Annual report
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1 Annual Report 2026 ANNUAL REPORT 2026 Cedar Woods Properties Limited ABN 47 009 259 081
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02 Cedar Woods Properties Limited Cover picture: Ellendale, Upper Kedron, QLD WE STRIVE TO CREATE QUALITY HOMES, WORKPLACES AND COMMUNITIES THAT OUR CUSTOMERS ARE PROUD OF.
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03 Annual Report 2026 TABLE OF CONTENTS Letter from the Chairman ...................................................................... 04 Letter from the Managing Director ........................................................ 05 Financial Performance Highlights ......................................................... 06 Our Business ........................................................................................ 07 Financial and Operating Review ............................................................11 ESG Report .......................................................................................... 14 Directors’ Report ................................................................................. 27 Financial Statements ............................................................................ 44 Notes to the Financial Statements ........................................................ 49 Consolidated Entity Disclosure Statement ............................................ 76 Directors’ Declaration ........................................................................... 78 Independent Auditor’s Report .............................................................. 79 Shareholders’ Information ..................................................................... 84 Investors’ Summary .............................................................................. 85 Shareholder Information ....................................................................... 85 Five Year Financial Performance ........................................................... 86 Flourish, South Maclean, QLD ABOUT CEDAR WOODS Cedar Woods Properties Limited (Cedar Woods or Company ) is a national developer of residential communities and commercial properties. Established in 1987, Cedar Woods has grown to become one of the country’s leading developers. The Company has established a reputation for delivering long-term shareholder value underpinned by our disciplined approach to acquisitions, the rigour and thoughtfulness of our designs, and the creation of dynamic communities that meet the evolving needs of our customers. Cedar Woods’ diversified product mix ranges from land subdivisions in emerging residential communities, to medium and high-density apartments and townhouses in vibrant inner-city neighbourhoods and supporting retail and commercial developments. Cedar Woods’ developments epitomise the Company’s long-standing commitment to quality.
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04 Cedar Woods Properties Limited LETTER FROM THE CHAIRMAN I have spoken previously about the importance of housing to the aspirations of Australians and the role that well-located, thoughtfully planned communities play in driving the country’s growth. During FY2026, this national challenge remained at the forefront of public policy and market discussion. The housing shortage remains a significant issue for Australia and continues to reinforce the importance of well-capitalised, experienced developers with the capability to bring quality housing projects to market. Housing demand was strong for much of the year, particularly in Western Australia and Queensland, supported by population growth, limited supply and positive buyer sentiment. Momentum moderated towards year end as external economic pressures weighed on buyer confidence and uncertainty was caused by income tax changes announced with the Federal budget. While these changes contributed to some purchasers pausing in the near term, they are expected to support demand for new housing over the longer term. More broadly, we are encouraged by the commitment of Federal and State Governments to addressing Australia’s housing shortage, through programs like the National Housing Accord and the Housing Australia Future Fund. Cedar Woods’ response to changing conditions has been consistent with the discipline that has underpinned the Company since inception. We have maintained a diversified portfolio across product types, price points and geographies, continued to invest selectively in the project pipeline and preserved the balance sheet strength required to sustain growth through changing market conditions. This approach provides resilience through market cycles and positions Cedar Woods to continue creating long-term value for shareholders. The Board is pleased with the Company’s strong FY2026 result and the disciplined way in which it was achieved. Cedar Woods continued to allocate capital carefully across existing projects and new opportunities whilst preserving balance sheet capacity. This financial discipline remains central to the Company’s approach, particularly in an environment where interest rates, construction costs and buyer confidence continue to influence enquiry and sales levels. Partnerships also remained an important element of Cedar Woods’ strategy during the year. The Company continued to work with government and institutional partners to broaden its delivery capacity and contribute to diverse housing outcomes. These partnerships support both the Company’s long-term growth ambitions and its diversification strategy. The Company’s community focus was also evident through its contribution to affordable and social housing outcomes, as well as its continued sponsorship of education initiatives through The Smith Family and the Company’s longstanding Community Grants Program. These activities reflect Cedar Woods’ commitment to creating value beyond financial performance and to supporting the communities in which it operates. Looking ahead, the Board recognises that the operating environment is likely to remain variable in the near term. However, Cedar Woods has entered FY2027 with a strong platform, backed by its diversified portfolio, disciplined growth strategy, experienced management team and continued focus on long-term shareholder returns. On behalf of the Board, I thank our shareholders for their continued support and acknowledge Nathan Blackburne and the Cedar Woods team for their leadership, commitment and disciplined execution during the year. With a proven strategy, a strong balance sheet and a deep project pipeline, Cedar Woods remains well placed to navigate the current cycle and contribute meaningfully to Australia’s housing future. Sincerely, William Hames Chairman
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05 Annual Report 2026 LETTER FROM THE MANAGING DIRECTOR Financial Year 2026 marked another year of strong performance for Cedar Woods, as we delivered record sales volume, record presales levels and significant earnings growth while continuing to position the Company for the future. Net sales increased to 1,326 lots/units, up 5% on the prior year, and presales reached $830 million, up 26%. With approximately 65% of these presales expected to settle in FY2027 and the balance thereafter, Cedar Woods enters the new year with strong earnings visibility and a healthy delivery pipeline. Settlements were 1,068 lots/units, 5% lower than the prior year, reflecting project timing and settlement mix. Despite this, the Company delivered NPAT of $65.6 million, up 36%, revenue of $502.4 million, up 8%, earnings per share of 77.9 cents and dividends per share of 39.0 cents. These results reflect the strength of our portfolio, our disciplined approach to capital management and the benefits of price growth achieved over the past three years. Sales conditions were strong for most of FY2026, particularly in Western Australia and Queensland, where demand for well-located, relatively affordable products were robust. Conditions softened in the fourth quarter as geopolitical uncertainty, rising interest rates, Federal budget tax changes and cost of living pressures affected buyer confidence. Softer conditions are expected to continue into FY2027, although interest rate cuts forecast in calendar year 2027, if realised, are expected to improve purchaser borrowing capacity and support renewed market activity. Construction sector conditions are challenging in some areas, particularly for apartments, where builder capacity is limited due to a significant shortage of trades people. Despite this, during the year we commenced construction of both the Douglas Apartments in Noble Park, Victoria, which will provide 97 apartments for community housing together with six retail tenancies, and the Incontro apartments in Subiaco, Western Australia. We also completed the Harrisdale Green project in Western Australia, a joint venture with the WA State Government that delivered a mix of affordable and regular housing in an established growth corridor. On our partnering strategy, we successfully completed our third joint venture project with Tokyo Gas Real Estate Australia (TGREA), outperforming projected returns, and received planning approval for a fourth project with TGREA in Subiaco, WA. During the year, we continued to strengthen the project pipeline through our accelerated acquisitions strategy, contracting new projects that are expected to add approximately 1,184 lots/units to the project pipeline. These acquisitions, together with our record presales position and more than $120 million of liquidity at year end, provide a strong foundation for future growth and support earnings visibility for FY2027 . Beyond the financial and operational outcomes, we continued working to optimise the customer experience and on our community partnerships. Our customer net promoter score improved by 19 points in FY2026, following a 17 point improvement in the prior year, and we continued our support of The Smith Family’s children’s education programs. Looking to FY2027, Cedar Woods is targeting 15% growth in NPAT. While we expect softer conditions and ongoing construction sector challenges in parts of the country, our diversified portfolio, disciplined capital management, strong balance sheet and record presales position provide confidence in our ability to deliver another year of growth. Thank you to our Board for its guidance and our people for their dedication and focus throughout the year. Their capability, resilience and commitment have enabled Cedar Woods to deliver strong results in FY2026 and position the Company well for the opportunities ahead. Sincerely, Nathan Blackburne Managing Director
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06 Cedar Woods Properties Limited FINANCIAL PERFORMANCE HIGHLIGHTS $65.6m NET PROFIT AFTER TAX 7 7.9¢ EARNINGS PER SHARE 1,326 NET SALES Lots / homes / offices sold 1,068 SETTLEMENTS Lots / homes / offices settled 39.0¢ DIVIDENDS PER SHARE $830m PRESALE CONTRACTS 18.1% GEARING Net bank debt / total tangible assets less cash $502.4m TOTAL REVENUE
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07 Annual Report 2026 OUR BUSINESS OUR HISTORY Cedar Woods was established in 1987 and listed on the ASX (Code: CWP) in 1994. Starting out as a developer of master-planned communities in Western Australia, the Company progressively branched out into new product areas and geographies. The Company expanded into Melbourne in 1997, then Brisbane in 2014 and Adelaide in 2016 and now has a significant portfolio of quality developments delivering residential lots, townhouses, apartments and commercial projects. The Company is known for taking on complex, large scale projects, adding value through planning design and delivery and generating strong returns from multi-year projects. As a result, it has built a reputation as an innovative and diversified property group with a track record of strong financial performance, sustained since inception. OUR PURPOSE, VISION & VALUES Our Purpose, Vision and Values inform every decision we make, guide our conduct internally and our relationships with partners, customers and investors. We are proud to be a leading national property developer, and with an ongoing commitment to our strategy and our values, we look forward to fulfilling our vision of becoming the best Australian property company, renowned for performance and quality. OUR VALUES We do what we say we’ll do. PURPOSE To develop vibrant communities which create long term value for our stakeholders. VISION To be the best Australian property company renowned for performance and quality. We think about tomorrow. We create community connection. We strive to succeed. We are people developers.
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08 Cedar Woods Properties Limited OUR STRATEGY Our strategy is to grow our national project portfolio, diversified by geography, product type and price point, so that it continues to hold broad customer appeal and performs well in a range of market conditions. Geography Good geographic spread of well-located projects in 4 states Product Type Range of housing lots, apartments, townhouses and commercial properties Price Point Wide range of price points offered in Queensland, South Australia, Victoria and Western Australia VALUE CREATION MODEL We deliver on our strategy via our value creation model. Value Drivers Outcomes Property Acquisitions Disciplined approach to acquisitions Tactical and research-based decisions to identify projects Rigorous assessment and conservative assumptions Value-accretive deal structuring to balance risk and return Partnerships to scale up operations and increase return metrics Development Research, design, planning and delivery Deliver master-planned projects that foster connection and liveability Sustainable designs that optimise quality, functionality and returns Collaborative approach with community and authorities Negotiate timely, value-adding approvals Robust risk mitigation practices for construction Marketing & Sales Integrated approach to optimise results Position projects to maximise demand Pre-sell to underwrite projects Quality brands and marketing material Lead generation and sales conversion Customer nurturing and referrals 36 PROJECTS NATIONWIDE 14 RESIDENTIAL LAND PROJECTS 22 BUILT FORM PROJECTS
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09 Annual Report 2026 Ariella, Henley Brook, WA Optimising performance through disciplined capital management, a commercial focus, cost minimisation and maintaining a strong balance sheet. HIGH PERFORMANCE CULTURE OPERATIONAL EXCELLENCE OPERATIONAL EXCELLENCE FINANCIAL STRENGTH EARNINGS GROWTH STRATEGIC PRIORITIES We optimise business performance through a focus on four strategic priorities. Pursuit of earnings growth is the key metric to achieve our primary objective of creating long-term value for our shareholders. This may be achieved organically, by mergers and acquisitions or through partnering. Being operationally strong and safe through renewed and integrated systems and technologies, having a strong corporate brand with quality projects and delivering sustainable projects. Creating a progressive, high-spirited work environment with strong staff alignment to values and objectives, where top talent work collaboratively and high performance is rewarded. 86% STAFF SATISFACTION SCORE $55.4m INCREASE IN NET ASSETS 36% INCREASE IN NET PROFIT AFTER TAX +48 CUSTOMER NET PROMOTER SCORE STRATEGIC PRIORITIES
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10 Cedar Woods Properties Limited PROJECT PIPELINE Project Name Corridor/Location Project Type Lot/Units Project Lot/Units Remain 1 30 June 26 FY27 FY28 FY29 FY30 FY31 WESTERN AUSTRALIA - PERTH Ariella, Brabham North East Residential Land 1,227 217 Aveley 3 North East Residential Land 254 254 The Brook at Byford South East Residential Land 420 1 Solaris, Forrestdale South East Residential Land 307 23 Bushmead East Residential Land 929 105 Millars Landing, North Baldivis South Residential Land 1,547 1,199 Eglinton Village North Residential Land and Commercial 1,270 1,016 Pinjarra South Residential Land 1 1 Incontro, Subiaco Inner East Townhouses and Apartments 151 110 Soko, Madeley Inner North Townhouses 77 77 Verde Subiaco 2 Inner East Apartments 237 237 3,240 VICTORIA - MELBOURNE Mason Quarter, Wollert North Residential Land 832 291 Clara Place, Fraser Rise North West Residential Land 290 123 Ode, South Bank South of CBD Apartments and Commercial 173 173 Fieldstone West Residential Land 529 529 Williams Landing Estate West Residential Land, Townhouses 2,296 17 Williams Landing Town Centre West Apartments / Offices / Townhouses 741 266 Hudson Hub, Williams Landing West Strata Offices 87 36 Smith Works, Williams Landing West Warehouse Offices 47 47 Williams Landing Commercial West Commercial (10 hectares) Somerley, Corio Geelong Residential Land 401 401 Douglas Apartments, Noble Park South East Apartments 103 103 Fairfield Inner North East Apartments 379 379 Kealba North West Townhouses 216 216 Springvale 3 South East Townhouses 91 91 2,672 QUEENSLAND - BRISBANE Greville, Wooloowin Inner North Townhouses 85 47 Vera Apartments, Greville Inner North Apartments 58 58 Sorella Apartments, Greville Inner North Apartments 232 232 Ellendale, Upper Kedron North West Residential Land 938 231 Flourish, South Maclean South Residential Land 624 329 Sage, Burpengary North Residential Land 440 285 Robina Quarter 2, 3 Gold Coast Townhouses and Apartments 414 414 Fairfield 3 Inner South Apartments 537 537 2,133 SOUTH AUSTRALIA - ADELAIDE Glenside Inner South East Townhouses and Apartments 915 419 Bloom 2 Apartments, Glenside Inner South East Apartments 60 1 Elegan Apartments, Glenside Inner South East Apartments 116 116 Sereno Apartments, Glenside Inner South East Apartments 88 88 Fletcher's Slip, Port Adelaide North West Townhouses and Apartments 303 61 Sirocco | Ancora | Marella, Fletcher's Slip North West Apartments 99 58 Mount Barker South East Residential Land 863 863 1,606 TOTAL GROUP 9,651 1 Lots/units Remain relates to unsettled lots/units 2 Partnered Projects, CW interest: Verde Subiaco 51%, Robina Quarter 50% 3 Conditional acquisition Planning, Design & Rezoning Development & Sales Leasing, Development & Sales First Settlements
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11 Annual Report 2026 FINANCIAL AND OPERATING REVIEW On behalf of the Board we present the financial and operating review of Cedar Woods to shareholders. The following summarises the results of operations during the year and the financial position of the consolidated entity at 30 June 2026. 2026 FINANCIAL RESULTS SUMMARY Year ended 30 June 2026 $’000 2025 $’000 % Change Revenue 502,376 465,940 7.8 Net profit after tax (NPAT) 65,643 48,140 36.4 Total assets 884,272 857 ,684 3.1 Net bank debt 157,6 6 5 125,623 25.5 Shareholders’ equity 544,545 489,195 11.3 Key performance indicators Year ended 30 June 2026 2025 % Change Basic earnings per share ¢ 77.9 58.4 33.4 Diluted earnings per share ¢ 76.8 57.4 33.8 Dividends per share – fully franked ¢ 39.0 29.0 34.5 Return on equity % 12.1 9.8 2.3 Return on capital % 14.6 13.7 0.9 Total shareholder return (1 year) % 2.2 57.7 (55.5) Net bank debt to equity – 30 June % 29.0 25.7 3.3 Net bank debt to total tangible assets (less cash) % 18.1 14.8 3.3 Interest cover x 8.1 6.5 24.6 Net tangible asset backing per share – historical cost $ 6.35 5.90 7.6 Shares on issue – end of year ’000 85,076 82,511 3.1 Stock market capitalisation at 30 June $’000 590,426 585,000 0.9 Share price at 30 June $ 6.94 7.0 9 (2.1)
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12 Cedar Woods Properties Limited FINANCIAL YEAR OVERVIEW The Company reported a net profit after tax (‘NPAT’) of $65.6 million for the 2026 financial year, slightly above the top end of guidance of 30% to 35% growth over the prior year result. Full year revenue at $502.4 million, was up 8% and gross margin of 30% was up 2%, delivering a 36% increase in NPAT. Improved margin resulted from a combination of improved sales prices, cost control and product mix. During the year the Company contracted a record 1,326 net sales, up 5% on the prior year. Presales contracts at 30 June 2026 were at $830 million providing a strong starting position for the year ahead, with approximately 65% expected to settle in FY2027 and the balance in FY2028 and FY2029. A number of new residential projects were launched to market in FY2026, including Somerley estate (VIC), and Sereno apartments (SA). The Company completed and settled a number of stages across the portfolio during FY2026. Built form stages that completed during the year included townhouses at 88 Leveson (VIC) and apartments at Glenside and Fletcher’s Slip (both SA). Significant land stages settled at Flourish (QLD), Mason Quarter (VIC) and at Millars Landing (WA). Cedar Woods’ diversified portfolio helps to ensure it is positioned to perform well through different property cycles across state markets. During the year the Company acquired new projects in WA, QLD and VIC, adding 1,184 lots and units to the development pipeline, which are expected to contribute earnings in the medium to long term. Land acquisitions included the expansions of the high performing Flourish and Sage projects in QLD, a proposed land subdivision in Aveley, WA, future townhouse projects at Kealba and Springvale in VIC and an apartment site in Fairfield QLD. Since year end, Cedar Woods has contracted and settled a further WA acquisition for $15.55 million, enabling the expansion of its high-performing Bushmead estate by an additional 161 residential lots. The Company progressed its strategic partnerships with QIC and Tokyo Gas. The third SA apartment project developed with Tokyo Gas was completed and a fourth project with Tokyo Gas was designed and received planning approval. It is intended to expand the number of partnered projects, which will boost the medium-term earnings capacity of the business. MARKET CONDITIONS Favourable sales conditions were experienced in most state markets (WA, QLD and SA) during the year, before the market softened in Q4 from the combined impact of uncertainty and cost of living pressures resulting from the Iran war and successive interest rate rises, as well as changes to tax settings impacting property investment announced with the Federal budget. Softer sales conditions were experienced in VIC for much of the year as a result of greater supply, as well as weaker economic conditions and cautious consumers. The national housing market whilst softening, remains supported by strong employment conditions, population growth and low supply of rental properties in the established market. The Company expects softer residential sales conditions through much of FY2027. However, all ‘Big-4’ banks (CBA, NAB, ANZ and WBC) are forecasting interest rate reductions during calendar year 2027 (Bloomberg Survey, 31 July 2026), which are expected to improve purchaser borrowing capacity and support a recovery in housing market activity. Australia's structural housing undersupply remains unresolved. Planning delays, infrastructure constraints, construction sector capacity and elevated development costs continue to restrict the delivery of new housing. This supply-demand imbalance is expected to provide medium-term support for the Company's products, particularly affordable and mid-priced housing. Construction conditions remain challenging, with labour availability, contractor capacity and apartment delivery costs continuing to affect project feasibility and delivery timeframes. CAPITAL MANAGEMENT The Company has corporate finance facilities of $330 million with maturity terms of 3 years ($264 million) and 5 years ($66 million), with tenure extended annually. At 30 June 2026, the Company had total liquidity available of $120.4 million (made up of $112.6 million in undrawn headroom in the Company’s long-term debt facilities and cash of $7.8 million) to fund the development of the Company’s portfolio as well as contracted land acquisitions that will generate future growth. In line with the Company’s policy to hedge approximately half of interest rate risk, 51% of drawn debt was hedged at year end with interest rate swaps and caps ranging from 3.3% to 4.5%. Net bank debt-to-equity at 30 June 2026 was 29.0%, at the lower end of the Company’s target debt to equity range of 20% to 75%. Net debt to total tangible assets less cash was 18.1% at year end and corporate facility interest cover was approximately 8.1 times, comfortably above the finance facility covenant of 2 times. The Company is operating within all of its finance facility covenants. Operating cash flow before payments for new land acquisitions was a substantial $97.0 million. These strong operating cashflows enabled the Company to invest $99.1 million in land acquisitions and return $23.2 million to shareholders via fully franked dividends.
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13 Annual Report 2026 Subsequent to year end, the Board has declared a fully franked final dividend of 25.0 cents per share which, together with the 14.0 cents interim dividend paid in April, brings total financial year dividends to 39.0 cents per share (fully franked). The total dividends of 39.0 cents represent a payout ratio of approximately 50%. The dividend reinvestment and bonus share plan remain suspended for the upcoming FY2026 final dividend to be paid in October 2026. RISKS The Audit & Risk Management Committee assists the Board in the effective discharge of its responsibility for risk oversight and ensures that internal control systems are in place to identify, assess, monitor and manage risk. A Risk Management Framework is in place to support the integration of risk management within the business and to promote a culture committed to building long-term sustainable value for stakeholders. The general risks to the Company’s performance include those relevant to the economy and the property market. These include government policy in relation to immigration, taxation and support for the housing industry generally, the planning and environmental policy framework, monetary policy set by the Reserve Bank of Australia, borrowing standards for lending to home buyers set by the Australian Prudential Regulation Authority, the strength of the labour market, consumer confidence and major supplier risk. Both civil contractors and builders have been impacted in recent times by cost inflation and labour shortages whilst dealing with significant work volumes, commonly under fixed price contracts. As a result, financial viability of contractors and builders remains an elevated risk for the Company. This risk is managed through financial assessments and a preference for appointing reputable builders with whom the Company has developed a trusted working relationship. Exposure to property cycles in the metropolitan markets of Western Australia, Victoria, Queensland and South Australia represents a risk to achieving the Company’s financial objectives. The Company aims to mitigate this risk by operating in diverse geographical markets and offering a wide range of products and price points to various consumer segments. While house and land prices fluctuate, underlying demand will be driven by population growth and changing demographics. In the past, the Company has typically achieved its profit objectives by managing both prices and volumes through the property cycle. Individual projects are exposed to a number of risks including those related to obtaining the necessary approvals for development, construction risks and delays, pricing risks and competition. The Company aims to balance its portfolio at any time in favour of mature projects where the project risks are generally diminished. The risk management framework also seeks to address a range of other risks that impact the business, such as economic and political risks, climate change risks, competition for staff and project opportunities, and cyber risks. The Company has certain exposures to ESG risks. The ESG report starting on page 14 provides further details on how the Company is managing ESG risks. CORPORATE OBJECTIVES AND PROGRESS ON STRATEGY Cedar Woods’ primary purpose is to create long term value for shareholders through the development of vibrant communities and to consistently deliver growth in net profit and earnings per share. This year, the Company reported a full year net profit after tax of $65.6 million and total fully franked dividends of 39.0 cents. The overarching strategy, as illustrated on page 8, is to grow and develop our national project portfolio, diversified by geography, product type and price point, so that it continues to hold broad customer appeal and performs well in a range of market conditions. The Company’s strategy is delivered through the operation of our value creation model, illustrated on page 8. Cedar Woods’ Corporate Plan guides management’s activities and provides a five-year outlook for the Company, projecting earnings and other key performance indicators. COMPANY OUTLOOK Cedar Woods starts FY2027 in a strong position with $830 million in presales expected to settle over FY2027, FY2028 and FY2029. The Company is targeting 15% growth in NPAT for FY2027 and is well placed for the medium term with a pipeline of more than 9,600 undeveloped dwellings/lots/ offices across four states. Earnings in FY2027 are expected to be weighted to the first half similarly as in FY2026. This outlook remains subject to property market and construction sector conditions. Furthermore, the earnings outlook for later years remains positive with the national housing shortage unresolved, supportive federal and state Government housing programs in place and several apartment projects that will contribute to earnings in FY2028 and FY2029 under construction and well presold. Nathan Blackburne Managing Director
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14 Cedar Woods Properties Limited ESG REPORT 1. INTRODUCTION At Cedar Woods, our vision is to be Australia's leading property company, recognised for performance and quality. Achieving this requires more than delivering successful developments— it requires creating lasting value for our shareholders while contributing positively to the communities, environment and markets in which we operate. Our ESG Value Creation Strategy describes how we create and sustain that value. It links the resources that underpin our business with the value drivers that influence performance, the outcomes we seek to achieve for our stakeholders, and the governance processes used to monitor and report our progress. The following pages provide an overview of this value creation framework and serve as a roadmap for the ESG topics discussed throughout this report. Value Drivers Corporate governance Risk management Financial strength Capital management Project pipeline Product design, innovation and value Employee engagement Development and training Diversity and Inclusion Work health and safety Customer engagement Digital transformation Fair and ethical procurement Supplier quality Sustainable development Climate resilience Carbon footprint reduction Community contributions Respecting culture and heritage Environment Governance Property Portfolio People Customers Supply Chain Communities CEDAR WOODS’ ESG VALUE CREATION STRATEGY Our Resources
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15 Annual Report 2026 Manage risk, compliance and ethical responsibilities Superior long term returns for shareholders and capital partners Informed shareholders and investors High quality portfolio that supports sustainable urban development Sustainable and ethical supply chain Vibrant communities Cultural awareness and preserved heritage Low environmental impacts Resilient project portfolio High performance culture Enhanced personal and organisational capability Engaged, healthy and safe workforce Satisfied customers Competitive advantage 3.1.1 Effective leadership 3.1.2 Risk management 3.1.3 Cyber security 3.1.4 Ethics and policies 3.1.5 Shareholder value 3.1.6 Funding and partnering 3.2.1 Investment in pipeline 3.2.2 Product diversity and innovation 3.5.1 Modern slavery 3.5.2 Contractor quality 3.5.3 Payment terms 3.6.1 Community amenity 3.6.2 Heritage 3.6.3 Culture 3.6.4 Social responsibility 3.7.1 Governance 3.7.2 Strategy 3.7.3 Risk Management 3.7.4 Metrics and Targets 3.3.1 People development 3.3.2 Opportunity, diversity and inclusion 3.3.3 Work, health & safety and wellbeing 3.3.4 Employee satisfaction 3.4.1 Customer engagement 3.4.2 Customer inclusion 3.4.3 Digital transformation Value Creation Outcomes ESG Approach (report paragraphs shown)
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16 Cedar Woods Properties Limited 2. HIGHLIGHTS The following are our key non-financial targets and FY2026 outcomes by value drivers. Further information on these and other ESG targets and initiatives can be found later in the report. ESG Value driver FY2026 targets FY2026 progress / outcome Governance Capital management Annual renewal of corporate finance facility Achieved: Corporate finance facility renewed and extended Progress with partnering strategy On-going: Strategic partnering arrangements with QIC and Tokyo Gas Real Estate continued to progress Cyber security No significant or reportable system breaches Achieved: No significant or reportable breaches, with continued enhancements to our cyber security framework and resilience Property Portfolio Project pipeline Investment in quality development sites in key growth corridors to strengthen pipeline Achieved: Acquired strategic development sites at Aveley (WA), Springvale and Kealba (VIC), Fairfield (QLD) and additional land at South Maclean and Burpengary (QLD) Product design, innovation and value Product innovations On-going: Eglinton (WA) microgrid in operation; innovative affordable housing product – refer to page 17 People Staff satisfaction Staff satisfaction score over 80% Achieved: Staff satisfaction score of 86% Gender diversity - employees Minimum proportion of 40% female staff, 30% in senior management and 20% in executive positions In Progress: Met 2 out of our 3 diversity targets - refer to page 22 Gender diversity - Board Minimum proportion of 30% female directors on Board Achieved: Board comprises 33% female, 67% male Work, health & safety Zero reportable incidents resulting in serious injury or fatality Achieved: No reportable incidents resulting in serious injury or fatality Customers Customer engagement Net average positive promoter score Achieved: Net promoter score of +48 across portfolio Customer inclusion Provision of affordable dwellings, and pathways to retirement On-going: Strong focus on affordable housing in FY2026 – refer to page 17 Supply Chain Modern slavery mitigation Zero tolerance for modern slavery in supply chain Achieved: Modern Slavery Statement noted low risk of slavery in supply chain Paying our suppliers Proportion of suppliers paid on-time exceeds industry benchmark Achieved: Payment performance continued to significantly exceed the industry benchmark Communities Investing in our communities Commitment to supporting local community groups Achieved: Supported 13 local clubs and community organisations across four states through grants totalling $47,000 in FY2026. Sponsorship of major charity partners On-going: National relationship with The Smith Family continues to support the education of disadvantaged children Environment Reducing our carbon footprint 5% reduction in annual corporate carbon footprint (versus prior year) Scope 1 & 2 emissions assessed across corporate and development reporting boundaries, including additional assets. Achieved an aggregate 4% reduction against FY2025, driven by further adoption of renewable electricity products where available. See page 25 for further details of the carbon footprint results.
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17 Annual Report 2026 Climate Reporting Preparedness Australia’s mandatory climate reporting regime is now in force, with a number of Group 1 entities having completed their first reporting period. Cedar Woods’ first climate statement is required for FY2027 – the reporting period that commenced on 1 July 2026. During FY2026, we refined our climate reporting readiness assessment against the mandatory climate reporting requirements and progressed actions to support compliance ahead of our first reporting period. We also progressed our approach to measuring development-related Scope 3 emissions, including testing an industry-developed emissions assessment methodology on one of our master-planned community projects in Western Australia. For our corporate and sales office reporting boundary, we strengthened data collection and reporting processes for Scope 3 emissions, including system and reporting enhancements to support the Scope 3 disclosure requirements to be reported for FY2028. Affordable Housing Delivery The national focus on affordable and diverse housing intensified during the year, supported by Federal and State Government initiatives. Cedar Woods responded by delivering practical housing solutions that improve affordability, sustainability and housing choice. At Eglinton Village, the Ready Set Build program delivered a pilot of six turnkey homes priced up to 22% below the traditional entry market, with all homes sold to owner-occupiers within eight weeks. The program combines lower purchase costs, access to government home ownership support and reduced ongoing household expenses through Eglinton Village Energy (EVE). Following its success, a further 12 homes have been released. Construction of our affordable housing development at Noble Park (VIC), in partnership with HousingFirst, remains on track for completion in August 2026. The development features a 97kW rooftop solar PV system, three communal EV charging stations, parking for 98 bicycles, 15kL rainwater tanks, and is expected to achieve an average NatHERS rating of 8.2 stars, well above the minimum 6-star requirement. Millars Landing Wetlands, Baldivis, WA Retaining and Restoring Biodiversity Cedar Woods recognises that residential development can result in impacts on native vegetation and biodiversity. We seek to avoid and minimise these impacts wherever practicable and, where impacts cannot be avoided, ensure they are appropriately managed through rigorous environmental assessment, regulatory approvals and long-term conservation initiatives. Across our portfolio, 33% of our projects contain biodiversity values, with associated conservation measures collectively protecting and managing approximately 300 hectares of conservation land. We continue to work closely with regulators to ensure our projects align with evolving environmental legislation and policy. Community planting event, Eglinton Village, Eglinton, WA
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18 Cedar Woods Properties Limited Wellbeing in the Workplace Cedar Woods remains committed to fostering a workplace where employees feel supported, connected and able to perform at their best. During the year, we continued to invest in initiatives that support the physical, mental and financial wellbeing of our people, alongside programs that strengthen culture, engagement and professional development. Through these offerings, we aim to create an environment that promotes wellbeing, capability and high performance across the organisation. Zero serious injuries or fatalities at company workplaces in 2026 and 2025 Modern Slavery Act Developments In July 2026, the Australian Government announced proposed reforms to the Modern Slavery Act 2018 , including the introduction of civil penalties, enhanced enforcement powers and a new "failure to prevent" modern slavery offence, supported by a defence where entities can demonstrate they have taken reasonable steps to identify and address modern slavery risks. Cedar Woods continues to monitor these developments and assess any implications for its modern slavery risk management and due diligence processes, while remaining committed to ethical business practices and continuous improvement in the identification and management of modern slavery risks. Our Communities - The Smith Family Our approach to community connection extends beyond the boundaries of our projects by supporting initiatives that create lasting social value. Since 2021, Cedar Woods has proudly partnered with The Smith Family to improve educational opportunities for access for disadvantaged young Australians through the Learning for Life program. Key outcomes from our partnership to date include: Sponsorship of 100 Learning for Life students per year across Australia. Participation in career expos at partner schools to support students' career aspirations. Attendance at Great Big Thank You events across all operating states. Delivery of a national month-long staff fitness challenge, culminating in team participation in The Dream Run to raise awareness and funds for The Smith Family. Hosting a Learning for Life student to share their personal journey and the positive impact of the program with Cedar Woods employees. Supporting fundraising initiatives, including the Christmas Appeal and Bridge to Brisbane event. Promoting The Smith Family's work through internal and external communications. Through this partnership, Cedar Woods is helping to create stronger, more inclusive communities by supporting educational opportunity and empowering young Australians to realise their full potential. The Dream Run participants, VIC HBF Run for a Reason Participants, WA
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19 Annual Report 2026 Ready Set Build, Eglinton Village, Eglinton, WA
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20 Cedar Woods Properties Limited 3. OUR ESG APPROACH ESG topic Our approach FY2026 Outcomes 3.1 Governance Governance Framework The Board is committed to high standards of corporate governance, details of which may be found in the 2026 Corporate Governance Statement. 1 3.1.1 Ef fective leadership Board and Committees, Executive Team The Board has two committees which oversee various ESG priorities: The Audit & Risk Management Committee is responsible for financial reporting, risk management (including ‘ESG risks’) and external audit; The Remuneration & Nominations Committee is responsible for matters relating to Board composition, human resources, remuneration (including ESG link to incentives for Executives), succession, inclusion and diversity. The Company’s management is structured for effective leadership that is consistent with corporate standards and promotes a strong corporate culture. The Executive Team is the Company’s most senior management body and is responsible for preparing and implementing the Corporate Strategy and managing operations. 3.1.2 Risk management Risk Management Framework The Audit & Risk Management Committee oversees risk management, with a focus on more significant risks, including ESG and Climate-related risks. It has adopted a Risk Management Framework which incorporates a range of tools to assist in the identification, management, and monitoring of risks in the business. The Board conducts regular reviews of the Risk Management Framework structure, with the last review performed in FY2026. 3.1.3 Cyber security Cyber security strategy, IT security policy Cedar Woods places the highest priority on the security and confidentiality of our customer and company data. During FY2026, the Company continued to enhance its cyber security posture through implementation of Microsoft Purview data protection controls, 24/7 security monitoring, ongoing Essential Eight maturity uplift activities, and regular staff cyber awareness training and phishing simulations. Management continues to undertake supply chain reviews, including reviews of the cyber security practices of targeted key suppliers. 3.1.4 Ethics and Policies Code of Conduct and corporate policies The Code of Conduct is a comprehensive set of standards of conduct expected of all employees, including Directors. The Company has zero tolerance for corrupt practices and has a proactive approach to ethics and accountability throughout its policies and practices. The Board has oversight of values and culture. A list of the Company’s published policies can be found on our website. 1 3.1.5 Shareholder value Shareholder returns Returns to shareholders are detailed in the ‘Financial Performance Highlights’ on page 6 of the annual report. Shareholder and Investor facing policies In November 2025 we held a physical AGM in which shareholders could participate in person or join the meeting online to watch proceedings and ask questions. At the AGM, all resolutions were supported by shareholders. 3.1.6 Funding and partnering Equity and debt funding The Company maintains a corporate finance facility provided by three major Australian banks. During FY2026 the term was extended to 30 January 2029 for the 3-year facility ($264m) and to 30 January 2031 for the 5-year facility ($66m). Partnerships Cedar Woods continues to advance its partnering strategy through long-term relationships with QIC and Tokyo Gas Real Estate Australia Pty Ltd. These partnerships support capital-efficient growth, broaden the Company's development pipeline, leverage complementary expertise and capabilities, and enhance our ability to deliver high-quality, sustainable communities while creating long-term value for shareholders. 1 https://www.cedarwoods.com.au/Our-Company/Governance
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21 Annual Report 2026 ESG topic Our approach FY2026 Outcomes 3.2 Property Portfolio Pipeline of projects Our project portfolio is a key asset. We continue to invest into the project pipeline providing capacity and visibility on future earnings and returns to shareholders. 3.2.1 Investment in pipeline Acquisitions strategy incorporates ESG objectives The Company has developed a strategy to guide its acquisition program and achieve its objective of targeting properties that meet a range of financial, urban planning and environmental requirements, prioritising transit-oriented development opportunities, enabling the creation of sustainable communities. During the year, the portfolio was further expanded across a number of states through acquisitions at Fairfield, Kealba, Corio and Springvale (VIC), Aveley (WA), and Fairfield (QLD), together with adjacent parcels that expanded the Company's Flourish project in South Maclean, and Sage project at Burpengary (QLD). 3.2.2 Product diversity and innovation Showcase projects Williams Landing (VIC) Office / Warehouse (Smith Works): launching commercial strata development targeting small to medium-sized businesses such as e-commerce, fitness and retail. Affordable Housing initiatives at Noble Park (VIC) and Eglinton (WA) – refer to page 17, as well as delivering 16 affordable apartments at Incontro (WA); Cedar Woods continues to deliver high-quality apartment developments that combine strong sustainability outcomes with enhanced resident amenity. Our recent projects demonstrate a focus on energy efficiency, building electrification, renewable energy, sustainable transport and water conservation, while achieving NatHERS energy ratings well above minimum regulatory requirements. The Elegan Apartments and Noble Park Apartments case studies, both under construction in FY2026, highlight our commitment to delivering apartment communities that support both environmental performance and long-term liveability. Leveson, North Melbourne (VIC) Ellendale (QLD) Flourish (QLD) Sereno Apartments, Glenside (SA) Bloom 2, Glenside (SA) Fletcher’s Slip Apartments (SA) 3.3 People Culture Our strategic priority is to create a progressive, high-spirited work environment with strong staff alignment to values and objectives, where top talent works collaboratively, and high performance is rewarded. 3.3.1 People development Retention and Career Progression Consistent with our corporate value ‘We are people developers’, we value our people and their long-term success and therefore, we seek opportunities to keep them engaged and develop professionally. To this end, we focus on internal career development and promotion, enabling staff to develop new skills, broaden their exposure and build professional relationships. 3.3.2 Opportunity, diversity and inclusion Equal Opportunity Policy in place We are committed to fostering a positive, diverse and inclusive workplace that supports meaningful relationships, values individual contributions and provides equal access to opportunities for all employees. The Company's Equal Employment Opportunity and Anti-Discrimination Policy and Grievance Policy continued to support these objectives during FY2026. Together, these policies reinforce the Company's commitment to maintaining a safe, respectful and inclusive workplace and to ensuring complaints are managed fairly and appropriately. Employees and managers continued to have access to training and resources addressing workplace behaviour, discrimination, harassment and bullying, supporting the Company's zero-tolerance approach to unlawful and inappropriate conduct.
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22 Cedar Woods Properties Limited ESG topic Our approach FY2026 Outcomes 3.3.2 Opportunity, diversity and inclusion Diversity & Inclusion Policy in place The Executive team maintains oversight of Diversity & Inclusion (D&I) initiatives to support our efforts in achieving a more diverse workforce (which includes gender as well as other areas such as ethnicity, religion, and sexual orientation). Recruitment briefs, retention strategies and the Employee Value Proposition are tailored to promote diversity and inclusion objectives. In terms of gender diversity, women represented 48% of the total workforce at 30 June 2026 (FY2025: 44%), and 33% of both senior management and the Board. Each measure exceeded the Company's long-term gender diversity objective. Female representation on the Executive team increased to 13% during FY2026 with the appointment of the Company Secretary / General Counsel, reflecting progress despite the low representation of women in the development industry. Gender diversity Long term target FY2026 Actual Proportion of women in the whole organisation Proportion of women in senior management Proportion of women in executive positions Proportion of women on the Board 48% 40% 33% 13% 33% 30% 30% 30% 3.3.3 Work, health & safety and wellbeing Occupational WHS system Senior management is accountable for the health and safety performance across the Company’s portfolio of projects and targets zero reportable incidents resulting in serious injury under the relevant Occupational Health & Safety Act in CWP premises or sites, as a result of failure of the Company’s Work, Health & Safety system. There were no such incidents in FY2026. The Board receives regular reporting on the Company’s WHS risks and performance and attends on-site briefings as part of WHS monitoring. Audits are performed annually of the WHS compliance at state operations. The Company promotes a strong health and safety culture with access to mental health support services as part of its wellbeing program as well as providing staff with other free health services. For further details visit our website.2 3.3.4 Employee satisfaction Employee satisfaction surveys We conduct staff surveys to assess employee satisfaction, reflecting the level of enthusiasm, connection and commitment employees have to the Company. Staff satisfaction was 85.7% in FY2026 (FY2025: 82%), exceeding the Company’s 80% target and comparing favourably with external engagement benchmarks. Employee feedback from the survey will continue to inform initiatives aimed at supporting engagement, development, recognition and retention. 3.4 Customers Customer Service function Customers are at the centre of everything we do. Our Customer Service function is set up to provide a high standard end-to-end experience through the customer journey. 3.4.1 Customer engagement Customer surveys Customer engagement is driven through various physical and digital platforms. Our customer service function provides customers with product guidance, assistance and issue resolution. The quality of customer experience is measured by Net Promoter Score (NPS) surveys conducted at relevant projects during the year. In FY2026, the average/collective Net Promoter Score (NPS) across relevant projects increased significantly from +29 in FY2025 to +48, reflecting a further improvement in customer experience and customer advocacy. The surveys revealed strong performance across all stages of the customer journey, with customer satisfaction reaching 90% and post-settlement NPS improving to +53. Cedar Woods will continue to use customer feedback to guide targeted improvements and ensure ongoing enhancement of the customer experience across all stages of the journey. 2 https://www.cedarwoods.com.au/Careers
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23 Annual Report 2026 ESG topic Our approach FY2026 Outcomes 3.4.2 Customer inclusion Affordable dwellings, Pathway to Retirement Cedar Woods takes an inclusive approach to meeting the needs of its customers by offering a broad range of product types and price points. This includes developments designed to support diverse community needs, such as: Affordable housing options; Disability access features; and Transition-to-retirement living. Cedar Woods has a long-standing focus on delivering attainable housing through master-planned communities in well-connected urban growth areas. Through efficient community design, a diverse housing mix and partnerships with builders, we provide opportunities for first home buyers and moderate- income households to enter the property market without compromising community quality, amenity and lifestyle. 3.4.3 Digital transformation Digital governance & responsible AI strategy In FY2026, Cedar Woods progressed its AI strategy following an independent readiness assessment and business engagement process. The strategy is centred on responsible AI adoption, balancing capability development and increased productivity with disciplined controls around data protection, privacy and cybersecurity. During the year, Cedar Woods also strengthened its underlying data and platform foundations and matured its digital governance by enhancing controls over the handling of personal information across the business and updating its Privacy Policy. 3.5 Supply Chain Fair and ethical procurement The Company is committed to ethical, accountable and transparent procurement that maintains probity and fairness. To achieve balanced environmental, social and economic outcomes, we rely on our network of diverse suppliers. When delivering our projects, our suppliers contribute to decisions on innovation and cost efficiency, while maintaining quality outcomes. 3.5.1 Modern slavery Modern slavery policy and management Our Modern Slavery Policy and risk management system addresses our approach to identifying modern slavery risk and mitigating modern slavery and human trafficking within our operations and supply chain. In light of the Australian Government’s proposed reforms to the Modern Slavery Act 2018 (Cth), we continue to review and strengthen our modern slavery governance, risk assessment and due diligence processes. Our Modern Slavery policy 3 and latest Modern Slavery Statement 4 are available on our website. Our latest Modern Slavery Statement indicated no incidents of modern slavery were identified in the Company's operations or supply chain. 3.5.2 Contractor quality Quality reviews The Company continues to periodically undertake comprehensive contractor reviews. Evaluation criteria include overall quality, timeliness, cost efficiency, etc. Material suppliers are assessed for financial health and modern slavery risk as part of the on-boarding process and prior to the issue of significant new contracts. 3.5.3 Payment terms Supplier payment monitoring We also support the payment of our suppliers on fair payment terms. Based on the Company’s Payment Times Reporting results for the six months ended 31 December 2025, 96.2% of small business supplier invoices were paid within 30 days of receipt, compared to an industry average payment time of 25.8 days for the Rental, Hiring and Real Estate Services sector reported on the Payment Times Reports Register. 3.6 Communities Community Connection One of our Values, ‘Creating Community Connection’, recognises that our projects bring people together, fostering connections that enrich the lives of people through the places we create. 3.6.1 Community amenity Activation and sponsorship We create value for our communities through our direct provision of amenities, infrastructure public spaces and jobs. We implement resident onboarding initiatives and community grants for local community groups. We supported 13 local clubs and community organisations across four states through grants totalling $47,000 in FY2026. 3.6.2 Heritage Protecting heritage We recognise that many of our projects carry Indigenous and cultural heritage significance. We respect this legacy through engagement with Traditional Owners, heritage restoration, and culturally informed design, where appropriate. Our projects reflect a commitment to preserving identity of place – through storytelling, recognition, and placemaking that honours the land’s history and community connections. 3.6.3 Culture Traditional Owners Action Plan Cedar Woods has established a Traditional Owners Action Plan with four pillars, to guide staff in Acknowledgment of Country protocols, engagement with Traditional Owners, developing a framework for recognising and incorporating Traditional Owner history and culture at company projects and providing for understanding, education and cultural awareness. 3 https://www.cedarwoods.com.au/Our-Company/Governance 4 https://www.cedarwoods.com.au/Our-Company/Social-Responsibility
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24 Cedar Woods Properties Limited ESG topic Our approach FY2026 Outcomes 3.6.4 Social responsibility Our Broader Community – The Smith Family Partnership In 2021 the Company formed a national community partnership with The Smith Family – Australia’s leading children’s education charity. Our ongoing partnership aims to assist disadvantaged Australian children get the most out of their education and provides our staff the opportunity to be involved in activities supporting this worthwhile cause. 3.7 Environment Environmental and climate change policy, Climate reports The Company has a track record of environmental excellence across its projects, reflected by numerous national and state industry awards won for its projects. The Company continues to deliver strong environmental performance, through its ESG Strategy, as well as expanding this to address climate considerations. Past ESG and climate reports can be found on our Sustainability webpage.5 3.7.1 Governance Audit & Risk Management Committee Remuneration & Nominations Committee Balanced Scorecard There are two principal Board Committees which oversee a range of ESG priorities including climate considerations: Audit & Risk Management Committee (see Risk Management below) Remuneration & Nominations Committee. ESG priorities extend to senior executive accountability and performance (key performance indicators), tied to remuneration. Board oversight of performance is assisted through the Balanced Scorecard, which includes ESG Performance including climate considerations. 3.7.2 Strategy Our ESG strategy identifies climate- related risks and opportunities; and their impact on the Company’s business strategy The Company’s ESG Strategy outlines significant climate related risks and opportunities which have potential to affect its business model, strategy, cash- flow, access to finance and cost of capital. Continuing to execute the Company’s ESG Strategy, which provides the framework to transition to lower carbon emissions (both operational and project- based), ensures new projects are resilient to physical climate change risks, and that we are on track in for an orderly transition to a low carbon economy. 3.7.3 Risk Management Risk Management Framework / Risk Register We assess climate-related risk within the Company’s risk management framework. The Company’s Risk Management Framework aims to drive consistency in the identification, assessment, management, mitigation and monitoring of risk to the business. Decision making is guided by comprehensive risk management, together with risk mitigation strategies, where necessary. 3.7.4 Metrics and Targets ESG Strategy Metrics used to assess climate-related risks and opportunities, in line with our ESG Strategy and risk management process are disclosed in our Climate Report.5 The results of our 2026 carbon footprint mapping are shown in the results box on page 25. 5 https://www.cedarwoods.com.au/Our-Company/Sustainability
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25 Annual Report 2026 FY2026 Scope 1 & 2 net Greenhouse Gas Emissions (t CO2-e) Corporate operations FY2026 FY2025 State offices 30 35 Sales offices 22 9 Developments 19 30 71 74 All Scope 1 & 2 indirect emissions are from the generation of purchased electricity. Emissions calculated by independent consultants from company data. Further details are in the climate report: www.cedarwoods.com.au/Our-Company/Sustainability The Company is building upon its knowledge and capability to better manage, measure and report on its carbon emissions, in a manner consistent with industry and in anticipation of future regulatory requirements. Methodologies continue to evolve, and the Company expects some variability in year-to-year results from this process leading up to statutory reporting, expected in FY2027. Community planting day, Eglinton Village, Eglinton, WA
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26 Cedar Woods Properties Limited 4. KEY ACTIVITIES FOR FY2027 Our key activities over the next 12 months are: ESG value driver FY2027 key activities Governance Capital management Maintain our corporate lines of credit with the major banks. Execute our partnership strategy on existing and new projects. Cyber security Continue to improve our cyber security posture through continued user education, improving preventative technical controls and testing against industry benchmarks, such as the Australian Cyber Security Centre Essential 8. Digital transformation Execute projects that will improve systems, such as the Company’s forecasting, to provide more timely reporting and increased automation. Property Portfolio Project pipeline Continue investing in our project pipeline in accordance with our acquisitions strategy and in partnerships and joint ventures. Product design, innovation and value Continue to innovate in the areas of Over-55s retirement and affordable housing. Energy efficiency objectives will continue to be pursued in our residential and commercial projects. People Staff satisfaction Continue to attract, engage and retain a high-performance workforce. Training There will be a focus on delivering the corporate training program. Learning & development We will continue to broaden employee opportunities through increased learning and enhanced career development. Positive culture Foster a ‘speak up’ culture to ensure any cultural issues are reported. Customers Customer experience Implement programs to enhance customer experience and improve resources available to customers and builders on our websites. Customer engagement Aim to improve our net promoter scores across our projects. Customer inclusion Continue to offer a broad range of quality, affordable dwellings. Supply Chain Responsible procurement Continue to work with our key suppliers to monitor ongoing work health and safety compliance, financial health, cyber resilience, modern slavery risk management, quality of product and value for money. Communities Charitable partnerships Maintain our sponsorship of The Smith Family. Community grants Further investment in our local communities through our community grants program. Environment Carbon Reduction Continue implementing our carbon reduction plan, including identifying and progressing emissions reduction initiatives across the business. Mandatory climate reporting readiness Utilise the emissions assessment methodology developed in conjunction with UDIA and other industry stakeholders to assess development-related emissions across our broader portfolio, supporting future Scope 3 disclosure requirements to be reported in FY2028 as part of our mandatory climate reporting program.
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27 Annual Report 2026 DIRECTORS’ REPORT Your Directors present their report on the consolidated entity consisting of Cedar Woods Properties Limited (‘the Company’ or ‘Cedar Woods’) and the entities it controlled (together ‘the consolidated entity’ or ‘group’) at the end of, or during, the year ended 30 June 2026. a. Directors The following persons were Directors of Cedar Woods during the whole of the financial year and up to the date of this report: William George Hames (Chairman) Robert Stanley Brown (Deputy Chairman) Valerie Anne Davies (Independent Director) Jane Mary Muirsmith (Independent Director) Paul Gilbert Say (Independent Director) Nathan John Blackburne (Managing Director) The qualifications, experience and other details of the Directors in office at the date of this report appear on pages 27 to 29 of this report. b. Principal activities The principal continuing activities of the consolidated entity over the course of the year ended 30 June 2026 were that of property developer and investor and no significant change in the nature of those activities took place during the year. c. Dividends Dividends paid to members during the financial year were as follows: 2026 $’000 2025 $’000 Final fully franked ordinary dividend for the year ended 30 June 2025 of 19.0 cents (2024 – 17.0 cents) per fully paid share, paid on 31 October 2025 15,404 14,027 Interim fully franked ordinary dividend for the year ended 30 June 2026 of 14.0 cents (2025 – 10.0 cents) per fully paid share, paid on 24 April 2026 11,910 8,251 27,314 22,278 For the final 2025 dividend, $366,000 (2024 – nil) in bonus shares were issued in lieu of dividends under the Company’s Bonus Share Plan. Since the end of the financial year the Directors have recommended the payment of a final fully franked ordinary dividend of 25.0 cents (2025 – 19.0 cents per share) to be paid on 30 October 2026 out of retained profits at 30 June 2026. d. Financial and operating review Information on the operations and financial position of the group and its business strategies and prospects is set out in the financial and operating review, commencing on page 11 of this Annual Report. e. Significant changes in the state of affairs There were no significant changes in the state of affairs of the consolidated entity during the year. f. Matters subsequent to the end of the financial year Refer to item (c) of this Directors’ Report for details of the dividend recommended by Directors since the end of the financial year. No other matters or circumstances have arisen since 30 June 2026 that have significantly affected or may significantly affect: the consolidated entity’s operations in future financial years; the results of those operations in future financial years; or the consolidated entity’s state of affairs in future financial years. g. Environmental regulation To the best of the Directors’ knowledge, the group complies with the requirements of environmental legislation in respect of its developments and obtains the planning approvals required prior to clearing or development of land under the laws of the relevant states. There have been no instances of non-compliance with significant environmental legislation during the year and up to the date of this report. h. Information on Directors & Secretary Mr William G Hames , B Arch (Hons) MCU (Harvard) LFRAIA, MPIA, FAPI (Econ) Chairman of the Board of Directors, Non-Executive Director Mr Hames was appointed on 23 March 1990 and brings substantial property experience to the Board. He is a co-founder of Cedar Woods, an architect and town planner by profession, and received a Masters Degree in City Planning and Urban Design from the Harvard Graduate School of Design, at Harvard University in Boston. He worked in the US property development market before returning to Australia in 1975 and establishing Hames Sharley Australia, an architectural and town planning consulting company. Other current listed company directorships and former listed company directorships in the last three years: None.
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28 Cedar Woods Properties Limited Mr Robert S Brown , MAICD, AIFS Deputy Chairman of the Board of Directors, Non-Executive Director Mr Brown was appointed to the Board on 18 August 1988. He is Executive Chairman of Westland Group Holdings Pty Ltd, with responsibilities in mining and venture capital. He is a past president of the Federation of Building Societies of WA and has participated in and chaired various Western Australian government advisory committees related to the housing industry. Mr Brown brings to the Board his diversified experience as a director of these companies and other listed entities. Other current listed company directorships and former listed company directorships in the last three years: None. Ms Valerie A Davies , FAICD Independent Non-Executive Director Chair of the Remuneration & Nominations Committee Member of the Audit & Risk Management Committee Ms Davies was appointed to the Board on 21 September 2015. She is a professional company director with broad experience across the spectrum of public and private companies, government boards and community organisations. Apart from Cedar Woods Properties Limited, she is also currently a non-executive director of ASX-listed EVT Limited. Ms Davies previous Board positions include HBF, lluka Resources, ASG Group, and Integrated Group (now Programmed), Tourism Western Australia, Tourism Australia, Gold Corporation and the TAB (WA), as well as Screenwest and Fremantle Hospital & Health Service. Ms Davies has substantial experience serving on risk management and remuneration committees in listed companies. Apart from the boardroom Ms Davies' career spans more than 40 years across a range of industries including media, marketing and television production. While working as a specialist provider of communications and strategic issues management services, she has worked at the highest level with numerous tier 1 national and international business organisations addressing the complexities of issues management, communications, coaching and mentoring. Ms Davies is a member of Chief Executive Women (CEW), a former Telstra Business Woman of the Year (WA) and a past Vice-President of the Australian Institute of Company Directors (WA). Other current listed company directorships and former listed company directorships in the last three years: EVT Limited (April 2011 to present). Mrs Jane M Muirsmith , B Com (Hons), FCA, GAICD Independent Non-Executive Director Chair of the Audit & Risk Management Committee Member of the Remuneration & Nominations Committee Mrs Muirsmith was appointed to the Board on 2 October 2017. She is an accomplished digital and marketing strategist, having held several executive positions in Sydney, Melbourne, Singapore and New York. She is Managing Director of Lenox Hill, a digital strategy and advisory firm and is a non-executive director of Australian Finance Group Limited (AFG), the Kids Research Institute Australia and Water Corporation. She is the immediate past Chair of Healthdirect Australia. Mrs Muirsmith is a Graduate of the Australian Institute of Company Directors and a Fellow of Chartered Accountants in Australia and New Zealand, with an audit and accounting background together with deep expertise in digital transformation. Mrs Muirsmith is a member of the Ambassadorial Council UWA Business School and an Independent Member of the Canberra Institute of Technology - Cloud Campus Program. She is a former President of the Women’s Advisory Council to the WA Government. Other current listed company directorships and former listed company directorships in the last three years: Australian Finance Group Limited (March 2016 to present). Mr Paul G Say, FRICS, FAPI Independent Non-Executive Director Member of the Audit & Risk Management Committee Member of the Remuneration & Nominations Committee Mr Say was appointed to the Board on 3 May 2021. With over 40 years of experience in the commercial and residential property sector, Mr Say brings strong corporate finance, capital allocation and investment management capability to the Cedar Woods Board. Mr Say was previously Chief Investment Officer at Dexus Property Group and Head of Corporate Finance with Lendlease Corporation. Mr Say currently chairs the board of Mirvac Wholesale Office Fund and is an advisory board member of Atlas Funds Management. Mr Say is a qualified property valuer and has a Graduate Diploma in Finance and Investment and a Graduate Diploma in Financial Planning. He is a Fellow of the Royal Institute of Chartered Surveyors, Fellow of the Australian Property Institute and a Licensed Real Estate Agent (NSW, VIC and QLD). Located in NSW, Mr Say has substantial experience serving on risk management committees and holds strong networks across the property and finance sectors. Other current listed company directorships and former listed company directorships in the last three years: None.
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29 Annual Report 2026 Mr Nathan J Blackburne, BB (Curtin), AMP (Harvard), GAICD Managing Director, Executive Director Mr Blackburne was appointed to the Board on 18 September 2017. He has worked since 1993 in various sectors of the property industry including valuations, asset management, commercial leasing and property development. He commenced his career with Cedar Woods in 2002 with the mandate to establish and grow the Company in Melbourne. Starting off as State Manager for Victoria, he later led the expansion of the Company into Brisbane and Adelaide to become State Manager for Victoria, Queensland and South Australia. In 2016, Mr Blackburne was appointed as Chief Operating Officer for the Company and in September 2017 was appointed to the position of Managing Director. Mr Blackburne has a Bachelor of Business degree majoring in Valuations and Land Economics and is a Graduate of the Australian Institute of Company Directors. He is also a Graduate of Harvard Business School in Boston having completed their Advanced Management Program. Other current listed company directorships and former listed company directorships in the last three years: None. Company Secretary The Company Secretary is Ms Sarah Reilly, LLB/BA, GDLP. Ms Reilly was appointed to the position on 30 September 2025, in addition to her role as General Counsel. A senior lawyer and governance professional, Ms Reilly brings 15 years of experience advising ASX-listed companies across corporate governance, compliance, mergers and acquisitions, projects, capital markets and ESG. Mr Paul Freedman, BSc, CA, GAICD held the position of Company Secretary from the beginning of the financial year until his retirement on 30 September 2025, having held that role since June 1998. i. Shares under option Unissued ordinary shares Unissued ordinary shares of Cedar Woods under option at the date of this report are as follows: Date options granted Number under option Exercise price Expiry date 5 November 2025 35,863 zero 30 June 2028 The options were issued to the Managing Director under the Deferred Short-Term Incentive (DSTI) Plan. No option holder has any right under the options to participate in any other share issue of the Company or any other entity. No options were granted to the Directors or any KMP of the Company since the end of the financial year. Shares issued on the exercise of options The following ordinary shares of Cedar Woods were issued to the Managing Director during the year ended 30 June 2026 on the exercise of options granted under the DSTI Plan. No further shares have been issued on the exercise of options since that date. No amounts are unpaid on any of the shares. Date options granted Issue price of Shares Number of shares issued 6 November 2024 $7.50 30,069 j. Directors’ interests in shares Directors’ relevant interests in shares of Cedar Woods at the date of this report, as defined by sections 608 and 609 of the Corporations Act 2001, are as follows: Director Interest in ordinary shares William G Hames 11,260,552 Robert S Brown 7,618,633 Valerie A Davies 26,666 Jane M Muirsmith 22,475 Paul G Say 35,724 Nathan J Blackburne 385,213 Mr Blackburne also has an interest in zero-price options under the DSTI Plan and performance rights under the Executive Long Term Incentive (LTI) Plan, details of which are set out in the Remuneration Report within this report. k. Committees of the Board As at the date of this report Cedar Woods had the following committees of the Board: Audit & Risk Management Committee Remuneration & Nominations Committee J M Muirsmith (Chair) V A Davies (Chair) P G Say P G Say V A Davies J M Muirsmith l. Meetings of Directors The following table sets out the numbers of meetings of the Company’s Board of Directors and of each Board Committee held during the year ended 30 June 2026, and the numbers of meetings attended by each Director: Board meetings Meetings of Committees Audit & Risk Rem & Nom Meetings held: 9 5 5 W G Hames 9 2* 4* R S Brown 7 3* 3* V A Davies 9 5 5 J M Muirsmith 9 5 5 P G Say 9 5 4 N J Blackburne 9 5* 5* *Not a member of this committee
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30 Cedar Woods Properties Limited DIRECTORS’ REPORT: LETTER TO SHAREHOLDERS FROM THE CHAIR OF THE REMUNERATION & NOMINATIONS COMMITTEE (THE COMMITTEE) Dear Shareholders On behalf of the Board, I am pleased to present the Remuneration Report for FY2026. It has been a demanding year for the sector, with continued competition for talent and sustained construction cost escalation arising out of the Middle East conflict. Setting appropriate remuneration remains central to attracting, motivating and retaining the people who delivered Cedar Woods' strong FY2026 result in those conditions, and to encouraging a flexible, adaptive culture aligned to economic opportunities and shareholder interests. The Committee's focus during the year has been to ensure that reward remains commensurate with performance. Company performance Cedar Woods delivered a record result in FY2026, with strong growth in profit, earnings per share and dividends, underpinned by record presales providing earnings visibility for future periods. Key financial highlights included: NPAT of $65.6 million (up 36.4%) EPS of 77.9c (up 33.4%) dividends 39.0cps (up 34.5%) record $830 million in presales TSR of 2.2% (vs Index -0.9%) There was continued improvement in customer satisfaction, with a Net Promoter Score of +48. Reflecting this performance, there were strong outcomes for awards measured at 30 June 2026, with 100%+ vesting for the relevant STI, DSTI and LTI. FY2026 STI vesting There was material outperformance against the FY2026 Company Balanced Scorecard measures overall, reflecting strong profitability, presales and customer satisfaction in particular. Overall FY2026 STI outcomes exceeded target, ranging from 108% to 113% of target for the Executive KMP. FY2025 Deferred STI vesting Having remained employed at 30 June 2026, the Managing Director satisfied the service condition for his FY2025 DSTI zero-price options, which will vest 100%. FY2024 LTI vesting The FY2024 LTI Offer, measured over the three-year performance period ended 30 June 2026, vested at 100%. Both hurdles exceeded their maximum performance levels: EPS growth of 26.7% per annum (compound) against a 5% maximum, and relative TSR of 34.8% above the Index against a 5% maximum. Executive remuneration FY2026 Executive remuneration packages were reviewed following a comprehensive independent benchmarking exercise undertaken by external remuneration consultants. The Board approved remuneration adjustments for the KMP from 1 July 2025, with regard to the external benchmarking and Committee’s recommendations. The Managing Director's TFR was increased by 4% for FY2026, with STI opportunity increased for Target (from 55% to 78% of TFR) and Maximum STI (from 82.5% to 100% of TFR). LTI opportunity remained at 90% of TFR. Executive remuneration levels were also adjusted to reflect market benchmarking outcomes, including FY2026 TFR increases for the COO and CFO of 6% and 10%, respectively. There were minor changes to the Balanced Scorecard for the FY2026 STI, to reflect evolving strategic priorities. A personal performance component was introduced to the MD’s STI for FY2026, consistent with other Executives. No changes were made to the FY2026 LTI hurdles, EPS growth and relative TSR measured against the same comparator, the S&P/ASX Small Industrials Index. NED fees Following consideration of external market benchmarking data, the Board approved revised Non-Executive Director (NED) fees for FY2026 effective 1 July 2025, including increases to Board and Committee fees to better align remuneration with market practice. Total NED fees of $818,000 for FY2026 remained within the $900,000 aggregate fee pool approved by shareholders in 2023. Remuneration Report Shareholders again voted overwhelmingly in favour of the FY2025 Remuneration Report at the 2025 Annual General Meeting, with 99.1% of votes cast in favour. As we look ahead, the Committee remains focused on ensuring our remuneration strategy balances talent retention with disciplined oversight. We appreciate your continued support and welcome your ongoing feedback. Yours faithfully Valerie A Davies Chair - Remuneration & Nominations Committee
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31 Annual Report 2026 DIRECTORS’ REPORT: REMUNERATION REPORT m. Introduction The Directors present Cedar Woods’ FY2026 Remuneration Report, which sets out remuneration information for the Directors and other key management personnel (KMP) for the year ended 30 June 2026. The information provided in this remuneration report has been audited as required by section 308(3C) of the Corporations Act 2001. KMP covered in this report KMP are those persons having authority and responsibility for planning, directing and controlling the major activities of the Company, directly or indirectly. The table below outlines the Company's KMP during the year ended 30 June 2026; each of whom were KMP for the entire year. In this report, "Executive" includes the Managing Director and senior executives. KMP Position Period Non-Executive Directors (NEDs) W G Hames Non-Executive Chair Full year R S Brown Non-Executive Deputy Chair Full year V A Davies Independent Non- Executive Director Full year J M Muirsmith Independent Non- Executive Director Full year P G Say Independent Non- Executive Director Full year Executive Director N J Blackburne Managing Director (MD) Full year Senior Executives P J Archer Chief Operating Officer (COO) Full year L M Hanrahan Chief Financial Officer (CFO) Full year Changes since last year There have been no changes to the roles included as KMP since last year. Changes since the end of the reporting period There were no changes to KMP after the reporting date and before the date the annual report was authorised for issue. n. Remuneration governance Remuneration & Nominations Committee The Remuneration & Nominations Committee is a committee of the Board (Committee). It makes recommendations to the Board on: the Executive remuneration framework; remuneration levels of the Managing Director and other Executives; the operation of incentive plans and key performance hurdles for the Executive team; and NED fees. The Committee's objective is to ensure remuneration policies and structures are fair, competitive and aligned with the long-term interests of the Company. It periodically obtains independent data to ensure KMP remuneration remains appropriate and in line with the market. Performance-related outcomes are determined annually following finalisation of the audited results, on the Committee's recommendation to the Board. Further information on the Committee's role is set out in the Corporate Governance Statement, available on the Company's website. Use of remuneration advisors No remuneration 'recommendations' (as defined in the Corporations Act) were sought or provided during FY2026. An external consultant was engaged to provide benchmarking in FY2025, but no further benchmarking was undertaken during FY2026. Hedging prohibition Consistent with the prohibition that applies to KMP and their closely related parties in section 206J of the Corporations Act 2001, participants are prohibited from hedging unvested awards under the Company’s LTI plan and the Deferred STI plan, and any award the subject of a hedging arrangement will immediately lapse. The Company's Securities Trading Policy also requires any hedging arrangement to be disclosed to the Company Secretary in writing. Clawback of remuneration Vested and unvested STIs and LTIs are subject to clawback at the Board's discretion. For the cash STI, this is considered at the end of the financial year as part of assessing performance against the scorecard. For Deferred STI and LTI awards, clawback may be applied at any time up to the final vesting date, having regard to factors such as material misstatement of financial results or non-compliance with Cedar Woods' policies. The Board may also recover an STI or LTI award previously paid. No clawback or downward adjustment of any STI or LTI award was made during FY2026. Remuneration Report approval at 2025 AGM At the 2025 Annual General Meeting (AGM), 99.1% of eligible votes cast were in favour of the FY2025 Remuneration Report. The Company did not receive specific comments on its remuneration practices at the AGM or during the year.
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32 Cedar Woods Properties Limited o. Executive remuneration policy and framework This section outlines the Executive remuneration policy and framework for FY2026. (i) Principles and strategy Company purpose To create long-term value for shareholders through the development of vibrant communities How remuneration supports the Company’s purpose Our objective The principles we apply How we deliver it To attract, motivate and retain high performing individuals, and align their reward with the shareholder interests. The remuneration offering does this by rewarding: capability and experience contribution to growth in shareholder wealth The Board seeks to set Executive remuneration that is: competitive and reasonable acceptable to shareholders aligned to Company performance transparent in linking performance and reward Alignment to shareholder interests is achieved through at-risk components: STI (cash and deferred equity) rewards current-year performance LTI (performance rights) rewards long-term performance against relative TSR (external) and EPS growth (internal) Both are subject to clawback. Component Composition Purpose Link to performance Total remuneration Total Fixed remuneration (TFR) Base salary, superannuation and non- monetary benefits Provide competitive fixed remuneration, set with reference to role, market and skills and experience of individuals Company and individual performance are considered as part of the annual review No guaranteed remuneration increases are included in Executive contracts Fixed remuneration may be phased to market benchmark for new appointments, conditional on performance Short-term incentive (STI) Paid in cash Part deferred equity in Zero- Price Options applies to the MD Rewards Executives for their contribution to achievement of company outcomes Rewards Executives for their contribution to the creation of shareholder value over the medium term Linked to the Corporate Plan and achievement of personal objectives established at the start of the year Vesting of zero-price options is subject to a further one year of service after the initial performance period Long-term incentive (LTI) Awarded in Performance Rights Rewards Executives for their contribution to the creation of shareholder value over the longer term Vesting of grants is subject to TSR performance relative to S&P / ASX Small Industrials Index and compound growth rate in EPS over a three-year period (ii) Approach to setting remuneration The Company aims to reward Executives with a level and mix of remuneration appropriate to their position, responsibilities and performance within the Company. Total remuneration is positioned between the median and upper quartile of direct industry peers (listed and unlisted) and other ASX-listed companies of similar size and complexity. Remuneration structures are reviewed annually having regard to market data, remuneration trends, employment market conditions, individual performance, and the broader economic environment. The at-risk components (STI and LTI) ensure a proportion of remuneration varies with individual and Company performance, and the Committee reviews the balance of fixed and at-risk pay annually to keep it competitive. The chart below illustrates the remuneration mix based on maximum opportunities for FY2026. Fixed Pay Cash STI* LTI * MD’s FY2026 DSTI is being awarded in cash in lieu The Managing Director does not participate in Board or Committee deliberations or decisions regarding his own remuneration. 31% 24% 20% 34% 29% 26% 35% 47% 54% Managing Director COO CFO
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33 Annual Report 2026 (iii) Details of incentive plans Short-term incentives (STI) Key features of the STI Plan are set out below. STI Plan Managing Director Other Executive KMP Target opportunity 78% of TFR 39 to 50% of TFR Maximum opportunity 100% of TFR 50 to 63% of TFR Delivery method 65% Cash STI 35% deferred equity in zero-price options under the Deferred STI Plan (DSTI). The Board may satisfy vested options in cash rather than shares. 100% Cash STI Allocation method DSTI opportunity (% of TFR) divided by the 5-day VWAP of the first 5 trading days of the year. Awards are subject to shareholder approval (ASX LR 10.14). Not applicable – no deferred equity component Performance hurdles 60% Company & 40% Personal 50% Company & 50% Personal Performance period 1-year performance period Gateway Subject to a safety trigger: no reportable incident resulting in serious injury under the WHS Act arising from a failure of the Company's WHS system. The Board retains discretion in applying the trigger. Company component Assessed against the FY2026 Company Balanced Scorecard: annually set objectives across four strategic priority pillars, aligned to the Company’s objective of delivering long term shareholder value. Performance measure Metrics Rationale for selection Financial Strength (50%) Annual performance and balance sheet strength NPAT, Revenue, Return on Equity and Capital, Borrowings, Presales Reward delivery of near-term shareholder value, balanced by gearing discipline and forward revenue security. Earnings Growth (20%) Future financial health of the Company New Project Acquisitions and Lot Additions, JVs and Partnering Replenish the development pipeline to underpin future earnings; partnering to spread capital and delivery risk. Operational Excellence (20%) Buyer satisfaction, quality projects, sustainability Customer NPS, Project Milestones, WHS system Compliance, ESG Align reward with customer, delivery, safety and ESG outcomes that sustain earnings quality and licence to operate. High Performance Culture (10%) Strong workforce outcomes and positive culture Staff Satisfaction, Staff Retention, Gender Diversity Recognise retention and development of key capability to support Corporate Plan delivery in a competitive talent market. Personal component Individual objectives set at the start of the year, tailored to each Executive's role and comprising financial and non-financial measures. Meeting expectations generally rates 80-100%. Board discretion In determining outcomes the Board, on the Committee's recommendation, considers the quality and sustainability of results, the operating environment and the Company's positioning for longer-term success. It may adjust scorecard targets or personal objectives during the year, and may determine an overall outcome of up to 150% of target across the Company and Personal components combined Service condition Cash STI: Continued employment over the 1-year performance period and until the payment date DSTI: Continued employment for a 2-year period from the start of the performance period Not applicable Performance assessment Annually. The Chairman and Committee Chair recommend the MD's STI outcome to the Board Annually. The Committee considers MD input in recommending STI outcomes to the Board Dividends & dealings Dividends are not paid on unvested DSTI options which may not be dealt with or hedged pre-vesting Not applicable – no deferred equity Treatment on a change of control Pro rata vesting of unvested DSTI options based on the time elapsed, subject to hurdles being met Not applicable – no deferred equity Cessation of employment Cash STI: forfeited if employment ceases before the payment date, subject to Board discretion. DSTI: Unvested options lapse on resignation, or termination for cause or poor performance; otherwise tested at cessation and vest pro rata for the portion of the service period served. The Board retains discretion to determine a different treatment. Not applicable
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34 Cedar Woods Properties Limited Long-term incentives (LTI) Key features of the LTI Plan are as follows: LTI Plan Executive KMP Target and maximum opportunity Managing Director: Other Executive KMP: 90% of TFR 39 to 50% of TFR Delivery method 100% performance rights awarded under the Executive LTI Plan, each converting on vesting to one ordinary share at nil cost. The Board may satisfy vested awards in cash rather than shares. Allocation method LTI opportunity (% of TFR) divided by the 5-day VWAP of the first 5 trading days of the financial year. Awards are subject to shareholder approval (ASX Listing Rule 10.14). Performance period 3-year performance period Performance hurdles Two independent, equally weighted measures set out below. Rights may vest under either or both. Performance hurdle Rationale for selection Relative Total Shareholder Return (TSR) against the S&P/ASX Small Industrials Index* Aligns reward with share price growth and dividends returned to shareholders. Relativity ensures rights vest only where the Company outperforms the market. An index is preferred to a bespoke peer group, as few ASX-listed companies retain comparable operations following industry consolidation. The Index comprises industrial companies of similar size and profile competing for the same investment capital as Cedar Woods. EPS compound annual growth (CAGR)** Rewards earnings growth, a fundamental driver of long-term value that Executives directly influence through project acquisitions, settlement delivery and cost discipline. Per-share measurement maintains capital management accountability. Compound measurement requires sustained performance over three years. Board discretion The Board retains discretion to adjust the hurdles or the assessed results for matters outside management's control, so participants are neither advantaged nor disadvantaged. Target ranges are not otherwise re-set during the performance period. Service condition Continued employment over the 3-year performance period and until the vesting date Performance assessment The Board, on the Committee's recommendation, determines vesting for a grant following the audit of the relevant year's results, by applying the vesting schedules in section p. There is no re-testing. Dividends & dealings Dividends are not paid on unvested awards, which may not be dealt with or hedged pre-vesting Treatment on a change of control Unless the Board determines otherwise, unvested rights vest pro rata based on the proportion of the performance period elapsed, to the extent performance hurdles are met Cessation of employment Unvested rights lapse on resignation, or termination for cause or poor performance. Otherwise (retirement, redundancy, illness) they remain on foot and are tested at the end of the performance period, unless the Board determines otherwise (e.g. to reduce the number pro rata, or to test early). * Companies in the S&P/ASX 300 (excluding the S&P/ASX 100) other than those with an Energy or Metals & Mining GICS classification. TSR measured on an accumulation basis. ** Statutory Net Profit After Tax as reported by the Group, divided by the weighted number of shares on issue, in the relevant financial year.
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35 Annual Report 2026 p. Executive remuneration outcomes for FY2026 This section sets out the Company's FY2026 performance and the remuneration outcomes determined by the Board having regard to that performance. (i) FY2026 Company performance Cedar Woods delivered a record result in FY2026, performing strongly across the business and particularly so in profit, earnings per share and dividend growth, record presales, and customer satisfaction with a Net Promoter Score of +48. NPAT EPS Dividends Presales TSR $65.6m 77.9 c 39.0c $830m 2.2% 36% 33% 34.5% Record vs Index -0.9% The table below sets out the measures of the Company's financial performance over the last five years as required by the Corporations Act 2001. 2026 2025 2024 2023 2022 Profit for the year ($’000) 65,643 48,140 40,494 31,634 37,38 8 Basic earnings per share (cents) 77.9 58.4 49.2 38.5 45.7 Dividends per share (cents) 39.0 29.0 25.0 20.0 27.5 Share price increase (decrease) (%) (2.1) 49.9 (6.3) 36.7 (45.2) Management is focused on delivering consistent growth in earnings per share and dividends, and these measures – together with relative TSR – underpin the Company's long-term incentive hurdles. Returns to shareholders over one, three and five years are set out below. Cedar Woods' total shareholder return (TSR) outperformed the comparator Index for the LTI Plan, the S&P/ASX Small Industrials Index (XSIAI), over all three periods – as set out below. Returns (% p.a.) 1 year 3 years 5 years EPS growth 33.4 26.5 13.9 Share price growth (2.1) 11.3 0.7 Dividend growth (declared) 34.5 24.9 8.0 Dividend growth (paid) 22.2 6.3 11.1 CWP TSR 2.2 16.1 5.6 Index TSR (0.9) 6.8 0.2 The statutory measures above are not identical to the measures used in determining variable remuneration, and the Company's share price is also influenced by market factors beyond its control; accordingly, there may not always be a direct correlation between these measures and the variable remuneration awarded in any given year. Reflecting the Company’s strong financial and operational performance over the year, the Board determined the following outcomes for FY2026, each of which is detailed in the subsections that follow: FY2026 STI outcomes over 100% for all Executives; 100% vesting of the MD’s FY2025 DSTI; and 100% vesting of the FY2024 LTI. (ii) FY2026 STI vesting outcome The FY2026 STI was measured over the year ended 30 June 2026 against the Company Balanced Scorecard and each Executive's personal objectives. The safety-trigger gateway was satisfied, with nil serious WHS incidents. The Board (excluding the MD) applied upward discretion in determining outcomes, reflecting material outperformance on NPAT, presales and customer satisfaction. STI outcomes exceeded target for all Executive KMP, as set out below. FY2026 STI MD COO CFO Earned $ 765,180 274,125 193,500 % of target earned 109% 108% 113% % of target forfeited 0% 0% 0% $ of target forfeited 0 0 0 Target STI opportunity $ 702,000 255,000 172,000 % of maximum earned 85% 86% 90% % of maximum forfeited 15% 14% 10% $ of maximum forfeited 134,820 44,625 21,500 Max. STI opportunity $ 900,000 318,750 215,000 At the Managing Director’s request, the other Directors resolved to deliver his FY2026 STI fully in cash rather than partly as deferred equity (for FY2026 only). Other than as described above, no discretion was applied in determining FY2026 STI outcomes. (iii) FY2025 Deferred STI vesting outcome The service condition attaching to the Managing Director’s zero-price options granted under the FY2025 Deferred STI Plan (as approved at the 2025 AGM) was satisfied at 30 June 2026. The options will vest on 31 August 2026. FY2025 DSTI MD Earned $ 166,408 % of target earned 100% % of target forfeited 0% options vesting # 35,863 The number of ZEPOs awarded was determined based on opportunity divided by the VWAP of the Company’s shares over the first five trading days in FY2025 ($4.64). (iv) FY2024 LTI vesting outcome The FY2024 LTI plan was tested over the three-year performance period from 1 July 2023 to 30 June 2026, against two equally weighted, independent performance hurdles. Both measures materially exceeded the maximum performance metric, resulting in 100% vesting of the LTI. Measure (weighting) Performance required for max FY2024 LTI Outcome Vesting EPS (50%) 5% p.a. or above CWP 26.7% 50% Relative TSR (50%) 5% or more above the Index CWP 56.5% Index 21.7% 50% Total 100%
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36 Cedar Woods Properties Limited FY2024 LTI outcomes for the Executive KMP are below. FY2024 LTI MD COO CFO Earned $ 748,800 212,100 140,000 % of target earned 100% 100% 100% Rights vesting # 147 ,984 41,916 27,6 67 Vesting schedules for the FY2024 LTI are set out below. EPS compound annual growth Proportion of EPS-tested rights to vest Less than 3% p.a. Nil 3% p.a. 50% Between 3% and 5% p.a. Pro-rata (straight line) between 50% and 100% 5% p.a. or above 100% Relative TSR performance Proportion of TSR-tested rights to vest Below the Index Nil At the Index 50% Above the Index, up to 5% above Pro-rata (straight line) between 50% and 100% 5% or more above the Index 100% (v) FY2026 LTI granted & FY2025 LTI on foot FY2026 LTI performance rights were granted to the Executive KMP during the year, the Managing Director’s having received shareholder approval at the 2025 AGM. FY2026 LTI MD COO CFO Granted $ 810,000 255,000 172,000 target / max. opportunity % 100% 100% 100% performance rights granted # 111,416 35,075 23,658 The number of rights granted was determined based on opportunity divided by the VWAP of the Company’s shares over the first five trading days in FY2026 ($7.27). The FY2026 LTI applies the same relative TSR and EPS growth measures, over the three-year performance period from 1 July 2025 to 30 June 2028, with awards earned vesting on 31 August 2028. The same vesting schedules apply to the FY2025 LTI, which remains on foot for measurement at 30 June 2027 . The EPS target range was increased for the FY2025 plan, and retained for the FY2026 plan, reflecting the improved outlook for the residential property sector and the earnings. EPS compound annual growth Proportion of EPS-tested rights to vest Less than 5% p.a. Nil 5% p.a. 50% Between 5% and 10% p.a. Pro-rata (straight line) between 50% and 100% 10% p.a. or above 100% Relative TSR performance Proportion of TSR-tested rights to vest Below the Index Nil At the Index 50% Above the Index, up to 5% above Pro-rata (straight line) between 50% and 100% 5% or more above the Index 100% Vesting outcomes for the FY2025 and FY2026 LTI plans will be disclosed in the FY2027 and FY2028 Annual Reports, respectively. q. Executive contracts Remuneration and other terms of employment for Executives are formalised in employment agreements, which the Committee reviews annually. Key terms are set out below: Contract term Notice period Termination benefit * Executive director No fixed term 6 months Nil beyond notice period Senior executives No fixed term Up to 3 months Nil beyond notice period * Treatment of STI and LTI awards on cessation of employment is set out in section o(iii) above. Any benefit given to an Executive in connection with cessation of employment, including any exercise of Board discretion in relation to unvested awards, will be within the limits permitted under Part 2D.2 of the Corporations Act 2001 without shareholder approval, or will otherwise be made subject to shareholder approval. The Managing Director's FY2026 total remuneration package comprised: fixed remuneration of $900,000 per annum; a target STI opportunity of $702,000 (maximum $900,000); and a target (and maximum) LTI opportunity of $810,000. The remuneration mix for all Executive KMP is illustrated in section o(ii) above. If the Managing Director resigns following a takeover or substantial change of control of the Company that results in a material variation or diminution of his position, duties, reporting structure or status, he is entitled to a payment up to the maximum amount permitted under section 200G of the Corporations Act 2001 without shareholder approval.
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37 Annual Report 2026 (vi) Remuneration expenses for Executive KMP Details of the remuneration of each Executive KMP of Cedar Woods, in accordance with accounting standards, is set out below. Name Financial year Short term benefits Post-employment Long term benefits Performance - related *Cash salary and fees $ Cash bonus $ Non-monetary benefits $ Superannuation $ Share based payment # $ Long Service Leave $ Total $ % Executive Director N J Blackburne 2026 863,381 765,180 13,084 30,000 774,676 28,680 2,475,001 62% 2025 828,726 309,043 11,803 30,000 780,703 26,354 1,986,629 55% Other Executive KMP P Archer 2026 480,000 274,125 6,591 30,000 157,308 16,282 964,306 45% 2025 454,068 205,325 6,758 29,932 170,027 12,589 878,699 43% L M Hanrahan 2026 410,000 193,500 7,439 30,000 105,378 16,594 762,911 39% 2025 374,068 142,200 7,025 29,932 110,412 10,101 673,738 37% Total 2026 1,753,381 1,232,805 27,114 90,000 1,037,362 61,556 4,202,218 2025 1,656,862 656,568 25,586 89,864 1,061,142 49,044 3,539,066 * Cash salary and fees includes accrued annual leave paid out as part of salary. # Equity-settled share-based payments represent the portion of the grant date fair value of awards under the 2024–2026 LTI plans and 2025 DSTI plan expensed in the year under AASB 2 Share-based Payment. These amounts differ from the target opportunities used by the Committee in setting the remuneration mix (section p) and from the value of awards actually received (see following table).
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38 Cedar Woods Properties Limited (vii) Remuneration received by Executive KMP The remuneration illustrated in the table below has been provided as additional non-statutory information to assist in understanding the total value of remuneration (take home remuneration) received by Executive KMP in the current and prior financial years. The value of equity in this section is calculated in a different way to the statutory disclosure in the previous table. Name Financial year *Short term benefits Post-employment Long term benefits Performance- related **Cash salary and fees $ Cash bonus $ Non-monetary benefits $ Superannuation $ Share based payment vested # $ Long Service Leave $ Total $ % Executive Director N J Blackburne 2026 863,381 765,180 13,084 30,000 1,403,746 28,680 3,104,071 70% 2025 828,726 309,043 11,803 30,000 178,202 26,354 1,384,128 35% Other Executive KMP P Archer 2026 480,000 274,125 6,591 30,000 347,169 16,282 1,154,167 54% 2025 454,068 205,325 6,758 29,932 - 12,589 708,672 29% L M Hanrahan 2026 410,000 193,500 7,439 30,000 212,783 16,594 870,316 47% 2025 374,068 142,200 7,025 29,932 - 10,101 563,326 25% Total 2026 1,753,381 1,232,805 27,114 90,000 1,963,698 61,556 5,128,554 2025 1,656,862 656,568 25,586 89,864 178,202 49,044 2,656,126 *The short-term benefits represent the cash bonuses that are awarded to each KMP in relation to FY2026 and which are paid in the following financial year. ** Cash salary and fees includes accrued annual leave paid out as part of salary. # LTI vested is based on the market value of securities at the date of vesting. In FY2026, shares vested under the FY2023 LTI plan and FY2024 DSTI plan.
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39 Annual Report 2026 r. NED fee arrangements Determination of fees and maximum NED fee pool On appointment to the Board, all NEDs enter into a service agreement with the Company in the form of a letter of appointment. The letter details the terms, including fees, relevant to the office of the NED. Fees and payments to NEDs reflect the demands which are made on, and the responsibilities of the NEDs. NEDs receive an additional fee for chairing or membership on committees (no additional fees are paid for directors on subsidiary Boards). NEDs do not receive performance- based remuneration and are not eligible to participate in the STI or LTI Plans. Remuneration of NEDs is determined by the Board, after receiving recommendations from the Committee, within the maximum aggregate amount approved by the shareholders from time to time (currently set at $900,000 as approved at the 1 November 2023 annual general meeting). The total of NED fees paid in FY2026 was $818,000. NED fees policy Annual fees for NEDs were last reviewed from FY2026 (effective date: 1 July 2025). The annual fees (inclusive of superannuation) for FY2026 and FY2025 are set out in the table below: 2026 $ 2025 $ Chair 215,000 191,000 Deputy Chair 160,000 149,000 Other NEDs 115,000 103,000 Committee Chair 25,000 16,000 Committee member 12,000 11,000 NED statutory remuneration for FY2026 Statutory remuneration received by the NEDs for the financial year ended 30 June 2026 (against prior year) is detailed below. Short term benefits Post employment Name Financial year Director fees $ Super- annuation $ Total $ W G Hames 2026 191,964 23,036 215,000 2025 171,300 19,700 191,000 R S Brown 2026 142,857 17,143 160,000 2025 133,632 15,368 149,000 V A Davies 2026 135,714 16,286 152,000 2025 116,592 13,408 130,000 J M Muirsmith 2026 135,714 16,286 152,000 2025 116,592 13,408 130,000 P G Say 2026 124,107 14,893 139,000 2025 112,108 12,892 125,000 Total 2026 730,356 87,644 818,000 2025 650,224 74,776 725,000 s. Additional statutory disclosures Other transactions with key management personnel At the end of the reporting period the following aggregate amounts were recognised in relation to other transactions with key management personnel of Cedar Woods or their closely related parties: 2026 $ 2025 $ Amounts recognised as expense Architectural fees 29,695 - 29,695 - Amounts recognised as inventory Architectural fees 351,608 417,610 351,608 417,610 Total amounts recognised in year 381,303 417,610 Aggregate amounts recognised as assets in relation to the above transactions: Inventory 351,608 417,610 351,608 417,610 Entities related to Directors may be engaged by the Company where they meet the requisite criteria and provide services at competitive rates, subject to the Board's Conflict of Interest Policy (available on the Company's website). Where such entities are engaged, the relevant Director declares their interest and takes no part in decisions relating to the engagement. During the year, planning, architectural and consulting services were provided by Hames Sharley Architects, of which Mr W G Hames is Chair. The Company engages a number of firms for these services and regularly conducts tenders and market reviews, giving it a strong basis for assessing commercial rates. The transactions were on normal commercial terms, with fees consistent with market rates. The value of services was lower than in the prior year, reflecting reduced architectural and design work on the Glenside project in Adelaide, which was introduced to the Company by Hames Sharley. At balance date, $29,695 was payable to Hames Sharley (WA) Pty Ltd. No amounts were payable to Directors, and no other amounts were payable to related entities in respect of these transactions.
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40 Cedar Woods Properties Limited Terms and conditions of the share-based payment arrangements - LTI The terms and conditions of each grant of LTI rights affecting remuneration in the current or a future reporting period are below. Incentive Plan Grant date Performance period Vesting date Value at start of period Performance hurdle Fair value at grant date Performance achieved % vested FY2024 - Executives 30/08/2023 1/7/23 to 30/6/26 31/08/2026 $5.06 EPS Growth Relative TSR $4.50 $2.65 Full Full 100 FY2024 - MD 1/11/2023 1/7/23 to 30/6/26 31/08/2026 $5.06 EPS Growth Relative TSR $3.88 $2.20 Full Full 100 FY2025 - Executives 30/08/2024 1/7/24 to 30/6/27 31/08/2027 $4.64 EPS Growth Relative TSR $4.78 $3.25 to be determined n/a FY2025 - MD 6/11/2024 1/7/24 to 30/6/27 31/08/2027 $4.64 EPS Growth Relative TSR $4.94 $3.39 to be determined n/a FY2026 - Executives 29/08/2025 1/7/25 to 30/6/28 31/08/2028 $7.27 EPS Growth Relative TSR $6.47 $3.28 to be determined n/a FY2026 - MD 5/11/2025 1/7/25 to 30/6/28 31/08/2028 $7.27 EPS Growth Relative TSR $7.95 $5.25 to be determined n/a FY2026 LTI performance rights were allocated based on VWAP of Shares over the first 5 trading days of FY2026, $7.27. The market value of the shares is not discounted. The fair value of the rights has been determined at the grant date. Reconciliation of LTI performance rights held by KMP The table below shows the performance rights under the LTI Plan granted, vested and forfeited during the year. Name & grant dates Balance at start of year # Granted during year # Vested # Vested % Forfeited # Forfeited % Balance at end of year # Max. value yet to vest * Executive director N J Blackburne 5 Nov 2025** - 111,416 - - - - 111,416 $735,492 6 Nov 2024** 167,672 - - - - - 167,672 $698,156 1 Nov 2023** 147 ,984 - - - - - 147 ,984 $449,871 2 Nov 2022** 187,9 8 9 - 157,347 83.7 30,642 16.3 - - Senior executives P Archer 29 Aug 2025 - 35,075 - - - - 35,075 $170,937 30 Aug 2024 46,336 - - - - - 46,336 $186,113 30 Aug 2023 41,916 - - - - - 41,916 $149,850 26 Aug 2022 55,378 - 46,351 83.7 9,027 16.3 - - L M Hanrahan 29 Aug 2025 - 23,658 - - - - 23,658 $115,296 30 Aug 2024 31,250 - - - - - 31,250 $125,518 30 Aug 2023 27,6 67 - - - - - 27,6 67 $98,910 26 Aug 2022 33,942 - 28,409 83.7 5,533 16.3 - - * The LTI awards granted in FY2026 vest on 31 August 2028 subject to the vesting conditions. The maximum value of the deferred shares yet to vest has been determined based on the grant date fair value of the rights and the anticipated vesting outcomes where achievement of performance hurdles are known. ** Approval for the issue of performance rights to N J Blackburne was obtained from shareholders under Australian Securities Exchange Listing Rule 10.14.
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41 Annual Report 2026 Terms and conditions of the share-based payment arrangements - DSTI The terms of each grant of DSTI zero-price option affecting remuneration in the current or a future reporting period are below. DSTI Plan Year Grant date Performance period Service period Vesting date Value at start of period Vesting conditions Value at grant date % Achieved % to vest FY2025 – MD 5/11/2025 1/7/24 to 30/6/25 1/7/24 to 30/6/26 31/8/2026 $4.64 Balanced Scorecard; Service $8.66 100% 100% Reconciliation of DSTI ZEPOs held by the MD The table below shows the zero-price options under the Deferred STI Plan granted, exercised and forfeited during the year. DSTI grant dates Balance at start of year Granted during year Vested Number Vested % Forfeited Number Forfeited % Balance at end of year Max. value yet to vest * 5 Nov 2025** – 35,863 – – – – 35,863 $310,637 6 Nov 2024** 30,069 – (30,069) 100% – – – – * Determined based on the grant date fair value of the options. ** Approval for the grant of zero-price options to N J Blackburne was obtained from shareholders under ASX Listing Rule 10.14. The 30,069 zero-price options granted 6 November 2024 vested and were exercised during the year. The value of the options at the exercise date was $225,518, based on the market value of the underlying shares on that date. Equity instrument disclosures relating to KMP The numbers of ordinary shares in the Company held during the financial year by each Director and other KMP of Cedar Woods, including their closely-related parties, are set out below. 2026 Shares held at the start of the year Shares received on vesting of awards Other changes during the year Shares held at the end of the year NEDs W G Hames * 11,081,457 - 316,545 11,398,002 R S Brown 7,621,633 - - 7,621,633 V A Davies 26,000 - 666 26,666 J M Muirsmith 21,914 - 561 22,475 P G Say 34,832 - 892 35,724 Executive director N J Blackburne 303,079 187,416* * (105,282) 385,213 Senior executives P Archer 70,435 46,351 5,785 122,571 L M Hanrahan 31,844 28,409 1,542 61,795 * Includes 2,014,439 (2025 – 2,014,439) shares over which W G Hames has no voting rights, however, has a first right of refusal to purchase. ** 30,069 shares acquired on the vesting and exercise of FY2024 DSTI zero-price options granted 6 November 2024, and 157,347 shares acquired on the vesting and exercise of FY2023 LTI performance rights granted 2 November 2022. The interests shown above comply with AASB124 Related Party Disclosures and differ to those shown at item (j) of the Directors’ Report which comply with the requirements of sections 608 and 609 of the Corporations Act 2001 . The table above includes the shares held by related parties of the KMP. No options or rights held by KMP lapsed (other than for non-vesting) or had their terms altered during FY2026. No loans were made to KMP or their related parties during FY2026 and no such loans were outstanding at 30 June 2026.
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42 Cedar Woods Properties Limited t. Independent audit of remuneration report The remuneration report has been audited by Ernst & Young (EY). See page 83 of this annual financial report for EY’s report on the remuneration report. u. Retirement, election and continuation in office of directors The constitution requires that no director (other than a managing director) may retain office (without re-election) for more than three years or past the third annual general meeting following the director’s appointment. Each of VA Davies and JM Muirsmith retires at the forthcoming Annual General Meeting, and being eligible, each offers themselves for re-election. v. Insurance of officers During the year, Cedar Woods paid a premium insuring the Directors, the Company Secretary and certain other officers of the Company and its controlled entities against liabilities incurred in that capacity, including costs of defending civil or criminal proceedings. Further details of the liabilities covered and the premium paid are not disclosed, as such disclosure is prohibited under the terms of the policy. w. Non-audit services The group may engage its external auditor on assignments additional to statutory audit duties where the auditor's expertise and experience with the Company and/or group are valuable or important. Amounts paid or payable for audit and non-audit services provided during the year are set out in note 32. The Board of Directors has considered the position and, in accordance with advice from the Audit & Risk Management Committee, the Directors are satisfied that the provision of non-audit services during the year is compatible with, and did not compromise, the auditor independence requirements of the Corporations Act 2001 , because: all non-audit services were reviewed by the Audit & Risk Management Committee to ensure they do not impact the impartiality and objectivity of the auditor. none of the services undermine the general principles relating to auditor independence as set out in APES 110 Code of Ethics for Professional Accountants. x. Auditor’s independence declaration A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 forms part of this Directors’ Report and is set out on page 43. y. Rounding of amounts The Company is of a kind referred to in A SIC Legislative Instrument 2026/183 and, in accordance with that instrument, amounts in this Directors' Report have been rounded off to the nearest thousand dollars, or in certain cases, the nearest dollar. The Directors’ Report including the remuneration report is signed in accordance with a resolution of the Directors of Cedar Woods. N J Blackburne Managing Director 24 August 2026
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43 Annual Report 2026 A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Ernst & Young 9 The Esplanade Perth WA 6000 Australia GPO Box M939 Perth WA 6843 Tel: +61 8 9429 2222 Fax: +61 8 9429 2436 ey.com/au Auditor’s independence declaration to the directors of Cedar Woods Properties Limited As lead auditor for the audit of the financial report of Cedar Woods Properties Limited for the financial year ended 30 June 2026, I declare to the best of my knowledge and belief, there have been: a. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; b. No contraventions of any applicable code of professional conduct in relation to the audit; and c. No non-audit services provided that contravene any applicable code of professional conduct in relation to the audit. This declaration is in respect of Cedar Woods Properties Limited and the entities it controlled during the financial year. Ernst & Young Pierre Dreyer Partner 24 August 2026 AUDITOR’S INDEPENDENCE DECLARATION
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44 Cedar Woods Properties Limited FINANCIAL STATEMENTS Consolidated Statement of Profit or Loss and Other Comprehensive Income 45 Consolidated Balance Sheet 46 Consolidated Statement of Changes in Equity 47 Consolidated Cash Flow Statement 48 Notes to the Financial Statements 49 These financial statements are consolidated financial statements for the group consisting of Cedar Woods Properties Limited and its subsidiaries. A list of major subsidiaries is included in note 24. The financial statements are presented in the Australian currency. Cedar Woods Properties Limited is a company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is: Level 4 50 Colin Street WEST PERTH WA 6005. The financial statements were authorised for issue by the Directors on 24 August 2026. The Directors have the power to amend and reissue the financial statements. Financial StatementsKey NumbersFinancial RisksGroup StructureUnrecognised ItemsFurther InformationDeclaration & Audit Report
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45 Annual Report 2026 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the Year Ended 30 June 2026 Notes 2026 $’000 2025 $’000 Revenue 1(i) 502,376 465,940 Cost of sale of land and buildings (347,342) (323,801) Cost of providing development services (596) (9,873) Gross profit 154,438 132,266 Project operating costs (18,565) (19,253) Administration expenses (32,581) (29,071) Other expenses (3,032) (1,879) Other income 2(a) 3,106 2,655 Operating profit 103,366 84,718 Finance costs 2(b) (9,030) (15,253) Share of net loss of joint ventures accounted for using the equity method 25 (542) (651) Profit before income tax 93,794 68,814 Income tax expense 3 (28,151) (20,674) Profit for the year 17 65,643 48,140 Total comprehensive income for the year 65,643 48,140 Total comprehensive income attributable to members of Cedar Woods Properties Limited 65,643 48,140 Earnings per share for profit attributable to the ordinary equity holders of the company: Basic earnings per share 4 77.9 cents 58.4 cents Diluted earnings per share 4 76.8 cents 57.4 c e nts The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes. Financial StatementsKey NumbersFinancial RisksGroup StructureUnrecognised ItemsFurther InformationDeclaration & Audit Report
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46 Cedar Woods Properties Limited CONSOLIDATED BALANCE SHEET As at 30 June 2026 Notes 2026 $’000 2025 $’000 ASSETS Current assets Cash and cash equivalents 5 7,8 0 4 8,569 Trade and other receivables 6 7,202 9,184 Contract assets 1(ii) 1,382 745 Inventories 7 261,172 268,250 Other financial assets 8 65 - Total current assets 277,625 286,748 Non-current assets Receivables 6 3,683 2,555 Contract assets 1(ii) 842 631 Inventories 7 581,217 549,716 Other financial assets 8 9,047 6,940 Property, plant and equipment 9 6,498 6,817 Right-of-use assets 2,986 1,634 Investments accounted for using the equity method 10 2,324 2,643 Deferred tax assets 14 50 - Total non-current assets 606,647 570,936 Total assets 884,272 857,684 LIABILITIES Current liabilities Trade and other payables 11 46,712 44,550 Other financial liabilities 8 6,794 95,844 Current tax liabilities 8,873 8,938 Contract liabilities 1(ii) 8,867 7,335 Lease liabilities 555 713 Provisions 13 22,653 20,032 Total current liabilities 94,454 177,412 Non-current liabilities Borrowings 12 165,469 134,192 Other financial liabilities 8 71,505 46,833 Lease liabilities 2,752 1,303 Provisions 13 5,547 8,485 Deferred tax liabilities 14 - 264 Total non-current liabilities 245,273 191,077 Total liabilities 339,727 368,489 Net assets 544,545 489,195 EQUITY Contributed equity 15 155,634 139,111 Reserves 16 4,664 4,166 Retained profits 17 384,247 345,918 Total equity 544,545 489,195 The above consolidated balance sheet should be read in conjunction with the accompanying notes. Financial StatementsKey NumbersFinancial RisksGroup StructureUnrecognised ItemsFurther InformationDeclaration & Audit Report
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47 Annual Report 2026 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the Year Ended 30 June 2026 Notes Contributed equity $’000 Reserves $’000 Retained profits $’000 Total $’000 Balance at 1 July 2024 138,625 2,354 319,812 460,791 Profit for the year - - 48,140 48,140 Total comprehensive income for the year - - 48,140 48,140 Transactions with owners in their capacity as owners: Transfers from reserves to retained profits 17 - (244) 244 - Dividends provided for or paid 23 - - (22,278) (22,278) Employee share scheme 15, 16 486 2,056 - 2,542 486 1,812 (22,034) (19,736) Balance at 30 June 2025 139,111 4,166 345,918 489,195 Balance at 1 July 2025 139,111 4,166 345,918 489,195 Profit for the year - - 65,643 65,643 Total comprehensive income for the year - - 65,643 65,643 Transactions with owners in their capacity as owners: Contributed equity, net of transaction costs and tax 15 15,034 - - 15,034 Dividends provided for or paid 23 - - (27,314) (27,314) Employee share scheme 15, 16 1,489 498 - 1,987 16,523 498 (27,314) (10,293) Balance at 30 June 2026 155,634 4,664 384,247 544,545 The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes. Financial StatementsKey NumbersFinancial RisksGroup StructureUnrecognised ItemsFurther InformationDeclaration & Audit Report
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48 Cedar Woods Properties Limited CONSOLIDATED CASH FLOW STATEMENT For the Year Ended 30 June 2026 Notes 2026 $’000 2025 $’000 Cash flows from operating activities Receipts from customers (incl. GST) 550,506 512,022 Other income 73 73 Payments to suppliers and employees (incl. GST) (103,048) (100,457) Payments for land (99,056) (55,871) Payments for development (312,563) (286,492) Interest received 2,038 1,373 Borrowing costs paid (11,861) (13,286) Income taxes paid (28,146) (22,769) Net cash (outflow) inflow from operating activities 19(i) (2,057) 34,593 Cash flows from investing activities Loans to joint venture (1,224) (8,075) Payments for property, plant and equipment (1,086) (726) Net cash outflow from investing activities (2,310) (8,801) Cash flows from financing activities Proceeds from (repayment of) borrowings 30,984 (8,081) Principal elements of lease payments (721) (730) Proceeds from project partners - 8,250 Payment to project partners (14,222) (16,329) Proceeds on issue of share capital 11,337 - Transaction costs on issue of share capital (529) - Dividends paid 23 (23,247) (22,278) Net cash inflow (outflow) from financing activities 3,602 (39,168) Net decrease in cash and cash equivalents (765) (13,376) Cash and cash equivalents at the beginning of the year 8,569 21,945 Cash and cash equivalents at the end of the year 5 7,804 8,569 The above consolidated cash flow statement should be read in conjunction with the accompanying notes. Financial StatementsKey NumbersFinancial RisksGroup StructureUnrecognised ItemsFurther InformationDeclaration & Audit Report
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49 Annual Report 2026 NOTES TO THE FINANCIAL STATEMENTS These are the consolidated financial statements of Cedar Woods Properties Limited and its subsidiaries. A list of major subsidiaries is included in note 24. The notes are set out in the following main sections: Key Numbers 50 Profit or Loss Information 50 1. Revenue 50 2. Other income and expense items 50 3. Income tax 51 4. Earnings per share 51 Balance Sheet Information 52 5. Cash and cash equivalents 52 6. Trade and other receivables 52 7. Inventories 52 8. Other Financial Assets and Other Financial Liabilities 53 9. Property, plant and equipment 53 10. Investments accounted for using the equity method 53 11. Trade and other payables 54 12. Borrowings 54 13. Provisions 54 14. Deferred tax 55 15. Equity 57 16. Reserves 58 17. Retained profits 58 18. Categories of financial assets and financial liabilities 59 Cash Flow Information 60 19. Cash flow information 60 Financial Risks 62 20. Significant estimates and judgements 62 21. Financial Risk Management 62 22. Capital management objectives and gearing 66 23. Dividends 66 Group Structure 67 24. Subsidiaries 67 25. Interests in joint arrangements 69 26. Parent entity financial information 69 27. Deed of cross guarantee 69 Unrecognised Items 70 28. Contingent Liabilities 70 29. Commitments 70 30. Events occurring after the reporting period 70 Further Information 71 31. Related Party Transactions 71 32. Remuneration of Auditors 71 33. Employee Share Scheme 71 34. Summary of Accounting Policies 72 35. Segment Information 75 Financial StatementsKey NumbersFinancial RisksGroup StructureUnrecognised ItemsFurther InformationDeclaration & Audit Report
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50 Cedar Woods Properties Limited Key Numbers PROFIT OR LOSS INFORMATION 1. Revenue (i) Disaggregation of revenue 2026 $’000 2025 $’000 Timing of revenue recognition At a point in time Sale of land and buildings 498,426 450,366 Development services 2,904 14,676 Over time Rent from properties 1,046 898 Total 502,376 465,940 (ii) Assets and liabilities related to contracts with customers 2026 $’000 2025 $’000 Contract assets Commissions relating to property sales 2,224 1,376 Total contract assets 2,224 1,376 Costs to fulfil a contract that were included in the contract asset balance at the beginning of the period Commissions relating to property sales 731 559 Sales commissions incurred to fulfill a property sale contract are classified as contract assets in the balance sheet when incurred and are expensed when associated revenue is recognised. 2026 $’000 2025 $’000 Current contract liabilities Customer rebates 8,814 7,335 Other 53 - Total contract liabilities 8,867 7,335 Revenue recognised that was included in the contract liability balance at the beginning of the period Customer rebates 2,514 4,637 (iii) Transaction price allocated to remaining performance obligations The transaction price allocated to partially unsatisfied performance obligations at 30 June 2026 is set out below: 2026 $’000 2025 $’000 Within one year 545,098 381,408 More than one year 300,421 288,990 Total 845,519 670,398 2. Other income and expense items Profit before income tax expense includes the following specific other income and expenses: Notes 2026 $’000 2025 $’000 (a) Other income Interest income 2,765 2,239 Other items 341 416 3,106 2,655 (b) Finance costs Interest and finance charges 11,466 13,587 Interest – leases 104 145 Interest – other financial liabilities 5,452 3,774 Unrealised financial instrument (gains) losses (1,372) 1,637 Less: amount capitalised (i) (6,620) (3,890) Finance costs expensed 9,030 15,253 (i) Capitalised borrowing costs Where qualifying assets have been financed by the entity’s corporate facility, the capitalisation rate used to determine the amount of borrowing costs to be capitalised is the weighted average interest rate applicable to the entity’s corporate facility during the year, in this case 6.18% (2025 – 6.46%) per annum inclusive of line fees and hedging. Financial StatementsKey NumbersFinancial RisksGroup StructureUnrecognised ItemsFurther InformationDeclaration & Audit Report
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51 Annual Report 2026 Notes 2026 $’000 2025 $’000 Other specific expenses Net loss on disposal of property, plant and equipment 3 46 Employee benefits expense (ii) 19,697 18,227 Superannuation 2,021 1,842 Depreciation of property, plant and equipment 10 1,407 1,482 Depreciation of right-of-use assets (iii) 659 731 Other Loss on remeasurement of other financial assets 168 - Loss on remeasurement of other financial liabilities 1,548 1,239 Write-down of assets 1,316 640 (ii) Share based payments Employee benefits expense includes share based payments expenses of $1,763,000 (2025 - $1,908,000). (iii) Depreciation Depreciation of right-of-use assets and low value assets are presented within Administration expenses and Project operating costs on the Consolidated Statement of Profit or Loss and Other Comprehensive Income. 3. Income tax This note provides an analysis of the group’s income tax expense and how the tax expense is affected by non-assessable and non-deductible items. (i) Income tax expense Notes 2026 $’000 2025 $’000 Current tax 28,099 21,456 Deferred tax 69 (776) Adjustments for current tax of prior periods (17) (6) Income tax expense attributable to profit 28,151 20,674 Deferred income tax expense included in income tax expense comprises: Decrease (increase) in deferred tax assets 14 1,641 (3,676) (Decrease) increase in deferred tax liabilities 14 (1,572) 2,900 69 (776) (ii) Numerical reconciliation of income tax expense to prima facie tax payable 2026 $’000 2025 $’000 Profit before income tax 93,794 68,814 Tax at the Australian tax rate of 30% (2025 – 30%) 28,138 20,644 Tax effect of amounts which are not deductible (taxable) in calculating taxable income: - Sundry items 30 36 Subtotal 28,168 20,680 - Adjustments for current tax of prior periods (17) (6) Income tax expense 28,151 20,674 4. Earnings per share 2026 2025 Basic earnings per share (cents) 77.9 58.4 Diluted earnings per share (cents) 76.8 57.4 Net profit attributable to the ordinary owners of the company ($’000) 65,643 48,140 Weighted average number of ordinary shares used as the denominator in the calculation of earnings per share 84,294,499 82,493,638 Weighted average number of ordinary shares used as the denominator in the calculation of diluted earnings per share 85,504,466 83,828,395 The calculation of diluted earnings per share includes performance rights that may vest under the company’s LTI and DSTI Plans. Financial StatementsKey NumbersFinancial RisksGroup StructureUnrecognised ItemsFurther InformationDeclaration & Audit Report
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52 Cedar Woods Properties Limited BALANCE SHEET INFORMATION 5. Cash and cash equivalents 2026 $’000 2025 $’000 Cash at bank and in hand 7,8 0 4 8,569 7,804 8,569 The above figure reconciles to the amount of cash shown in the statement of cash flows at the end of the year. Cash at bank includes cash held in day to day bank transaction accounts and deposit accounts earning interest from 3.35% to 4.55% (2025 – 3.6% to 4.55%) per annum depending on the balances. The Group’s exposure to interest rate risk is discussed in note 21 Financial Risk Management. The maximum exposure to credit risk at the reporting date is the carrying amount of each class of cash and cash equivalents mentioned above. 6. Trade and other receivables Notes 2026 $’000 2025 $’000 Current Trade receivables (i) 3,904 5,004 Other receivables (ii) 2,815 2,248 Prepayments 483 1,932 7,202 9,184 Non-Current Other receivables (ii) 3,683 2,555 3,683 2,555 (i) Credit Risk To measure the lifetime expected credit loss for trade receivables, a provision is raised against each debtor based on the payment profile over the last 12 months, adjusted for current and forward-looking information supporting the expected settlement of the receivable. (ii) Classification as trade and other receivables Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. Loans and other receivables are non-derivative financial assets with fixed or determinable payments and are not quoted in an active market. If collection of the amounts is expected in one year or less, they are classified as current assets. If not, they are presented as non-current assets. Trade receivables are generally due for settlement within 30 days. The group’s accounting policies for trade and other receivables are outlined in note 34(h). (iii) Other non-current receivables Other non-current receivables comprise refundable deposits paid on conditional contracts. 7. Inventories Notes 2026 $’000 2025 $’000 Total Inventories Current inventories (i), (ii) 261,172 268,250 Non-current inventories (i), (ii) 581,217 549,716 Aggregate carrying amount 842,389 817,966 2026 $’000 2025 $’000 Current Property held for resale - at cost 57,39 3 65,538 - capitalised development costs 203,779 202,712 261,172 268,250 Non-Current Property held for resale - at cost 403,364 420,462 - capitalised development costs 176,654 127,8 97 - at net realisable value 1,199 1,357 581,217 549,716 (i) Current and non-current assets pledged as security Refer to note 12 for information on assets pledged as security by the parent entity or its controlled entities. (ii) Accounting for inventory Refer to note 34(i) for the group’s accounting policies for the recognition and classification of inventory. Financial StatementsKey NumbersFinancial RisksGroup StructureUnrecognised ItemsFurther InformationDeclaration & Audit Report
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53 Annual Report 2026 8. Other financial assets and other financial liabilities Other financial assets Notes 2026 $’000 2025 $’000 Current Interest rate hedge contracts (i) 65 - 65 - Non-current Interest rate hedge contracts (i) 642 - Loans to joint venture 31 8,405 6,940 9,047 6,940 Other financial liabilities Current Due to vendors of properties under contracts of sale (ii) 6,793 84,504 Due to project partners - 11,340 Interest rate hedge contracts (i) 1 - 6,794 95,844 Non-current Due to vendors of properties under contracts of sale (ii) 71,465 46,109 Interest rate hedge contracts - 665 Other payables 40 59 71,505 46,833 (i) Instruments used by the group The group is party to derivative financial instruments in the normal course of business in order to manage exposure to fluctuations in interest rates in accordance with the group’s financial risk management policies. Derivatives are only used for economic hedging purposes and not as speculative investments. The group’s accounting policy for its cash flow hedges is set out in note 34(o). They are presented as current assets or liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period. Interest rate hedge contracts The group’s policy is to protect part of the loans from exposure to fluctuations in interest rates. Accordingly, the consolidated entity has entered into interest rate hedge contracts under which part of the consolidated entity’s projected borrowings are protected for the period from reporting date to July 2029. The group uses a combination of interest rate caps and swaps to hedge interest rates. The interest rate swaps effectively fix interest rates applicable to bank bills issued with duration of 3 months (BBSY Bid) at between 3.30% - 4.38% (2025 – 3.30% and 4.38%). The interest rate caps effectively cap interest rates applicable to bank bills issued with duration of 3 months (BBSY Bid) at 4.5% (2025 – no caps in place). Interest rate hedge contracts in place at year end cover approximately 51% (2025 – 52%) of the variable loans outstanding at balance date, with terms expiring in 2027, 2028 and 2029. The group is not applying hedge accounting to these derivatives. The gain or loss from re-measuring the derivative financial instruments at fair value is recognised in profit or loss. (ii) Amounts due to vendors of properties Amounts due to vendors of properties under contracts of sale relate to liabilities associated with unconditional contracts for the acquisition of land. No interest is payable to the vendors under the terms of the land acquisition contracts. The liabilities are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method. Discounted interest is recognised in profit or loss or capitalised to inventory, in accordance with the Company's accounting policies. 9. Property, plant and equipment 2026 $’000 2025 $’000 Plant and Equipment at Cost At start of the year 14,290 13,748 Additions 1,393 743 Disposals (312) (201) At end of the year 15,371 14,290 Accumulated depreciation on Plant and Equipment At start of the year 7,473 6,130 Disposals (7) (139) Charge for the year 1,407 1,482 At end of the year 8,873 7,473 Net book value 6,498 6,817 (i) Non-current assets pledged as security Refer to note 12 for information on non-current assets pledged as security by the parent entity or its controlled entities. 10. Investment accounted for using the equity method Notes 2026 $’000 2025 $’000 Unlisted security Shares in joint venture (i) 2,324 2,643 2,324 2,643 (i) Tarkine Property Pty Ltd The group owns a 51% interest (2025 – 51%) in Tarkine Property Pty Ltd, a property development company incorporated in Australia. Refer to note 25 for further details. Financial StatementsKey NumbersFinancial RisksGroup StructureUnrecognised ItemsFurther InformationDeclaration & Audit Report
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54 Cedar Woods Properties Limited 11. Trade and other payables 2026 $’000 2025 $’000 Trade payables 8,881 14,223 Accruals 36,523 30,119 Other payables 1,308 208 46,712 44,550 Trade payables are unsecured and are usually paid within 30 days of recognition. The carrying amounts of trade and other payables are assumed to be the same as their fair values due to their short-term nature. 12. Borrowings 2026 $’000 2025 $’000 Non-Current Bank loans – secured (Corporate facilities) 166,500 135,000 Facility fees capitalised (amortised over the period of facility) (1,873) (1,356) Amortisation of facility fees 842 548 165,469 134,192 The fair value of non-current borrowings equals their carrying amount. (i) Security for borrowings All of the consolidated entity’s assets are pledged as security for the group’s finance facilities. Bank loans totalling $166,500,000 (2025 - $135,000,000) provided by three major banks are secured by first registered mortgages over some of the consolidated entity’s land holdings, and first registered charges, guarantees and indemnities provided by Cedar Woods and applicable subsidiary entities. Cedar Woods has provided first registered charges over its assets and undertakings in relation to the corporate loan facilities. (ii) Financing arrangements The group had access to the following lines of credit at balance date: 2026 $’000 2025 $’000 Corporate facilities Total facilities (loan and guarantees) 330,000 330,000 Used at balance date (loan and guarantees) (217,379) (194,353) Unused at balance date 112,621 135,647 The consolidated entity has total corporate finance facilities of $330,000,000 (2025 - $330,000,000), provided by three major banks. The consolidated entity extended its corporate facility in February 2026 following its annual review. The facility tenure remains comprised of three and five year debt as follows: $264,000,000 (approximately 80%) of the facility expiring January 2029; and $66,000,000 (approximately 20%) of the facility expiring January 2031. The conditions of the facilities impose certain covenants including interest cover, loan-to-valuation ratio and leverage ratio (net debt to EBITDA). The interest on the corporate loan facilities is variable and at 30 June 2026 was an average rate of 5.85% (2025– 5.44%) per annum. The corporate facilities include bank guarantee facilities subject to similar terms and conditions, which were drawn to a total amount of $50,879,000 at 30 June 2026 (2025 - $59,353,000). Details of the group’s exposure to risk arising from current and non-current borrowings are set out in note 21 Financial risk management. 13. Provisions 2026 $’000 2025 $’000 Current Employee entitlements 1,778 1,777 Development cost provisions 20,875 18,255 22,653 20,032 Non-Current Employee entitlements 218 243 Maintenance cost provisions 1,341 1,084 Development cost provisions 3,988 7,158 5,547 8,485 (i) Movement in provision for development costs 2026 $’000 2025 $’000 Carrying amount at start of the year 25,413 25,913 Additional provisions 12,333 22,696 Payments made / amounts utilised (12,883) (23,196) Carrying amount at the end of the year 24,863 25,413 (ii) Nature of provision This provision relates to development costs yet to be incurred for lots/units that have settled and revenue has been recognised at balance date and provisions for development obligations under agreements with various state and local authorities. The provision is determined using detailed cost estimates for the underlying expenditure, typically supported by engineering estimates and consistent with the assumptions underpinning bank guarantees (where relevant) as described in note 28. The provision is presented as current when work is expected to commence within the next 12 months. Financial StatementsKey NumbersFinancial RisksGroup StructureUnrecognised ItemsFurther InformationDeclaration & Audit Report
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55 Annual Report 2026 14. Deferred tax (i) Deferred tax assets Notes 2026 $’000 2025 $’000 The balance comprises temporary differences attributable to: Inventory 2,287 3,791 Contract liabilities for customer rebates 2,644 2,201 Provisions for development costs and maintenance costs 7,8 61 7,8 47 Employee benefits provisions and accruals 1,392 1,265 Employee share plans 1,653 1,906 Accruals and other payables 1,459 694 Other financial liabilities 733 927 Other financial assets - 805 Other 829 680 Total deferred tax assets 18,858 20,116 Set-off of deferred tax liabilities / assets pursuant to set-off provisions (18,808) (20,116) Net deferred tax assets 50 - Deferred tax assets at the start of the year 20,116 15,802 (Decrease) increase in deferred tax assets credited to income tax expense 3 (1,641) 3,676 Increase in deferred tax assets credited to equity 383 638 Deferred tax assets at the end of the year 18,858 20,116 Deferred tax assets expected to be recovered within 12 months 12,031 11,937 Deferred tax assets expected to be recovered after more than 12 months 6,827 8,179 18,858 20,116 (Charged) / credited (Charged) / credited Movements At 1 July 2024 $’000 - to profit or loss $’000 - directly to equity $’000 At 30 June 2025 $’000 - to profit or loss $’000 - directly to equity $’000 At 30 June 2026 $’000 Inventory 1,344 2,447 - 3,791 (1,504) - 2,287 Contract liabilities for customer rebates 2,581 (380) - 2,201 443 - 2,644 Provision for development costs 7,774 73 - 7,8 47 14 - 7,8 61 Provision for employee benefits 1,145 120 - 1,265 127 - 1,392 Employee Share plans 839 429 638 1,906 (477) 224 1,653 Accruals and other payables 81 613 - 694 765 - 1,459 Other financial liabilities 710 217 - 927 (194) - 733 Other financial assets 729 76 - 805 (805) - - Other 599 81 - 680 (10) 159 829 Total 15,802 3,676 638 20,116 (1,641) 383 18,858 Financial StatementsKey NumbersFinancial RisksGroup StructureUnrecognised ItemsFurther InformationDeclaration & Audit Report
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56 Cedar Woods Properties Limited (ii) Deferred tax liabilities Notes 2026 $’000 2025 $’000 The balance comprises temporary differences attributable to: Inventory 16,577 17,621 Property, plant and equipment 525 721 Contract assets 345 249 Derivative financial instruments 212 - Investments accounted for using the equity method 697 793 Other 452 996 Total deferred tax liabilities 18,808 20,380 Set off of deferred tax liabilities / assets pursuant to set-off provisions (18,808) (20,116) Net deferred tax liabilities - 264 Deferred tax liabilities at the start of the year 20,380 17,48 0 (Decrease) increase in deferred tax liabilities debited (credited) to income tax expense 3 (1,572) 2,900 Deferred tax liabilities at the end of the year 18,808 20,380 Deferred tax liabilities expected to be settled within 12 months 9,417 11,414 Deferred tax liabilities expected to be settled after more than 12 months 9,391 8,966 18,808 20,380 (Charged) / credited (Charged) / credited Movements At 1 July 2024 $’000 - to profit or loss $’000 At 30 June 2025 $’000 - to profit or loss $’000 At 30 June 2026 $’000 Inventory 14,870 2,751 17,621 (1,044) 16,577 Property, plant & equipment 836 (115) 721 (196) 525 Contract assets 363 (114) 249 96 345 Derivative financial instruments 292 (292) - 212 212 Investments accounted for using the equity method 729 64 793 (96) 697 Other 390 606 996 (544) 452 Total 17,48 0 2,900 20,380 (1,572) 18,808 Financial StatementsKey NumbersFinancial RisksGroup StructureUnrecognised ItemsFurther InformationDeclaration & Audit Report
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57 Annual Report 2026 15. Equity 2026 Shares 2025 Shares 2026 $’000 2025 $’000 Movement in ordinary share capital Start of the year 82,510,622 82,418,418 139,111 138,625 Shares issued under the dividend reinvestment plan: Ordinary shares issued on 31 October 2025 at $7.42 548,187 - 4,067 - Shares issued under the bonus share plan: Ordinary shares issued on 31 October 2025 47,9 85 - - - Shares issued pursuant to an underwriting agreement: Ordinary shares issued on 31 October 2025 at $7.42 1,527,872 - 11,337 - Shares issued under employee share scheme: Ordinary shares issued on 30 August 2024 - 60,439 - 352 Ordinary shares issued on 20 September 2024 - 31,765 - 137 Ordinary shares issued on 29 August 2025 441,086 - 1,489 - Transaction costs arising on share issues - - (370) (3) 2,565,130 92,204 16,523 486 End of the year 85,075,752 82,510,622 155,634 139,111 Holders of ordinary shares are entitled to participate in dividends and the proceeds on any winding up of the company in proportion to the number of shares held. On a show of hands every holder of ordinary shares present at a shareholder meeting in person or by proxy, is entitled to one vote, and upon a poll each share is entitled to one vote. Holders of performance rights or zero-price options under executive or employee share plans are not entitled to participate in dividends or any winding up of the company, nor are they entitled to vote at shareholder meetings. (i) Dividend reinvestment plan The Company has established a dividend reinvestment plan under which holders of ordinary shares may elect to have all or part of their dividend satisfied by the issue of new ordinary shares rather than being paid in cash. Shares may be issued under the plan at a discount to the market price, at the discretion of the Directors. (ii) Bonus share plan The Company has established a bonus share plan under which holders of ordinary shares may elect not to receive dividends but to receive instead additional fully paid shares issued as ‘Bonus Shares’ to the equivalent value of the dividend foregone. The entitlement for shares issued under the plan is calculated based on the same pricing mechanism as the dividend reinvestment plan, including any discount. For the 2026 financial year, the dividend reinvestment plan and bonus share plan were in operation for the 2025 final dividend and not in operation for the 2026 interim dividend. (iii) Issue of shares pursuant to an underwriting agreement On 31 October 2025, the Company issued 1,527,872 ordinary shares at $7.42 per share raising gross proceeds of $11,337,000, pursuant to an underwriting agreement for shares not taken up via the DRP or BSP for the 2025 final dividend. The shares rank equally with existing ordinary shares. The funds raised enhance balance sheet flexibility to support the Company’s ongoing acquisition strategy. (iv) Employee share scheme Details of the company’s employee share scheme can be found in note 33 and in the remuneration report on pages 34 to 36 of this financial report. Financial StatementsKey NumbersFinancial RisksGroup StructureUnrecognised ItemsFurther InformationDeclaration & Audit Report
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58 Cedar Woods Properties Limited 16. Reserves The following table shows the composition and movement in reserves during the year. A description of the nature and purpose of reserves is provided below the table. Notes 2026 $’000 2025 $’000 Composition Employee share plan reserve (i) 4,664 4,166 Balance at the end of the year 4,664 4,166 Movements (i) Employee share plan reserve Balance at the beginning of the year 4,166 2,354 Share-based payments expense 1,763 1,907 Deferred tax 224 638 Transfer to equity 15 (1,489) (489) Transfer to retained profits 17 - (244) Balance at the end of the year 4,664 4,166 (i) The share-based payments reserve is used to recognise the grant date fair value of the rights issued to employees adjusted for those rights not expected to vest. Refer to note 33. 17. Retained profits Notes 2026 $’000 2025 $’000 Retained profits at the start of the year 345,918 319,812 Net profit attributable to members of Cedar Woods 65,643 48,140 Transfers from reserves 16 - 244 Dividends provided for or paid 23 (27,314) (22,278) Retained profits at the end of the year 384,247 345,918 Financial StatementsKey NumbersFinancial RisksGroup StructureUnrecognised ItemsFurther InformationDeclaration & Audit Report
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59 Annual Report 2026 18. Categories of financial assets and financial liabilities Notes 5, 6, 8, 11 and 12 provide information about the group’s financial instruments, including: (i) Specific information about each type of financial instrument (ii) Accounting policies (iii) Information about determining the fair value of the instruments, including judgements and estimation uncertainty involved. The group holds the following financial instruments: Financial Assets Notes Derivatives used for hedging $’000 Financial assets at amortised cost $’000 Total $’000 2026 Cash and cash equivalents 5 - 7,8 0 4 7,8 0 4 Trade and other receivables* 6 - 10,403 10,403 Other financial assets 8 707 8,405 9,112 Total 707 26,612 27,319 2025 Cash and cash equivalents 5 - 8,569 8,569 Trade and other receivables* 6 - 9,807 9,807 Other financial assets 8 - 6,940 6,940 Total - 25,316 25,316 * Excluding prepayments Financial Liabilities Notes Derivatives used for hedging $’000 Financial liabilities at amortised cost $’000 Total $’000 2026 Trade and other payables 11 - 46,712 46,712 Borrowings 12 - 165,469 165,469 Other financial liabilities 8 1 78,299 78,300 Lease liabilities - 3,306 3,306 Total 1 293,786 293,787 2025 Trade and other payables 11 - 44,550 44,550 Borrowings 12 - 134,192 134,192 Other financial liabilities 8 665 142,012 142,677 Lease liabilities - 2,016 2,016 Total 665 322,770 323,435 Financial StatementsKey NumbersFinancial RisksGroup StructureUnrecognised ItemsFurther InformationDeclaration & Audit Report
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60 Cedar Woods Properties Limited CASH FLOW INFORMATION 19. Cash flow information (i) Reconciliation of profit after income tax to net cash (outflows) inflows from operating activities 2026 $’000 2025 $’000 Profit after income tax 65,643 48,140 Depreciation and amortisation 2,060 2,213 Write down of assets 1,316 640 Write down or loss on sale of non-current assets 3 46 Fair value (gain) loss on financial assets and liabilities (1,062) 1,637 Non-cash share-based payments expense 1,763 1,907 Share of loss of joint venture 542 651 Finance income (632) (633) Changes in operating assets and liabilities (Decrease) increase in provisions for employee benefits (24) 157 (Decrease) increase in provisions (293) 585 Increase (decrease) in contract liabilities 1,532 (1,322) (Increase) in inventories (25,738) (122,190) Decrease (Increase) in deferred tax assets 1,641 (3,676) (Decrease) in current income tax payable (65) (1,321) (Decrease) increase in deferred tax liability (1,572) 2,900 Decrease in capitalised borrowing costs 293 234 Decrease (increase) in trade receivables 854 (1,405) (Increase) decrease in contract assets (848) 373 Increase in trade creditors 2,162 9,207 (Decrease) increase in other financial liabilities (49,632) 96,450 Net cash (outflows) inflows from operating activities (2,057) 34,593 (ii) Net debt reconciliation This section sets out an analysis of net bank debt and the movements in debt for each of the periods presented. 2026 $’000 2025 $’000 Cash and cash equivalents 7,8 0 4 8,569 Borrowings – repayable after one-year, variable interest rate (165,469) (134,192) Net debt (157,665) (125,623) Financial StatementsKey NumbersFinancial RisksGroup StructureUnrecognised ItemsFurther InformationDeclaration & Audit Report
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61 Annual Report 2026 (iii) Changes in liabilities arising from financing activities Liabilities from financing activities Due to project partners $’000 Lease liabilities $’000 Borrowings due within 1 year $’000 Borrowings due after 1 year $’000 Derivatives used to hedge borrowings $’000 Total $’000 Balance as at 30 June 2024 (15,766) (2,526) - (142,039) 972 (159,359) Cash flows 8,079 730 - 8,081 - 16,890 Other non-cash movements (3,653) (220) - (234) (1,637) (5,744) Balance as at 30 June 2025 (11,340) (2,016) - (134,192) (665) (148,213) Cash flows 14,222 721 - (30,984) - (16,041) Other non-cash movements (2,882) (2,011) - (293) 1,372 (3,814) Balance as at 30 June 2026 - (3,306) - (165,469) 707 (168,068) Balances due to project partners are presented within Other Financial Liabilities in the Consolidated Balance Sheet. Financial StatementsKey NumbersFinancial RisksGroup StructureUnrecognised ItemsFurther InformationDeclaration & Audit Report
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62 Cedar Woods Properties Limited Financial Risks SIGNIFICANT ESTIMATES AND JUDGEMENTS The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual results. Management also needs to exercise judgement in applying the group’s accounting policies. This note provides an overview of the areas that involved a higher degree of judgement or complexity and of items which are more likely to be materially adjusted due to estimates and judgements turning out to be inaccurate. Detailed information about each of these estimates and judgements is presented below. 20. Significant estimates and judgements Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that may have a financial impact on the entity. The judgements that have a significant risk of causing a material adjustment to the carrying amounts or presentation of assets and liabilities within the next financial year are discussed below. a) Inventory - classification Judgement is exercised with respect to estimating the classification of inventory between current and non-current assets. Inventory is classified as current only when sales are expected to result in realisation of cash within the next twelve months, based on executed sales contracts at year end and management’s settlement forecasts. b) Inventory - valuation The recoverable amount of inventory is estimated based on an assessment of net realisable value including future development costs. This requires judgement as to the future cash flows likely to be generated from the properties included in inventory, including in some cases, judgement regarding the likelihood and timing of obtaining planning, environmental and development approvals. Other items of estimation within project cash flow models utilised for assessing the recoverable amount of inventory can include future sales rate, sales prices, further development costs required to complete the inventory for settlement and in some cases escalation of revenues and costs and total project yield. Management makes informed estimates drawing on historical and recent experience, expert advice from consultants, third party valuations and economic and property market forecasts. In the current period, estimates have considered the impact of geopolitical conflict and related cost inflation, interest rates, and housing supply. In particular, the impact on customer demand and its effect on future sales rates and prices as well as the cost of materials. If approvals are not received when anticipated or forecasts of project yield, sale prices or future costs are significantly inaccurate, the net realisable value of inventory may be significantly impaired. Refer also to note 34 (i). There were no other significant critical judgements other than those involving estimates referred to above, that management made in applying the group’s accounting policies. FINANCIAL RISK MANAGEMENT This note explains the group’s exposure to financial risks and how these risks could affect the group’s future financial performance. Current year profit and loss information has been included where relevant to add further context. 21. Financial Risk Management The group’s activities expose it to a variety of financial risks: Risk Exposure arising from Measurement Management Market risk – interest rate risk Long term borrowings at variable rates Cash flow forecasting Sensitivity analysis Interest rate swaps Credit risk Cash and cash equivalents, trade and other receivables and derivative financial instruments Ageing analysis Credit ratings Management of deposits Ongoing checks by management Contractual arrangements Liquidity risk Borrowings and other liabilities Forecast and actual cash flows Flexibility in funding arrangements Financial risk management is considered part of the overall risk management program overseen by the Audit & Risk Management Committee. Further detail on the types of risks to which the group is exposed and the way the group manages these risks is set out below. Financial StatementsKey NumbersFinancial RisksGroup StructureUnrecognised ItemsFurther InformationDeclaration & Audit Report
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63 Annual Report 2026 The group holds the following financial instruments: 2026 $’000 2025 $’000 Financial assets Cash and cash equivalents 7,8 0 4 8,569 Trade and other receivables 1 10,403 9,807 Other financial assets 8,405 6,940 Derivative financial instruments 2 707 - 27,319 25,316 Financial liabilities Trade and other payables 46,712 44,550 Other financial liabilities 2 78,299 142,012 Borrowings 165,469 134,192 Lease liabilities 3,306 2,016 Derivative financial instruments 2 1 665 293,787 323,435 1 Excluding prepayments 2 Derivative financial instruments are disclosed as other financial assets and liabilities in the consolidated balance sheet. a) Market risk i. Price risk The consolidated entity has no foreign exchange exposure, price risk on equity securities or commodity purchase contracts. ii. Cash flow and fair value interest rate risk As the consolidated entity does not have a significant portfolio of interest-bearing assets, the income and operating cash inflows are not materially exposed to changes in market interest rates. Interest rate risk arises from exposures to long term borrowings, where those borrowings are issued at variable interest rates. Borrowings issued at variable interest rates expose the group to cash flow interest rate risk. The consolidated entity reviews the potential impact of variable interest rate changes and considers various interest rate management products in the context of prevailing monetary policy of the Reserve Bank and economic conditions. Accordingly, the consolidated entity has entered into interest rate cap and swap contracts under which a part of the consolidated entity’s projected borrowings are protected for the period from reporting date to July 2029. There is an indirect exposure to interest rate changes caused by the impact of these changes upon the property market. The group addresses this risk by virtue of managing its pricing, product offer and development programs. iii. Instruments used by the group Interest rate swaps effectively fix interest rates applicable to bank bills issued with a duration of 3 months (BBSY Bid) at rates between 3.30% - 4.38% (2025 – 3.30% - 4.38%). Interest rate caps effectively cap interest rates applicable to bank bills issued with duration of 3 months (BBSY Bid) at 4.5% (2025 – no caps in place). The consolidated entity’s policy is to limit a significant proportion of its borrowings to a maximum fixed rate using interest rate swaps or caps to achieve this when necessary. Hedge contracts in place at year end cover 51% (2025 - 52%) of the variable loan outstanding at balance date of $166,500,000 (2025 - $135,000,000), with terms expiring in 2027, 2028 and 2029. Financial StatementsKey NumbersFinancial RisksGroup StructureUnrecognised ItemsFurther InformationDeclaration & Audit Report
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64 Cedar Woods Properties Limited The consolidated entity’s exposure to interest rate risk and the effective weighted average interest rate for receivables and borrowings is set out below. 2026 2025 Interest bearing - variable $’000 Non-interest bearing $’000 Total $’000 Interest bearing - variable $’000 Non-interest bearing $’000 Total $’000 Receivables Trade and other receivables* - 10,403 10,403 - 9,807 9,807 - 10,403 10,403 - 9,807 9,807 * Excluding prepayments. 2026 2025 Interest bearing - fixed $’000 Interest bearing - variable $’000 Total $’000 Interest bearing - fixed $’000 Interest bearing - variable $’000 Total $’000 Interest bearing liabilities Bank loans - 165,469 165,469 - 134,192 134,192 Other financial liabilities* 81,524 - 81,524 143,969 - 143,969 81,524 165,469 246,993 143,969 134,192 278,161 * Including lease liabilities, excluding other payables The weighted average interest rate on bank loans at year end is 6.85% (2025: 6.44%) inclusive of line fees. An analysis by maturity is provided in note 21(c)(i) below. iv. Summarised interest rate sensitivity analysis The potential impact of a change in bank interest rates of + / -1% is not significant to the group’s net profit and equity. The potential impact on financial assets is not significant. Refer to comments above for further information on the impact of changes in interest rates upon the group. b) Credit risk The consolidated entity has minimal exposure to credit risk from customers as title to lots or units in the consolidated entity’s developments does not generally pass to customers until funds are received. Policies and procedures are in place to mitigate credit risk including management of deposits and review of the financial capacity of customers. Ongoing checks are performed by management to ensure that settlement terms detailed in individual contracts are adhered to. The maximum exposure to credit risk at the reporting date is the carrying amount of the financial assets as summarised above, which includes a loan with a balance of $8,405,000 (2025: $6,940,000) to a joint venture in which the group holds a 51% interest. Derivative counterparties and cash deposits are placed with high credit quality financial institutions, such as major trading banks. Credit risk may arise in relation to bank guarantees given to certain parties. These guarantees are supported by contractual arrangements that bind the counterparty, providing security against inappropriate presentation of the bank guarantees. c) Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and available credit facilities to manage the consolidated entity’s financial commitments. The group manages liquidity risk by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. During the year forecasts involved scenario modelling including downside cases, conditional and potential acquisition scenarios and possible impacts from external events. Due to the dynamic nature of the underlying businesses, the group aims at maintaining flexibility in funding by keeping committed credit lines available. At 30 June 2026 the group had undrawn committed facilities of $112,621,000 (2025 - $135,647,000) and cash of $7,804,000 (2025 - $8,569,000) to cover short term funding requirements. Refer to note 12(ii) for details. The Company maintained compliance with its facility covenants throughout 2026. i. Maturities of financial liabilities The tables below analyse the group’s financial liabilities into relevant maturity groupings based on the remaining period at the reporting date to the contractual maturity date. The amounts disclosed in the table for non-interest bearing liabilities are the contractual undiscounted cash flows. For variable interest rate liabilities, the cash flows have been estimated using interest rates applicable at the reporting date. Financial StatementsKey NumbersFinancial RisksGroup StructureUnrecognised ItemsFurther InformationDeclaration & Audit Report
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65 Annual Report 2026 Group – at 30 June 2026 Less than 1 year $’000 Between 1 and 2 years $’000 Between 2 and 5 years $’000 Over 5 years $’000 Total contractual cash flows $’000 Carrying amount $’000 Non-derivatives Non-interest bearing 46,712 20 20 - 46,752 46,752 Fixed rate 7,557 53,411 26,794 - 87,762 81,565 Variable rate 13,044 13,044 180,818 - 206,906 165,469 Derivatives 1 - - - 1 1 Total 67,314 66,475 207,632 - 341,421 293,787 Group – at 30 June 2025 Less than 1 year $’000 Between 1 and 2 years $’000 Between 2 and 5 years $’000 Over 5 years $’000 Total contractual cash flows $’000 Carrying amount $’000 Non-derivatives Non-interest bearing 44,550 45 15 - 44,610 44,610 Fixed rate 99,460 698 48,910 - 149,068 143,969 Variable rate 10,641 10,641 147,877 - 169,159 134,192 Derivatives - 443 222 - 665 665 Total 154,651 11,827 197,024 - 363,502 323,436 d) Fair value measurement This note provides information on the judgements and estimates made by the group in determining the fair values of the financial instruments. i. Fair value hierarchy To provide an indication on the reliability of the inputs used in determining fair value, the group classifies its financial instruments into three levels prescribed under the accounting standards. An explanation of each level follows underneath the table. The following table presents the group’s financial assets and liabilities measured and recognised at fair value: As at 30 June 2026 Notes Level 1 $’000 Level 2 $’000 Level 3 $’000 Total $’000 Assets Derivatives used for hedging 8 - 707 - 707 Total assets - 707 - 707 Liabilities Derivatives used for hedging 8 - 1 - 1 Total liabilities - 1 - 1 As at 30 June 2025 Notes Level 1 $’000 Level 2 $’000 Level 3 $’000 Total $’000 Liabilities Derivatives used for hedging 8 - 665 - 665 Total liabilities - 665 - 665 ii. Valuation techniques used to determine fair values Level 1 – The fair value of financial instruments traded in active markets (such as publicly traded derivatives) is based on quoted (unadjusted) market prices at the end of the reporting period. The quoted market price used for the financial assets held by the group is the current bid price. These instruments are included in level 1. Level 2 – The fair value of financial instruments that are not traded in an active market (such as derivatives provided by trading banks) is determined using market valuations provided by those banks at reporting date. These instruments are included in level 2. Level 3 – If one or more of the significant inputs is not based on observable market data, the instruments is included in level 3. Financial StatementsKey NumbersFinancial RisksGroup StructureUnrecognised ItemsFurther InformationDeclaration & Audit Report
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66 Cedar Woods Properties Limited CAPITAL MANAGEMENT 22. Capital management objectives and gearing The consolidated entity’s objectives when managing capital are to safeguard its ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the group will consider a range of alternatives which may include: raising or reducing borrowings adjusting the dividend policy issue of new securities return of capital to shareholders sale of assets. Gearing is a measure used to monitor the levels of debt used in the business to fund operations. The primary gearing ratio is calculated as interest bearing bank debt net of cash and cash equivalents divided by shareholders’ equity. Gearing is managed by reference to a guideline which sets the desirable upper and lower limits for the gearing ratio. The group’s gearing is then addressed by utilising capital management initiatives as discussed above. The gearing ratios were as follows: Notes 2026 $’000 2025 $’000 Total interest-bearing bank debt 12 165,469 134,192 Less: cash and cash equivalents 5 ( 7,8 0 4) (8,569) Net bank debt 157,6 6 5 125,623 Shareholders’ equity 544,320 488,557 Gearing ratio 29.0% 25.7% The group’s guideline is to target gearing within the range of 20 - 75%. The group operated comfortably within the target range during the financial year. For ease of comparison to ASX listed peer companies operating in the property sector, the group also measures gearing on a net bank debt to total tangible assets less cash basis. On this basis gearing at year end is 18.1% (2025: 14.8%). a) Loan covenants Under the terms of the major borrowing facilities, the group has complied with covenants throughout the reporting period. Debt covenants are disclosed in note 12 and include requirements in relation to a maximum loan-to-valuation ratio, a maximum leverage ratio (net debt to EBITDA) and minimum interest cover ratio. 23. Dividends a) Ordinary shares 2026 $’000 2025 $’000 Fully franked based on tax paid at 30% Final dividend for the year ended 30 June 2025 of 19.0 cents (2024 – 17.0 cents) per fully paid share - Paid in cash 11,337 14,027 - Satisfied by shares under the dividend reinvestment plan 4,067 - Interim dividend for the year ended 30 June 2026 of 14.0 cents (2025 – 10.0 cents) per fully paid share - Paid in cash 11,910 8,251 Total 27,314 22,278 b) Dividends not recognised at the year end In addition to the above dividends, since year end the directors have recommended the payment of a final dividend of 25.0 cents per fully paid ordinary share (2025 – 19.0 cents), fully franked based on the tax paid at 30%. The aggregate amount of the proposed dividend expected to be paid on 30 October 2026 out of retained profits at 30 June 2026, but not recognised as a liability at year end is below: 2026 $’000 2025 $’000 Dividends not recognised at year end 21,269 15,677 c) Franked Dividends The franked portions of the final dividend proposed at 30 June 2026 will be franked from existing franking credits or from franking credits arising from the payment of income tax in the next financial year. 2026 $’000 2025 $’000 Franking credits available for the subsequent financial year on a tax-paid basis of 30% (2025 – 30%) 157,314 141,166 The above amounts represent the franking accounts at the end of the financial year, adjusted for: (i) Franking credits that will arise from the payment of the current tax liability; (ii) Franking debits that will arise from the payment of dividends recognised as a liability at the reporting date; (iii) Franking credits that will arise from the receipt of dividends recognised as receivables at the reporting date. The impact on the franking account of the dividend recommended by the directors since year end, but not recognised as a liability at year end, will be a reduction in the franking account of $9,115,000 (2025 - $6,719,000). Financial StatementsKey NumbersFinancial RisksGroup StructureUnrecognised ItemsFurther InformationDeclaration & Audit Report
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67 Annual Report 2026 Group Structure This section provides information which will help users understand how the group structure affects the financial position and performance of the group as a whole. 24. Subsidiaries The group’s operating subsidiaries at 30 June 2026 are set out below. Unless otherwise stated, they have share capital consisting solely of ordinary shares or units that are held directly by the group and the proportion of ownership interest held equals the voting rights held by the group. The subsidiaries are incorporated or established in Australia. The principal activities of the Cedar Woods Properties Employee Share Trust is acquiring and transferring shares to employees and executives in connection with the employee share plans of the group. The principal activities of all other subsidiary entities are property development and/or investment in Australia. The consolidated financial statements incorporate the assets, liabilities and results in accordance with the accounting policy described in note 34(b). Equity Holding Name of Entity 2026 2025 Cedar Woods Properties Limited Employee Share Trust n/a n/a Cedar Woods Properties Finance Pty Ltd 100% 100% Cedar Woods Properties Harrisdale Pty Ltd 100% 100% Cedar Woods Properties Investments Pty Ltd 100% 100% Cedar Woods Properties Management Pty Ltd 100% 100% Cedar Woods Property Sales Pty Ltd 100% 100% Baret Developments Pty Ltd 100% 100% Cranford Pty Ltd 100% 100% Daleford Property Pty Ltd 100% 100% Dunland Property Pty Ltd 100% 100% Esplanade (Mandurah) Pty Ltd 100% 100% Eucalypt Property Pty Ltd 100% 100% Flametree Property Pty Ltd 100% 100% Galaway Holdings Pty Ltd 100% 100% Gaythorne Pty Ltd 100% 100% Geographe Property Pty Ltd 100% 100% Huntsman Property Pty Ltd 100% 100% Ikara Property Pty Ltd 100% - Jarrah Property Pty Ltd 100% 100% Kayea Property Pty Ltd 100% 100% Kulkyne Property Pty Ltd 100% - Equity Holding Name of Entity 2026 2025 Lonnegal Property Pty Ltd 100% 100% Manta Property Pty Ltd 100% 100% Moraine Property Pty Ltd 100% - Namadgi Property Pty Ltd 100% - Nilgen Property Pty Ltd 100% 100% Osprey Property Pty Ltd 100% 100% Pimbee Property Pty Ltd 100% 100% Quenda Property Pty Ltd 100% 100% Ramble Property Pty Ltd 100% 100% Silhouette Property Pty Ltd 100% 100% Terra Property Pty Ltd 100% 100% Upside Property Pty Ltd 100% 100% Vintage Property Pty Ltd 100% 100% Williams Landing Home Improvement Pty Ltd 100% 100% Williams Landing Home Improvement Trust 100% 100% Williams Landing Shopping Centre Pty Ltd 100% 100% Williams Landing Shopping Centre Trust 100% 100% Williams Landing Town Centre Pty Ltd 100% 100% Wollemi Property Pty Ltd 100% 100% Woodbrooke Property Pty Ltd 100% 100% Yonder Property Pty Ltd 100% 100% Zamia Property Pty Ltd 100% 100% Financial StatementsKey NumbersFinancial RisksGroup StructureUnrecognised ItemsFurther InformationDeclaration & Audit Report
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68 Cedar Woods Properties Limited 25. Interests in joint arrangements Set out below are the joint arrangements of the group as at 30 June 2026. The principal place of business and country of incorporation (or origin) was Australia for all entities. Name of Entity % of ownership interest Carrying amount 2026 2025 Nature of relationship Measurement method 2026 2025 Tarkine Property Pty Ltd 51% 51% Joint venture Equity method 2,324 2,643 The group owns a 51% interest in Tarkine Property Pty Ltd, a property development company incorporated in Australia. Tarkine Property has acquired land for development of apartments in Subiaco, WA. The directors have determined that they do not control Tarkine Property Pty Ltd as no single owner can direct the activities of the entity. a) Summarised financial information for joint venture The following table provides summarised financial information for the joint venture. The information disclosed reflects the amounts presented in the financial statements of the relevant joint venture and not Cedar Woods’ share of those amounts. Tarkine Property Pty Ltd - Summarised balance sheet Notes 2026 $’000 2025 $’000 Current assets Cash and cash equivalents 1,179 1,713 Other current assets 45 1 Total current assets 1,224 1,714 Non-current assets Inventory 20,028 17,116 Other non-current assets 303 36 Total non-current assets 20,331 17,152 Current liabilities Trade and other payables 210 50 Total current liabilities 210 50 Non-current liabilities Borrowings 16,480 13,608 Other non-current liabilities 174 26 Total non-current liabilities 16,654 13,634 Net assets 4,691 5,182 Reconciliation to carrying amounts Opening net assets 1 July 5,182 4,719 Shareholder contributions 571 1,739 Loss for the period (1,062) (1,276) Closing net assets 4,691 5,182 Group’s % of ownership 51% 51% Group share of net assets 2,392 2,643 Adjustments for unrealised profit or loss (i) (68) - Group’s carrying amount 2,324 2,643 (i) Adjustments for unrealised profit or loss reflect the elimination of interest income relating to the Group's 51% share of borrowing costs capitalised by Tarkine Property Pty Ltd. The elimination will be recognised in profit or loss when the related inventory is sold by the joint venture and the borrowing costs are recognised in cost of sales. Tarkine Property Pty Ltd - Summarised income statement 2026 $’000 2025 $’000 Operating loss (399) (48) Finance costs (1,113) (1,242) Other income 330 - Loss before income tax (1,182) (1,290) Income tax benefit 120 14 Loss after income tax (1,062) (1,276) Group’s % of ownership 51% 51% Group’s share of loss (542) (651) b) Commitments and contingent liabilities in respect of joint venture 2026 $’000 2025 $’000 Commitments – joint venture Commitment to provide funding for joint venture’s capital commitments, if called 16,946 12,305 Tarkine Property Pty Ltd has commitment for expenditure at 30 June 2026 of $Nil (2025: Nil). As at 30 June 2026, there are no contingent liabilities (2025: Nil) in respect of the joint venture. Financial StatementsKey NumbersFinancial RisksGroup StructureUnrecognised ItemsFurther InformationDeclaration & Audit Report
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69 Annual Report 2026 26. Parent Entity Financial Information The financial information for the parent entity, Cedar Woods, has been prepared on the same basis as the consolidated financial statements, except as detailed in notes (a) and (b) below. The individual financial statements for the parent entity show the following aggregate amounts: 2026 $’000 2025 $’000 Balance sheet Current assets 68,139 59,745 Total assets 613,636 524,984 Current liabilities (120,487) (89,158) Total liabilities (290,012) (226,440) Net assets 323,624 298,544 Shareholders’ equity Issued capital 155,634 139,111 Reserves 4,664 4,166 Retained profits 163,326 155,268 323,624 298,544 Profit for the year 35,373 27,537 Total comprehensive income 35,373 27,537 a) Investments in subsidiaries Investments in subsidiaries are accounted for at cost in the financial statements of Cedar Woods. Such investments include both investments in shares issued by the subsidiary and other parent entity interests that in substance form part of the parent entity’s investment in the subsidiary. These include investments in the form of interest free loans which have no fixed repayment terms and which have been provided to subsidiaries as an additional source of long term capital. b) Tax consolidation legislation Cedar Woods and its wholly owned Australian controlled entities have implemented the tax consolidation legislation. The head entity, Cedar Woods, and the controlled entities in the tax-consolidated group account for their own current and deferred tax amounts. These tax amounts are measured as if each entity in the tax-consolidated group continues to be a standalone taxpayer in its own right. In addition to its own current and deferred tax amounts, Cedar Woods also recognises the current tax liabilities (or assets) and the deferred tax assets arising from unused tax losses and unused tax credits assumed from controlled entities in the tax-consolidated group. The entities in the tax consolidated group have also entered into a tax funding agreement under which the subsidiaries fully compensate the parent for any current tax payable assumed and are compensated by the parent for any current tax receivable and deferred tax assets relating to unused tax losses that are transferred to the parent under the tax consolidation legislation. The funding amounts are determined by reference to the amounts recognised in the subsidiaries’ financial statements. The amounts receivable/payable under the tax funding agreement are due upon receipt of the funding advice from the head entity when it is issued. The head entity may require payment of interim funding amounts to assist with its obligations to pay tax instalments. Assets or liabilities arising under tax funding agreements with the tax consolidated entities are recognised as current receivable from or payable to other entities in the group. 27. Deed of Cross Guarantee Cedar Woods Properties Limited and all subsidiaries listed at note 24 are parties to a deed of cross guarantee under which each company guarantees the debts of the others. By entering the deed, the wholly-owned entities have been relieved from the requirement to prepare a financial report and directors’ report under ASIC Corporations (Wholly- owned Companies) Instrument 2016/785. The companies referred to above as parties to the deed of cross guarantee represent a ‘closed group’ for the purposes of the instrument, and as there are no other parties to the deed of cross guarantee that are controlled by Cedar Woods Properties Limited, they also represent the ‘extended closed group’. a) Consolidated statement of profit or loss and comprehensive income for the year ended 30 June The consolidated statement of profit or loss and comprehensive income for the year ended 30 June 2026 of the closed group is the same as the consolidated group. b) Consolidated balance sheet as at 30 June The consolidated balance sheet of the closed group at 30 June 2026 is the same as the consolidated group. Financial StatementsKey NumbersFinancial RisksGroup StructureUnrecognised ItemsFurther InformationDeclaration & Audit Report
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70 Cedar Woods Properties Limited Unrecognised Items This section of the notes provides information about items that are not recognised in the financial statements as they do not satisfy the recognition criteria. 28. Contingent liabilities Bank guarantees At 30 June 2026 bank guarantees totalling $50,879,000 (2025 - $59,353,000) had been provided to various state and local authorities supporting development and maintenance commitments. Some of these development commitments are recognised in inventory in the financial statements where the costs have been expended or provided for in part. 29. Commitments Capital commitments At 30 June 2026 the consolidated entity had commitments under civil works, building construction and landscaping construction for development of its projects in the ordinary course of business. The total amount contracted for work yet to be completed for civil works was $56,583,000 (2025 - $26,910,000), for building construction was $165,405,000 (2025 - $227,019,000) and for landscaping construction was $3,858,000 (2025 - $1,560,000). 30. Events occurring after the reporting period Refer to note 23(b) for details of the final dividend recommended by the directors, to be paid on 30 October 2026. The dividend reinvestment plan and bonus share plan will not be in operation for the final dividend. Other than the above, no other matters or circumstances have arisen since 30 June 2026 that have significantly affected or may significantly affect: the consolidated entity’s operations in future financial years; or the results of those operations in future financial years; or the consolidated entity’s state of affairs in future financial years. Financial StatementsKey NumbersFinancial RisksGroup StructureUnrecognised ItemsFurther InformationDeclaration & Audit Report
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71 Annual Report 2026 Further Information This section of the notes includes other information that must be disclosed to comply with the accounting standards and other pronouncements, but that is not immediately related to individual line items in the financial statements. 31. Related Party Transactions a) Key management personnel compensation Additional disclosures relating to key management personnel are set out in the Directors’ Report. Consolidated 2026 $ 2025 $ Short-term employee benefits 3,743,657 2,989,240 Post-employment benefits 177,6 4 3 164,640 Security-based payments 1,0 37,362 1,061,143 Other long-term benefits 61,556 49,045 5,020,218 4,264,068 b) Group The group consists of Cedar Woods Properties Limited and its controlled entities. A list of these entities and the ownership interests held by the parent entity are set out in note 24. c) Parent entity The parent entity within the group is Cedar Woods Properties Limited. d) Transactions with other related parties During the year, planning, architectural and consulting services were provided by Hames Sharley Architects of which Director, Mr W G Hames is Chair. For detailed disclosures please see the remuneration report on page 39. e) Loans to related parties The following table provides the total amount of transactions that have been entered into with related parties for the relevant financial year. Notes 2026 $ 2025 $ Joint venture in which the parent is a venturer: Tarkine Property Pty Ltd Amounts owed by related parties (i) 8,405 6,940 Interest amortised 700 633 (i) Amounts owed by related parties Amounts owed by related parties reflects a loan to Tarkine Property Pty Ltd, a joint venture between the group and Tokyo Gas Real Estate Australia Pty Ltd. Refer note 25 for details. The loan is interest free, and is repayable upon the earlier of development completion or December 2033. 32. Remuneration of Auditors The following fees were paid or payable for services by Ernst & Young (Australia) since their appointment: Fees to Ernst & Young (Australia) 2026 $ 2025 $ Assurance services - Audit and review of the financial statements 352,731 339,040 - Agreed upon procedures - 4,160 Total fees for assurance services 352,731 343,200 Non-audit services - Internal controls review 18,720 - Total fees for non-audit services 18,720 - Total assurance and non-audit services 371,451 343,200 33. Employee Share Scheme The current Long Term Incentive (LTI) plans effective from 1 July 2023 for FY2024, from 1 July 2024 for FY2025 and from 1 July 2025 for FY2026 will continue in FY2027. The current LTI plan for the Managing Director and executives has two vesting conditions a) a 3 year service condition and b) two performance conditions measured over a 3 year period: 50 per cent of the LTI grant will be tested against a relative total shareholder return (TSR) hurdle (measured against the S&P / ASX Small Industrials Index) and 50 per cent against earnings per share (EPS) growth compared with the corporate plan targets. Full details of the operation of the current LTI plan are set out in the remuneration report on pages 34 to 36 of this annual report. Selected employees outside of the executive team may be eligible for the staff LTI plan. The staff LTI plan has a single 3 year service condition. Awards under the staff LTI plan are made in the form of performance rights, which provide, when vested, one share for each performance right at nil cost. At balance date, 293,554 performance rights were issued under the FY2024, FY2025 and FY2026 staff LTI plans. The Managing Director receives 65% of the STI in cash, with 35% deferred by way of a grant of zero-price options under the Deferred Short-Term Incentive (DSTI) Plan. The Board may satisfy vested options in cash rather than shares. For FY2026, the Managing Director’s STI is being awarded 100% in cash (FY2025 – 65% cash STI and 35% DSTI). The STI is awarded based on the Remuneration & Nominations Committee’s recommendation and Board approval of the Company’s overall performance using the Financial StatementsKey NumbersFinancial RisksGroup StructureUnrecognised ItemsFurther InformationDeclaration & Audit Report
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72 Cedar Woods Properties Limited Balanced Scorecard, as well as the Managing Director’s performance against personal goals set by the Board each year. Full details of the current DSTI Plan are set out in the remuneration report on page 33 and 35 of this annual report. The group has established an employee share trust which is administered by CPU Share Plans Pty Ltd. Shares issued by the trust are acquired from the Company via a new issue of shares prior to the issue to employees 34. Summary of Accounting Policies The material accounting policies adopted in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Where necessary, comparative information is reclassified and restated for consistency with current period disclosures. The financial statements are for the consolidated entity consisting of Cedar Woods and its subsidiaries. a) Basis of preparation These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board and the Corporations Act 2001. Cedar Woods is a for-profit entity for the purpose of preparing the financial statements. i. Compliance with International Financial Reporting Standards (IFRS). The financial statements of the Cedar Woods group also comply with IFRS as issued by the International Accounting Standards Board (IASB). ii. Historical cost convention These financial statements have been prepared under the historical cost convention, as modified by the revaluation of available-for-sale financial assets and derivative financial instruments. iii. New and amended standards adopted by the group The group has applied for the first time certain standards and amendments, which are effective for annual reporting periods beginning on or after 1 July 2025 (unless otherwise stated). The adoption of new standards and amendments did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect future periods. iv. New standards and interpretations not yet adopted Certain new accounting standards, interpretations and amendments have been published that are not mandatory for 30 June 2026 reporting periods. The group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. The consolidated entity has not yet completed its assessment on whether these standards will have a material impact on the consolidated entity in the current or future reporting periods and on foreseeable future transactions. v. Functional and presentation currency The consolidated financial statements are presented in Australian dollars, which is the functional and presentation currency of Cedar Woods. b) Principles of consolidation i. Subsidiaries The consolidated financial statements incorporate the assets and liabilities of all entities controlled by Cedar Woods (parent) as at 30 June 2026 and the results of all subsidiaries for the year then ended. Cedar Woods and its subsidiaries together are referred to in these financial statements as the consolidated entity or the group. Subsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity where the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. The acquisition method of accounting is used to account for business combinations by the group. All inter-company balances and transactions between companies within the consolidated entity are eliminated upon consolidation. ii. Joint arrangements Joint arrangements – Under AASB 11 Joint Arrangements, investments in joint arrangements are classified as either joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. Joint operations - The consolidated entity recognises its direct right to assets, liabilities, revenues and expenses of joint operations, which have been incorporated in the financial statements under the appropriate headings. Joint ventures - Interest in joint ventures are accounted for using the equity method (see below), after initially being recognised at cost in the consolidated balance sheet. iii. Equity method Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the group’s share of the post-acquisition profits or losses of the investee in profit or loss, and the group’s share of movements in other comprehensive income. The carrying amount of equity-accounted investments is tested for impairment. c) Segment reporting Management has determined the operating segment based on the reports reviewed by the Managing Director that are used to make strategic decisions. The Managing Director has been identified as the chief operating decision maker. Financial StatementsKey NumbersFinancial RisksGroup StructureUnrecognised ItemsFurther InformationDeclaration & Audit Report
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73 Annual Report 2026 d) Business combinations The acquisition method of accounting is used to account for all business combinations. Acquisition related costs are expensed as incurred. e) Revenue and other income i. Sale of land and buildings Revenue arising from the sale of land and buildings is recognised when control over the property has been transferred to the customer. In most of the group’s contracts this is the point in time at which legal title passes to the customer. The revenue is measured at the transaction price agreed under the contract, with revenue relating to customer rebates recognised separately where applicable. ii. Sale of land and buildings – customer rebates Certain contracts for the sale of land and buildings include an obligation of the group to provide goods, services, or payments to the customer, subject to certain performance conditions. These contracts provide a right to customers that forms a separate performance obligation. The transaction price is allocated to the performance obligations on a relative stand-alone selling price basis. Management estimates the stand-alone selling prices at the point in time that legal title passes to the customer based on the contract value, and observable market prices of similar services. The likelihood of redemption of each customer rebate is estimated at the time of transfer of legal title. If the performance conditions of the customer are not met within the terms of the contract, the obligation expires, and the group recognises the revenue attributable to the performance obligation without delivery of the goods, services or payment. iii. Development services Revenue from development services is recognised at a point in time where the group has satisfied contractual performance obligations and control over the output has passed to the customer. In most instances this coincides with the transfer of legal title of the developed land or building. f) Income tax The income tax expense or revenue for the period is the tax payable on the current period’s taxable income based on the income tax rate in Australia adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses, if any. The current income tax charge is calculated on the basis of the tax laws enacted or substantially enacted at the end of the reporting period. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using the tax rates expected to apply when the assets are recovered or liabilities are settled, based on those tax rates which are enacted or substantively enacted. Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Cedar Woods and certain wholly owned Australian controlled entities have implemented the tax consolidation legislation. As a consequence, these entities are taxed as a single entity and the deferred tax assets and liabilities of these entities are set off in the consolidated financial statements. Current and deferred tax is recognised in profit and loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity respectively. g) Cash and cash equivalents For cash flow statement presentation purposes, cash and cash equivalents includes cash on hand, and deposits at call which are readily convertible to cash on hand and are subject to an insignificant risk of changes in value. Bank overdrafts are shown within borrowings in current liabilities on the balance sheet. h) Trade and other receivables Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. Other receivables are non-derivative financial assets with fixed or determinable payments and are not quoted in an active market. If collection of the amounts is expected in one year or less they are classified as current assets. If not, they are presented as non-current assets. Trade receivables are generally due for settlement within 30 days and therefore are all classified as current. For trade receivables, the group applies the simplified approach permitted by AASB9, which requires expected lifetime credit losses to be recognised from initial recognition of the receivables. To measure the lifetime expected credit loss for rental debtors, a provision is raised against each debtor based upon the payment profile over the last 12 months, adjusted for current and forward-looking information supporting the expected settlement of the receivable. i) Inventories Property purchased for development and sale is valued at the lower of cost and net realisable value. Cost includes acquisition and subsequent development costs, and applicable borrowing costs incurred during development. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. All property held for development and sale is regarded as inventory and is classified as such in the balance sheet. Property is classified as current inventory only when sales are expected to result in realisation of cash within the next twelve months, based on management’s sales forecasts. Borrowing costs incurred prior to active development and after development is completed, are expensed as incurred. The acquisition of land is recognised when an unconditional purchase contract exists. When property is sold, the cost of the land and attributable development costs, including borrowing costs, is expensed through cost of sales. Financial StatementsKey NumbersFinancial RisksGroup StructureUnrecognised ItemsFurther InformationDeclaration & Audit Report
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74 Cedar Woods Properties Limited j) Property, plant and equipment Property, plant and equipment is substantially made up of furniture, fittings and equipment and is stated at historical cost less depreciation. Depreciation is calculated on a straight line or diminishing value basis to write off the net cost of each item of property, plant and equipment over its expected useful life to the consolidated entity. The expected useful lives of items of property, plant and equipment and the depreciation methods used are: Plant and equipment – 3 to 15 years (straight line and diminishing value methods) The assets’ residual values and useful lives are reviewed for impairment and adjusted if appropriate, at each reporting date. Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in the profit or loss. k) Investments and other financial assets i. Classification The group classifies its financial assets in the following categories: those to be measured at fair value through profit or loss; and those to be measured at amortised cost. The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will be recorded in profit or loss. ii. Measurement At initial recognition, the group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss. iii. Impairment The group assesses on a forward-looking basis the expected credit losses associated with its financial assets carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. l) Impairment of assets Assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount of an asset is the higher of its fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest level for which there are separately identifiable cash generating units, which is generally the project level. Assets that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. m) Trade and other payables Trade payables represent liabilities for goods and services provided to the consolidated entity prior to the end of the financial year and which are unpaid. These amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method. n) Borrowings and borrowing costs Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case the fee is deferred until the commencement of the facility when draw down occurs. Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting period. Borrowing costs are recognised as expenses in the period in which they are incurred, except where they are included in the costs of qualifying assets during the period when the asset is being prepared for its intended use or sale. o) Derivatives Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. Changes to fair value are taken to profit or loss and are included in other income or expenses. p) Other financial liabilities Financial liabilities are initially recognised at fair value, net of directly attributable transaction costs, and subsequently measured at amortised cost using the effective interest method. Interest expense and other movements arising from the effective interest method are recognised in profit or loss. Where contractual cash flows are modified without extinguishing the liability, the carrying amount is recalculated as the present value of the modified cash flows discounted at the effective interest rate, with any resulting gain or loss recognised in profit or loss. Financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expires. Liabilities in this category are classified as current liabilities if they are expected to be settled within 12 months, otherwise they are classified as non-current. q) Development cost provisions Provision is made for development costs yet to be incurred for lots/units that have settled and revenue recognised at balance date and provisions for development obligations under agreements with various state and local authorities and land purchase contracts. Development cost provisions are classified as current liabilities if they are expected to be settled within 12 months, otherwise classified as non-current. r) Contributed equity Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. Financial StatementsKey NumbersFinancial RisksGroup StructureUnrecognised ItemsFurther InformationDeclaration & Audit Report
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75 Annual Report 2026 s) Dividends Provision is made for the amount of any dividend declared, being appropriately authorised and no longer at the discretion of the entity, on or before the end of the financial year but not distributed at balance date. t) Share based payments Share based compensation benefits are provided to employees via the Deferred STI and LTI plans. Information relating to these schemes is set out in the remuneration report on pages 35 to 41. The value of Performance Rights granted under the Deferred STI and LTI plans is recognised as an employee benefits expense with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the Performance Rights granted: Including any market performance conditions (e.g. the entity’s share price); and Excluding the impact of any service and non-market performance vesting conditions (e.g. profitability and remaining an employee of the group over a specified time period) The total expense is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each reporting period, the group revises its estimates of the number of Performance Rights that are expected to vest based on the non-market vesting and service conditions. The impact of the revision to original estimates is recognised, if any, in profit or loss with a corresponding adjustment to equity. u) Earnings per share i. Basic earnings per share Basic earnings per share is determined by dividing the profit attributable to owners of Cedar Woods by the weighted average number of ordinary shares outstanding during the financial year, adjusted for any bonus elements in ordinary shares issued during the year. ii. Diluted earnings per share Diluted earnings per share adjusts the earnings used in the determination of basic earnings per share to take account of any effect on borrowing costs associated with the issue of dilutive potential ordinary shares. The weighted average number of ordinary shares is adjusted to reflect the conversion of all dilutive potential ordinary shares. v) Rounding of amounts The Company is of a kind referred to in ASIC Legislative Instrument 2026/183, relating to the ‘rounding off’ of amounts in the financial statements. Amounts in the financial statements have been rounded off in accordance with the instrument to the nearest thousand dollars, or in certain cases, to the nearest dollar. w) Goods and services tax (GST) Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the taxation authority. In this case it is recognised as part of the cost of the asset or as part of the expense. Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the taxation authority is included with other receivables or payables in the balance sheet. Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to, taxation authorities, are presented as operating cash flows. 35. Segment Information The Board has determined the operating segment based on the reports reviewed by the Managing Director that are used to make strategic decisions. The Board has considered the business from both a product and a geographic perspective and has determined that the group operates a single business in a single geographic area and hence has one reportable segment. The group engages in property development and investment which takes place in Australia. The group has no separate business units or divisions. The internal reporting provided to the Managing Director includes key performance information at a whole of group level. The Managing Director uses the internal information to make strategic decisions, based primarily upon the expected future outcome of those decisions on the group as a whole. Material decisions to allocate resources are generally made at a whole of group level. The group mainly sells products to the public and is not generally reliant upon any single customer for 10% or more of the group’s revenue. All of the group’s assets are held within Australia. The Managing Director assesses the performance of the operating segment based on the net profit after tax, earnings per share and net tangible assets per share. Financial StatementsKey NumbersFinancial RisksGroup StructureUnrecognised ItemsFurther InformationDeclaration & Audit Report
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76 Cedar Woods Properties Limited CONSOLIDATED ENTITY DISCLOSURE STATEMENT, DIRECTORS’ DECLARATION AND INDEPENDENT AUDITOR’S REPORT Consolidated Entity Disclosure Statement (CEDS) 77 Directors' Declaration 78 Independent Auditor’s Report 79 Financial StatementsKey NumbersFinancial RisksGroup StructureUnrecognised ItemsFurther InformationDeclaration & Audit Report
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77 Annual Report 2026 CONSOLIDATED ENTITY DISCLOSURE STATEMENT Name of Entity Type of Entity Trustee, partner or participant in JV % of share capital Place of Business / Country of incorporation Tax Residency Cedar Woods Properties Employee Share Trust Trust - n/a Australia Australian Cedar Woods Properties Finance Pty Ltd Body Corporate - 100% Australia Australian Cedar Woods Properties Harrisdale Pty Ltd Body Corporate - 100% Australia Australian Cedar Woods Properties Investments Pty Ltd Body Corporate - 100% Australia Australian Cedar Woods Properties Limited Body Corporate - 100% Australia Australian Cedar Woods Properties Management Pty Ltd Body Corporate - 100% Australia Australian Cedar Woods Property Sales Pty Ltd Body Corporate - 100% Australia Australian Baret Developments Pty Ltd Body Corporate - 100% Australia Australian Cranford Pty Ltd Body Corporate - 100% Australia Australian Daleford Property Pty Ltd Body Corporate - 100% Australia Australian Dunland Property Pty Ltd Body Corporate - 100% Australia Australian Esplanade (Mandurah) Pty Ltd Body Corporate - 100% Australia Australian Eucalypt Property Pty Ltd Body Corporate - 100% Australia Australian Flametree Property Pty Ltd Body Corporate - 100% Australia Australian Galaway Holdings Pty Ltd Body Corporate - 100% Australia Australian Gaythorne Pty Ltd Body Corporate - 100% Australia Australian Geographe Property Pty Ltd Body Corporate - 100% Australia Australian Huntsman Property Pty Ltd Body Corporate - 100% Australia Australian Ikara Property Pty Ltd Body Corporate - 100% Australia Australian Jarrah Property Pty Ltd Body Corporate - 100% Australia Australian Kayea Property Pty Ltd Body Corporate - 100% Australia Australian Kulkyne Property Pty Ltd Body Corporate - 100% Australia Australian Lonnegal Property Pty Ltd Body Corporate - 100% Australia Australian Manta Property Pty Ltd Body Corporate - 100% Australia Australian Moraine Property Pty Ltd Body Corporate - 100% Australia Australian Namadgi Property Pty Ltd Body Corporate - 100% Australia Australian Nilgen Property Pty Ltd Body Corporate - 100% Australia Australian Osprey Property Pty Ltd Body Corporate - 100% Australia Australian Pimbee Property Pty Ltd Body Corporate - 100% Australia Australian Quenda Property Pty Ltd Body Corporate - 100% Australia Australian Ramble Property Pty Ltd Body Corporate - 100% Australia Australian Silhouette Property Pty Ltd Body Corporate - 100% Australia Australian Terra Property Pty Ltd Body Corporate - 100% Australia Australian Upside Property Pty Ltd Body Corporate - 100% Australia Australian Vintage Property Pty Ltd Body Corporate - 100% Australia Australian Williams Landing Home Improvement Pty Ltd Body Corporate Trustee 100% Australia Australian Williams Landing Home Improvement Trust Trust - n/a Australia Australian Williams Landing Shopping Centre Pty Ltd Body Corporate Trustee 100% Australia Australian Williams Landing Shopping Centre Trust Trust - n/a Australia Australian Williams Landing Town Centre Pty Ltd Body Corporate - 100% Australia Australian Wollemi Property Pty Ltd Body Corporate - 100% Australia Australian Woodbrooke Property Pty Ltd Body Corporate - 100% Australia Australian Yonder Property Pty Ltd Body Corporate - 100% Australia Australian Zamia Property Pty Ltd Body Corporate - 100% Australia Australian Financial StatementsKey NumbersFinancial RisksGroup StructureUnrecognised ItemsFurther InformationDeclaration & Audit Report
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78 Cedar Woods Properties Limited DIRECTORS’ DECLARATION In the directors’ opinion: a) the financial statements and notes set out on pages 44 to 75 are in accordance with the Corporations Act 2001 , including: (i) complying with Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements; and (ii) giving a true and fair view of the consolidated entity’s financial position as at 30 June 2026 and of its performance for the financial year ended on that date; and b) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable, c) at the date of this declaration, there are reasonable grounds to believe that the members of the extended closed group identified in Note 24 will be able to meet any obligations or liabilities to which they are, or may become, subject by virtue of the deed of cross guarantee described in Note 27; and d) the information disclosed in the consolidated entity disclosure statement is true and correct. Note 34(a) confirms that the financial statements also comply with International Financial Reporting Standards as issued by the International Accounting Standards Board. The directors have been given the declarations by the Managing Director and Chief Financial Officer required by section 295A of the Corporations Act 2001. This declaration is made in accordance with a resolution of the directors. Nathan Blackburne Managing Director Perth, Western Australia 24 August 2026 Financial StatementsKey NumbersFinancial RisksGroup StructureUnrecognised ItemsFurther InformationDeclaration & Audit Report
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79 Annual Report 2026 INDEPENDENT AUDITOR’S REPORT A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Ernst & Young 9 The Esplanade Perth WA 6000 Australia GPO Box M939 Perth WA 6843 Tel: +61 8 9429 2222 Fax: +61 8 9429 2436 ey.com/au Independent auditor’s report to the members of Cedar Woods Properties Limited Report on the audit of the financial report Opinion We have audited the financial report of Cedar Woods Properties Limited (the Company) and its subsidiaries (collectively the Group), which comprises the consolidated balance sheet as at 30 June 2026, the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated cash flow statement for the year then ended, notes to the financial statements, including material accounting policy information, the consolidated entity disclosure statement and the directors’ declaration. In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001, including: a. Giving a true and fair view of the consolidated financial position of the Group as at 30 June 2026 and of its consolidated financial performance for the year ended on that date; and b. Complying with Australian Accounting Standards and the Corporations Regulations 2001. Basis for opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to audits of the financial report of public interest entities in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial report of the current year. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, but we do not provide a separate opinion on these matters. For the matter below, our description of how our audit addressed the matter is provided in that context. Financial StatementsKey NumbersFinancial RisksGroup StructureUnrecognised ItemsFurther InformationDeclaration & Audit Report
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80 Cedar Woods Properties Limited A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial report section of our report, including in relation to this matter. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial report. The results of our audit procedures, including the procedures performed to address the matter below, provide the basis for our audit opinion on the accompanying financial report. Carrying value of inventory Why significant How our audit addressed the key audit matter Property held for development and resale is treated by the Group as inventory and is valued at the lower of cost and net realisable value. As at 30 June 2026, total property inventory amounted to $842,389,000. The recoverability of inventory is considered a key audit matter as it represents approximately 95% of the Group’s total assets and the determination of net realisable value is affected by judgements and estimates within the Group’s development models over the expected life of each development, including the remaining costs to develop and sell the property and the estimated sales value. These values are sensitive to changes in the underlying economic environment and market forces. Disclosure of inventory, including significant judgements, is included in notes 7, 20 and 34 of the financial report. Our audit procedures included the following: ▪ We obtained an understanding and evaluated the design of controls over the Group’s review process related to project monitoring, including the preparation and review of feasibility reports, independent property valuations and updates at the related management and Board level, including their assessment of recoverability. We also obtained an understanding and evaluated controls over the process for the approval to commence or amend significant projects. ▪ We tested a sample of additions to property inventory to supporting documentation and assessed whether these costs were appropriately capitalised. ▪ We assessed the experience and industry expertise of management’s internal experts responsible for the assumptions used in the Group’s development models. ▪ We evaluated the Group’s significant projects, including through inquiry with State Managers, to understand project costs to date and estimated costs to complete, the progress of the development including overall sale prices and margins achieved on lots sold to date and expected sale prices for remaining lots. ▪ We applied a risk-based approach to identify those development projects in progress where there was greater risk that the carrying value may be in excess of net realisable value. In conjunction with our real estate valuation specialists, we assessed the development models prepared by the Group for a sample of these developments. This included evaluating the assumptions used in the development models by assessing the valuation methodology used to ensure that it was complete and consistent with standard valuation methodology given the circumstances of the project. ▪ We assessed the assumptions and resultant valuations for independent property valuations and compared these to observable market data and recent presales for these developments. ▪ We evaluated the competence, capability and objectivity of the independent external valuers for a sample of the Group’s property inventory that was subject to independent external valuations. Financial StatementsKey NumbersFinancial RisksGroup StructureUnrecognised ItemsFurther InformationDeclaration & Audit Report
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81 Annual Report 2026 A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Why significant How our audit addressed the key audit matter ▪ We tested the mathematical accuracy of the Group’s significant development models. ▪ We assessed the adequacy and appropriateness of the disclosures included in the notes to the financial statements Information other than the financial report and auditor’s report thereon The directors are responsible for the other information. The other information comprises the information included in the Company’s 2026 annual report other than the financial report and our auditor’s report thereon. Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon, with the exception of the Remuneration Report and our related assurance opinion. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the directors for the financial report The directors of the Company are responsible for the preparation of: ▪ The financial report (other than the consolidated entity disclosure statement) that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001; and ▪ The consolidated entity disclosure statement that is true and correct in accordance with the Corporations Act 2001; and for such internal control as the directors determine is necessary to enable the preparation of: ▪ The financial report (other than the consolidated entity disclosure statement) that gives a true and fair view and is free from material misstatement, whether due to fraud or error; and ▪ The consolidated entity disclosure statement that is true and correct and is free of misstatement, whether due to fraud or error. In preparing the financial report, the directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. Financial StatementsKey NumbersFinancial RisksGroup StructureUnrecognised ItemsFurther InformationDeclaration & Audit Report
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82 Cedar Woods Properties Limited A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Auditor’s responsibilities for the audit of the financial report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report. As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: ▪ Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ▪ Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. ▪ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. ▪ Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern. ▪ Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation. ▪ Plan and perform the Group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Group as a basis for forming an opinion on the Group financial report. We are responsible for the direction, supervision and review of the audit work performed for the purposes of the Group audit. We remain solely responsible for our audit opinion. Financial StatementsKey NumbersFinancial RisksGroup StructureUnrecognised ItemsFurther InformationDeclaration & Audit Report
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83 Annual Report 2026 A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated to the directors, we determine those matters that were of most significance in the audit of the financial report of the current year and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on the audit of the Remuneration Report Opinion on the Remuneration Report We have audited the Remuneration Report included in the directors’ report for the year ended 30 June 2026. In our opinion, the Remuneration Report of Cedar Woods Properties Limited for the year ended 30 June 2026, complies with section 300A of the Corporations Act 2001. Responsibilities The directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards. Ernst & Young Pierre Dreyer Partner Perth 24 August 2026 Financial StatementsKey NumbersFinancial RisksGroup StructureUnrecognised ItemsFurther InformationDeclaration & Audit Report
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84 Cedar Woods Properties Limited SHAREHOLDERS’ INFORMATION This section provides information for shareholders on distributions and other shareholder benefits, the composition of the share register and past financial performance. Investors’ Summary 85 Shareholder Information 85 Five Year Financial Performance 86
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85 Annual Report 2026 INVESTORS’ SUMMARY Dividend and dividend policy The final dividend for the 2026 financial year is 25 cents per share, fully franked. The dividend will be paid on 30 October 2026. The Company’s dividend policy is to distribute approximately 50% of the full year net profit after tax. The total FY2026 dividends represent a payout ratio of 50%. This acknowledges both the result in FY2026 and the current outlook for FY2027. Electronic payment of dividends The group uses exclusively electronic funds transfer for the payment of dividends. Accordingly, shareholders must nominate a bank, building society or credit union account for the payment of dividends by direct credit. Payments are electronically credited on the dividend payment date and confirmed by mailed advice. New shareholders receiving dividends for the first time should contact the Company’s share registrar, Computershare Investor Services Pty Ltd, by visiting www.computershare.com.au. Dividend re-investment plan and Bonus share plan The dividend re-investment plan and bonus share plan are operated from time to time as part of measures to manage the group’s capital. Shareholders can change their plan participation status by completing an election form in accordance with the rules of each plan. The dividend re-investment plan and bonus share plan remains suspended for the final dividend for the 2026 financial year. Shareholders’ timetable Final dividend announcement 25 August 2026 Record date for final dividend 1 October 2026 Final dividend payment date 30 October 2026 First quarter update October 2026 Annual General Meeting 5 November 2026 Half-year result announcement February 2027 Interim dividend payment date April 2027 Third quarter update April 2027 Full year result and final dividend announcement August 2027 Shareholder discount scheme withdrawn Previously, the group operated a shareholder discount scheme, which entitled holders of a minimum number of Cedar Woods shares to a small discount off the listed price of lots at some group developments. The scheme has been withdrawn and was not in operation in FY2026. SHAREHOLDER INFORMATION The below information was applicable at 18 August 2026. Distribution of ordinary shares Number of holders Number of shares 1 – 1,000 1,593 584,027 1,001 – 5,000 1,348 3,629,972 5,001 – 10,000 449 3,386,611 10,001 – 100,000 544 14,017,102 100,001 and over 54 63,458,040 3,988 85,075,752 There were 313 holders of less than a marketable parcel. Twenty largest shareholders Name Shares % Citicorp Nominees Pty Limited 14,954,566 17.58 HSBC Custody Nominees (Australia) Ltd 9,954,807 11.70 Hamsha Nominees Pty Ltd <The Nowra Projects Unit Fund A/C> 5,040,216 5.92 J P Morgan Nominees Australia Pty Ltd 4,856,693 5.71 Westland Group Holdings Pty Ltd 4,233,029 4.98 Beach Corporation Pty Ltd 3,382,604 3.98 Joia Holdings Pty Ltd 2,6 07,50 5 3.06 Netwealth Investments Ltd <Wrap Services A/C> 1,908,543 2.24 Helen Kaye Poynton 1,677,0 95 1.97 Precision Opportunities Fund Ltd <Investment A/C> 1,450,000 1.70 Mr Paul Stephen Sadleir 996,051 1.17 UBS Nominees Pty Ltd 932,836 1.10 Warbont Nominees Pty Ltd <Unpaid Entrepot A/C> 855,078 1.00 BNP Paribas Nominees Pty Ltd <Hub24 Custodial Serv Ltd> 836,731 0.98 Leblon Holdings Pty Ltd <William Hames Super Fund A/C> 732,113 0.86 Dr Alan Gerraty + Mrs Patricia Gerraty <A & P Gerraty S/F A/C> 600,000 0.71 Mr John Henry Tucker + Mrs Kay Joylene Tucker <Tucker Family Superfund A/C> 430,031 0.51 Gold Plaza Pty Ltd 428,172 0.50 BNP Paribas Noms Pty Ltd 424,347 0.50 Gorn Super Pty Ltd <Gorn Pension Super Fund A/C> 397,379 0.47 56,697,796 66.64 Substantial shareholders of ordinary shares As disclosed in substantial holder notices lodged with ASX. Name Shares % William George Hames & related entities 9,314,668 12.90 Robert Stanley Brown & related entities 7,818,6 33 9.75 Wilson Asset Management Group 6,617,816 7.78 Dimensional Fund Advisors LP & related entities 4,256,323 5.00 Voting rights As disclosed in substantial holder notices lodged with ASX as at 18 August 2026. Ordinary shares Performance rights Options One vote per share No voting rights No voting rights Unquoted equity securities Issued under the Company’s employee incentive schemes. Unquoted security Securities Holders Performance rights issued under the FY2024 Long Term Incentive Plan 376,873 29 Performance rights issued under the FY2025 Long Term Incentive Plan 436,693 32 Performance rights issued under the FY2026 Long Term Incentive Plan 323,421 37 Zero-price options issued under the FY2025 Deferred STI Plan 35,863 1
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86 Cedar Woods Properties Limited FIVE YEAR FINANCIAL PERFORMANCE All figures in $’000 except where stated Financial Year 2026 2025 2024 2023 2022 Financial Performance Revenue from operations 502,376 465,940 386,348 391,303 333,036 Earnings before interest and tax 102,824 84,067 68,183 49,787 54,060 Finance costs 9,030 15,253 11,087 4,401 444 Operating profit before tax 93,794 68,814 57,0 9 6 45,386 53,616 Income tax expense 28,151 20,674 16,602 13,751 16,228 Net profit after tax 65,643 48,140 40,494 31,635 37,38 8 Financial Position Total assets 884,272 857 ,684 743,592 783,398 796,387 Total liabilities 339,727 368,489 282,801 352,296 375,164 Shareholders’ equity 544,545 489,195 460,791 431,102 421,223 Number of shares on issue – end of year (‘000) 85,076 82,511 82,418 82,210 82,128 Basic earnings per share (cents) 77.9 58.4 49.2 38.5 45.7 Key Performance Measures Dividend per share, fully franked (cents) 39.0 29.0 25.0 20.0 27.5 EBIT Margin 20.5% 18.0% 17.6% 12.7% 16.2% Interest cover (times) 8.9 6.5 3.9 3.7 9.1 Return on equity 12.1% 9.8% 8.8% 7.3% 9.1% Investment in inventory during year 411,619 342,363 276,550 293,529 329,296 Net tangible assets backing per share ($) 6.35 5.90 5.55 5.21 5.11 Net bank debt 157,6 6 5 125,623 120,094 195,806 198,688 Net bank debt to equity 29.0% 25.7% 26.1% 45.4% 47.2% Share price – end of year ($) 6.94 7.0 9 4.73 5.03 3.68 Stock market capitalisation at 30 June 590,426 585,000 389,839 413,516 302,230 Number of employees at 30 June 109 97 99 93 99 Returns to shareholders over 1, 3, & 5 years 1 Year 3 Year 5 Year Earnings per share growth % 33.4 26.5 13.9 Share price growth % (annualised) (2.1) 11.3 0.7 Dividend growth % (paid dividend) 22.2 6.3 11.1 Total shareholder return % (annualised) 2.2 16.1 5.6
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87 Annual Report 2026 Hudson Hub, Williams Landing, VIC
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88 Cedar Woods Properties Limited CORPORATE DIRECTORY A.B.N. 47 009 259 081 DIRECTORS William George Hames BArch (Hons) MCU (Harvard) LFRAIA, MPIA, FAPI (Econ) – Chairman Robert Stanley Brown MAICD, AIFS – Deputy Chairman Valerie Anne Davies FAICD Jane Mary Muirsmith BCom (Hons), FCA, GAICD Paul Gilbert Say FRICS, FAPI Nathan John Blackburne BB, AMP, GAICD – Managing Director COMPANY SECRETARY Sarah Jane Reilly LLB, BA, GDLP REGISTERED OFFICE AND PRINCIPAL PLACE OF BUSINESS Level 4, 50 Colin Street WEST PERTH WA 6005 Postal address P.O. Box 788 West Perth WA 6872 Phone +61 8 9480 1500 Email email@cedarwoods.com.au Website www.cedarwoods.com.au SHARE REGISTRY Computershare Investor Services Pty Ltd Level 17 221 St Georges Terrace PERTH WA 6000 AUDITOR Ernst & Young SECURITIES EXCHANGE LISTING Cedar Woods Properties Limited shares are listed on the Australian Securities Exchange (ASX) ASX Code CWP ANNUAL GENERAL MEETING Date Thursday 5 November 2026 Time 10:00am AWST