Winton Land Limited (NS) Analysis

Overview

To date, Winton’s primary business has been developing and selling ‘lots’ of residential land. In some cases, Winton also provides land and building packages, where Winton contracts with specialist builders to provide a home on the land it is selling. Similarly, where the market or site dictates, Winton develops apartment buildings as part of its masterplanned developments.

Performance

The following information was extracted from Winton Land Limited's half year results, released 20 February 2026

Revenue for H1 FY26 was $32.4 million, a 60.0% decrease compared to H1 FY25 revenue of $81.1 million. Revenue for the period is attributed to 14 units settled, down 76 units from 90 in H1 FY25, offset by a full six months of all venues trading at Ayrburn and rent received which increased commercial revenue by 67.4% to $17.4 million.

Earnings before interest, tax, depreciation, and amortisation (EBITDA) for H1 FY26 was a gain of $0.8 million compared to H1 FY25’s EBITDA, a loss of $0.1 million. Net loss after tax was $0.9 million, reflecting a 55.5% increase in net earnings from a loss of $2.0 million in H1 FY25.

Chris Meehan, Chair and CEO of Winton, said: “These results reflect the subdued economic environment and a period of lower product delivery in Winton’s residential development timeline.”

Winton finished the six-month period with a pre-sale book of $239.8 million as at 31 December 2025, a landbank yield of c5,750 units and cash holdings of $14.5 million. Borrowings were $120.1 million as at 31 December 2025, reflecting funds utilised for project development facilities secured against four properties. These facilities have no recourse to Winton at the group level.

During FY24 and FY25, the Board paused paying a dividend to maintain financial discipline during softer market conditions, which remains the Board’s view for FY26.