Actually, Steven Joyce here, Chair of Winton. Good morning, everybody.

Presenting with me this morning are Julian Cook, an Executive Director of Winton, and Jean McMahon, Winton's Chief Financial Officer. We're also joined by Duncan Elley, who's the General Manager of Project Delivery.

We will start with a business update from both Julian and myself. Jean will then take you through the financial overview, and I will close with the market and outlook.

We will take questions at the end. However, investors and analysts can add themselves to the question queue at any time.

Let me start with an update on the business. Before I turn to the detail, I want to acknowledge the environment we're operating in.

Market conditions across New Zealand were decidedly mixed again this year. Auckland remained very subdued, while conditions in other regions proved more resilient.

The economy looked set to improve early in the calendar year, but then the war in the Middle East was a significant setback to the trading environment for Winton, as it was for many other companies. Against that backdrop, a higher volume of residential settlements, a full year of trading across the Ayrburn venues, and the opening of Bravo at Cracker Bay supported a significantly improved result for the company.

We settled 430 units, up from 266 in full year 25, and revenue rose 21.5% to $188.8 million. Gross profit was $85.7 million at a margin of 45.4%.

EBITDA was $45.6 million, up from $21.3 million, and net profit after tax more than doubled to $22.7 million, which is an NPAT margin of 12%. We finished the year with $38.8 million of cash, and borrowings reduced to $44.2 million.

As of 30 June, we also carry a presale book of $27.4 million, a landbank yield of around 5,400 units, including 857 retirement living units, and 22 current projects across 11 master-planned communities. Outside the financial results, FY26 delivered a number of business highlights, which we will cover in more detail over the next few slides.

Our presale strategy again underpinned settlements in a mixed market, with 430 units settling. At Lakeside Te Kauwhata, we concluded the land supply agreement with Kāinga Ora, and that has underpinned that development.

At Northlake Wānaka, we completed the wellness spa and began Stage 2, the welcome and care building. In Auckland, we completed and opened Bravo at Cracker Bay in February and finished the refurbishment of the Cracker Bay offices.

Two of our Ayrburn venues, Billy's and The Woolshed, were named in the Michelin selected category, and both Sunfield and the Ayrburn screen hub recorded positive decisions under the Fast-track Approvals Act, which I will come to shortly. As previously advised to the market, Chris Meehan resigned as Chief Executive Officer and Chair of Winton on 5th of July 2026.

Mr. Meehan remains a Director of Winton and will consult to the company on major development projects as required.

The Board has confidence that the senior leadership team will continue to successfully deliver on Winton's plans and performance. Julian Cook, Executive Director of Retirement, has assumed an expanded role in an interim capacity to support the senior leadership team, and the Board has commenced a comprehensive process to appoint a permanent CEO and hopes to make an announcement on progress with that appointment prior to the annual shareholders meeting.

Just coming to Sunfield and the Ayrburn screen hub, they were both approved under the Fast-track Approvals Act 2024 during the year. Sunfield, our master-planned community in South Auckland, was approved by the expert panel on the 10th of March this year.

Auckland Council lodged an appeal in the High Court on the 9th of April. Appeals under the Act can only be made on a point of law, and the hearing is set down for the 15th and 16th of September.

Sunfield remains one of our largest and most transformative projects, planned to deliver significant housing supply to South Auckland, and we'll continue to pursue the approval with discipline. If it is upheld, it's our intention to progress the development.

The Ayrburn screen hub was approved on 14th of April 2026, with no appeal lodged within the statutory time frame. It's planned as an all-inclusive film studio where users can work and stay on-site through filming, production, and post-production, alongside 201 units of accommodation for film workers that will also double as visitor accommodation between productions.

It will be a valuable addition to the Ayrburn precinct, generating revenue from the screen hub and supporting incremental growth across the hospitality precinct. Our landbank has an expected yield of around 5,400 units still to be delivered in future years, including 857 retirement living units.

That pipeline, combined with our presale strategy, gives us a long runway of future revenue to convert as market conditions allow. I'll now hand over to Julian to take you through our results across residential, retirement, and commercial.

Thanks, Steven. Residential development remains the core of the business, and it underpinned this year's result.

Residential revenue was $147.8 million, driven by the 430 units that settled during the year, up from 266 in FY25. Lakeside led the way with 317 settlements, Northlake contributed 102, and the balance came from Beaches, Braidwood, and Launch Bay.

As you can see from the product mix, 89% of settlements by volume were residential land lots, which keeps our exposure to construction risk low. Average revenue per unit was $344,000, down from $489,000, reflecting a higher proportion of land lots in this year's mix rather than the higher-value built product.

Looking across at our larger communities, at Northlake in Wānaka, Stages 18B and 18C were completed and titled, including a stage of 125 land lots, with 41 units either presold or available. Stage 15 land lots and units settled, with just one unit remaining, and the final two commercial units settled.

A proposed plan change is underway to enlarge Stage 19 and enable around 65 additional residential lots, a meaningful extension of one of our most established communities. At Lakeside Te Kauwhata, the remaining 317 land lots across Stages 4 and 5 settled during the year, concluding the land supply agreement with Kāinga Ora.

In parallel, we've begun the process to vest around 60 hectares of reserve land to the community, a significant milestone in delivering the long-term vision for Lakeside. In Australia, at Northridge in Cessnock, Stage 7 design is complete, and a planning application has been lodged with the Cessnock City Council.

Stage 7 was released to the market in October 2025 and has sold well, and works have commenced on the Wollombi Road upgrade between Cessnock CBD and Northridge. Turning to retirement, Northbrook Wānaka marked its first birthday on the 14th of May.

New residents have continued to move in steadily through the year, with entry prices tracking in line with our expectations, and the village generated deferred management and weekly fees for the first time as occupancy builds towards stabilization. The wellness spa opened on the 4th of February and has quickly become a focal point for the community, with a heated indoor pool, spa, and sauna, a fully equipped gym, a yoga and pilates studio, a salon, and a consultation room for physiotherapy and allied health.

Construction of Stage 2, the welcome and care building, began in January. The welcome building will house a café, restaurant, and community amenities, and the care building will deliver 35 care suites providing rest home, hospital-level, and dementia care, extending Northbrook's ability to support residents across the full range of later-life needs.

Both are on track to open in 2027. During the year, we also introduced Goodfellows, our new lifestyle village at Lakeside Te Kauwhata, designed for those over 60.

Goodfellows extends Winton's established master-planned community model, making use of the land we already hold within our Lakeside community. Offered under occupation right agreements, the village is expected to build a base of recurring deferred management and weekly fee income over time, complementing our development earnings.

Goodfellows launched on the 2nd of May, with 18 lots released in the first part of Stage 1. The village will ultimately comprise 210 standalone homes, with Stage 1 delivering 72 across seven house types ranging from two to four bedrooms.

The internal resident facilities within the existing commercial building were completed in April, including the residents' lounge, a fully equipped gym, and office space, and groundworks for the additional facilities are underway and on track for completion in 2027 ahead of the first residents moving in. Construction of four display homes is well advanced ahead of a full market launch in October 2026.

Moving to our commercial portfolio, Cracker Bay has continued to establish itself as a distinctive waterfront precinct during the year. The modernized office building is now 77% occupied, with Level 1 the only floor still to lease.

The car park remains leased to Secure Parking, providing around 160 spaces for tenants, marina users, and restaurant patrons, and the drystack marina facility continued to serve boaties throughout the year. The standout addition was Bravo, which opened in February, and I will speak to that on the next slide.

Bravo opened on the 26th of February, an overwater restaurant and all-day dining venue on Auckland's Waitematā Harbour. It serves contemporary cuisine from breakfast through to dinner, with views across the marina and an Ayrburn wine list.

For those arriving by water, there are book-a-berth options that welcome families with a kids' menu and dedicated play area, and Bravo Go offers takeaway coffee and cabinet food. Bravo adds a food and beverage dimension to Cracker Bay, complementing the office and marina offerings and lifting foot traffic across the precinct.

Now to Ayrburn. FY26 was the first full year with all Ayrburn venues trading, and hospitality revenue grew 69.4% to $35.8 million.

It was a strong year for recognition, too, with Billy's and The Woolshed both named in the Michelin selected category. The second Ayrburn Classic, held in February, built on a successful first event and drew 9,000 visitors with a parade of 40 supercars and classics and a live car auction.

Our Ayrburn Homestead and 10-acre pinot noirs continue to earn recognition, most recently five-star ratings from Cuisine magazine for the 2024 vintage, and demand for the chardonnay now exceeds supply. Events and weddings were a real highlight, with weddings doubling year-on-year, all of which strengthens Ayrburn's profile as a destination precinct.

With that, I'll hand over to Jean to take you through the financials.

Thank you, Julian, and good morning, everyone. I'm pleased to take you through Winton's financial results for FY26.

Winton delivered revenue of $188.8 million, up 21.5% on the $155.4 million reported in FY25. A total of 430 units settled, an increase of 164.

Cost of goods sold was $103.1 million, $7.2 million higher than last year on the back of higher settlement volumes and additional hospitality venues trading. Despite that, our development gross margin improved to 37.1% from 31.2% as a higher proportion of Lakeside land lots settled at above-average margins.

Group gross profit was $85.7 million at a margin of 45.4%, up from 38.3%. Commercial revenue increased by $15.2 million with a full year of trading across the Ayrburn venues and the opening of Bravo, and hospitality revenue alone was up $14.7 million to $35.8 million.

We recorded a net fair value gain of $2.3 million on the investment property portfolio compared with $5.1 million in FY25. On costs, selling expenses were lower, employee benefits rose $2.5 million with additional venues trading, and administrative expenses fell $2.8 million largely on lower legal costs.

The result was EBITDA of $45.6 million, up from $21.3 million, and net profit after tax of $22.7 million, up from $10.3 million in FY25. Basic earnings per share more than doubled to 7.64 cents per share.

Turning to the balance sheet, we finished the year in a strong position, with cash of $38.8 million and borrowings reduced to $44.2 million from $99.4 million in prior year. During June, we repaid the Lakeside and Northlake development facilities from residential settlement proceeds, and we extended the Sunfield and Cracker Bay facilities with new expiry dates of August 2027 and November 2027.

Winton has no-recourse debt at a group level, and all other properties across the group, outside Sunfield and Cracker Bay, remain unencumbered. Inventories reduced by $53.5 million as units settled.

Investment properties increased by $10.8 million, and property, plant, and equipment increased by $17 million due to continued investment at Northbrook Wānaka and Cracker Bay. Revenue received in advance and resident loans reflect ongoing sales and occupancy at Northbrook Wānaka and will be recognized over the average expected occupancy of residents.

Net assets rose from $555.4 million, or 186.9 cents per share. On cash flows, net operating cash flows increased by $63.6 million to $105.9 million, driven by additional proceeds from residential settlements, lower development land purchases, and reduced payments to suppliers and employees with less work on sites.

Investing activity outflows fell to $21.7 million, with investment property spend relating mainly to Northbrook wellness building and property, plant, and equipment to Northbrook Stage 2. As noted in the accounts, the Board is continuing to pause dividends to maintain financial discipline in the current softer market conditions, while actively considering how and when dividends might resume.

With that, I'll hand back to Steven for the market and outlook.

Thank you very much, Jean. Let me finish with a few comments on the market and our outlook.

The property market has remained subdued across much of the country, particularly in Auckland, and the economy has continued to struggle after a brief period of optimism earlier in this year calendar year. The picture is mixed rather than uniformly negative.

Net migration remains well below its long-run average, though it has ticked up modestly from the lows of last year. On the more encouraging side, building consents have begun to improve, ready-mix concrete volumes have recovered back towards their long-run average, and construction cost inflation has eased considerably from the peaks of 2021 to 2023.

Unemployment has climbed, reaching 5.6% in June of this year. We don't yet see clear evidence that that has peaked.

We maintain our view that residential property market is unlikely to turn around substantially until after unemployment has peaked, we're planning on that basis. We are navigating these conditions as carefully as we can.

In the near term, that means focusing on the recurring income parts of the business, on Sunfield, and on our South Island developments, where the market has held up better, and being disciplined about committing further capital until we see clearer evidence of sustained growth. We are cautiously positive about an improvement in trading conditions in the year ahead, but economic uncertainty does remain high.

We'll stay focused on converting our landbank into settlements, progressing Sunfield and the Ayrburn screen hub, and optimizing our commercial and retirement offerings, and the Board will shortly review projects for investment and update shareholders accordingly. I'd like to thank the Winton team for their work through a demanding year, along with our trade partners, contractors, and suppliers, and our shareholders for their continued support.

Just before I close, I would just note one further thing, and that is that, Guy Ferguson and myself have announced our resignations as directors this morning. It's now on the exchange.

There's would want to thank, fellow directors and the Winton team for their support during our time on the board. Don't plan to answer any further questions with regards to that at the moment, but, we'll have more of that later.

Thank you. That brings our presentation to an end.

Let's move on to any questions.

Done on getting through the year. On the FY26 development margin of 37%, would it be possible to get a sense of what the average margin for the Lakeside and Northlake settlements were, given the Lakeside units were settled under a government contract while Northlake was settled by market sales?

Hi, Nick. Sorry, we don't release that level of detail by community or by project.

Sorry.

Okay. Moving on to Sunfield, has any preparatory work, say, civil engineering or funding arrangements, continued in the background pending the appeal outcome, or is everything paused?

No, we've definitely carried on with preparatory work, Nick. We're currently doing some ground investigation work down there.

Got a contractor on-site, so, yeah, those works and the planning have definitely continued during the period.

Then assuming a favorable outcome, what's a realistic timeline to commence development immediately afterwards? Would that be over the summer to sort of put shovels in the ground?

Look, we'll just gotta wait for the outcome of the appeal period. We'll need a decision on that before we make any determinations on timing on that.

Okay. I know that hospitality revenue grew around 70% in its full first year of trading.

What would you say is a realistic normalized growth rate from here? Is there sort of any more step-up in revenue you expect from more capacity or venue expansion being planned?

Or has everything stabilized? I guess, Foster's...

Oh, hi, Nick. Julian here.

Look, we don't want to give venue-specific numbers on where we think it could get to, but typically with these hospitality-type offerings, you do see a little bit of trade up over time, we would be anticipating there is some increase in revenue and EBITDA over the next couple of years until we get to a sort of stabilized position, but we don't want to sort of put a particular number on that.

Okay. Thanks.

That's all from me.

Thank you very much again for joining us today. If anybody does have any follow-up questions, please send them through to myself, Julian, or Jean, or to [email protected].

That's [email protected]. Thank you, and have a good day.