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1 Ingenia’s acquisition of Peet Creating a leading Australian living sector platform positioned for long term growth 26 AUGUST 2026
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2 DISCLAIMER IMPORTANT NOTICE AND DISCLAIMER This notice and disclaimer applies to this presentation and the information contained in it. By attending a presentation or briefing, or accepting, accessing or reviewing this presentation, you represent and warrant that you are entitled to receive this presentation and agree to the terms set out below. This presentation is dated 26 August 2026 and has been prepared by Ingenia Communities Group (a stapled group comprising Ingenia Communities Holdings Limited (ACN 154 444 925) and Ingenia Communities RE Limited (ACN 154 464 990) as responsible entity for each of Ingenia Communities Fund (ARSN 107 459 576) and Ingenia Communities Management Trust (ARSN 122 928 410)) (ASX: INA) ("Ingenia" or the "Group") in connection with the proposed acquisition by Ingenia of all of the issued shares in Peet Limited (ACN 008 665 834) (ASX: PPC) ("Peet") by way of a scheme of arrangement under Part 5.1 of the Corporations Act 2001 (Cth) ("Scheme") and the proposed establishment of a joint venture in respect of the Flagstone City project (together, the "Transaction"). No party other than Ingenia has authorised or caused the issue, lodgement, submission, despatch or provision of this presentation, or takes any responsibility for, or makes or purports to make any statements, representations or undertakings in this presentation. SUMMARY INFORMATION This presentation contains only summary information about Ingenia, Peet and their respective subsidiaries and their activities as at the date of this presentation unless otherwise stated. The information is of a general nature and does not purport to be complete. Further information about Peet and the Transaction (including key risks for Peet shareholders) will be contained in the form of an explanatory statement and notice of meeting to be issued by Peet in connection with the Scheme (“Scheme Booklet”). The Scheme Booklet will also include or be accompanied by an independent expert’s report that will opine on whether the Scheme is in the best interests of Peet shareholders. Certain information in this presentation has been sourced from, or is based on information sourced from, Peet or its representatives or associates. While steps have been taken to confirm that information to the extent practicable, no representation or warranty is made as to its fairness, accuracy, completeness, reliability or adequacy. Ingenia undertook a due diligence process in respect of the Transaction, which relied on legal, financial, taxation and operational due diligence information provided by Peet. If any such information relied upon by Ingenia in its due diligence, and in its preparation of this presentation, proves to be incorrect, incomplete or misleading, or if any of those due diligence enquiries failed to identify potential issues, there is a risk that the actual financial position and performance of Peet may be materially different to Ingenia’s understanding. This could have a material adverse effect on the combined group’s financial condition or performance. There is also a risk that new issues may arise after the date of this presentation which could have a material impact on the combined group, or there might be adverse developments in Peet’s business or prospects or issues previously identified in due diligence that could have a more significant impact on Peet than Ingenia anticipated or accounted for. This could adversely impact upon the operations, financial performance and/or financial position of the combined group. Ingenia reserves the right to update, amend or supplement the information in this presentation at any time in its absolute discretion. This presentation should be read in conjunction with Ingenia's other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange, available at www.asx.com.au. NOT A DISCLOSURE DOCUMENT OR AN OFFER This presentation is not and should not be considered an offer, invitation, solicitation or recommendation in relation to the subscription, purchase or sale of securities in Ingenia in any jurisdiction and does not form any part of any contract for the acquisition of securities. This presentation is for informational purposes only and is not a prospectus, product disclosure statement or other disclosure document under Australian law or any other law, and has not been lodged with the Australian Securities and Investments Commission or any other regulator. This presentation is not financial product or investment advice, nor is it accounting, legal or tax advice and is not intended to be used as the basis for making an investment decision. This presentation has been prepared without taking into account the objectives, financial or tax situation or needs of any person. Any investor should make its own independent investigation and appraisal of the business and financial condition of the Group, and should seek legal, financial, tax and other professional advice. DISCLAIMER None of Ingenia, Peet, their respective related bodies corporate, securityholders or affiliates, or any of their respective officers, directors, partners, representatives, consultants, advisers (including any financial adviser to Ingenia or Peet in connection with the Transaction), agents or employees (each a "Limited Party") guarantees or makes any representations or warranties (whether express or implied) as to the currency, accuracy, reliability, completeness or fairness of this presentation or the information, assumptions, opinions and conclusions contained in this presentation. No Limited Party represents or warrants that this presentation is complete or that it contains all material information about Ingenia or Peet that a prospective investor may require in order to assess the merits of the Transaction or in evaluating a possible investment in Ingenia or an acquisition of securities in Ingenia. To the maximum extent permitted by law, each Limited Party expressly disclaims any and all liability (whether direct, indirect, consequential or contingent), including without limitation any liability arising out of fault or negligence, for any expenses, damages, costs or loss (including loss of profits or expected profits) arising from the use of information contained in this presentation or in relation to the accuracy or completeness of the information, statements, opinions or matters contained in, arising out of or derived from, or for omissions from, this presentation (including any financial information, estimates or projections). Recipients of this presentation agree, to the maximum extent permitted by law, that they will not seek to sue or hold any Limited Party liable in connection with this presentation or the Transaction. No Limited Party makes any recommendation as to whether any investor should acquire securities, or makes any representation, assurance or guarantee in connection with the repayment of capital, any particular rate of return on an investment in Ingenia, or any particular tax treatment. None of Ingenia or any other Limited Party acts, or is responsible, as a fiduciary to you or any other person. You and each of Ingenia and the other Limited Parties expressly disclaim any fiduciary relationship. To the maximum extent permitted by law, no Limited Party owes any duty of care to any securityholder of Ingenia, Peet or any other person in connection with the Transaction or this presentation. FINANCIAL DATA Unless otherwise stated, financial information contained in this presentation is unaudited and subject to change. Historical results are not necessarily indicative of results that may be expected in the future. Past performance, including past share price performance, is not a reliable indicator of future performance. All dollar values are in Australian dollars (A$ or AUD) unless stated otherwise. A number of figures, amounts, percentages, estimates, calculations of value and fractions in this presentation are subject to the effect of rounding. Accordingly, actual calculations may differ from the figures set out in this presentation. PRO FORMA FINANCIAL INFORMATION This presentation contains pro forma financial information reflecting the Transaction. The pro forma financial information is for illustrative purposes only and is not represented as being indicative of Ingenia's views on Ingenia's future financial position and/or performance. The pro forma financial information has been prepared by Ingenia in accordance with the measurement and recognition requirements, but not the disclosure requirements, of applicable accounting standards and other mandatory requirements under the Australian Accounting Standards. The pro forma financial information is presented in abbreviated form and does not include all disclosures of general purpose financial statements prepared in accordance with applicable accounting standards. FORWARD-LOOKING STATEMENTS This presentation contains certain “forward-looking statements” that are based on management’s beliefs, assumptions and expectations and on information currently available to management. The words ‘may’, ‘will’, ‘expect’, ‘intend’, ‘plan’, ‘estimate’, ‘anticipate’, ‘continue’, ‘guidance’, ‘target’, ‘outlook’, ‘set to’, ‘should’, ‘could’, ‘aim’, ‘propose’, ‘believe’, ‘opinion’, ‘consider’, ‘predict’, ‘project’, ‘forecast’ and other similar expressions are intended to identify forward-looking statements. Forward-looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements to be materially greater or less than estimated or implied. Any such forward-looking statements are not guarantees or predictions of future performance and are based on current assumptions which may not be met and are subject to change without notice. The performance and operations of Ingenia may be influenced by a number of factors, many of which are outside the control of Ingenia. No undue reliance should be placed on any forward-looking statement. Nothing contained in this presentation is, or shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or future performance of Ingenia. Forward-looking statements speak only as at the date of this presentation, and the Limited Parties disclaim any obligation to update or revise any forward-looking statements, except as required by law or regulation (including the ASX Listing Rules). KEY INVESTMENT RISKS There are a number of risks specific to Ingenia, Peet, the Transaction and the combined group, as well as risks of a general nature, which may affect the future operating and financial performance of Ingenia and the value of an investment in Ingenia. An investment in Ingenia securities is subject to known and unknown risks, some of which are beyond the control of Ingenia. Ingenia does not guarantee any particular rate of return or the performance of the Group nor does it guarantee the repayment of capital or any particular tax treatment. Investors should carefully consider the information to be made available in the Scheme Booklet. THIRD PARTY INFORMATION Certain market and industry data used in connection with this presentation may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications. None of Ingenia, Peet, or their respective representatives or advisers have independently verified any such market or industry data provided by third parties or industry or general publications. Market data and statistics are inherently predictive and subject to uncertainty. There is no assurance that any forecasts or management estimates referred to in this presentation will be achieved. This presentation may contain trademarks and trade names of third parties, which are the property of their respective owners. JURISDICTION This presentation is not intended for distribution or release in any jurisdiction where such distribution or release would be unlawful. The distribution of this presentation in jurisdictions outside Australia may be restricted by law and persons who come into possession of this presentation should observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable securities laws. AUTHORISATION This presentation is authorised by the Board of Directors of Ingenia.
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3 Acknowledgement of country As an owner, operator and developer of real estate across Australia, Ingenia Communities acknowledges the traditional custodians of the lands on which we operate We recognise their ongoing connection to land, waters and community, and pay our respects to First Nations Elders past, present and emerging Image artist: Jake Simon Name: Journey About: The concept design integrates Ingenia’s brand colours into a vibrant canvas inspired by coastal landscapes, featuring warm earthy tones and black accents to honour First Nations heritage. Amongst other elements, meandering paths symbolise the life-giving rivers that intricately connect Ingenia’s communities and parks to their natural surroundings. It embodies sustainability, community, unity and harmony, resonating deeply with Ingenia’s core values.
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4 AGENDA Overview 5 Strategic rationale and benefits for securityholders 10 Key Transaction details and implementation 23 Additional information 26 John Carfi Chief Executive Officer Justin Mitchell Chief Financial Officer
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5 INGENIA’S STRATEGY IN CONTEXT Ingenia believes that as a large-scale, national living sector platform with a diversified residential offering and significant land lease pipeline, it will be ideally positioned to deliver into this housing undersupply dynamic over the long-term Australian housing is structurally undersupplied, providing a backdrop for demand driven growth and the ability to generate compelling returns across the cycle Elevated and growing construction costs will create further supply challenges, and enhance the attractiveness of housing products of relative affordability Australia’s population continues to grow faster than developed peers, while also rapidly ageing, creating specific housing challenges to address Access to appropriately zoned and serviced land in key growth corridors is increasingly valuable in being able to bring online competitive supply in desirable, high demand locations 1 2 3 4
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6 WHY PEET? A complementary business, capable of significantly enhancing Ingenia’s platform scale and offering Deep living sector development capability Capital partnering opportunities ✓ Geographically diverse portfolio with high Ingenia complementarity ✓ Provides opportunity to establish a national land lease platform ✓ Existing pipeline capable of delivering land lease and affordable residential products in supply constrained markets well beyond Ingenia’s 5-Year Plan ✓ High quality, mature portfolio with low level of planning risk ✓ Focus on desirable land product in key population growth corridors ✓ Complementary to Ingenia’s land lease activities – Significant land lease conversion opportunity identified ✓ Second largest residential platform in Australia with a 130-year old history ✓ Nationally recognised and respected brand name ✓ Deep bench of residential development expertise ✓ Capability to acquire new estates with co-located land lease and MPC1 ✓ Strong Peet history of working in partnership with third-party capital ✓ Flagstone joint venture a prime example of ability to attract quality partners ✓ Opportunities exist in other parts of portfolio and future acquisitions ✓ Enhances platform scalability and return on equity (ROE) National footprint and development pipeline scale Highly attractive portfolio 1. MPC = Master Planned Community.
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7 A COMPELLING COMBINATION Ingenia’s acquisition of Peet accelerates the delivery of its core strategy, and secures strategically aligned growth beyond the 5-Year Plan 1. Based on # of sites, using available peer disclosures as at date of Transaction announcement and Chadwick Property Valuers (A ustralian Land Lease Communities – An Overview report). 2. Pro forma preliminary acquisition accounting results in no goodwill recognised on completion (as the fair value of net assets acquired are assumed to equal the purchase price) subject to finalisation of balance sheet and purchase price accounting finali sation post completion. 3. Based on the mid-point of Land Lease Community Conversion Lot estimate and assuming $240/week average rental and a cap rate cons istent with Ingenia’s Lifestyle Rental (land lease) last reported book cap rate. 4. Outlined on page 17. Creates Australia’s leading land lease platform1, with a national footprint and a larger scale, more diversified pipeline (~35K pro forma land lease and MPC lots) and living sector offering A highly strategic combination on attractive terms, with nil goodwill2 and significant land lease conversion opportunity (5 – 7K lots identified with a ~$1bn end value3) which Ingenia is in a unique position to capitalise on Compelling financial metrics (including low double digit EPS accretion to Ingenia securityholders4) with the Transaction to deliver long term earnings and value creation benefits Pro forma balance sheet well positioned to fund future growth and with further opportunities to partner with third-party capital Complementary platforms with deep capability, established systems and highly respected brands
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8 TRANSACTION OVERVIEW 1. 10-day market VWAP, Iress. Implied offer value including FY26 final dividend of $0.065 per share is $2.185 per share. 2. Enterprise value based on 100% transaction and assumes a net debt of $260m as at Jun -26 (inclusive of land vendor liabilities), equity value of $2.12 per share and 474.3m fully diluted shares. Excludes $92m expected transaction costs (including $55m sta mp duty). Summary • Ingenia Communities Group (ASX: INA) (“Ingenia”) has entered into a Scheme Implementation Deed (“SID”) with Peet Limited (ASX:PPC) (“Peet”) to acquire 100% of Peet shares via scheme of arrangement (“Scheme”), subject to certain conditions, including the establishment of a joint venture at Peet’s Flagstone City project (the “Transaction”) • The Peet Board has unanimously recommended the Scheme, in the absence of a superior proposal and subject to an independent expert opining that the Scheme is in the best interests of Peet shareholders • Peet’s largest shareholder, Scorpio Nominees Pty Ltd (an entity controlled by Anthony Wayne Lennon) and associates, representing ~14.5% of Peet shares on issue, have undertaken to vote in favour of the Scheme, in the absence of a superior proposal and subject to an independent expert opining that the Scheme is in the best interests of Peet shareholders Scheme consideration • Under the Scheme terms, Peet shareholders will receive consideration comprising: – $0.68 cash per Peet share (“Cash Consideration”); and – 0.3367 Ingenia stapled securities per Peet share (“Scrip Consideration”) • The implied value of the offer is $2.12 per Peet share based on Ingenia’s 10-day VWAP of $4.28 on Friday, 21st August 20261 • Peet will be entitled to pay its FY26 final dividend of $0.065 per share without a reduction to Cash Consideration. If the implementation date has not occurred by 26 February 2027 and is not reasonably expected to occur before Ingenia’s first half FY27 (“1H27”) ex-distribution date, then Peet will be entitled to pay an interim dividend for 1H27 that is of equivalent value to what Peet shareholders would have received based on Ingenia’s 1H27 interim distribution had the Scheme been implemented without it reducing the Cash Consideration • Total enterprise value of approximately $1,266 million (100% basis)2 • Mix-and-match facility to enable Peet shareholders to elect to take all cash, all scrip, or a combination of both – subject to a scale-back mechanism Flagstone project joint venture • Ingenia has signed a term sheet with Brown-Neaves Investments (“JV Partner”) for the JV Partner to acquire a 49.9% stake in the Flagstone City project for an enterprise value of $615m (on a 100% basis) • The project will be operated as a joint venture (“Flagstone JV”, or “JV”). Ingenia will earn Project Management and Selling fees from the JV • The merged Group’s balance sheet will be strengthened by the cash proceeds released from the Flagstone JV transaction after completion of the Transaction • The Flagstone JV becoming unconditional is a condition precedent to the Scheme and will settle shortly after implementation of the Scheme
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9 DELIVERING THE GROUP’S STRATEGY AND 5-YEAR PLAN OBJECTIVES The Transaction accelerates the delivery of Ingenia’s 5-Year Plan and secures longer-term growth 1. Based on Ingenia’s project level due diligence. Target portfolio structure and returns Simplify business and grow ✓ Natural extension of the simplified Ingenia business ✓ Leader in land lease development and operations ✓ Scale enabling efficient operating model and cost base Drive performance and value creation via development ✓ Growth in development pipeline supports future land lease scale ✓ Development key driver of income growth and value Deliver operational efficiency and targeted returns ✓ Delivery of targeted returns ✓ Capital efficient funding with strategic partner on Flagstone JV ✓ Earnings mix to evolve to targets over time Release capital from lower growth assets ✓ Flexibility for capital recycling of lower growth assets, and entering further JVs on several attractive opportunities in enlarged land pipeline ✓ Transaction meets targeted development return thresholds1 ⁻ Mid-teen project level IRR ⁻ Net development margin >10 – 15% ✓ Supports 5-year settlements CAGR > 10 – 15% and secures enlarged pipeline beyond 5-Year Plan → Near term development EBIT contribution above target range, to reduce over time as Ingenia’s enhanced stabilised land lease base grows in scale Delivery of stated 3 and 5-year objectivesRoadmap
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1010 STRATEGIC RATIONALE AND BENEFITS FOR SECURITYHOLDERS
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11 STRATEGIC RATIONALE 1. Based on # of sites, using available peer disclosures as at date of Transaction announcement and Chadwick Property Valuers (A ustralian Land Lease Communities – An Overview report). 2. Pro forma combined land lease development and other residential pipeline. Ingenia land lease development sites as at June 2026. Includes sites that are secured or optioned. Peet pipeline based on equivalent lots as at Jun -26, and includes owned and managed pipeline. 3. Based on the mid-point of LLC Conversion Lot estimate of 5,000 to 7,000 and assuming $240/week average rental and a cap rate consistent with Ingenia’s Lifestyle Rental (land lease) book cap rate. 4. Based on forecast levered cashflows. 5. Pro forma preliminary acquisition accounting results in no goodwill recognised on completion (as the fair value of net assets acquired are assumed to equal the purchase price) subject to finalisation of balance sheet and purchase price accounting finali sation post completion. 6. Pro forma impact assuming the Transaction (including Flagstone JV) had occurred on 1 July 2025. Based on Ingenia FY26 Underly ing Profit per security of 35.8cps. Peet earnings based on FY26 NPAT of $103m, adjusted for the pro forma impact of the Flagstone JV including the estimated preliminary purchase price accounting and amortisation of adjusted pro forma cost base from current book value and contracts on hand, in addition to $10m run-rate synergies. Financing expense impact from transaction costs ($92m, including $55m stamp duty), offset by net debt repaid from Flagstone proceeds. Creates Australia’s leading land lease platform1 • Delivers an expanded living sector offering and a national footprint, with land lease development a key growth driver – 5 – 7K Land Lease Community Conversion Lots identified from Peet (“LLC Conversion Lots”) – Results in a ~15K lot pro forma land lease pipeline and a ~35K pro forma residential lot pipeline2 (land lease and MPC) • Strategic development pipeline in major growth corridors, enhancing Ingenia’s platform scale and supporting long-term value creation Highly strategic combination on attractive terms • LLC Conversion Lots with an indicative end value of ~$1bn3 to benefit all securityholders and deliver compounding recurring earnings • Flagstone JV at a $615m enterprise value (on a 100% basis) provides capital efficient funding and price validation • ~5-year payback period4 with nil goodwill5 recognised on Transaction Compelling financial metrics for securityholders • Pro forma FY26 accretion of 11.0% to Ingenia securityholders6 with low double digit EPS accretion expected over the medium term • Peet’s portfolio of largely mature projects highly cash generative • ~$10m p.a. initial cost synergy opportunity identified Enlarged and well positioned pro forma balance sheet • Gearing of ~29.5% on an FY26 pro forma basis within target range • Significantly larger pro forma balance sheet to fund future growth, balancing Ingenia’s larger secured pipeline and market conditions • Flexibility to recycle capital in lower growth assets or enter further JVs on several attractive opportunities in enlarged land pipeline Complementary platforms across people, systems and brand equity • Significant land lease and MPC platform integration and project co-location benefits • Deep bench of living sector specialist development expertise • Preserve-and-consolidate integration strategy: one company, two brands, integrated management ✓ ✓ ✓ ✓ ✓
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12 Managed portfolio4 9,813 Lots1 19 Projects3 $4.1bn Gross Development Value2 Owned portfolio 9,324 Lots1 125HA Town Centre precinct $4.0bn Gross Development Value2 Delivering Australian communities since 1895 • Leading ASX-listed developer of primarily residential MPC • Extensive >26k lot pipeline1, with gross development value (GDV) of $11.5bn2 across 37 projects3 nationally • Projects located in key growth corridors, with significant strategic value including via land lease conversion for select MPC lots • Diversified structures across owned and managed projects, underpinning strong project breadth, capital efficiency and ROE Diversified mix of valuable, mature projects Platform overview (at Jun-26) 7,289 Lots1 17 Projects3 $3.4bn Gross Development Value2 ~80% active5 Flagstone City Other owned Select key projects (excl. Flagstone) Aston West (VIC): $477m GDV 100% owned Googong (NSW): $550m GDV 50% / 50% JV Yanchep (WA): $738m GDV 66.4% owned / DMA6 Newhaven (VIC): $320m GDV 50% / 50% JV (Supalai) Palmview (QLD): $557m GDV 100% owned / DMA / Managed Shorehaven (WA): $422m GDV 45% / 55% JV 42% 36% 11% 9% 2% QLD WA NSW / ACT VIC SA Lots by pipeline1 Lots by location1 PEET – A RESPECTED, 130 YEAR OLD PLATFORM WITH A SIGNIFICANT AND VALUABLE LAND PIPELINE 1. Equivalent lots (owned and managed), as at Jun-26. Flagstone at 100%. 2. Gross Development Value (GDV) is the forecast future sales price of the remaining equivalent lots, as at 30-June-26, subject to market conditions. 3. Number of projects as at Jun-26. 4. Includes joint ventures projects. Googong represents 50% share of project. 5. Total lots in projects that are under development. Where a project is launched all lots in that project are considered to be activated. 6. GDV presented on a total basis (Yanchep Golf Estate GDV of $479m and Yanchep (Wholesale) GDV of $259m). Yanchep Golf Estate i s 66.4% owned by Peet; Yanchep (Wholesale) Development Management Agreement (DMA) is with DevelopmentWA. 80% 7% 13% Active Active in FY28 Active in FY31 +
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13 PEET’S PORTFOLIO IS MATURE AND MATERIALLY DE-RISKED Projects representing ~80% of pipeline lots are active1, meaning low planning risk and strong medium term cash generation 1. Total lots in projects that are under development. Where a project is launched, all lots in that project are considered to be activated. 2. Equivalent lots (owned and managed), as at Jun-26. 3. Forecast future sales price of the remaining equivalent lots as at Jun -26, subject to market conditions. 4. Googong represents 50% share of project. 5. Includes contiguous land holdings across Development and Funds Management. 6. Includes conditional contracts as at 30 June 2026. 7. Post Transaction and formation of Flagstone JV. Currently 100% owned. 8. Development Management Agreement (DMA). Project State Ownership Lots2 GDV3 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 Flagstone City Qld 50%7 9,324 $3,994m University of Canberra ACT 100% 1,892 $1,603m Brabham WA 25% 2,038 $814m Googong4 NSW 50% 941 $550m Newhaven Vic 50% 1,017 $320m Aston Vic 100% 984 $477m Palmview5 Qld 100% / DMA8 1,175 $557m Elavale WA 19% 460 $181m Yanchep Golf Estate WA 66% 1,195 $479m Jumping Creek NSW 100% 129 $87m Shorehaven WA 45% 705 $422m South, Onkaparinga Heights5 SA 50% 300 $114m Yanchep (Wholesale) WA DMA8 830 $259m Keysborough6 VIC 100% 252 $282m Acquisition Planning Development Today
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14 Land lease pipeline 8.8K2 14.8K6,7 Residential pipeline (incl. land lease) 8.8K2 35.2K6,7 EBIT mix (FY26PF)3,4 Geographic mix (residential pipeline lots)2,5 Pro forma operational assets and land pipeline Lifestyle dev. Recurring / Rental Lifestyle dev. Recurring / Rental MPC Recurring / rental income stream % to increase over time as LLC Conversion Lots are executed and Ingenia’s enhanced land lease stabilised site base compounds in scale Ingenia stand-alone Pro-forma Ingenia Gardens: 1,020 stabilised sites Peet Owned: 16,613 sites Ingenia Holidays and Mixed Use and Ingenia Rental: 9,565 stabilised sites | 555 development lots 18 39 Ingenia Lifestyle and Lifestyle Joint Venture: 5,793 stabilised sites1 | 8,800 development lots 46 19 Peet Managed: 9,813 sites 19 Transaction strengthens Ingenia’s East Coast exposure, while providing diversification into scalable WA and SA markets 30% 33% 37% 48%52% TRANSACTION CREATES AN ENHANCED LIVING SECTOR OFFERING WITH A NATIONAL FOOTPRINT 1. Comprises of 5,770 land lease homes (including JV) plus 23 rental homes within Lifestyle. 2. Ingenia land lease development sites as at June 2026. Includes sites that are secured or optioned. 3. Pro forma impact assuming the Transaction (including Flagstone JV on ) had occurred on 1 July 2025. Adjusted for the pro form a impact of the Flagstone JV including the estimated purchase price accounting and amortisation of adjusted pro forma cost base from current book value and contracts on hand. Flagstone earnings contribution on an equity accounted income basis. 4. Ingenia recurring / rental income includes Lifestyle Rental, Ingenia Gardens, Holidays and Mixed Use. 5. Pro-forma geographic mix based on Peet’s equivalent lots (owned and managed), as at Jun-26. Flagstone at 100%. 6. Based on the mid-point of LLC Conversion Lot estimate of 5,000 – 7,000. 7. Includes 600 - 900 lots in Flagstone JV on a 100% basis. 35% 40% 20% 5% QLD NSW VIC SA Assets # 14 2 8 22 9 10 45 18 1 2 14 24 7 1 3 11 4 40% 18% 12% 27% 2% QLD NSW / ACT VIC WA SA
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15 CREATES AUSTRALIA’S LARGEST1 LAND LEASE PLATFORM, AND EXPANDS INGENIA’S PRESENCE INTO COMPLEMENTARY MPC SECTOR 1. Based on # of sites, using available peer disclosures as at date of Transaction announcement and Chadwick Property Valuers (A ustralian Land Lease Communities – An Overview report). 2. Remaining forecast lot settlements, as at Jun -26. 3. Pro forma pipeline based on the mid-point of LLC Conversion Lot estimate of 5,000 to 7,000. 4. Ingenia land lease development sites as at June 2026. Includes sites that are secured or optioned. Pro forma positioning – land lease1,3,4 Australian residential market landscape (# of controlled sites)1,3,4 Pro forma positioning – listed residential (development pipeline, including land lease)1,3,4 • Integration of MPC and land lease a key strategy to secure long- term growth at appropriate returns • Land lease market maturing with significant new entrants and greater competition for new sites • Access to land lease community pipeline at a low relative cost basis becoming a long-term competitive advantage • Entry to new markets at scale • Evolution of strategy, securing growth beyond the 5-Year plan • Strategic pipeline enhancing Ingenia’s scale and supporting long term value creation • ~35K pro forma development lots (land lease and MPC)2 • 5–7K3 Peet lots suitable for land lease conversion • 2nd largest land pipeline of all listed residential peers1 • Ability to generate enhanced development returns ✓ ✓ 7,225 7,225 14,800 8,800 22,025 16,025 Pro forma Ingenia Stockland GemLife Hometown Palm Lake Serenitas Lifestyle Communities Lincoln Place AVID Hampshire Established Pipeline 14,800 8,800 20,426 26,426 35,226 26,426 8,800 Stockland Pro forma Mirvac (incl. Serenitas) Peet Cedar Woods Ingenia GemLife Lifestyle Communities LLC Other residential
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16 Significant land lease and MPC co-location benefits ✓ Fast-tracked land lease design and planning consents ✓ Efficient delivery of civil works on a broader project basis ✓ Synergistic cross-over in LLC / MPC customer cohorts and family units ✓ Enhanced master planning outcomes • Earnings impact from LLC Conversion Lots expected to commence in FY29/30 • Extends strong Ingenia growth profile beyond 5- Year Plan ✓ ✓ ✓ ✓ ~85% already zoned residential3 Mix of ownership structures 76% 9% 15% Residential zoning Under option with residential zoning condition Subject to re-zoning Peet Syndicate ownership range of 17 – 66%6 42% 38% 12% 8% 100% owned Syndicate Flagstone (50.1% / 49.9%) DMA Capital efficient funding structures while retaining high Ingenia economic exposure to land lease product outcomes Geographically diverse land lease conversion opportunity Percentages represent portion of LLC Conversion Lots in respective geographies2 SIGNIFICANT VALUE IN LAND LEASE CONVERSION OPPORTUNITIES Ingenia has identified 5,000 – 7,000 potential LLC Conversion Lots which Ingenia is uniquely positioned to capitalise on, with an indicative end value of ~$1bn1 1. Based on the mid-point of LLC Conversion Lot estimate of 5,000 to 7,000 and assuming $240/week average rental and a cap rate con sistent with Ingenia’s Lifestyle Rental (land lease) book cap rate. 2. Based on the mid-point of LLC Conversion Lot estimate of 5,000 to 7,000. 3. Including sites under option where residential re-zoning is a condition to settlement. 4. Land under option where residential rezoning is a condition to settlement. 5. Land owned by Peet where residential rezoning will be undertaken at a future date in line with master planning. 6. Peet Syndicates also includes projects whereby Peet does not hold an ownership stake. QLD 27% WA 38% NSW, VIC 22% SA 13% 4 5
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17 TRANSACTION GENERATES STRONG ACCRETION Low double digit EPS accretion to Ingenia securityholders, with the Transaction to deliver long-term earnings and value creation benefits 1. Pro forma impact assuming the Transaction (including Flagstone JV) had occurred on 1 July 2025. 2. Based on Ingenia FY26 Underlying Profit per security of 35.8cps. 3. Based on Peet FY26 NPAT of $103m, adjusted for the pro forma impact of the Flagstone JV including the estimated purchase pric e accounting and amortisation of adjusted pro forma cost base from current book value and contracts on hand. 4. Financing expense impact from transaction costs ($92m, including $55m stamp duty), offset by net debt repaid from Flagstone p roceeds. 5. Based on Ingenia’s FY27 guidance statement and broker consensus EPS profile thereafter, with Peet’s financial profile based o n expectations underpinned by Ingenia’s due diligence. Reference $146m NPAT2 $72m NPAT3 $10m, tax-affected @ 30% Minimal net impact4 Pro forma ✓ Attractive financial impacts, with low double digit EPS accretion on an FY26 pro forma basis ✓ Mature cash and earnings generating Peet projects expected to drive low double-digit EPS accretion over the medium term, including in FY275 ✓ Long-term value drivers – Peet’s strategic land pipeline will underpin earnings growth for the combined group beyond the 5-Year Plan and across residential cycles ✓ ✓ ✓ Ingenia pro forma FY26 EPS1 $0.36 $0.40 Ingenia + Peet + Run-rate synergies + / - transaction adjustments Pro forma +11.0%
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18 COMPELLING FINANCIAL METRICS 1. Based on forecast levered cashflows. 2. Based on Ingenia stand-alone NTA of $4.28 as at Jun-26. Merger adjustments as per pro forma balance sheet on page 27. 3. Pro forma preliminary acquisition accounting results in no goodwill recognised on completion (as the fair value of net assets acquired are assumed to equal the purchase price) subject to finalisation of balance sheet and purchase price accounting finali sation post completion. Cashflow and returns • ~5-year payback period for Transaction1 • Strong Peet portfolio cash generation to provide funding support for land lease developments, creating valuable annuity-style assets Synergies • ~$10m run-rate cost synergies estimated • Project efficiencies and synergies achieved through scale and co-location benefits Value • Land lease conversion value upside opportunity to benefit both sets of securityholders, and a compounding recurring earnings base • Combined group will benefit from a secured pathway to growth for the next 10+ years NTA • Minimal NTA per security impact (~2.5% dilutive to Ingenia NTA) on an FY26 pro forma basis2 • Nil transaction goodwill3
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19 ENLARGED PRO FORMA BALANCE SHEET WELL POSITIONED FOR FUTURE GROWTH 1. No adjustments have been made for accounting policy alignment. 2. Gearing ratio calculated as net debt (drawn debt less cash, including land vendor liabilities) over total tangible assets (to tal assets less cash and intangible assets). 3. Jun-26 pro forma LVR of 39.0%, within target range, excluding the value of the combined group’s $495m equity accounted investmen ts in the assets for the purpose of the calculation. 4. Assumes $615m Flagstone JV value and $240m Flagstone JV debt. Net debt $0.9bn $1.2bn Assets $3.0bn $4.0bn Ingenia pro forma gearing (Jun-26)1,2,3 30.9% 29.5%4 Ingenia standalone Pro-forma Ingenia ✓ Pro forma gearing below the mid-point of target range ✓ Significantly larger pro forma balance sheet to fund future growth, balancing Ingenia’s larger secured pipeline and market conditions ✓ Peet portfolio largely mature, highly cash generative projects which will benefit funding capacity in future years ✓ Ability to manage and optimise gearing in future periods, including via capital recycling of lower growth assets and entering further JVs on several attractive opportunities in enlarged pipeline ✓ ✓ ✓ ✓
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20 HIGHLY COMPLEMENTARY PLATFORMS Integration of the two platforms will leverage the deep combined expertise of both businesses Highly complementary platforms • Significant land lease and MPC platform integration and project co- location benefits • Geographic complementarity – strengthening Ingenia East Coast exposure while entering scalable WA and SA markets • Synergistic cross-over in LLC / MPC customer cohorts and family units • Value creation benefits as mature Peet portfolio MPC cashflow funds annuity-style land lease lot development • Deep living sector specialist expertise and management experience in residential Integration strategy • Preserve-and-consolidate model: one company, two brands, integrated management • Complementary businesses offering specialised skills – skill-set cross over to be assessed alongside ability to leverage combined expertise Synergies • $10m p.a. cost synergies relating to Board consolidation and costs associated with being a listed entity • Further opportunities for efficiency and productivity gain • Over the longer term, further synergies are anticipated via consolidation of services, back of house functions and accommodation ✓ ✓ ✓ ✓ ✓
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21 21 FLAGSTONE JV Ingenia is establishing a JV partnership on the highly strategic and long-duration Flagstone City project 1. Based on a projected population of 138,000 people, as projected by Economic Development Queensland as at Oct-25. 2. Queensland Department of State Development, Infrastructure and Planning. 3. Equivalent lots as at Jun-26. Subject to final master planning and approvals. 4. 100% ownership basis. 5. Forecast as at Jun-26, based on remaining lot sales. To be Australia’s 20th largest city1 Similar scale to Cairns Within the #1 largest residential priority area in Australia2 Established and proven project with 2.4K settlements to date (437 sales / 403 settlements in FY26) 18 year projected development period5 Integrated precinct anchored by future health precinct and passenger rail station Project snapshot Flagship project located in the heart of the largest residential Priority Development Area in Australia and SEQ’s most affordable growth corridor 9.3k remaining lots3 + 125HA Town Centre site 600 – 900 LLC Conversion Lots identified4 • Ingenia has signed a term sheet with Brown-Neaves Investments (“JV Partner”) for the JV Partner to acquire a 49.9% stake in the Flagstone City project for an enterprise value of $615m (on a 100% basis) • The project will be operated as a joint venture (“Flagstone JV”, or “JV”). Ingenia will earn Project Management and Selling fees from the JV • The merged Group’s balance sheet will be strengthened by the cash proceeds released from the Flagstone JV transaction after completion of the Transaction • Long form binding Flagstone JV implementation deed to be executed by Ingenia and the JV Partner reflecting the commercial terms of the Flagstone JV term sheet by a date agreed between the parties prior to the second court hearing for the Scheme, with execution subject to the JV Partner’s completion of confirmatory due diligence • The Flagstone JV becoming unconditional is a condition precedent to the Scheme and will settle shortly after implementation of the Scheme Flagstone JV
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22 KEY BENEFITS TO PEET SHAREHOLDERS The Transaction is strategically and financially compelling for Peet shareholders 1. Last close as at 21-August-26. 2. Iress 10-day market VWAP as at 21-August-26. 3. Iress 30-day market VWAP as at 21-August-26. 4. $0.68 cash consideration and 0.3367 Ingenia stapled securities valued at $1.44 based on Ingenia’s 10 -day market VWAP of $4.28. Implied offer value including FY26 final dividend of $0.065 per share is $2.185 per share. • Exposure to: • a larger, more diversified living sector platform, with recurring revenue and stable cashflows from established living and tourism assets • a national leader in the attractive land lease sub-sector, while retaining scale in MPC • a large and growing relative contribution of annuity-style earnings as land lease sites are delivered • Access to the upside from 5–7K estimated land lease conversions, and superior long-term growth prospects • Superior liquidity, capital markets presence and inclusion in the S&P / ASX200 index • Implied offer consideration represents a significant premium to Peet trading price ✓ ✓ ✓ ✓ Offer premium1,2,3 17.1% 18.5% 18.6% $1.81 $1.79 $1.79 Last close (as at 21-August) 10-day VWAP 30-day VWAP Implied offer price = $2.124
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2323 KEY TRANSACTION DETAILS AND IMPLEMENTATION
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24 IMPLEMENTATION Scheme consideration • Under the Scheme terms, Peet shareholders will receive consideration comprising: ⁻ $0.68 cash per Peet share; and ⁻ 0.3367 Ingenia stapled securities per Peet share • The implied value of the offer is $2.12 per Peet share based on Ingenia’s 10-day VWAP of $4.28 on Friday, 21st August 20261 • Peet will be entitled to pay its FY26 final dividend of $0.065 per share without a reduction to Cash Consideration. If the implementation date has not occurred by 26 February 2027 and is not reasonably expected to occur before Ingenia’s first half FY27 (“1H27”) ex-distribution date, then Peet will be entitled to pay an interim dividend for 1H27 that is of equivalent value to what Peet shareholders would have received based on Ingenia’s 1H27 interim distribution had the Scheme been implemented without it reducing the Cash Consideration • Mix-and-match facility enables Peet shareholders to elect to take all cash, all scrip, or a combination of both – subject to a scale-back mechanism Implementation • The Transaction is to be implemented via a Scheme of Arrangement • Ingenia securities issued to Peet shareholders as part of the Transaction will rank pari passu with existing Ingenia securities post implementation • Long form binding Flagstone JV implementation deed to be executed by Ingenia and the JV Partner reflecting the commercial terms of the Flagstone JV term sheet by a date agreed between the parties prior to the second court hearing for the Scheme, with execution subject to the JV Partner’s completion of confirmatory due diligence Conditions precedent • The Scheme is subject to customary conditions including Peet shareholder and Court approval, an independent expert concluding the Scheme is in the best interests of Peet shareholders, required regulatory and ASX approvals, and there being no material adverse change or prescribed occurrence in relation to either party • The Scheme is also subject to a Flagstone JV condition, which requires a long form binding Flagstone JV implementation deed to be executed by Ingenia and the JV Partner reflecting the commercial terms of the Flagstone JV term sheet, and all conditions under that deed need to be satisfied or waived prior to the Second Court Date Board and Major Shareholder support • The Peet Board has unanimously recommended the Scheme, in the absence of a superior proposal and subject to an independent expert opining that the Scheme is in the best interests of Peet shareholders • Peet’s largest shareholder, Scorpio Nominees Pty Ltd (an entity controlled by Anthony Wayne Lennon) and associates, representing ~14.5% of Peet shares on issue, have undertaken to vote in favour of the Scheme, in the absence of a superior proposal and subject to an independent expert opining that the Scheme is in the best interests of Peet shareholders 1. 10-day market VWAP, Iress. Implied offer value including FY26 final dividend of $0.065 per share is $2.185 per share.
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25 INDICATIVE IMPLEMENTATION TIMETABLE First Court Hearing Late October 2026 Dispatch of Scheme Booklet to Peet securityholders Early November 2026 Scheme Meeting Early December 2026 Second Court Hearing Early December 2026 Record Date Mid-December 2026 Implementation Date Late December 2026
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2626 26 ADDITIONAL INFORMATION
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27 PRO FORMA BALANCE SHEET 1. Gearing ratio calculated as net debt (drawn debt less cash, including land vendor liabilities) over total tangible assets (to tal assets less cash and intangible assets). 2. Pro forma preliminary acquisition accounting results in no goodwill recognised on completion (as the fair value of net assets acquired are assumed to equal the purchase price) subject to finalisation of balance sheet and purchase price accounting finali sation post completion. 3. Totals may not sum due to rounding. No adjustments have been made for accounting policy alignment. 4. Assumes $615m Flagstone JV value and $240m Flagstone JV debt. Ingenia stand-alone Peet stand-alone Transaction adjustments Pro forma Ingenia3 Pro forma balance sheet as at 30-Jun-26 A B C A + B + C PF Jun-26 PF Jun-26 PF Jun-26 PF Jun-26 Cash and cash equivalents A$m 19 15 - 33 Inventories A$m 76 747 (247) 576 Investment properties A$m 2,772 - - 2,772 Equity accounted investments (EAI) A$m 104 203 188 495 Intangibles A$m 1 0 - 1 Other assets A$m 55 96 - 151 Total assets A$m 3,028 1,061 (59) 4,029 Drawn debt A$m 949 215 (13) 1,151 Deferred tax liabilities A$m 121 32 - 153 Land vendor liabilities A$m - 59 - 59 Other liabilities A$m 214 82 - 296 Total liabilities A$m 1,284 388 (13) 1,660 Net assets A$m 1,744 673 (46) 2,370 Net tangible assets (NTA) A$m 1,743 672 (46) 2,369 SOI m 408 475 160 567 Net tangible assets per security A$ $4.28 $1.49 $4.17 Gearing Balance sheet gearing %1 % 30.9% 24.8% 29.5%4 • Ingenia and Peet stand-alone based on 30 June 2026 balance sheets • Transaction adjustments include ⁻ $247m removed from inventories to recognise the establishment of the Flagstone JV (held at book value of $247m as at 30 June 2026) ⁻ $188m addition to EAI to recognise the investment in the Flagstone JV at a $615m enterprise value ⁻ Net $13m reduction to borrowings: $92m additional drawn debt for debt-funded transaction costs including $55m stamp duty, and $104m of Peet debt repaid with proceeds from the Flagstone JV • Nil goodwill implied2 • Subject to finalisation of purchase price accounting post completion • 160m Ingenia stapled securities issued to Peet securityholders
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28 28 CONTACT US Donna Byrne GM Investor Relations and Sustainability dbyrne@ingeniacommunities.com.au Tel: +61 401 711 542 Justin Mitchell Chief Financial Officer jmitchell@ingeniacommunities.com.au Ingenia Communities Group Level 10, 20 Bond Street, Sydney 2000 NSW www.ingeniacommunities.com.au