Key Highlights

  • FY26 net profit after tax rose 36% to AUD 65.6mn.
  • Record pre-sales reached AUD 830mn at year-end.
  • Total FY26 fully franked dividends increased to 39 cents per share.
  • Management guided to around 15% NPAT growth in FY27.

Cedar Woods Properties Limited (ASX:CWP) delivered record FY26 profit and lifted its full-year dividend as pre-sales reached AUD 830mn. The property developer also entered FY27 with more than 90% of forecast settlement Revenue supported by existing pre-sales contracts.

What the company does

Cedar Woods is a Perth-headquartered residential, industrial and mixed-use property developer with a pipeline of projects across Western Australia, Victoria, Queensland, South Australia and the ACT. Its model is to acquire, plan, subdivide and develop land into housing lots, apartments, and commercial or industrial precincts, then sell completed lots and dwellings to owner-occupiers, investors and businesses, recognising profit as settlements occur.

Latest verified developments

Cedar Woods released its FY26 full-year results on 25 August 2026, reporting revenue of $502.4 million, up 8% on FY25, and gross margins improving to around 30% from 28% the prior year. The company confirmed a final dividend of 25.0 cents per share, following an Interim Dividend of 14.0 cents per share paid in April 2026 that was itself up 40% on the prior corresponding period, taking total FY26 fully franked dividends to a record 39.0 cents per share, up 34% on FY25. Management guided to further NPAT growth of around 15% in FY27, to roughly $75 million, citing more than 90% of forecast FY27 settlement revenue already locked in through existing pre-sales contracts.

Financial and operational evidence

Earnings per share rose 33% to 77.9 cents, broadly tracking the growth in net profit, while the company's development pipeline was reported at more than 9,600 lots across its various projects, giving a multi-year runway of future settlements. Cedar Woods did flag softer trading conditions in the fourth quarter of FY26, attributing this to rising interest rates and weaker buyer confidence in some markets, even as the full-year numbers came in at record levels. The final dividend of 25.0 cents has an ex-dividend date of 30 September 2026, a Record Date of 1 October 2026, and is payable on 30 October 2026.

Risks and uncertainties

As a residential and land developer, Cedar Woods' earnings are inherently tied to the housing cycle, interest rates and consumer sentiment, all of which the company itself flagged as headwinds late in FY26. Settlement timing can also be lumpy, meaning reported profit in any one half can be skewed by the completion schedule of specific projects rather than by underlying Demand trends. Rising construction costs, approval delays, and competition for well-located development sites are further risks common to the sector, and the FY27 guidance itself is explicitly described by management as conditional on property market conditions holding up. A sharply higher indicated Yield relative to the trailing figure, as some screeners currently show for Cedar Woods, largely reflects the fact that the total dividend rate has just stepped up materially rather than any data error, and investors should treat the two figures as measuring different periods rather than assume the higher one is guaranteed to repeat.

What to watch next

The FY26 final dividend payment on 30 October 2026 and the company's 2026 Annual General Meeting will be near-term events for shareholders, with any trading update at the AGM likely to give an early read on whether FY27 is tracking to the 15% profit growth guidance. Beyond that, settlement rates across the company's key Western Australian and eastern seaboard projects, and the pace of new project launches drawing on the 9,600-lot pipeline, will be the practical indicators of whether the record FY26 result marks a sustainable new earnings base or a cyclical high point.