Coast Entertainment Holdings reported a sharp financial rebound in its fiscal 2026 results, with operating revenue climbing 20.8% to AUD 116.5 million from AUD 96.5 million a year earlier. Like-for-like revenue growth stood at 19%, driven by a 29.3% increase in total visitation to 2.0 million guests, the highest since 2016. The company’s theme parks and attractions segment delivered EBITDA of AUD 18.8 million, up 113.6% from AUD 8.8 million, while consolidated EBITDA excluding specific items rose 236.5% to AUD 13.8 million from AUD 4.1 million.
Profitability returned with statutory net profit after tax of AUD 6.1 million, reversing a AUD 0.1 million loss in fiscal 2025. Operating cash flow more than doubled to AUD 19.7 million, and the group ended the year with a cash balance of AUD 35.0 million, supported by a fully undrawn AUD 20 million bank loan facility. Deferred revenue increased 58.7% to AUD 20.2 million, reflecting stronger advance bookings.
Asset valuations also strengthened, with independent CBRE assessments placing Dreamworld at AUD 295.9 million, AUD 103 million above book value, and SkyPoint at AUD 51.7 million, AUD 41.5 million above its AUD 10.2 million book value. The group’s reported net assets stood at AUD 224.2 million, or AUD 0.58 per share, with a pro forma net asset position estimated at AUD 418.4 million, or AUD 1.08 per share.
Capital expenditure totaled AUD 16 million for the year, including AUD 9.3 million in development projects such as the upcoming Lost Mine Mayhem rollercoaster, scheduled for late 2027. The company also spent AUD 3.7 million on share buybacks. Gross margins remained robust at around 85%, though InvestingPro data cited a 77% margin over the last twelve months. The group holds AUD 121.6 million in tax losses, providing an estimated AUD 50 million in unrecognised deferred tax assets.
Management highlighted operational momentum, with CEO Greg Yong noting the company sees "huge opportunity" in under-penetrated markets. Chairman Dr. Gary Weiss pointed to the 113.6% jump in theme parks EBITDA, stating that "earnings growth once again significantly outpaced revenue growth." CFO José de Sacadura emphasised the group’s asset backing, noting the pro forma net asset position is "well above the current share price."
The stock fell 3.7% to AUD 0.52 following the results, though it has delivered a 46% total return over the past year. The board has appointed Barrenjoey Advisory to review capital and funding options, including land development, share buybacks, and capital allocation, with a clearer strategy expected within a quarter.
