Winton Land (WIN) AGM 2025 summary

Opening remarks and agenda

• Meeting opened virtually with instructions for participation and voting provided.

• Chair and CEO addressed shareholders, outlining key achievements and strategic direction for the year.

• Board members, senior management, auditors, legal counsel, and share registrar representatives introduced.

• Quorum confirmed and meeting formally declared open.

• Proxies appointed for over 83% of shares; six resolutions to be voted on by poll.

Financial performance review

• FY25 revenue was NZD 155.4 million, down 10.5% from FY24, with 266 units settled.

• Net profit after tax was NZD 10.3 million, down from NZD 15.7 million in the prior year.

• Gross profit was NZD 59.5 million, gross margin 38.3%, NPAT margin 6.6%, and EBITDA NZD 21.2 million.

• Commercial revenue rose by NZD 13.7 million, mainly from Ayrburn's full-year trading.

• Fair value gain of NZD 5.1 million from revaluation of commercial assets and retirement land, reversing a prior year loss.

Strategic initiatives and plans

• Sunfield project and Ayrburn Screen Hub accepted into the Fast-track Approvals process; Sunfield development to commence upon approval.

• Continued focus on pre-sale strategy, securing NZD 248 million in gross pre-sales.

• Residential settlements and ongoing construction at Lakeside, Northlake, Northbrook Wanaka, and Launch Bay.

• Ayrburn's first full trading year saw significant visitor growth and new venue openings; Bravo at Cracker Bay to open early next year.

• Market outlook remains cautious, with focus on resource conservation and selective capital deployment.