Experience (EXP) Q3 2025 TU earnings summary

Executive summary

• Underlying EBITDA grew 10% year-over-year in Q3 FY25, with year-to-date (YTD) growth of 33% compared to the prior period.

• Sales revenue for Q3 FY25 was flat at $35.0m, while YTD sales revenue increased 6% to $103.0m.

• Strong January performance was offset by challenging weather in February and March, impacting overall trading conditions.

• Ongoing recovery in inbound tourism and demand for adventure tourism supported YTD volumes and revenues.

Financial highlights

• Q3 FY25 unaudited underlying EBITDA: $5.3m, up 10% year-over-year; YTD FY25: $16.0m, up 33%.

• Q3 FY25 sales revenue: $35.0m (flat year-over-year); YTD FY25: $103.0m, up 6%.

• April unaudited underlying EBITDA: $3.1m, nearly double the prior year.

• Positive free cash flow recorded for the YTD period.

Outlook and guidance

• April trading was strong, with all business units profitable and improved underlying EBITDA.

• Management expects May and June to be seasonally softer but is preparing for the July holiday period.

• Positive sentiment from recent trade tariff changes may benefit both Australian and New Zealand markets.

• Continued focus on free cash flow generation for the remainder of FY25.