Winton Land (ASX:WTN) executives told investors the company’s FY26 interim results reflected a slower first-half settlement profile in its residential development business, while commercial and hospitality operations delivered meaningful revenue growth as more venues came online.
Chief Executive Officer Chris Meehan said the six-month financial results “don’t fully capture the resilience and progress” the team has delivered so far in FY26, citing challenging economic conditions alongside continued property settlements, new pre-sales, project launches, and efforts to diversify revenue streams. Chief Financial Officer Jean McMahon provided the financial update, highlighting lower group revenue driven by fewer residential unit settlements and a stronger contribution from commercial activities.
Key first-half project milestones
In other updates, the company:
- Launched Northlake stage 15F and Northridge stage 7, which Meehan said have “sold very well” and “strong,” respectively.
- Completed renovation and refurbishment of the Cracker Bay offices.
- Progressed Cracker Bay Hospitality, with the first restaurant, Billy’s, scheduled to open the following week.
- Continued fast-track approval processes for Sunfield and the proposed Ayrburn Screen Hub.
Meehan also reiterated the company’s land bank pipeline had an expected yield of about 5,750 units.
Residential development results shaped by settlement timing
Meehan said first-half FY26 residential development revenue was NZD 14.7 million, generating an EBITDA loss of NZD 1.0 million. The result reflected 14 unit settlements during the period, compared with 90 units in the prior corresponding period. He emphasized the seasonal nature of Winton’s development cycle, with civil and earthworks typically undertaken in warmer months and unit completions and settlements more heavily weighted toward the second half of the financial year.
Management noted that in first-half FY26 the company did not complete any new build products such as apartments, dwellings, or commercial units. Despite the lower settlement volume, Meehan said gross margin improved to 35% from 22% in the prior period. He added that “significant residential projects” remained on track to complete in the second half of FY26, with specific examples including Northlake stage 18 and Lakeside stages expected to settle in Q4 2026.
In response to an analyst question, management confirmed that settlements for Northlake stage 18 are expected in the second half. For Northridge in Cessnock, management said settlements for stage 7 are expected in FY2027.
Commercial revenue rises as Ayrburn and Cracker Bay scale up
The commercial segment—which includes investment properties at Lakeside and Cracker Bay and operating businesses at Ayrburn and Cracker Bay—delivered NZD 17.4 million of revenue in the first half of FY26, up from NZD 10.4 million in the prior corresponding period. Meehan said the increase was supported by leasing progress at Cracker Bay and the ramp-up of operating venues at Ayrburn.
Meehan said leasing had progressed well at Cracker Bay, with 77.1% of rentable area leased as of 31 December 2025, and highlighted the completion of the office refurbishment across four levels. He also pointed to the scheduled opening of Billy’s restaurant, describing it as offering waterfront dining views.
At Ayrburn, Meehan said the tourist centre had completed its first six months of operations with all venues trading and remained on track to become “the most visited attraction in the region,” driven by event delivery and visitor demand. He outlined four operational priorities: sustaining visitor growth, improving operational efficiencies across the multi-venue footprint, expanding a forward events pipeline to reduce seasonality, and consistently delivering a premium customer experience aligned with the Ayrburn brand.
Meehan also flagged the upcoming Ayrburn Classic event weekend, including a first Tour d’Elegance featuring 40 supercars and classic cars, and said the 2026 event would include an expanded program with a live auction and increased sponsorship value.
Financial overview: lower revenue, narrower loss, strong cash balance
McMahon reported group revenue of NZD 32.4 million, down 60% from NZD 81.1 million in H1 FY25, attributing the decline primarily to fewer residential settlements. Cost of goods sold was NZD 14.0 million, down NZD 43.5 million, or 75.7%, compared with the prior period.
Commercial revenue increased by NZD 7.0 million, which McMahon said reflected all venues at Ayrburn being open and improved occupancy at Cracker Bay.
McMahon also cited a fair value gain of NZD 1.2 million from revaluation of commercial and retirement assets within the investment property portfolio, compared to a NZD 2.8 million loss in the prior corresponding period. Employee benefits expense was NZD 10.0 million, consistent with the prior period, which she said occurred “despite more venues trading at Ayrburn,” as the company worked on team efficiencies. Administrative expenses were NZD 5.8 million, steady year over year, with lower legal costs offset by increased other expenses due to additional venues trading.
Net interest income was NZD 0.5 million lower due to decreased average cash reserves. The company reported a net loss after tax of NZD 0.9 million, compared with a NZD 2.0 million loss in H1 FY25.
McMahon said cash balances remained strong at NZD 14.5 million. During the half, the NZD 18.3 million debt facility secured against the Cracker Bay office building and marina complex was extended to a new expiry date of November 2027. She added Winton had “no recourse debt at the group level,” and said all other properties excluding Cracker Bay, Northlake stage 18, Sunfield, and Lakeside remained unencumbered. McMahon also said the debt profile was expected to reduce in the second half as settlements at Northlake stage 18 and Lakeside were forecast to repay the respective debt facilities in full.
The board’s decision to pause dividends, first referenced at FY2024 and FY2025 results, remained in place for FY2026 as the company prioritized financial discipline in softer market conditions.
Sunfield and Ayrburn Screen Hub: draft decision and timing expectations
On the consent pathway, Meehan said an expert panel issued a draft decision on 10 February 2026 approving Sunfield under New Zealand’s Fast-track Approvals Act of 2024. He emphasized it was only a draft decision and said the company was reviewing the draft decision and conditions, with a final decision expected “over the coming weeks.” In Q&A, management declined to comment on the draft conditions and said it was too early to provide timing for potential early land sales, stating the project’s position would need to be assessed once the final decision is issued. Asked whether development would commence immediately if approval is granted, Meehan said the intention would be to pursue enabling and infrastructure works and residential units, “largely at the same time.”
For the Ayrburn Screen Hub, Meehan said the fast-track process was ongoing with a decision expected in April 2026. He described the proposal as an all-inclusive film studio with production facilities and a planned 185-room accommodation facility, which would also be used for visitor accommodation when productions are not underway.
On market conditions, Meehan said New Zealand’s property market remained subdued, particularly in Auckland, and that the company continued to view a sustained improvement as unlikely until unemployment peaks. He said Winton would remain cautious and disciplined on committing additional capital until there are clearer signs of robust growth, while expressing confidence in medium-term fundamentals entering the second half of FY26.
About Winton Land (ASX:WTN)
Winton Land Limited operates as a land developer that specializes in developing integrated and fully master planned neighbourhoods in New Zealand and Australia. It operates through Residential Development, Retirement Villages, and Commercial Portfolio segments. The Residential Development segment design, develop, market, and sell residential properties, such as land lots, dwellings, townhouses, and apartments. The Retirement Villages segment develop and operate retirement villages. The Commercial Portfolio segment engages in rental property related activities.
