Winton Land (WTN) H1 2026 earnings summary

Executive summary

• Revenue for H1 FY 2026 was $32.4 million, down 60% year-over-year due to a sharp decline in residential settlements, with only 14 units settled compared to 90 in the prior year.

• Commercial revenue grew 67% to $17.4 million, driven by full venue operations at Ayrburn, higher occupancy at Cracker Bay, and new venues.

• Major project milestones included opening the Northbrook Wānaka Wellness Spa, launching new residential stages, and progressing Sunfield and Ayrburn Screen Hub under the Fast-track Approvals Act 2024.

• Pre-sale book stood at $239.8 million as of 31 December 2025, supporting future revenue visibility.

• The report covers the six months ended 31 December 2025, focusing on residential land development and start-up retirement and commercial operations.

Financial highlights

• Gross margin improved to 56.9% from 29.0% year-over-year, despite lower revenue and unit settlements.

• EBITDA was $(1.0) million for residential and $4.0 million for commercial; overall EBITDA improved to $0.8 million from $(0.1) million in H1 FY25.

• Net loss after tax was $0.89 million, an improvement from a $2.0 million loss in H1 FY25.

• Cash balances at period end were $14.5 million.

• Net borrowings increased to $119.4 million from $99.4 million at 30 June 2025.

Outlook and guidance

• Significant residential project completions expected in H2 FY 2026, with settlements at Northlake Stage 18 and Lakeside.

• Management expects to commence Sunfield development immediately upon final approval and sees incremental revenue potential from Ayrburn Screen Hub.

• Board maintains a cautious approach, pausing dividends to preserve financial discipline and flexibility.

• Focus remains on recurrent income segments and South Island developments until market conditions improve.

• Market outlook remains subdued until unemployment peaks, but medium-term fundamentals are viewed positively.