Winton Land Ltd (ASX:WTN) H1 2026 Earnings Call Highlights: Navigating Challenges with …

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Fri, February 20, 2026 at 12:00 PM GMT+9 3 min read

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This article first appeared on GuruFocus.

Release Date: February 19, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Winton Land Ltd (ASX:WTN) completed the Northbrook Wanaka Wellness Spa and commenced construction of Stage 2 at Northbrook Wanaka.

The company launched successful residential projects in Northlake Stage 15F and North Ridge Stage 7, both of which have sold well.

Commercial revenue increased by 67.4% in H1FY26 due to improved occupancy at Cracker Bay and all venues being open.

Gross margin improved from 22% in the prior period to 35% in the first half of FY26.

The company has a strong landbank pipeline with an expected yield of about 5,750 units.

Negative Points

Revenue for the first half of FY26 was $32.4 million, a 60% decrease from $81.1 million in H1FY25.

The company settled only 14 units in H1FY26, a significant decrease from 90 units in the corresponding period.

Winton Land Ltd (ASX:WTN) reported a net loss after tax of $0.9 million in H1FY26, compared to a loss of $2 million in the prior period.

The board paused paying a dividend to maintain financial discipline during softer market conditions.

Economic conditions remain challenging with rising unemployment and a subdued property market in New Zealand.

Q & A Highlights

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Q: Regarding North Brook Wanaka, your comment sales the city and entry prices are meeting expectations. Are you able to quantify this? How many units were sold over the period? A: Hi, Nick, sorry, we don’t go into that level of details specifically on individual projects. Yeah, I can’t comment on that, sorry.

Q: 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. A: It’s just in furtherance of our delivery of the satisfaction of our Konga or contract.

Q: 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? A: Ideally both. You end up doing one if it gets to that, you end up doing them largely at the same time.

Q: Just a question on a couple of these other comments around works nearing completion. So it’s the North Lake, you talk about the balances of stage 18 nearing completion. Does that mean you expect settlements in the second half there as well? A: Yes, that’s correct.

Story Continues  

Q: And then Cessnock was stage seven commencing and it’s being released to the market. Can you give an 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. A: That’s correct, 27.

Q: I’ve had a look at the draft decision and it looks like it’s largely approved. Is it still the kind of view that you’ll get those to market early? And can you give an indicative timing on when some of those things may be coming through? A: It’s still too early to say. It’s a draft decision and we’d need to assess where we landed, where the project sits after the final decision.

Q: Is there anything you can say about the draft conditions versus your initial expectations for the project? A: They are draft and it would be, we wouldn’t comment on the draft.

Q: Is there any validity around the recent media article on Winton? A: I think the media article quoted me as saying it’s just market gossip, and I stand by that. It’s nothing but gossip.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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