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Winton Land (WTN) investor relations material
Winton Land H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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.
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