Slides
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FY26 RESULTS 25 AUGUST 2026
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FY26 Results AGENDA 01 Results Highlights 02 Results Overview 03 Operating Performance 04 Outlook 05 Q&A 2 | FY25 Results Peet acknowledges Aboriginal and Torres Strait Islander Peoples as the Traditional Owners of the lands and waters of Australi a, and we pay our respect to their Elders past and present. We recognise Aboriginal and Torres Strait Islander Peoples continued connection and relationship with Country and value the rich cultural contribution they make to the communities in which we live, work and play.
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Notes: 1. Operating profit is a non-IFRS measure that is determined to present the ongoing activities of the Group in a way that reflects its operating performance 2. Book NTA (under accounting standards) does not fully reflect market value of Development projects and co-investment stakes in Funds and JVs 3. EBITDA is a non-IFRS measure that includes effects of non-cash movements in investments in associates and joint ventures 4. Calculated as (Total interest-bearing liabilities (including land vendor liabilities) less cash)/(Total assets less cash, less intangible assets) 5. Includes equivalent lots 6. When a project is launched all lots in that project are considered activated NTA2 per Share $1.49 9% higher than FY25 FY26 Net Operating Profit1 $103.4m Up 77% on FY25 Operating Earnings per Share 22.1c Up 77% on FY25 EDITDA3 Margin 36% Up 50% on FY25 FY26 DPS 13.0c Up 68% on FY25 Gearing4 24.8% at 30 June 2026 2,996 LOTS5 SOLD $851m CONTRACTS ON HAND VALUE 80% LAND ACTIVATION6 FY26 Results Highlights STRONG PERFORMANCE UNDERPINNED BY FAVOURABLE MARKET CONDITIONS 3 | FY26 Results FINANCIAL OPERATIONAL 2,665 LOTS5 SETTTLED
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Leading Australian developer of quality communities with a strong culture, brand and customer focus Masterplanned Communities Core Focus to Drive Growth EXTENSIVE EXPERIENCE AND CAPABILITY TO DELIVER 4 | FY26 Results Masterplanned Communities • Benefit from various growth corridors – positioned for population growth • Allows Peet to leverage state-based fluctuations • Ability to manage land bank and capital through market cycles • Projects located across inner to outer rings of capital cities, developing where people want to live now • Strong embedded margins • Average age of development pipeline is 14.7 years • Large portfolio provides economies of scale to deliver wide range of product at lower cost • Over 40% of customers first home buyers, being the market sector targeted by government policy changes • Extensive capabilities in acquisition, design, delivery, sales and marketing • Proven ability to expand business into new opportunities such as townhouses and low-rise apartments • Well established funds management capability with long-term retail and institutional capital partners Low Cost Base Demonstrated CapabilityDesirable and Geographically Diverse Locations Apartments Townhouses
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Strong Platform for Growth UNDERPINNED BY 130 YEARS OF EXPERIENCE Notes: 1 Includes equivalent lots 2 Gross Development Value, which is the forecast future sales price of the remaining equivalent lots as at 30 June 2026, subject to market conditions WA 15 PROJECTS Qld 9 PROJECTS Vic 6 PROJECTS SA 4 PROJECTS NSW / ACT 3 PROJECTS 100% Owned by Peet 16,613 LOTS1 $7.4bn GDV2 Co-Investment Partners in Projects 9,813 LOTS1 $4.1bn GDV2 Development Projects $11.5bn END VALUE 37 PROJECTSPIPELINE OF 26,426 LOTS 1 Funds Management Projects More than 26,400 lots across the pipeline 5 | FY26 Results
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As a leading residential developer with a large national footprint, our approach focuses on sustainable practices to create long-term shared value for our communities, shareholders and people Environment, Social, Governance ENVIRONMENT | SOCIAL | GOVERNANCE FY26 HIGHLIGHTS 6 | FY26 Results • Partnerships with local schools to deliver National Tree Planting initiatives in communities nationally • Overall average customer experience rating of 91.6% • Recognised as a Very Neighbourly Organisation as part of Neighbours Every Day, a national initiative led by Relationships Australia ENVIRONMENTALLY CONSCIOUS DEVELOPMENT, including: • Water conservation and recycling • Use of solar and energy reduction in building design • Long history of operating in highly environmentally regulated industry • Biodiversity and land restoration POSITIVE SOCIAL IMPACT IN OUR COMMUNITIES AND TEAM • Employee diversity, wellbeing and engagement • Focus on building community partnerships • Providing opportunities for affordable housing for homebuyers A TRUSTED PARTNER AND SUSTAINABLE BUSINESS • Ethical and responsible business practices • Robust risk management framework • Board Charter and Corporate Governance Statement • 53% employees are women with 34% management roles held by women • 15% of vacancies were filled through internal promotions • Two cohorts of employees participated in the Emerging Leaders program • Participation in the Property Council’s 500 Women in Property program • Employees nationally participated in Reconciliation Week cultural activities OUR COMMITMENT Commitment to our People Commitment to our Communities Prioritising mental wellbeing through workplace and community education programs
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Results Overview
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Group FY26 Financial Results Notes: 1 Operating profit is a non-IFRS measure that is determined to present the ongoing activities of the Group in a way that reflects its operating performance 2 Includes equivalent lots 3 Includes share of net profit from associates and JVs 4 EBITDA is a non-IFRS measure that includes effects of non-cash movements in investments in associates and joint ventures 5 Fully franked KEY PERFORMANCE STATISTICS FY26 FY25 VAR (%) Lot sales higher mainly due to strong market conditions in WA 8 | FY26 Results Group revenue higher primarily due to increased fee income, interest incomeand share of net profit from FundsManagement projects Margin higher predominantly due to settlement price increases across the Qld and SA Development portfolios and higher income from Funds Management projects Book NTA (under accounting standards) does not fully reflect market value of Development projects and co-investment stakes in Funds Management NET OPERATING PROFIT1 UP 77% Lot2 sales 2,996 2,768 8% Lot2 settlements 2,665 2,642 1% Revenue3 $450.2m $437.3m 3% EBITDA4 $162.8m $105.5m 54% EBITDA4 margin 36% 24% 50% Operating profit1 after tax $103.4m $58.5m 77% EPS (operating) 22.09c 12.48c 77% DPS5 13.00c 7.75c 68% JUN 26 JUN 25 VAR (%) Book NTA per share $1.49 $1.37 9%
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Group Cash Flow Summary CASH FLOWS RELATED TO OPERATING ACTIVITIES FY26($M) FY25($M) 9 | FY26 Results Receipts lower due to the timing of settlement revenue mainly from Medium Density projects Land acquisitions in FY26 include the term payment for Onderra(formerly known as University of Canberra) and Aston Tax payments higher due to increased profit and timing of FY25 tax payments Development expenditure lower during FY26 mainly due to reduced production level following the completion of several Medium Density and SA projects NET OPERATING CASH FLOW CIRCA $100M Receipts from customers 425.1 440.6 Payments for development and infrastructure (226.8) (242.1) Payments to suppliers and employees (66.3) (52.7) Borrowing costs (24.0) (30.6) Interest received 0.8 0.8 Distributions and dividends from associates and joint ventures 33.4 13.6 Net taxes paid (34.4) (12.1) Operating cash flow before acquisitions 107.8 117.5 Payments for land acquisitions (8.5) (10.4) Net operating cash flow 99.3 107.1 Borrowing costs lower mainly due to reduced pricing on syndicated debt facility following the addition of a third financier in August 2025 and the early repayment of $75m in corporate notes in March 2026
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Notes: 1 Calculated as (Total interest-bearing liabilities (including land vendor liabilities) less cash)/(Total assets less cash, less intangible assets) 2 Calculated as at period end 3 Includes cash at bank of syndicates consolidated under AASB10 4 Includes bank debt of syndicates consolidated under AASB10 5 Excluding transaction costs 6 Bank debt plus Peet notes less cash at bank 7 12 month rolling EBIT/Total interest cost (including capitalised interest) 8 Total cash cost of debt/weighted average debt balance Group Balance Sheet CAPITAL MANAGEMENT METRICS FY26 FY25 10 | FY26 Results Net debt lower due to continued strong operating cashflow mainly from high settlement receipts in Qld and increased distributions from Funds Management projects Lower weighted average cost of debt due to reduced pricing on syndicated debt facility following the addition of a third financier in August 2025, and the early repayment in 2H26 of $75m Peet notes with a higher margin Gearing within target range of 20% - 30% as a result of strong settlement activity Does not fully reflect market value of Development projects and co-investment stakes in Funds Management business Cash and debt facility headroom of $260m provides capacity to fund current portfolio GEARING1 REDUCED TO 24.8% Interest cover ratio higher due to increased profit and lower interest expense The $75m variable rate notes were repaid early in 2H26, supported by strong operating cash inflow Total assets2 $1,060.8m $1,082.3m Book NTA per share2 $1.49 $1.37 Cash at bank 3 $14.5m $47.3m Bank debt4 $140.8m $140.9m Peet notes5 $75.0m $150.0m Net debt6 $201.3m $243.6m Net assets $672.3m $620.7m Gearing1 24.8% 27.5% Interest cover ratio7 7.6x 3.2x Weighted average debt maturity2 2.4 years 2.3 years Debt fixed/hedged2 35% 26% Weighted average cost of debt8 7.7% 8.3%
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Our Shareholder Returns We have returned $293m to shareholders since FY18, through fully franked dividends and our ongoing on- market share buy-back • Disciplined application of our capital management framework and strong balance sheet means shareholders benefit as our financial performance improves • FY26 dividends of 13.0 cents per share, fully franked, up 68% on FY25 • Our value driven on-market share buy-back reduced our shares on issue1 by c.4%, further benefitting our per- share dividends through time • Current book NTA2 of $1.49 • Average buy-back price of c.$1.07 per share • On market buy-back now closed 11 | FY26 Results Notes: 1 468,158,956 shares on issue as at 30 June 2026 2 Book NTA (under accounting standards) does not fully reflect market value of Development projects and co-investment stakes in Funds and JVs $23 m EARNINGS DRIVING DIVIDEND GROWTH $23 m SHARE PRICE GROWTH SINCE 30 JUNE 2022
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Operating Performance
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52% Notes: 1 EBITDA is a non-IFRS measure that includes effects of non-cash movements in investments in associates and joint ventures 2 Before inter-segment transfers and other unallocated items Group Operating Performance BALANCE SHEET WEIGHTING TO DEVELOPMENT PROJECTS DELIVERING RESULTS 21% 13 | FY26 Results 12% 18% 9% 27% 29% • Funds Management earnings increased, driven by higher fee income, shareholder loan interest income and share of net profit from WA projects • Development earnings also increased due to higher lot prices and settlements of Qld projects • Contribution from eastern states’ projects represented 61% of EBITDA 1,2 during FY26 Continued focus on overhead management and other operational efficiencies 54%Group EBITDA1 Development Funds Management Vic Qld WA ACT/NSW SA
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Notes: 1 Includes equivalent lots Group Sales and Settlement Activity MARKET CONDITIONS IN WA DRIVING STRONG SALES PERFORMANCE Group lot1 sales Group lot1 settlements • Strong settlement activity in WA and Qld were offset by completed Medium Density and SA projects 20% 14 | FY26 Results 16% 57% 7% • Group sales totaled 2,996 lots1 for FY26 • Increased sales activity predominantly in WA • Sales also increased in Vic from improving market conditions 8% Vic Qld WA ACT/NSW SA Vic Qld WA ACT/NSW SA 1% 14% 22% 17% 41% 6% 6% 27% 51% 7% 9% SETTLEMENT COMPOSITION BY GEOGRAPHY (LOTS1)
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Strong Financial Position 15 | FY26 Results • Reflects strong market conditions in WA and Qld markets • Three new projects to commence in FY27 • Cancellation rates continued to reduce in 2H26 39%Value of Contracts on Hand CONTRACTS ON HAND (VALUE) $851M CONTRACTS ON HAND AS AT 30 JUNE 2026 Value of contracts on hand has increased by 39% since 30 June 2025, providing earnings visibility into FY27 $476m $481m $612m $851m FY23 FY24 FY25 FY26
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Outlook
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• Enquiry levels eased during 4Q26 as consumers responded to interest rate increases and broader cost of living pressures • Enquiry into 1H27 has normalised from elevated levels, reflecting a more measured purchasing environment 17 | FY26 Results Sustained Sales Momentum into FY27 CONTINUED DEMAND ACROSS WA AND QLD MARKETS DESPITE MODERATION IN ENQUIRY Net residential sales in FY26 increased 8% compared to FY25 - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 -100 - 100 200 300 400 500 600 700 800 900 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 FY22 FY23 FY24 FY25 FY26 Leads Net Sales Residential Sales and Leads NSW QLD SA VIC WA Leads (RHS)
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PROJECT STATE 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 9,324 $3,994m University of Canberra ACT 1,892 $1,603m Brabham WA 2,038 $814m Googong4 NSW 941 $550m Newhaven Vic 1,017 $320m Aston Vic 984 $477m Palmview5 Qld 1,175 $557m Elavale WA 460 $181m Yanchep Golf Estate WA 1,195 $479m Jumping Creek NSW 129 $87m Shorehaven WA 705 $422m South, Onkaparinga Heights SA 300 $114m Yanchep (Wholesale) WA 830 $259 Keysborough6 VIC 252 $282m Our long life, high margin portfolio of projects has been strategically acquired and developed since 2014 and now underpins a confident outlook over the next decade Strategic Projects Driving Future Earnings 18 | FY26 Results Notes: 1 Where a project is launched all lots in that project are considered to be activated 2 Equivalent lots as at 30 June 2026 3 Forecast future sales price of the remaining equivalent lots as at 30 June 2026, 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, consistent with financial statement disclosures ACTIVATED1 PIPELINE AND NEW PROJECTS LEVERAGING STRONG RESIDENTIAL MARKET Acquisition Planning Development
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Group Outlook 19 | FY26 Results • Despite ongoing cost of living pressures, market fundamentals continue to support underlying demand for housing • Key drivers include: • Sustained population growth • Constrained housing supply • Stable labour market • Favourable financial conditions on a long-term basis and government incentives supporting first home buyers and investors in the new homes sector • Continued institutional and offshore investment in Australia • Market conditions remain varied across states and territories: • Western Australia, South Australia and Queensland continue to demonstrate resilient demand, particularly for well-priced product, despite some moderation in market conditions • Victoria and ACT/NSW present opportunities when these markets normalise and improve • Peet continues to target growth in FY27, underpinned by its established pipeline, visibility of contracts on hand of $851m and demand across key markets, with outcomes subject to prevailing market conditions and settlement timing. Whilst key drivers remain favourable for the sector, the Group continues to monitor the impact of interest rate rises and cost of living pressures on customers, as well as broader geopolitical and macroeconomic factors WELL POSITIONED TO TARGET GROWTH IN FY27
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Appendices
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84% 9% Development Operating Performance 21 | FY26 Results KEY PERFORMANCE STATISTICS FY26 FY25 VAR (%) 68% Higher EBITDA and margin due to increased settlements and prices in Qld and SA projects Lower settlements following the completion of several Medium Density projects Notes: 1 Includes equivalent lots 2 EBITDA is a non-IFRS measure 3 Before intersegment transfers and other unallocated items Vic Qld ACT/NSW SA 9% 71% 19% 1% DEVELOPMENT SETTLEMENTS COMPOSITION BY GEOGRAPHY (LOTS1) 5% 73% 20% 2% DEVELOPMENT EBITDA2,3 COMPOSITION BY GEOGRAPHY Lot1 sales 744 1,065 (30%) Lot1 settlements 788 843 (7%) Land only 727 714 2% Medium Density Product 61 129 (53%) Revenue $305.5m $313.2m (2%) EBITDA2,3 $77.6m $60.8m 28% Net EBITDA2,3 margin 25% 19% 32% JUN 26 JUN 25 VAR (%) Contracts on hand1 620 664 (7%)
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Notes: 1 Includes equivalent lots 2 EBITDA is a non-IFRS measure that includes effects of non-cash movements in investments in associates 3 Before intersegment transfers and other unallocated items Lot sales and settlements high er predominantly driven by WA projects Revenue higher primarily due to increased fee and interest income from WA projects, partially offset by decreased settlements from a completed project in WA 5% 84% 7% 4% 9% 3% 25% 63% Funds Management Operating Performance 22 | FY26 Results KEY PERFORMANCE STATISTICS FY26 FY25 VAR (%) Higher equity accounted profits due to higher settlements and increased prices in WA projects Higher EBITDA and margin driven by increased equity accounted profits from WA projects Vic Qld WA ACT/NSW SA 5% 8% 71% 4% 12% FM EBITDA2,3 COMPOSITION BY GEOGRAPHY 8% 10% 71% 3% 7% FM SALES COMPOSITION BY GEOGRAPHY (LOTS1) Lot1 sales 2,252 1,703 32% Lot1 settlements 1,877 1,799 4% Revenue $93.4m $85.0m 10% Share of net profit of equity accounted investments $34.6m $23.3m 48% EBITDA2,3 $98.0m $61.9m 58% Net EBITDA2,3 margin 77% 57% 35% JUN 26 JUN 25 VAR (%) Contracts on hand1 1,325 950 39%
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Summary Income Statement Notes: 1 Includes AASB10 Syndicates, unallocated and elimination entries 2 Finance costs include interest and finance costs expensed through cost of sales 3 Attributable to the owners of Peet Limited KEY PERFORMANCE STATISTICS $M FY26 FY25 VAR (%) 23 | FY26 Results Net Operating Profit 77% Development 305.5 313.2 (2%) Funds Management 93.4 85.0 10% Share of net profit of equity accounted investments 34.6 23.3 48% Other1 16.7 15.8 6% Revenue 450.2 437.3 3% EBITDA 162.8 105.5 54% Finance Costs2 (19.4) (27.0) 28% Depreciation and amortisation (2.0) (2.4) 17% NPBT 141.4 76.1 86% Income tax expense (35.9) (17.2) (109%) Non-controlling interest (2.1) (0.4) 425% NPAT3 103.4 58.5 77%
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Summary Balance Sheet KEY PERFORMANCE STATISTICS $M FY26 FY25 24 | FY26 Results Borrowings $74.6m Assets Cash and cash equivalents 14.5 47.3 Receivables 90.4 72.6 Inventories 747.3 757.1 Investments accounted for using the equity method 202.5 198.2 Other 6.1 7.1 Total assets 1,060.8 1,082.3 Liabilities Payables 42.3 52.4 Land vendor liabilities 59.0 42.1 Borrowings 215.1 289.7 Other 72.1 77.4 Total liabilities 388.5 461.6 Net assets 672.3 620.7 Book NTA per share $1.49 $1.37
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Development Projects Pipeline Greenlea WA $2m 1 Other WA $667m 3,373 Vantage Qld $8m 282 Village Green, Palmview Qld $7m 11 Spring Mountain Qld $40m 60 Little Eagle Qld $49m 49 Flagstone City Qld $3,994m 9,324 Aston Vic $477m 984 Ellery Vic $31m 87 Elmslie Common Vic $38m 57 Keysborough Vic $282m 252 Tonsley SA $54m 80 Forestville SA $1m 1 Woodville Rd SA $13m 31 University of Canberra ACT $1,603m 1,892 Jumping Creek NSW $87m 129 Total Development $7,353m 16,613 PROJECT NAME STATE GDV1 LOTS REMAINING2 FY27 FY28 FY29 FY30 FY31 25 | FY26 Results Planning Selling Notes: 1 Gross Development Value is the forecast future sales price of the remaining equivalent lots as at 30 June 2026, subject to market conditions 2 Equivalent lots as at 30 June 2026
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PROJECT NAME STATE GDV1 LOTS REMAINING2 FY27 FY28 FY29 FY30 FY31 Planning Selling 26 | FY26 Results Shorehaven WA $422m 705 Brabham WA $814m 2,038 Burns Beach WA $55m 59 Elavale WA $181m 460 Glendalough WA $74m 59 Golden Bay WA $17m 56 Lakelands Estate WA $107m 268 Yanchep Golf Estate WA $479m 1,195 The Avenue Estate WA $86m 467 Movida Estate WA $1m 46 Yanchep (Wholesale) WA $259m 830 Riverbank Qld $16m 30 Palmview DMA Qld $234m 685 Palmview Syndicate Qld $316m 479 Edens Crossing Qld $77m 131 Cornerstone Vic $2m 47 Newhaven Vic $320m 1,017 South, OnkaparingaHeights SA $114m 300 Googong3 NSW $550m 941 Total Funds Management $4,124m 9,813 Total Pipeline $11,477m 26,426 Funds Management Projects Pipeline Notes: 1 Gross Development Value is the forecast future sales price of the remaining equivalent lots as at 30 June 2026, subject to market conditions 2 Equivalent lots as at 30 June 2026 3 Googong represents 50% share of project
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Disclaimer 27 | FY26 Results While every effort is made to provide accurate and complete information,Peet does not warrant or represent that the information in this presentationis free from errors or omissions or is suitable for your intended use. This presentationcontains forward-looking statements,including statements regarding future earnings and distributions that are based on informationand assumptions availableto Peet as at the date of this presentation.Actual results performance or achievementscould be significantly different from those expressed in, or implied by these forward-looking statements. These forward-looking statements are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond Peet’s control, and which may cause actual results to differ materially from those expressed in the statements contained in the release. The information provided in this presentationmay not be suitable for your specific needs and should not be relied upon by you in substitution of you obtaining independent advice. Subject to any terms implied by law and which cannot be excluded, Peet accepts no responsibility for any loss, damage, cost or expense (whether direct or indirect) incurred by you as a result of any error, omission or misrepresentationin this presentation.All information in this presentationis subject to change without notice. This presentationis not an offer or an invitation to acquire Peet securities or any other financial products in any jurisdictions, and is not a prospectus, product disclosure statement or other offering document under Australian law or any other law. It is for information purposes only.
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31 | FY24 Results Thank you peet.com.au