CVC Ltd Details Record $212M Income Year and Return to Dividends in FY26

CVC delivers $212.2m total income and returns to dividends

In its FY2026 results presentation, CVC Limited (ASX:CVC) outlined its FY2026 results for the differentiated real estate investment company, which provides exposure to large-scale, land-based investments with the potential for significant capital growth.

Management detailed a leap in total income to $212.2m for the 12 months to 30 June 2026, up from $44.2m in FY2025, alongside net profit after tax of $7.7m (from $1.2m). The presentation revealed a special 5.0 cents per share fully franked dividend (Nil in FY2025) and a strengthened cash position of $87.7m (from $13.0m).

Two significant transactions, Laverton and Liverpool, shaped the result, positioning FY2026 as a year of successful realisation and balance-sheet strengthening heading into FY2027.

FY2026 financial results at a glance

The presentation set out the full-year financials for the period ended 30 June 2026.

Net assets per share held broadly steady at $1.47 versus $1.49, after the company paid the 5.0 cents per share dividend during the year.

Two transactions that reshaped the balance sheet

The presentation detailed two significant FY2026 transactions that materially influenced the group’s result and balance sheet.

Laverton: a standout realisation

The sale of the Laverton site realised a $37.8m profit before tax attributable to CVC shareholders, achieved without requiring settlement of the site. Proceeds funded the fully franked 5.0 cents per share special dividend.

Management framed the outcome as a demonstration of CVC’s ability to add value and execute realisation strategies.

Liverpool: a positive resolution

The NSW Government determined not to progress the proposed residential rezoning at Liverpool. CVC agreed with the vendor not to proceed with settlement of the property, avoiding an approximately $124m funding requirement.

The Liverpool rezoning proposal collapse in May 2026 was the trigger for CVC’s decision to exit the option position, with the NSW Government confirming it would not proceed with the Planning Proposal that would have unlocked residential development economics across the 16.7-hectare site.

While the company recognised a $13m impairment, the resolution delivered cash inflows of approximately $46m, with a post-year-end agreement regarding the lapse of the option contract secured. The net effect materially strengthened CVC’s balance sheet and cash flow position heading into FY2027.

The Liverpool investment exit involved a structured refund schedule from vendor Prysmian Australia, with CVC retaining a mortgage over the Moorebank property as legal security until the final deposit payment, due 29 January 2027.

How CVC makes money: the secure–add value–monetise model

CVC’s approach centres on a three-stage land investment model outlined in the presentation:

1. Secure — identify and structure high-conviction land investments with embedded upside potential.

2. Add value — utilise proprietary capability to navigate complex planning processes and deliver strategic developable land parcels.

3. Monetise — crystallise profit and release capital via development and/or disposal of de-risked landholdings.

Why does this matter to investors? Returns are underpinned by the security of freehold land, with value unlocked through planning approvals and rezonings rather than pure market movement.

The Laverton and Clyde North realisations illustrate the model in action. At Clyde North, settlement of the majority of lots contributed $8.6m profit before tax attributable to CVC shareholders, complementing the standout Laverton result.

Inside the portfolio: one of Australia’s largest land banks

The presentation summarised a pipeline positioned around high-conviction themes across the Eastern Seaboard, spanning logistics and digital infrastructure alongside residential and mixed-use development in Victoria, New South Wales and Queensland.

Portfolio headline metrics (presented on a 100% ownership basis, with CVC ownership ranging from 70.0% to 30.0%) include:

• 9 major projects

• 401 ha site area

• $0.9bn current land value (as-is planning, excludes Norwell Valley)

• 2,800 ha DMA site area (Norwell Valley)

• Potential to deliver 3 data centre projects, 0.9m sqm industrial GFA, ~2,400 apartments and ~14,000 DMA residential lots

All areas, yields and values are estimates only, subject to market conditions and statutory approvals.

Across its major projects (excluding Norwell Valley), an acquisition price of $456.3m compares with a current value of $867.5m, evidence of the embedded value uplift. Current values are supported by independent valuation reports, qualified agent’s assessment or purchase price.

Project highlights driving future value

The presentation highlighted several standout projects positioned to drive future value.

Data centre optionality at South Morang

Two sites anchor CVC’s data centre optionality: McDonalds Road (CVC 40%) and Williamsons Road (CVC 30%). McDonalds Road has development approval secured, power availability and infrastructure confirmed, and what management described as “significant operator and investor interest.” The combined land was contracted for $40.4m.

Hopkins Road, Truganina — near-$1bn industrial potential

This 80Ha super prime Western Melbourne site forms part of a Precinct Structure Plan (Derrimut Fields), with the Victorian Planning Authority progressing the PSP process. Approval could facilitate approximately 330,000 sqm of industrial floorspace with an end value approaching $1bn. The site was contracted in 2023 for $201m, with $18m paid to date, settlement in 2028 and CVC ownership of 56.35%.

Burleigh Waters — Gold Coast mixed-use scale

The 5.4Ha holding features over 600m of water frontage. A retail precinct development application was approved in June 2026, with residential tower applications lodged the same month. The site has capacity for 1,500+ apartments, with an end value potentially exceeding $2bn. Its current valuation stands at $97.8m (post civil works) against a $45m purchase price.

FY2027 strategy: value creation, realisation and capital recycling

Management framed the FY2027 outlook around CVC’s objective to maximise shareholder value through active management, enhancement, realisation and recycling of capital, with disciplined risk and balance-sheet management.

The presentation set out four strategic pillars:

1. Value creation — planning and development approvals, rezonings, yield optimisation and joint ventures.

2. Value realisation — asset sales, joint ventures, development, strategic repositioning and income generation.

3. Capital recycling & balance sheet management — reduce project and corporate debt while maintaining liquidity.

4. Shareholder value & capital management — franked dividends (subject to project realisation), capital initiatives, share buy-backs and business simplification.

On secured future revenue, the conditional sale of a c.19ha super lot at Donnybrook, priced at $40m and settling in FY28, is expected to provide material profit and enable project debt reduction. Planning progress featured the completed Marsden Park North public exhibition, the commenced Truganina PSP and the lodged Officer South permit application.

CVC FY2027 strategy

“Reinvest or distribute — a continuous value cycle.”

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