Experience (EXP) H1 2025 earnings summary

Executive summary

• Achieved the strongest first half financial result since FY19, with sales revenue up 9% to $67.9m and underlying EBITDA up 50% to $10.6m, driven by improved trading, site efficiencies, and cost management.

• Net profit after tax reached $1.4m, reversing a $1.3m loss in the prior year.

• Both Skydiving and Adventure Experiences segments delivered earnings growth, benefiting from inbound market recovery and strong domestic demand.

• Continued recovery in international tourism and resilient domestic demand supported growth.

Financial highlights

• Revenue grew 9% year-over-year to $67.9m; underlying EBITDA rose 50% to $10.6m; net profit after tax was $1.4m, up from a $1.3m loss.

• Cash and cash equivalents increased to $10.7m, with net debt reduced to $6.8m as of 31 Dec 2024.

• Operating cash flows increased 34% to $9.4m; free cash flow up 139% to $4.4m.

• Gross profit rose to $27.8m from $23.4m; gross margin improved to 41% from 38% year-over-year.

• NTA per share increased to 9.6c from 9.2c at June 2024; net assets at $129.7m.

Outlook and guidance

• Management expects continued momentum for the remainder of FY2025, supported by inbound tourism recovery and resilient domestic demand.

• January 2025 trading delivered revenue of $14.5m (+14% YoY) and underlying EBITDA of $3.7m (+32% YoY).

• No specific earnings or free cash flow guidance provided; $40m EBITDA target delayed by at least 12 months due to slower inbound recovery.

• Focus remains on earnings optimisation, trading momentum, portfolio quality, and growth, especially in Adventure Experiences.

• Key sensitivities remain inbound tourism recovery and domestic market conditions.