109 Performance Rights under the FY27 LTI Plan to the Company’s Managing Director, Mr Nathan Blackburne, or his nominee, on the terms set out in the Explanatory Memorandum. # % For 45,937,812 96.49 Against Open 1,484,371 3.12 Abstain 186,897 0.39 210,844 NA SUMMARY OF VALID PROXIES RECEIVED TOTALLING 47,819,924 SHARES Approval of the grant of FY27 LTI Performance Rights to Mr Nathan Blackburne Sage, QLD
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23 Annual General Meeting 2026 Online votes should be submitted now, and voting cards placed in the ballot box. The poll will close shortly ODE Southbank, VIC (Render)
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Fletcher's Slip, SA QUESTIONS 24 Annual General Meeting 2026
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Glenside, SA CLOSE OF BUSINESS
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cedarwoods.com.au DISCLAIMER OF LIABILITY: While every effort is made to provide complete and accurate information, Cedar Woods Properties Limited does not warrant or represent that the information in this presentation is free from errors or omissions or is suitable for your intended use. Subject to any terms implied by law and which cannot be excluded, Cedar Woods Properties Limited accepts no responsibility for any loss, damage, cost or expense (whether direct or indirect) incurred by you as a result of any error, omission or misrepresentation in informa tion in this presentation. All information in this presentation is subject to change without notice. To the extent this Presentation contains certain forward-looking statements and comments about future events (including for example, projections as to project life, number of lots or price ranges), these statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Forward looking statement are impacted by both known and unknown risks and external factors that are outside the control of Cedar Woods. As such, undue reliance should not be placed on any forward looking statement and no representation or warranty is made by any person as to the likelihood of achievement or reasonableness of any forward looking statements, forecast financial information or other forecast. This presentation is not financial advice or a recommendation to acquire Cedar Woods Properties Limited securities and has been prepared without taking into account the objectives, financial situation or needs of individuals.