Winton Land Limited (NZX: WIN, ASX: WTN), a residential land developer that specialises in developing integrated and fully masterplanned neighbourhoods, has announced its interim results for the six months ended 31 December 2025. Across its 12 masterplanned communities, Winton has a portfolio of 20 projects expected to yield a combined total of circa 5,750 residential lots, dwellings, apartment units, retirement village units and commercial lots. Winton listed on the NZX and ASX in 2021.
Revenue for H1 FY26 was $32.4 million, a 60.0% decrease compared to $81.1 million in H1 FY25. This decline is attributed to a reduction in settled units, down from 90 to 14, although commercial revenue increased by 67.4% to $17.4 million due to a full six months of trading at all Ayrburn venues and rent received. Earnings before interest, tax, depreciation, and amortisation (EBITDA) for H1 FY26 showed a gain of $0.8 million, compared to a loss of $0.1 million in H1 FY25. The net loss after tax was $0.9 million, an improvement from the $2.0 million loss in H1 FY25.
Winton finished the period with a pre-sale book of $239.8 million as at 31 December 2025, a landbank yield of approximately 5,750 units, and cash holdings of $14.5 million. Borrowings stood at $120.1 million, reflecting funds used for project development facilities secured against four properties, which have no recourse to Winton at the group level. The company also noted progress at Northbrook Wanaka, with the completion of its first stage in May 2025 and the opening of The Wellness Spa on 4 February 2026.
Chris Meehan, Chair and CEO of Winton, commented that the results reflect the current subdued economic environment and a period of lower product delivery. Despite increasing unemployment and low net migration, Meehan acknowledged positive signs such as improved borrowing conditions and policy changes attracting overseas buyers. Winton remains cautious, focusing on conserving resources until clear signs of robust growth emerge, while maintaining confidence in the medium-term fundamentals of the market and their strategy. The board has decided to pause paying a dividend to maintain financial discipline.
