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 10.88c and interim dividend per share up 136% to 6.5c.

• EBITDA margin improved to 34%, up from 26% in the prior year, driven by price growth, higher settlements, and strong sales, especially in WA.

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

• Contracts on hand at 31 December 2025 totaled $776 million, up 27% since FY25, supporting future earnings.

• Interim dividend declared at 6.5c per share, fully franked, at the high end of the payout policy.

Financial highlights

• Revenue rose 29% year-over-year to $235.4 million, with EBITDA up 73% to $81.1 million and margin expanding to 34%.

• Net profit after tax doubled to $50.9 million compared to $25.2 million in 1H25.

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

• Gearing reduced to 24.7% from 27.5% at June 2025, within the target range.

• Operating cash flow before acquisitions just under $71 million.

Outlook and guidance

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

• FY26 expected to be a record year, with FY27 earnings anticipated to surpass FY26.

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

• Enquiry levels up over 30% from 2H25, indicating robust demand.