Annual financial statement
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FY26 APPENDIX 4E FINANCIAL REPORT
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Appendix 4E Peet Limited Financial Report 1 Preliminary Financial Report under ASX Listing Rule 4.3A for the year ended 30 June 2026 1. Details of the reporting period This preliminary financial report under ASX listing rule 4.3A covers Peet Limited and its controlled entities (the Group) and is based on the attached audited Financial Report. 2. Results for announcement to the market 2026 $’000 2025 $’000 Change Revenue 419,128 414,785 1% Net profit after tax1 103,395 58,467 77% Operating profit after tax2 103,395 58,467 77% Basic and diluted earnings per share (cents) 22.09 12.48 77% 1 Net profit after tax means statutory profit measured in accordance with Australian Accounting Standards, attributable to the owners of P eet Limited. 2 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. 3. Dividends per security 2026 Cents 2025 Cents Change Interim dividend 6.50 2.75 136% Final dividend 6.50 5.00 30% Subsequent to 30 June 2026, the Directors have declared a final fully franked dividend of 6.50 cents per share in respect to the year ended 30 June 2026. The dividend is to be paid on Tuesday, 22 September 2026, with a record date of Wednesday , 9 September 2026. The Directors have resolved to keep the Company’s Dividend Reinvestment Plan deactivated. 4. Net tangible assets per security 2026 $’000 2025 $’000 Net assets 672,333 620,749 less Intangible assets (407) (415) less lease assets (2,954) (3,208) add back Deferred tax liabilities, net 26,431 23,814 Net tangible assets 695,403 640,940 Ordinary shares (number – thousands) 468,159 468,159 Net tangible assets per security – book value $1.49 $1.37
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Appendix 4E Peet Limited Financial Report 2 5. Further disclosures Refer to the table below for further disclosures required under ASX Listing Rule 4.3A: ASX 4E item: Requirement Cross reference 1 Details of the reporting period Refer to Section 1 above. 2 Results for announcement to the market Refer to Section 2 above. 3 Statement of financial performance and notes Refer to the Consolidated S tatement of P rofit or Loss and Other Comprehensive Income in the attached F inancial Report. 4 Statement of financial position and notes Refer to the Consolidated Balance Sheet in the attached Financial Report. 5 Statement of cash flows and notes Refer to the Consolidated S tatement of C ash Flows in the attached Financial Report. 6 Dividends per security Refer to Section 3 above. 7 Dividend reinvestment plan Refer to Section 3 above. 8 Statement of retained earnings Refer to the Consolidated S tatement of Changes in Equity in the attached Financial Report. 9 Net tangible assets per security Refer to Section 4 above. 10 Details of entities over which control was gained or lost during the year Refer to Note 10 and Note 24 in the attached Financial Report. 11 Details of associates and joint ventures Refer to Note 10 in the attached Financial Report. 12 Other significant information Refer Directors’ Report and Financial Report. 13 Foreign entities Not applicable. 14 Commentary on results Refer to Section 3 of the attached Directors’ Report. 15-17 Audit Refer to Section 1 above.
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FINANCIAL REPORT 30 JUNE 2026
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CONTENTS Directors’ Report 1 Auditor’s Independence Declaration 28 Corporate Governance Statement 29 Financial Report 30 Consolidated Entity Disclosure Statement 65 Directors’ Declaration 67 Independent Auditor’s Report to the Members of Peet Limited 68
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Directors’ Report Year ended 30 June 2026 1 Your Directors present their report on the Consolidated Entity consisting of Peet Limited (the Parent Entity or the Company) and the entities it controlled at the end of, or during, the financial year ended 30 June 2026 (the Group). 1. Directors The following persons were Directors of the Company during part or the whole of the financial year and up to the date of this report: Greg Wall AM, MA, FAICD, FFIN Independent Non-executive Chairman Mr Wall was appointed to the Board of Peet Limited in August 2023, and as Chairman in October 2024, with over three decades of executive experience in retail and commercial banking and financial services. He is currently a member of Peet’s Audit and Risk Management, People, Culture & Remuneration and Nomination Committees. He was the former State Manager of Challenge Bank, CEO of StateWest, Managing Director of Home Building Society Ltd and Group CEO of Capricorn. Mr Wall has extensive experience as a non-executive director including Automotive Holdings Group, Gold Estates (1903) Ltd and International Cooperative Alliance. He has also been Chairman of Freo Group and of Business Council of Cooperatives and Mutuals. He also has experience as director of community and not for profits such as WA Football Commission, Fremantle Football Club, Ear Science Institute and Edith Cowan University and was Chairman of the Australian Secretariat of United Nations International Year 2012 and of the Margaret River Wine Association. Anthony James Lennon (Anthony), BA, Grad Dip Bus Admin, MAICD Non-executive Director Mr Lennon joined Peet in 1991 and became a Director in 1996. He moved to Victoria to establish Peet’s operations in Australia’s eastern states and oversaw significant expansion. He is a member of Peet’s Nomination and Audit and Risk Management Committees. Before joining the Company, Mr Lennon worked in the United Kingdom, working for major international construction and development company, John Laing PLC. His time with this global company saw him gain valuable experience in property planning, marketing, feasibility analysis and project management. Mr Lennon’s responsibilities during his career with Peet included project management, broadacre acquisitions, marketing and financing and a six-year term as Chairman of one of WA’s largest conveyancing businesses. Until his transition from Executive to Non -executive Director, Mr Lennon was Peet Limited’s National Business Development Director. Mr Lennon is also a director of The Duke of Edinburgh Awards (Vic). He is former Chairman of Habitat for Humanity (Vic). Margaret Kennedy, BComm, GAICD Independent Non-executive Director Ms Kennedy, appointed to the Board in August 2023, is an experienced non -executive director currently holding non -executive director roles on the boards of Hobart International Airport Limited, Challenger Retirement and Investment Services Limited a nd AMOG Holdings Pty Ltd. She is currently Chairman of Peet’s People, Culture & Remuneration and Audit & Risk Management Committees and is a member of its Nomination Committees. Ms Kennedy was previously a director of Senex Energy Limited from April 2021 until its delisting in April 2022, and has over 30 years’ experience holding various executive roles for Shell Australia, Viva Energy Australia and Viva Energy REIT (now Waypoint REIT) where she led the public listing and was the inaugural CEO. She is a non -executive director of Loreto Ministries Limited, including its wholly owned subsidiary Property LM Limited. Loreto Ministries is a not-for-profit public company responsible for the governance of a number of schools in Australia.
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Directors’ Report Year ended 30 June 2026 2 Ms Kennedy is also a non-executive director of Women’s Property Initiatives, which is a Victorian based not for profit developing, owning and providing long-term stable housing to women and children in need. Michelle Tierney, B.Arts Journalism & Communication, Post Grad Dip. Bus Admin., MBA, GAICD Independent Non-executive Director Appointed to the Board in August 2023, Ms Tierney has more than 30 years’ experience in the property industry as a board member and senior executive across Australian Securities Exchange and New Zealand Stock Exchange organisations. Ms Tierney’s experience within the property sector includes in disciplines such as funds management, real estate investment, property and asset management, general management, transformation, strategy development and execution and sustainability. She is currently a member of Peet’s Audit & Risk Management, People, Culture & Remuneration and Nomination Committees, and is also currently a non -executive director of Growthpoint Properties Australia and Sydney Water. She is also a former non- executive director of Stride Property Group. Ms Tierney is a non -executive director of Cotton Research and Development Corporation (CRDC). The CRDC is focussed on enhancing the performance of the Australian cotton industry through investing in research and development, and its application. She is a non-executive nominee director representing H.E.S.T.A. Australia Limited as trustee for HESTA on the board of Assemble HoldCo Pty Ltd, a developer and manager of social and affordable housing projects. Ms Tierney is also a non-executive director of Uniting NSW.ACT, one of the largest not-for-profit organisations in Australia offering over 550 services across NSW and the ACT in the areas of aged care, retirement and independent living, early learning, disability, chaplaincy and community services. Ms Tierney is a member of the Property Council of Australia’s Indigenous Advisory Group, Chief Executive Women and Women on Boards. Ms Tierney is chairman of CareerTrackers Indigenous Internship Program Limited, a national not for profit purpose driven organisation that supports pre-professional First Nations university students and links them with employers to participate in paid, multi-year internships. Ms Tierney is on the board of Message Stick Foundation Limited, a not for profit creating purpose -built First Nations’ youth hubs in urban and regional areas of Australia. Ms Tierney’s executive and senior management experience included being the Chief Operating Officer of ASX 100 company Region Property Group (formerly SCA Property Group) in Australia, General Manager of Business Development and Strategy for the National Au stralia Bank Global Institutional Bank, Fund Manager of the $3.8b GPT Wholesale Shopping Centre Fund and Head of Property and Asset Management and Executive Leadership Team member for ASX50 company The GPT Group. Trevor Allen, BComm (Hons), CA, FF, FAICD Former Independent Non-executive Director Mr Allen retired from the Board on 21 August 2025. While on the Board, he chaired Peet’s Audit & Risk Management Committee and was a member of its People, Culture & Remuneration and Nomination Committees. Mr Allen joined Peet in April 2012, with almost four decades of experience in the corporate and financial sectors, primarily as a corporate and financial advisor to Australian and international public and privately-owned companies. At the time of his retirement from the Board of Peet, Mr Allen was: • a non-executive director of TopCo Investments Pte Ltd, a Singapore company which is the holding company of Real Pet Food Company Limited, where he co -chairs its Audit and Finance Committee and is a member of its Risk and Sustainability Committee. He has been a director of TopCo Investments Pte Ltd since August 2018; and • on the board of Cronulla Golf Club, a Sydney not-for-profit business, as its honorary treasurer. Mr Allen was previously a non -executive director of FleetPartners Group Limited (formerly Eclipx Group Limited) for nearly 9 years, retiring from that position in January 2024. Prior to Mr Allen’s non-executive roles, he held senior executive positions including Executive Director Corporate Finance at SBC Warburg (now part of UBS), at Baring Brothers and as a Corporate Finance Partner at KPMG. At the time of his retirement from KPMG in 2011 he was the lead partner in its National Mergers and Acquisitions group.
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Directors’ Report Year ended 30 June 2026 3 Brendan Gore, BComm, FAICD, FCPA, FCIS, FGIA Former Managing Director and Chief Executive Officer Mr Gore was Managing Director and Chief Executive Officer (CEO) of Peet Limited from 2007 until June 2025. Mr Gore successfully led the Company’s strategy through its land bank expansion, diversification of its product offering and developing key new partnerships with Government and major institutions. He was also a member of Peet’s Nomination Committee. Mr Gore’s appointment to the position of Managing Director and CEO followed experience in two other key executive roles within the Company. He began with Peet as Chief Financial Officer and played a key role in expanding the Company’s scope of activities and growing its core residential development and land syndication businesses. Mr Gore’s period in senior executive roles at Peet Limited was preceded by more than two decades’ experience in a range of senior corporate, commercial, and operational positions where he gained extensive experience in large scale operations, strategy development and implementation, as well as expertise in debt and equity markets. He developed a reputation as a strong leader, with operational responsibilities across local and State Government relations, environmental and sustainability management and occupational health and safety. Mr Gore is a qualified accountant and a Fellow of CPA Australia. He is also a Fellow of the Australian Institute of Company Directors and a Fellow of the Governance Institute of Australia. Mr Gore stepped down from the role of Managing Director on 1 July 2025. 2. Principal activities The Group acquires, develops and markets residential land. Peet was founded in Western Australia in 1895 and has expanded over the years to become Australia’s largest pure -play residential developer. Peet has been listed on the ASX since 2004 and is focused on creating high -quality master -planned residential communities for homebuyers across Australia, and achieving the best possible results for its shareholders, investors and partners who include State and Federal Government agencies and major Australian institutions. As at 30 June 2026, the Group employed 154 people in offices throughout Australia and managed and marketed a land bank of more than 26,400 lots in the growth corridors of major mainland Australian cities. 3. Review of operations and consolidated results Operating and financial review Key results1 • Operating profit2 and statutory profit3 after tax of $103.4 million • Earnings per share of 22.09 cents per share • FY26 dividends of 13.00 cents per share, fully franked • 2,996 lots4 sold • Revenue5 of $450.3 million, with 2,665 lots4 settled • EBITDA6 margin of 36% on EBITDA6 of $162.8 million • $850.7 million worth of contracts on hand as at 30 June 2026 • Gearing7 of 24.8% 1 Comparative period is 30 June 2025, unless stated otherwise. The non-IFRS measures have not been audited. 2 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. 3 Statutory profit after tax means net profit measured in accordance with Australian Accounting Standards, attributable to the owners of Peet Limited. 4 Includes equivalent lots. 5 Includes statutory revenue of $419.1 million (FY25: $414.8 million) and share of net profits from associates and joint ventures of $31.1 million (FY25: $22.5 million). 6 EBITDA is a non-IFRS measure that includes effects of non-cash movements in investments in associates and joint ventures. 7 Calculated as (Total interest-bearing liabilities (including land vendor liabilities) less cash) / (Total assets less cash, less intangible assets).
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Directors’ Report Year ended 30 June 2026 4 Financial commentary The Peet Group achieved operating profit8 and statutory profit9 after tax of $103.4 million for the year ended 30 June 2026 (FY26), compared to $58.5 million in the previous financial year (FY25), an increase of 77%. The record FY26 result was underpinned by favourable market conditions, strong sales performance across key markets and continued operational execution during the year. The Group derived EBITDA 10 of $162.8 million during FY2 6, compared to $ 105.5 million in FY2 5 (up 54%) , with an EBITDA 10 margin of 36%, compared to the margin achieved in FY25 of 24% (up 50%). The increases in EBITDA10 and the EBITDA10 margin are predominantly attributable to: • general price growth and higher sales and settlements across the WA portfolio; • price increases on settled lots across the Qld and SA portfolios; and • continued focus on overhead management and other operational efficiencies. The performance has resulted in an operating and statutory earnings per share of 22.09 cents for FY26, compared to operating and statutory earnings per share of 12.48 cents in FY25 – an increase of 77%. Peet heads into FY27 supported by more than $850 million of contracts on hand, a strong balance sheet and a highly activated11 project portfolio. Operational commentary During FY26, 2,996 sales12 were achieved across the Group, compared to 2,768 sales12 in FY25 (up 8.2%). While the number of sales across the Qld and SA portfolios were impacted by a combination of the timing of releases and projects completing, sale s in WA and Vic increased during the year, compared to FY25. The Group achieved 2,665 settlements12 across its Development, Funds Management and Joint Venture projects in FY2 6, compared to 2,642 settlements12 in FY25 (up 1%). As at 30 June 202 6, the Group had $850.7 million worth of contracts on hand , which compares to $ 612.2 million as at 30 June 2025 (up 39%). These contracts on hand benefit from price growth achieved across the portfolio of projects during the year and provide the Group with an excellent visibility of earnings as it enters FY27. Development projects Key highlights FY26 FY25 Var (%) Lot sales12 744 1,065 (30%) Lot settlements12: 788 843 (7%) - Land only 727 714 2% - Medium Density 61 129 (53%) Revenue $305.5m $313.2m (2%) EBITDA13 $77.6m $60.8m 28% EBITDA13 margin 25% 19% 32% The sales performance was impacted by the timing of releases (particularly in Qld) and the completion of medium density projects across the SA and Vic portfolios. The decrease in settlements was more than offset by the margin growth achieved during FY26, with EBITDA13 and EBITDA13 margin increasing 28% and 32%, respectively, compared to FY25. This performance was driven by higher prices and settlements from Qld projects and higher settlement prices across the SA portfolio. 8 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. 9 Statutory profit after tax means net profit measured in accordance with Australian Accounting Standards, attributable to the owners of Peet Limited. 10 EBITDA is a non-IFRS measure that includes effects of non-cash movements in investments in associates and joint ventures. 11 When a project is launched all lots in that project are considered activated. 12 Includes equivalent lots. 13 EBITDA is a non-IFRIS measure and is calculated before inter-segment transfers and other unallocated items.
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Directors’ Report Year ended 30 June 2026 5 Funds Management projects Key highlights FY26 FY25 Var (%) Lot sales14 1,949 1,318 48% Lot settlements14 1,619 1,334 21% Revenue $71.2m $41.3m 72% Share of net profit of equity accounted investments $24.2m $15.1m 60% EBITDA15 $79.2m $42.7m 85% EBITDA15 margin 83% 76% 9% The performance of the Group’s Funds Management projects is predominantly driven by sales from syndicates and settlements from co-investment projects. Sales and settlements across Funds Management projects were materially higher than in FY25, which together with the price growth achieved across the Funds Management portfolio, has resulted in strong growth in EBITDA15 and EBITDA15 margin. Joint Ventures Key highlights FY26 FY25 Var (%) Lot sales14 303 385 (21%) Lot settlements14 258 465 (45%) Revenue $22.2m $43.7m (49%) Share of net profit of equity accounted investments $10.4m $8.2m 27% EBITDA15 $18.8m $19.2m (2%) EBITDA15 margin 58% 37% 57% The number of sales and settlements achieved in FY26 were impacted by The Village at Wellard (WA) having substantially completed in FY25. While revenue and EBITDA15 reduced, compared to FY25, price growth achieved across the JV portfolio contributed to a strong increase in EBITDA15 margin. 14 Includes equivalent lots. 15 EBITDA is a non-IFRIS measure that includes effects of non-cash movements in investments in associates and joint ventures and is calculated before inter-segment transfers and other unallocated items.
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Directors’ Report Year ended 30 June 2026 6 Land portfolio metrics FY26 FY25 Var (%) Lot sales16 2,996 2,768 8% Lot settlements16 2,665 2,642 1% Contracts on hand as at 30 Jun 26 30 Jun 25 Var (%) Value $850.7m $612.2m 39% Capital management As at 30 June 2026, the Group had: • balance sheet gearing17 of 24.8%, compared to 27.5% at 30 June 2025; • net interest-bearing debt18 (including Peet Bonds) of $200.6 million, compared with $242.4 million at 30 June 2025; • cash and available debt facility headroom of $260.5 million; • a weighted average debt maturity of more than two years; and • closed its on-market share buy-back, with more than 21.8 million ordinary shares having been acquired during the term of the buy-back. As at 30 June 202 6, approximately 80% of the Group’s development pipe line was activated19. The Group continues to have a strong balance sheet and sufficient financial capacity to fund the current portfolio of projects, including accelerating deli very of product, if required, to meet increases in demand. Dividends Subsequent to year end, the Directors declared a final dividend for FY26 of 6.50 cents per share, fully franked. This brings the total dividends for FY26 to 13.00 cents per share, fully franked. This compares to the FY2 5 dividends of 7.75 cents per share, fully franked. The final FY2 6 dividend is to be paid on Tuesday, 22 September 2026, with a record date of Wednesday, 9 September 2026. The Directors have resolved to keep the Company’s Dividend Reinvestment Plan deactivated. Risks The Group’s operating and financial performance is influenced by a number of risks impacting the property sector. These include bank lending conditions, general economic conditions, government policy influencing a range of matters including population growth (immigration policy), household income and consumer confidence, the employment market and land development conditions and requirements, including in relation to infrastructure, environmental, cultural heritage and climate -change management. In respect to climate change, the Group’s focus continues to be on understanding and mitigating climate change risks on development approvals processes, reputational matters and reporting obligations. Global and domestic economic factors and geo -political matters, which may influence capital markets and the movement of interest rates are also risks faced by the Group. At an individual project level, residential property developments also face a number of risks related to the price and availability of capital, the timeliness of approvals, delays in construction, increases in the cost of labour and materials and the level of competition in the market. The Group has a long history of managing these risks at an individual project and portfolio level. The Group’s financial risk management policies are set out in note 17 to the Financial Report. The property market is cyclical and, while the Group is impacted by fluctuations in the market, it has also proved its capaci ty to manage through various cycles over a very significant period of time. This continues to include managing risks associated wit h changing consumer preferences for products – size, location and product typology (house and land, medium density townhouses and low-rise apartments). 16 Includes equivalent lots. 17 Calculated as (Total interest-bearing liabilities (including land vendor liabilities) less cash)/(Total assets less cash, less intangible assets). 18 Including net debt of syndicates consolidated under AASB10. 19 When a project is launched all lots in that project are considered activated.
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Directors’ Report Year ended 30 June 2026 7 Group strategy Peet continues to progress a substantial and nationally diverse development pipeline, comprising more than 26,400 lots20 with an estimated end value21 of $11.5 billion. This long‑term landholding has been built through disciplined acquisition and planning over more than a decade and continues to provide a significant foundation for growth. Peet continues to concentrate on owning and/or managing large masterplanned community projects, particularly on the east coast of Australia, while continuing to pursue selective opportunities in and around Perth and Adelaide. Townhouse and low -rise apartment projects will be pursued opportunistically, based on geography, capital requirements and forecast returns. Outlook Market conditions remain varied across states and territories, with WA, SA and Qld continuing to demonstrate resilient demand , particularly for well -priced product, despite some moderation in market conditions. Meanwhile, Victoria and ACT/NSW present opportunities when these markets normalise and improve. Despite ongoing cost of living pressures, market fundamentals continue to support underlying demand for housing, with the key drivers including: • 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; and • Continued institutional and offshore investment in Australia. Peet continues to target growth in FY27, underpinned by its established pipeline, visibility of contracts on hand of $851 million 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. 4. Earnings per share 2026 2025 Cents Cents Basic and diluted earnings per share 22.1 12.5 Basic earnings per share is calculated after income tax expense based on the weighted average number of shares on issue for the year ended 30 June 2026. The weighted average number of shares on issue used to calculate earnings per share is discussed at note 7 to the Financial Report. 5. Significant changes in the state of affairs There were no significant changes in the state of affairs of the Group during the year. 6. Matters subsequent to the end of the financial year Other than above and the final FY2 6 dividend (details of which are included below ), no matters or circumstances have arisen since the end of the financial year, which have significantly affected or may significantly affect the operations of the Grou p, the results of those operations, or the state of affairs of the Group in subsequent financial years. 7. Dividends In August 2025, the Directors declared a final dividend of 5.00 cents per share, fully franked, in respect of the year ended 30 June 2025. The dividend of $23.4 million was paid on Friday, 19 September 2025. In February 2026, the Directors declared an interim dividend of 6.50 cents per share, fully franked, in respect to the year then ending 30 June 2026. The dividend of $30.4 million was paid on Thursday, 26 March 2026. Subsequent to year end, the Directors declared a final dividend for FY2 6 of 6.50 cents per share, fully franked. This brings the total dividends for FY26 to 13.00 cents per share, fully franked. This compares to the FY2 5 dividends of 7.75 cents per share, 20 Includes equivalent lots as at 30 June 2026. 21 Gross development value, which is the forecast future sales price of the remaining equivalent lots as at 30 June 2026, subject to market conditions.
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Directors’ Report Year ended 30 June 2026 8 fully franked. The final FY2 6 dividend is to be paid on Tuesday, 22 September 2026, with a record date of Wednesday, 9 September 2026. The Directors have resolved to keep the Company’s Dividend Reinvestment Plan deactivated. 8. Environmental regulation The Group is subject to environmental regulation by way of the Environment Protection and Biodiversity Conservation Act 1999 in respect of its land subdivision activities nationally, as well as other environmental regulations under both Commonwealth and State legislation. The Group is not aware of any breaches of environmental regulations in respect of its activities. However, from time to time, statutory authorities make enquiries, issue notices requiring documents and/or material to be provided, and undertake investigations or audits to confirm compliance with relevant regulations. Greenhouse gas and energy data reporting requirements The Group may be subject to the reporting requirements of the National Greenhouse and Energy Reporting Act 2007. This would require the Group to report its annual greenhouse gas ( GHG) emissions and energy use if it had operational control of facilities (sites) that emit greenhouse gases, produce energy, or consume energy at or above the specified GHG emission and energy thresholds per financial year. The Group is not required to register and report to the Clean Energy Regulator as the Group does not have operational control for each of its projects, which is the responsibility of the relevant contractor undertaking the works. 9. Information on directors and group company secretary Please refer to the Board of Directors section of this report for information on Directors. Group Company Secretary Mr Scafetta is a Chartered Accountant who has worked with Peet Limited since 1998. Mr Scafetta began his career with major accounting firm Coopers & Lybrand (now P wC) after completing a commerce degree in 1993. He held a senior role with the organisation in its Business Services division and advised a range of clients on account ing, taxation and general business matters. After four years at Coopers & Lybrand, Mr Scafetta joined Peet as Company Accountant and Company Secretary, which also required him to act as Company Secretary for the Company’s various syndicates and subsidiaries. Prior to Peet being listed on the Australian Securities Exchange, Mr Scafetta was appointed Chief Financial Officer and served in that role until February 2005, when he was appointed as Company Secretary of Peet Limited. 10. Directors’ meetings The number of meetings of Directors (including meetings of committees of Directors) held during the year and the number of meetings attended by each Director were as follows: Director Board of Directors Audit & Risk Management Committee People, Culture & Remuneration Committee Nomination Committee Entitled to Attend Attended Entitled to Attend Attended Entitled to Attend Attended Entitled to Attend Attended G Wall 18 18 6 6 6 6 2 2 A J Lennon 18 17 6 6 - - 2 2 M Tierney 18 18 6 6 6 6 2 2 M Kennedy 18 17 6 6 6 6 2 2 T J Allen1 4 4 2 2 4 4 1 1 B Gore2 1 - - - - - - - 1 Mr Allen retired from the Board with effect from 21 August 2025. 2 Mr Gore ceased employment on 1 July 2025.
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Directors’ Report Year ended 30 June 2026 9 11. Retirement, election and continuation in office of directors Directors are elected at the Annual General Meeting ( AGM) of the Company. Retirement will occur on a rotational basis so that one third of the Directors, but not less than two, shall retire at each AGM. The Directors may also appoint a Director to fill a casual vacancy on the Board or in addition to the existing Directors, who will then hold office until the next AGM. No Director who is not the Managing Director, may hold office without re-election beyond the third AGM following the meeting at which the Director was last elected or re-elected. During the year: • Mr Brendan Gore stepped down from the Company with effect from 1 July 2025; and • Mr Trevor Allen retired from the Board with effect from 21 August 2025. Mr Greg Wall and Ms Margaret Kennedy were reappointed to the Board at the 2025 Annual General Meeting (AGM). Mr Anthony Lennon’s and Ms Michelle Tierney’s current term on the Board expires at the 2026 AGM. They both intend to offer themselves for re-election at the same meeting. 12. Remuneration Report Dear Shareholder, Peet is pleased to present its Remuneration Report for the year ended 30 June 202 6 (FY26). This report sets out remuneration information for Non -executive Directors (NEDs) and other key management personnel (KMP). It focuses on the remuneration decisions made by the Board and the pay outcomes that resulted. To ensure Peet delivers on its growth strategy it must have the right people to lead the Group over the long -term. A competitive remuneration framework that encourages our Leadership Team to continue to make decisions with a view to creating long -term value for shareholders and all stakeholders is required to be balanced with feedback provided by shareholders. Business Scale and FY26 Remuneration Outcomes In considering remuneration outcomes, the Board’s People, Culture & Remuneration Committee: • balances Peet’s financial performance with the development and implementation of strategies for the long-term benefit of the Group; and • takes into account the underlying scale of Peet’s operations, which are not fully identifiable from a pure focus on the Group’s statutory accounts. Peet achieved an operating net profit after tax and a statutory profit after tax of $103.4 million for FY26, compared to an operating net profit after tax and a statutory profit after tax of $58.5 million in FY25, an increase of more than 77%. While the statutory financial statements show total revenue of $450.3 million and earnings before interest, tax, depreciation and amortisation (EBITDA) of $162.8 million for FY26, Peet management remains responsible for a greater scale of business. In addition to its own land development projects, Peet is also responsible for the management of a significant portfolio of l and development projects held within its Funds Management and Joint Arrangements businesses. Item FY26 FY25 Revenue generated by Funds Management & Joint Arrangement businesses $612.6 million $543 million EBITDA generated by Funds Management & Joint Arrangement businesses $197.6 million $141.5 million Number of Funds Management & Joint Arrangement projects 20 20 These Funds Management and Joint Arrangement businesses generated total revenues of $612.6million and EBITDA of $197.6million in FY2 6. The management and performance fees generated by Peet from its Funds Management and Joint Arrangements businesses contribute significantly towards offsetting the corporate overheads of the entire Peet Consolidated Group:
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Directors’ Report Year ended 30 June 2026 10 Consolidated Group FY26 FY25 Number of Funds Management projects 18 17 Number of Joint Arrangement projects 2 3 Number of Development Projects 17 23 37 43 Accordingly, the scale of business from which Peet derives its revenues and earnings, which drive its capacity to pay dividen ds to shareholders, is extensive. In the context of FY26 Company performance, key remuneration outcomes during FY26 included: • As previously disclosed 22, the base pay of Mr Fullarton increased during FY26 following his appointment as the Chief Executive Officer. • The base pay of Mark Winkworth increased during the year following his appointment to the role of Chief Financial Officer. He was considered a KMP from 1 July 2025. • The other executive KMP’s base pay for FY26 was the same as for FY25. • STI will be paid to KMP in respect of FY2 6, following a positive assessment of the individual KMP’s performance against a balanced scorecard, which includes consideration of Group financial and strategic targets. Refer to section G of the Remuneration Report for details. • During the year, long -term incentive (LTI) performance conditions were tested as at 30 June 202 5 in respect to the performance over the three years ended on that date, and resulted in the full vesting of performance rights. • Non-executive Directors’ fees for FY26 were the same as for FY25. We encourage our shareholders to use the cash value of remuneration realised table on page 20 to assess the remuneration outcomes for KMP in FY26 and the alignment of these outcomes with the Group’s performance. The key difference between the cash value of remuneration realised and the statutory remuneration is the value included in th e statutory remuneration table for potential future outcomes under the long -term incentive program. A value is required to be included in the statutory remuneration table to account for LTI that may or may not vest in the future, while the value for LTI included in the cash value of remuneration realised table represents the value of shares actually received by KMP following t he vesting and exercise of performance rights. The Board is satisfied that these remuneration outcomes for FY26 are appropriately performance-based, while at the same time recognising the strategic needs of the Group , and the disclosures in the FY26 Remuneration Report are in line with those in the FY25 Remuneration Report, which received more than 99% support at the 2025 AGM. We look forward to answering any questions you may have at our 2026 AGM. Margaret Kennedy Chairman, People, Culture & Remuneration Committee 22 Refer to ASX announcement dated 29 August 2025
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Directors’ Report Year ended 30 June 2026 11 13. Remuneration report (audited) This remuneration report ( Remuneration Report ) for the year ended 30 June 202 6 (FY26) outlines the remuneration arrangements of the Company and the Group in accordance with the requirements of the Corporations Act 2001 (the Act) and its regulations. This information has been audited as required by section 308(3C) of the Act. This Remuneration Report includes the following information: A. KEY MANAGEMENT PERSONNEL B. VOTING RESULTS ON THE FY25 REMUNERATION REPORT AT THE 2025 ANNUAL GENERAL MEETING C. PRINCIPLES USED TO DETERMINE THE NATURE AND AMOUNT OF REMUNERATION D. REMUNERATION GOVERNANCE E. NON-EXECUTIVE DIRECTORS’ (NEDs) FEES F. EXECUTIVE REMUNERATION STRUCTURE G. PERFORMANCE AND EXECUTIVE INCENTIVE REMUNERATION OUTCOMES H. TOTAL REMUNERATION OUTCOMES I. ADDITIONAL REMUNERATION DISCLOSURE A. KEY MANAGEMENT PERSONNEL (KMP) The KMP of the Group include the NEDs of the Group and the executives (the Executives), who have authority and responsibility for planning, directing and controlling the activities of the Group. Remuneration and other terms of employment for the Executives are formalised in service agreements. The major provisions of the service agreements are set out below and in Section C of this Remuneration Report. Name Position Terms of Agreement Notice Period G J Wall Independent Chairman Current term expiring at 2028 AGM N/A T J Allen Independent Director Retired 21 August 2025 N/A A J Lennon Non-executive Director Current term expiring at 2026 AGM N/A M R Kennedy Independent Director Current term expiring at 2028 AGM N/A M P Tierney Independent Director Current term expiring at 2026 AGM N/A B C Fullarton1 Chief Executive Officer (CEO) From 13 June 2025 while CEO 3 months’ or partial/ full payment in lieu P J Dumas Chief Investment Officer (CIO) On-going commenced 4 February 2008 3 months’ or partial/ full payment in lieu D Scafetta Group Company Secretary (GCS) On-going commenced 10 June 1998 3 months’ or partial/ full payment in lieu M J Winkworth2 Chief Financial Officer (CFO) From 13 June 2025 while CFO 3 months’ or partial/ full payment in lieu A K Gallagher Chief Operating Officer (COO) Ceased employment 31 October 2025 3 months’ or partial/ full payment in lieu 1. Has been employed with the Company since 21 October 2013. 2. Has been employed with the Company since 30 September 2008. Termination benefits Other than statutory entitlements , such as long service leave and annual leave entitlements, t he impact of termination on Executives’ remuneration is outlined in Section F of this Remuneration Report.
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Directors’ Report Year ended 30 June 2026 12 B. VOTING RESULTS ON THE FY25 REMUNERATION REPORT AT THE 2025 ANNUAL GENERAL MEETING At the Annual General Meeting held on 27 November 2025 ( 2025 AGM), approximately 99.80% of shareholder votes voted in favour of the adoption of the FY25 Remuneration Report on the poll. The instructions given to validly appointed proxies in respect of the resolution pertaining to the Company’s FY25 Remuneration Report were as follows: For Against Proxy's discretion Abstain Instructions to validly appointed proxies (number) 205,598,169 448,931 64,193 64,193 (%) 99.75% 0.22% 0.03% Votes cast on the poll during the AGM (number) 223,606,550 448,931 64,193 (%) 99.80% 0.20% C. PRINCIPLES USED TO DETERMINE THE NATURE AND AMOUNT OF REMUNERATION The objective of the Company’s executive reward framework is to ensure reward for performance is competitive and appropriate for the results delivered. The framework aligns executive reward with achievement of strategic objectives for the long-term benefit of the Company and shareholders. The Board seeks to ensure that Executives’ remuneration satisfies the following key criteria for good reward governance practices: • competitiveness and reasonableness; • acceptability to shareholders; • alignment to performance; and • capital management. In consultation with external remuneration consultants, the Company has structured, and continues to evolve, an executive remuneration framework that is market competitive and complementary to our reward strategy through the following features. Alignment to shareholders’ interests • has a heavy weighting to financial performance as a core component of plan design; • aligns with, and rewards implementation of, strategy; • focuses the Executive on other key financial and non-financial drivers of long-term value; and • attracts and retains high-calibre executives. For the purpose of assessing Executives’ eligibility to short-term incentives (STI), the People, Culture & Remuneration Committee (PCRC) and Board have traditionally agreed to the use of a balanced scorecard. This methodology has continued to be used in FY26, and comprised a combination of financial and non -financial KPIs. Refer to Sections F and G of this Remuneration Report for further details. Since the financial year ended 30 June 2018, the PCRC and the Board have traditionally agreed to assess Executives’ eligibility to long-term incentives (LTI) against earnings per share ( EPS) growth and funds under management (FUM) growth. These key performance indicators (KPIs) align with, and focus Executives’ attention on the implementation of, the Board approved strategy. These two measures have continued to be used for FY2 6. Refer to Sections F and G of this Remuneration Report for further details. The PCRC and the Board will continue to assess the applicability of all STI and LTI KPIs as they are applied in assessing performance for remuneration purposes. Alignment to program participants’ interests • rewards capability and experience; • provides a clear structure for earning rewards; and • provides recognition for contribution. The framework provides a mix of fixed and variable pay, and a blend of STI and LTI. As employees are promoted to executive and senior management roles within the Company, the balance of this mix shifts to a higher proportion of ‘at risk’ rewards.
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Directors’ Report Year ended 30 June 2026 13 D. REMUNERATION GOVERNANCE The following sets out the Company’s governance framework for remuneration setting and decision making, and responsibilities of various parties. The Board of Directors (Board) The Board takes an active role in the governance and oversight of the Company’s KMP remuneration strategies and has overall responsibility for ensuring the effectiveness of remuneration arrangements. This is in consideration of remuneration outcomes that a lign with the Company’s strategic objectives and risk management framework, and shareholder value over the long-term. People, Culture & Remuneration Committee (PCRC) The PC RC’s responsibility is to formulate the Group’s remuneration policy, reviewing NEDs’ and the CEO’s remuneration, as well as reviewing the CEO’s remuneration recommendations (where applicable) for Executives, including in respect to: • remuneration levels and other terms of employment having regard to relevant market conditions, qualifications and experience of the Executives, and performance against targets set for each year where applicable; and • advising the Board on the appropriateness of remuneration structures of NEDs and Executives, with the overall objective of targeting maximum stakeholder benefit from the retention of a high calibre Board and Executive Team. Recommendations of the PCRC are put to the Board for approval. External Remuneration Consultants To assist the PCRC when considering remuneration-related matters, it may seek external, independent remuneration advice. In FY26, the PCRC engaged and received reports from The Reward Practice Pty Ltd (TRP) in respect to: • Board and executive remuneration benchmarking; and • Executive incentive design. In relation to FY26 remuneration, no remuneration recommendations, as defined by the Corporations Act, were provided by TRP. Clawback provision Refer to Section F of this Remuneration Report (as applicable). E. NEDS’ FEES Fees and payments to NEDs reflect the demands which are made on, and the responsibilities of, the NEDs. NEDs’ fees and payments are reviewed periodically by the PCRC and the Board. The PCRC considers, as appropriate, the advice of independent remuneration consultants to ensure NEDs’ fees and payments are appropriate and in line with the market. NEDs do not receive share options or performance rights. The NEDs’ remuneration is inclusive of committee fees and fees for their membership on any subsidiary Boards. The fees payable to NEDs were last amended with effect from 1 July 2022 (after previously being amended with effect from 1 July 2018). The fees payable to the Chairman of the PCRC and the Chairman of the Audit and Risk Management Committee were last amended with effect from 1 July 2018 (after previously being amended with effect from 1 July 2014). NEDs may also be entitled to fees wher e they represent Peet on the Board of Syndicates. NEDs’ fees are determined within an aggregate fee pool limit, which is periodically recommended for approval by shareholders. The current fee pool of $1,100,000 was last approved by shareholders at the 2023 AGM. There has been no change in the NEDs’ fee pool since this last approval. The NEDs do not receive any form of retirement allowance.
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Directors’ Report Year ended 30 June 2026 14 F. EXECUTIVE REMUNERATION STRUCTURE The Company’s pay and reward framework for Executives has the following components: • base pay and benefits; • performance-based STI; and • performance-based LTI. The combination of these comprises the total remuneration for the Executives concerned. F.1 - Base pay and benefits The base pay for Executives is structured as a total employment cost package, which may be delivered as a mix of cash and prescribed non-financial benefits and includes superannuation. Item Detail Delivery • Cash. • Superannuation. • Other non-cash benefits (mobile phone, car parking, other). Quantum • Reviewed annually. • As and when considered appropriate, external remuneration consultants provide analysis and advice to ensure base pay is set to reflect the market for a comparable role. Prescribed event, including change of control • Nil. Refer to the tables on pages 20 and 21 for details of KMPs’ base pay for FY26 and FY25. F.2 - Short-term Incentives (STI) Executives have a target STI opportunity depending on the accountabilities of their specific role and impact on the Group’s performance. The key features of the current STI plan are set out below: Item Detail Delivery • Cash. Quantum • CEO – maximum of up to 100% of base pay. • Other Executives – maximum of between 28.57% and 60% of base pay. Structure • Balanced Scorecard. • PCRC and the Board set the Balanced Scorecard of the CEO based on various performance categories. • The CEO sets the Balanced Scorecards of the other Executives based on his Balanced Scorecard. Financial target • Heavily weighted to the achievement of a financial target. • Financial KPI is generally operating NPAT. • Financial targets are set based on that year’s budget and also consider any market and/or analysts’ expectations. Assessment • The CEO’s performance against his Balanced Scorecard is assessed by the PCRC, which then makes a recommendation to the Board. • The other Executives’ performance against their respective Balanced Scorecards are assessed by the CEO, who then makes a recommendation to the PCRC and/or the Board. Prescribed event, including change of control • Executives’ entitlements are subject to the Board’s discretion. Cessation of employment • Entitlement to STI on cessation of employment is generally subject to the Board’s discretion.
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Directors’ Report Year ended 30 June 2026 15 The FY26 Balanced Scorecard of the CEO was as follows: Category KPI Weighting Financial1 Operating NPAT target. 73.0% Strategic Complete Strategic Review. 18.0% Customer Annual Average Overall Customer Experience score of >85%. 3.0% Health, Safety & Environment All scheduled project site inspections to be undertaken during FY26. 3.0% Achieve an annual average score of at least 90% across the inspections conducted during FY26. 3.0% 100.0% Note 1 Note 2 Overachievement of the Financial category KPI can be used to compensate for under achievement in non-financial categories up to a total of 100% of the FY26 STI. Refer to Section G.2 for further detail. During FY26, the Directors removed a People &Culture-related KPI (Employee Engagement Survey) due to the scope of the Strategic Review. The weightings across the other Categories were amended on a pro-rata basis. The Balanced Scorecard for other Executive are derived from the CEO’s Balanced Scorecard. F.3 - Long-term incentives (LTI) Traditionally, the Company has provided its Executives with LTI through participation in the Peet Limited Employee Share Option Plan (PESOP) and/or the Peet Limited Performance Rights Plan (PPRP). Since 2018, the LTI has been provided via the PPRP. The LTI is designed to encourage employees to deliver long -term shareholder returns by focussing Executives’ attention on the implementation of the Board approved strategy . Under the plans, participants are granted options and/or PRs, which only vest when set performance hurdles have been met, subject to the Board’s discretion. The key features of the LTI are set out below: Item Detail relating to FY26 Delivery • Performance rights (PRs). • The PRs granted are convertible to ordinary shares on a 1:1 basis. • The PPRP was approved by shareholders at the 2008 AGM. • Changes have been made since to allow for changes in taxation of PRs. Eligibility • Employees of any Group Company are eligible to participate in the PPRP at the discretion of the Board. Quantum • CEO – maximum of up to one third of base pay. • Other Executive KMP – maximum of between 24.09% and 60% of base pay. • Non-KMP who are eligible to participate in the PPRP – up to 30% of base pay. Number of securities • Determined by dividing the dollar value of LTI by the value of a Peet PR on a particular date. • Value of a Peet PR is independently determined, based on a Black-Scholes option pricing model. Consideration payable • Nil. Performance conditions • The PRs are generally subject to performance conditions. • In recent years, including FY26, those performance conditions have been EPS growth (75% of PRs) and FUM growth (25% of PRs). - EPS growth • EPS growth is measured as the average growth in operating EPS over a three-year performance period. • The earnings component of EPS is calculated as net profit measured in accordance with Australian Accounting Standards, excluding write-downs of inventories and development costs and increases in the carrying value of inventories during the relevant financial year, and is subject to other adjustments at the Board’s discretion. • EPS growth is then compared to the Board’s internal target EPS growth for the relevant performance period. - FUM growth • FUM growth is measured as the total of the following during the relevant performance period: o the purchase price (ex GST) of land acquired by a Peet syndicate or Joint Venture; or o the market value (ex GST) of land for which Peet has been appointed development manager at the time of its appointment; or o the selling price (ex GST) of land sold by Peet, a Syndicate, a Joint Venture or Peet -managed project to a third party and Peet is appointed the development manager (and where applicable, to manage the leasing) of a commercial, industrial, retail or residential built-form project on that property; or
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Directors’ Report Year ended 30 June 2026 16 o in all other property funds management-related transactions, as determined by the Board of Directors. • The aggregate of the FUM growth during the relevant performance period is reduced by the equity interest retained by the Group and is then compared to the rolling three-year FUM growth target set by the Board for the relevant performance period. Target setting • Targets for a three-year performance period are based on a Board approved three-year business plan. • The three -year business plan takes account of economic and market conditions prevalent at the time of setting the business plan and Management’s and the Board’s best forecast of the same for the performance period. Assessment • The assessment against KPIs is undertaken by the PCRC, which then makes a recommendation to the Board. • The Board has an appropriate level of discretion to consider, among other matters, market and analysts’ expectations. Prescribed event, including change of control • CEO is entitled to 100% of all previous grants under the LTI plan that remain unvested • Other Executives’ entitlements are subject to the Board’s discretion. If the Board does not exercise discretion, 100% of unvested PRs will vest in full. Cessation of employment • In general, unvested PRs lapse on cessation of employment. • If cessation of employment arises due to death, disability, redundancy or any other reason (as determined by the Board), a pro-rata number of unvested PRs remain on foot. • In general, vested PRs remain on foot on cessation of employment. • Notwithstanding the above, the Board retains absolute discretion to determine the treatment of vested or unvested PRs on a cessation of employment. Clawback • Where in the opinion of the Board a participant in the PPRP acts fraudulently or dishonestly or is in breach of his or her obligations to Peet, the Board may (in respect to that participant): o deem unvested PRs to have lapsed; o deem vested but unexercised PRs to be forfeited; and/or o where shares received following the exercise of vested PRs have been sold, require full or partial payment of the net proceeds to Peet. The performance conditions applying to the FY26 PRs (with a performance period ending 30 June 2028) are shown below. Of the FY26 PRs subject to EPS growth, the proportion to vest is as follows: Performance level Proportion of PRs that may be eligible to vest Less than 80% of the EPS growth target 0% 80% of the EPS growth target 50% 80% to 100% of the EPS growth target Pro-rata between 50% and 70% 100% to 120% of the EPS growth target Pro-rata between 70% and 100% 120% to 130% of the EPS growth target Pro-rata between 100% and 133.33% Out performance against the EPS growth condition (>120% of the EPS growth target) can be applied to any shortfall in the FUM growth target, up to a maximum of 100% of the FY26 PRs granted. Vesting of the EPS growth-related FY26 PRs requires average EPS growth of between 4% and 6.5% per annum. Of the FY26 PRs subject to FUM growth, the proportion to vest is as follows: Performance level FUM growth target during performance period Proportion of PRs that may be eligible to vest Less than 100% of target Less than $30 million 0% 100% of target $30 million 50% 100%-167% of target $30 million to $50 million Pro-rata between 50% and 70% 167%-200% of target $50 million to $60 million Pro-rata between 70% and 100% Greater than 200% of target Greater than $60 million 100% FY26 PRs remained unvested as at 30 June 2026.
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Directors’ Report Year ended 30 June 2026 17 F.4 - Remuneration Mix The chart below summarises the Executives’ remuneration mix for FY26 based on the maximum opportunity for Base pay (base salary and superannuation), STI and LTI . CEO 43% 43% 14% CIO 46% 27% 27% GCS 50% 25% 25% CFO 65% 19% 16% Base STI LTI G. PERFORMANCE AND EXECUTIVE INCENTIVE REMUNERATION OUTCOMES G.1 - Performance of Peet Limited The overall level of Executive compensation considers the performance of the Group. STI is based on an assessment of performance over a 12 -month period, while LTI is assessed over a three -year period. The high -level performance of the Group over the last four years is compared below: 2023 2024 2025 2026 Net profit after tax (NPAT) $'000 70,143 36,550 58,467 103,395 NPAT grow th Grow th% 34.1% (47.9%) 60.0% 76.8% Net operating profit after tax (NOPAT) $'000 70,143 36,550 58,467 103,395 NOPAT grow th Grow th% 34.1% (47.9%) 60.0% 76.8% Basic EPS cents per share 14.79 7.77 12.48 22.09 Basic EPS grow th Grow th% 36.6% (47.5%) 60.6% 77.0% Operating EPS cents per share 14.79 7.77 12.48 22.09 Operating EPS grow th Grow th% 36.6% (47.5%) 60.6% 77.0% Dividends paid/payable cents per share 7.5 4.25 7.75 13.00 Share price 30 June $ 1.24 1.21 1.7 1.77 Share price grow th Grow th% 31.9% (2.4%) 40.5% 4.1% G.2 - STI Outcomes for FY26 For FY26, the CEO was assessed to be entitled to 100% of his STI as detailed below: Category KPI and outcome Weighting FY26 Result Financial Operating NPAT target. 73.0% 87.6% Strategic Complete Strategic Review. 18.0% 18.0% Customer Annual Average Overall Customer Experience score of >85%. 3.0% 3.0% Health, Safety & Environment All scheduled project site inspections to be undertaken during FY26. 3.0% 3.0% Achieve an annual average score of at least 90% across the inspections conducted during FY26. 3.0% 3.0% 100.0% 114.6% Less excess over 100% (14.6%) 100.0%
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Directors’ Report Year ended 30 June 2026 18 Operating NPAT performance matrix for FY26 Target result Result (% of target) % of Finance KPI $65.0m 105% 120% $64.0m 103% 110% $62.0m 100% 100% $60.0m 97% 80% $58.6m 95% 70% Notes: 1. Over achievement can only be used to compensate for under achievement on non-financial categories up to a total of 100%. 2. Pro-rata between thresholds. 3. Committee and Board have discretion in applying threshold limits. For FY26, the Operating NPAT target was $62.0 million, which was set following consideration of the business plan for the three years’ ending 30 June 2028. Operating NPAT achieved for FY26 was $103.4 million, which equates to more than 160% of the target, resulting in up to 120% of the CEO’s Finance KPI being awarded. For FY26, the KPIs for other Executives were determined by the CEO, based on the CEO’s Balanced Scorecard. The other Executives were assessed to have been eligible for 100% of their maximum STI entitlement. Refer to the tables on pages 20 and 21 for details of KMPs’ STI outcomes for FY26 and FY25. G.3 - LTI Outcomes for FY26 FY23 PRs vested in FY26 Following the assessment of relevant KPIs for the FY23 PRs (performance period ended 30 June 2025) during FY26, the PCRC and Board approved a total of 100% vesting for Executive KMP in accordance with the PPRP. The following outlines the assessment outcomes for the FY23 PRs. Of the FY23 PRs subject to EPS growth, the proportion that could have vested during FY26 is as follows: Performance level Proportion of PRs that may be eligible to vest Less than 67% of the EPS growth target 0% 67% of the EPS growth target 50% 67% to 100% of the EPS growth target Pro-rata between 50% and 80% 100% to 133% of the EPS growth target Pro-rata between 80% and 100% 133% to 158% of the EPS growth target Pro-rata between 100% and 133% EPS growth of more than 133% of the EPS growth target is available to apply to any shortfall in the FUM growth targets, up to a maximum of 100% of the FY23 PRs granted. Of the FY23 PRs subject to FUM growth, the proportion that could have vested during FY26 is as follows: Performance level FUM growth target during performance period Proportion of PRs that may be eligible to vest Less than 100% target Less than $30 million 0% 100% of target $30 million 50% 100%-167% of target $30 million to $50 million Pro-rata between 50% and 70% 167%-200% of target $50 million to $60 million Pro-rata between 70% and 100% Greater than 200% of target Greater than $60 million 100%
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Directors’ Report Year ended 30 June 2026 19 FY23 PRs KPIs and Outcomes KPI Weighting Target range Achieved Performance outcome Vesting outcome EPS growth 75% 4.00% to 9.48% 16.60% 133.33% FUM growth 25% $30m to $60m $39.50m 14.87% Total 148.20% Less excess (> than 100%) (48.20%) Vesting outcome 100.00%
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Directors’ Report Year ended 30 June 2026 20 H. TOTAL REMUNERATION OUTCOMES Details of the statutory and cash value of remuneration of each member of the KMP of the Group are set out in the tables following. The statutory disclosures required by the Corporations Act 2001 (Cth), as amended and its regulations are set out in the table on page 21. The Company believes that the additional information provided in the table below is useful to investors. The table below sets out the total cash value of remuneration realised for the KMP and provides shareholders with details of the “take-home” pay received/ receivable during the year. These earnings include cash salary and fees, bonus, superannuation, non -cash benefits received/ receivable during the year and the value of sha res issued to, or acquired on behalf of, KMP following the exercise of vested PRs during the financial year. The table does not include the accounting value of share-based payments consisting of PRs granted in the current and prior years required for statutory purposes. This is because those share-based payments are dependent on the achievement of performance hurdles and so may or may not be realised. H.1 – Cash Value of Remuneration Realised for KMP for FY26 and FY25 Cash salary and fees 1 Bonus2 Value PRs exercised 3 Other 4 Superannuation Termination Benefit Total $ $ $ $ $ $ $ Non-executive Directors G J Wall5 2026 215,088 - - - 25,811 - 240,899 2025 177,198 - - - 20,378 - 197,576 T J Allen6 2026 17,156 - - - 2,059 - 19,215 2025 120,630 - - - 13,872 - 134,502 A J Lennon 2026 157,770 - - - 11,732 - 169,502 2025 158,208 - - - 11,294 - 169,502 M R Kennedy 2026 134,228 - - - 16,107 - 150,335 2025 120,630 - - - 13,872 - 134,502 M P Tierney 2026 97,770 - - - 11,732 - 109,502 2025 98,208 - - - 11,294 - 109,502 Total 2026 622,012 - - - 67,441 - 689,453 2025 674,874 - - - 70,710 - 745,584 Executive Director and other KMP B C Fullarton 2026 742,083 750,000 518,725 - 30,000 - 2,040,808 2025 455,000 242,500 774,349 - 30,000 - 1,501,849 P J Dumas 2026 455,000 291,000 978,924 - 30,000 - 1,754,924 2025 455,068 247,350 761,626 - 29,932 - 1,493,976 D Scafetta 2026 320,000 175,000 1,198,570 - 30,000 - 1,723,570 2025 320,068 175,000 - - 29,932 - 525,000 M J Winkw orth7 2026 320,000 100,000 181,952 - 30,000 - 631,952 M J Winkworth 2025 - - - - - - - A K Gallagher8 2026 165,000 - 667,550 104,133 17,500 237,981 1,192,164 2025 495,068 262,500 539,850 - 29,932 - 1,327,350 B D Gore9 2026 - - - - - - - 2025 978,603 1,008,535 - 584,187 29,932 504,268 3,105,525 Total 2026 2,002,083 1,316,000 3,545,721 104,133 137,500 237,981 7,343,418 2025 2,703,807 1,935,885 2,075,825 584,187 149,728 504,268 7,953,700 1. Cash salary (including taken annual leave) and fees, as well as fees paid to Directors for chairmanship of Committees and for their directorship on Syndic ate Boards. 2. All cash bonuses are earned in the financial year to which they relate and are paid during the following financial year. 3. Amount paid by the Company to settle the PRs exercised during FY26 and FY25 (as applicable). The Company purchased ordinary shares in the Company on - market on behalf of KMP. 4. ‘Other’ includes motor vehicle costs, car-parking and leave benefits paid on termination. 5. Appointed as Chairman on 30 October 2024. 6. Retired on 21 August 2025. 7. Became a KMP from 1 July 2025. The value of PRs exercised is related to PRs granted and vested before Mr Winkworth became a KMP. 8. Ceased employment on 31 October 2025. 9. Ceased employment on 1 July 2025.
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Directors’ Report Year ended 30 June 2026 21 H.2 - Statutory Remuneration for KMP for FY26 and FY25 The table below is calculated in accordance with statutory obligations and Australian Accounting Standards. The amounts in th e Share-based payments column relate to the component of the fair value of awards from the current year and prior years made under the various incentive plans attributable to the year measured in accordance with AASB 2 Share-based Payments. Post- employment benefits Share-based payments Cash salary and fees 1 Bonus2 Other 3 Superannuation Shares/Options/ Performance Rights4 Termination benefits Total $ $ $ $ $ $ $ Non-executive Directors G J Wall5 2026 215,088 - - 25,811 - - 240,899 2025 177,198 - - 20,378 - - 197,576 T J Allen6 2026 17,156 - - 2,059 - - 19,215 2025 120,630 - - 13,872 - - 134,502 A J Lennon 2026 157,770 - - 11,732 - - 169,502 2025 158,208 - - 11,294 - - 169,502 M R Kennedy 2026 134,228 - - 16,107 - - 150,335 2025 120,630 - - 13,872 - - 134,502 M P Tierney 2026 97,770 - - 11,732 - - 109,502 2025 98,208 - - 11,294 - - 109,502 Total 2026 622,012 - - 67,441 - - 689,453 2025 674,874 - - 70,710 - - 745,584 Executive Director and other KMP B C Fullarton 2026 742,083 750,000 - 30,000 283,217 - 1,805,300 2025 455,000 242,500 - 30,000 279,635 - 1,007,135 P J Dumas 2026 455,000 291,000 - 30,000 336,369 - 1,112,369 2025 455,068 247,350 - 29,932 335,562 - 1,067,912 D Scafetta 2026 320,000 175,000 - 30,000 202,284 - 727,284 2025 320,068 175,000 - 29,932 201,799 - 726,799 M J Winkw orth7 2026 320,000 100,000 - 30,000 97,426 - 547,426 2025 - - - - - - - A K Gallagher8 2026 165,000 - 104,133 17,500 100,691 237,981 625,305 2025 495,068 262,500 - 29,932 363,238 - 1,150,738 B D Gore9 2026 - - - - - - - 2025 978,603 1,008,535 10,000 29,932 1,819,305 504,268 4,350,643 Total 2026 2,002,083 1,316,000 104,133 137,500 1,019,988 237,981 4,817,684 2025 2,703,807 1,935,885 10,000 149,728 2,999,539 504,268 8,303,227 Short-term benefits 1. Cash salary (including taken annual leave) and fees, as well as fees paid to Directors for chairmanship of Committees and for their directorship on Syndic ate Boards. 2. All cash bonuses are earned in the financial year to which they relate and are paid during the following financial year. 3. ‘Other’ includes motor vehicle costs, car-parking and other benefits. 4. The value placed on options and performance rights in the table above is based on the valuation at the date of grant using a Black-Scholes model or Binomial Model, pro-rated over the period from grant date to vesting date. These do not represent the value of equity benefits that vested in favour of KMP during the year. 5. Appointed as Chairman on 30 October 2024. 6. Retired on 21 August 2025. 7. Became a KMP from 1 July 2025. The value of performance rights granted includes PRs granted before Mr Winkworth became a KMP. 8. Ceased employment on 31 October 2025. 9. Ceased employment on 1 July 2025.
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Directors’ Report Year ended 30 June 2026 22 The relative proportions of remuneration for the Executives that are linked to performance and those that are fixed based on the above table are as follows: 2026 2025 2026 2025 20261 20251 B C Fullarton 43% 48% 42% 24% 15% 28% P J Dumas 44% 45% 26% 23% 30% 32% D Scafetta 48% 48% 24% 24% 28% 28% M J Winkw orth2 64% - 18% - 18% - A K Gallagher3 84% 46% 0% 23% 16% 31% B D Gore4 - 35% - 23% - 42% Fixed remuneration At risk STI At risk LTI 1. Since LTI are provided exclusively by way of options and/or PRs, the percentages disclosed also reflect the value of remunera tion consisting of options a nd/or PRs based on the value of options and/or PRs expensed during the year. 2. Became a KMP from 1 July 2025. 3. Ceased employment on 31 October 2025. 4. Ceased employment on 1 July 2025. I. ADDITIONAL REMUNERATION DISCLOSURE I.1 - Option and performance rights holdings The number of options and PRs over unissued ordinary shares in the Company held during FY26 by the Executives of the Group, including their personally-related entities, is set out below. When exercisable, each option and PR is convertible into one ordinary share of Peet Limited. No Non-executive Director holds options or PRs. Balance at the start of the year Granted during the year Exercised during the year Lapsed/ forfeited during the year Net change other 1 Balance at end of the year Vested and exercisable at the end of the year B C Fullarton 793,293 175,439 (321,192) - - 647,540 - P J Dumas 1,159,808 204,211 (593,287) - - 770,732 - D Scafetta 1,076,011 122,807 (735,319) - - 463,499 - M J Winkw orth2 275,700 59,158 (111,627) - - 223,231 - A K Gallagher3 1,030,464 221,053 (417,219) (441,159) (393,139) - - B D Gore4 7,196,144 - - - (7,196,144) - - 1. Net change other reflects amount at date of ceasing employment 2. Became a KMP from 1 July 2025. The balance at the start of the year is PRs held before Mr Winkworth became a KMP. 3. Ceased employment on 31 October 2025 4. Ceased employment on 1 July 2025 In respect to the above Executives, during FY26, 2,803,064 PRs vested and 2,613,532 PRs were exercised. Refer to note 25 of the financial report for the total options and PRs outstanding.
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Directors’ Report Year ended 30 June 2026 23 The table below summarises the status of the Company’s PRs granted to KMP as at 30 June 2026 and provides further details of the KPIs attaching to the PRs. No options have been granted to the below KMP. Executives Grant value date Performance/ Service Period Expiry Exercise Value per option/ PR at Grant Date Vesting conditions Balance at start of the year Granted Exercised Lapsed/ forfeited Net change other 5 Balance at end of the year Vested and exercisable at end of the year Options B D Gore 30 November 2007 Up to 30 Nov 2011 1 July 2028 $4.10 $1.12 Time based 1,200,000 - - - (1,200,000) - - Performance Rights B D Gore 6 December 2019 3 yrs ended 30 Jun 2022 1 July 2027 $0.00 $1.04 EPS Grow th FUM Grow th 897,797 - - - (897,797) - - 16 December 2020 3 yrs ended 30 Jun 2023 1 July 2027 $0.00 $0.94 EPS Grow th FUM Grow th 1,129,615 - - - (1,129,615) - - 7 December 2021 3 yrs ended 30 Jun 2024 1 July 2027 $0.00 $0.99 EPS Grow th FUM Grow th 669,500 - - - (669,500) - - 20 December 2022 3 yrs ended 30 Jun 2025 1 July 2027 $0.00 $0.87 EPS Grow th FUM Grow th 1,335,808 - - - (1,335,808) - - 22 December 2023 3 yrs ended 30 Jun 2026 24 months after vesting $0.00 $1.02 EPS Grow th FUM Grow th 994,610 - - - (994,610) - - 29 November 2024 3 yrs ended 30 Jun 2027 24 months after vesting $0.00 $1.17 EPS Grow th FUM Grow th 645,876 - - - (645,876) - - Other Executives 6 December 2019 3 yrs ended 30 Jun 2022 6 December 2034 $0.00 $1.04 EPS Grow th FUM Grow th 167,625 - (167,625) - - - 16 December 2020 3 yrs ended 30 Jun 2023 16 December 2035 $0.00 $0.94 EPS Grow th FUM Grow th 210,906 - (210,906) - - - 7 December 2021 3 yrs ended 30 Jun 2024 7 December 2036 $0.00 $0.99 EPS Grow th FUM Grow th 332,857 - (332,857) - - - 20 December 2022 3 yrs ended 30 Jun 2025 20 December 2037 $0.00 $0.87 EPS Grow th FUM Grow th 1,467,256 - (1,467,256) - - - 22 December 2023 3 yrs ended 30 Jun 2026 22 December 2038 $0.00 $1.07 EPS Grow th1 FUM Grow th3 1,092,483 - - (60,404) (250,247) 781,832 - 29 November 2024 3 yrs ended 30 Jun 2027 29 November 2039 $0.00 $1.30 EPS Grow th2 FUM Grow th3 1,064,149 - - (159,702) (142,892) 761,555 - 6 October 2025 3 yrs ended 30 Jun 2028 6 October 2040 $0.00 $1.66 EPS Grow th4 FUM Grow th4 - 782,668 - (221,053) 561,615 - Total Performance Rights 10,008,482 782,668 (2,178,644) (441,159) (6,066,345) 2,105,002 Total Options and Performance Rights 11,208,482 782,668 (2,178,644) (441,159) (7,266,345) 2,105,002 -
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Directors’ Report Year ended 30 June 2026 24 Note 1 Of the FY24 PRs (performance period ended 30 June 2026) subject to EPS growth, the vesting conditions are as follows: Performance level Proportion of PRs that may be eligible to vest Less than 80% of the EPS growth target 0% 80% of the EPS growth target 75% 80% to 100% of the EPS growth target Pro-rata between 75% and 100% 100% to 120% of the EPS growth target Pro-rata between 100% and 133% Vesting of the EPS growth -related FY24 PRs requires an average EPS growth of between 4% and 6% per annum, with EPS growth of between 5% and 6% available to apply to any shortfall in the FY24 PRs’ FUM growth targets, up to a maximum of 100% of the FY24 PRs. Note 2 Of the FY25 PRs (performance period ending 30 June 2027) subject to EPS growth, the vesting conditions are as follows: Performance level Proportion of PRs that may be eligible to vest Less than 80% of the EPS growth target 0% 80% of the EPS growth target 75% 80% to 100% of the EPS growth target Pro-rata between 75% and 100% 100% to 120% of the EPS growth target Pro-rata between 100% and 133% Vesting of the EPS growth-related FY25 PRs requires average EPS growth of between 8% and 11% per annum, with EPS growth of between 10% and 11% available to apply to any shortfall in the FY25 PRs’ FUM growth targets, up to a maximum of 100% of the FY25 PRs. Note 3 Of the FY24 and FY25 PRs subject to FUM growth, the vesting conditions are as follows: Performance level FUM growth target during performance period Proportion of PRs that may be eligible to vest Less than 100% of target Less than $30 million 0% 100% of target $30 million 50% 100%-167% of target $30 million to $50 million Pro-rata between 50% and 70% 167%-200% of target $50 million to $60 million Pro-rata between 70% and 100% Greater than 200% of target Greater than $60 million 100% Note 4 Refer to Section F.3 for the vesting conditions applying to FY26 PRs (performance period ending 30 June 2028). Note 5 Net change other reflects amount at date of ceasing employment. I.2 - Details of remuneration: cash bonuses, options and PRs For each cash bonus, grant of options and/or PRs included in the tables within the remuneration report, the percentage of the available bonus or grant that was paid, or that vested and the percentage that was forfeited because the person did not meet the service and performance criteria, is set out below. Generally, no part of the bonuses forfeited is payable in future years. Su bject to the rules of the PESOP and PPRP no options or PRs will vest if the conditions are not satisfied, subject to the discretion of the Board (and ASX Listing Rules, as applicable) hence the minimum value of the option and PRs yet to vest is nil. The maximum value of the options and PRs yet to vest has been determined as the amount of the grant da te fair value of the options and PRs that is yet to be expensed. The table below excludes NEDs as their remuneration does not comprise STI or LTI.
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Directors’ Report Year ended 30 June 2026 25 Paid/ payable Forfeited/ deferred Financial year granted Vested 1 Forfeited 2 Financial years in which options/ PR may vest Maximum total value of grant yet to expense $ B C Fullarton 100% 0% 2026 - - 2028 193,985 2025 - - 2027 100,615 2024 100% - 2026 - 2023 100% - 2025 - 2022 75% 25% 2024 - P J Dumas 100% 0% 2026 - - 2028 225,799 2025 - - 2027 120,738 2024 100% - 2026 - 2023 100% - 2025 - 2022 75% 25% 2024 - D Scafetta 100% 0% 2026 - - 2028 135,789 2025 - - 2027 72,609 2024 100% - 2026 - 2023 100% - 2025 - 2022 75% 25% 2024 - M J Winkw orth 100% 0% 2026 - - 2028 65,412 2025 - - 2027 34,968 2024 - - 2026 - 2023 - - 2025 - 2022 - - 2024 - A K Gallagher 0% 100% 2026 - 100% 2028 - 2025 - 53% 2027 - 2024 81% 19% 2026 - 2023 100% - 2025 - 2022 75% 25% 2024 - Cash Bonus Performance Right 1. Includes performance rights for which performance conditions were met for the performance period and confirmed by the Directo rs after balance date. 2. Includes performance rights for which performance conditions were not met for the performance period. Further details relating to options and/or PRs, either granted, exercised or lapsed during the year, are set out below. The amounts below are calculated in accordance with Australian Accounting Standards. Please refer to previous pages of the Remuneration Report for commentary on vesting conditions met during the performance period ended 30 June 2026 (FY24 Performance Period). The table below excludes NEDs as their remuneration does not comprise options and/or PRs. Remuneration consisting of performance rights 1 Value of performance rights granted 2 $ Value of performance rights exercised 3 $ B C Fullarton 15% 290,978 518,725 P J Dumas 30% 338,698 978,924 D Scafetta 28% 203,684 1,198,570 M J Winkw orth 18% 98,118 181,952 A K Gallagher 16% 366,631 667,550 1. The percentage of the value of remuneration consisting of PRs, based on the value of PRs expensed during the current year. 2. The value at grant date calculated in accordance with AASB 2 Share-based payments of PRs granted during the year as part of remuneration. 3. The value at exercise date of PRs that were exercised during the year, being the intrinsic value of the options and/or PRs at that date. I.3 - Loans to directors and other key management personnel There were no loans made to KMP, or their personally-related entities, during the financial year.
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Directors’ Report Year ended 30 June 2026 26 I.4 - Interests in the shares and bonds of the Company Shares Bonds Balance at the start of the year Received during the year on exercise of PRs Other changes during the year1 Balance at the end of the year Balance at the start of the year Other changes during the year Balance at the end of the year Non-executive Directors G Wall 50,000 - - 50,000 - - T J Allen2 160,318 - (160,318) - 2,000 (2,000) - A J Lennon 1,391,473 - - 1,391,473 - - - M Kennedy 20,000 - - 20,000 - - - M Tierney 40,000 - - 40,000 - - - Executives B C Fullarton 1,091,514 321,192 - 1,412,706 - - - P J Dumas 2,117,325 593,287 - 2,710,612 - - - D Scafetta 1,020,000 735,319 (79,333) 1,675,986 - - - M J Winkworth3 - 111,627 (61,627) 50,000 - - A K Gallagher4 843,272 417,219 (1,260,491) - - - - B D Gore5 6,243,704 - (6,243,704) - - - 1. Reflects shares/bonds sold during the year and/or amounts at date of ceasing employment or retirement, as applicable. 2. Retired on 21 August 2025. 3. Became a KMP from 1 July 2025. Shares received and other changes during the year are related to PRs vested before Mr Winkwor th became a KMP. 4. Ceased employment on 31 October 2025. 5. Ceased employment on 1 July 2025. End of Remuneration report (audited)
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Directors’ Report Year ended 30 June 2026 27 14. Indemnity of officers and auditors During the financial year, the Company paid a premium in respect of a Directors’ and Officers’ insurance policy that insures Directors and Officers of the Company. The liabilities insured are costs and expenses that may be incurred in defending civil or criminal proceedings that may be brought against the Directors and Officers in their capacity as such. The Directors have not included more specific details of the nature of the liabilities covered or the amount of the premium paid in respect of Direc tors’ and Officers’ liability, as such disclosure is prohibited under the terms of the contract. To the extent permitted by law, the Company has agreed to indemnify its auditors, Ernst & Young Australia, as part of the ter ms of its audit engagement agreement against claims by third parties arising from the audit (for an unspecified amount). The indemnity does not apply to any loss in respect of any matters which are finally determined to have resulted from the auditors’ neglige nt, wrongful or willful acts or omissions. No payment has been made to indemnify the auditors during or since the financial year. 15. Non-audit services The Company may decide to employ the auditor on assignments additional to their statutory audit duties where the auditor’s expertise and experience with the Company and/or the Group are considered important. The Board of Directors has considered the position and, in accordance with the advice received from the Audit and Risk Management Committee, is satisfied that the provision of the non -audit services is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001. The Directors are satisfied that the provision of non -audit services by the auditor did not compromise the auditor independence requirements of the Corporations Act 2001 for the following reasons: • all non-audit services have been reviewed by the Audit and Risk Management Committee to ensure they do not impact the impartiality and objectivity of the auditor; and • none of the services undermine the general principles relating to auditor independence as set out in APES 110 Code of Ethics for Professional Accountants. The fees that were paid or payable for services provided by the auditors of the Group, its related practices and non -related audit firms is set out in note 22 of the Financial Report. 16. Auditor’s independence declaration A copy of the auditor’s independence declaration, as required under section 307C of the Corporation Act 2001, is set out on page 28. 17. Rounding of amounts The Company is of a kind referred to in ASIC Corporations Instrument 2016/191 , issued by the Australian Securities and Investments Commission, relating to the “rounding off” of amounts in the Director’s Report. Amounts in the Director’s Report have been rounded off in accordance with that legislative instrument to the nearest thousand dollars, or in certain cases, the nearest dollar. Signed for and on behalf of the Board in accordance with a resolution of the Board of Directors. Greg Wall AM Independent Non-executive Chairman Perth, Western Australia 24 August 2026
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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 Peet Limited As lead auditor for the audit of the financial report of Peet 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 Peet Limited and the entities it controlled during the financial year. Ernst & Young Gavin Buckingham Partner 24 August 2026 2 8
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Corporate Governance Statement Year ended 30 June 2026 29 A copy of the Group’s corporate governance policies and practices in place during the financial year ended 30 June 2026 is available at the following link: www.peet.com.au/about-us/corporate-governance Unless otherwise stated, these are consistent with the 4th edition of the ASX Corporate Governance Council’s Principles and Recommendations.
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Financial Report Year ended 30 June 2026 30 Consolidated Statement of Profit or Loss and Other Comprehensive Income 31 Consolidated Balance Sheet 32 Consolidated Statement of Changes in Equity 33 Consolidated Statement of Cash Flows 34 Notes to the Consolidated Financial Statements 35 This financial report covers the consolidated financial statements for the Group consisting of Peet Limited and its subsidiar ies. The financial report is presented in Australian dollars. Peet Limited is a for profit company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is Level 7, 200 St Georges Terrace, Perth WA 60 00. The financial report was authorised for issue by the Directors on 24 August 2026. The Directors have the power to amend and reissue the financial report. Through the use of the internet, we have ensured that our corporate reporting is timely and complete. All press releases, financial reports and other information are accessible via our website; www.peet.com.au
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Consolidated Statement of Profit or Loss and Other Comprehensive Income For the year ended 30 June 2026 31 June June 2026 2025 Notes $'000 $'000 Revenue 5 419,128 414,785 Expenses 6 (305,253) (355,595) Finance costs (net of capitalised borrow ing costs) 6 (3,620) (5,548) Share of net profit of associates and joint ventures 31,143 22,494 Profit before income tax 141,398 76,136 Income tax expense 8 (35,941) (17,271) Profit for the year 105,457 58,865 Attributable to: Ow ners of Peet Limited 103,395 58,467 Non-controlling interests 2,062 398 Profit for the year 105,457 58,865 Total comprehensive income for the year 105,457 58,865 Notes Cents Cents Basic and diluted earnings per share 7 22.09 12.48 Earnings per share for profit attributable to the ordinary equity holders of the Company The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the acco mpanying notes.
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Consolidated Balance Sheet As at 30 June 2026 32 June June 2026 2025 Notes $000 $000 Current assets Cash and cash equivalents 14,536 47,310 Receivables 11 16,456 16,164 Contract assets 12 23,072 12,981 Inventories 9 213,265 161,272 Total current assets 267,329 237,727 Non-current assets Receivables 11 50,920 43,430 Inventories 9 533,939 595,862 Investments accounted for using the equity method 10 202,512 198,189 Property, plant and equipment 2,760 3,500 Right-of-use assets 2,954 3,208 Intangible assets 407 415 Total non-current assets 793,492 844,604 Total assets 1,060,821 1,082,331 Current liabilities Payables 13 42,259 52,430 Land vendor liabilities 14 11,235 5,671 Borrow ings 17 7,445 - Lease liabilities 17 1,249 1,159 Other financial liabilities 10 2,417 6,988 Current tax liabilities 5,481 6,699 Provisions 15 34,155 35,263 Total current liabilities 104,241 108,210 Non-current liabilities Land vendor liabilities 14 47,755 36,424 Borrow ings 17 207,703 289,743 Lease liabilities 17 2,230 2,722 Deferred tax liabilities 8 26,431 23,814 Provisions 15 128 669 Total non-current liabilities 284,247 353,372 Total liabilities 388,488 461,582 Net assets 672,333 620,749 Equity Contributed equity 18 362,577 362,577 Reserves 18 (5,423) (7,067) Retained profits 293,664 244,107 Capital and reserves attributable to owners of Peet Limited 650,818 599,617 Non-controlling interest 24 21,515 21,132 Total equity 672,333 620,749 The above consolidated balance sheet should be read in conjunction with the accompanying notes.
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Consolidated Statement of Changes in Equity For the year ended 30 June 2026 33 Notes $’000 $’000 $’000 $’000 $’000 $’000 Balance at 1 July 2024 363,594 (734) 211,403 574,263 20,734 594,997 Profit for the year - - 58,467 58,467 398 58,865 Total comprehensive income for the year - - 58,467 58,467 398 58,865 Share buyback, including transaction costs (1,017) - - (1,017) - (1,017) Share-based payments - 3,508 - 3,508 - 3,508 Buyback on vesting of performance rights 18 - (9,841) - (9,841) - (9,841) Dividends paid 19 - - (25,763) (25,763) - (25,763) Balance at 30 June 2025 362,577 (7,067) 244,107 599,617 21,132 620,749 Balance at 1 July 2025 362,577 (7,067) 244,107 599,617 21,132 620,749 Profit for the year - - 103,395 103,395 2,062 105,457 Total comprehensive income for the year - - 103,395 103,395 2,062 105,457 Share-based payments - 1,821 - 1,821 - 1,821 Buyback on vesting of performance rights 18 - (177) - (177) - (177) Transactions w ith non controlling interests - - - - (1,679) (1,679) Dividends paid 19 - - (53,838) (53,838) - (53,838) Balance at 30 June 2026 362,577 (5,423) 293,664 650,818 21,515 672,333 Retained profits Total equity Contributed equity Reserves Total Non- controlling interest The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
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Consolidated Statement of Cash Flows For the year ended 30 June 2026 34 June June 2026 2025 Notes $’000 $’000 Cash flows from operating activities Receipts from customers (inclusive of GST) 425,070 440,580 Payments to suppliers and employees (inclusive of GST) (293,068) (294,781) Payments for purchase of land (8,519) (10,329) Interest and other finance costs paid (24,058) (30,624) Distributions and dividends received from associates and joint ventures 33,385 13,586 Interest received 822 824 Income tax paid (34,363) (12,126) Net cash inflow from operating activities 20 99,269 107,130 Cash flows from investing activities Payments for property, plant and equipment (501) (807) Payments for investment in associates and joint ventures (1,800) (2,750) Payment for acquisition of Peet Flagstone City Pty Ltd - (13,845) Proceeds from capital returns from associates and joint ventures 3,823 10,798 Loans to associates and joint ventures (34,950) (215) Repayment of loans by associates and joint ventures 33,357 9,635 Net cash (outflow) / inflow from investing activities (71) 2,816 Cash flows from financing activities Dividends paid (53,838) (25,763) Repayment of borrow ings (201,860) (148,776) Proceeds from borrow ings 201,784 99,905 Repayment of Peet bonds (75,000) - Share buyback on vesting of performance rights (including transaction costs) (177) (9,841) Share buyback (including transaction costs) - (1,017) Payment of principal portion of lease liabilities (1,202) (902) Capital return paid to non-controlling interests (1,679) - Net cash outflow from financing activities (131,972) (86,394) Net (decrease) / increase in cash and cash equivalents (32,774) 23,552 Cash and cash equivalents at the beginning of the year 47,310 23,758 Cash and cash equivalents at the end of the year 14,536 47,310 The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
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Notes to the Consolidated Financial Statements For the year ended 30 June 2026 35 CONTENTS Basis of reporting 1. Reporting entity 36 2. Basis of preparation 36 3. How to read the financial report 37 Performance for the year 4. Segment information 38 5. Revenue 40 6. Expenses 41 7. Earnings per share 41 8. Taxes 42 Operating assets and liabilities 9. Inventories 44 10. Investments accounted for using the equity method 45 11. Receivables 47 12. Contract assets 47 13. Payables 48 14. Land vendor liabilities 48 15. Provisions 48 16. Interests in joint operations 49 Capital management 17. Financial liabilities 50 18. Contributed equity and reserves 53 19. Dividends 54 20. Reconciliation of profit / (loss) after income tax to net cash outflow from operating activities 54 21. Fair value measurement 55 Other notes 22. Remuneration of auditors 56 23. Contingencies and commitments 56 24. Parent entity financial information and subsidiaries 57 25. Share-based payments 59 26. Matters subsequent to the end of the financial year 61 27. Other material accounting policies 62
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Notes to the Consolidated Financial Statements Year ended 30 June 2026 36 Basis of reporting This section of the financial report sets out the basis of preparation of the consolidated financial statements. Where an accounting policy is specific to one note, the policy is described in the note to which it relates. 1. Reporting entity This financial report covers the consolidated financial statements for the Consolidated Entity consisting of Peet Limited and its subsidiaries (Group). The Financial Report is presented in the Australian currency. Peet Limited is a company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is; Level 7, 200 St Georges Terrace, Perth WA 6000. The nature of the opera tions and principal activities of the Group are described in the Directors’ Report. Peet Limited is a for - profit entity. 2. Basis of preparation The Financial Report is a general purpose financial report which: - has been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board and the Corporations Act 2001; - complies with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB); - has been prepared under the historical cost convention, except for some financial assets and liabilities which have been measured at fair value; - provides comparative information for the previous period, where appropriate, with prior year amounts reclassified for consistency with the current year’s presentation; and - is rounded off to the nearest thousand dollars or in certain cases to the nearest dollar in accordance with ASIC Corporations Instrument 2016/191. a. Principles of consolidation The consolidated financial statements comprise the financial statements of the Group and the entities it controlled at the end of, or during the year ended 30 June 20 26. The Group controls an investee if and only if the Group has: - power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee); - exposure, or rights, to variable returns from its involvement with the investee; and - the ability to use its power over the investee to affect its returns. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of comprehensive income from the date the Group gains control until the date the Group ceases to control the subsidiary. Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non -controlling interests, even if this results in the non-controlling interests having a deficit balance. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. b. Associates Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. In the case of syndicates, significant influence can exist with a lower shareholding by virtue of the Group’s position as project manager. Investments in associates are accounted for using the equity method of accounting. The Group’s share of its associates’ post-acquisition profits or losses are recognised in the consolidated statement of profit or loss, and its share of post-acquisition other comprehensive income is recognised in other comprehensive income. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. Dividends received from associates are recognised as a reduction in the carrying amount of the investment. When the Group’s share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured long -term receivables, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associate. Unrealised gains on transactions between the Group and its associates are eliminated to the extent of the Group’s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. c. Investments in joint arrangements Joint arrangements are arrangements of which two or more parties have joint control. Joint control is the contractual agreed sharing of control which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. Joint arrangements are classified as either a joint operation or joint venture, based on the rights and obligations arising from the contractual obligations between the parties to the arrangement. To the extent the joint arrangement provides the Group with rights to the individual assets and obligations arising from the joint arrangement, the arrangement is classified as a joint operation and as such, the Group recognises its: - assets, including its share of any assets held jointly; - liabilities, including its share of any liabilities incurred jointly;
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Notes to the Consolidated Financial Statements Year ended 30 June 2026 37 - share of revenue from the sale of the output by the joint operation; and expenses, including its share of any expenses incurred jointly. To the extent the joint arrangement provides the Group with rights to the net assets of the arrangement, the investment is classified as a joint venture and accounted for using the equity method. Under the equity method, the cost of the investment is adjus ted by the post -acquisition changes in the Group’s share of the net assets of the venture. d. Changes in ownership interests The Group treats transactions with non -controlling interests that do not result in a gain or loss of control as transactions with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non -controlling interests to reflect their relative interests in the subsidiary. A ny difference between the amount of the adjustment to non -controlling interests and any consideration paid or received is recognised in a separate reserve within equity attributable to owners of Peet Limited. e. Changes in accounting policies The accounting policies adopted in the preparation of the financial report are consistent with those followed in the preparation of the Group’s annual financial statements for the year ended 30 June 2025, except for changes arising from the adoption of new and amended accounting standards and interpretations effective as at 1 July 2025. Several other amendments and interpretations apply for the first time on 1 July 2025, but do not have a material impact on the Group. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. 3. How to read the financial report The notes to the financial statements are set out in four specific sections: - Performance for the year - Operating assets and liabilities - Capital management - Other notes Where an accounting policy is specific to one note, the policy is described in the note to which it relates. Key estimates are described in the following notes: - Note 5 - constraints on project management & selling fees and estimates on percentage completion - Note 9 - net realisable value - Note 11 - ECL allowance - Note 15 – provision for development costs to complete - Note 21 - fair value estimation Financial risks and its management are detailed in the respective notes it pertains to. The Group’s activities expose it to financial risks including (note 17): - liquidity risk - credit risk; and - interest rate risk. Related party transactions are disclosed within the notes they relate to. Transactions which occur between the Group and significant controlled entities are classified as related party transactions. Significant controlled entities are interests held in associates and joint ventures, which are set out in note 10. Details relating to the key management personnel, including remuneration paid, are set out in note 6.
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Notes to the Consolidated Financial Statements Year ended 30 June 2026 38 Performance for the year This section focuses on the results and performance of the Group. 4. Segment information Operating segments are reported in a manner that is consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the oper ating segments, has been identified as the executive management group. The executive management group assesses the performance of the operating segments based on multiple measures including earnings before interest (including interest and finance charges amortised through cost of sales) , tax, depreciation and amortisation (EBITDA), earnings before interest (including interest and finance charges amortised through cost of sales) and tax (EBIT) and profit after tax. The share of profits from associates and joint ventures is included as segment revenue as it is treated as revenue for internal reporting purposes. The Group operates only in Australia. The executive management group considers the business to have the following reportable business segments: Funds management Peet enters into asset and funds management agreements with external capital providers. Peet and/or the external capital provider commit equity funds towards the acquisition of land and this is generally supplemented with debt funds either at the time of acquisition or during the development phase of a project. The Group derives fees from underwriting, capital raising and asset identification services. Ongoing project related fees (mainly project management and selling fees as well as performance fees) are then derived by the Group for the duration of a particular project. Company-owned projects The Group acquires parcels of land in Australia, primarily for residential development purposes. Certain land holdings will also produce non-residential blocks of land. Joint arrangements Joint arrangements are entered into with government, statutory authorities and private landowners . The form of these arrangements can vary from project to project but generally involves Peet undertaking the development of land on behalf of the landowner or in conjunction with the co-owner. The Group is typically entitled to ongoing fees for management of the development project and also a share of the profits. Inter-segment transfers and other unallocated Segment revenue, expenses and results include transfers between segments. Such transfers are based on an arm’s length basis and are eliminated on consolidation. Certain property syndicates are consolidated where the Group is considered to have control . These entities however, continue to be managed and reported to the executive management group as part of the funds management business segment. Adjustments are included in "Inter ‑ segment transfers and other unallocated" to reconcile reportable business segment information to the Group's consolidated statement of profit or loss.
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Notes to the Consolidated Financial Statements Year ended 30 June 2026 39 June June June June June June June June June June 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 Revenue by segment Sales to external parties 52,098 40,880 304,122 312,045 21,395 43,462 21,831 16,522 399,446 412,909 Interest and other income 19,076 447 1,348 1,193 826 194 (1,568) 42 19,682 1,876 Share of net profit/(loss) of associates and JVs 24,199 15,058 - - 10,431 8,222 (3,487) (786) 31,143 22,494 Total 95,373 56,385 305,470 313,238 32,652 51,878 16,776 15,778 450,271 437,279 Expenses (16,162) (13,665) (227,895) (252,408) (13,873) (32,720) (29,580) (32,955) (287,510) (331,748) EBITDA1 79,211 42,720 77,575 60,830 18,779 19,158 (12,804) (17,177) 162,761 105,531 Depreciation and amortisation (14) (50) (693) (853) (8) (7) (1,223) (1,501) (1,938) (2,411) Segment result (EBIT 2) 79,197 42,670 76,882 59,977 18,771 19,151 (14,027) (18,678) 160,823 103,120 Financing costs (includes interest and finance costs expensed through cost of sales) (19,425) (26,984) Profit before income tax 141,398 76,136 Income tax expense (35,941) (17,271) Profit after income tax 105,457 58,865 Profit attributable to non-controlling interests (2,062) (398) Profit attributable to owners of Peet Limited 103,395 58,467 Funds management Joint arrangements Inter-segment transfers and other unallocated Consolidated Company-owned projects 1. EBITDA (is a non-IFRS measure): Earnings Before Interest (including interest and finance charges amortised through cost of sales) , Tax, Depreciation and Amortisation. 2. EBIT (is non-IFRS measure): Earnings Before Interest (including interest and finance charges amortised through cost of sales) and Tax.
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Notes to the Consolidated Financial Statements Year ended 30 June 2026 40 5. Revenue 2026 2025 $’000 $’000 Revenue from contracts w ith customers - Sales of land and built form 340,395 364,470 - Project management and selling services 59,051 48,439 Interest income on loans to related parties 12,853 283 Other income 6,829 1,593 419,128 414,785 Recognition and measurement The main streams of revenue recognised by the Group relate to the sale of land and built form, and the provision of management and selling services. Revenue from contracts with customers is recognised when or as the Group transfers control of the goods and services to a customer at an amount that reflects the consideration to which the Group is expected to be entitled in exchange for those goods and services. Revenue is recognised when or as each performance obligation is satisfied at the amount of the transaction price allocated to that performance obligation. If the consideration in the contract i ncludes a variable amount, the Group estimates the amount of the consideration to which it is entitled in exchange for transferring the goods and services to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal of the amount of the cumulative revenue recognised will not occur when the associated uncertainty with the variable consideration is subsequently resolved. When a performance obligation is satisfied by transferring a promised good or service to the customer before the customer pays consideration or before payment is due, the Group presents the revenue as a contract asset, unless the Group’s rights to the amount of consideration are unconditional, in which case the Group recognises a receivable. The Group recognises contract fulfilment costs as an asset only if the costs relate directly to a contract, the costs generate or enhance resources of the Group that will be used to satisfy future performance obligations and the costs are expected to be recovered. If not capitalised, contract fulfilment costs are expensed as incurred. Sale of land and built form Revenue from the sale of land and built form is recognised on settlement of the sale. This represents the point when control (title) has passed to the customer. Project management Project management represents a single performance obligation that is satisfied over time for the oversight and management of the development. The consideration receivable under the contract allocated to project management is variable and is measured using an expected value approach subject to a constraint. The transaction price is based on the relative standalone selling price. Revenue is recognised using an output method based on development milestones reached. Payment is received on settlement. Selling services This service represents a performance obligation to facilitate the sale of an individual lot which is satisfied over the short period of time relating to the procedural steps of finalising the sale of the property to a purchaser. The consideration receivable under the contract allocated to selling services is considered to be variable consideration and is measured on a portfolio basis using an expected value approach subject to a constraint. The transaction price is based on the relative standalone selling price of the service . Payment is received on settlement. Revenue from related parties included above: 2026 2025 $’000 $’000 Revenue from related parties 1 Associates - Project management and selling services 48,162 36,526 - Administration services 995 975 - Interest income on loans 12,853 283 Joint arrangements - Project management and selling services 3,251 3,643 65,261 41,427 1. Refer to note 3 for how information on related party transactions is disclosed. KEY ESTIMATES Constraints on project management & selling fees An analysis of sales fall over rates and minimum selling prices is performed for all business segments by location. This analysis, on a portfolio basis, is used to determine an appropriate constraint for revenue recognised against project management and selling fees. Percentage completion An analysis of development milestones is performed to determine an appropriate percentage of completion for completed lots.
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Notes to the Consolidated Financial Statements Year ended 30 June 2026 41 6. Expenses 2026 2025 $’000 $’000 215,987 250,822 2,800 - 15,805 21,436 234,592 272,258 - Right-of-use assets 1,054 1,094 - Property, plant and equipment 869 1,149 15 168 1,938 2,411 32,639 32,960 18,304 24,284 17,780 23,682 68,723 80,926 305,253 355,595 - Bank borrow ings 11,819 19,747 - Land vendor liabilities 3,617 3,720 - Lease liabilities 297 347 11,634 14,070 (23,747) (32,336) 3,620 5,548 Profit before income tax includes the following specific expenses: Land and development costs Amortised interest and finance expense Amount capitalised Interest on corporate bonds Project management, selling and other operating costs Other expenses Interest and finance charges Total other expenses Total land and development cost Depreciation 1 Employee benefits expense Total depreciation and amortisation Net realisable value adjustments Total finance costs Amortisation Finance costs Total expenses 1. Refer to note 27 (b) and (c) for accounting policies. Related party expenses 2026 2025 $’000 $’000 Short-term employee benefits 4,044 6,162 Post-employment benefits 205 229 Termination benefits 238 504 Share-based payments 1,020 3,000 5,507 9,895 KMP remuneration 1 1. Refer to note 3 for information about related party transactions. Land and development costs Land and development costs represent the portion of the land and development costs associated with the lots sold during the year (cost of sales). Borrowing costs Borrowing costs incurred for the construction of any qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended use or sale. Other borrowing costs are expensed in the period they are incurred. The capitalisation rate used to determine the amount of finance costs to be capitalised is the weighted average interest rate applicable to the Group's outstanding borrowings during the year (refer note 17). 7. Earnings per share 2026 2025 103,395 58,467 468,158,956 468,375,044 22.09 12.48Basic and diluted earnings per share (cents) Profit attributable to the ordinary equity holders of the Company ($’000) Weighted average number of ordinary shares used as the denominator in calculating basic earnings per share There are 1,200,000 options excluded from the calculation of diluted earnings per share as they are anti-dilutive. They could potentially dilute basic earnings per share in the future. Refer to note 25 for the number of Performance Rights (PRs) outstanding at 30 June 20 26. These PRs are contingently issuable shares and accordingly not included in diluted earnings per share.
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Notes to the Consolidated Financial Statements Year ended 30 June 2026 42 8. Taxes a. Income tax expense 2026 2025 $’000 $’000 32,691 16,056 633 394 33,324 16,450 3,217 1,783 (600) (962) 2,617 821 35,941 17,271 2,447 (5,449) 170 6,270 2,617 821 Tax reconciliation Profit before income tax 141,398 76,136 Tax at Australian tax rate of 30% 42,419 22,841 Share of net profit of associates 2,453 (1,706) Employee benefits 367 (1,900) Franking credits (6,952) (1,446) (2,465) (351) Sundry items 86 402 Under / (over) provision in prior years 33 (569) 35,941 17,271 Increase in deferred tax liabilities Current income tax expense Current tax Adjustments for prior periods Deferred income tax expense Deferred tax Adjustments for prior periods Major components of tax expense Decrease / (increase) in deferred tax assets Deferred tax assets recognised Tax effect of amounts which are not assessable or deductible: Deferred income tax expense included in income tax expense comprises: Recognition and measurement Current taxes The income tax expense for the period is the tax payable on the current period’s taxable income based on the applicable income tax rate , adjusted by changes in deferred tax assets and liabilities attributable to temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Deferred taxes Deferred tax assets and liabilities are recognised for temporary differences at 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 for each jurisdiction by the end of the reporting period. The relevant tax rates are applied to the amounts of deductible and taxable temporary differences to measure the deferred tax asset or liability. An exception is made for certain temporary differences arising from the initial recognition of an asset or a liability. No deferred tax asset or liability is recognised in relation t o these temporary differences if they arise in a transaction other than a business combination that at the time of the transaction did not affect either accounting profit or taxable profit or loss. 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. Current and deferred tax is recognised in profit or 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.
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Notes to the Consolidated Financial Statements Year ended 30 June 2026 43 b. Deferred tax assets Inventory Receivables Tax losses Other Total $’000 $’000 $’000 $’000 $’000 $’000 At 1 July 2024 1,434 13,684 7,054 839 925 23,936 Credited/(charged): - to profit or loss 3,667 530 (395) 50 1,597 5,449 Total deferred tax assets 5,101 14,214 6,659 889 2,522 29,385 Set off against deferred tax liabilities pursuant to set off provisions (29,385) At 30 June 2025 - At 1 July 2025 5,101 14,214 6,659 889 2,522 29,385 Credited/(charged): - to profit or loss 1,984 (4,718) (1,407) (301) 1,996 (2,446) Total deferred tax assets 7,085 9,496 5,252 588 4,518 26,939 Set off against deferred tax liabilities pursuant to set off provisions (26,939) At 30 June 2026 - Property, plant and equipment (including leases) c. Deferred tax liabilities Finance charges Accrued income Share of joint arrangem ents Total Movements $’000 $’000 $’000 $’000 At 1 July 2024 41,007 (1,103) 7,025 46,929 Charged/(credited): - to profit or loss 4,039 2,005 226 6,270 Total deferred tax liabilities 45,046 902 7,251 53,199 (29,385) At 30 June 2025 23,814 At 1 July 2025 45,046 902 7,251 53,199 Charged/(credited): - to profit or loss (3,811) 4,064 (82) 171 Total deferred tax liabilities 41,235 4,966 7,169 53,370 (26,939) At 30 June 2026 26,431 Set off against deferred tax liabilities pursuant to set off provisions Set off against deferred tax liabilities pursuant to set off provisions
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Notes to the Consolidated Financial Statements Year ended 30 June 2026 44 Operating assets and liabilities This section shows the assets used to generate the Group’s trading performance and the liabilities incurred as a result. Liabilities relating to the Group’s financing activities are addressed in the capital management section. 9. Inventories 2026 2025 $’000 $’000 Cost of acquisition 431,596 439,780 Capitalised development costs 214,551 219,313 Capitalised finance costs 124,927 122,944 Total inventory at cost 771,074 782,037 (23,870) (24,903) Total inventory 747,204 757,134 Current 213,265 161,272 Non-current 533,939 595,862 Total inventory 747,204 757,134 Provision for w rite-dow ns to net realisable value 1 1. The write -downs are from several non -core projects that are to be divested. The estimated net realisable values used to calculate the write- down provisions are based on the latest valuations and management’s assessment of the market for each project. Recognition and measurement Land held for development and resale is stated at the lower of cost and net realisable value. Cost includes the cost of acquisition, development and borrowing costs during development. When development is completed , borrowing costs and other holding charges are expensed as incurred. Land is initially classified as non-current. It is subsequently reclassified to current if the development/subdivided lots are expected to be sold within the next 12 months. 10. Investments accounted for using the equity method Investments in associates and joint ventures are accounted for using the equity method of accounting. a. Movements in carrying amounts of investments in associates and joint ventures 2026 2025 $’000 $’000 Carrying amount at 1 July 198,189 194,896 Acquisitions 1,800 3,250 Dividends (33,385) (13,586) Capital returns (3,823) (10,798) Share of profit after income tax 31,143 22,494 8,588 1,933 Carrying amount at 30 June 202,512 198,189 Other1 1. This includes movements in fair value adjustments on loans to associates and joint ventures. KEY ESTIMATES Net realisable value The Group is required to carry inventory at lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. Estimates of net realisable value are based on the most reliable evidence available at the time the estimates are made, of the amount the inventories are expected to realise and the estimate of costs to complete. The key assumptions require the use of management judgement and are reviewed annually.
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Notes to the Consolidated Financial Statements Year ended 30 June 2026 45 10. Investments accounted for using the equity method (continued) The Group assesses at each balance date, the carrying value of investments in associates and joint ventures to ensure the ass ets are not impaired. b. Investments in associates and joint ventures (JVs) including summarised financial information Ownership Current assets Non-current assets Current liabilities Non-current liabilities Net assets Carrying value of interest in associate or joint venture Revenue Net profit/ (loss) after tax Share of profit/(loss)* As at 30 June 2026 % $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 Associates Peet Alkimos Pty Limited, WA 45 40,736 163,763 7,706 4,000 192,793 84,678 80,316 2,639 1,176 Peet 2018. No1 Pty Ltd, WA 20 27,688 31,770 4,396 40,071 14,992 4,577 68,127 9,127 3,412 Peet Caboolture Syndicate Limited, QLD 20 40,438 511 7,989 1,582 31,378 5,499 31,329 3,674 735 Peet Werribee Land Syndicate, VIC 17 22,314 600 3,065 - 19,849 3,406 2,919 1,437 247 Joint Ventures** Peet No.1895 Pty Limited, VIC 50 37,087 98,047 4,571 76,665 53,898 19,243 28,541 4,122 3,179 Peet Golden Bay Pty Limited, WA 50 10,102 627 4,926 - 5,803 2,902 23,801 6,964 3,470 Peet Mt Barker Pty Limited, SA 50 12,140 502 7,085 - 5,557 2,778 23,271 3,552 1,770 Googong Tow nship Unit Trust, NSW 50 24,262 111,687 4,165 18,999 112,785 56,392 70,381 20,921 10,431 Peet Brabham Pty Ltd, WA 50 39,714 12,886 9,388 38,498 4,714 4,656 12,884 1,213 2,905 Peet Palmview Pty Ltd 50 3,665 61,546 117 46,278 18,816 11,128 112 (102) (73) Peet 2021 No. 1 Pty Ltd 50 29,335 16,447 429 39,652 5,700 2,595 3,846 311 347 Peet OH Pty Ltd 50 6,504 24,394 319 22,757 7,822 4,533 37 (354) (244) Other associates and JVs 125 3,788 Total 202,512 31,143 As at 30 June 2025 Associates Peet Alkimos Pty Limited, WA 45 31,496 219,791 9,120 52,031 190,136 84,714 57,361 2,566 1,143 Peet 2018. No1 Pty Ltd, WA 20 31,983 50,461 21,258 56,004 5,183 1,165 32,337 1,148 372 Peet Caboolture Syndicate Limited, QLD 20 30,757 10,047 10,981 2,119 27,704 5,614 15,765 757 151 Peet Werribee Land Syndicate, VIC 17 25,468 2,652 4,631 77 23,412 4,017 19,850 2,508 430 Joint Ventures** Peet No.1895 Pty Limited, VIC 50 14,753 117,294 13,923 58,887 59,237 22,600 38,030 5,721 4,430 Peet Golden Bay Pty Limited, WA 50 10,580 2,185 2,401 - 10,364 5,182 13,485 2,826 1,413 Peet Mt Barker Pty Limited, SA 50 15,966 - 9,718 31 6,217 3,108 20,584 3,877 1,939 Googong Tow nship Unit Trust, NSW 50 35,734 124,677 2,290 33,199 124,922 62,461 57,653 16,444 8,222 Peet Brabham Pty Ltd, WA 50 21,029 37,296 7,690 47,133 3,502 1,751 12,121 974 487 Peet Palmview Pty Ltd 50 5,075 519 127 - 5,467 2,734 50 23 (16) Peet 2021 No. 1 Pty Ltd 50 1,822 30,748 518 26,720 5,332 3,118 10 (328) (282) Other associates and JVs 1,725 4,205 Total 198,189 22,494 * The share of profit/(loss) above includes adjustments related to inter -company eliminations and adjustments. ** Refer to note 10(c) for further breakdown of financial information of joint ventures . The associates and joint ventures finance their operations through unitholder/shareholder contributions and also through exte rnal banking facilities. The Group also provides a loan facility to some of these entities as disclosed in note 11.
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Notes to the Consolidated Financial Statements Year ended 30 June 2026 46 10. Investment accounted for using the equity method (continued) In FY22, Peet Limited provided a cash advance facility to a shareholder of Peet Alkimos Pty Ltd. At 30 June 202 6, the liability is measured at fair value of $2.4 million (30 June 2025 $7.0 million) which is based on the net present value of all estimated cash inflows and outflows over the term of the facility. c. Additional summarised information in relation to amounts included in assets, liabilities and profit/(loss) of joint ventures Cash and cash equivalents Current financial liabilities 1 Non-current financial liabilities 1 Interest expense Income tax expense/ (benefit) As at 30 June 2026 $’000 $’000 $’000 $’000 $’000 Googong Tow nship Unit Trust 1,901 - 19,000 - 133 Peet Golden Bay Pty Limited 6,526 - - - 2,985 Peet Mt Barker Pty Limited 9,765 - - - 1,522 Peet No. 1895 Pty Limited 311 - 61,173 - 1,532 Peet Brabham Pty Limited 1,148 9,234 36,477 14 520 Peet Palmview Pty Ltd 92 - 40,491 - - Peet 2021 No. 1 Pty Ltd 198 - 37,524 - 146 As at 30 June 2025 Googong Tow nship Unit Trust 3,159 - 33,200 - (120) Peet Golden Bay Pty Limited 2,443 - - - 1,212 Peet Mt Barker Pty Limited 7,807 - - - 1,622 Peet No. 1895 Pty Limited 4,112 11,000 43,331 - 2,453 Peet Brabham Pty Limited 239 7,403 45,633 59 542 Peet Palmview Pty Ltd 2,264 - - - (10) Peet 2021 No. 1 Pty Ltd 404 - 26,720 - (141) 1. Excluding trade and other payables and provisions
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Notes to the Consolidated Financial Statements Year ended 30 June 2026 47 11. Receivables 2026 2025 $’000 $’000 Current Trade receivables at amortised cost1 7,307 8,427 Other receivables at amortised cost1 4,198 2,825 Loans to associates and joint ventures2 - At fair value 4,951 4,912 16,456 16,164 Non-current Loans to associates and joint ventures2 - At amortised cost 49,188 34,874 - ECL allow ance (1,250) (2,743) - At fair value 2,982 11,299 50,920 43,430 Total receivables 67,376 59,594 1. Trade and other receivables are non -interest bearing and generally have 30 -60 day terms. There were past due or impaired trade receivables at the end of the year of $0.3 million (2025: $2.4 million). 2. The Group has entered into financing arrangements (including loans and equity contributions in cash) with certain associates and JVs of the Group on commercial terms. The loans provided to associates and JVs are unsecured and are either interest free or have interest rates based on Bank Bill Swap Bid Rate (BBSY) plus a margin up to 5%. Refer to note 27(a) for accounting policy on financial assets and note 21 for fair value disclosures. Related party balances with associates and joint ventures included above: 2026 2025 $’000 $’000 Current Trade receivables 2,895 549 Loans to associates and joint ventures - At fair value 4,951 4,912 Non-current Loans to associates and joint ventures - At amortised cost (net of ECL allow ance) 47,938 32,131 - At fair value 2,982 11,299 Total 58,766 48,891 Movements in loans to associates and joint ventures: Carrying amount at 1 July 48,342 50,548 Loans advanced 45,410 8,315 Loan repayments (33,357) (9,635) Other1 (4,524) (886) Carrying amount at 30 June 55,871 48,342 2. This includes movements in ECL allowance and fair value adjustments. 12. Contract assets 2026 2025 $’000 $’000 Current Accrued income1 23,072 12,981 Total contract assets 23,072 12,981 1. These amounts represent project management and performance fees payable from associates and other managed entities for services provided. They are recognised for the earned consideration that is conditional under AASB 15. Refer to note 5 for revenue related accounting policies. KEY ESTIMATES ECL allowance For loans to associates and joint ventures, ECL allowance is determined on a probability of default on a loan by loan basis. For trade receivables, the group recognises loss allowances based on lifetime ECL at each reporting date.
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Notes to the Consolidated Financial Statements Year ended 30 June 2026 48 13. Payables 2026 2025 $’000 $’000 Current Trade payables and accruals 40,238 51,471 Other payables 2,021 959 Total payables 42,259 52,430 Recognition and measurement These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year which are unpaid. These amounts are unsecured and usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months from the reporting date. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method. Refer note 21 for fair value disclosures. 14. Land vendor liabilities 2026 2025 $’000 $’000 Current 11,340 5,690 (105) (19) 11,235 5,671 Non-current 56,252 46,312 (8,497) (9,888) 47,755 36,424 Total land vendor liabilities 58,990 42,095 Instalments for purchase of development property Future interest component of deferred payment Future interest component of deferred payment Instalments for purchase of development property Recognition and measurement Where the Group enters into unconditional contracts with land vendors to purchase properties for future development that contain deferred payment terms, these borrowings are initially measured at fair value and subsequently carried at amortised cost. The unwinding of the discount applied to the acquisition price is included in finance costs. Generally, the land vendor holds the title over the property until settlement has occurred. Refer note 21 for fair value disclosures. The below table analyses the maturity of the Group’s land vendor liability obligation: 2026 2025 $’000 $’000 0 – 1 years 11,340 5,690 1 – 2 years 19,320 4,690 2 – 5 years 36,932 41,622 Total contractual cash flows 67,592 52,002 Carrying amount of liabilities 58,990 42,095 15. Provisions 2026 2025 $’000 $’000 Current Rebates 2,016 3,650 Employee entitlements 3,518 4,739 28,621 26,874 34,155 35,263 Non-current Employee entitlements 128 169 Provision - Other - 500 128 669 Total provisions 34,283 35,932 Provision for development costs to complete Movements in provisions during the financial year are set out below: 2026 2025 $’000 $’000 Carrying amount at 1 July 35,932 31,275 Additional provision recognised 24,824 21,354 Paid during year (17,932) (9,549) Reduced during the year (8,541) (7,148) Carrying amount at 30 June 34,283 35,932 KEY ESTIMATES Provision for development costs to complete Costs not yet incurred for lots settled are taken into account in the cost of sales for these lots. The portion of cost of sales relating to these future costs are recognised as a provision in the Statement of Financial Position. The actual costs may vary from the estimated future costs due to variations in estimates.
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Notes to the Consolidated Financial Statements Year ended 30 June 2026 49 15. Provisions (continued) Recognition and measurement Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the balance date. The discount rate used to determine the present value reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as interest expense. Rebates The Group may be required under the terms of certain sale contracts to provide rebates for expenditures undertaken by land holders in respect of developments. These expenditures relate to landscaping and fencing and are generally payable where the land purchaser completes the construction of their dwelling within a specified period of time. This period is generally 12 to 18 months from the date of settlement. A liability is recorded for rebates at settlement and is measured at the amount of consideration receivable under the sales contract for which the Group does not expect to be entitled . The provision is updated at the end of each reporting period for changes in circumstances. Employee entitlements The liability for long service leave and annual leave is recognised in the provision for employee benefits and measured as the present value of expected future payments to be made in respect of services provided by employees up to the balance date. Consideration is given to expected future wage and salary levels, experience of the employee, departures and periods of service. Expected future payments are discounted using market yields at the reporting date on high quality corporate bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outflows. Liabilities for wages and salaries, including non -monetary benefits and accumulating sick leave expected to be settled within 12 months of the balance date are measured at the amounts expected to be paid when the liabilities are settled. Development costs to complete Provisions for development costs not yet incurred for lots settled are recognised at each reporting date based on the estimated costs to complete. Development costs expensed during the year includes an allocation of estimates of future infrastructure costs which are incurr ed over the life of the development. 16. Interests in joint operations Details of aggregate share of assets, liabilities, revenue, expenses and results of joint operations Total assets Total liabilities Revenue Expense $’000 $’000 $’000 $’000 As at 30 June 2026 4,455 1,178 2,687 1,281 15,067 1,522 14,428 10,755 As at 30 June 2025 3,603 639 19,080 15,334 19,467 671 18,323 14,592 Redbank Plains Joint Venture, QLD The Village at Wellard, WA Redbank Plains Joint Venture, QLD The Village at Wellard, WA
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Notes to the Consolidated Financial Statements Year ended 30 June 2026 50 Capital management This section outlines how the Group manages its capital and related financing costs. For the purpose of the Group’s capit al management, capital includes: - issued capital; - debt facilities; and - other equity reserves attributable to the equity holders of the parent. The Group's objectives when managing capital are to: - safeguard its ability to continue as a going concern; - continue to provide returns to shareholders and benefits for other stakeholders; - maintain an efficient capital structur e to reduce the cost of capital; and - ensure all covenants are complied with. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. The Group monitors capital on the basis of the gearing ratio. This ratio is calculated as total interest -bearing liabilities (including deferred payment obligations) less cash, divided by total assets adjusted for market value , net of cash and cash equivalents less intangible assets. The market value is based on the latest independent mortgage valuations, adjusted for settlements, development costs and titled stock between the date of valuation and 30 June 2026. At 30 June 2026, the bank covenant gearing ratio was 19.8% (2025: 23.6%). 17. Financial liabilities Net debt 2026 2025 $’000 $’000 Borrow ings – Current 7,445 - Borrow ings – Non-current 207,703 289,743 Total borrow ings* 215,148 289,743 Cash and cash equivalents (14,536) (47,310) Net debt 200,612 242,433 * Excludes vendor financing. Refer note 14 for vendor financing on deferred payment terms. Recognition and measurement 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 the statement of profit or loss over the period of the borrowings using the effective interest method. For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short -term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Refer note 21 for fair value disclosures. Debt facilities The following provides details of the loans and borrowi ngs utilised as at 30 June 2026: Facility amount Utilised amount 3 Effective interest rate $’000 $’000 % Bank loans1 – note a 406,000 133,378 7.2% 7,850 7,445 5.3% 140,823 Face value Carrying amount 4 Effective interest rate $’000 $’000 % Peet notes 20245 - note b 75,000 74,325 8.8% 75,000 74,325 Development loan2 Total loans Total notes 1. Secured. 2. Unsecured. Interest rate is the yield on the 3 year Commonwealth Government Security plus 1.5% margin. 3. Excludes bank guarantees . Refer note 2 3 for bank guarantees information. 4. Net of transaction and finance costs. 5. Maturing 30 September 2029.
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Notes to the Consolidated Financial Statements Year ended 30 June 2026 51 a. Bank loans The Group’s main bank facility comprises of three tranches of $175 million, $100 million and $100 million with expiry dates of 1 October 202 7, 1 October 202 8 and 1 October 202 9 respectively. The facility is secured by a first registered fixed and floating charge over the assets and undertakings of the Group with a carrying amou nt of $858 million (2025: $884 million). Under the main facility, the Group is required to meet certain financial covenants including interest cover , gearing ratio, real property ratio and minimum shareholders’ equity. All bank covenants have been met during the reporting period and as at 30 June 2026. The Group also has bank facilities associated with Peet Yanchep Land Syndicate ( $26 million, stepping down to $20 million from 3 1 October 2027 and expires on 30 September 2028) and Peet R B Plains Pty Ltd ($5 million, stepping down to $4 million from 1 July 2026 and expires on 30 June 2027). The table below analyses the maturity of the Group’s bank loans based on the remaining period at reporting date to the contractual maturity date: 2026 2025 $’000 $’000 0 – 1 years 16,655 9,532 1 – 2 years 119,232 82,151 2 – 5 years 17,693 66,122 Total contractual cash flows 153,580 157,805 Carrying amount of liabilities 140,823 140,898 b. Peet notes Peet Notes 2021 FY25 borrowings included 75,000 notes to eligible professional and sophisticated investors at a face value of $1,000 per note with a maturity date of 30 September 2026. These notes are unsecured and carried a floating interest rate of BBSW+4.85% margin. The notes were fully repaid in March 2026. Peet Notes 2024 On 7 June 202 4, Peet issued 75,000 notes to eligible professional and sophisticated investors at a face value of $1,000 per note with a maturity date of 30 September 202 9. These notes are unsecured and carry a fixed interest rate of 8.50%. The notes are presented in the balance sheet as follows: 2026 2025 $’000 $’000 Face value of notes issued 75,000 150,000 Transaction costs (1,029) (2,108) 73,971 147,892 Cumulative interest expense 13,506 31,357 Cumulative coupon paid (13,152) (30,404) 354 953 Total notes liability 74,325 148,845 The notes are repayable as follows: 2026 2025 $’000 $’000 0 – 1 years 6,375 13,107 1 – 2 years 6,392 83,072 2 – 5 years 82,982 89,374 Total contractual cash flows 95,749 185,553 Carrying amount of liabilities 74,325 148,845 c. Lease liabilities 2026 2025 $’000 $’000 Current Office space leases 1,249 1,159 Non-current Office space leases 2,230 2,722 Total lease liabilities 3,479 3,881 During the year, total cash outflows for these leases is $1.5 million (2025: $1.3 million). The below table analyses the maturity of the Group’s lease liabilities based on the remaining period at reporting date to the contractual maturity date: 2026 2025 $’000 $’000 0 – 1 years 1,471 1,425 1 – 2 years 1,081 1,341 2 – 5 years 1,208 1,700 > 5 years 223 - Total contractual cash flows 3,983 4,466 Carrying amount of liabilities 3,479 3,881 Changes in liabilities arising from financing activities $’000 $’000 289,743 3,881 Cash flow s (75,075) (1,202) Others 480 800 215,148 3,479 1 July 2025 30 June 2026 Liquidity risk Liquidity risk includes the risk that the Group, as a result of their operations: - will not have sufficient funds to settle a transaction on its due date; - will be forced to sell financial assets at a value which is less than what they are worth; or - may be unable to settle or recover a financial asset at all. Prudent liquidity risk management implies maintaining sufficient cash, the availability of funding through an adequate amount of committed credit facilities to meet obligations when
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Notes to the Consolidated Financial Statements Year ended 30 June 2026 52 due, and the ability to close -out market positions. Due to the dynamic nature of the underlying business, the Group aims at maintaining flexibility in funding by keeping committed credit lines available, and regularly updating and reviewing its cash flow forecasts to assist in managing its liquidity. The Group has unused borrowing facilities which can further reduce liquidity risk (refer to note 17 for analysis of maturities on borrowing facilities). Credit risk The cash component of financial assets is considered to have low credit risk as the counterparties are banks with high credit ratings assigned by international credit -rating agencies. The Group recognised an expected credit loss of $ 0.3 million (2025: $ 2.4 million) for impaired trade receivables and a n expected credit loss provision of $1.3 million (20 25: $2.7 million) for loans measured at amortised cost of $ 49.2 million (2025: $34.8 million) (refer to note 11 and 27). Interest rate risk The Group’s main interest rate risk arises from cash, loans to associates and joint ventures measured at fair value and long- term borrowings. Borrowings issued at variable rates expose the Group to cash flow interest rate risk. The Group manages its interest rate risk by both variable and fixed rate debt instruments. The Group’s fixed rate borrowings and certain loans to associates and joint ventures at fixed rate are not subject to interest rate risk. Interest rate sensitivity The sensitivity analysis below has been determined based on the exposure to interest rates in existence at balance date, and the stipulated change taking place at the beginning of the financial year and held constant throughout the reporting period. A 50 basis point increase and 50 basis point decrease used in the interest rate sensitivity analysis were determined based on the level of debt that was renewed and forecasters’ economic expectations and represents management’s assessment of the possible change in interest rates. At 30 June 2026, the Group had the following mix of financial assets and liabilities exposed to variable interest rates: 2026 2025 $’000 $’000 Cash and cash equivalents (floating) 14,536 47,310 7,933 16,211 (133,378) (208,488) Financial assets Loans to associates and joint ventures measured at fair value Financial liabilities Borrow ings (floating, unhedged) The potential impact of a change in interest rates by + 50/-50 basis points on profit and equity has been tabulated below: 2026 2025 2026 2025 $’000 $’000 $’000 $’000 - 50 basis points 388 507 388 507 +50 basis points (388) (507) (388) (507) Post-tax profits Equity Increase/(decrease) Increase/(decrease)
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Notes to the Consolidated Financial Statements Year ended 30 June 2026 53 18. Contributed equity and reserves a. Movements in ordinary share capital Date Details Number of shares $’000 30 June 2024 Closing balance 468,977,190 363,594 Share buyback (818,234) (1,017) 30 June 2025 Closing balance 468,158,956 362,577 Share buyback - - 30 June 2026 Closing balance 468,158,956 362,577 The nature of the Group’s contributed equity Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares of options and/o r performance rights are shown in equity as a deduction, net of tax, from the proceeds. Incremental costs directly attributable to the issue of new shares, options and/or performance rights for the acquisition of a business are not included in the cost of the acquisition as part of the purchase consideration. Ordinary shares entitle the holder to participate in dividends and the proce eds on winding up of the parent entity in proportion to the number of and amounts paid on the shares held. On a show of hands every holder of ordinary shares present at a meeting in person or by proxy, is entitled to one vote, and upon a poll each share held is entitled to one vote. b. Reserves Share-based payments reserve 1 Non-controlling interest reserve 2 Total $’000 $’000 $’000 At 1 July 2024 15,368 (16,102) (734) Share based payment 3,508 - 3,508 Buyback on vesting of performance rights3 (9,841) - (9,841) At 30 June 2025 9,035 (16,102) (7,067) At 1 July 2025 9,035 (16,102) (7,067) Share based payment 1,821 - 1,821 Buyback on vesting of performance rights4 (177) - (177) At 30 June 2026 10,679 (16,102) (5,423) 1. The share-based payments reserve is used to recognise the fair value of options and performance rights granted. 2. The non-controlling interest reserve is used to record the differences described in note 2(d) which may arise as a result of transactions with non-controlling interests that do not result in a loss of control. 3. In FY25, the Company purchased 6,689,655 shares to settle the vested performance rights. 4. During the year, the Company purchased 110,000 shares to settle the vested performance rights.
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Notes to the Consolidated Financial Statements Year ended 30 June 2026 54 19. Dividends 2026 2025 $’000 $’000 Declared and paid during the period 23,408 12,888 30,430 12,875 53,838 25,763 30,430 23,408 101,176 82,934 5,481 6,699 (13,042) (10,032) 93,615 79,601 Impact on the franking account of dividends proposed before the financial report w as issued but not recognised as a distribution to equity holders during the period Final dividend 6.50 cents per share to be paid on 22 September 2026 (2025: 5.00 cents per share) Prior year fully franked dividend 5.00 cents, paid on 19 September 2025 (2025: 2.75 cents) Franking account balance as at the end of the financial year at 30% (2025: 30%) Fully franked interim dividend for 2026: 6.50 cents, paid on 26 March 2026 (2025: 2.75 cents) Franking credits that w ill arise from the payment of income tax Dividend not recognised at year end Franking credit balance 20. Reconciliation of profit after income tax to net cash outflow from operating activities 2026 2025 $’000 $’000 Profit after income tax 105,457 58,865 Depreciation 1,923 2,243 Amortisation of intangible assets 15 168 Employee share-based payments 1,821 3,508 (31,143) (22,494) 356 399 33,385 13,586 270 802 (8,635) (134) (10,460) (283) Other 220 697 (10,344) 3,364 26,826 17,891 (Decrease)/increase in tax liabilities (1,218) 4,320 (10,169) 18,716 (Decrease)/Increase in provisions (1,649) 4,657 Increase in deferred tax liabilities 2,614 825 99,269 107,130 Net cash inflow from operating activities Adjustments to reconcile profit after tax to net operating cash flows: Share of net profit of associates and joint ventures Peet notes effective interest rate adjustment Distributions and dividends from associates and joint ventures Change in operating assets and liabilities during the financial year Loan interest recognised (Increase)/decrease in receivables and contract assets (Decrease)/Increase in payables Loss on disposal of tangible/intangible assets Decrease in inventories and land vendor liabilities Fair value adjustments and ECL provisions on loan receivables
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Notes to the Consolidated Financial Statements Year ended 30 June 2026 55 21. Fair value measurement Valuation of financial instruments For financial assets and liabilities, the Group uses the following fair value measurement hierarchy: - Level 2: the fair value is determined using inputs other than quoted market prices that are observable for the asset or liability either directly (as prices) or indirectly (derived from prices). - Level 3: the fair value is based on inputs for the asset or liability that are not based on observable market data. There have been no transfers between levels during the period. Financial assets Certain loans to associates and joint ventures are carried at fair value through profit or loss. The fair values of these financial assets have been estimated using discounted cashflows with significant unobservable inputs at each reporting date (level 3 of the fair value hierarchy). At 30 June 2026, the fair value of these loans to associates and joint ventures is $7.9 million (30 June 2025: $16.2 million). Land vendor liabilities The Group measures its land vendor liabilities at fair value at inception and then at amortised cost at each reporting date. The land vendor liability resulting from project acquisitions is measured as the net present value of remaining contracted instalments with significant unobservable inputs (level 3 of the fair value hierarchy). The carrying value of the land vendor liability at 30 June 2026 is related to the acquisition of land from the University of Canberra in November 2023. Peet notes The fair value of Peet notes as at 30 June 202 6 is detailed below. 2026 2025 $’000 $’000 Peet Notes 2021 - 74,193 Peet Notes 2024 72,010 77,375 Total fair value 72,010 151,568 Total carrying value 74,325 148,845 For the above table, the fair value of Peet notes is measured using significant observable inputs (level 2). Other financial liabilities The financial liabilities are measured at fair value through profit or loss using discounted cashflows with significant unobservable inputs at each reporting date (level 3). KEY ESTIMATES Fair value estimation The fair value of financial instruments that are not traded in an active market is determined using valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at each balance date. Receivables/borrowings are evaluated by the Group based on parameters such as interest rates and individual creditworthiness of the counter party. Based on this evaluation, allowances are taken into account for the expected losses of these receivables. The carrying amount of trade receivables and payables less impairment provision of trade receivables are assumed to approximate their fair values. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments.
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Notes to the Consolidated Financial Statements Year ended 30 June 2026 56 Other notes 22. Remuneration of auditors 2026 2025 $ $ Fees to Ernst & Young (Australia) 439,781 423,391 - Compliance Plan & AFSL audits 9,350 9,060 45,012 62,389 Fees for other services - Tax compliance 118,747 117,218 - Tax advice 76,584 24,002 689,474 636,060 Total Fees to Ernst & Young (Australia) Fees for auditing the statutory financial report of the parent covering the group and auditing the statutory financial reports of any controlled entities Fees for assurance services that are required by legislation to be provided by the auditor Fees for other assurance and agreed-upon- procedures services under other legislation or contractual arrangements 23. Contingencies and commitments Contingencies Details of the estimated maximum amounts of contingent liabilities (for which no amounts are recognised in the financial statements) are as follows: 2026 2025 $’000 $’000 Bank guarantees outstanding 26,685 32,406 Insurance bonds outstanding 23,041 25,091 49,726 57,497 The majority of the above contingent liabilities are expected to mature within one year. As set out in Peet Limited’s announcement to the ASX on 18 July 2024, Peet Development Management Pty Limited (PDM), a wholly owned subsidiary of Peet Limited, is a party to proceedings in the Supreme Court of New South Wales by way of cross-claim brought by DTM Investments (ACT) Pty Ltd (DTM). The cross -claim relates to PDM’s former role as development manager of the Atria development in the ACT. PDM strenuously denies the claims brought against it and is continuing to defend them. The parties continue to progress the procedural aspects of the proceedings, however, DTM has not yet provided particulars of its alleged loss and damage. It remains not practicable to reliably estimate the financial effect of the claims at this time. The Directors are not aware of any circumstances or information, which would lead them to believe that these contingent liabilities will eventuate and consequently no provisions are included in the accounts in respect of these matters. Commitments As of 30 June 2026, the Group had a commitment of $13.95 million for the acquisition of approximately 2 hectares of land in Keysborough, VIC. Settlement is expected to occur in first half of FY27. The payment is subject to settlement which remains conditional at the balance date. Therefore, no liabilities have been recognised as at 30 June 2026.
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Notes to the Consolidated Financial Statements Year ended 30 June 2026 57 24. Parent entity financial information and subsidiaries a. Parent entity financial information Summary financial information The individual financial statements for the parent entity show the following aggregate amounts: 2026 2025 $’000 $’000 Balance sheet Current assets 34,994 29,107 Total assets 785,992 820,258 Current liabilities 29,805 32,879 Total liabilities 132,809 274,065 Shareholders’ equity Issued capital 362,577 362,577 Reserves Share-based payments reserve 10,679 9,035 Retained profits 279,927 174,581 Total equity 653,183 546,193 Profit / (loss) for the year 159,936 (52,657) Total comprehensive income 159,936 (52,657) Guarantees entered into by the parent entity Details of the estimated maximum amounts of contingent liabilities (for which no amounts are recognised in the financial statements) are as follows: 2026 2025 $’000 $’000 Bank guarantees outstanding 1,362 3,256 b. Subsidiaries Significant investments in subsidiaries The consolidated financial statements incorporate the assets, liabilities and results of the following significant subsidiaries in accordance with the accounting policy described in note 2(a): Holding 2026 2025 Name of Subsidiary % % Peet Flagstone City Pty Ltd 2 100 100 Peet Southern JV Pty Limited 2 100 100 Peet Craigieburn Pty Limited 2 100 100 CIC Australia Pty Limited 1 100 100 Peet Bruce Pty Ltd 2 100 100 Peet No 123 Pty Limited 2 100 100 Peet R B Plains Pty Limited 2 100 100 Peet Development Management Pty Limited 2 100 100 Peet Estates (WA) Pty Limited 2 100 100 CIC Googong Pty Ltd 1 100 100 Peet Estates (VIC) Pty Limited 2 100 100 Peet Funds Management Limited 2 100 100 Peet Tonsley Pty Limited 2 100 100 JTP Homes Pty Limited 2 100 100 Peet 2022 No. 1 Pty Ltd 2 100 100 Peet 2022 No. 2 Pty Ltd 2 100 100 Peet 2018 No. 2 Pty Ltd 2 100 100 Peet Treasury Pty Limited 2 100 100 Peet No. 127 Pty Limited 2 100 100 Peet Tonsley Apartments Pty Limited 2 100 100 Peet Keysborough Pty Limited 2 100 100 Peet Jumping Creek Pty Limited 2 100 100 Peet FL Pty Ltd 2 100 100 Peet Yanchep Land Syndicate 2 66.4 66.4 1. Incorporated in ACT. 2. Incorporated in WA.
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Notes to the Consolidated Financial Statements Year ended 30 June 2026 58 24. Parent entity financial information and subsidiaries b. Subsidiaries (continued) Material partly-owned subsidiaries Financial information of subsidiaries that have material non - controlling interests is provided below . This information is based on amounts before inter-company eliminations. 2026 2025 $’000 $’000 Current assets 27,063 15,835 Non-current assets 57,299 69,751 Current liabilities 2,953 3,529 Non-current liabilities 17,377 19,183 Non-controlling interest 21,515 21,132 Revenue 9,946 19,652 Profit after tax 6,155 1,171 2,062 398 Profit attributable to non-controlling interest Peet Yanchep Land Syndicate Summarised cash flow information: 2026 2025 $’000 $’000 Operating 6,356 (3,037) Investing - (15) Financing (5,806) 3,816 Net inflow 550 764 Peet Yanchep Land Syndicate The loan provided by Peet Limited to Peet Yanchep Land Syndicate was fully repaid as at 30 June 2026 (30 June 2025: $2.4 million). Peet ceased to be a guarantor of $6.5 million to Peet Yanchep Land Syndicate in May 2026 (30 June 202 5: $6.5 million). The Group has no further contractual obligations to provide ongoing financial support and there are no loans to other partly-owned subsidiaries. Deed of cross guarantee Peet Limited and certain wholly -owned subsidiaries are parties to a deed of cross guarantee under which each company guarantees the debts of the other. By entering into the deed, the wholly -owned entities have been relieved from the requirements to prepare a financial report and directors’ report under ASIC Corporations (Wholly -owned Companies) Instrument 2016/785 issued by the Australian Securities and Investments Commission. The companies represent a ‘closed group’ for the purposes of the Class Order. 2026 2025 $’000 $’000 Consolidated statement of profit or loss Revenue 362,478 368,351 Expenses (238,338) (269,807) Finance costs (3,301) (4,469) 24,200 15,058 Profit before income tax 145,039 109,133 Income tax expense (36,594) (17,320) Profit for the year 108,445 91,813 108,445 91,813 Summary of movement in consolidated retained profits 218,538 209,523 - (57,035) Profit for the year 108,445 91,813 Dividends paid (53,838) (25,763) 273,145 218,538 Total comprehensive income for the year Retained profits at the beginning of the financial year Retained profits at the end of the financial year Share of net profit of associates accounted for using the equity method Subsidiaries exiting the deed of cross guarantee
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Notes to the Consolidated Financial Statements Year ended 30 June 2026 59 Consolidated balance sheet Set out below is a consolidated balance sheet at 30 June 2026 of the closed group consisting of Peet. 2026 2025 $’000 $’000 Current assets Cash and cash equivalents 2,673 22,856 Receivables 92,795 96,231 Contract assets 24,233 13,463 Inventories 149,946 111,096 Total current assets 269,647 243,646 Non-current assets Receivables 52,490 45,178 Inventories 396,402 449,302 188,053 177,491 Property, plant and equipment 2,752 2,906 Right-of-use assets 2,955 3,208 Intangible assets 407 414 Total non-current assets 643,059 678,499 Total assets 912,706 922,145 Current liabilities Payables 35,512 46,627 Land vendor liabilities 6,564 - Borrow ings 7,445 - Lease liabilities 1,249 1,159 Other financial liabilities 2,417 6,988 Current tax liabilities 5,481 6,699 Provisions 24,001 24,242 Total current liabilities 82,669 85,715 Non-current liabilities Land vendor liabilities 13,088 - Borrow ings 157,080 235,077 Lease liabilities 2,230 2,722 Deferred tax liabilities 27,271 23,962 Provisions 128 669 Total non-current liabilities 199,797 262,430 Total liabilities 282,466 348,145 Net assets 630,240 574,000 Equity Contributed equity 362,577 362,577 Reserves (5,482) (7,115) Retained profits 273,145 218,538 Total equity 630,240 574,000 Investments 25. Share-based payments Peet Employee Share Option Plan (PESOP) and Peet Performance Rights Plan (PPRP) The establishment of the PESOP was approved by the Board and shareholders during the 2004 financial year and the Peet Limited PPRP was approved by shareholders at the 2008 AGM. Employees of any Group Company (including Executive Directors) will be eligible to participate in the PESOP and/or PPRP at the discretion of the Board. Invitations to apply for options and/or performance rights Eligible employees, at the discretion of the Board, may be invited to apply for options and/or performance rights on terms and conditions to be determined by the Board. Eligible employees may apply for part of the options and/or performance rights offered to them, but only in specified multiples. Consideration Unless the Board determines otherwise, no payment will be required for a grant of performance rights under PPRP. Vesting and exercise conditions Under the plans, options and/or PRs only vest if the employees are still employed by the Group at the end of the vesting period, subject to the Board’s discretion, and any set performance hurdles have been met. Generally, as a pre -condition to exercise, any exercise conditions in respect of an option and/or performance right must be satisfied. However, the Board has the discretion to enable an option and/or performance right holder to exercise options and/or perf ormance rights where the exercise conditions have not been met, including, for example, where a court orders a meeting to be held in relation to a proposed compromise or arrangement in respect of the Company, or a resolution is passed or an order is made for winding up the Company. This discretion is always subject to the requirements of the Corporations Act 2001 and/or ASX Listing Rules. Options granted under the PESOP and performance rights under the PPRP carry no dividend or voting rights.
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Notes to the Consolidated Financial Statements Year ended 30 June 2026 60 25. Share-based payments (continued) Lapse of options and performance rights Unexercised options and/or performance rights will lapse upon the earlier to occur of a variety of events specified in the ru les of the PESOP and PPRP including, on the date or in circumstances specified by the Board in the invitation, failure to meet the options’ or performance rights’ exercise conditions in the prescribed period or on the expiry date of options and/ or performance rights, as determined by the Board. Fair value of options and performance rights granted The fair value of an option and PRs at grant date is determined using a Black -Scholes option pricing model and the value of a performance right at grant date is determined using a Binomial pricing model. The models take into account the exercise price , the term of the option and/or performance right, the vesting and performance criteria, the impact of dilution, the non -tradeable nature of the option or performance right, the share price at grant date and expected price volatility of the underlying share, the exp ected dividend yield and the risk free interest rate for the term of the option and/or performance right. The inputs for assessing the fair value of the performance rights issued during the year under the PPRP were: The expected price volatility is based on the historic volatility (based on the remaining life of the options and/or performa nce rights), adjusted for any expected changes to future volatility due to publicly available information. Total expenses arising from share-based payment transactions recognised during the year as part of employee benefits expense is $1.8 million (2025: $3.5 million). Grant Date Exercise Price Expiry date Share price at grant date Risk free interest rate Assessed fair value 6 Oct 25 $0.00 6 Oct 40 $1.92 3.23% $1.659
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Notes to the Consolidated Financial Statements Year ended 30 June 2026 61 Set out below are summaries of options under PESOP: Grant value date Expiry date Exercise Price $ Assessed fair value $ Balance at 1 July Granted during the year Exercised during the year Lapsed/ forfeited during the year Balance at 30 June Exercisable at 30 June 30 June 2026 Options 30-Nov-07 1-Jul-28 $4.10 $1.12 1,200,000 - - - 1,200,000 1,200,000 Performance rights 6-Dec-19 6-Dec-34 - $1.04 1,164,560 - (1,164,560) - - - 16-Dec-20 16-Dec-35 - $0.94 1,686,528 - (1,578,062) - 108,466 108,466 7-Dec-21 7-Dec-36 - $0.99 1,207,428 - (1,143,142) - 64,286 64,286 20-Dec-22 20-Dec-37 - $0.87 3,193,501 - (3,070,322) - 123,179 123,179 25-Oct-23 24 months after vesting - $1.02 994,610 - - - 994,610 - 22-Dec-23 22-Dec-38 - $1.30 1,474,909 - - (78,238) 1,396,671 - 30-Oct-24 24 months after vesting - $1.17 645,876 - - - 645,876 - 29-Nov-24 29-Nov-39 - $1.30 1,436,656 - - (206,852) 1,229,804 - 6-Oct-25 30-Jun-28 - $1.66 - 1,075,300 - (290,527) 784,773 - 13,004,068 1,075,300 (6,956,086) (575,617) 6,547,665 1,495,931 30 June 2025 Options 30-Nov-07 N/A $4.10 $1.12 1,200,000 - - - 1,200,000 1,200,000 Performance rights 6-Dec-19 6-Dec-34 - $1.04 1,743,679 - (579,119) - 1,164,560 1,164,560 16-Dec-20 16-Dec-35 - $0.94 2,573,540 - (887,012) - 1,686,528 1,686,528 7-Dec-21 7-Dec-36 - $0.99 2,111,701 - (376,348) (527,925) 1,207,428 1,207,428 20-Dec-22 20-Dec-37 - $0.87 3,193,501 - - - 3,193,501 - 25-Oct-23 24 months after vesting - $1.02 994,610 - - - 994,610 - 22-Dec-23 22-Dec-38 - $1.07 1,474,909 - - - 1,474,909 - 30-Oct-24 24 months after vesting - $1.17 - 968,814 - (322,938) 645,876 - 29-Nov-24 29-Nov-39 - $1.30 - 1,436,656 - - 1,436,656 - 13,291,940 2,405,470 (1,842,479) (850,863) 13,004,068 5,258,516 1. Reflects amounts at the date of ceasing employment. 26. Matters subsequent to the end of the financial year The Directors have declared a final fully franked dividend of 6.50 cents per share in respect to the year ended 30 June 202 6. The dividend is to be paid on Tuesday, 22 September 2026, with a record date of Wednesday, 9 September 2026. No provision has been made for this dividend in the financial report as the dividend was not declared or determined by the directors on or before the end of the financial year.
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Notes to the Consolidated Financial Statements Year ended 30 June 2026 62 27. Other material accounting policies a. Financial assets Initial recognition and measurement Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade rece ivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under AASB 15. In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are ‘solely payments of principal and interest (SPPI)’ on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The Group’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Subsequent measurement For purposes of subsequent measurement, financial assets are classified in four categories: • Financial assets at amortised cost (debt instruments) • Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments) • Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments) • Financial assets at fair value through profit or loss Financial assets at amortised cost (debt instruments) This category is the most relevant to the Group. The Group measures financial assets at amortised cost if both of the following conditions are met: • The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and • The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The Group’s financial assets at amortised cost includes trade receivables, and loans to associates and JVs included under Receivables. Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designat ed as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Notwithstanding the criteria for debt instruments to be classified at amortised cost or at fair value through OCI, as described above, debt instruments may be designated at fair value through profit or loss on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the statement of profit or loss. This category includes loans to associates and joint ventures. Impairment The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward -looking factors specific to the debtors and the economic environment.
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Notes to the Consolidated Financial Statements Year ended 30 June 2026 63 The Group considers a financial asset in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A finan cial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. b. Leases For leases with a lease term greater than 12 months that are not considered low value leases (see below) , right -of-use assets and associated lease liabilities are recognised at the commencement of the lease. Right-of-use assets are measured at cost initially and then depreciated over the shorter of the asset’s useful life and the lease term on a straight -line basis. The cost of right -of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are subject to impairment. The lease liability is initially measured at net present value of future lease payments using the Group’s incremental borrowing rate. The lease payments include fixed payments less any lease incentives receivable and variable lease payments that depend on an index or a rate. The lease payments are allocated between repayment of lease liability and interest expense (charged to profit or loss over the lease period). In addition, the carrying amount of lease liabilities is remeasured if there is a modification or a change in the lease term. For short-term leases and leases of low -value assets, lease payments are recognised on a straight -line basis as an expense in profit or loss. Short -term leases are leases with a lease term of 12 month or less. Low-value assets are generally small items of office equipment. c. Property, plant and equipment Property, plant and equipment are shown at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Depreciation on property, plant and equipment is calculated using the straight-line method to allocate their cost, net of their residual values, over their estimated useful lives, as follows: • Fixtures and fittings – 3 to 10 years • Leasehold improvements – 10 years The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance date. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in the statement of profit or loss. d. 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 acquisition 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 the taxation authority, are presented as operating cash flows. e. Parent entity financial information Tax consolidation legislation Peet Limited and its wholly -owned Australian controlled entities have implemented the tax consolidation legislation as of 1 July 2003. Peet Limited is the head entity of the tax consolidated group. Members of the group are taxed as a single entity and the deferred tax assets and liabilities of the entities are set-off in the consolidated financial statements. The entities in the tax consolidated group entered into a tax sharing agreement which limits the joint and several liability of the wholly-owned entities in the case of a default by the head entity, Peet Limited. At the balance sheet date the possibilities of default were remote. Assets or liabilities arising under tax funding agreements with the tax consolidated entities are recognised as amounts receivable from or payable to other entities in the Group. Any difference between the amount assumed and amounts receivable or payable under the tax funding agreement are recognised as a contribution to (or distribution from) the wholly-owned entity. Investments in subsidiaries Investments in subsidiaries are accounted for at cost in the separate financial statements of Peet Limited. 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. f. New accounting standards and interpretations issued but not yet effective Other than below amendments, there are no new and amended accounting standards that are not yet effective and are expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.
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Notes to the Consolidated Financial Statements Year ended 30 June 2026 64 AASB 18 Presentation and Disclosure in Financial Statements (“AASB 18”) In June 2024, the Australian Accounting Standards Board issued AASB 18 to improve how entities communicate in their financial statements, with a particular focus on information about financial performance in the statement of profit or loss. The key presentation and disclosure requirements established by AASB 18 are: • The presentation of newly defined subtotals in the statement of profit or loss • The disclosure of management -defined performance measures • Enhanced requirements for grouping information (i.e. aggregation and disaggregation) The new standard is effective for annual reporting periods beginning on or after 1 January 2027. The Group is currently assessing the impact of the new standard however expects there to be significant impact to the disclosure of the consolidated statement of profit of loss and other comprehensive income.
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Peet Consolidated Entity Disclosure Statement Year ended 30 June 2026 65 Entity Name Entity Type Country of incorporation % Holding Tax residency Peet Limited Body Corporate Australia Australia CIC - THD Pty Limited Body Corporate Australia 100 Australia CIC (Palmerston) Pty Limited Body Corporate Australia 100 Australia CIC Australia Pty Limited Body Corporate Australia 100 Australia CIC Bruce PM Pty Limited Body Corporate Australia 100 Australia CIC Bruce Pty Limited Body Corporate Australia 100 Australia CIC Constructions Pty Ltd Body Corporate Australia 100 Australia CIC Crace Pty Limited Body Corporate Australia 100 Australia CIC Development Management Pty Limited Body Corporate Australia 100 Australia CIC Developments Pty Limited Body Corporate Australia 100 Australia CIC Googong Pty Limited Body Corporate Australia 100 Australia CIC Googong UT Trust Australia 100 Australia CIC Northgate Pty Limited Body Corporate Australia 100 Australia CIC Project Management (Palmerston) Pty Limited Body Corporate Australia 100 Australia CIC Projects Pty Ltd Body Corporate Australia 100 Australia Googong Development Corporation Pty Limited Body Corporate Australia 100 Australia Googong Pastoral Company Pty Limited Body Corporate Australia 100 Australia JTP Homes Pty Ltd Body Corporate Australia 100 Australia Lakelands Retail Centre Developments Pty Ltd Body Corporate Australia 100 Australia Lightsview Apartments Pty Limited Body Corporate Australia 100 Australia Lyons Development Corporation Pty Limited Body Corporate Australia 100 Australia Peet 2018 No. 2 Pty Ltd Body Corporate Australia 100 Australia Peet 2018 No. 3 Pty Ltd Body Corporate Australia 100 Australia Peet 2022 No. 1 Pty Ltd Body Corporate Australia 100 Australia Peet 2022 No. 2 Pty Ltd Body Corporate Australia 100 Australia Peet Abrehart Road Pty Limited Body Corporate Australia 100 Australia Peet Ashton Heights Pty Limited Body Corporate Australia 100 Australia Peet Brigadoon Pty Limited Body Corporate Australia 100 Australia Peet Bruce Pty Limited Body Corporate Australia 100 Australia Peet Childcare Pty Ltd Body Corporate Australia 100 Australia Peet Craigieburn Pty Limited Body Corporate Australia 100 Australia Peet Cranbourne (51A Craig Rd) Pty Limited Body Corporate Australia 100 Australia Peet Development Management Pty Limited Body Corporate Australia 100 Australia Peet Estates (ACT) Pty Ltd Body Corporate Australia 100 Australia Peet Estates (NT) Pty Ltd Body Corporate Australia 100 Australia Peet Estates (QLD) Pty Limited Body Corporate Australia 100 Australia Peet Estates (SA) Pty Ltd Body Corporate Australia 100 Australia Peet Estates (VIC) Pty Ltd Body Corporate Australia 100 Australia Peet Estates (WA) Pty Ltd Body Corporate Australia 100 Australia Peet FL Pty Ltd Body Corporate Australia 100 Australia Peet Flagstone City Pty Limited Body Corporate Australia 100 Australia Peet Funds Management Limited Body Corporate Australia 100 Australia Peet Greenvale No. 2 Pty Limited Body Corporate Australia 100 Australia Peet Joint Venture Pty Limited Body Corporate Australia 100 Australia Peet Jumping Creek Pty Ltd Body Corporate Australia 100 Australia
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Peet Consolidated Entity Disclosure Statement Year ended 30 June 2026 66 Entity Name Entity Type Country of incorporation % Holding Tax residency Peet Keysborough Pty Ltd Body Corporate Australia 100 Australia Peet Mt Pleasant Pty Ltd Body Corporate Australia 100 Australia Peet No. 107 Pty Limited Body Corporate Australia 100 Australia Peet No. 108 Pty Limited Body Corporate Australia 100 Australia Peet No. 110 Pty Ltd Body Corporate Australia 100 Australia Peet No. 111 Pty Ltd Body Corporate Australia 100 Australia Peet No. 112 Pty Ltd Body Corporate Australia 100 Australia Peet No. 113 Pty Ltd Body Corporate Australia 100 Australia Peet No. 117 Pty Limited Body Corporate Australia 100 Australia Peet No. 118 Pty Ltd Body Corporate Australia 100 Australia Peet No. 119 Pty Ltd Body Corporate Australia 100 Australia Peet No. 121 Pty Limited Body Corporate Australia 100 Australia Peet No. 123 Pty Limited Body Corporate Australia 100 Australia Peet No. 125 Pty Limited Body Corporate Australia 100 Australia Peet No. 126 Pty Limited Body Corporate Australia 100 Australia Peet No. 127 Pty Limited Body Corporate Australia 100 Australia Peet No. 129 Pty Limited Body Corporate Australia 100 Australia Peet No. 130 Pty Limited Body Corporate Australia 100 Australia Peet No. 131 Pty Limited Body Corporate Australia 100 Australia Peet No. 73 Pty Limited Body Corporate Australia 100 Australia Peet No. 82 Pty Limited Body Corporate Australia 100 Australia Peet No. 85 Pty Limited Body Corporate Australia 100 Australia Peet No. 87 Pty Limited Body Corporate Australia 100 Australia Peet No. 88 Pty Limited Body Corporate Australia 100 Australia Peet Pier St Pty Ltd Body Corporate Australia 100 Australia Peet Queens Park JV Pty Ltd Body Corporate Australia 100 Australia Peet R B Plains Pty Ltd Body Corporate Australia 100 Australia Peet RDMA Wellard Pty Ltd Body Corporate Australia 100 Australia Peet Rockbank Pty Limited Body Corporate Australia 100 Australia Peet SA Development Pty Ltd Body Corporate Australia 100 Australia Peet Southern JV Pty Limited Body Corporate Australia 100 Australia Peet Tonsley Apartments Pty Ltd Body Corporate Australia 100 Australia Peet Tonsley Pty Ltd Body Corporate Australia 100 Australia Peet Treasury Pty Limited Body Corporate Australia 100 Australia Peet Trugannia No. 1 Pty Limited Body Corporate Australia 100 Australia Peet Yanchep Land Syndicate Trust Australia 66.4 Australia PLV Pty Limited Body Corporate Australia 100 Australia Secure Living Pty Limited Body Corporate Australia 100 Australia Peet Rocksberg Pty Ltd Body Corporate Australia 100 Australia
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Director Declaration Year ended 30 June 2026 67 In the Directors’ opinion: a. the financial statements and notes set out on pages 30 to 64 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; and 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 24. d. The consolidated entity disclosure statement on pages 65 to 66 required by section 295(3A) of the Corporations Act 2001 is true and correct. Note 2 discloses that the financial statements and notes also comply with International Financial Reporting Standards. The Directors have been given the declarations by the Chief Executive Officer 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. Greg Wall AM Independent Non-executive Chairman Perth, Western Australia 24 August 2026
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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 Peet Limited Report on the audit of the financial report Opinion We have audited the financial report of Peet 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 statement of cash flows 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 each matter below, our description of how our audit addressed the matter is provided in that context. 68
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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 these matters. 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 matters below, provide the basis for our audit opinion on the accompanying financial report. 1. Recoverability of inventories Why significant How our audit addressed the key audit matter Land held for development and resale is treated by the Group as inventories and is valued at the lower of cost and net realisable value. As at 30 June 2026, total inventories amounted to $747,204,000 as disclosed in Note 9 of the financial report. The recoverability of inventory is considered a key audit matter as it represents approximately 70% of the Group’s total assets and the determination of net realisable value is affected by judgments and estimates within the development models over the expected life of each development, including the remaining costs to develop and sell the land and the estimated sales value. These values are sensitive to changes in the underlying economic environment and market forces. Our audit procedures included the following: We assessed the effectiveness 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 executive and board level, including their assessment of recoverability. We also assessed controls over the process for the approval to commence or amend significant projects We inquired of the Group’s current intention and strategy in relation to long term strategic assets We assessed the experience and industry expertise of management’s internal experts in relation to the assumptions used in the development models We evaluated the competence, capability and objectivity of the Group’s independent valuation experts We evaluated the Group’s significant projects to understand project costs to date and estimated costs to complete, the progress of the development including overall margins achieved on lots sold to date and expected sale prices for remaining lots We assessed the assumptions and resultant valuations within a sample of independent property valuations and compared these to the assumptions used within management’s development models In conjunction with our real estate valuation specialists, we assessed the development models prepared by the Group for a sample of long term projects. This included69
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A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Why sig nificant How our audit addressed the key audit matter evaluating the assumptions used in the development models by: Comparing project costs and sales values to the most recent historical or comparable sales transactions; Assessing the valuation methodology used was complete, adequate and consistent with the Group’s standard valuation methodology given the circumstances of the project. We tested the mathematical accuracy of the development models We assessed the adequacy and appropriateness of the disclosures included in the Notes to the financial statements. 2. Land and development costs expensed during the year Why significant How our audit addressed the key audit matter The Group has expensed as cost of sales, land and development costs of $234,592,000 related to sold properties as disclosed in Note 6 of the financial report. As disclosed in Note 15 of the financial report development costs expensed during the year includes an allocation of estimates of future infrastructure costs which are incurred over the life of the development. The allocation and measurement of land and development costs applicable to lots sold was considered a key audit matter as it involves judgment and is affected by forecast development timing and estimates of future infrastructure costs relating to the specific development.Ou r audit procedures included the following: We evaluated the basis of estimation and allocation of total development costs and the allocation of costs to complete to properties sold in accordance with the requirements of Australian Accounting Standards We assessed the effectiveness of controls over the review and approval of cost calculations, including management’s process around forecasting development costs We selected a sample of cost calculations to assess whether they were mathematically accurate and appropriately allocated to specific property lots We assessed the costs allocated to each property and the gross margin on the sales transactions. This included projections over the life of the project to identify and substantiate significant variations We assessed the adequacy and appropriateness of the disclosures included in the Notes to the financial statements.70
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A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation 3. Investments in and loans to associates and joint ventures Why significant How our audit addressed the key audit matter As at 30 June 2026, the Group has interests in associates and joint ventures, involved in property development, which are accounted for using the equity method, amounting to $202,512,000 and loans to associates and joint ventures of $55,871,000 as disclosed in Notes 2, 10 and 11 of the financial report. Interests in associates and joint ventures comprise: a) The Group’s equity-accounted investment in a number of associates and joint venture arrangements; and b) Loan facilities provided by the Group to certain associates and joint ventures. These unsecured loans are either recognised at amortised cost using the effective interest rate method, less an allowance for expected credit loss or, where appropriate, at fair value through the profit or loss. This was considered a key audit matter due to the following: The assessment of the recoverability of the carrying value of investments is subject to significant judgment as to the performance of the underlying developments. Significant changes in assumptions impacting project cash flows may give rise to impairment The measurement of expected credit loss associated with the loans at amortised cost is subject to judgment with respect to the probability of default and credit rating applicable to each loan The measurement of loans at fair value through the profit or loss is subject to judgment with respect to the appropriate interest rate applicable to each loan.Ou r audit procedures included the following: For new investments entered into during the year, we assessed the arrangements to understand the ownership interest and rights of each party. This included assessing the Group’s assessment of whether an entity is jointly controlled and whether its application of the equity method of accounting to the investment is appropriate For existing joint ventures and associates, we assessed whether there had been any changes to the arrangements with respect to decision making power and exposure to variable returns We assessed the financial performance and financial position of the associates and joint ventures, and the Group’s going concern assessment of the relevant entities as one of the indicators of potential impairment We evaluated the recoverability of interests in associates and joint ventures by assessing the feasibilities of the underlying development assets at the associate and joint venture level. We obtained an understanding of the status of the underlying developments, assessed the historical performance of the underlying developments, where applicable and the reasonableness of forecast development outcomes for the remainder of the project including the assumptions adopted in light of current market evidence. We also evaluated a sample of independent property valuations We evaluated the Group’s assessment of the recoverability of the loans to associates and joint ventures, carried at amortised cost, including the inputs used in the expected credit loss calculation We assessed the interest rates used to value loans to associates and joint ventures measured at fair value through the profit or loss against prevailing market rates and assessed the expected timing of loan repayments71
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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 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. We obtained the Directors’ Report and the Corporate Governance Statement that is to be included in the Annual Report, prior to the date of this auditor’s report, and we expect to obtain the remaining sections of the Annual Report after the date of this auditor’s report. Our opinion on the financial report does not cover the other information and we do not and will not express any form of assurance conclusion thereon in this auditor’s report, 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 on the other information obtained prior to the date of this auditor’s report, 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; and72
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A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation ▪ 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. 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 73
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A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation ▪ 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. 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 Peet Limited for the year ended 30 June 2026, complies with section 300A of the Corporations Act 2001. 74
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A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation 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 Gavin Buckingham Partner Perth 24 August 2026 75