Highlights

  • Experience Co lifts continuing-operations revenue 6% YoY to AUD 32.8mn.
  • Underlying EBITDA increases 20% YoY to AUD 4.8mn.
  • Skydiving tandem volumes grow 7% YoY.
  • Adventure Experiences raises customer yields despite softer volumes.

Experience Co (ASX:EXP), a tourism operator offering skydiving and adventure experiences, has started FY27 with revenue and underlying earnings growth. Stronger skydiving activity led the improvement in 1QFY27, while higher revenue per customer supported its reef and treetop businesses despite lower visitor volumes and weather disruption at several sites.

Earnings Grow Faster than Revenue

Unaudited continuing-operations revenue reached AUD 32.8mn for the quarter ended 30 September 2026, compared with AUD 30.9mn in 1QFY26. Underlying EBITDA increased to AUD 4.8mn from AUD 4mn, while underlying EBIT reached AUD 1.7mn, with reported growth of 37% YoY.

The figures exclude the divested Wild Bush Luxury business. Trading strengthened in September after weather affected August, following a solid July. Improved operating leverage in skydiving supported modest group margin improvement and offset some margin pressure in Adventure Experiences.

Skydiving Records Its Strongest First Quarter in Four Years

Skydiving revenue grew 9% YoY to AUD 13.2mn, supported by a 7% increase in tandem volumes. The segment recorded its strongest first-quarter tandem volume in four years, although this is seasonally a lower-volume quarter.

Australian revenue rose 12% YoY, reflecting 7% volume growth and improved maintenance and aircraft cross-hire revenue. Growth in New South Wales, Victoria and southeast Queensland offset softer tropical north Queensland trading. New Zealand revenue increased 4% YoY on 7% higher volumes, with a strong September offsetting weather-related disruption during August.

Higher Yields Support Adventure Revenue

Adventure Experiences revenue increased 4% YoY to AUD 19.6mn. Reef Unlimited revenue rose 2% as average revenue per customer increased 4%, reflecting earlier price increases and a stronger contribution from the pontoon experience. Volumes fell 3%, affected by weather and softer regional visitation.

Treetops Adventure revenue increased 13% YoY, with average revenue per customer up 14%. Pricing, site mix and ancillary spending supported the gain, while volumes declined 1%. The Adelaide West Beach Adventure acquisition was integrated into Treetops during the quarter following completion at June-end.

October Trading Remains Mixed Across the Portfolio

Both Australian and New Zealand skydiving operations recorded strong Golden Week trading. Reef Unlimited reported strong bookings for that period, although regional visitation continued to affect trading. Treetops volumes remained below the prior corresponding period, with management focused on yield.

Skydiving bookings were ahead of the prior corresponding period across each Australian month during the quarter and at both New Zealand drop zones. A bargaining determination hearing is scheduled for early November, with a binding decision expected by February 2027. The company also reported progress in ongoing negotiations and plans a further update at its annual meeting on 18 November 2026.