Peet (PPC) investor relations material

Deal rationale and strategic fit

• The acquisition creates the largest pure-play ASX-listed residential/living sector platform, expanding scale, diversification, and market relevance.

• The businesses are highly complementary in geographic exposure and business model, integrating develop-to-sell land, land lease, and holiday rental income streams.

• The deal follows a strategic review to maximize returns and leverage a premier asset base.

• Positions the group to capitalize on long-term residential market trends and address structural housing shortages.

• Strong cultural alignment and complementary models expected to drive integration benefits.

Financial terms and conditions

• Peet shareholders to receive up to AUD 2.185 per share: AUD 0.68 cash and 0.3367 Ingenia stapled securities per share, with a mix-and-match facility for all-cash, all-scrip, or a combination, 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.

• Peet shareholders entitled to a AUD 0.065 dividend, with no reduction to cash consideration.

• A joint venture for a 49.9% interest in Flagstone at AUD 715 million, reflecting a AUD 368 million uplift to book value.

Synergies and expected cost savings

• Identified 5,000–7,000 Peet lots suitable for conversion to land lease, with an indicative AUD 1 billion end value.

• Significant revenue and cost synergies expected, including ~$10 million per annum initial cost savings.

• Cost base reduction anticipated by consolidating from two listed companies to one.

• Enhanced management capabilities and delivery scale efficiencies across the development lifecycle.

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