Peet (PPC) H1 2026 earnings summary

Executive summary

• Net profit after tax for H1 FY26 reached $50.9 million, up 102% year-over-year, with EPS also up 102% to 10.88 cents and interim dividend per share up 136% to 6.5 cents, fully franked.

• Revenue for the half-year rose 28% to $222.9 million, driven by strong sales and settlements, especially in WA, QLD, and SA.

• Contracts on hand at 31 December 2025 totaled $776 million, up 27% since June 2025, providing strong earnings visibility.

• EBITDA margin improved to 34%, up from 26% in the prior year period, reflecting price growth and higher settlements.

• Strong operational performance with nearly 1,800 sales and 1,500 settlements in H1.

Financial highlights

• EBITDA reached $81.1 million, up 73% from $46.9 million, with margin expanding to 34%.

• Book NTA per share increased to $1.44, up 5% from June 2025.

• Net operating cash flow was $67.7 million, a significant improvement from $(4.2) million in 1H25.

• Net debt reduced by $27 million to $215.2 million, with gearing at 24.7%, down from 27.5% at June 2025.

• Cash and available debt facility headroom exceeded $200 million at period end.

Outlook and guidance

• Upgraded FY26 NPAT guidance to $86–90 million, representing 47–54% growth over FY25, with continued growth anticipated in FY27.

• Strong momentum and high confidence for the balance of FY26 and into FY27, driven by WA and Queensland.

• First half of FY26 slightly stronger due to timing of settlements; enquiry levels up over 30% from 2H25.