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 amid subdued property market conditions, especially in Auckland, and low economic growth impacting results.

• Net profit after tax was NZD 10.3 million, a 34.4% decrease from FY24, with a 6.6% NPAT margin.

• Major projects progressed, including Lakeside, Northlake, Northbrook Wānaka Stage One, and Ayrburn, with continued investment in master-planned communities and commercial assets.

• Pre-sales book at year-end was NZD 248 million, supporting future revenue, and land bank yield was approximately 5,750 units.

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

Financial highlights

• Revenue decreased to NZD 155.4 million (down 10.5% year-over-year); EBITDA was NZD 21.3 million, a 27.9% decrease from FY24.

• Net profit after tax was NZD 10.3 million, down 34.4% from FY24.

• Gross profit margin was 38.3%, down from 40.5% in FY24; gross profit reached NZD 59.5 million.

• 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.

Outlook and guidance

• Focus remains on Sunfield and South Island operations, with cautious capital allocation and disciplined expansion until market conditions improve.

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

• Expectation that residential property market recovery will not occur until after unemployment peaks.

• Confident but cautious outlook for FY26, with resource conservation.