New Zealand property developer Winton reported a 21.5% rise in annual revenue to NZ$188.8 million for the fiscal year ended August 26, 2026, as diversification across residential, hospitality and retirement living segments accelerated.
Net profit after tax more than doubled to NZ$22.7 million from NZ$10.3 million in FY25, while gross profit rose to NZ$85.7 million with a margin of 45.4%, up from 38.3%. Development gross margin improved to 37.1% from 31.2%, and EBITDA surged to NZ$45.6 million from NZ$21.3 million. Earnings per share increased to 7.64 cents from 3.48 cents.
The company settled 430 residential units in FY26, a 61.7% increase from 266 units in the prior year, though average revenue per unit declined to NZ$344,000 from NZ$489,000. Residential development revenue contributed NZ$148.1 million, while hospitality revenue at the Ayrburn precinct reached NZ$35.8 million, up 69.4%. Pre-sales secured totaled NZ$27.4 million as of June 30, 2026.
Cash balances rose to NZ$38.8 million from NZ$20.3 million, while borrowings fell sharply to NZ$44.2 million from NZ$99.4 million. Operating cash flow increased to NZ$105.9 million from NZ$42.3 million. The stock fell 6.78% to $1.10 following the announcement, trading within a 52-week range of $1.10 to $2.27.
Winton’s product mix shifted further toward residential, with lots accounting for 89% of FY26 settlements compared with 83% in FY25. The company delivered 317 units at Lakeside Te Kauwhata, including the final land lots under its Kāinga Ora agreement, which involves vesting approximately 60 hectares of reserve land. Northlake Wānaka saw 102 settlements, with 125 land lots delivered and 41 units remaining pre-sold or available at year-end.
The company’s retirement living portfolio spans 857 units across five locations. Northbrook Wānaka’s Care Building will add 35 care suites, while Goodfellows Lakeside’s Stage 1 will deliver 72 of its 210 standalone homes. The Cracker Bay office building reached 77% occupancy across four levels, with its carpark lease providing about 160 spaces.
Winton’s pipeline includes approximately 5,400 units remaining to be delivered across 11 masterplanned communities and 22 current projects. The company noted that New Zealand’s unemployment rate stood at 5.6% as of June 2026, compared with a low of 3.2% in 2021-22.
