Winton Land (WIN) H1 2026 earnings summary

Executive summary

• Revenue for H1 FY26 was $32.4 million, down 60% year-over-year due to a sharp decline in residential settlements, but commercial revenue rose 67.4% to $17.4 million, driven by full venue operations at Ayrburn and higher occupancy at Cracker Bay.

• Only 14 residential units settled in H1 FY26, compared to 90 in H1 FY25, reflecting project timing, subdued market conditions, and seasonality.

• Pre-sale book stood at $239.8 million as of 31 December 2025, supporting future revenue visibility.

• Major project milestones included the opening of Northbrook Wanaka Wellness Spa, launch of new residential products, and progress on Sunfield and Ayrburn Screen Hub under fast-track approvals.

• EBITDA improved to a gain of $0.8 million from a loss of $0.1 million in H1 FY25; net loss after tax narrowed to $0.9 million from $2.0 million.

Financial highlights

• Gross profit margin improved to 56.9% from 29.0% year-over-year, despite lower revenue.

• Cost of goods sold decreased significantly, reflecting lower delivery volumes.

• Fair value gain on investment properties was $1.2 million, compared to a $2.8 million loss in H1 FY25.

• Cash and cash equivalents at period end were $14.5 million; borrowings increased to $119.4 million.

• Net tangible assets per share stable at 178.7c.

Outlook and guidance

• Board continues to pause dividends for FY26 to maintain financial discipline and conserve resources amid ongoing market softness.

• Focus remains on recurrent income segments and selective capital allocation until clear signs of robust growth emerge.

• Confident in medium-term fundamentals but expects property market to improve only after unemployment peaks.

• Significant residential project completions expected in H2 FY26, with settlements at Northlake Stage 18 and Lakeside.