Cedar Woods Properties (CWP) H1 2026 earnings summary

Executive summary

• Net profit after tax for H1 FY26 was AUD 39.6 million, up 164% year-over-year, driven by strong revenue and margin expansion.

• Revenue reached AUD 274.8 million, reflecting robust sales and settlements across 36 projects in four states, supporting a pipeline of over 9,000 dwellings and lots.

• Strategic partnerships with QIC and Tokyo Gas enable participation in larger projects and further diversification.

• ESG initiatives advanced, including award-winning energy-efficient developments, community grants, and microgrid projects.

• Favourable market conditions driven by housing undersupply, government incentives, and strong population growth.

Financial highlights

• Revenue increased by 240% year-over-year in H1 FY26, with 34% more settlements compared to the prior year.

• Net profit after tax of AUD 39.6 million, up 164% year-over-year; earnings per share rose to 47.4 cents, up 160%.

• Gross margin improved to 31% from 26% in the previous year.

• Interim dividend of 14.0 cents per share declared, a 40% increase from the prior year.

• Net bank debt reduced by 40% to AUD 85 million; gearing at a low 10%.

Outlook and guidance

• Full year NPAT growth guidance of 30% to 35% for FY26, with further growth expected in FY27.

• At least 20% earnings growth guided for FY26, with 30%-35% of FY26 earnings already secured through presales.

• Strong presale contracts valued at over AUD 748 million as of December 31, 2025, supporting revenue into FY27 and beyond.

• Market conditions expected to remain favourable due to ongoing housing undersupply and strong demand.

• Interim fully franked dividend of 14.0 cents per share declared, with a final dividend expected after year-end.