Experience (EXP) H2 2024 earnings summary

Executive summary

• Revenue reached AUD 127 million for FY24, up 17% year-over-year, and underlying EBITDA rose 27% to AUD 14.4 million, both at their highest since the pandemic.

• Adventure Experiences remained the key earnings driver, while Skydive showed notable improvement, especially in New Zealand.

• Resilience was demonstrated despite significant weather impacts, including Tropical Cyclone Jasper and record rainfall in NSW.

• Strategic review commenced in April 2024, with E&P Capital appointed and inbound interest received from several parties.

• Continued investment in growth, including new Treetops Adventure sites, contributed positively.

Financial highlights

• Revenue: AUD 127 million, up 17% year-over-year.

• Underlying EBITDA: AUD 14.4 million, up 27% year-over-year.

• Net debt at year-end: AUD 8.9 million, up 31% from prior year.

• Net loss after tax: AUD 0.1 million, an 80% improvement from FY23.

• July trading: Revenue AUD 10.6 million, underlying EBITDA AUD 1.5 million, both up from prior year.

Outlook and guidance

• FY25 outlook remains positive, supported by international tourism recovery and new site growth.

• No formal earnings guidance provided for FY25 due to macroeconomic uncertainty.

• Focus remains on cost efficiencies, margin improvement, and managing cost pressures.

• Long-term earnings potential unchanged, but recovery expected to take longer due to trading conditions.