Australian land developer Peet Limited reported a record annual profit for the 2026 financial year, driven by higher land sales and improved margins.
Net operating profit climbed 77% to AUD 103.4 million from AUD 58.5 million in the prior year, surpassing the company’s guidance range of AUD 98 million to AUD 100 million by up to AUD 5.4 million. Earnings before interest, tax, depreciation and amortisation rose 54% to AUD 162 million, while the EBITDA margin expanded to 36% from 24% in FY 2025.
The company declared a final dividend of AUD 0.065 per share, bringing the total annual payout to AUD 0.13 per share, a 68% increase from AUD 0.0775 in FY 2025. Peet has maintained consecutive annual dividends for 13 years, all fully franked. Operating cash flow totalled AUD 107.5 million, while net debt fell to AUD 201.3 million from AUD 243.6 million a year earlier.
Land sales reached just under 3,000 lots in FY 2026, an 8% increase from FY 2025 and 20% higher than the 2,500 lots recorded in FY 2024. Contracts on hand entering FY 2027 rose 39% to AUD 851 million, with management expecting at least 95% of these to convert into settlements during the year. The cancellation rate stood at about 12%, below the three-year average of 16%.
Western Australia and Queensland accounted for 76% of EBITDA in FY 2026, consistent with the prior year. Sales were concentrated 53% in Western Australia and 24% in Queensland, with Victoria and the Australian Capital Territory contributing smaller shares. The company’s land bank, with an average age exceeding 14 years, supports more than eight years of production at an annual rate of around 3,000 lots, with a gross development value of AUD 11.5 billion.
Peet’s shares were unchanged at AUD 1.81, trading near the midpoint of a 52-week range between AUD 1.49 and AUD 2.24.
The company noted that its financial health indicators remained strong, with a current ratio of 1.36 and an Altman Z-Score of 4.17. Earlier in the week, Peet’s shares were briefly halted amid market speculation about a potential corporate transaction, though no announcement was made.
