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, despite significant external challenges.

• Net profit after tax improved to AUD 2.6 million, up 63% year-over-year, and cash at period end was AUD 8.5 million.

• Business performance was largely in line with the prior year, with strong New Zealand results offsetting softer Australian performance.

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

• Performance was impacted by inconsistent international visitor return, inflationary pressures, elevated outbound travel, volatile weather, and industrial action.

Financial highlights

• Underlying EBITDA post AASB 16 increased 1% to AUD 10.5 million.

• Revenue rose 5% year-over-year to AUD 67.5 million (or $67.2 million).

• Net profit after tax reached AUD 2.6 million (+63% year-over-year).

• Cash balance at 31 December 2025 was AUD 8.5 million.

• Free cash flow declined sharply due to lower operating cash flow and increased maintenance capex.

Outlook and guidance

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

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

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

• January 2026 performance was down year-over-year due to severe weather, especially impacting Reef Unlimited.

• Longer-term outlook remains positive, with expectations of continued revenue growth as tourism markets recover.