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% 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, seasonality, and subdued market conditions.

• 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 Wānaka Wellness Spa, launch of new residential stages, and progress on Sunfield and Ayrburn Screen Hub under fast-track approvals.

Financial highlights

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

• EBITDA turned positive at $0.8 million versus a loss of $0.1 million in H1 FY25.

• Net loss after tax narrowed to $0.9 million from $2.0 million in H1 FY25; basic EPS improved to -0.30c from -0.67c.

• Cash balances at $14.5 million; borrowings increased to $119.4 million.

• Cost of goods sold fell by $43.6 million, reflecting lower delivery volumes.

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 deployment until clear signs of robust growth emerge.

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

• Management expects to repay certain debt facilities in H2 FY26 as settlements occur.

• Confidence in medium-term fundamentals, but selective capital commitments until unemployment peaks.