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WOTSO (WOT) investor relations material
WOTSO H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Network expanded from 19 to 35 locations across Australia and New Zealand, with 4 more in the pipeline and desk inventory up 10% to 8,036 desks, focusing on scalable growth and operational efficiency.
Operating platform supports up to 50 locations with stable overhead, enabling incremental growth to flow to earnings.
Dual-engine model: operating platform drives utilization and growth, property portfolio captures yield as locations mature.
Underlying EBITDA rose 6% to $5.4m, driven by Flexspace expansion, developing locations, and cost reductions in mature sites.
Interim/final distribution increased to 1.35 cps, reflecting confidence in the operating platform.
Financial highlights
Total revenue increased 3% year-over-year to $24.6m, with Flexspace sales up 7% to $16.9m and ancillary sales up 31% to $2.8m.
Underlying EBITDA increased 6% to $5.4m; overhead and admin costs decreased 7% to $3.9m.
Cost of sales rose 6% to $15.6m, mainly due to new startup locations and higher rent expenses.
Ancillary revenue grew 22% to $59 per desk, now 16.4% of total Flexspace sales.
Statutory net loss before tax of $3.5m, mainly due to depreciation and revaluation from expansion.
Outlook and guidance
Continued disciplined expansion, with focus on suburban and regional opportunities and network expected to exceed 40 locations by June 2026.
Expectation that new locations will ramp up, mature sites will provide recurring and ancillary income.
Overhead expected to remain flat as network approaches 50 locations, supporting margin expansion.
Capital from Yandina sale to be redeployed opportunistically into new assets and Flexspace expansion.
Focus on converting scale and operational maturity into sustained long-term earnings growth.
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