CDI Announces 2026 Interim Results

Results announcement



.

Results for announcement to the market
Name of issuer CDL Investments New Zealand Limited
Reporting Period 6 months to 30 June 2026
Previous Reporting Period 6 months to 30 June 2025
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$12,548 (9.13%)
Total Revenue $12,548 (9.13%)
Net profit/(loss) from
continuing operations
$3,392 (4.85%)
Total net profit/(loss) $3,392 (4.85%)
Interim/Final Dividend
Amount per Quoted Equity
Security
No interim dividend declared
Imputed amount per Quoted
Equity Security
Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security (in
dollars and cents per
security)
$1.10 $1.07
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to Shareholder Update
Authority for this announcement
Name of person

authorised
to make this announcement
Abbi Wong
Contact person for this
announcement
Abbi Wong
Contact phone number 021 408 107
Contact email address Abbi.Wong@cdli.co.nz
Date of release through MAP

10 August 2026

Unaudited financial statements accompany this announcement.

---

Page 1
CDL Investments New Zealand Limited and its Subsidiary
Condensed Interim Statement of Comprehensive Income
For the half year ended 30 June 2026 (unaudited)

Group
In thousands of dollars Note Unaudited
6 months to
30/06/26
Unaudited
6 months to
30/06/25

Property sales 10,603 12,017
Rental income 1,945 1,742
Revenue 12,548 13,759

Cost of sales (4,697) (6,157)

Gross profit 7,851 7,602

Other income
Administrative expenses

-
(597)
49
(686)
Property expenses (675) (484)
Selling expenses (434) (378)
Other expenses (1,589) (1,291)

Results from operating activities 4,556 4,812

Finance income 161 241
Finance costs (5) (3)

Net finance income 156 238

Profit before income tax 4,712 5,050

Income tax expense 5 (1,320) (1,485)

Profit for the period 3,392 3,565

Total comprehensive income for the period 3,392 3,565

Profit attributable to:
Equity holders of the parent 3,392 3,565

Total comprehensive income for the period 3,392 3,565

Basic and Diluted Earnings per share (cents per share) 3 1.16 1.22























The accompanying notes form part of and should be read in conjunction with these financial statements.

Page 2
CDL Investments New Zealand Limited and its Subsidiary
Condensed Interim Statement of Changes in Equity
For the half year ended 30 June 2026 (unaudited)

Group

In thousands of dollars Note Unaudited
Share Capital
Unaudited
Retained
Earnings
Unaudited
Total
Equity
Balance at 1 January 2025 68,041 251,611 319,652

Total comprehensive income for the period
Profit for the period - 3,565 3,565
Total comprehensive income for the period - 3,565 3,565

Transactions with owners of the Company
Shares issued under dividend reinvestment plan 2 674 - 674
Dividend to shareholders 2 - (10,214) (10,214)
Supplementary dividend - (229) (229)
Foreign investment tax credits - 229 229
Balance at 30 June 2025 68,715 244,962 313,677

Balance at 1 January 2026 68,715 252,463 321,178

Total comprehensive income for the period
Profit for the period - 3,392 3,392
Total comprehensive income for the period - 3,392 3,392

Transactions with owners of the Company
Shares issued under dividend reinvestment plan 2 214 - 214
Dividend to shareholders 2 - (2,927) (2,927)
Supplementary dividend - (66) (66)
Foreign investment tax credits - 66 66
Balance at 30 June 2026 68,929 252,928 321,857

































The accompanying notes form part of and should be read in conjunction with these financial statements.

Page 3
CDL Investments New Zealand Limited and its Subsidiary
Condensed Interim Statement of Financial Position
For the half year ended 30 June 2026 (unaudited)

Group
In thousands of dollars Note Unaudited
as at
30/06/26
Audited
as at
31/12/25
SHAREHOLDERS’ EQUITY
Issued capital 68,929 68,715
Retained earnings 252,928 252,463

Total equity 321,857 321,178

Represented by:

NON CURRENT ASSETS
Property, plant and equipment 146 87
Development property 250,876 257,854
Investment property 35,184 35,525
Investment in associate 7 2 2

Total non current assets 286,208 293,468


CURRENT ASSETS
Cash and cash equivalents 5,579 13,440
Short term deposits 484 484
Trade and other receivables 3,611 6,613
Income tax receivable

- -
Development property

32,648 17,620

Total current assets 42,322 38,157

Total assets 328,530 331,625


NON CURRENT LIABILITIES
Deferred tax liabilities 4,434 4,432
Lease liability 67 26

Total non current liabilities 4,501 4,458


CURRENT LIABILITIES
Trade and other payables 1,789 4,860
Employee entitlements 155 152
Income tax payable 178 947
Lease liability 50 30

Total current liabilities 2,172 5,989

Total liabilities 6,673 10,447

Net assets 321,857 321,178












The accompanying notes form part of and should be read in conjunction with these financial statements.

Page 4
CDL Investments New Zealand Limited and its Subsidiary
Condensed Interim Statement of Cash Flows
For the half year ended 30 June 2026 (unaudited)

Group
In thousands of dollars Note Unaudited
6 months to
30/06/26
Unaudited
6 months to
30/06/25

CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers 15,438 17,529
Interest received 161 243

Cash was applied to:
Payment to suppliers (17,627) (10,009)
Payment to employees (971) (812)
Purchase of development land - (14,811)
Income tax paid (2,020) (4,370)

Net cash (outflow)/inflow from operating activities (5,019) (12,230)

CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from:
Short term deposits - 484

Cash was applied to:
Development of investment property (32) (383)
Purchase of plant and equipment (5) -
Short term deposits - (483)

Net cash outflow from investing activities (37) (382)

CASH FLOWS FROM FINANCING ACTIVITIES
Cash was applied to:
Dividend paid 2 (2,713) (9,540)
Principal repayment of lease liability (26) (19)
Supplementary dividend paid (66) (229)

Net cash outflow from financing activities (2,805) (9,788)

Net increase in cash and cash equivalents

(7,861) (22,400)
Add opening cash and cash equivalents 13,440 32,803

Closing cash and cash equivalents 5,579 10,403






















The accompanying notes form part of and should be read in conjunction with these financial statements.

Page 5
CDL Investments New Zealand Limited and its Subsidiary
Condensed Interim Statement of Cash Flows - continued
For the half year ended 30 June 2026 (unaudited)

Group
In thousands of dollars Note Unaudited
6 months to
30/06/26
Unaudited
6 months to
30/06/25

RECONCILIATION OF PROFIT FOR THE PERIOD TO CASH
FLOWS FROM OPERATING ACTIVITIES


Net Profit after Taxation

3,392 3,565

Adjusted for non-cash items:
Depreciation of investment property 283 275
Depreciation of plant & equipment 5 5
Depreciation of right-of-use assets
Loss on sale of fixed assets
20
3
15
-
Income tax expense 1,320 1,485

Adjustments for movements in working capital:
Decrease/(Increase) in receivables 2,888 (3,736)
Increase in development property (8,050) (20,392)
Decrease in payables (2,860) (3,451)

Cash consumed from operating activities (2,999) (7,860)

Income tax paid (2,020) (4,370)

Cash outflow from operating activities (5,019) (12,230)



































The accompanying notes form part of and should be read in conjunction with these financial statements.

Page 6
CDL Investments New Zealand Limited and its Subsidiary
Notes to the Condensed Interim Financial Statements
For the half year ended 30 June 2026 (unaudited)

1. Significant Accounting Policies

Reporting Entity
CDL Investments New Zealand Limited (the “Company”) is a company domiciled in New Zealand, registered
under the Companies Act 1993 and listed on the New Zealand Stock Exchange. The Company is a FMC Reporting
Entity in terms of the Financial Markets Conduct Act 2013 and the Financial Reporting Act 2013.

The condensed interim financial statements of the Company as at and for the half year ended 30 June 2026
comprises the Company and its subsidiary (together referred to as the “Group”). The registered office is located
at Level 7, 23 Customs Street East, Auckland, New Zealand.

The principal activities of the Group are the development and sale of residential land properties and rental income
from the ownership of development properties and investment properties comprising commercial warehousing
and retail shops.

(a) Statement of compliance

The financial statements have been prepared in accordance with New Zealand Generally Accepted
Accounting Practice (“NZ GAAP”). They comply with NZ IAS 34 Interim Financial Reporting. The condensed
interim financial statements do not include all of the information required for full annual financial statements.

The accounting policies applied by the Group in these condensed financial statements are the same as those
applied by the Group in its consolidated financial statements for the year ended 31 December 2025.

The condensed interim financial statements were authorised for issuance on 7 August 2026.

(b) NZ IFRS 18 – Presentation and Disclosure in Financial Statements

NZ IFRS 18, which is effective for annual reporting periods beginning on or after 1 January 2027, has not yet
been adopted by the Group. The Group continues to assess the impact of the standard. Based on work
performed to date, the Group expects the standard to primarily affect the presentation and disclosure of
information in the financial statements, including the structure of the statement of profit or loss and related
disclosures. The assessment remains ongoing and the Group has not yet quantified the full impact of
adoption.

2. Capital & Reserves

Share Capital
Under the Company’s Dividend Reinvestment Plan, an additional 331,259 shares were issued on 15 May 2026
(2025: 848,744) at a strike price of $0.6467 (2025: $0.7947).

At 30 June 2026, the authorised share capital consisted of 293,003,555 fully paid ordinary shares (2025:
292,672,296).

Dividends
The following dividends were declared and paid during the period ending 30 June:
In thousands of dollars 2026 2025
Cash - 1.0 cents per qualifying ordinary share (2025: 3.5 cents) 2,713 9,540
Dividend reinvestment plan – 1.0 cents per qualifying ordinary share (2025: 3.5 cents) 214 674
2,927 10,214

3. Earnings Per Share

The calculation of basic and diluted earnings per share at 30 June 2026 of 1.16 cents (2025: 1.22 cents) was
based on the profit attributable to ordinary shareholders of $3,392,166 (2025: $3,564,686); and weighted average
number of shares of 292,893,135 (2025: 292,389,381) on issue in the period.

Page 7
CDL Investments New Zealand Limited and its Subsidiary
Notes to the Condensed Interim Financial Statements
For the half year ended 30 June 2026 (unaudited)

4. Segment Reporting

Operating segments
The operating segments of the Group consists of property operations, comprising the development and sale of
residential land sections and rental income from development properties and investment properties.

The Group has determined that its chief operating decision maker is the Board of Directors on the basis that it is
this group which determines the allocation of resources to segments and assesses their performance.

An operating segment is a distinguishable component of the Group:
 that is engaged in business activities from which it earns revenues and incurs expenses,
 whose operating results are regularly reviewed by the Group’s chief operating decision maker to make
decisions on resource allocation to the segment and assess its performance, and
 for which discrete financial information is available.

Residential land
development
Investment property Group
In thousands of dollars
6 months
to
30/06/26
6 months
to
30/06/25
6 months
to
30/06/26
6 months
to
30/06/25
6 months
to
30/06/26
6 months
to
30/06/25
External revenue 10,824 12,279 1,724 1,529 12,548 13,808
Earnings before interest,
depreciation, amortisation & tax 3,141 3,590 1,724 1,519 4,865 5,109
Finance income 161 241 - - 161 241
Finance expense (6) (6) - - (6) (6)
Depreciation and amortisation (5) (4) (283) (275) (288) (279)
Depreciation of Right-of-use
assets (20) (15) - - (20) (15)
Profit before income tax 3,271 3,806 1,441 1,244 4,712 5,050
Income tax expense (917) (1,137) (403) (348) (1,320) (1,485)
Profit after income tax 2,354 2,669 1,038 896 3,392 3,565



Investment property expenditure - - 32 383 32 383
Residential land development
expenditure 12,746 11,737 - - 12,746 11,737
Purchase of land for residential
land development - 14,811 - - - 14,811

In thousands of dollars
As at
30/06/26
As at
31/12/25
As at
30/06/26
As at
31/12/25
As at
30/06/26
As at
31/12/25
Cash & cash equivalents and
short term bank deposits 6,063 13,924 - - 6,063 13,924
Investment in associates 2 2 - - 2 2
Other segment assets 287,281 282,174 35,184 35,525 322,465 317,699
Total assets 293,346 296,100 35,184 35,525 328,530 331,625



Segment liabilities (2,062) (5,068) - - (2,062) (5,068)
Tax liabilities (78) (884) (4,533) (4,495) (4,611) (5,379)
Total liabilities (2,140) (5,952) (4,533) (4,495) (6,673) (10,447)

Geographical segments
Segment revenue is based on the geographical location of the segment assets. All segment revenues are derived
in New Zealand.

Segment assets are based on the geographical location of the development property. All segment assets are
located in New Zealand. The Group has no major customer representing greater than 10% of the Group’s total
revenues.

Page 8
CDL Investments New Zealand Limited and its Subsidiary
Notes to the Condensed Interim Financial Statements
For the half year ended 30 June 2026 (unaudited)

5. Income Tax Expense

Recognised in the statement of comprehensive income

In thousands of dollars Group
Current tax expense
6 months to
30/06/26
6 months to
30/06/25
Current year 1,318 1,379
Under/(over) provided for prior years - 46
1,318 1,425
Deferred tax expense
Origination and reversal of temporary differences 2 59
Changes in treatment of building depreciation - -
2 59
Total income tax expense in the statement of comprehensive income 1,320 1,485

Reconciliation of effective tax rate

In thousands of dollars Group
6 months to
30/06/26
6 months to
30/06/25
Profit before income tax 4,712 5,050
Income tax using the company tax rate of 28% (2025: 28%) 1,320 1,414
Changes in treatment of building depreciation
Non-deductible expenses
-
-
-
25
Under/(over) provided for prior years - 46
1,320 1,485
Effective tax rate 28% 29%


6. Related Party Transactions

CDL Investments New Zealand Limited is a subsidiary of Millennium & Copthorne Hotels New Zealand Limited by
virtue of Millennium & Copthorne Hotels New Zealand Limited owning 65.05% (2025: 65.12%) of the Company
and having one out of five of the Directors on the Board. Millennium & Copthorne Hotels New Zealand Limited is
86.39% (2025: 86.39%) owned by CDL Hotels Holdings New Zealand Limited (computed on voting shares), which
is a wholly owned subsidiary of Millennium & Copthorne Hotels Ltd in the United Kingdom. The ultimate holding
company is Hong Leong Investment Holdings Pte Ltd in Singapore.

During the six-month period ending 30 June 2026 CDL Investments New Zealand Limited and its subsidiary has
incurred costs from its parent, Millennium & Copthorne Hotels New Zealand Limited of $147,073 (2025: $114,000)
for shared office expenses, insurance premiums and recoverable recharges passed through at cost. As of 30
June 2026, $33,652 of these related party transactions had been settled and $113,420 are yet to be invoiced by
MCK and are included within accrued trade payables (2025: $ Nil).


Subsidiary Principal Activity % Holding by
CDL Investments New Zealand Limited
Balance Date
CDL Land New Zealand
Limited
Property Investment
and Development
100.00 31 December

Associate Principal Activity % Holding by
CDL Land New Zealand Limited
Balance Date
Prestons Road Limited Service Provider 33.33 31 March

Page 9
CDL Investments New Zealand Limited and its Subsidiary
Notes to the Condensed Interim Financial Statements
For the half year ended 30 June 2026 (unaudited)

7. Subsequent Events

Subsequent to the Groups half year interim reporting period 30 June 2026, the Group entered into a new $20.0
million flexible credit facility with ANZ Bank New Zealand Limited. The facility was established in August 2026 for
a term of 24 months and provides additional funding flexibility for the Group’s property portfolio requirements. As
the facility was established after the interim reporting period, it has been treated as a non-adjusting subsequent
event and has not been recognised in the condensed interim financial statements. The Directors are not aware of
any material events subsequent to the interim reporting period that require adjustment or disclosure.

---

DIRECTORS’ REVIEW
Financial performance
For the six-month period ended 30 June 2026, CDL Investments New Zealand Limited
(NZX: CDI) recorded an unaudited profit for the period of $3.39 million (2025: $3.57 million).
CDI reported profit before income tax of $4.71 million (2025: $5.05 million) and recorded
property sales, rental and other income for the period of $12.55 million (2025: $13.81
million). The Company’s net asset backing at cost was 110 cents per share (2025: 107 cents
per share).
The result reflects the challenging residential property market conditions signalled at the
Annual Shareholder Meeting in May 2026, when the Board noted that 2026 earnings were
expected to be considerably lower than 2025. With the first half result is tracking broadly in
line with that expectation.
While lower interest rates have provided some support, purchaser confidence remains
cautious. Cost-of-living pressures, employment uncertainty, interest rate volatility, elevated
building costs and broader economic and geopolitical conditions continue to influence
purchaser decisions and development costs.
Portfolio and development activity
During the first half of 2026, CDI continued to advance its active and future development
programme while maintaining disciplined capital allocation and careful management of
development expenditure. Management’s focus remained on securing the last remaining
sales at Prestons Park, Christchurch and sales at Iona, Havelock North, preserving cash
flow and progressing the development pipeline to support future product availability and
diversification.
Key development activity included infrastructure and civil works at the residential
development at Iona, Havelock North; earthworks at the light industrial development at
Wairakei Road, Christchurch; preparations to commence earthworks at the residential
development at Arataki Road, Havelock North; and preparation of the submission of the
substantive Fast-track application for the mixed residential, retail and light industrial
development at Ruakura, Hamilton. We were also pleased to receive fast-track referral
approval for the Middle Road residential development in Havelock North and have made
substantial progress on the preparation of the substantive fast-track application for the site.
Diversified portfolio and balance sheet strength
CDI’s diversified portfolio continues to support resilience through the property cycle. While
residential development remains the cornerstone of the business, the Company’s industrial
and retail assets continue to provide additional income and flexibility during periods of
subdued residential activity.

Outlook
The Board remains cautious but measured about the near-term outlook. Construction cost
pressures, interest rate volatility and the gradual pace of recovery mean the final outcome
for 2026 remains subject to market conditions over the balance of the year. CDI remains
focused on disciplined execution, adding value to its property portfolio and leveraging its
balance sheet prudently so that it is ready to capitalise on an upturn in the property market.
While conditions remain challenging, the Board remains confident in CDI’s long-term
fundamentals, experienced Board and management team, and development pipeline that
supports sustainable long-term value creation for shareholders.


Desleigh Jameson
Board Chair
10 August 2026

---

CDI reports HY26 result in line with expectations
CDL Investments New Zealand Limited (NZX: CDI) today released its unaudited results for
the six months ended 30 June 2026 and reported profit for the period of $3.39 million
(2025: $3.57 million) and recorded property sales, rental and other income of $12.55 million
(2025: $13.81 million).
Board Chair Desleigh Jameson said the result was broadly in line with expectations and
reflected the challenging property market conditions.
“As indicated at our Annual Shareholders Meeting in May, CDI expected 2026 earnings to be
considerably lower than 2025, reflecting subdued residential market conditions stemming
from economic and geopolitical uncertainty,” Ms Jameson said. “The cautious optimism we
saw in the first few months of the year has been tempered by political and economic
uncertainty. While lower interest rates have provided some support, purchaser confidence
remains very cautious and any recovery in residential demand is expected to be gradual.”
Chief Executive Officer Jason Adams said CDI’s approach remained steady and disciplined,
with management focused on securing the last remaining sales at Prestons Park,
Christchurch and sales at Iona in Havelock North, while carefully managing development
expenditure and progressing planning and consenting work for a more diversified future
development pipeline.
During the period, CDI continued to advance its active and future development programme,
including the residential development at Iona, Havelock North; the light industrial
development at Wairakei Road, Christchurch; preparations to commence earthworks at the
Fast-track residential development at Arataki Road, Havelock North; and preparation for the
submission of the substantive Fast-track application for the mixed residential, retail and light
industrial development at Ruakura, Hamilton.
“The broader economic and geopolitical environment continues to influence confidence
across a range of sectors,” Ms Jameson said. “While the first half result is tracking broadly
as expected, interest rate volatility, construction cost pressures and the gradual pace of
recovery mean the final outcome for 2026 remains subject to market conditions over the
balance of the year. CDI enters the second half of the year with a clear focus on disciplined
execution, adding value to its property portfolio, and leveraging its balance sheet prudently
so it is positioned to capitalise on an upturn in the property market.”
ENDS
Issued by CDI
About CDI: CDI is a nationwide land developer with more than 30 years' experience
delivering high-quality residential, retail and industrial developments across New Zealand.
With a disciplined approach to capital allocation, careful project execution and a strong focus

on long-term value creation, we have built a reputation for reliable delivery and well-planned
communities.
CDI is majority owned by Millennium & Copthorne Hotels New Zealand Limited (NZX: MCK).
Enquiries to: Jason Adams, Chief Executive Officer, 027 683 7220