Cedar Woods Properties (ASX:CWP) Delivers Record $65.6 Million Profit, Targets 15% FY27 Growth

Sonal Goyal

25 August 2026 10:32 AM AEST

Cedar Woods Properties (ASX:CWP) Delivers Record $65.6 Million Profit, Targets 15% FY27 Growth

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Key Highlights

Net profit after tax reached a record $65.6 million, up 36 percent on the $48.1 million reported in FY25
Presales rose 26 percent to a record $830 million, covering more than 90 percent of forecast FY27 revenue
The board declared a fully franked final Dividend of 25.0 cents per share, taking total FY26 dividends to 39.0 cents
The company is targeting 15 percent growth in net profit after tax for FY27

Cedar Woods Properties Limited (ASX:CWP) reported net profit after tax of $65.6 million for FY26, an increase of 36 percent on the $48.1 million recorded in the prior year and above the top end of the company's guidance range. Revenue rose to a record $502.4 million, up from $465.9 million in FY25, supported by a higher average price achieved on lots settled. Gross Margin improved to approximately 30 percent from 28 percent in the prior year, reflecting price growth across the portfolio, cost control and the mix of projects settled during the period. Earnings Per Share increased 33 percent to a record 77.9 cents.

Presales Provide Earnings Visibility

Presales reached a record $830 million at 30 June 2026, up 26 percent on the $660 million reported a year earlier, representing more than 90 percent of the company's forecast FY27 revenue. Gross sales rose 5 percent to a record 1,521 lots, homes and offices, while net sales increased 5 percent to a record 1,326. The company received a record 30,137 enquiries during the year, up 25 percent, although enquiry activity softened in the fourth quarter due to reduced Marketing activity, fewer sales releases and broader factors affecting buyer sentiment, including Interest Rate rises, taxation changes and geopolitical conflict in the Middle East.

Dividends and Balance Sheet

The board declared a fully franked final dividend of 25.0 cents per share, up from 19.0 cents in FY25. Combined with the Interim Dividend of 14.0 cents per share, total FY26 dividends reached a record 39.0 cents per share, an increase of 34 percent. The Dividend reinvestment and Bonus Share Plans remain suspended for the final dividend. Gearing, measured as net bank Debt to total tangible assets less cash, was 18 percent at year end, with net bank debt to Equity of 29 percent. The company held more than $120 million in available liquidity, comprising approximately $112 million of undrawn Facility headroom and $8 million in cash.

Portfolio Activity and Acquisitions

During FY26, Cedar Woods completed one strata office building and two apartment buildings, with a further six apartment buildings under construction across Western Australia, Queensland, Victoria and South Australia. The company also completed its third joint venture project with Tokyo Gas Real Estate Australia, which outperformed forecast returns. Acquisitions during the year added 1,184 lots and units to the development pipeline across Western Australia, Victoria and Queensland, including sites at Aveley, Kealba, Springvale, Flourish, Sage and Fairfield. Since year end, the company has also settled a further Western Australian Acquisition for $15.55 million to expand its Bushmead estate by 161 residential lots.

Outlook for FY27

Cedar Woods enters FY27 with $830 million in presales and more than 90 percent of forecast revenue already contracted, which the company said materially reduces near-term sales risk. Management is targeting 15 percent growth in net profit after tax for FY27, subject to property market conditions, and noted that residential sales conditions are expected to remain relatively soft through much of the year before improving as sentiment recovers and interest rates peak or decline. The company also pointed to earnings visibility extending into FY28, supported by further presales already in hand.

Conclusion

Cedar Woods Properties reported growth across its key financial and operating measures in FY26, with record profit, revenue, dividends and presales reflecting improved margins and a sizeable contracted pipeline heading into the new financial year. Enquiry and sales activity softened in the fourth quarter amid affordability pressures and broader market uncertainty, a trend the company expects to persist through much of FY27 even as it targets further profit growth for the year ahead.

FAQs

Q: What was Cedar Woods Properties' net profit for FY26?

A:Cedar Woods reported a record net profit after tax of $65.6 million for FY26, up 36 percent on the $48.1 million recorded in FY25.

Q: How much did Cedar Woods declare in dividends for FY26?

A:The company declared a final dividend of 25.0 cents per share, taking total FY26 dividends to a record 39.0 cents per share, up 34 percent.

Q: What are Cedar Woods' presales heading into FY27?

A:Presales reached a record $830 million at 30 June 2026, representing more than 90 percent of the company's forecast FY27 revenue.

Q: What is Cedar Woods' profit target for FY27?

A:The company is targeting 15 percent growth in net profit after tax for FY27, subject to property market conditions.

Q: Did Cedar Woods see any softening in demand during FY26?

A:Yes, enquiry and sales activity softened in the fourth quarter due to reduced marketing activity, fewer sales releases and factors including interest rate rises and weaker consumer confidence.

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