Winton Land (WIN) investor relations material

Opening remarks and agenda

• Virtual meeting opened with a quorum; proxies covered ~248 million shares, representing over 83% of shares on issue.

• Agenda covered the Chair’s address, asset overview and outlook, two shareholder resolutions, questions and general business; resolutions were decided by poll.

Financial performance review

• FY26 revenue was NZD 188.8m, up 21.5% from NZD 155.4m; 430 units settled, generating NZD 147.8m in development revenue.

• Development gross margin rose to 37.1% from 31.2%; group gross profit was NZD 85.7m at a 45.4% margin, versus NZD 59.5m and 38.3% in FY25.

• EBITDA increased to NZD 45.6m from NZD 21.3m; NPAT rose to NZD 22.7m from NZD 10.3m, with a 12% NPAT margin; basic EPS was 7.64 cents versus 3.48 cents.

• Borrowings fell to NZD 44.2m from NZD 99.4m; FY27 began with NZD 38.8m cash and total equity of NZD 555.4m, up from NZD 531.2m; unit landbank yield was ~5,400 units.

• Hospitality revenue reached NZD 35.8m, up NZD 14.7m YoY, with all Ayrburn venues trading for the full year; commercial revenue rose NZD 15.2m.

Board and executive committee updates

• Michael Stiassny joined as Independent Chair on 2 September 2026 and said he had purchased more than 245,000 shares; the board comprised Stiassny, Glen Tupuhi, James Kemp and Michaela Meehan.

• Stiassny was standing for election, with the board’s unanimous recommendation; the CFO appointment process was well advanced, and a CEO search was to follow the strategic portfolio review.

• The founder stepped down as CEO and Chair and later left the board; several directors had resigned earlier in the year.