Ingenia Communities Group (INA) investor relations material

Deal rationale and strategic fit

• The merger creates a leading national residential and land lease platform with a diversified pipeline, national footprint, and enhanced scale to address Australia's housing undersupply and support long-term growth.

• The combination leverages complementary capabilities, brands, and sector expertise, accelerating strategic objectives and expanding into new markets.

• Access to Peet's mature, low-risk portfolio and significant land lease conversion opportunities enhances platform scale and return on equity.

• Integration of master planned and land lease communities secures growth beyond the 5-Year Plan and enables response to evolving residential sector needs.

• Peet will retain its brand and operate as part of a dual-brand, integrated management structure.

Financial terms and conditions

• Peet shareholders to receive up to AUD 2.185 per share: AUD 0.68 cash, 0.3367 Ingenia stapled securities (implied value AUD 1.44–2.12 per share depending on VWAP), plus a AUD 0.065 dividend, with a mix-and-match facility subject to scale-back.

• The offer values Peet at a market cap of around AUD 1 billion and enterprise value of AUD 1.266 billion.

• The consideration represents a 21% premium to last close, 22% to one-month VWAP, and 47% to June 2026 book NTA; 17.1% premium to last close also cited.

• Peet shareholders can receive the FY26 final dividend of AUD 0.065 per share without reduction to cash consideration.

• Transaction implemented via a Scheme of Arrangement, subject to customary conditions, with Ingenia securities issued to Peet shareholders ranking pari passu post-implementation.

Synergies and expected cost savings

• Estimated AUD 10 million per annum in cost synergies, primarily from board consolidation and listed entity costs.

• Additional efficiencies anticipated from consolidation of services, back-office functions, and accommodation.

• Project efficiencies and value creation expected through scale, co-location benefits, and over 5,000 land lease lots identified on Peet land.

• Enhanced scale and lower cost of capital expected to drive earnings improvement.

• Substantial medium to long-term opportunities for delivery scale efficiencies as platforms integrate.