Peet (PPC) H2 2026 earnings summary

Executive summary

• Achieved record net operating profit of AUD 103.4 million for FY26, up 77% year-over-year, driven by strong market conditions, especially in Western Australia and Queensland.

• Operating earnings per share rose 77% to 22.1 cents; fully franked total dividends increased 68% to 13.0 cents per share.

• EBITDA margin expanded to 36%, up from 24% last year, with EBITDA reaching AUD 162.8 million, a 54% increase.

• Contracts on hand reached AUD 851 million, up 39% year-over-year, providing strong earnings visibility into FY27.

• Strong sales performance with 2,996 lots sold (up 8%) and 2,665 lots settled (up 1%) during FY26.

Financial highlights

• Revenue increased 3% to AUD 450.2 million year-over-year.

• Net tangible assets per share grew 9% to AUD 1.49.

• Net operating cash flow was AUD 99.3 million, with operating cash flow remaining strong.

• Gearing reduced to 24.8%, within the 20–30% target range, and net debt fell to AUD 201.3 million from AUD 243.6 million.

• Interest cover improved to 7.6 times, and weighted average cost of debt decreased to 7.7%.

Outlook and guidance

• Entering FY27 with AUD 851 million in contracts on hand and 80% of the development pipeline activated.

• Targeting earnings growth in FY27, supported by strong pipeline, population growth, and government policies.

• Monitoring impacts of interest rate rises, cost of living pressures, and macroeconomic/geopolitical factors.

• Three new projects to commence in FY27, adding to sales and settlements.