Announcement PDF 1 FY26 HALF YEAR FINANCIAL RESULTS 26 FEBRUARY 2026 Riverbank - Rivervale 2 79 COMPLETED PROJECTS | 7,407 UNITS 3 ABOUT FINBAR • Finbar Group Limited, listed on the ASX since 1995, has established a remarkable 30-year profitable track record as Western Australia’s leading apartment property developer. • With a 100% project delivery success rate, Finbar has completed 79 residential and mixed-use developments to date, comprising 7,407 apartments and commercial units across the state. This achievement, combined with 30 consecutive years of profit, underpins Finbar’s position as one of WA’s most trusted developers. • Throughout its history, Finbar has consistently shaped Perth’s skyline, achieving major milestones across the decades, from its first project, Seville on the Point, to landmark luxury developments and over $4 billion in completed projects. Today, with a skilled, experienced and stable team of 18 professionals, the company continues to focus on sustainably elevating the quality of inner-city living and enhancing Perth’s urban environment for future generations. 4 H1 FY26 RESULTS AND OPERATIONAL HIGHLIGHTS 5 H1 FY26 RESULTS AND OPERATIONAL HIGHLIGHTS FINANCIAL RESULTS Garden Towers – East Perth 6 1H26 FINANCIAL RESULTS PROFIT AND LOSS 1H26 1H25 Variance % Sales (lots) 409 103 297% Settlements (lots) 127 298 (57%) Revenue $109.4m $218.3m (50%) Cost of sales ($85.3m) ($192.9m) 56% Gross Profit $24.0m $25.4m (5%) Other Income $1.0m $2.7m (63%) Administration and Other ($7.5m) ($8.6m) 13% Net Revaluation ($2.1m) ($5.7m) 64% Operating Profit $15.5m $13.8m (12%) Net Finance Costs ($0.4m) ($0.8m) 45% Equity Accounted Investees ($0.0m) $0.1m 106% Profit Before Income Tax $15.0m $13.2m (14%) Income tax expense ($4.5m) ($3.8m) (17%) Net Profit after tax (NPAT) $10.6m $9.4m 13% Earnings Per Share 3.89 3.44 13% 1H26 included the sell-down of inventory, inclusive of land and rental income. Prior year revenue was higher due to completion and settlement of two projects (The Point and Aurora), as well as settlement of Civic Heart, which completed in Jun-24. The reduction in Cost of Sales broadly in line with Revenue Net revaluation reflects a decline in the valuation of the commercial investment asset, partially offset by an increase in residential properties that were all classified as Assets Held for Sale during the reporting period. The reductions in Other Income and Administration were predominantly due to business restructuring (lower staffing costs). Lower interest costs due to the full repayment of debt relating to assets held for sale and partial repayment of debt relating to investment assets. 13% increase in Net Profit After Tax 1H26 FINANCIAL RESULTS BALANCE SHEET Total assets reduced primarily from stock and assets sell-downs and investment property revaluation, partly offset by work-in-progress (WIP) growth, land acquisitions, and cash. Debt reduced following repayment of project loans and assets facility, partially offset by new project funding for developments under construction. Cash increased primarily due to the sell-down of completed projects, together with assets sale proceeds and rental income. The Group maintains a strong cash position to support future land acquisitions. NTA per share increased 2% to 93.4 cents, reflecting continued balance sheet strength. 1H26 FY25 Variance % Total Assets $329.0m $360.2m (9%) Net Assets (equity) $254.2m $249.1m 2% Cash and Term Deposits $68.9m $36.4m 89% Bank debt $30.5m $50.3m 39% NTA per share 93.4c 91.5c 2% DEVELOPMENT SALES ACTIVITY Palmyra West - Palmyra 9 1 15 24 178 54 50 100 230 245 309 591 305 211 138 321 184 338 547 403 430 266 235 406 264 200 454 393 185 310 219 473 $0 $4 $6 $45 $17 $17 $37 $86 $95 $143 $329 $158 $133 $94 $198 $134 $195 $334 $277 $304 $167 $140 $214 $148 $110 $273 $254 $160 $264 $234 $424 0 100 200 300 400 500 600 700 0 50 100 150 200 250 300 350 400 450 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Millions NUMBER OF SALES TOTAL VALUE 10 NUMBER OF LOTS SOLD AND VALUE (FINANCIAL YEAR) FY TO DATE TO-DATE 20 February 2026 • Record $424 million in value sold to-date, up 81% over previous year • Average 2.0 sales per day 333% increase over previous year $251 $257 $195 $123 $46 $167 $310 $396 $413 $294 $548 $- $100 $200 $300 $400 $500 $600 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 Millions 11 TOTAL VALUE OF PRESALE CONTRACTS (FINANCIAL YEAR) $548 million in total presale contracts: • $529 million in off-the-plan • $12 million in completed stock • $7 million Pelago Karratha FY TO DATE TO-DATE 20 February 2026 $88 $171 $163 $69 $12 $64 $175 $243 $122 $37 $- $50 $100 $150 $200 $250 $300 Millions 12 COMPLETED STOCK SELL DOWN TO-DATE 20 February 2026 • $85 million in completed stock sell down FY2026 to- date at Civic Heart, Aurora, The Point (excluding Pelago*) averaging $10.6 million per month. TO DATE Completion Completion Completion Completion Completion Completion * Pelago, Karratha excluded from Completed Stock as it is classified as Assets held for Sale 45% 36% 30% 44% 20% 34% 29% 24% 29% 26% 32% 31% 27% 30% 34% 32% 36% 58% 43% 37% 45% 34% 48% 55% 53% 68% 53% 27% 36% 33% 53% 41% 46% 0% 10% 20% 30% 40% 50% 60% 70% 80% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2018 2019 2020 2021 2022 2023 2024 2025 2026 % Proportion of Investors Sales INVESTORS SALES • Increased owner occupier buyer profile for Q4 resulting from the launch of Palmyra West with a median price of $740,000 • Increased investors for Q1 2026 with the initial pre-launch of Romeo Applecross 13 TO-DATE 20 February 2026 8% 17% 16% 16% 23% 23% 25% 26% 21% 9% 13% 18% 23% 0% 5% 10% 15% 20% 25% 30% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 FIRST HOME BUYERS (CALENDAR YEARS) 14 • 23% First home buyers for CY 2026 to-date • Consecutive increase in first home buyer profile since 2023 as a result from developments targeting mid level price offerings. TO-DATE 20 February 2026 2 12 29 26 20 26 42 46 29 37 40 37 31 55 98 16 1% 3% 6% 6% 6% 10% 12% 13% 15% 12% 9% 12% 15% 19% 19% 22% 0% 5% 10% 15% 20% 25% 0 20 40 60 80 100 120 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Grand Total % Repeat buyer REPEAT BUYERS (CALENDAR YEARS) 15 • 22% repeat buyer sales CY 2026 to-date • Strong repeat buyer profile driven through effective leveraging of Finbar Loyalty Club membership and brand capital TO-DATE 20 February 2026 COMPLETED PROJECTS Aurora - Applecross 16 17 COMPLETED PROJECTS South Perth Rivervale Completed June 2024 $445m | 334 units 98% Sold $13m value remaining 5 residential | 1 commercial Completed August 2024 $112m | 176 units 97% Sold $6m value remaining 6 commercial Applecross Completed October 2024 $159m | 121 units 94% Sold $16m value remaining 7 residential Pelago Investment Assets Karratha $27m value remaining 18 residential | 18 commercial PROJECTS UNDER CONSTRUCTION Garden Towers – East Perth 18 19 PROJECTS UNDER CONSTRUCTION Belmont East Perth Anticipated completion 2H26 $114m | 196 units 100% Sold $287m | 343 units 81% Sold $80m value remaining 59 residential | 6 commercial Rivervale $119m | 143 units 99% Sold $2m value remaining 2 residential Palmyra Anticipated completion 1H27 Anticipated completion 2H27 Anticipated completion 1H28 $98m | 130 units 82% Sold $19m value remaining 23 residential Construction commencing – March 2026 PROJECTS IN PIPELINE Romeo - Applecross 20 21 PROJECTS IN PIPELINE Applecross Rivervale Anticipated completion 1H29 $183m | 155 units 152 residential | 3 commercial $71m | 108 units 108 residential West Leederville $232m | 237 units 235 residential | 2 commercial Anticipated completion 2H28 Anticipated completion 2H29 LOT 888 Railway Parade 13% sold pre-launch Launch to market 14th March 2026 Launch to market 1H27 Launch to market 1H27 22 PROJECTS IN PIPELINE \\ South Perth $203m | 187 units 184 residential | 3 commercial South Perth $372m | 303 units 295 residential | 8 commercial Anticipated completion FY30 Anticipated completion FY32 East Perth $142m | 151 units 150 residential | 1 commercial Anticipated completion FY31 ABC Heritage Bowman Street Lyall Street Launch to market 2H27 Launch to market 1H29 Launch to market 2H28 FIVE YEAR DEVELOPMENT PIPELINE 2026 Deliverables: • Completion of Bel-Air Apartments in 2H26 • Completion of Garden Towers in 1H27 • Completion of Riverbank Residences in 2H27 • Construction of Palmyra West to commence in March 2026 • Romeo Applecross launch 14 March 2026. Construction commencement 1H27 • Lot 888 launch in 1HY27 • Railway Parade launch in 1HY27 Indicative, subject to change No. units exclude commercial lots Development Pipeline of $1.8B (1,900+ units) OUTLOOK 24 25 STRATEGIC GROWTH SUMMARY Delivering WA’s Housing Needs Focused Growth in Apartments • Include map of perth with dots showing our key projects (future and previous) WHERE WE BUILD – Elevating the standard of inner-city living • Prime, walkable, transit-connected precincts across metropolitan Perth • Designed to enhance lifestyle, community and accessibility HOW WE COMPETE – Trusted partnerships. Proven performance • 30+ years in operation with 22%+ repeat buyers • Strategic Builder relationship ensures cost visibility and stability throughout the development process • Access to capital on efficient and competitive terms through major financial institutions WHAT WE DELIVER – Shaping Perth’s skyline with purpose • Large-scale residential and mixed-use projects • Mid-market focus addressing WA’s housing supply gap • Preference for wholly owned projects OUR RECOGNITION – Excellence that stands tall • Award winning developments including Civic Heart (Perth’s tallest residential tower) and Sabina Applecross • Recognised by UDIA WA and Property Council for design innovation, community value and sustainability OUR FUTURE – Sustained growth built on a solid foundation • $1.8+ billion five-year development pipeline • Strong balance sheet and supportive market conditions (migration, housing undersupply, policy tailwinds) • Continued delivery of high-quality apartment projects MARKET OUTLOOK Current State of the Western Australian Residential Market – Key Trends & Insights • Strong Migration: Continued interstate and overseas migration with annual net increase of 10,288 and 40,406 respectively, equating to around 1,000 people per week. Western Australia led all states and territories with 2.2% population growth over previous 12 months. 1 • Perth Market Outperformance: For the month of January 2026, Perth dwelling values increased by 2%. For the three months to January 2026, Perth recorded growth in dwelling values of 7%, highest of all Australian Capitals, with Combined Capitals recording 2.1%. For the twelve months to January 2026, Perth recorded 18.5% growth in dwelling values versus the Combined Capitals achieving 9.2%. Median days on Perth market for dwellings for January 2026 is 9 days versus 15 days for January 2025, and Combined Capitals recorded 26 days for January 2026.2 • Perth Value Growth/Tight Supply: Perth remains one of the nation’s top performing markets, dwelling values up 89%2 over the past five years, adding $550k to the median dwelling value. Growth has been driven largely by tight supply, with unit listings (1,882 in January 2026) sitting 40% below the 5-year average.3 • WA Apartment Market Outperformance: The apartment sector is experiencing its strongest conditions since 2020/21. Unit values have been rising faster than houses since 2024, with recent annual growth of ~20% for apartments vs ~18% for houses, reinforcing continued demand and comparative affordability driver for units.4 • Investor Resurgence: Investor finance activity in WA represents 40% as a share of lending by volume to December 2025 which is in-line with the National average.4 • Rental Market Strength: Apartment rents average ~$682 per week (Jan-26), up ~6.6% year-on-year, with very low vacancy (~1.2% vs 10-year average of ~3.2%). Units also rent at an ~11% discount to houses, supporting strong and sustained tenant demand.4 26 References: 1 Australian Bureau of Statistics (June 2025), National, state and territory population, ABS Website, Released 18/12/2025 2 Cotality 2026, Monthly Housing Chart Pack - February, https://www.cotality.com/au/insights/articles/monthly-housing-chart-pack---february 3 Real Estate Institute of Western Australia (REIWA) (Jan-26) 4 Cotality UDIAWA Industry Presentation (Feb-26) 27 Capital cities by Value Segment – Quarterly change (3 months to January 2026) Cotality’s Monthly Housing Chart Pack February 2026 highlights that the lowest 25% and middle 50% of market values continue to see the fastest appreciation in the Perth market. Reinforces affordability is a key driver. Cotality Monthly Housing Chart Pack February 2025 MARKET OUTLOOK Important Notice 28 Future performance and forward-looking statements This announcement contains certain forward-looking statements with respect to the financial condition, results of operations, projects and business of Finbar and certain plans and objectives of Finbar. Forward-looking statements can generally be identified by the use of forward-looking words such as 'expect', 'anticipate', 'likely', 'intend', 'propose', 'should', 'could', 'may', ‘will’, 'predict', 'plan', 'believe', 'forecast', 'estimate', 'target', ‘continue’, ‘objectives’, ‘outlook’, ‘guidance’ and other similar expressions. The forward-looking statements, opinions and estimates contained in this announcement are based on Finbar’s intent, belief or current expectations, assumptions and contingencies which are subject to change without notice, as are any statements about market and industry trends, which are based on interpretations of current market conditions. They involve known and unknown risks and uncertainties and other factors, many of which are beyond the control of Finbar and its officers, employees, agents and associates, and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct. Any forward-looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Readers are cautioned not to place undue reliance on forward-looking statements. There can be no assurance that actual outcomes will not differ materially from these forward-looking statements. A number of important factors could cause actual results or performance to differ materially from the forward-looking statements. Investors should consider the forward-looking statements contained in this announcement in light of those disclosures. Neither Finbar, nor any other person, gives any representation, warranty, assurance, nor will guarantee that the occurrence of the events expressed or implied in any forward-looking statement will occur. To the maximum extent permitted by law, Finbar, the Group, other persons referred to in this announcement and each of their respective advisors, affiliates, related bodies corporate, directors, officers, partners, employees and agents disclaim any responsibility and undertake no obligation for the accuracy or completeness of any forward-looking statements whether as a result of new information, future events or results or otherwise. Finbar disclaims any responsibility to update or revise any forward-looking statements to reflect any change in Finbar’s financial condition, status or affairs or any change in the events, conditions or circumstances on which a statement is based except as required by Australian law. finbar.com.au