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FINANCIAL RESULTS FY26 Full Year Results Greville, QLD
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Hudson Hub, VIC 1. Company Overview 03 2. FY26 Results Summary 04 3. About Cedar Woods 05 4. Financial Performance 09 5. Market Conditions 12 6. Our Portfolio 15 7. Acquisitions 21 8. Outlook 22 9. Appendices 24 AGENDA
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COMPANY OVERVIEW Long established property company with unrivalled financial performance track record Fletcher's Slip, SA 03 FY26 Full Year Financial Results Property development company with a long track record of delivering earnings growth & consistent shareholder returns Portfolio of 36 quality projects across 4 States & a pipeline of over 9,600 lots/units to support future earnings Product diversification – mix of projects delivering apartments, townhouses, master-planned communities & commercial Broad customer base enabling performance across cycles Strong balance sheet with conservative gearing Partnering strategy to scale up the business in a capital efficient manner Proven & stable management team Growing population, low unemployment & significant housing undersupply
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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 Flourish, WA 04 FY26 Full Year Financial Results 36% on pcp 8% on pcp 34% on pcp 33% on pcp
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Ellendale, 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 FY26 Full Year Financial Results
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• Positioning projects to maximise demand • Pre-sell to underwrite projects • Quality brands & marketing material • Lead generation & sales conversion • Customer nurturing & referrals • Deliver master-planned projects that foster connection & liveability • Sustainable designs that optimise quality, functionality & returns • Collaborative approach with community & authorities • Negotiate timely, value-adding approvals • Robust risk mitigation practices for construction • Tactical & research-based decisions to identify projects • Rigorous assessment & conservative assumptions • Value-accretive deal structuring to balance risk and return • Partnerships to scale up operations & increase return metrics BUSINESS MODEL How we create value Acquisitions Disciplined approach to property acquisitions Development Research, design, planning & delivery Marketing & Sales Integrated approach to optimise results Glenside, SA 06 FY26 Full Year Financial Results
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• Some future acquisitions to be undertaken in partnership • 2 major partnering arrangements – QIC & Tokyo Gas Real Estate (TGRE) Ariella, WA Increase Earnings Accelerate growth & profitability Improve Returns Return metrics improved through fee income Leverage Expertise Greater utilisation of existing resources Recurring Income Generate recurring income through fees Diversify Funding Broaden capital sources PARTNERSHIPS QIC • QIC is an owner of major shopping centres around Australia • QIC & CWP are partnering the development of land adjacent to the Robina Town Centre in QLD – 400+ dwellings • QIC & CWP are exploring opportunities to expand relationship beyond Robina TGRE • TGRE & CWP are partnering to jointly develop projects in Australia • TGRE has announced that it plans to deploy $600m into property globally, particularly Australia • 4 joint ventures – with 3 successfully completed; additional projects being explored 07 FY26 Full Year Financial Results
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Innovation & sustainability embedded across projects, including the Eglinton microgrid & several apartment developments Affordable housing initiatives across the portfolio; Noble Park affordable housing development nearing completion National relationship with the Smith Family, supporting the education of disadvantaged students each year Community Grants Programs in place to provide funding for grass roots community organisations Reported FY26 Scope 1 & 2 emissions of 71 tCO/two.b-e & progressed readiness for mandatory climate reporting Continued focus on respectful workplaces & strong workplace culture maintained, with staff satisfaction exceeding target ESG HIGHLIGHTS FY26 ESG & Climate reports are available on our website* 08 FY26 Full Year Financial Results *cedarwoods.com.au/our-company/sustainability
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Somerley, VIC FINANCIAL PERFORMANCE 09 FY26 Full Year Financial Results
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Gross margin improved to 30% from 28% in FY252 Revenue 8% higher in FY26 due to improved pricing & different product mix Higher staffing cost with headcount & incentives increased to accommodate growth objectives & recognise performance 4 Project operating costs are lower due to savings in land holding costs (rates & taxes) Lower interest cost from lower average debt, gains on interest rate hedges & higher capitalisation of interest due to stage of developments 6 36% growth in Net Profit After Tax7 3 1 FY26 RESULT IN DETAIL Net Profit After Tax up 36% 30 June 2026 $m 30 June 2025 $m Revenue 502.4 465.9 Cost of sales / services (347.8) 154.4 (333.7) 132.3Gross Profit Project operating costs Administration expenses (18.5) (32.6) (3.0) 3.1 (19.3) (29.1) (1.9) 2.7 Other expenses Other income Operating profit 103.4 84.7 Finance costs (9.1) (0.5) (0.7) (15.3) Share of net loss of associates & joint Profit before income tax 93.8 68.8 Income tax expense (28.2) 65.6 (20.7) 48.1Net Profit After Tax 10 FY26 Full Year Financial Results
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CAPITAL POSITION Strong balance sheet with low gearing & significant long term funding capacity 30 June 2026 30 June 2025 Total assets (book value) $884m $858m Net assets (equity) $544m $489m Net tangible assets per share (book value not market value) $6.35 $5.90 Net bank debt $157.7m $125.6m Net bank debt to total tangible assets (less cash) 18% 15% Net bank debt to equity 29% 26% Finance facilities (corporate facility) $330m $330m Finance facilities headroom 1 $112.6m $135.6m Interest cover (annual) 8.1x 6.3x Weighted average cost of debt 2 5.7% 5.3% Weighted average debt maturity 3 years 3 years 1 Includes bank guarantees drawn of $50.9m at 30 June 2026 and of $59.4m at 30 June 2025; 2 WACD on balance drawn at 30 June 2026 & 30 June 2025 (includes base rate, margin, line fees & hedging) 11 FY26 Full Year Financial Results
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Mason Quarter, VIC MARKET CONDITIONS 12 FY26 Full Year Financial Results
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ENQUIRIES & SALES PERFORMANCE • Received a record 30,137 enquiries during FY26, up 25% on the 24,142 received in FY25 • Gross sales increased 5% to a record 1,521 lots, homes & offices, compared with 1,443 in the prior year • Affordable & mid-priced land projects were the strongest performers • Weaker enquiry & sales during the fourth quarter due to reduced marketing activity, lower stock levels & factors affecting buyer sentiment, including rising interest rates, taxation changes & the Middle East conflict • Anticipating a slowdown, CWP brought forward sales releases to increase presales • Over 90% of the presales targeted for FY27 have been contracted. Significant presales in hand for FY28/FY29. • Price reductions for new housing are expected to be modest in the context of 30%+ price growth in most locations in recent years, with margins expected to remain strong Bushmead, WA 13 FY26 Full Year Financial Results ENQUIRY BY QUARTER GROSS SALES VOLUME BY QUARTER
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Strong Employment & Population Growth • Economic conditions remain generally favourable for the sector • Job security is a key factor in determining housing sales volumes & the outlook for unemployment is that it remains low • National unemployment rate dropped to 4.4% at June 2026 • Population growth remains strong at 1.5% at December 2025 • 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: ◦ Deposit Guarantee Scheme ◦ Stamp duty relief ◦ Cash grants for buyers • First home buyers are main beneficiaries • 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 listing volumes are 9% below the previous 5-year average • Supply shortfalls are set to continue – at least 5 yrs • Shortfalls underpin pricing levels & sales volumes • 3 interest rate hikes in 2026 • 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 currently moving through a slowdown • Weaker conditions to persist for much of 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 Flourish, QLD 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 14 FY26 Full Year Financial Results
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Ariella, WA OUR PORTFOLIO 15 FY26 Full Year Financial Results
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33% 28% 22 % 17% Western Australia Victoria Queensland South Australia LOTS IN PORTFOLIO BY LOCATION (No. of lots/homes/offices at Jun 26) DIVERSIFIED PORTFOLIO • Portfolio of 36 quality projects & total pipeline of 9,600+ lots/apartments to support future earnings • Good mix of product, price points & locations • Broad customer base, but with first home buyers dominant & benefitting from Government incentives • Increased land subdivision product from acquisitions made pre FY25 First Home Buyer Upgrader Investor Downsizer Owner Occupier Investor BUYER PROFILES (Presales as at Jun 26) BUYER PROFILES (Presales as at Jun 26) 1% 61% PORTFOLIO BY PRODUCT TYPE (No. of lots/homes/offices at Jun 26) Eglinton Village, WA 70% 30% 30% 37% 23% 10% 30% 8% Land Townhouse/Semi Detached Commercial Apartment 16 FY26 Full Year Financial Results
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WESTERN AUSTRALIA Strong economic conditions & chronic undersupply of housing • 9 projects & total of 3,240 lots / dwellings • 140 settlements from WA in H2 FY26 • Product types: land estates, townhouses & apartments • Demand continues to be underpinned by strong State economic conditions, interstate migration & housing undersupply • Enquiry, sales volumes & price growth have moderated within H2 FY26 • Stage delivery tracking well with settlements occurring as expected • Construction progression well underway for Incontro Apartments & 93% presales secured 17 FY26 Full Year Financial Results
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VICTORIA Sales & pricing expected to improve during FY27 • 13 projects, including 4 at Williams Landing • 2,672 lots / dwellings / offices plus 10ha of mixed-use sites • 270 settlements from VIC in FY26 • Product types: land estates, townhouses, apartments & commercial • North Melbourne townhouses & strata offices at Williams Landing completed • Good progress achieved with planning approval at Southbank & Williams Landing (townhouses & Office Warehouses) • Buoyant market response to the Corio sales launch • Improving enquiry & sales allowing modest price improvement at some estates • New infill townhouse projects acquired in Springvale & Kealba 18 FY26 Full Year Financial Results
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QUEENSLAND Strong economic conditions & structural undersupply of housing • 8 projects, including 3 at Greville • 2,133 lots / dwellings in pipeline • Product types: land estates, townhouses & apartments • 338 settlements from QLD in FY26 • Demand underpinned by strong interstate migration, low housing supply & positive state economic conditions • Large number of presales carried into FY27 • Stage delivery & settlements occurring as expected • Vera apartments settling H1 FY27 19 FY26 Full Year Financial Results
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SOUTH AUSTRALIA Proven, high performing projects selling into an undersupplied market • 6 projects in production across residential land, townhouses & apartments • 1,606 townhouses, apartments & residential lots remaining across the SA portfolio • Glenside remains a major contributor, with one project recently completed & two projects under construction • Fletcher’s Slip progressing well, with multiple townhouse stages & two apartment stages under construction; remaining apartment settlements expected in H1 FY27 • Bloom 2 JV with Tokyo Gas successfully completed in FY26 • Mt Barker acquisition settled in FY26, with planning application lodged for 900+ residential land lots • Portfolio continues to demonstrate sustained demand, supported by high-quality infill & growth-corridor locations • SA enters FY27 with strong project momentum, visible settlement pipeline & a substantial future landbank 20 FY26 Full Year Financial Results
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Acquisitions contracted in FY26 ACQUISITIONS Source: (2026) Bushmead, WA 21 FY26 Full Year Financial Results 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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Millars Landing, WA OUTLOOK 22 FY26 Full Year Financial Results
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OUTLOOK 23 FY26 Full Year Financial Results • Structural undersupply of housing across Australia & across product types will continue to support the new housing sector • Interest rates forecast to fall in 2027 which is expected to improve affordability, sentiment & sales volumes • Presales contracts of $830m as at 30 June 2026 supporting earnings outlook including $290m+ in presales in place for FY28/FY29 • 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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Corio, VIC 24 FY26 Full Year Financial Results APPENDICES
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1. High quality portfolio • 36 projects with over 9,600 lots diversified across States & product • Peak margins yet to be reached at many long life projects 2. Strong growth outlook • FY27 NPAT guidance: 15% growth on FY26 • Outlook underpinned by presales of $830m at 30 June 2026 for settlements in FY27, FY28 & FY29 3. Compelling long term track record • Consistently delivering profits & dividends • Prudent balance sheet & cost management • Stable leadership team 4. Attractive value proposition • PE ratio 8.1x 1 • Fully franked dividend yield of 6.2% 2 5. Structural housing shortage • Significant housing shortage that will take many years to resolve • Favourable government policies 1. Share Price at 24 August 2026, FY27 earnings guidance 15% growth on FY26 NPAT of $65.6m 2. Share Price at 24 August 2026, FY27 dividend based on 50% payout ratio of FY27 NPAT guidance INVESTMENT SUMMARY Compelling value proposition Ellendale, QLD 25 FY26 Full Year Financial Results
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Leveson VIC 26 FY26 Full Year Financial Results PROJECT PIPELINE
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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.