Highlights

  • Winton Land increased FY26 Revenue 21.5% to NZ$188.8 million as residential settlements grew to 430 units from 266 in FY25.
  • Winton Land more than doubled FY26 net profit after tax to NZ$22.7 million, compared with NZ$10.3 million in FY25 overall.
  • EBITDA rose to NZ$45.6 million from NZ$21.3 million, with Gross Profit Margin improving to 45.4% from 38.3% during the year.
  • Cash increased to NZ$38.8 million and borrowings fell to NZ$44.2 million, reflecting a significantly stronger Balance Sheet during the year.

Winton Land Limited (NZX: WIN / ASX: WTN), a New Zealand-based residential land developer specialising in integrated, fully masterplanned neighbourhoods, reported its FY26 results on 26 August 2026. The company delivered a significantly improved financial result, with revenue rising 21.5% to NZ$188.8 million and net profit after tax more than doubling to NZ$22.7 million from NZ$10.3 million in FY25. EBITDA surged to NZ$45.6 million from NZ$21.3 million. The key driver was a 62% jump in residential units settled — 430 in FY26 versus 266 in FY25 — alongside a full year of hospitality trading across the Ayrburn venues and the opening of Bravo at Cracker Bay. The development gross margin improved to 45.4% from 38.3%, reflecting a higher proportion of Lakeside land lots settling at above-average margins.

Residential Development and Key Projects

Winton's residential development Business underpinned the FY26 result, with significantly higher settlement volumes across its portfolio of 20 projects spanning 12 masterplanned communities. At Northlake in Wānaka, land lots settled across Stages 15, 17, and 18, completing all commercial units at the Northlake precinct. At Lakeside in Te Kauwhata, a high Volume of land lot settlements at above-average margins drove the improvement in gross profit margins for the year. The company's pre-sale book stood at NZ$239.8 million as at 31 December 2025 (H1 FY26), providing strong Earnings visibility for the period ahead. Winton's total portfolio across 12 masterplanned communities is expected to Yield approximately 5,750 residential lots, dwellings, apartment units, retirement village units, and commercial lots.

Balance Sheet Strength and Retirement Village

Winton's balance sheet improved materially during FY26. Cash rose to NZ$38.8 million from NZ$20.3 million in FY25, while borrowings fell sharply to NZ$44.2 million from NZ$99.4 million — reflecting strong cash generation from settlement activity and disciplined Debt repayment. Total Equity grew to NZ$555.4 million from NZ$531.2 million. Northbrook Wānaka, Winton's first retirement village, celebrated its first birthday on 14 May 2026, completing its inaugural year of operations. The company also made progress on the Sunfield development in Karaka, Auckland, with commencement planned upon final resource consent approval.

Outlook

Winton noted that FY26 market conditions across New Zealand were "decidedly mixed," with subdued consumer sentiment in some segments. However, the company remains focused on its long-term development pipeline and the completion of masterplanned community stages across its portfolio. Chair and CEO Chris Meehan highlighted the significant transformation achieved — revenue growth of 21.5%, profit more than doubling, and borrowings falling by more than half — as evidence of the company's resilience and execution capability. No Dividend was declared for FY26, consistent with the company's policy since dividends were paused. Future revenue visibility is supported by Winton's substantial pre-sale book and pipeline.

Stock Price Information

Winton Land (ASX:WTN) shares were trading at $1.470 on 6 November 2026, representing a decline of 7.55% for the day. The stock has declined approximately 35% over the past 12 months.