Peet FY26 slides: record profit, 36% margin, $851m contract book

Peet Limited, the 130-year-old Australian land developer, reported record annual profit for FY26, thanks to favorable market conditions in Western Australia and Queensland. The company's shares remained unchanged at $1.81 following the announcement. Peet delivered a net operating profit of $103.4 million, a 77% increase from the previous year, and an EBITDA margin of 36%, up from 24% the year before.

Revenue grew by 3% to $450.2 million, but the significant margin expansion masked the modest top-line growth. The company's financial position improved, with net debt declining to $201.3 million from $243.6 million a year earlier. The company also returned $293 million to shareholders via dividends and share buybacks during the year.

Peet's performance was driven by price increases across its portfolio and robust funds management business. Western Australia and Queensland accounted for 76% of EBITDA, benefiting from strong market conditions in those states. The company's strategic positioning in Australia's growth corridors, particularly in Western Australia, contributed to its strong results.