Key Highlights

  • For FY2026, Experience Co reported Revenue from continuing operations of A$129.6 million (up 2%) and underlying EBITDA of A$17.6 million (down 8%).
  • Coast Entertainment's FY2026 result covered the year ended 30 June 2026, reported as a 53-week year versus 52 weeks in FY2025 — worth noting since the extra week inflates like-for-like growth.
  • For FY2026, Viva Leisure reported revenue of A$237.1 million, up 12.2% — a seventh consecutive year of growth.
  • The three businesses combine different revenue models, Capital needs and execution priorities within the travel sector.

Experience Co (ASX:EXP), Coast Entertainment Holdings (ASX:CEH) and Viva Leisure (ASX:VVA) approach FY2027 from different operating positions. Their latest company disclosures show how revenue quality, cash conversion and delivery against announced programs matter more than a shared sector label.

Each company is assessed on its own reporting calendar and Business model. The discussion below retains company-reported financial measures and announced plans while separating those facts from assumptions about future outcomes.

Company Business

Experience Co Limited (ASX:EXP)

Coast Entertainment Holdings Limited (ASX:CEH)

Coast Entertainment's FY2026 result covered the year ended 30 June 2026, reported as a 53-week year versus 52 weeks in FY2025 — worth noting since the extra week inflates like-for-like growth. Operating Revenue rose 20.8% to A$116.5 million. Theme Parks segment EBITDA (excluding specific items) more than doubled to A$18.8 million (up 113.6%) from A$8.8 million, while consolidated EBITDA excluding specific items — after corporate costs — rose to A$13.8 million from A$4.1 million, up 236.5%. Statutory NPAT was A$6.1 million, reversing a A$0.1 million statutory loss in FY2025. Total visitation reached 2.0 million, up 29.3%, with ticket sales up 33.0% (24.0% like-for-like); the company also reported record food, beverage and retail revenue reflecting higher in-park spend, though a precise per-capita figure was not disclosed. Operating Cash Flow was A$19.7 million.

Viva Leisure Limited (ASX:VVA)

For FY2026, Viva Leisure reported revenue of A$237.1 million, up 12.2% — a seventh consecutive year of growth. Adjusted EBITDA rose 13.3% to A$112.3 million, Margin up 50 basis points to 47.4%. Note that this EBITDA is reported on an AASB 16 basis, under which gym-premises Lease payments are capitalised rather than expensed above the EBITDA line — standard for lease-heavy gym operators, but it means margins are not directly comparable with businesses reporting pre-AASB 16. Statutory NPAT was A$12.8 million, up 144.5%, with statutory EPS of 13.1 cents, up 150.6%; underlying net profit was A$18.9 million, up 46.4%. Total network memberships reached 694,243 (up 73,341, or around 11.8%, from 620,902 at FY2025 close; company commentary rounds this to "over 700,000"), comprising 275,688 corporate club members (up 17,117 despite only three net new corporate locations — a deliberate slowdown) and 418,555 members across 330 franchised locations. Average members per corporate club hit a record 1,351, up from 1,286, with portfolio utilisation exceeding 80% for the first time.

Financial Performance

Experience Co Limited (ASX:EXP)

For FY2026, Experience Co reported revenue from continuing operations of A$129.6 million (up 2%) and underlying EBITDA of A$17.6 million (down 8%). Underlying NPAT fell 30% to A$2.0 million, while the statutory result (continuing and discontinued operations) was a loss after tax of A$0.3 million, improved from the prior year's A$1.0 million loss. Skydiving revenue was A$63.8 million (down 2%), underlying EBITDA A$9.7 million (down 3%); tandem passenger volumes were roughly 117,000, as Skydive Australia's revenue and volumes each fell 7% while Skydive New Zealand grew revenue 7% and volumes 9% in AUD terms, partly reflecting an 11% NZD depreciation. Adventure Experiences revenue rose 6% to A$65.8 million, EBITDA A$15.4 million (down 4%) — now around 87% of group EBITDA. Reef Unlimited carried roughly 261,000 passengers (revenue up 7%) and Treetops Adventure about 396,000 (up 2%). Management cited adverse weather, fuel costs and wage Inflation as headwinds, and flagged that protected industrial action — a Skydive Australia pay dispute over overseas-trained instructors that escalated into strikes in early 2026 — disrupted peak holiday trading; Victorian operations were consolidated, with Melbourne moved to care and maintenance and Yarra Valley closed.

The most material development is a proposed divestment of the entire skydiving and aviation division, announced 14 July 2026 — after the balance date, so a subsequent event. The Australian and New Zealand operations would combine with New Zealand's Inflite Group (Queenstown, Mount Cook, Franz Josef, Fox Glacier) to form an aviation-tourism platform, provisionally "MergeCo," valued at about A$110 million. Experience Co is set to receive roughly A$65 million: A$41 million upfront cash, a A$5 million five-year vendor note and a 32.5% MergeCo Equity stake worth about A$19 million, earmarked to cut Debt and fund retained reef, rainforest and Treetops assets. The deal had not been reported as completed at this article's cut-off. Early FY2027 trading (July 2026) showed revenue of A$11.7 million (up 2.6%) and underlying EBITDA of A$2.3 million (up 9.5%), though management cautioned "earnings recovery ... is likely to take longer than previously anticipated."

Coast Entertainment Holdings Limited (ASX:CEH)

Coast Entertainment's FY2026 result covered the year ended 30 June 2026, reported as a 53-week year versus 52 weeks in FY2025 — worth noting since the extra week inflates like-for-like growth. Operating revenue rose 20.8% to A$116.5 million. Theme Parks segment EBITDA (excluding specific items) more than doubled to A$18.8 million (up 113.6%) from A$8.8 million, while consolidated EBITDA excluding specific items — after corporate costs — rose to A$13.8 million from A$4.1 million, up 236.5%. Statutory NPAT was A$6.1 million, reversing a A$0.1 million statutory loss in FY2025. Total visitation reached 2.0 million, up 29.3%, with ticket sales up 33.0% (24.0% like-for-like); the company also reported record food, beverage and retail revenue reflecting higher in-park spend, though a precise per-capita figure was not disclosed. Operating cash flow was A$19.7 million.

Coast Entertainment ended FY2026 with A$35.0 million in cash on a debt-free balance sheet, with a A$20 million bank Facility fully undrawn. No Dividend was declared for FY2026; capital management instead came via an on-market share buyback, with A$3.7 million of shares repurchased during the year. Management intends to keep the debt-free position while funding development capex from operating cash flow and existing cash.

Viva Leisure Limited (ASX:VVA)

For FY2026, Viva Leisure reported revenue of A$237.1 million, up 12.2% — a seventh consecutive year of growth. Adjusted EBITDA rose 13.3% to A$112.3 million, margin up 50 basis points to 47.4%. Note that this EBITDA is reported on an AASB 16 basis, under which gym-premises lease payments are capitalised rather than expensed above the EBITDA line — standard for lease-heavy gym operators, but it means margins are not directly comparable with businesses reporting pre-AASB 16. Statutory NPAT was A$12.8 million, up 144.5%, with statutory EPS of 13.1 cents, up 150.6%; underlying net profit was A$18.9 million, up 46.4%. Total network memberships reached 694,243 (up 73,341, or around 11.8%, from 620,902 at FY2025 close; company commentary rounds this to "over 700,000"), comprising 275,688 corporate club members (up 17,117 despite only three net new corporate locations — a deliberate slowdown) and 418,555 members across 330 franchised locations. Average members per corporate club hit a record 1,351, up from 1,286, with portfolio utilisation exceeding 80% for the first time.

Management has characterised FY2026 as a year of "proving the model" rather than rapid rollout, adding only three net new corporate clubs while lifting utilisation and Yield at existing sites — a strategy that appears to have driven profit growth well ahead of revenue growth. The company also converted 20 locations to Zoo Fit, said to be delivering a 30–40% average revenue uplift within three months of rebranding, and continued building a Franchise pipeline of some 170 locations "already sold and in pipeline" over the next 12–24 months across Australia, Singapore and the UK. For FY2027, chief executive Harry Konstantinou said Viva Leisure intends to "reaccelerate," targeting more than 20 net new corporate locations a year and around 100,000 new members annually, with an ambition of one million network members by FY2029 — operational targets rather than formal Earnings guidance; no specific FY2027 revenue or EBITDA guidance was identified.

Sector Context

The companies serve different parts of the travel economy, so their revenue and cost structures are not directly interchangeable. Contract duration, recurring income, customer concentration, Capital Expenditure and Acquisition accounting can materially change how headline growth appears in each set of accounts.

A useful comparison therefore starts with the source of revenue and the cash required to support it. Reported guidance remains conditional on management execution, customer activity and the timing of announced projects or integrations.

Risks to Consider

Experience Co Limited (ASX:EXP)

Execution against announced programs, customer concentration and cost control remain the main variables to monitor.

Coast Entertainment Holdings Limited (ASX:CEH)

The central uncertainties concern delivery timing, margin discipline and whether expected project or acquisition benefits emerge as planned.

Viva Leisure Limited (ASX:VVA)

Future results may be affected by customer activity, integration demands, funding requirements and changes in the company’s operating mix.

What to Watch Next

Viva Leisure Limited (ASX:VVA)

Given the maiden dividend and reacceleration plans, one thing to monitor is whether Viva Leisure can lift net-new-club additions back toward its 20-plus-a-year target while preserving FY2026's utilisation and margin gains, in a 24/7 low-cost gym segment that industry data suggests is maturing, with functional-training and boutique formats gaining share as budget gyms approach saturation. Rivals include Anytime Fitness (reported at 580-plus Australian locations), Fitness & Lifestyle Group's Jetts/Fitness First/Goodlife brands (500-plus combined), F45 Training (around 240) and Genesis Health + Fitness.

How to Read the Current Position

The clearest assessment will come from subsequent company reporting. Revenue should be read alongside margins and cash flow, while acquisition-led growth should be distinguished from organic activity. Guidance and longer-term targets are company objectives rather than assured outcomes.