-176
Directors' Report 3
Auditor's Independence Declaration 5
Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 6
Condensed Consolidated Statement of Financial Position 7
Condensed Consolidated Statement of Changes in Equity 8
Condensed Consolidated Statement of Cash Flows 9
Notes to the Condensed Financial Statements 10
Directors' Declaration 14
Independent Auditor's Review Report to the Members 15
Corporate Directory 17
This interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2025 and any public announcements made by Cedar Woods Properties Limited during the interim reporting period in accordance with continuous disclosure requirements of the Corporations Act 2001.
Cedar Woods Properties Limited is a company limited by shares, incorporated and domiciled in Australia.
Its registered office and principal place of business is Level 4, 50 Colin Street, West Perth, WA 6005. Its shares are listed on the Australian Securities Exchange.
Cover picture: Bloom Apartments, Glenside, South Australia
Cedar Woods Properties Limited
Your directors present their report on the consolidated entity (referred to hereafter as the group) consisting of Cedar Woods Properties Limited and the entities it controlled at the end of, or during, the half-year ended 31 December 2025.
The following persons were directors of Cedar Woods Properties Limited during the whole of the half-year and up to the date of this report:
William George Hames (Chairman) Robert Stanley Brown (Deputy Chairman)
Valerie Anne Davies (Independent Non-executive Director) Jane Mary Muirsmith (Independent Non-executive Director) Paul Gilbert Say (Independent Non-executive Director) Nathan John Blackburne (Managing Director)
The principal continuing activities of the group in the course of the half-year ended 31 December 2025 were that of property developer and investor and no significant change in the nature of those activities has taken place during that period.
A summary of consolidated revenues and results for the half-year ended 31 December 2025 is set out below:
2025
$'000
2024
$'000
Revenue
274,806
195,879
Profit before income tax expense
56,496
21,528
Income tax expense
(16,945)
(6,522)
Net profit attributable to members of Cedar Woods Properties Limited
39,551
15,006
During the half-year the group continued the sale of lots and units at its residential and commercial projects in Australia.
The group's earnings from period to period are dependent upon the timing of the settlements in each development. Management's focus is primarily on the achievement of full year results and the distribution of profits between half-years may from time to time be uneven due to the timing of settlements of significant projects.
Since 31 December 2025 the directors have recommended the payment of an interim fully franked ordinary dividend of
$11,911,000 (14.0 cents per share) to be paid on 24 April 2026 out of retained earnings at 31 December 2025.
Refer to note 5 for details on the group's corporate finance facility extension since the end of the reporting period. Refer to note 8 for dividends declared since the end of the reporting period.
Refer to note 11 for details of land acquisitions since the end of the reporting period.
No other matter or circumstance has arisen since 31 December 2025 that has significantly affected the group's operations, results or state of affairs.
Cedar Woods Properties Limited
A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 5.
The group is of a kind referred to in ASIC Legislative Instrument 2016/191, relating to the "rounding off" of amounts in the directors' report and financial report. Amounts in the directors' report and financial report have been rounded off to the nearest thousand dollars in accordance with the instrument.
This report is made in accordance with a resolution of directors.
›
›
Nathan BlackburneManaging Director
Perth, Western Australia 23 February 2026
Cedar Woods Properties Limited
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 Cedar Woods Properties LimitedAs lead auditor for the review of the half-year financial report of Cedar Woods Properties Limited for the half-year ended 31 December 2025, I declare to the best of my knowledge and belief, there have been:
No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review;
No contraventions of any applicable code of professional conduct in relation to the review; and
No non-audit services provided that contravene any applicable code of professional conduct in relation to the review.
This declaration is in respect of Cedar Woods Properties Limited and the entities it controlled during the financial period.
Ernst & Young
Pierre Dreyer Partner
23 February 2026
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
31 December
2025
31 December
2024
Note
$'000
$'000
Continuing operations
Revenue
2
274,806
195,879
Cost of sale of land and buildings
(188,499)
(141,789)
Cost of providing development services
(440)
(2,540)
Gross profit
85,867
51,550
Project operating costs
(8,375)
(9,215)
Administration expenses
(15,930)
(14,498)
Other expenses
(907)
(591)
Other income
1,542
1,251
Operating profit
62,197
28,497
Finance costs
3
(5,469)
(6,785)
Share of net loss of associates and joint ventures accounted for using the equity method
(232)
(184)
Profit before income tax
56,496
21,528
Income tax expense
4
(16,945)
(6,522)
Profit for the half-year
39,551
15,006
Total comprehensive income for the half-year
39,551
15,006
Total comprehensive income attributable to members of Cedar Woods Properties Limited
39,551
15,006
Earnings per share for profit attributable to the ordinary equity holders of the company:
Basic earnings per share
47.4 cents
18.2 cents
Diluted earnings per share
47.1 cents
17.9 cents
The above condensed consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.
Cedar Woods Properties Limited
31 December
30 June
2025
2025
Note
$'000
$'000
ASSETS
Current assets
Cash and cash equivalents
19,201
8,569
Trade and other receivables
8,077
9,184
Contract assets
615
745
Inventories
296,270
268,229
Deferred development costs
12
21
Total current assets
324,175
286,748
Non-current assets
Receivables
2,568
2,555
Contract assets
651
631
Inventories
506,559
547,488
Deferred development costs
2,343
2,228
Other financial assets
6
7,473
6,940
Property, plant and equipment
6,445
6,817
Right-of-use assets
1,298
1,634
Investments accounted for using the equity method
2,411
2,643
Total non-current assets
529,748
570,936
Total assets
853,923
857,684
LIABILITIES
Current liabilities
Trade and other payables
32,753
44,550
Other financial liabilities
6
96,489
95,844
Current tax liabilities
9,390
8,938
Contract liabilities
8,403
7,335
Lease liabilities
690
713
Provisions
19,802
20,032
Total current liabilities
167,527
177,412
Non-current liabilities
Borrowings
5
104,326
134,192
Other financial liabilities
6
42,428
46,833
Lease liabilities
969
1,303
Provisions
8,627
8,485
Deferred tax liabilities
255
264
Total non-current liabilities
156,605
191,077
Total liabilities
324,132
368,489
Net assets
529,791
489,195
EQUITY
Contributed equity
7
155,643
139,111
Reserves
4,083
4,166
Retained profits
370,065
345,918
Total equity
529,791
489,195
The above condensed consolidated statement of financial position should be read in conjunction with the accompanying notes.
Cedar Woods Properties Limited
Contributed
equity
Reserves
Retained
profits
Total
Note
$'000
$'000
$'000
$'000
Balance at 1 July 2024
138,625
2,354
319,812
460,791
Profit for the half-year
-
-
15,006
15,006
Total comprehensive income for the half-year
-
-
15,006
15,006
Transactions with owners in their capacity as owners:
Transfers from reserves to retained profits
-
(244)
244
-
Dividends provided for or paid
8
-
-
(14,026)
(14,026)
Employee share scheme
486
560
-
1,046
486
316
(13,782)
(12,980)
Balance at 31 December 2024
139,111
2,670
321,036
462,817
Balance at 1 July 2025
139,111
4,166
345,918
489,195
Profit for the half-year
-
-
39,551
39,551
Total comprehensive income for the half-year
-
-
39,551
39,551
Transactions with owners in their capacity as owners:
Contributed equity, net of transaction costs and tax
7
15,043
-
-
15,043
Dividends provided for or paid
8
-
-
(15,404)
(15,404)
Employee share scheme
1,489
(83)
-
1,406
16,532
(83)
(15,404)
1,045
Balance at 31 December 2025
155,643
4,083
370,065
529,791
The above condensed consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
Cedar Woods Properties Limited
31 December
31 December
2025
2024
Note
$'000
$'000
Cash flows from operating activities
Receipts from customers (incl. GST)
300,992
220,712
Other income
35
2
Payments to suppliers and employees (incl. GST)
(53,764)
(58,310)
Payments for land
(4,987)
(46,054)
Payments for development
(176,482)
(137,367)
Interest received
806
876
Borrowing costs paid
(6,565)
(7,242)
Income taxes paid
(15,926)
(15,795)
Net cash inflow (outflows) from operating activities
44,109
(43,178)
Cash flows from investing activities
Loans to associates and joint ventures
6
-
(8,075)
Payments for property, plant and equipment
(368)
(353)
Net cash (outflows) from investing activities
(368)
(8,428)
Cash flows from financing activities
Proceeds from borrowings
-
46,200
Repayment of borrowings
(30,000)
-
Principal elements of lease payments
(395)
(363)
Proceeds from project partners
-
8,250
Payments to project partners
(2,198)
(7,329)
Proceeds from issue of share capital
11,337
-
Transaction costs on issue of share capital
(516)
-
Dividends paid
8
(11,337)
(14,026)
Net cash (outflows) inflows from financing activities
(33,109)
32,732
Net increase/(decrease) in cash and cash equivalents
10,632
(18,874)
Cash and cash equivalents at the beginning of the half-year
8,569
21,945
Cash and cash equivalents at the end of the half-year
19,201
3,071
The above condensed consolidated statement of cash flows should be read in conjunction with the accompanying notes.
Cedar Woods Properties Limited
This condensed consolidated interim financial report for the half-year reporting period ended 31 December 2025 has been prepared in accordance with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Act 2001.
This interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report should be read in conjunction with the annual report for the year ended 30 June 2025 and any public announcements made by Cedar Woods Properties Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001. Where necessary, comparative information is reclassified and restated for consistency with current period disclosures.
The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, except for the adoption of new and amended standards as set out below.
A number of new or amended standards became applicable in the current reporting period. No changes to accounting policies or retrospective adjustments were required as a result of adopting these standards.
Certain new accounting standards and interpretations have been published that are not mandatory for 31 December 2025 reporting periods. These standards and interpretations have not been early adopted by the group.
These standards are not expected to have a material impact on the consolidated entity in the current or future reporting periods and on foreseeable future transactions.
Cedar Woods Properties Limited
Disaggregation of revenue from contracts with customers
Half year ended 31 December
2025
$'000
2024
$'000
Timing of revenue recognition
At a point in time
Sale of land and buildings
273,141
191,543
Development services
1,167
3,832
Over time
Rent from properties 498 504
274,806 195,879
Profit before income tax expense includes the following specific expenses:
Half year ended 31 December
2025
$'000
2024
$'000
Finance costs
Interest and finance charges
5,757
6,255
Interest - leases
57
78
Interest - other financial liabilities
3,206
1,481
Unrealised financial instrument (gains) / losses
(941)
832
Less: amount capitalised
(2,610)
(1,861)
Finance costs expensed
5,469
6,785
Income tax expense is recognised based on management's estimate of the weighted average effective annual income tax rate expected for the full financial year, adjusted for current tax of prior periods. The estimated average annual tax rate used for the six months to 31 December 2025 is 30%, compared to 30% for the six months ended 31 December 2024.
Bank loan facilities totalling $330,000,000 (30 June 2025: $330,000,000) are provided by three major banks and are secured by first registered mortgages over some of the consolidated entity's landholdings, and first registered charges, guarantees and indemnities provided by Cedar Woods and applicable subsidiary entities. The group extended its corporate facility in February 2026 following its annual review. The changes included renewed facility tenure.
The extended facility now comprises:
$264,000,000 of the facility extending to January 2029 (80% of permanent facility limit); and
$66,000,000 of the facility extending to January 2031 (20% of permanent facility limit).
Cedar Woods Properties Limited
31 December
30 June
2025
2025
$'000
$'000
Non-Current
Interest rate hedge contracts
365
-
Loans to associates and joint ventures
7,108
6,940
7,473
6,940
31 December
30 June
2025
2025
$'000
$'000
Current
Due to vendors of properties under contracts of sale
85,690
84,504
Due to project partners
10,710
11,340
Interest rate hedge contracts
89
-
96,489
95,844
Non-Current
Due to vendors of properties under contracts of sale
42,394
46,109
Interest rate hedge contracts
-
665
Other payables
34
59
42,428
46,833
31 December
31 December
31 December
31 December
2025
Shares
2024
Shares
2025
$'000
2024
$'000
Movement in ordinary share capital
Start of the period
82,510,622
82,418,418
139,111
138,625
Shares issued pursuant to the dividend reinvestment plan:
Ordinary shares issued on 31 October 2025 at $7.42
548,187
-
4,067
-
Shares issued pursuant to the bonus share plan:
Ordinary shares issued on 31 October 2025
47,985
-
-
-
Shares issued pursuant to an underwriting agreement:
Ordinary shares issued on 31 October 2025 at $7.42
1,527,872
-
11,337
-
Shares issued under employee share schemes:
Ordinary shares issued on 29 August 2025
441,086
-
1,489
-
Ordinary shares issued on 20 September 2024
-
31,765
-
137
Ordinary shares issued on 30 August 2024
-
60,439
-
352
Transaction costs arising on share issues
-
-
(361)
(3)
2,565,130
92,204
16,532
486
End of the period
85,075,752
82,510,622
155,643
139,111
Cedar Woods Properties Limited
Half year ended 31 December
2025
$'000
2024
$'000
Ordinary shares
Dividends provided for or paid during the half-year:
Paid in cash (final dividend for 2025: 19.0 cents (2024: 17.0 cents))
11,337
14,026
Satisfied by shares under the dividend reinvestment plan
4,067
-
15,404
14,026
Subsequent to balance date, the directors have recommended the payment of an interim dividend of 14.0 cents per fully paid ordinary share (2024 - 10.0 cents), fully franked based on tax paid at 30%. A final dividend is also expected to be paid following the completion of the financial year.
At 31 December 2025 bank guarantees totalling $54,979,000 (30 June 2025 - $59,353,000) had been provided to various state and local authorities supporting development and maintenance commitments. Some of these development commitments are recognised in inventory in the financial statements where the costs have been expended or provided for in part.
The board has determined the operating segment based on the reports reviewed by the Managing Director that are used to make strategic decisions.
The board has considered the business from both a product and a geographic perspective and has determined that the group operates a single business in a single geographic area and hence has one reportable segment.
The group engages in property development and investment which takes place in Australia. The group has no separate business units or divisions.
The internal reporting provided to the Managing Director includes key performance information at a whole of group level. The Managing Director uses the internal information to make strategic decisions, based primarily upon the expected future outcome of those decisions on the group as a whole. Material decisions to allocate resources are generally made at a whole of group level.
The group mainly sells products to the public and is not generally reliant upon any single customer for 10%
or more of the group's revenue.
All of the group's assets are held within Australia.
The Managing Director assesses the performance of the operating segment based on the net profit after tax, earnings per share and net tangible assets per share.
On 20 January 2026, the group settled on an 18.6ha development site in Corio, Victoria. The land was purchased for $35,125,000.
On 17 February 2026, the group settled on a 64.6ha development site in Mt Barker, South Australia. The land was purchased for $50,000,000.
Refer to note 5 for details on the group's corporate finance facility extension since the end of the reporting
period.
Refer to note 8 for dividends declared since the end of the reporting period.
Cedar Woods Properties Limited
In the directors' opinion:
the financial statements and notes set out on pages 6 to 13 are in accordance with the Corporations Act 2001, including:
complying with Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements; and
giving a true and fair view of the consolidated entity's financial position as at 31 December 2025 and of its performance for the half-year ended on that date, and
there are reasonable grounds to believe that Cedar Woods Properties Limited will be able to pay its debts as and when they become due and payable.
This declaration is made in accordance with a resolution of the directors.
›
Nathan BlackburneManaging Director
Perth, Western Australia 23 February 2026
Cedar Woods Properties Limited
14
Cedar Woods Properties Limited
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 review report to the members of Cedar Woods Properties Limited ConclusionWe have reviewed the accompanying half-year financial report of Cedar Woods Properties Limited (the Company) and its subsidiaries (collectively the Group), which comprises the condensed consolidated statement of financial position as at 31 December 2025, the condensed consolidated statement of profit or loss and other comprehensive income, condensed consolidated statement of changes in equity and condensed consolidated statement of cash flows for the half-year ended on that date, explanatory notes and the directors' declaration.
Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of the Group does not comply with the Corporations Act 2001, including:
Giving a true and fair view of the consolidated financial position of the Group as at 31 December 2025 and of its consolidated financial performance for the half-year ended on that date; and
Complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.
We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity (ASRE 2410). Our responsibilities are further described in the Auditor's responsibilities for the review of the half-year 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 reviews of the half-year financial report of public interest entities in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
Directors' responsibilities for the half-year financial reportThe directors of the Company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
Auditor's responsibilities for the review of the half-year financial reportPage 2
Our responsibility is to express a conclusion on the half-year financial report based on our review. ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the Group's financial position as at 31 December 2025 and its performance for the half-year ended on that date, and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.
A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Ernst & Young
Pierre Dreyer Partner Perth
23 February 2026
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
Paul Gilbert Soy FRICS, FAPI
Computershore Investor Services Pty Ltd Level 17, 221 St Georges Terrace
DIRECTORS
REGISTERED OFFICE AND
BArch (Hons) MCU (Harvard) LFRAIA,
PRINCIPAL PLACE OF BUSINESS
William George Homes
WEST PERTH WA 6OO!5
MPIA, FAPI (Econ) - Chairman
Level 4, 50 Colin Street
Postal Address
P.O. Box 788 West Perth WA 6B72
Robert Stanley Brown
MAICD, AIFS - Deputy Chairman
Valerie Anne Davies
Email
emailocedarwoods.com.au
Website www.cedarwoods.com.au
FAICD
Phone (OB) 94BO 15O0
Jane blory Pluirsmith
BCom (Hons), FCA, GAICD
SHARE REGISTRY
AUDITOR
BB, AMP, GAICD - Managing Director
Nathan John Blockburne
9 The Esplanade
COI'•1PANY SECRETARY
Ernst 6 Young
PERTH WA 6000
Sarah Reilly
SECURITIES EXCHANGE LISTING
LLB/BA, GDLP
Cedar Woods Properties Limited shares
are listed on the Australian Securities
Exchange (ASX)
PERTH WA 6000
ASX Code CWP
1717
Cedar Woods Properties Limited
Cedar Woods Properties Limited
HALF-YEAR REPORT - DECEMBER 2020