Winton Land (WIN) H2 2026 earnings summary

Executive summary

• Revenue increased 21.5% year-over-year to NZD 188.8 million, with 430 units settled, driven by higher residential settlements and a full year of hospitality trading, including Ayrburn venues and the opening of Bravo at Cracker Bay.

• Net profit after tax more than doubled to NZD 22.7 million, with EBITDA rising to NZD 45.6 million, reflecting strong operational performance.

• Cash position strengthened to NZD 38.8 million, borrowings reduced to NZD 44.2 million from NZD 99.4 million, and a significant landbank pipeline of approximately 5,400 units maintained.

• Leadership changes included the resignation of the CEO and two directors, with interim management in place and a search for a permanent CEO underway.

• Diversified revenue streams with growth in hospitality and commercial segments, notably from Ayrburn and Cracker Bay.

Financial highlights

• Gross profit reached NZD 85.7 million at a margin of 45.4%, up from 38.3% last year, driven by higher-margin land lot settlements.

• Hospitality revenue grew 69.4% to NZD 35.8 million, reflecting the first full year of Ayrburn venues and the opening of Bravo.

• Net operating cash flows increased by NZD 63.6 million to NZD 105.9 million, with reduced development land purchases and supplier payments.

• Net tangible assets per share rose to 186.9 cents from 178.6 cents.

• Basic EPS more than doubled to NZD 0.0764 (7.64 cents).

Outlook and guidance

• Market conditions remain subdued, especially in Auckland, with economic uncertainty and unemployment rising to 5.6%.

• Focus remains on recurrent income, South Island developments, and progressing major projects like Sunfield and Ayrburn Screen Hub.

• Board is cautiously positive about trading improvement but expects no substantial market turnaround until after unemployment peaks.

• Dividend payments remain paused, with ongoing review based on market conditions and investment projects.