Highlights

  • Cedar Woods Properties (ASX:CWP) traded at 6.59, down 1.05%, at the time of writing on 10 September 2026.
  • FY26 NPAT increased 36.4% to a record AUD 65.6 million, while Revenue rose 7.8% to AUD 502.4 million.
  • Forward presales reached a record AUD 830 million, with more than 90% of forecast FY27 revenue already presold.
  • Management is targeting 15% NPAT growth in FY27, supported by its national development pipeline and project diversification.

Cedar Woods Properties (ASX:CWP) was trading at 6.59, down 1.05%, at the time of writing on 10 September 2026. The decline came during a broadly weaker session for Australian equities and listed real estate securities, although CWP’s fall was smaller than the wider market declines.

The S&P/ASX 200 (ASX:XJO) was trading at 8,789.90 points, down 1.36% today, at the time of writing on 10 September 2026. The S&P/ASX 300 (ASX:XKO) was trading at 8,723.00 points, down 1.35% today, at the time of writing on 10 September 2026. The S&P/ASX 200 Real Estate (ASX:XRE) was trading at 3,264.30 points, down 1.23% today, at the time of writing on 10 September 2026.

CWP’s daily movement should be viewed independently from changes in its operating fundamentals. For a residential property developer, longer-term performance is more closely tied to presales, settlements, project margins, housing demand, land acquisitions and balance-sheet capacity.

National Development Platform

Cedar Woods is a national developer of residential communities and commercial projects, with operations spanning Western Australia, Victoria, Queensland and South Australia. Its portfolio includes residential land, townhouses, apartments and selected commercial developments.

The company’s strategy is based on geographic, product and price-point diversification. This allows Cedar Woods to participate in different housing markets rather than relying on a single city or development format.

Its project pipeline extends across established growth corridors and urban infill locations. Housing affordability, population growth, planning approvals, interest rates and construction capacity remain important external factors influencing the pace of sales and settlements.

Latest FY26 Update

Cedar Woods released its FY26 full-year results on 25 August 2026, which remains its latest substantive operating and financial update. Its investor centre confirms that the FY26 Annual Report and Full Year Results Presentation were both released on that date.

The company reported record NPAT of AUD 65.6 million for FY26, up 36.4% from AUD 48.1 million in FY25 and above the top end of its previous guidance. Revenue increased 7.8% to AUD 502.4 million from AUD 465.9 million.

Basic earnings per share increased 33.4% to 77.9 cents from 58.4 cents in FY25. The result extended the earnings growth delivered during H1 FY26 and provided a higher base entering FY27.

The board declared a fully franked final Dividend of 25.0 cents per share, compared with 19.0 cents in FY25. Combined with the 14.0-cent interim dividend, total FY26 dividends reached 39.0 cents per share, up approximately 34% from 29.0 cents in FY25.

Presales Support Visibility

Presales were one of the more significant features of the FY26 result.

Cedar Woods reported record forward presales of AUD 830 million at year-end, representing growth of 26% from AUD 660 million at 30 June 2025. More than 90% of forecast FY27 revenue was already presold at the time of the results announcement.

The large presales balance provides greater visibility over future revenue, although individual contracts still need to progress through construction, completion and settlement before revenue is recognised.

Cedar Woods entered FY26 with AUD 660 million of presales and increased this position further during the year, reflecting continued Demand across several of its major housing markets.

For investors, the conversion of the AUD 830 million presales book into settlements will therefore be an important measure through FY27.

Diversified Project Pipeline

Cedar Woods has continued expanding and diversifying its development pipeline across multiple states.

At its FY26 result, the company highlighted a portfolio spanning residential lots, townhouses, apartments and commercial developments. The strategy is intended to provide exposure across multiple buyer groups and price points while reducing reliance on any single housing market.

Earlier in FY26, Cedar Woods had 36 projects and more than 9,000 lots and dwellings in its pipeline. Development activity was spread across Western Australia, Queensland, Victoria and South Australia, with particularly active market conditions in Western Australia and Queensland.

The company has also been increasing its Acquisition activity to replenish the pipeline. Additional development sites were secured across its operating markets, while partnerships with institutional and international Capital providers have been used to increase scale without relying exclusively on Cedar Woods’ balance sheet.

This pipeline provides potential earnings opportunities beyond FY27, although planning approvals, infrastructure delivery and construction timing can affect when individual projects contribute.

Balance Sheet Position

Balance-sheet flexibility remains important because property development requires Investment well before revenue is recognised at settlement.

At 30 June 2026, net bank Debt stood at AUD 157.7 million, compared with AUD 125.6 million at the end of FY25. Shareholders’ Equity increased 11.3% to AUD 544.5 million, while total Assets reached AUD 884.3 million.

Despite the increase in net bank debt, management described gearing as modest and reported more than AUD 120 million of available Liquidity at the end of FY26.

Capital management remains relevant because Cedar Woods continues pursuing new acquisitions while progressing existing projects. Maintaining sufficient liquidity allows the company to respond to land opportunities while also funding construction and infrastructure requirements.

FY27 Growth Target

Following the record FY26 result, Cedar Woods is targeting NPAT growth of 15% in FY27.

The target implies another year of earnings growth from the higher FY26 base, supported by the AUD 830 million presales book and ongoing project delivery.

More than 90% of forecast FY27 revenue being presold provides a meaningful degree of visibility, although earnings will still depend on project mix, margins and settlement timing.

Market conditions also differ by state. Western Australia and Queensland have recently recorded relatively firm housing demand, while Victoria has shown a more gradual recovery. Cedar Woods’ geographic Diversification gives the company exposure to these differing market cycles.

Investor Watchpoints

Presale conversion is likely to remain one of the main metrics for CWP. A high presales balance supports revenue visibility, but investors will monitor whether projects reach settlement on schedule.

Margins are another consideration. Construction costs, infrastructure expenditure and product mix can influence profitability even when sales volumes remain healthy.

Acquisition activity will also be important. Cedar Woods needs to continually replenish its project pipeline to support earnings beyond currently active estates, but new land must be acquired at prices that allow acceptable development returns.

Housing conditions remain another factor. Interest rates, buyer affordability, population trends and government housing incentives can all affect demand across the company’s residential projects.

Finally, balance-sheet management will remain relevant as the company balances dividends, development expenditure and acquisitions.

Final Takeaway

Cedar Woods Properties (ASX:CWP) was trading at 6.59, down 1.05%, at the time of writing on 10 September 2026, while the S&P/ASX 200 Real Estate (ASX:XRE) was trading at 3,264.30 points, down 1.23% today, at the time of writing on 10 September 2026.

The latest substantive update showed record FY26 NPAT of AUD 65.6 million, revenue of AUD 502.4 million and EPS of 77.9 cents. Forward presales reached AUD 830 million, with more than 90% of forecast FY27 revenue already presold.

With management targeting another 15% increase in NPAT during FY27, investors are likely to monitor presale conversion, settlement delivery, project margins, acquisitions and balance-sheet capacity as Cedar Woods progresses its national development pipeline.