Cedar Woods Properties Limited · ASX:CWP
Cedar Woods Properties — H1 FY26 Earnings Presentation
28 slides from Cedar Woods Properties's earnings presentation, Feb 24, 2026
Slide 1: Financial Results: FY26 Half Year Results
FINANCIAL RESULTS FY26 Half Year Results Glenside, SA
Slide 2: Agenda
AGENDA 1. Company Overview 03 2. H1 FY26 Results Summary 04 3. About Cedar Woods 05 4. Financial Statements 09 5. Market Conditions 13 6. Our Portfolio 15 7. Acquisitions 22 8. Outlook 23 9. Appendices 25 Fletcher’s Slip, SA
Slide 3: Company Overview
Glenside, SA COMPANY OVERVIEW Long established property company with unrivalled financial performance track record Property development company with a long track record of delivering earnings growth and Strong balance sheet with conservative gearing consistent shareholder returns Portfolio of 36 qual
Slide 4: H1 FY26 Results Summary
Fletcher’s Slip, SA H1 FY26 RESULTS SUMMARY Strong, dependable financial performance $39.6mNET PROFIT AFTER TAX $274.8m TOTAL REVENUE 47.4¢ EARNINGS PER SHARE 14.0¢ DIVIDENDS PER SHARE 164% on pcp 40% on pcp 160% on pcp 40% on pcp 756NET SALES $748m PRESALE CONTRACTS 642SETTLEMENTS 254 ACQUIS
Slide 5: Our Strategy
OUR STRATEGY Driving growth through portfolio diversification To grow our national project portfolio, diversified by geography, product type & price point, so that it continues to hold broad customer appeal & performs well in a range of market conditions Geography Product Type Price Point Good geograp
Slide 6: Business Model
BUSINESS MODEL How we create value Acquisitions Development Marketing & Sales Disciplined approach to Research, design, Integrated approach to property acquisitions planning & delivery optimise results • Tactical & research-based • Deliver masterplanned projects • Positioning projects to maximise de
Slide 7: Partnerships
PARTNERSHIPS • Some future acquisitions to be undertaken in partnership • 2 major partnering arrangements – QIC & Tokyo Gas Real Estate (TGRE) Increase Earnings Improve Returns Leverage Expertise Recurring Income Diversify Funding Accelerate growth & profitability Return metrics improved Greater util
Slide 8: ESG Highlights
ESG HIGHLIGHTS Projects & workplaces National relationship with Work ongoing in measuring have good sustainability The Smith Family continues to & reducing carbon emissions credentials & emissions support the education of in readiness for mandatory reduction practices disadvantaged children reportin
Slide 9: Financial Statements
FINANCIAL STATEMENTS 09 FY26 Half Year Financial Results Mason Quarter, VIC
Slide 10: Income Statement
INCOME STATEMENT Revenue up 40% in H1 FY26 due to increased volume of settlements as well Net Profit After Tax up 164% 1 as higher value settlements from different product mix & improved pricing 31 Dec 2025 31 Dec 2024 $m $m Gross margin improved to 2 Revenue 274.8 195.9 31% (from 26% for H1 FY25) Lo
Slide 11: Balance Sheet & Funding
BALANCE SHEET & FUNDING Strong balance sheet with low gearing & significant long term funding capacity 31 December 2025 30 June 2025 Total assets (book value) $854m $858m Net assets (equity) $530m $489m Net tangible assets per share (book value not market value) $6.20 $5.90 Net bank debt $85.1m $125.
Slide 12: Cash Flow
CASH FLOW H1 FY26 Cash Flow from Operating Activities $300 • Strong liquidity position • Strong operating cash flow produced by the business of $44.1m in H1 FY26 $250 • Undrawn facility headroom of $170.4m -$76.3 • Excess of current assets over current -$5.0 $200 liabilities of $156.6m • Invested $5.
Slide 13: Market Conditions
MARKET CONDITIONS 13 FY26 Half Year Financial Results Greville, QLD
Slide 14: Housing Sector Conditions
Eglinton, WA HOUSING SECTOR CONDITIONS Favourable conditions providing strong tailwinds for the new housing sector Housing Policy Strong Employment & Pricing Undersupply Support Population Growth Outlook • New housing supply is near the lowest • State Govts are fast-tracking planning • Economic cond
Slide 15: Our Portfolio
OUR PORTFOLIO 15 FY26 Half Year Financial Results Flourish, QLD
Slide 16: Enquiries & Sales Performance
Millars Landing, WA ENQUIRIES & SALES PERFORMANCE Q2 FY26 Enquiry by Quarter • Strong first half enquiry, with Q2 14% up on Q1 & Q1 FY26 56% up on pcp • Broad based demand, across States & product Q4 FY25 types Q3 FY25 • Bodes well for continued strong sales in H2 FY26 • First home buyers are the mos
Slide 17: Diversified Portfolio
Glenside, SA DIVERSIFIED PORTFOLIO • Portfolio of 36 quality projects & total pipeline of 9,000+ lots/apartments to support future earnings • Good mix of product, price points & locations • Broad customer base, but with first home buyers dominant & benefitting from Government incentives • Increased la
Slide 18: Western Australia
WESTERN AUSTRALIA Strong demand and price growth • 11 projects & total of 3,380 lots / dwellings • 266 settlements from WA in H1 FY26 • Product types: land estates, townhouses & apartments • Demand underpinned by strong State economic conditions, interstate migration & housing undersupply • High dem
Slide 19: Victoria
VICTORIA Improving performance to support earnings FY27+ • 12 projects, including 4 at Williams Landing • 2,395 lots / dwellings / offices plus 13ha of mixed-use sites • 180 settlements from VIC in H1 FY26 • Product types: land estates, townhouses, apartments & commercial • North Melbourne townhouses
Slide 20: Queensland
QUEENSLAND Strong demand and price growth • 6 projects, including 2 at Greville • 1,540 lots / dwellings in pipeline • Product types: land estates, townhouses & apartments • 150 settlements from QLD in H1 FY26 • Demand underpinned by strong interstate migration & low housing supply • High demand for
Slide 21: South Australia
SOUTH AUSTRALIA Proven projects generating good sales volumes • 7 projects with a mix of land, townhouses & apartments • 1,723 townhouses, apartments & residential lots remaining • Glenside – 1 project nearing completion, with settlements H2 FY26. 1 project under construction, 1 in sales phase • Fle
Slide 22: Acquisitions
ACQUISITIONS Accelerating acquisitions • More resources allocated to securing new acquisitions to support & grow future earnings. Currently assessing opportunities across VIC, QLD & WA in line with strategy • Ample capacity to fund new acquisitions with over $189m liquidity at 31 December 2025; part
Slide 23: Outlook
OUTLOOK 23 FY26 Half Year Financial Results Bushmead, WA
Slide 24: Outlook
OUTLOOK Favourable conditions for the sector: low housing supply, strong population growth, low unemployment & government support with planning approvals & buyer incentives Strong balance sheet with liquidity of over $189m at 31 Dec 2025 (undrawn finance facilities + cash) Acquisitions efforts provin
Slide 25: Appendices
APPENDICES 25 FY26 Half Year Financial Results Ellendale, QLD
Slide 26: Investment Summary
INVESTMENT SUMMARY Positioned for growth in a strong residential market 1. Positive residential market conditions • Significant housing shortage • Favourable government policies • Reducing interest rates 2. High quality portfolio • 36 projects with over 9,000 lots diversified across States & product 3
Slide 27: Project Pipeline
PROJECT Project Name WESTERN AUSTRALIA - PERTH Corridor/Location Project Type Lot/Units Project Lot/Units Remain 1 31 Dec 25 FY26 FY27 FY28 FY29 FY30 PIPELINE Ariella, Brabham North East Residential Land 1,216 270 Aveley 3 North East Residential Land 254 254 The Brook at Byford South East Residentia
Slide 28: cedarwoods.com.au
cedarwoods.com.au DISCLAIMER OF LIABILITY: While every effort is made to provide complete and accurate information, Cedar Woods Properties Limited does not warrant or represent that the information in this presentation is free from errors or omissions or is suitable for your intended use. Subject to
Cedar Woods Properties — H1 FY26 Earnings Presentation on 6ix