Highlights

  • Sales revenue rose 6% to A$32.8 million in the quarter ended 30 September 2026.
  • Underlying EBITDA increased 20% to A$4.8 million, while underlying EBIT rose 37% to A$1.7 million.
  • Skydiving delivered its strongest Q1 tandem volume in four years, with total volume up 7%.
  • Negotiations with Inflite Group are progressing, with an update expected at the AGM on 18 November 2026.

Experience Co Limited (ASX:EXP), the operator of adventure tourism businesses across Australia and New Zealand, has released its trading update for the first quarter of FY27, covering the three months to 30 September 2026. The unaudited figures, which relate to continuing operations and exclude the divested Wild Bush Luxury business, show higher revenue and stronger underlying earnings, with the skydiving division doing most of the heavy lifting.

Group Performance Improves Despite Weather Disruption

Group sales revenue reached A$32.8 million, compared with A$30.9 million in the prior corresponding period (pcp), an increase of 6%. Underlying EBITDA climbed 20% to A$4.8 million and underlying EBIT improved 37% to A$1.7 million.

The company said July was solid, August was affected by weather and September was stronger. Volumes varied across sites depending on weather, international visitation and domestic consumer sentiment. Better operating leverage in skydiving offset margin pressure in Adventure Experiences, resulting in a modest improvement in group margin.

Skydiving Division Delivers Strongest Q1 in Four Years

Skydiving revenue rose 9% to A$13.2 million, and tandem volume reached 107% of the pcp. Skydive Australia recorded revenue growth of 12% and volume growth of 7%, supported by the NSW, Victorian and South East Queensland drop zones, although Tropical North Queensland was softer. Third-party maintenance and aircraft cross-hire through Performance Aviation also contributed.

Skydive New Zealand lifted revenue by 4% and volume by 7%, despite both drop zones being unable to operate for much of late August. Bookings at both New Zealand sites are ahead of the pcp. The company also noted that an Intractable Bargaining Determination hearing involving the Australian Workers Union and Skydive Australia is scheduled for early November 2026, with a binding decision expected by February 2027.

Adventure Experiences Focus on Yield

Adventure Experiences revenue grew 4% to A$19.6 million. Reef Unlimited revenue rose 2% as average revenue per customer increased 4%, helped by the Reef Magic pontoon, while volume fell 3% due to weaker weather and softer visitation in Cairns and Port Douglas.

Treetops Adventure revenue increased 13%, driven by a 14% rise in average revenue per customer from rate increases, site mix and ancillary spend. Volume eased 1%. West Beach Adventure in Adelaide, acquired on 30 June 2026, was integrated into Treetops during the quarter. In October, the skydiving businesses performed strongly during Golden Week, while Treetops volumes were softer and management is concentrating on yield.

Key Takeaways

  • Experience Co grew revenue and underlying earnings in Q1 FY27, with skydiving as the main growth engine.
  • Higher average spend per customer supported Adventure Experiences despite lower volumes at Reef Unlimited and Treetops.
  • Key upcoming events include the Inflite Group update at the 18 November 2026 AGM and the bargaining determination outcome expected by February 2027.