Finbar announces record sales in 1H26 results

Feb 26
3 min read

Finbar, Western Australia's leading apartment developer, has announced impressive results for the first half of the 2026 financial year. The company reported a net profit after tax (NPAT) of $10.6 million, marking a 12.9% increase compared to the same period last year.

Record Sales Performance Drives Earnings Growth

Finbar’s sales for 1H26 reached $368 million across 409 units, the highest first-half sales figure in three decades. This milestone highlights the company’s ability to meet strong demand in Western Australia’s housing market. The robust sales momentum is further supported by $523 million in pre-sales, a 76% increase since FY25. This places Finbar in a strong position for continued positive sales performance over FY26 and FY27 as projects are completed.

An interim fully franked dividend of 2.5 cents per share has been declared for 1H26, in line with the Board’s policy to resume dividend payments subject to ongoing financial performance, capital requirements, and market conditions. The interim dividend has a record date of 12 March 2026 and a payment date of 10 April 2026.

A Strong Development Pipeline for Sustained Growth

Finbar’s development pipeline now exceeds $1.8 billion in estimated end value, positioning the Company for sustained revenue and profit growth over the next five years. The pipeline includes well-located sites that align with market demand, and the delivery of approximately 1,900 units to a market that is experiencing chronic housing undersupply.

Two Finbar projects, valued at around $400 million and comprising over 500 units, are scheduled for completion in mid-2026.

Finbar CEO Ronald Chan’s Perspective on the Results

Ronald Chan, Finbar’s CEO, expressed optimism about the company’s trajectory:

“Finbar has continued to perform well with a strong start to FY26. The company has delivered excellent growth in sales and earnings and has increased returns to shareholders with the resumption of fully franked dividends. Record pre-sales of $523 million put the company in a solid position to maintain positive growth and returns over the FY26 and FY27 period. This is underpinned by two projects with total value of around $400 million, representing over 500 units due for completion in mid 2026.

The Company has a strong balance sheet to support our 5 year development pipeline which has increased to a record level of over $1.8 billion. The longer term business outlook remains positive with strong demand from chronic housing undersupply persisting in Western Australia, and a higher interest rate environment favouring more affordable housing price points where Finbar is a strong competitor.”

Market Context and Demand Drivers

The WA market continues to show strength in the off-the-plan market where supply of affordable, mid-tier product is constrained.

This is reflected in recent sales campaigns. Finbar successfully launched its Off-the-Plan campaign for its Palmyra West Apartments project in Palmyra. More than 82% or approximately $79 million in off-the-plan presales were achieved after an initial pre-release campaign culminated in the public marketing launch in mid-December 2025.

Key drivers in the WA market supporting a positive outlook include strong inwards migration, Perth market outperformance relative to other State capitals, and outperformance in the apartment sector, which has experienced the strongest market conditions since 2020/21.

Outlook for FY26 and Beyond

Finbar expects continued growth in earnings for the financial year ending 30 June 2026, supported by strong pre-sales of $523 million in 1H26.

The Company expects FY26 net profit after tax of $18 million to $22 million, representing approximately 40% growth on the FY25 NPAT of $14.4 million (midpoint basis). This is subject to completion of the Bel-Air project falling into FY26.

Bel-Air is currently on track for completion in mid 2026 and comprises 196 units fully pre-sold totalling around $114 million. Finbar is confident in project completion, however the timing of this will determine whether earnings are recognised in 2H26 (currently expected) or 1H27.