CDI 2025 ASM Speech notes and slides

41
st
Annual Meeting of Shareholders
Friday 30
th
May 2025

WELCOME
to this Hybrid Meeting
This meeting is being held in person and is being webcast
The Meeting Chair is Desleigh Jameson │Independent Director
Directors attending in person are;
John Henderson │ Independent Director
Janie Elrick (Audit Committee Chair) │ Independent Director
Eik Sheng Kwek │ Non-Executive Director
Apologies from;
Vincent Yeo │ Non-Executive Director
Executive Team in attendance include;
Jason Adams │ Chief Executive Officer
Anand Rambhai │ Vice President Finance
Geoff Donley │ Accountant/Financial Controller
Jackson Bull │ General Manager
Sian Camp │ Sustainability Manager
Takeshi Ito │ Company Secretary/Legal Counsel

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Shareholder & Proxyholder Voting

▪Quorum
▪Proxies
▪Minutes of the 40
th
Annual Meeting of
Shareholders
▪Notice of Meeting taken as read

Annual Report & Financial Statements
▪We were pleased to get back on track in 2024
▪Our result reflected an improvement in the residential property market
compared to 2023
▪We saw strong sales from Prestons Park in Christchurch, where demand
and growth was highest
▪Positive momentum shift driven by lower interest rates, improved
access to bank lending and easing inflation
▪2024 result impacted by a one-off non-cash deferred tax adjustment of
$3.9 million, from change of Government policy on the depreciation for
commercial buildings
▪Progressed Iona Stage 1 subdivision construction and external
infrastructure upgrades under Infrastructure Provision Agreements
(IPA) with Hastings District Council (HDC)

Annual Report & Financial Statements (cont.)
▪Lodged Resource Consents for Iona Stage 2, Havelock North, Hawke’s
Bay
▪Two projects included in the Governments Fast Track Approvals Act
i.e. Ruakura 2 Growth Cell (Hamilton) and Arataki Road, Havelock
North (Hawkes Bay)
▪Settled two acquisitions in 2024, Highland Drive, Richmond (10.8ha
residential zoned land) and Wairakei Road , Christchurch (10.1ha
industrial zoned land)
▪Entered into agreement to purchase highly strategic 6.5ha parcel of
land in Gordonton Road, Hamilton (subsequently settled the
acquisition in Jan-25)
▪Progressed our climate change journey releasing our first “Climate
Statement” for 2024 in April 2025

Chief Executive Officer
Jason Adams

Property Sales
Residential Sales
Commercial Sales
Total Sales Revenue
Rental Income
Rental Income
Profit Before Tax
*Profit After Tax
26.8

$8.1
43.3%
15.4

$1.9
14.1%
2024
($m)
46.0

$17.9
63.7%
NIL
#Sections
92
 39
NIL
2023
($m)
28.1
NIL
#Sections
53
NIL
($m)
3.01

$0.29
10.7%
#Properties
4
($m)
2.72
#Properties
4
46.0

$17.9m
63.7%
28.1
2024 Financial Re-cap
18.7
13.5
* CDI profit after tax was impacted by a one-off non-cash deferred tax adjustment of $3.9 million by a change of Government policy on depreciation of commercial buildings

92 Residential Section Sales from:
2024 Financial Re-cap (Cont...)
Tram Valley Road, Swanson, Auckland
25 Section Sales
Kewa Road, Albany, Auckland
7 Section Sales
Prestons Park, Christchurch
60 Section Sales

Commercial Warehouses
FY(2024):
▪Lease Revenue: $2.06m
▪% Total Investment
Property Revenue 75%
▪NLA: 16,402m
2
▪% Leased: 100%
▪WALE (Years): 4.74
▪Full Occupied
Rental: $2.31m (p.a)
2024 Financial Re-cap (Cont...)

Suburban Retail Centres
FY(2024):
▪Lease Revenue: $0.69m
▪% Total Investment
Property Revenue 25%
▪NLA: 3,411m
2
▪% Leased: 80%
▪WALE (Years): 4.62
▪Estimated Full
Occupied Rental: $1.25m (p.a)
Prestons Park Local Centre
Stonebrook Local Centre
2024 Financial Re-cap (Cont...)

NZ Property Market Drivers in 2024
❑Easing Inflation:
❑Easing Mortgage Rates:
Annual inflation 2024 = 2.2%  2.5% (2023)
▪Annual Inflation 2023: 4.7%
▪Pre-COVID Pandemic (Feb-20): 2.5%
▪Pandemic Low (Sept-21): 1.5%
▪Post Pandemic Peak (Jun-22) 7.3%
Bank
Floating
%
1 Year
(%)
2 Year
(%)
5 Year
(%)
6.694.994.995.99
6.644.994.995.69
6.694.994.995.79
6.504.994.995.79
6.744.994.995.39
Average
Rates 1 Year
Earlier
8.657.196.776.67
Bank Interest Rate (%) as at 23/05/2025
Global Financial Crisis Covid-19 Pandemic
Source: Interest.co.nz as at 23/05/2025
Source: RBNZ
Source: RBNZ
Consumer Price Index (CPI) (Annual % Change)
Standard Mortgage Rates: Floating to 2 Year Fixed
Source: RBNZ

NZ Property Market Drivers in 2024 (Cont...)
▪Easing mortgage rates improving purchasers ability
to secure bank finance to purchase sections
▪Building costs are easing but still remain high and
are impacting purchasers decisions to build
▪Increasing existing housing inventory is providing
purchasers with greater choice and risk free options
– buyers market
▪Market and bank lending conditions are causing
some purchasers to “sit on their hands” expecting
house prices and mortgage rates to drop further
Market Peak
Nov 2021
$925,000
Global Financial Crisis Covid-19 Pandemic
Dec 2024
$780,000
15.2% 
Market Peak
Dec 2023
$779,830
(Flat)
NZ National Median price

Kewa Road, Albany, Auckland
Tram Valley Road, Swanson, Auckland
Completed & Sold-Out Developments
▪Subdivision completed
▪All sections sold and settled
▪Subdivision completed
▪All sections sold and settled

Stage 5
▪Construction completed
▪Sections on the market for sale
Completed Developments
Prestons Park, Marshlands, Christchurch
Mairehau Road Upgrade
▪Mairehau Road upgrade and
adjacent sections completed
and on market for sale
Snellings Drain Naturalisation
▪Completed

Work in Progress
Iona Overview
Iona, Stage 2, Havelock North
Hawkes Bay
▪Subdivision consent lodged Jun 2023
▪Limited Notification has caused delays
▪Consent expected Q3(2025)
▪Earthworks to commence Q4(2025)
Iona, Stage 3, Havelock North
Hawkes Bay
▪Land identified in NH-FDS for future
Greenfield Development-Areas HN3A
and HN3B
Iona, Stage 1, Havelock North
Hawkes Bay
▪Subdivision consent issued Jul 2023
▪Earthworks commenced Oct 2023
▪Stage 1 Infrastructure Approval issued Feb 2024
▪Stage 1A & 1B (34 lots) titles issued Apr 2025
▪Stage 1C & 1D (56 lots) titles due in Q3(25)
▪Stage 1E & 1F (16 lots) titles due in Q2(26)
▪Middle Road upgrade (0-600) completed
▪Middle Road upgrade (600 – 1340) under construction
▪Iona Road upgrade under construction
▪Iona wastewater pump station under construction

Work in Progress (Cont...)
Iona Terraces Stage 1A & 1B Scheme Plan
Stage 1A & 1B Section Yield
Section Type
# Lots
(Nett)
Total #
Lots
Standalone Lots3333
CRD Lots121
Existing Houses--
3454
▪Construction complete, titles
issued Apr 2025
▪Sections on market for sale

Work in Progress (Cont...)
Iona Terraces Stage 1 Scheme Plan
Stage 1 Section Yield
Section Type
# Lots
(Nett)
Total #
Lots
Standalone Lots101101
CRD Lots772
Existing Houses22
110175

Work in Progress (Cont...)
Iona Stage 1: Construction Progress

Worsleys Road (26Ha)
Cashmere, Christchurch
▪Land purchased Oct 2023
▪Subdivision Scheme plan section yield = 67 lots
▪Land use consents Earthworks approved
▪Delays with subdivision consent, expected Q3(25)
▪Earthworks scheduled to commence Q4(25)
Work in Progress (Cont...)

Work in Progress (Cont...)
Worsleys Road Scheme Plan

Highlands Drive (10.8Ha)
Richmond, Nelson/Tasman
▪Land purchased Jan 2024
▪Consented development yielding 65 lots
▪Upside potential of 12 - 16 lots, subject
to new consents
▪Commence earthworks Oct 2025
Work in Progress (Cont...)
Highlands Drive, Richmond, Tasman District

Lot 98: Additional
8 Lots *
Lot 87: Additional
4 Lots *
* Subject to new Resource Consent
Work in Progress (Cont...)
Highlands Drive Scheme Plan

Lucas Terrace (3.2Ha)
Nelson
▪Land purchased Dec 2023
▪Consented development yielding 34 lots
▪Current scheme not feasible, re-scheme
required
▪New Subdivision Consent application to
be lodged Q4(25)
Work in Progress (Cont...)
Lucas Terrace, Nelson

R2 Growth Cell (139Ha)
Puketaha, Hamilton
▪R2 project accepted as listed project in Fast
Track Approvals Act
▪Master planning and infrastructure design
underway
▪Mix of residential and industrial land
use/zoning
▪6.5Ha of additional land acquired in 2024,
settling in January 2025
▪Fast Track application expected to be lodged
end Q4(25) or early Q1(26)
Work in Progress (Cont...)
Fast Track Project

Arataki Road (11.2Ha)
Havelock North, Hawke’s Bay
▪Arataki project accepted as Listed Project in Fast Track Approvals Act
▪Master planning and infrastructure design is well advanced
▪Fast Track application lodgement targeting Jun 2025
▪Earthworks commencement targeting Nov 2025, subject to Fast
Track Approval
Work in Progress (Cont...)
Fast Track Project

2024 Acquisitions
Wairakei Road, Harewood,
Christchurch
▪10.1HA General Industrial zone land
acquired and settled Sept 2024
▪Scheme plan well advanced. Yield 29 lots
▪Earthworks consents approved
▪Subdivision consent scheduled to be
lodged Jun 2025
▪Consent expected Sept 2025
▪Earthworks due to commence Oct 2025

Rabart Block (6.54Ha), Gordonton
Road, Puketaha, Hamilton
2024 Acquisitions (Cont...)

April 2025 YTD Sales
▪Residential Section Settlements 2025 YTD = $4.85m
▪Unconditional sales yet to settle in 2025 = $14.03m
▪2025 Sales/Settlements from:
- Iona, Havelock North, Hawkes Bay
- Prestons Park, Christchurch
▪The residential housing market is improving, but slower than expected
▪Christchurch is steady with solid sales from Prestons Park (31 YTD)
▪Iona Stage 1A & 1B sales softer than expected with 10 sales YTD
CANTERBURY SALES
• Prestons Park, Christchurch
2025 Sales Location Map
Hawkes Bay
• Iona Stage 1

▪Cash & term deposits: $18.7m (as at 30 April 2025)
▪Bank borrowings Nil

CDI Cash Position
(42.0m in 2024)

We have a solid Pipeline
▪Total land holding 310.7Ha
▪Maintained a nationwide geographical spread
▪Diverse portfolio, offers flexibility for diversification
▪Continually looking to grow our Portfolio
Our Pipeline
AUCKLAND PROJECTS
• Trig Road, West Harbour
HAMILTON PROJECTS
• Gordonton Road, Puketaha
HAWKE'S BAY PROJECTS
• Arataki Road, Havelock North
• Iona Block, Havelock North
NELSON/TASMAN PROJECTS
• Pelorus Sound
• Lucas Terrace
• Highlands Drive
CANTERBURY PROJECTS
• Prestons Park, Christchurch
• Worsleys Road, Cashmere Christchurch
• Wairakei Road, Harewood, Christchurch

Acquisition Opportunities
▪The current environment continues to produce a number of acquisition
opportunities
▪Vendors’ price expectations remain high in the current market
▪Lack of infrastructure capacity impacts development feasibility, not presently
being acknowledged or accepted by Vendors
▪New legislation introduced during 2021/24 has materially impacted acquisition
feasibility – not seen nor accepted by Vendors

CDL has Grown
Sian Camp
Sustainability Manager
CDLInvestments& CDLLand
Geoff Donley
Accountant/Financial Controller
CDLInvestments& CDLLand
Toni Ira
Iona Development Manager
CDLLand

2024 Climate Statement
Governance
▪CDI Board
▪CDL Management
▪CDL Sustainability Manager
▪External Consultants
Strategy
▪Current Climate Impacts
▪Climate Risk Management
▪Scenario Analysis 1-5° | 2-0° | 3-0° scenarios
▪Timeframes Short | Medium | Long term
▪Risks & Opportunities
▪Physical
▪Transitional
▪Risk Opportunity Register
▪Metrics and Targets

2025 Outlook
▪Year to date the market has been subdued, and trading conditions are softer than
envisaged. Our current indications are that this will mean that our forecasts for FY 25 half
year and also full year FY 25 are likely to be difficult to achieve. A further update will be
provided with the half year announcement
▪Management is implementing strategies to improve sales throughout the year
▪The positive impacts of easing inflation and bank mortgage rates have been overshadowed
by global economic uncertainty and domestic job security
▪We will continue to progress Iona and our new Christchurch, Nelson and Richmond projects
at pace, and are laser focused on delivering our two Fast Track Projects
▪We are continuing to build for the future, both operationally and strategically

ELECTION OF DIRECTORS
▪Resolution #1:
Re-election of Janie Elrick as a Director

AUDITORS APPOINTMENT & REMUNERATION
▪No other nomination received - KPMG are reappointed as the
Company’s auditors
▪Resolution #2: that the Directors be empowered to fix the
remuneration of the Auditors for the year ending 31 December
2025

John Henderson is retiring after 19 Years as a
Director of CDL Investments NZ Limited

GENERAL BUSINESS

CLOSE OF MEETING
Thank you for attending

---

Level 7, 23 Customs Street East
P. O. Box 3248, Auckland 1140, New Zealand
Ph (09) 353 5005 Fax (09) 309 3244 Email: admin@cdli.co,nz
S T O C K E X C H A N G E A N N O U N C E M E N T

Date 30 May 2025

Subject REMARKS BY CDI BOARD CHAIR TO 2025 ANNUAL MEETING OF
SHAREHOLDERS

On behalf of the Directors, I present the Annual Report and the Statement of Financial Accounts to 31 December
2024. I would like to make a few brief comments about the past year.

2024 saw CDI recording an increased profit which reflected more optimistic market conditions. Our pre-tax result
of $26.8 million was a healthy increase on the previous year.

Having two key projects included in the Fast Track Approvals legislation was a welcome result for us. Our
Arataki Road project provides much needed residential sections in an area where demand is high and our R2
Growth Cell landholdings will provide mixed-used development sites in Hamilton over the medium term.

Elsewhere, we have been carefully building up our development portfolio with key acquisitions in Nelson and in
Christchurch last year. The purchase of industrial zoned land in Christchurch is critical to our future strategy and
we are looking to progress development at Wairakei Road as soon as consents are obtained.

CDI is conscious of its impact on the environment and has been looking at ways to embed sustainability across
its business. You may have seen our 2024 Climate Statement, which was submitted and filed at the end of April
2025 which provides more information on how we see risks and opportunities and our transition plan. We remain
committed to making improvements in this area and we would like to thank the Management Team for their work
to complete the statement.

It's worth noting over the last five years that we have managed to grow the company’s landholdings from 224
hectares in 2019 to 311 hectares now, an increase of 39%. We intend to continue to look for more opportunities
to build up our land portfolio when suitable opportunities arise.

Jason will shortly provide you with an overview of the current business and what is happening at our key
developments.


As it is his final annual meeting with us, I would like to take this opportunity to thank Independent Director John
Henderson for his tireless service to CDL Investments.

John’s tenure has seen the company flourish after the shocks of the GFC and the Canterbury Earthquakes, He’s
overseen many of our strategically important developments over the years such as Millgate and Stonebrook in
Rolleston, Prestons Park in Christchurch and in Auckland our developments at Harrowglen, Kewa Road and
many others.

John has remained staunchly independent and has provided the board with sound commercial judgement and
insights from his international career in hospitality and property. It was his decision to retire at this meeting and,
as he said to the board recently, he wanted to go out knowing that the company’s future was assured. I am sure
that shareholders will miss your presence on the Board.