Reef Casino Trust (RCT) H2 2025 earnings summary

Executive summary

• Full year revenue and distributable profit exceeded the prior year, driven by a strong second half and higher rental income from the Reef Hotel Casino, despite increased transaction-related costs and regulatory expenses.

• Distributable profit reached $10.82 million, up from $10.17 million in FY24, with unitholder distributions at 21.73 cents per unit, fully distributing profit.

• A Takeover Bid Implementation Agreement was executed with Iris Cairns Property Pty Ltd, offering $3.87 per unit, supported by major unitholders and recommended by the board.

Financial highlights

• Total revenue and other income: $26.75 million, up from $25.52 million year-over-year.

• EBITDA: $16.44 million (FY24: $15.34 million); distributable profit: $10.82 million (FY24: $10.17 million).

• Profit for the year: $5.41 million (FY24: $5.08 million); basic and diluted EPS: 21.73 cents (FY24: 20.42 cents).

• Total assets: $103.62 million; unused debt facility: $13.999 million.

• Distributable profit excluding transaction-related costs would have been $12.15 million (FY24: $10.26 million).

Outlook and guidance

• Ongoing inflation and regulatory pressures expected to challenge operations in 2026.

• International tourism is recovering, with cruise and airline capacity increasing and strong forward bookings for business events.

• Until the Iris takeover offer is completed, operations will continue as usual, with a focus on cost control and careful capital expenditure.