Thank you. Good morning, and thank you for joining us today for Winton's FY26 interim results call.

It's a pleasure to be here today, and we appreciate you taking the time to dial in. Alongside me, as always, today is Ms.

Jean McMahon, who's Winton's Chief Financial Officer. Today I'll start with the business update, and then hand it over to Jean for the financial overview.

I'll then finish with a few slides on the market and outlook. We will take questions at the end, but investors and analysts can add themselves to the question time queue at any time.

It's fair to say that this six months financial results don't fully capture the resilience and progress that the Winton team has delivered so far in FY26. Economic conditions remain challenging, however we've continued to settle pre-sold properties, achieve solid new pre-sales, launch new projects, and diversify our revenue streams.

Some of the business highlights for this period include completing the Northbrook Wanaka wellness spa, which opened this month, and also commencing construction of stage two at Northbrook Wanaka; launching residential projects in Northlake stage 15F and North Ridge stage seven, both of which have sold very well. We've completed the renovation and the refurbishment of the Cracker Bay offices.

We've progressed the development of the Cracker Bay hospitality, with the first restaurant, Brava, due to open next week. We've progressed the Sunfield and Ayrburn screen hub fast-track applications.

Our land-banked pipeline has an expected yield of about 5,750 units. Our revenue for the first half 26 from residential development was $14.7 million, delivering an EBITDA loss of $1.0 million.

This is due to settling 14 units compared to 90 units in the corresponding period. There's always a high degree of seasonality to our development activities.

We undertake civil works and earthworks in the warmer and drier months, and then complete and settle units in the second half of our financial year. In first half 26, we also didn't complete any new-build products, such as apartments, dwellings, or commercial units.

Therefore, we saw less units settled in total over this period. However, we had an improved gross margin from 22% in the prior period to 35% in first half 26.

We still have some significant residential projects on track to complete in second half 26, which we'll outline in the coming slides. On 10th of February 26, the expert panel issued a draft decision approving Sunfield, the Sunfield master-planned community, under the Fast-track Approvals Act of 2024.

Winton is currently reviewing the draft decision and the draft conditions of this consent. Winton expects a final decision to be released over the coming weeks.

We note that it is, of course, only a draft decision at this point. We'll take some time to digest all the materials provided from the panel, and we'll have some more to say when the decision is final.

Winton's proposed Ayrburn screen hub is also a fast-track project under the Fast-track Approvals Act of 2024. The fast-track process is ongoing, with a decision expected in April 2026.

The facility will be located adjacent to the Ayrburn hospitality precinct and the Northbrook Arrowtown. Should the project receive consent, it would be a valuable part of the Ayrburn master plan, and would generate significant recurring revenue from the screen hub and incremental revenue growth from the hospitality precinct.

The Ayrburn screen hub is planned to be an all-inclusive film studio enabling users to work and stay on-site through filming, production, and post-production. It's accompanied by studio buildings, workrooms, office space for film departments, as well as dressing rooms, screening rooms, and meeting spaces.

A 185-room accommodation facility for film workers is also planned, which will be available as visitor accommodation for when the films aren't in production. In the last six months, we continued the momentum on-site of some of our larger neighborhoods.

At Lakeside, the balance of stage four works are complete, with settlements due Q4 26. Works on stage 5A are underway, and we also expect settlements for these in Q4 26.

Within the development, we've completed key community facilities, including reserve area extending the walking and cycling network at Lakeside. We have also recently completed a new neighborhood playground.

During first half 26, we launched Eyre Residences, a three-lot premium subdivision within the Ayrburn precinct. Civil works continue on-site, with strong sales inquiry.

At Northlake, we launched stage 15F, which has sold strongly, as well as selling the last lots of stage 17. Works on stage 18B and 18C are nearing completion, and the sales rate there has been steady.

We also launched a new stage seven at North Ridge in Cessnock, where sales have been strong. We intend to get underway with these works on-site in second half 26, with settlements expected in FY27.

The first stage of Northbrook Wanaka officially opened in May 2025, with the new residents continuing to move in and start their Northbrook lifestyle during first half 26. We have recently completed the wellness spa, a luxurious amenity featuring a heated swimming pool, sauna, boutique fitness studio, hair salon, and treatment rooms.

It has been great to deliver such a premium amenity to our Northbrook residents, and construction is now underway on the balance of stage two, which includes a cafe, restaurant, and 35 care suites designed to provide rest home, hospital-level, and dementia care. We're on track to complete these works in FY27.

Our commercial includes Winton's investment properties at Lakeside and Cracker Bay, and the operating businesses at Ayrburn and Cracker Bay. Revenue for this segment includes rent and hospitality revenue.

In first half 26, commercial revenue was $17.4 million, up from $10.4 million in first half 25. This represents a 67.4% increase.

The renovation and refurbishment of the Cracker Bay offices is now complete, offering premium waterfront facilities for tenants across four levels. Leasing has progressed well, with 77.1% of Cracker Bay lettable area leased as at 31 December 25.

Cracker Bay's first restaurant, Brava, is due to open next Friday, and offers guests a vibrant dining atmosphere with uninterrupted water views. The Ayrburn Precinct has just completed its first six months of operations, with all venues trading.

It remains on track to become the most visited attraction in the region, with performance driven by strong event delivery, growing visitor demand, and improved utilization of our multi-venue site. Our priorities here are fourfold: sustained visitor growth; operational efficiencies across the multi-venue footprint; expansion of forward event pipeline to reduce seasonality; and consistent delivery of a premium customer experience, which will be aligned with the Ayrburn brand.

The Ayrburn Classic will be hosted this coming weekend, starting off with our first Concours d'Elegance featuring 40 supercars and classics. The 2026 event has an expanded program, including a live auction and increased sponsorship value.

We're very confident that this year's lineup will cement the event's positioning in the motoring world. Now I'll turn to Jean.

Over to you, Jean, for the financial overview. Thank you.

Thanks, Chris. Good morning, everyone, and thank you for joining us.

As Chris mentioned, we are pleased to report our interim results for FY26. Winton has delivered revenue of $32.4 million, 60% down from $81.1 million in H1 FY25.

A total of 14 units were settled, a decrease of 76 units from 90 in H1 FY25. Cost of goods sold of $14 million is lower than H1 FY25 by $43.5 million or 75.7%.

As Chris mentioned previously, this decrease in units settled is driven by a period of lower product delivery in our residential development timelines. Commercial revenue increased by $7 million, a 67.4% increase in H1 FY26, due to all venues at Ayrburn being open and improved occupancy at Cracker Bay.

A fair value gain of $1.2 million resulted from the revaluation of commercial and retirement assets within the investment property portfolio. This compares to a loss of $2.8 million in H1 FY25.

Employee benefits expense remained consistent with the prior period at $10 million in H1 FY26, despite more venues trading at Ayrburn, as we continue to build efficiencies within the team. Administrative expenses also remained steady at $5.8 million, with a decrease in legal costs offset by an increase in other expenses due to additional Ayrburn venues trading.

Net interest income was $0.5 million lower due to a decrease in average cash reserves. The resultant net loss after tax in H1 FY26 is $0.9 million, an increase from a loss of $2 million in the prior period.

Winton's cash balances remain strong at $14.5 million. During H1 FY26, the $18.3 million debt facility secured against the office building and marina complex at Cracker Bay was extended, with a new expiry date of November 2027.

Winton has no recourse debt at the group level, and all other properties, excluding Cracker Bay, Northlake stage 18, Sunfield, and Lakeside across the group, remain unencumbered. We note that Winton's debt profile is set to reduce in H2 FY26, with settlements at Northlake stage 18 and Lakeside forecast to repay the respective debt facilities in full.

An increase in inventories represents progress at Northlake, stage 15F, and stage 18, as well as Lakeside. During H1 FY26, Winton's cash outflows included the final land deposit payment for Sunfield.

As at FY24 and FY25 results, the board paused paying a dividend to maintain financial discipline during softer market conditions, which remains the board's view for FY26. Over to you, Chris.

Thanks, Jean. Turning to the market, the property market has remained subdued in many parts of New Zealand, particularly Auckland, and the economy has continued to struggle.

Unemployment continues to increase, and we maintain our view that the residential property market is unlikely to substantially turn around until unemployment has peaked. Whilst the New Zealand economy remains in a subdued state, constrained by rising unemployment, historically low net migration, and low construction activity, which is evidenced by ready-mix concrete volumes, it's hovering below the 10-year averages.

Despite these factors, there are some positive signs in Winton's operating environment, including improved borrowing conditions for consumers, increased competition amongst suppliers, lower labor unit costs, and policy changes attracting high-net-worth overseas buyers. It remains our view that given the current economic environment and property market, we must remain both cautious and constrained.

We'll continue to conserve resources until there are clear signs of robust growth rather than tentative signs of stabilization. We'll also continue to take a disciplined and selective approach to committing additional capital, pending clear evidence of a sustained improvement rather in market conditions.

We maintain our view that a more positive outlook is likely to emerge only after unemployment has peaked. While remaining appropriately cautious, we enter the second half of FY26 with confidence in the medium-term fundamentals of both the market and our strategy.

Thank you. That brings our presentation to an end.

Happy to move to any questions if we have any.

Hi, good morning. Regarding Northbrook Wanaka, you comment sales are steady and enquiry prices are meeting expectations.

Are you able to quantify this, how many units were sold over the period?

Or— Over to you, Jean.

Hi, Nick. Sorry, we don't go into that level of detail specifically on individual projects.

Because I can't comment on that, sorry.

Are you able to provide that detail at an aggregate Northbrook level?

No.

Basically won't be other settlements, yeah. Then moving on: What was behind the commencement of Stage 5A at Lakeside?

I believe in August there was some commentary on Stage 4, but I don't think I recall anything mentioned about Stage 5.

It's just in furtherance of our delivery of the satisfaction of our Kāinga Ora contract, Nick.

Was that part of the option, cuz I believe some of the about 200 units at Lakeside have effectively like an option from Kāinga Ora?

No it wasn't. It's a base contract, yeah.

Then

yeah, last one for me before I let someone else have a go. To be clear, when you say that if you are granted approval for Sunfield you will commence development immediately, is this in reference to the enabling and wider infrastructure piece, or does this also include residential units?

Ideally both.

Okay.

Because the problem is you end up doing one, if it gets to that, you end up doing them largely at the same time.

Would it be correct in sort of seeing it as a, say, if you're in the middle of infrastructure works and the market sort of improves or becomes active, you can see very easily just tack on the lots?

That's fair. That's fair.

Thank— Thanks. I'll let someone else have a go.

Thank you.

Hi, Chris and Jean.

Rohan.

Just a question on a couple of these other comments around works nearing completion. At Northlake, you talk about the balances of Stage 18 nearing completion.

Does that mean you expect settlements in the second half there as well?

Yes, that's correct.

Cool. Then Cessnock with Stage 7 commencing and it's being released to the market, can you give a indicative time on when you think those settlements will come through?

I'm guessing it's not this financial year. It's probably a '27-'28 story?

That's correct. '27, correct.

Cool. Thank you.

Then Sunfield. I've had a look at the draft decision and it looks like it's largely approved.

I'm not a great reader of what the conditions are, you'll have a view on whether those are appropriate or not, and I'm sure that's probably what you'll be talking about. I think previously there was a view that you'd have some early land sales in terms of industrial, and obviously there's the land to NZTA for Mill Road.

Is it still the kind of view that you'll get those to market early, and can you give us an indicative timing on when some of those things are maybe coming through if you get approved? Or is this all hypothetical?

It's still too early to say, Rohan. It's still too early to say.

All we've got is a draft decision and we would need to assess where we land or where the project sits after the final decisions issued. Is there and

I know it's sensitive, but is there anything you can say about the draft conditions versus your initial expectations for the project?

Only that they are draft and we wouldn't be commenting on the draft.

Yep, thank you. Then maybe last one, just around land sales.

There's obviously been the vineyard thing in the paper, maybe a comment or two on that. Then you've always talked about buying land in terms of building out the resi business.

I've noticed Ferncliffe Farm is back on the market, just a comment around I guess future development sites, or if kind of Sunfield is the immediate focus before you buy other land?

I think it's fair to say Sunfield's the immediate focus, but it all depends on how and when the decision comes out.

Sorry, the first part of that question was is there any validity around the recent media article on vineyard?

I think the media article quoted me as saying it's just market gossip and I stand by that. It's nothing but market gossip.

Cool. Thank you.

Just a simple thanks again for everyone joining us today. Obviously, if anyone has any follow-up questions, please just email them through to either myself or to Jean.

Thank you for joining.