Slide 1: FY24 Results
FY24 RESULTS " yim Where gou belong
Slide 2: Agenda
FY24 Results AGENDA 01 02 03 04 05 Group Results Operating Outlook Q&A Highlights Overview Performance
Slide 3: Leading Australian developer of quality residential communities
Leading Australian developer of quality residential communities with a proven track record for 130 years PIPELINE OF 33,600 LOTS • Property development company established in 1895 • Large, nationally diverse land bank provides economies of scale to deliver a wide range of JOINT VENTURES 1,601 LOTS1
Slide 4: Strong Platform for Growth
Strong Platform for Growth GEOGRAPHICALLY DIVERSE PIPELINE 130 YEAR TRACK RECORD OF DEVELOPING • Benefits from various growth corridors – positioned for THROUGH CYCLES future Australian population growth • Allows Peet to leverage state-base fluctuations • Ability to manage land bank and capital thro
Slide 5: Our Commitment to Sustainability
Our Commitment to Sustainability AS A LEADING RESIDENTIAL DEVELOPER WITH A LARGE NATIONAL FOOTPRINT, OUR APPROACH FOCUSES ON SUSTAINABLE PRACTICES TO CREATE LONG-TERM SHARED VALUE FOR OUR COMMUNITIES, SHAREHOLDERS AND PEOPLE ENVIRONMENT | SOCIAL | GOVERNANCE FY24 HIGHLIGHTS ENVIRONMENTALLY CONSCIOUS
Slide 6: Highlights
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Slide 7: FY24 Results Highlights
FY24 Results Highlights SOLID PERFORMANCE IN MIXED MARKET CONDITIONS FINANCIAL OPERATIONAL FY24 Net Operating Earnings Operating Profit1 per Share FY24 DPS $36.6m 7.77c 4.25c 2,504 2,418 -48% on FY23 -47% on FY23 -43% on FY23 LOTS4 SOLD LOTS4 SETTLED EDITDA2 $481m NTA 72% Cash & Available MARGIN Fac
Slide 8: Delivering against our Strategy
Delivering against our Strategy SIGNIFICANT VALUE TO BE UNLOCKED INVEST EXPAND MAINTAIN VALUE in high quality land in strategic product offering and focus on capital CREATION locations across country geographic presence to appeal management to wider variety of customers • Good visibility of future e
Slide 9: Results Overview
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Slide 10: Group FY24 Financial Results
Group FY24 Financial Results KEY PERFORMANCE STATISTICS FY24 FY23 VAR (%) Lot sales higher due to increased activity in WA, Qld and SA Lot sales1 2,504 1,399 79% Lot settlements1 2,418 2,594 (7%) Settlements were lower predominantly driven by ACT/NSW and Vic projects Revenue2 $314.4m $363.7m (14%) E
Slide 11: Group Cash Flow Summary
Group Cash Flow Summary CASH FLOWS RELATED TO OPERATING ACTIVITIES FY24 ($M) FY23 ($M) Receipts lower due to the impact of the New Beith (Qld)1 settlement in FY23 partially offset by increased settlement revenue from other Development Receipts from customers 302.4 338.8 projects and Funds Management
Slide 12: Group Balance Sheet
Group Balance Sheet CAPITAL MANAGEMENT METRICS FY24 FY23 Does not fully reflect market value of Development projects and co-investment Total assets1 $1,094.0m $1,030.4m stakes in Funds and JVs Book NTA per share1 $1.31 $1.28 Cash and debt facility headroom of more than $140m provides capacity to fun
Slide 13: Our Shareholder Returns
Our Shareholder Returns We have returned $201m to shareholders since FY18, through fully franked dividends and our SHAREHOLDER RETURNS SINCE FY18 ($M) ongoing on-market share buy-back $22m • Disciplined application of our capital management framework and strong balance sheet means shareholders $201m
Slide 14: Operating Performance
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Slide 15: Group Operating Performance
Group Operating Performance INCREASED DEVELOPMENT WEIGHTING DELIVERING RESULTS Group EBITDA1 38% 24% • Earnings are lower due to the settlement of the New Beith (Qld)3 project during FY23 and the ongoing 21% challenging markets in ACT/NSW and Vic EBITDA1,2 26% 47% 29% COMPOSITION 12% 9% • Contributi
Slide 16: Group Sales and Settlement Activity
Group Sales and Settlement Activity IMPROVED MARKET CONDITIONS IN WA, QLD & SA DRIVING STRONG SALES PERFORMANCE 16% 22% Group lot1 sales 79% 7% 7% • Group lot sales totaled 2,504 lots1 for FY24 20% SALES 9% • Increased sales activity experienced across the WA, Qld COMPOSITION BY16% 20% and SA market
Slide 17: Enquiry Levels Continue to Improve
Enquiry Levels Continue to Improve Enquiry levels during FY24 were materially higher than in FY23: • FY24 enquiries increased by more than 11,716 11,954 11,899 12,187 60% compared to FY23 • First home buyer activity increased by c.15% in FY24 compared to FY23 8,896 7,838 7,472 6,579 6,956 10 YEAR AV
Slide 18: Outlook
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Slide 19: New Projects Provide Medium Term Earnings Visibility
New Projects Provide Medium Term Earnings Visibility PIPELINE OF APPROXIMATELY 33,600 LOTS PROVIDING VISIBILITY OF FUTURE EARNINGS FY25 – FY27 NEW PROJECT RELEASE SCHEDULE1 PROJECT PROJECT LOTS3/ GDV4 LIFE PROJECT NAME STATE SEGMENT LAUNCH2 UNITS (YEARS) Communities Craigieburn West Vic Owned FY25 8
Slide 20: FY25 Focus
FY25 Focus PORTFOLIO WELL-POSITIONED FOR POSITIVE GROWTH AND VALUE CREATION INVEST EXPAND MAINTAIN in high quality land in strategic product offering and geographic presence focus on capital management locations across country to appeal to wider variety of customers • Focus on improving operating ca
Slide 21: Group Outlook
Group Outlook DELIVERY PROGRAM IN PLACE TO MEET MARKET DEMAND • Various State and Territory residential markets are at different Focused on positioning the Group for points in their respective property cycles growth through a prudent approach to • Cost of living pressures and consumer confidence con
Slide 22: Appendices
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Slide 23: Development Operating Performance
Development Operating Performance KEY PERFORMANCE STATISTICS FY24 FY23 VAR (%) Higher sales driven by Flagstone (Qld) and SA projects Lot sales1 776 616 26% Lot settlements1 804 769 5% Lower revenue and EBITDA2,3 due to settlement of New Beith Land only 743 682 9% (Qld)4 property in FY23, partially
Slide 24: Funds Management Operating Performance
Funds Management Operating Performance KEY PERFORMANCE STATISTICS FY24 FY23 VAR (%) Lot sales were higher, predominantly due to increased activity in Lot sales1 1,496 521 187% WA Lot settlements1 1,277 1,137 12% Revenue increased due to higher fees as a result of higher sales volumes Revenue 24.3 19
Slide 25: Joint Venture Operating Performance
Joint Venture Operating Performance KEY PERFORMANCE STATISTICS FY24 FY23 VAR (%) Lot sales1 232 262 (11%) Lot settlements1 337 688 (51%) Lower settlements mainly due to market conditions in ACT/NSW Revenue 30.9 34.4 (10%) Equity accounted profits decreased due to lower settlements at Share of net pr
Slide 26: Summary Income Statement
Summary Income Statement KEY PERFORMANCE STATISTICS FY24 FY23 VAR (%) Funds Management 24.3 19.4 25% Development 225.0 265.1 (15%) Joint Venture 30.9 34.4 (10%) Share of net profit of equity accounted investments 20.5 44.3 (54%) Other1 13.7 0.5 2,640% Revenue 314.4 363.7 (14%) EBITDA 66.7 107.0 (38%
Slide 27: Summary Balance Sheet
Summary Balance Sheet KEY PERFORMANCE STATISTICS FY24 ($M) FY23 ($M) Assets Cash and cash equivalents 23.8 38.8 Receivables 74.9 71.6 Inventories 790.8 718.7 Investments accounted for using the equity method 194.9 194.4 Other 9.6 6.9 Total assets 1,094.0 1,030.4 Liabilities Payables 34.3 48.7 Land v
Slide 28: Land Bank Development Key Projects
Land Bank Development Key Projects Planning Selling PROJECT NAME STATE GDV1 LOTS REMAINING2 2025 2026 2027 2028 2029 Greenlea WA $2m 1 Glyde Street WA $64m 50 Glendalough WA $91m 100 Other WA $753m 3,844 Gladstone Qld $10m 325 Palmview Qld $43m 105 Spring Mountain Qld $53m 107 Strathpine Qld $6m 9 N
Slide 29: Land Bank Funds Management Key Projects
Land Bank Funds Management Key Projects Planning Selling PROJECT NAME STATE GDV1 LOTS REMAINING2 2025 2026 2027 2028 2029 Alkimos WA $852m 1,423 Brabham WA $599m 2,432 Burns Beach WA $111m 195 Eglinton WA $222m 784 Golden Bay WA $87m 332 Lakeland Estates WA $149m 620 Yanchep Golf Estate WA $445m 1,4
Slide 30: Land Bank Joint Venture Key Projects
Land Bank Joint Venture Key Projects Planning Selling PROJECT NAME STATE GDV1 LOTS REMAINING2 2025 2026 2027 2028 2029 Wellard WA $30m 115 Edens Crossing Qld $130m 362 Googong3 NSW $623m 1,124 Total Joint Venture $783m 1,601 Total Pipeline $12,892m 33,607 Notes: 1 Gross Development Value is the fore
Slide 31: Disclaimer
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Slide 32: Thank you
Thank you peet.com.au 31 | FY24 Results