Experience (EXP) H2 2024 earnings summary

Executive summary

• Revenue increased 17% year-over-year to AUD 127 million, with underlying EBITDA up 27% to AUD 14.4 million, both at their highest since the pandemic.

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

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

• Premium adventure segment underperformed due to softness in walking and lodging, attributed to outbound Australian travel and macroeconomic factors.

• Strategic review initiated in April 2024, with inbound interest from several parties.

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.

Outlook and guidance

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

• Positive FY25 trading outlook driven by international leisure tourist recovery and new site contributions.

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

• Strategic review underway, with inbound interest but no timeline for completion.