Winton Land (WIN) H2 2025 earnings summary

Executive summary

• FY25 revenue was NZD 155.4 million, down 10.5% year-over-year, with 266 units settled and net profit after tax falling 34.4% to NZD 10.3 million, reflecting subdued property market conditions and economic headwinds, especially in Auckland.

• Major projects progressed, including Lakeside, Northlake, Northbrook Wānaka (Stage One completed), and Ayrburn, with a strong land bank pipeline of approximately 5,750 units and a pre-sales book of NZD 248 million.

• Commercial and hospitality segments grew, with Ayrburn's first full trading year, new venues opened, and Cracker Bay office leasing at 71.4% occupancy.

• Sunfield and Ayrburn Screen Hub projects were accepted into the Fast-track Approvals Act 2024 process, positioning for future growth.

• No dividend for FY25, maintaining financial discipline amid soft market conditions.

Financial highlights

• Revenue for FY25 was NZD 155.4 million, down 10.5% year-over-year; EBITDA was NZD 21.3 million, down 27.9%; net profit after tax was NZD 10.3 million, a 34.4% decrease from FY24.

• Gross profit margin was 38.3%, down from 40.5% in FY24; NPAT margin was 6.6%.

• Commercial revenue rose to NZD 24.7 million, driven by full-year trading at Ayrburn.

• Fair value gain of NZD 5.1 million on revaluation of commercial assets and retirement land, compared to a loss of NZD 1.7 million in FY24.

• Cash holdings at year-end were NZD 20.3 million.

Outlook and guidance

• Focus remains on Sunfield and South Island operations, with cautious capital allocation and no new major commitments until market conditions improve.

• No dividend for FY25, maintaining financial discipline amid soft market conditions.

• Development at Sunfield to commence immediately upon fast-track approval.

• Northbrook Wynyard Quarter development paused pending evidence of build cost contraction.

• Market recovery is not expected until after unemployment peaks.