Experience (EXP) H2 2025 earnings summary

Executive summary

• Revenue increased 6% year-over-year to $134.3 million, with underlying EBITDA up 34% to $19.3 million, driven by adventure and skydive segments.

• Underlying net profit after tax before goodwill impairment was $2.1 million; statutory loss after tax was $1 million due to a $3.1 million goodwill impairment.

• Cash position improved by $2.8 million year-over-year, and a fully franked dividend of $0.0025 per share was declared, the first since FY2018.

• Management focused on business performance, trading momentum, growth, and portfolio quality, with strong trading in key holiday periods and strategic priorities on earnings optimisation and cost efficiencies.

Financial highlights

• Revenue grew 6% year-over-year to $134.3 million; underlying EBITDA rose 34% to $19.3 million.

• Underlying EBIT was $6.6 million, up from $1.5 million in FY24; underlying net profit after tax improved to $2.1 million from a $0.1 million loss.

• Net tangible assets per share increased 5% to 9.7 cents; net debt at year-end was $10.9 million, with a net debt to underlying EBITDA ratio of 0.6.

• Operating cash flows rose 53% to $17.1 million; underlying free cash flow increased to $7.5 million.

• Fully franked dividend of 0.25 cents per share declared.

Outlook and guidance

• FY26 has started strongly, with July revenue up 17% year-over-year and underlying EBITDA up 54%.

• Continued revenue growth expected in FY26, driven by improving tourism markets and focus on cost efficiencies.

• Management targets over $2 million in annualized cost savings through procurement initiatives.

• Focus on organic growth, especially in marine and treetops segments, and efficiency improvements.

• Ongoing share buyback and focus on free cash flow generation.