Cedar Woods Properties (CWP) H2 2025 earnings summary

Executive summary

• Delivered FY 2025 net profit after tax of $48.1 million, up 19% year-over-year, exceeding guidance.

• Revenue reached $466 million, a 21% increase from the prior year, with 1,125 property settlements.

• Maintains a diversified portfolio of 35 projects and over 9,400 lots/dwellings across four Australian states, with major acquisitions in Mount Barker (SA) and Fairfield (VIC).

• Strategic partnerships with QIC and Tokyo Gas Real Estate (TGRE) progressing, with two TGRE joint ventures completed.

• Favourable macro environment: housing shortage, supportive policy, and strong population growth.

Financial highlights

• Earnings per share rose 19% to $0.584 year-over-year; total dividends per share up 16% to $0.29.

• Gross margin improved to 28% from 25% in the prior year.

• Final dividend of $0.19, fully franked, with full-year dividends at $0.29 (50% payout ratio, ~4% yield).

• Pre-sales contracts at $660 million as of June 30, up from $559 million last year.

• Return on equity at 10%.

Outlook and guidance

• Guiding for approximately 10% NPAT growth in FY 2026.

• 60% of $660 million pre-sales expected to settle in FY 2026, providing strong revenue visibility.

• Favourable sector conditions expected to continue: low supply, easing interest rates, strong population growth, and low unemployment.

• Portfolio pipeline and liquidity position support accelerated acquisition and growth strategy.