Finbar Group (FRI) AGM 2025 Presentation summary

Company overview and business model

• 30 years of consecutive profit, 79 completed developments, and 7,407 apartments delivered in Western Australia.

• 100% project delivery success rate and strong brand reputation in the Perth market.

• Operates through wholly owned entities, special purpose entities, and joint ventures, leveraging deep stakeholder relationships for competitive advantage.

• Focus on inner-city, transit-connected precincts, and mid-market apartment supply.

• Recognized for design innovation and sustainability, with award-winning projects.

Financial and operational performance

• FY25 total revenue of $284.5M, comprehensive profit of $14.4M, and earnings per share of 5.28 cents.

• $36.4M in cash, net tangible assets per security at 92 cents, and a 2c per share dividend.

• Record sales in 2025: $334M to Q3, with an average unit price of $911k, 32% above the 2018–2024 average.

• 251 lots sold in Q3 2025 for $227M, averaging 2.7 units per day.

• $127M of completed debt-free stock sold to Q3 2025, averaging $42M per quarter.

Market outlook and demand drivers

• Strong migration, record-high dwelling values, and a growing affordability gap between houses and units are driving apartment demand.

• Perth housing outperforms other major cities, with the strongest price growth in the middle and lower value segments.

• Severe housing supply shortage, with listings 45% below the long-term average and construction work for apartments 12% below the 10-year average.

• Supportive policy settings and low vacancy rates (0.7%) further boost demand.