Cedar Woods Properties (CWP) H1 2026 earnings summary

Executive summary

• Achieved record net profit after tax of AUD 39.6 million in H1 FY26, up 163%–164% year-over-year, driven by strong revenue, margin expansion, and robust project settlements.

• Revenue for H1 FY26 was AUD 274.8 million, up 40% year-over-year, reflecting strong sales and settlements across 36 projects in four states, supporting a pipeline of over 9,000 dwellings and lots.

• Strategic partnerships with QIC and Tokyo Gas enable participation in larger projects, further diversification, and accelerated growth.

• ESG initiatives advanced, including award-winning energy-efficient developments, community grants, microgrid projects, and support for disadvantaged children.

• Favourable market conditions driven by housing undersupply, government incentives, and strong population growth underpin demand.

Financial highlights

• Net profit after tax of AUD 39.6 million, up 163%–164% year-over-year; revenue of AUD 274.8 million, up 40%; gross margin improved to 31% from 26% in the prior year.

• Earnings per share rose to 47.4 cents, up 160% year-over-year; interim dividend of 14.0 cents per share declared, up 40%.

• Presale contracts reached AUD 748 million as of 31 December 2025, supporting future revenue.

• Net bank debt reduced to AUD 85.1 million; gearing at 10%; undrawn facility headroom of AUD 170 million.

• Operating cash flow of AUD 44.1 million in H1 FY26; total assets at AUD 854 million and net assets at AUD 530 million as of 31 December 2025.

Outlook and guidance

• Upgraded FY26 NPAT growth guidance to 30%–35%, with further profit growth anticipated in FY27, supported by strong presales and market conditions.

• At least 30%–35% of FY26 earnings already secured through presales; full year gross margin expected to match H1 FY26.

• Final dividend expected following year-end; positive outlook underpinned by acquisitions and favourable housing market.