New Zealand property developer Winton reported a 21.5% year-over-year rise in revenue to NZ$188.8 million for the fiscal year ended June 2026, driven by expansion across residential development, hospitality and retirement living. Net profit after tax more than doubled to NZ$22.7 million from NZ$10.3 million in FY25, while earnings per share increased to 7.64 cents from 3.48 cents.
Residential development accounted for NZ$148.1 million of revenue, with 430 units settled—up 61.7% from 266 units in FY25. Gross profit rose to NZ$85.7 million with a margin of 45.4%, compared with 38.3% in the prior year. Development gross margins improved to 37.1% from 31.2%, while EBITDA more than doubled to NZ$45.6 million. Cash balances increased to NZ$38.8 million, and borrowings declined sharply to NZ$44.2 million from NZ$99.4 million.
The company’s hospitality segment generated NZ$35.8 million in revenue, a 69.4% increase, supported by events such as the Ayrburn Classic car gathering, which drew 9,000 visitors in February 2026. The Ayrburn precinct’s restaurants Billy’s and The Woolshed were recognized in the Michelin Selected category, while its wines, including Homestead and Ten Acre Pinot Noirs, received 5-star ratings. The Northbrook Wānaka wellness spa opened in February 2026, and Stage 2 of its care facility is under construction, targeting 35 suites across rest home, hospital-level and dementia care.
Winton’s retirement living portfolio now spans 857 units across five locations, with the Goodfellows Lakeside development in Te Kauwhata set for a full market launch in October 2026. Pre-sales totaled NZ$27.4 million as of June 30, 2026, while the Lakeside Te Kauwhata project delivered 317 units—up 134 from FY25—and concluded a land supply agreement with Kāinga Ora for ~60 hectares of reserve land. Northlake in Wānaka contributed 102 settlements and 125 land lots, with 41 units remaining pre-sold or available at year-end.
The company’s stock fell 6.78% to $1.10 following the results, trading near the lower end of its 52-week range of $1.10 to $2.27. Management noted no recourse debt at the group level, with other properties remaining unencumbered. The Board has paused dividends to prioritize financial discipline but is reviewing a potential resumption.
