Winton Land Limited · NZX:WIN
Winton Land — H1 FY26 Earnings Presentation
24 slides from Winton Land's earnings presentation, Feb 20, 2026
Slide 1: Business Update Interim Results FY26
1. Business Update INTERIM RESULTS FY26 20 February 2026 INVESTOR PRESENTATION
Slide 2: Presenting Today
Presenting Today Chris Meehan Chief Executive Officer Jean McMahon Chief Financial Officer Northbrook Wānaka, Wānaka 2
Slide 3: Business Update Financial Overview Market and Outlook
1. Business Update 2. Financial Overview 3. Market and Outlook Lakeside, Te Kauwhata 3
Slide 4: Business Update
Ayrburn, Arrowtown BUSINESS UPDATE
Slide 5: Business Highlights
Business Highlights Commercial revenue increased by $7.0m, 67% compared to the prior period. Pre-sale book continues to protect future revenues - $239.8m at 31 December 2025. Finished construction of the Northbrook Wānaka Wellness Spa, opening February 2026. Stage Two of Northbrook Wānaka co
Slide 6: Significant landbank pipeline
Significant landbank pipeline Pipeline of c5,750 units remain to be delivered in future years. 5,750+ 1,200 1,000 800 600 553 565 449 400 345 247 266 186 171 200 76 14 - Prior FY18A FY19A FY20A FY21A FY22A FY23A FY24A FY25A H1 FY25F+ FY26A Settlements in prior years include completed communities (Lo
Slide 7: H1 FY26 Residential Settlements
RESIDENTIAL H1 FY26 Residential Settlements Settlements by product type Neighbourhood Units settled Units settled Movement H1 FY26 H1 FY25 7% Residential Lots Lakeside - 39 (39) Apartments Beaches 1 - 1 H1 FY26 Northlake 8 33 (25) 36% settlements Commercial by product 57% Launch Bay 5 18 (13) Dwelli
Slide 8: Fast-track Approvals
Fast-track Approvals Sunfield and Ayrburn Screen Hub progressing through the approval process of Fast-track Approvals Act 2024. Sunfield, Auckland • The Expert Panel issued a draft decision approving the Sunfield masterplanned community on 10 February 2026 under the Fast-track Approvals Act 2024. •
Slide 9: Progress continues with residential development
RESIDENTIAL Progress continues with residential development Lakeside Te Kauwhata • Balance Stage 4 works (comprising 240 lots) are complete with settlements due Q4 FY26. • Stage 5A (77 lots) works have commenced also with settlements due Q4 FY26. • The Stage 1 reserve area is nearing completion and
Slide 10: Northbrook Wānaka Wellness Spa Complete and Construction Underway
Northbrook Wānaka RETIREMENT Wellness Spa Complete and Construction of Welcome Building and Premium Care Suites underway Northbrook Wānaka continues to grow, supported by ongoing development and increasing resident occupancy. • Northbrook Wānaka Stage One was completed in May 2025, with new resident
Slide 11: Commercial: Cracker Bay waterfront office space complete
COMMERCIAL Cracker Bay waterfront office space is complete, attracting like-minded tenants with a connection to the water. • The renovation and refurbishment of the Cracker Bay office building is complete, offering premium waterfront facilities for tenants across four levels. Leasing has progressed
Slide 12: Commercial: Ayrburn first six months with all venues trading
COMMERCIAL Ayrburn has just completed its first six months with all venues trading, continuing to host hundreds of people experiencing the unique destination firsthand. • Ayrburn is on track to be the most popular and most visited attraction in the region. • Ayrburn’s inaugural Ayrburn Classic, a ce
Slide 13: Financial Overview
Northlake, Wānaka FINANCIAL OVERVIEW
Slide 14: H1 FY26 Financial Performance
H1 FY26 Financial Performance We have continued to diversify our revenue streams. unaudited unaudited Financial Performance Statement of Financial Performance H1 FY26 H1 FY25 Six Months Six Months Movement NZ$m (unless indicated otherwise) Ended Ended • Winton has delivered revenue of $32.4 million,
Slide 15: H1 FY26 Financial Position
H1 FY26 Financial Position Winton has historically operated with a conservative level of debt in its capital structure. unaudited audited Statement of Financial Position Financial Position FY26 FY25 NZ$m (unless indicated otherwise) As at As at Movement • Cash balances remain strong at $14.5 million
Slide 16: H1 FY26 Statement of Cash Flows
H1 FY26 Statement of Cash Flows Winton maintains a strong cash position from pre-sales and recurring income. Cashflows unaudited unaudited Statement of Cash Flows FY26 FY25 Six months Six months NZ$m (unless indicated otherwise) Ended Ended Movement • Net operating cash flows have decreased by $37.0
Slide 17: Market and Outlook
Cracker Bay, Auckland MARKET AND OUTLOOK
Slide 18: Market and Outlook
Market and Outlook High inventory levels remain in the market throughout 2025 – a cautious, balanced market with limited price growth. Building Consents Remain Subdued Net migration at record lows (excluding COVID) 5,400 Building consents issued¹ Annual Net Migration2 5,000 150,000 4,600 4,200 100,0
Slide 19: Market and Outlook
0 1 2 3 4 5 6 7 8 Sept-10 Dec-10 Mar-11 Jun-11 Sept-11 Dec-11 Mar-12 Chart Data Source: Statistics NZ Jun-12 Sept-12 Dec-12 Mar-13 Jun-13 Sept-13 Dec-13 Mar-14 Jun-14 Sept-14 Dec-14 Mar-15 Jun-15 Market and Outlook Sept-15 Dec-15 Mar-16 Jun-16 Sept-16 Dec-16 Mar-17 Jun-17 Sept-17 Dec-17 Mar-18 Jun-1
Slide 20: Market and Outlook
Market and Outlook Winton is navigating the wider economic malaise as well as possible and positioning the Company optimally to benefit from an improving property cycle. • Unemployment continues to increase, net migration remains low and ready-made concrete volumes are below the 10-year average. Des
Slide 21: Questions
Ayrburn Homestead (Billy’s) QUESTIONS
Slide 22: Winton Best by Design
WINTON BEST BY DESIGN
Slide 23: Important Notice and Disclaimer
DISCLAIMER Important Notice and Disclaimer This disclaimer applies to this document and the accompanying material (“Document”) or any information contained in it. The information included in this Document should be read in conjunction with the unaudited consolidated financial statements for the six
Slide 24: Senior Management Team
APPENDIX 1 Senior Management Team Chris Meehan Jean McMahon Simon Ash Justine Hollows Duncan Elley Chief Executive Officer Chief Financial Officer Chief Operating Officer General Manager, General Manager, Corporate Services Project Delivery 24