Experience (EXP) H1 2026 earnings summary

Executive summary

• Revenue from continuing operations grew 5% year-over-year to AUD 67.5 million (or $67.2 million), with underlying EBITDA up 1% to AUD 10.5 million, and net profit after tax up to AUD 2.6 million.

• Business performance was largely in line with the prior year, with strong New Zealand results offsetting softer Australian performance amid significant external challenges including weather, inflation, and industrial action.

• Sale of Wild Bush Luxury business unit for AUD 5.1 million was announced, simplifying the portfolio and freeing management focus.

• Cash at period end was AUD 8.5 million, with net debt increasing to AUD 13.3 million.

Financial highlights

• Revenue increased 5% year-over-year to AUD 67.5 million; underlying EBITDA rose 1% to AUD 10.5 million; net profit after tax reached AUD 2.6 million.

• Net tangible assets per share were 9.5c; net assets at 31 December 2025 were $127.3 million.

• Cash and cash equivalents were AUD 8.5 million, with free cash flow declining due to higher maintenance capex and working capital outflows.

• All business units reported higher average revenue per customer versus PCP.

• Operating margin slightly decreased due to cost pressures, inconsistent volumes, and increased promotional activity.

Outlook and guidance

• Management expects earnings recovery to take longer than previously anticipated due to slower domestic consumption, gradual international tourism recovery, and ongoing macroeconomic pressures.

• Focus remains on operational discipline, cost control, pricing and channel strategy review, and organic growth.

• Skydive Australia business unit is under review, with outcomes to be shared before FY26 results.

• Quarterly trading updates and cost-out programs will continue.