Experience Co Ltd reported a 30% decline in underlying net profit after tax for the fiscal year ended June 30, 2026, as revenue growth failed to offset higher costs and currency headwinds. Underlying net profit after tax from continuing operations fell to AUD 2 million from AUD 2.9 million in the prior year, while underlying EBITDA declined 8% to AUD 17.6 million on revenue of AUD 129.6 million, up 2% year-on-year.
The company’s statutory loss after tax widened to AUD 3.3 million, including a AUD 0.9 million loss from Wild Bush Luxury’s partial-year contribution and transaction costs. Net tangible assets per share improved 3% to AUD 0.10, while net debt remained broadly flat at AUD 10.7 million. Closing cash decreased by AUD 5.7 million to AUD 5.4 million, and gross borrowings fell by AUD 5.8 million to AUD 16.2 million. The group maintained a net debt to trailing 12-month underlying EBITDA ratio of 0.76x on a pre-AASB 16 basis as of June 30, 2026.
Adventure Experiences, the group’s largest segment, posted a 6% revenue increase to AUD 65.8 million, though underlying EBITDA fell 4% to AUD 15.4 million. Reef Unlimited reported a 7% revenue rise with volume growth of 4%, while Treetops Adventure saw a 2% revenue increase despite slightly lower volumes. The segment also completed the acquisition of West Beach Adventure Park in Adelaide on June 30, adding approximately 25,000 customers and nearly AUD 500,000 in underlying earnings.
Skydiving and Aviation, the group’s second-largest segment, recorded a 2% revenue decline to AUD 63.8 million, with underlying EBITDA down 3% to AUD 9.7 million. Skydive New Zealand achieved 7% revenue growth and 9% volume growth, with bookings rising in every month of the year, though the segment was impacted by an 11% depreciation of the New Zealand dollar against the Australian dollar. Skydive Australia’s revenue and volumes fell 7%, or 4% excluding closed sites in Melbourne and Yarra Valley.
Chief Executive Officer John O’Sullivan attributed the earnings decline to factors outside the company’s control, noting that Adventure Experiences remained the group’s primary growth driver. Chief Financial Officer Gavin Yates highlighted Skydive New Zealand’s performance, citing consistent monthly booking growth. Management also indicated that the group’s earnings recovery would take longer than previously anticipated.
For the month of July, Experience Co reported revenue of AUD 11.7 million and underlying EBITDA of AUD 2.3 million, both modestly higher than the prior year. The company’s shares slipped following the release, with a market capitalization of approximately AUD 6.1 billion as of the filing date.
