ASX RELEASE

30 October 2024

2024 Annual General Meeting (AGM)

Enclosed are copies of addresses and a presentation to be given at today’s AGM of Peet Limited (ASX: PPC) by Mr Tony Lennon, Chairman, Mr Greg Wall, Chairman elect and Mr Brendan Gore, Managing Director and Chief Executive Officer, respectively.

This announcement is authorised for release to the market by the Directors of Peet Limited.

For investor enquiries call: For media enquiries contact: Brendan Gore Tom Horn Managing Director and Chief Executive Officer Corporate Practice Director, Australia and NZ Peet Limited BCW Global (08) 9420 1111 +61 402 733 157 - Tom.Horn@bcw global.com

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Peet Limited Level 7, 200 St Georges Tce, ACN 008 665 834 Perth WA 6000

Phone: (08) 9420 1111 [email protected]

peet.com.au

ASX RELEASE

30 October 2024

Chairman’s address to the 2024 Annual General Meeting

Introduction and welcome

Good morning. My name is Tony Lennon, Chairman of Peet Limited, and I welcome you all to Peet Limited’s 2024 Annual General Meeting, which will be my last as a Director of the Company.

A quorum is present and I now declare the meeting open.

I confirm that all Directors are present at today’s AGM, and we have also arranged for the Company’s auditor, Mr Gavin Buckingham from Ernst & Young, to be present.

We will start with my Chairman’s address, to be followed by a presentation from Peet’s Managing Director and CEO, Brendan Gore. We will then deal with the formal part of the meeting and prior to the close of the meeting you will also hear from Chairman elect, Mr Greg Wall.

I will now deliver my Chairman’s Address to the meeting.

Chairman’s address

My address will include some general observations about the 2024 financial year and then Brendan will provide us with an update on our business operations and the execution of our strategy.

In 2025, Peet will be celebrating 130 years and over that time has established itself as a leading developer with a vision to ‘imagine and realise future places where lives are enhanced by communities built on a sense of belonging’.

Entering the 2024 financial year, residential markets were continuing to adjust following interest rate increases, inflationary pressures and low consumer confidence.

Mixed operating conditions prevailed across the country during FY24, reinforcing the value of our geographically diversified portfolio. Peet’s high-quality projects and strong record of navigating challenging market cycles ensured we were well positioned to respond. Through the execution of our strategy, disciplined approach to capital and the solid price growth experienced in WA, SA and QLD, the Group delivered a solid earnings result.

During the 2024 financial year Peet derived:

operating profit and statutory profit after tax of $36.6 million, which while below the record performance in FY23, was in line with market expectations;
$66.7 million in EBITDA on a solid margin of 21%;
$49.6 million in profit before tax; and

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Peet Limited Level 7, 200 St Georges Tce, ACN 008 665 834 Perth WA 6000

Phone: (08) 9420 1111 peet.com.au [email protected]

ASX RELEASE

operating and statutory earnings per share of 7.77 cents.

Strategic focus

Peet continues to seek to optimise its land bank for future growth and value creation, with its strategic focus on:

investing in high quality land in strategic locations across the country;
expanding our product offering and geographic presence to appeal to a wider variety of customers; and
maintaining strong capital management.

Our strategic focus areas are underpinned by our three strategic pillars of masterplanned communities, townhouses and apartments.

The successful implementation of our strategies ultimately results in returns to shareholders via dividends and returns of capital.

I encourage the Board to continue its focus, and indeed a challenge for the Board, is to deliver growth in earnings and therefore total increased shareholder returns from the management of our outstanding landholdings for development across Australia. In turn, there is an expectation that positive performance contributes to share price growth.

Including the final dividend of 2.75 cents per share paid earlier this month, the dividends for the 2024 financial year totalled 4.25 cents per share, fully franked. The 2024 financial year dividends were within the Company’s targeted payout ratio, which considers and balances the importance of distributions to our shareholders with the need to ensure our balance sheet remains robust with the capacity to support our strategic objectives.

Including the full FY24 fully franked dividends of 4.25 cents per share, shareholder returns over the six years from FY18 total more than $200 million, including $179 million of fully franked dividends.

Environment, social and governance

Peet’s purpose is ‘ defining future places of belonging’ and together with our vision (articulated earlier) and values of ‘People Centric’, ‘Creative Intelligence’ and ‘Unwavering Commitment’, underpin a governance framework allowing Peet to balance financial outcomes with positive environmental and social impacts.

During FY24:

Bluestone Mt Barker in South Australia was awarded Best Master Planned Community at the 2024 UDIA SA Awards for Excellence
Environmental sustainability and innovation are a key focus at Bluestone, with the masterplan designed around the retention of trees, delivery of generous open space and seamless integration between the environment and surrounds.

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Peet Limited Level 7, 200 St Georges Tce, Phone: (08) 9420 1111 peet.com.au ACN 008 665 834 Perth WA 6000 [email protected]

ASX RELEASE

The rehabilitation of a creek line, reinstating a natural watercourse, use of recycled products throughout construction works and the use of recycled water in reserve irrigation demonstrate an innovative approach to embedding sustainability throughout that estate.

Water efficient community at Googong in New South Wales

The final stage of the water recycling plant and water reserves of Googong’s integrated water cycle system was completed during the year. This will result in Googong being one of Australia’s first, purpose-designed, large-scale, water efficient residential communities. It is expected that Googong’s eventual 18,000 residents will use approximately the same amount of potable drinking water as only 6,500 would in a regular development.

Delivering affordable outcomes at Woodville Road in South Australia Acquired from Renewal SA, the Woodville Road project included an affordability mandate, with Peet committing to 45% affordable housing across the precinct.

Peet partnered with Junction Housing to access the National Housing Infrastructure Facility from Housing Australia, which provides loans and grants for critical infrastructure to unlock and accelerate new affordable housing supply. The successful application allowed Peet to access critical infrastructure funding, and Junction Housing to acquire 40 homes within the project, which will provide long-term affordable rental opportunities to its tenants.

Board renewal and Chairman Transition

During FY24 Mr Greg Wall, Ms Margaret Kennedy and Ms Michelle Tierney joined the Board and since their appointment have proven their value to the Company. Under the leadership of the new Chairman, Greg Wall, I wish them and the rest of the Board every success going forward.

Greg’s reputation precedes him, and I have every confidence in his experience, his abilities and his capacity to be an excellent Chairman of our Board.

Outlook

Various State and Territory residential markets continue to be at different points in their respective property cycles, and cost of living pressures and consumer confidence continue to result in a cautious sentiment.

However underlying residential drivers remain supportive including ongoing constraints in housing supply, elevated levels of overseas immigration and positive labour market conditions.

Enquiry levels improved throughout FY24 and continued to improve into the first quarter of FY25, indicating strong underlying demand.

The Group remains well positioned to navigate the current environment and to capitalise on an eventual recovery in the ACT/NSW and Victorian markets.

Conclusion

In my last address to you as Chairman of the Peet Board, I would like to say how proud I am of the Company as it stands today and sincerely thank my current and past fellow Board members for their support and services over the journey.

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Peet Limited Level 7, 200 St Georges Tce, ACN 008 665 834 Perth WA 6000

Phone: (08) 9420 1111 peet.com.au [email protected]

ASX RELEASE

On behalf the Board I thank the Peet Team for their contributions to the success of our business, and finally, we would like to thank all our shareholders, joint venture partners and all other stakeholders for their ongoing support.

I would now like to hand over to Brendan to address the meeting.

This announcement is authorised for release to the market by the Directors of Peet Limited.

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Peet Limited Level 7, 200 St Georges Tce, ACN 008 665 834 Perth WA 6000

Phone: (08) 9420 1111 [email protected]

peet.com.au

ANNUAL GENERAL MEETING 2024

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Strong Platform for Growth

GEOGRAPHICALLY DIVERSE PIPELINE

130 YEAR TRACK RECORD OF DEVELOPING THROUGH CYCLES

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Benefits from various growth corridors – positioned for future Australian population growth
Allows Peet to leverage state-base fluctuations
Ability to manage land bank and capital through market cycles

HIGHLY DESIRABLE LOCATIONS

Projects located across inner to outer rings of capital cities
Developing where people want to live now

LOW COST

Strong embedded margins
Average age of land bank is 13 years
Large land bank provides economies of scale to deliver a wide range of product at lower cost
33,600[1] LOTS PIPELINE $12.9bn[2] END VALUE 44 PROJECTS

Notes:

1 Includes equivalent lots
2 Gross Development Value, which is the forecast future sales price of the remaining equivalent lots as at 30 June 2024, subject to market conditions

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WA
17
PROJECTS
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QLD VIC
10 9
PROJECTS PROJECTS
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SA ACT/NSW
5 3
PROJECTS PROJECTS
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2 | AGM 2024

FY24 Results Highlights

SOLID PERFORMANCE IN MIXED MARKET CONDITIONS

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FINANCIAL
FY24 Net Operating Earnings
FY24 DPS
Operating Profit [1] per Share
4.25c
7.77c
$36.6m
-43% on FY23
-48% on FY23 -47% on FY23
NTA EDITDA [2 ] Cash & Available
MARGIN Facility [3]
at 30 June 2024
$1.31
21%
2% higher than -
8% on FY23
$140m
FY23
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Notes:

1 Operating profit is a non-IFRS measure that is determined to present the ongoing activities of the Group in a way that reflects its operating performance. Operating profit excludes unrealised fair value gains/(losses) arising from the effect of revaluing assets and liabilities and adjustments for realised/(unrealised) transactions outside the core ongoing business activities

2 EBITDA is a non-IFRS measure that includes effects of non-cash movements in investments in associates and joint ventures 3 Including syndicates consolidated under AASB10

4 Includes equivalent lots

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OPERATIONAL
2,504 2,418
LOTS [4 ] SOLD
LOTS [4 ] SETTLED
$481m 72%
CONTRACTS ON
LAND BANK ACTIVATION
HAND VALUE
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3 | AGM 2024

Delivering against our Strategy

SIGNIFICANT VALUE TO BE UNLOCKED

INVEST EXPAND in high quality land in strategic product offering and locations across country geographic presence to appeal to wider variety of customers

Land bank weighted to undersupplied east coast markets
- Targeting infill projects of major capital cities
Recent acquisitions have resulted in increasing embedded margins
First settlements from 8 new
in increasing embedded margins projects by FY27 increasing
- Average age of land bank is 13 activation of landbank to years c.84%
Key projects have environmental and planning approvals in place
Continued focus on increasing the Group’s townhouse pipeline
Significant value creation to be unlocked through
Current pipeline of c.1,200 townhouses nationally
Flagstone Town Centre
- University of Canberra project
- Eight project commencements
• Continue to assess selective acquisitions to restock pipeline
Look to build on apartment pipeline as opportunities emerge

MAINTAIN focus on capital management

Maintaining a disciplined approach to capital management - Aligning production levels with sales demand
Continued focus on improving operating cash flows
Group continues to consider capital management initiatives to further improve shareholder returns
On-market share buy-back has reduced shares on issue by 4% to date

VALUE CREATION

Good visibility of future earnings underpinned by a low-cost land bank
Ability to leverage well established funds management capability where appropriate to unlock value
Improved shareholder returns
Continue to assess and expedite land bank opportunities to unlock value where appropriate
Dividend payout ratio 50-60%
- On-market share buy-back extended

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4 | AGM 2024

Our Shareholder Returns

We have returned $201m to shareholders since FY18, through fully franked dividends and our ongoing on-market share buy-back

Disciplined application of our capital management framework and strong balance sheet means shareholders benefit as our financial performance improves
FY24 full year dividend of 4.25 cents per share fully franked
Our value driven on-market share buy-back has reduced our shares on issue by c.4%, further benefitting our pershare dividends through time
Current book NTA[1 ] of $1.31
Average buy-back price of c.$1.06 per share

SHAREHOLDER RETURNS SINCE FY18 ($M)

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$22m
$201m
SHAREHOLDER
RETURNS
SINCE FY18
($M)
$179m Ordinary fully franked dividends
On-market share buy-back
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On market buy-back extended to September 2025

Notes:

1 Book NTA, which does not fully reflect market value of Development projects and co-investment stakes in Funds and JVs

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5 | AGM 2024

Enquiry Levels Continue to Improve

Enquiry[1] levels running above long run averages

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14,136
12,187
11,954 11,899
11,716
8,896
7,472
6,986
6,812
6,327
6,163
10 YEAR AVERAGE
4,913
4,699
FY24 1Q25
FY22 FY23
VIC QLD WA ACT/NSW SA
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1 Enquiries across Peet projects

Enquiries[1] continue to improve into 1Q25 increasing by 16% on the previous quarter
Slight improvement in across
enquiries[1] ACT/NSW projects
Vic enquiries[1] lower due to fewer stage releases due to market conditions
Strong demand for new product releases across Qld, WA and SA

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Notes:

6 | AGM 2024

Strong Financial Position

Value of contracts on hand has continued to increase since year end providing solid momentum into FY25

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CONTRACTS ON HAND (VALUE)
$930m
$640m
$547m
$476m $481m
$428m
FY20 FY21 FY22 FY23 FY24 28-Oct-24
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Value of contracts on hand has increased 33% to $640m since 30 June 2024
• Reflects strong market conditions across the Group’s WA, SA & Qld markets
Cancellation rates have continued to ~~trend lower during the September~~ quarter
Vic cancellations remain slightly elevated
• 1Q25 sales activity ahead of expectations

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7 | AGM 2024