CDI 2026 ASM Chair Remarks and Slides

42
nd
Annual Meeting of Shareholders
Tuesday 26
th
May 2026

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;
Vincent Yeo │ Non-Executive Director
Janie Elrick (Audit Committee Chair)│ Independent Director
Directors attending remotely (via video link are);
Eik Sheng Kwek| Non-Executive Director
Julian Smith| Independent Director
Executive Team in attendance include;
Jason Adams│ Chief ExecuƟve Officer
Anand Rambhai│ Vice President Finance
Geoff Donley│ Accountant/Financial Controller
Jackson Bull│ General Manager
Abbi Wong│ Company Secretary/General Counsel

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Meeting
Formalities
Quorum
Confirmation that a quorum is
present to proceed with the
meeting
Proxies
Report on proxies received and
appointment of proxy holders
Minutes
Approval of the minutes from the
41
st
Annual General Meeting
Notice of Meeting
The notice convening this meeting
is taken as read
Apologies
Apologies from various
shareholders will be recorded in
the minutes

Annual Report & Financial Statements
2025 in context: protecting value through a subdued market
•
FY25reflectedsubduedresidentialmarketconditionsacrossNewZealand
•
Lowermortgagerateshelped,butwerenotenoughtorestorepurchaserconfidence
•
Building costs, employment uncertainty and broader economic pressures continued to affect
decisions
•
Inthisenvironment,CDI’sfocusremainedon:
oDisciplinedcapitalmanagement
oPreservingbalancesheetstrengthandflexibility
oProtectingvalueratherthanforcingactivity
oPreparingthebusinessforfuturedemand

Annual Report & Financial Statements
(cont.)
Keeping the pipeline moving
•
Continuedtoadvanceconsentedandactivedevelopmentsincluding:
oIona,HavelockNorth,Hawke’sBay
oWairakeiRoad,Harewood,Christchurch
oWorsleysRoad,Cashmere,Christchurch
•
CompletedconstructionatPrestonsPark,asignificantlong-termChristchurchdevelopment
•
Progressed strategic land acquisitions in Hamilton and Havelock North
•
Advanced Fast-track pathways for future residential and mixed-use opportunities
•
Strengthened governance and management capacity to support a more complex
development pipeline

Chief Executive Officer
Jason Adams

Property Sales
Residential Sales
Commercial Sales
Total Sales Revenue
Rental Income
Rental Income
Profit Before Tax
Profit After Tax
$11.4
42.5%

15.4
$4.3
27.9%

11.1
2025
($m)
$11.5
25.0%

34.5
NIL
#Sections
5
87
NIL
2024
($m)
46.0
NIL
#Sections
92
NIL
($m)
$0.6
20.0%

3.6
#Properties
4
($m)
3.0
#Properties
4
46.0
26.8
15.4
*
*CDIprofitaftertaxforFY24wasimpactedbyaone-offnon-cashdeferredtaxadjustmentof$3.9millionbyachangeofGovernmentpolicyondepreciationofcommercial
buildings
2025 Financial Re-cap
$11.5
25.0%

34.5

87
Residential Section sales from:
75
Section Sales
Prestons Park, Christchurch
12
Section Sales
Iona Stage 1, Havelock North
2025 Financial Re-cap
(cont.)

Commercial Warehouses FY(2025)
$2.3m
Lease Revenue
72%
Total Investment
Property Revenue
16,402
m
2
Net Lettable Area
100%
Leased
4.0
yrs
WALE
$2.31m
Fully Occupied Rental (p.a.)
2025 Financial Re-cap
(cont.)

Suburban Retail CentresFY(2025)
$0.9m
Lease Revenue
28%
Total Investment
Property Revenue
3,411
m
2
Net Lettable Area
83%
Leased
3.8
yrs
WALE
$1.2m
Fully Occupied Rental (p.a.)
2025 Financial Re-cap
(cont.)
Prestons Park Local Centre
Stonebrook Local Centre

NZ Property Market Drivers in 2025
Rising,butlevellinginflation
:
Annualinflation20253.1%

0.9%(on2024)
•
AnnualInflation2024:2.2%
•
Pre-CovidPandemic(Feb-20): 2.5%
•
PandemicLow(Sept-21):1.5%
•
PostPandemicPeak(Jun-2022): 7.3%
Easingmortgagerates:
5 Year
(%)
2 Year
(%)
1 Year
(%)
Floating
%
Bank
5.394.494.495.89
5.154.494.495.99
4.994.494.495.99
5.154.494.495.99
4.994.454.496.09
5.825.675.917.82
Average Rates 1
Year Earlier
Bank Interest Rate (%) as at 14/11/2025
Source: Interest.co.nz as at 14/11/2025
Consumer Price Index (CPI) (Annual % Change)
Source: RBNZ
Standard Mortgage Rates: Floating to 2 Year Fixed
Global Financial Crisis Covid-19 Pandemic
Source: RBNZ

NZ Property Market Drivers in 2025
(cont.)
Netmigrationdown
20252024
•
MigrationArrivals:134,000 142,300
•
MigrationDepartures:119,800 118,500
•
NetMigration(Gain):14,200 23,800
Source: Stats NZ
Unemploymenttickingup
•
UnemploymentRateDec-25:5.4%
•
UnderutilisationrateDec-25:12.9%
•
Jobsecuritywasaconcernformanyin2025
•
Employmentconcernsimpactedpurchaserdecisions
Estimated migration by direction 2001 -2025
Source: Stats NZ
Unemployment rate, seasonally adjusted 2012 -2026

NZ Property Market Drivers in 2025
(cont.)
Source: REINZ
NZ national median house price
•
Easing mortgage rates and favourable bank lending was positive for section
purchasers
•
Other factors influenced purchaser decisions, causing them to “sit on their hands”
oBuildingcostsremainhigh
oHigh “Existing Residential Housing Inventory” provided greater choice and
risk free options
oJobsecurityisaconcernforsome
oNervousnesswithdirectionoftravelforNZeconomy
oGeopoliticalunrestweighedonpurchaserminds
Market Peak
Nov 2021
$925,000
Global Financial Crisis Covid-19 Pandemic
31 Dec 2025
$790,000
14.6% 
MarketPeak
1.8% on
31 Dec 2024
$776,000

Completed Project – Prestons Park
Development Summary
•
Land purchased in two tranches:
o2004 –2006 70.3ha
o2017 –2018 20.2ha
•
Original PrestonsPark Plan Change rejected by
Christchurch City Council
•
Prestonsidentified as Earthquake Recovery
Project under CERA Act, post Canterbury
earthquakes
Development Summary
•
Land purchased in two tranches:
o2004 –2006 70.3ha
o2017 –2018 20.2ha
•
Original PrestonsPark Plan Change rejected by
Christchurch City Council
•
Prestonsidentified as Earthquake Recovery
Project under CERA Act, post Canterbury
earthquakes
Marshland, Christchurch
Completed in 2025

Completed Project – Prestons Park
(cont.)
Development Summary
(cont.)
•
Subdivision consent obtained in 6 stages with
55 sub-stages
•
Total sections:
oResidential lots = 1021
oCommercial lots = 1 (retail centre)
•
Stage 1 earthworks commenced Sep-2014
•
First sales realised in Feb-2016 (stage 1)
•
Last sale recorded in 2026
•
Average section sales per year = 102/yr
•
External “Lead-In” infrastructure:
oPrestonswaste water pump station
oCirca 2km on new waste water rising main
oPrestonswater supply reservoir/bores
oPrestonsRoad upgrade
oMairehauRoad upgrade
Development Summary
(cont.)
•
Subdivision consent obtained in 6 stages with
55 sub-stages
•
Total sections:
oResidential lots = 1021
oCommercial lots = 1 (retail centre)
•
Stage 1 earthworks commenced Sep-2014
•
First sales realised in Feb-2016 (stage 1)
•
Last sale recorded in 2026
•
Average section sales per year = 102/yr
•
External “Lead-In” infrastructure:
oPrestonswaste water pump station
oCirca 2km on new waste water rising main
oPrestonswater supply reservoir/bores
oPrestonsRoad upgrade
oMairehauRoad upgrade
Marshland, Christchurch

CDL builds communities
Completed Project – Prestons Park
(cont.)

Key Projects — Iona Overview
Iona Stage 1
•
Subdivision Consent issued July-23
•
Titles stages 1A & 1B (34 lots) issued May-25
•
Titles stages 1C & 1D (56 lots) issued Sep-25
•
Titles stages 1E & 1F (16 lots) programmed to
issue Oct-26, after Iona Road upgrade
•
Middle Road upgrade fully completed and opened
•
Iona wastewater pump station completed and
commissioned
•
Iona Road upgrade, construction underway with
completion programmed for Sep-26
Iona Stage 1
•
Subdivision Consent issued July-23
•
Titles stages 1A & 1B (34 lots) issued May-25
•
Titles stages 1C & 1D (56 lots) issued Sep-25
•
Titles stages 1E & 1F (16 lots) programmed to
issue Oct-26, after Iona Road upgrade
•
Middle Road upgrade fully completed and opened
•
Iona wastewater pump station completed and
commissioned
•
Iona Road upgrade, construction underway with
completion programmed for Sep-26
Havelock North, Hawke’s Bay

Key Projects — Iona Overview
(cont.)
Iona Stage 2
•
Subdivision Consent obtained for:
o121 Standard residential lots
o2 Comprehensive residential lots and
o28 comprehensive units
•
Bulk earthworks 95% complete with scheduled
completion end May-26
•
Civils scheduled to commence Sep-26
•
Section sales planned from Sep-27 onwards
Iona Stage 2
•
Subdivision Consent obtained for:
o121 Standard residential lots
o2 Comprehensive residential lots and
o28 comprehensive units
•
Bulk earthworks 95% complete with scheduled
completion end May-26
•
Civils scheduled to commence Sep-26
•
Section sales planned from Sep-27 onwards
Havelock North, Hawke’s Bay

Key Projects — Iona Overview
(cont.)
Iona Stage 3 – Fast-Track Project
•
FDS expert hearing panel recommended approval of CDL’s
Middle Road Urban Development Plan Application
•
HDC elected councillors rejected FDS hearing panels’
recommendation, removing Middle Road Future Urban Area from
FDS
•
CDL has lodged a Fast-Track “referral” application
Project Overview
(subject to Fast-Track approval):
•
311 residential lots
•
Expansive integrated recreational/open spaces and storm water
management areas
•
Wide range of section sizes/typologies
Iona Stage 3 – Fast-Track Project
•
FDS expert hearing panel recommended approval of CDL’s
Middle Road Urban Development Plan Application
•
HDC elected councillors rejected FDS hearing panels’
recommendation, removing Middle Road Future Urban Area from
FDS
•
CDL has lodged a Fast-Track “referral” application
Project Overview
(subject to Fast-Track approval):
•
311 residential lots
•
Expansive integrated recreational/open spaces and storm water
management areas
•
Wide range of section sizes/typologies
Havelock North, Hawke’s Bay

Key Projects — Wairakei Overview
Wairakei Road
Light industrial development (10.1ha)
•
Land purchased 2024
•
Earthworks consent approved Apr-25
•
Earthworks commenced Oct-25, scheduled
completion May-26
•
Subdivision consent approved for 29 light
industrial lots
•
Civil works scheduled to commence late 2026
Wairakei Road
Light industrial development (10.1ha)
•
Land purchased 2024
•
Earthworks consent approved Apr-25
•
Earthworks commenced Oct-25, scheduled
completion May-26
•
Subdivision consent approved for 29 light
industrial lots
•
Civil works scheduled to commence late 2026
Harewood, Christchurch

Key Projects — R2 Fast-Track Overview
Gordonton Road Ruakura 2
(R2) Growth Cell
•
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
•
Settled 6.5ha and acquired 1.62ha in
2025
•
Fast-Track application expected to be
lodged by end of 2026
Gordonton Road Ruakura 2
(R2) Growth Cell
•
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
•
Settled 6.5ha and acquired 1.62ha in
2025
•
Fast-Track application expected to be
lodged by end of 2026
Puketaha, Hamilton

Key Projects — Arataki Fast-Track Overview
Arataki Road
•
CDL progressed project through Fast-
Track process:
oApplication lodged Jul-25
oFast-Track consent approved
Feb-26
•
171 Residential sections
•
Earthworks planned to commence late
2026, subject to subdivision
infrastructure approval
•
Stage 1 civils planned to commence
Jan-27, subject to subdivision
infrastructure approval
•
Stage 1 pre-title sales planned from
May-27 with settlements from Nov-27
onwards
Arataki Road
•
CDL progressed project through Fast-
Track process:
oApplication lodged Jul-25
oFast-Track consent approved
Feb-26
•
171 Residential sections
•
Earthworks planned to commence late
2026, subject to subdivision
infrastructure approval
•
Stage 1 civils planned to commence
Jan-27, subject to subdivision
infrastructure approval
•
Stage 1 pre-title sales planned from
May-27 with settlements from Nov-27
onwards
Havelock North, Hawke’s Bay

5%
46%
26%
9%
14%
Auckland
16.0ha
Hamilton
140.6ha
Hawke's Bay
79.7ha
Nelson/Tasman
25.7ha
Canterbury
43.3ha
Wehaveasolidpipeline
•
Totallandholding
305ha
•
10DevelopmentProjectsites
•
Maintainedanationwidegeographicalspread
•
Regionallydiverseportfolio,offersflexibilityfordiversification
•
Continuallylookingtogrowourportfolio
HAWKE'S BAY PROJECTS
• Arataki Road, Havelock North
• Iona Block, Havelock North
NELSON/TASMAN PROJECTS
• Pelorus Sound
• Lucas Terrace
• Highland Drive
CANTERBURY PROJECTS
• PrestonsPark, Christchurch
• WorsleysRoad, Cashmere Christchurch
• Wairakei Road, Harewood, Christchurch
HAMILTON PROJECTS
• GordontonRoad, Puketaha
AUCKLAND PROJECTS
• Trig Road, West Harbour
Our Pipeline

2025 Climate Change Reporting
•
Changes in 2025 resulted in CDI no longer being a mandatory
Climate Reporting Entity (CRE)
•
CDI maintained its ToitūCertification for FY25
•
CDI Board is reviewing its climate change strategy in 2026 as part of
a wider Environmental, Social and Governance (ESG) project

New Appointment
Abbi Wong
Company Secretary / General Counsel
We are pleased to welcome Abbi Wong to CDL Investments as Company
Secretary and General Counsel. Abbi brings valuable expertise to the team and
will play a key role in supporting the company’s governance and legal functions

April 2026 YTD Sales
Hawke’s Bay
• Iona Stage 1,
Havelock North,
Hawke’s Bay
Canterbury
• PrestonsPark,
Marshland, Christchurch
•
Residentialsectionsettlements2026YTD:$5.7m
•
Unconditionalsalesyettosettlein2026:$10.6m
•
Conditionalsalesyettoconfirm/settlein2026:$2.5m
•
2026Sales/settlementsfrom:
oIona,HavelockNorth,Hawke’sBay
oPrestonsPark,Marshland,Christchurch
•
Wewerefortunatetohavesecuredthesesalesbeforethe
marketturned

Outlook
•
Theencouragingsignsofaresidentialrecoverywesawatthebeginningoftheyear,havenotcontinued
•
Recentgeopoliticshasimpactedconfidenceandslowedthemomentumthatstartedtoemerge
•
In this uncertain environment,we expect earnings for 2026 to be considerably lower than those reported in
2025
•
Market impacts will not be unique to CDI or even the NZ property market, all sectors are operating in
uncertaintimes
•
Ourfocusremainsonsecuringsales,preservingcashflowandcontinuingtoplanforourfuture
•
Wehavealongtrackrecordofmanagingthrougheconomicdownturns
•
Thatexperiencecontinuestoguideoursteady,disciplinedfocusonlong-termvaluecreation

Resolutions for Approval
1
Resolution 1
Re-Election of Eik Sheng Kwekas Director
2
Resolution 2
Election of Julian Smithas Director
3
Resolution 3
Remuneration of the Auditors

Re-Election of Director
Eik Sheng Kwek
Non-Executive Director
Retiring by rotation in accordance with the NZX Listing Rules and the
Company’s constitution, and being eligible, offers himself for re-election
Resolution 1

Election of Director
Julian Smith
Independent Director
Having been appointed by the Board since the last Annual Meeting of
Shareholders, offers himself for election in accordance with the NZX Listing
Rules and the Company’s constitution
Resolution 2

Auditors Appointment and Remuneration
Resolution 3
KPMG
Company Auditors
No other nomination received –KPMG are reappointed as the Company’s
Auditors
Resolution: that the Directors be empowered to fix the remuneration of the
Auditors for the year ending 31 December 2026

General Business
Items for discussion by shareholders and the
Board.

Questions & Answers
We welcome your questions and comments

Thank You
for your continued trust and support
CDL Investments New Zealand Limited | Annual General Meeting 2026
cdlinvestments.co.nz | admin@cdli.co.nz

---

Level 7, 23 Customs Street East, Auckland
P. O. Box 3248, Auckland 1140, New Zealand
Ph (09) 353 5077 Email: admin@cdli.co,nz
STOCK EXCHANGE ANNOUNCEMENT

Date 26 May 2026

REMARKS BY CDL INVESTMENTS NEW ZEALAND LIMITED (“CDI”) BOARD CHAIR TO 2026
ANNUAL MEETING OF SHAREHOLDERS

On behalf of the Directors, I present the Annual Report and the Statement of Financial Accounts to
31 December 2025. I would like to make a few brief comments about the past year before Jason
provides a more detailed operational update.

2025 was a challenging year for the residential property sector. While inflation and mortgage interest
rates eased during the year, market confidence remained subdued. Cost-of-living pressures and
broader economic uncertainty continued to influence purchaser decisions, with many buyers taking a
cautious, wait-and-see approach.

Against this backdrop CDI recorded a profit after tax of $11.1 million, compared with $15.4 million in the
previous year, with property sales and other income of $38.1 million. While below the prior year, this
result was achieved in a market where residential sales activity across the sector remained soft.

This was part of a wider environment of caution affecting many sectors and businesses, not only
property. In this environment CDI remained focused on the fundamentals: protecting value, maintaining
financial strength, keeping our development pipeline moving, and preparing for future demand.

During the year, CDI continued to advance our consented and active developments. As Jason will
explain in his update, we were pleased to complete our Prestons Park development in Christchurch, a
significant project which began following the Canterbury earthquakes and has delivered more than
1,000 residential sections over its life. Good progress was also made at Iona in the Hawkes Bay and at
our Wairakei Road industrial development, in Christchurch.

We also continued to advance our medium and longer-term pipeline. The Fast-track consent for Arataki
Road in Havelock North, was approved earlier this year. The Fast-track process is expected to save
approximately two years in consenting time compared with conventional Resource Management Act
processes. Planning work is also continuing on our two other Fast-track projects in Hamilton and
Havelock North, with both applications likely to be lodged before the end of the year. These projects
are important to CDI’s future and support our ability to respond when demand returns.

Our diversified portfolio continues to prove a sound strategy. Residential development remains the
cornerstone of the business, but our retail and industrial assets provide additional earnings resilience
through the property cycle.

CDI is also conscious of the impact our activities have on the environment and the communities in which
we operate. For us, sustainability is not separate from the business - it is part of being a responsible
land developer and taking a long-term view. While CDI is no longer subject to mandatory climate-related
reporting, we have continued to voluntarily measure and report our greenhouse gas emissions and
have maintained our Toitū certification. This supports transparency, continuous improvement and
independent verification.

Our view is to take a practical and proportionate approach to sustainability, to align the scale of our
business, to take measures that are responsible from an environmental perspective, and that also make
good business sense.

Looking ahead, uncertainty persists. This is not unique to CDI or the property sector, nor is it confined
to New Zealand. Businesses both domestically and globally continue to navigate shifting market, policy,
economic, and geopolitical conditions. In this context, the critical differentiator is the degree to which a
company is prepared to respond effectively.

Given the current economic climate and prevailing geopolitical uncertainties, we expect earnings for
2026 to be considerably lower than those reported in 2025. Importantly, CDI enters this period from a
position of strength. The Company maintains a robust balance sheet, supported by an experienced
Board and management team, and a well-prepared development pipeline. The Board is satisfied that
management has adopted a disciplined approach to planning, cost management, and capital allocation.
CDI has sufficient flexibility to adapt as conditions evolve and to capitalise when the economy improves.

The property sector is inherently cyclical, and with more than 30 years of operating experience, CDI
has successfully navigated such cycles in the past. While we remain mindful of current challenges, we
are confident in the Company’s long-term fundamentals. Our focus continues to be on disciplined
execution, prudent capital management, and the delivery of sustainable long-term value for
shareholders.

Jason will now provide a more detailed overview of the current business and our key developments.