Winton Announces Interim Results For FY26

Level 2, 11 Westhaven Drive, Cracker Bay, Auckland 1010
P O Box 105526, Auckland 1143

20 February 2026

Client Market Services
NZX Limited

Copy to:
ASX Market Announcements
Australian Stock Exchange
AUSTRALIA



Dear Sir/Madam

WINTON LAND LIMITED (NZX: WIN, ASX: WTN)
NZX/ASX ANNOUNCEMENT – INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025

Please find attached the following information relating to Winton Land Limited’s results for the six
months ended 31 December 2025:

(a) the Results Announcement (as required by NZX Listing Rule 3.5.1);

(b) the Investor Presentation; and

(c) the Unaudited Interim Financial Statements and notes.

For the purposes of ASX Listing Rule 1.15.3, Winton Land Limited confirms that it continues to
comply with the listing rules of its home exchange, being the NZX Listing Rules.

Yours sincerely





Jean McMahon
CFO

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Level 2, 11 Westhaven Drive, Cracker Bay, Auckland 1010
P O Box 105526, Auckland 1143

MARKET ANNOUNCEMENT
NZX: WIN / ASX: WTN
20 February 2026
WINTON ANNOUNCES INTERIM RESULTS FOR FY26
Winton (NZX: WIN / ASX: WTN) today announces its interim results for the six months ending 31
December 2025 (H1 FY26).
Revenue for H1 FY26 was $32.4 million, a 60.0% decrease compared to H1 FY25 revenue of $81.1
million. Revenue for the period is attributed to 14 units settled, down 76 units from 90 in H1 FY25,
offset by a full six months of all venues trading at Ayrburn and rent received which increased
commercial revenue by 67.4% to $17.4 million.
Earnings before interest, tax, depreciation, and amortisation (EBITDA) for H1 FY26 was a gain of $0.8
million compared to H1 FY25’s EBITDA, a loss of $0.1 million. Net loss after tax was $0.9 million,
reflecting a 55.5% increase in net earnings from a loss of $2.0 million in H1 FY25.
Chris Meehan, Chair and CEO of Winton, said: “These results reflect the subdued economic
environment and a period of lower product delivery in Winton’s residential development timeline.”
Winton finished the six-month period with a pre-sale book of $239.8 million as at 31 December 2025,
a landbank yield of c5,750 units and cash holdings of $14.5 million. Borrowings were $120.1 million
as at 31 December 2025, reflecting funds utilised for project development facilities secured against
four properties. These facilities have no recourse to Winton at the group level.
The first stage at Northbrook Wānaka was completed in May 2025, and new residents continue to
move in and start their Northbrook lifestyle. Stage Two comprises The Welcome Building and
Premium Care Suites, incorporating a café, restaurant and other amenities together with 35 care
suites designed to provide rest home, hospital-level and dementia care. Construction commenced in
January 2026. Northbrook Wānaka officially opened The Wellness Spa on 4 February 2026, a
luxurious amenity featuring a heated swimming pool, sauna, boutique fitness studio, salon, and
treatment rooms. Sales have been steady, and sales prices are meeting expectations.
Ayrburn remains on track to be the most popular and most visited attraction in the region. The focus
remains on visitor growth, gaining further efficiencies from the multi-venue site, building the events
pipeline, and continuing to deliver the high-end Ayrburn experience to every person that visits
On 10 February 2026, the Expert Panel issued a draft decision approving the Sunfield masterplanned
community under the Fast-track Approvals Act 2024. Winton is currently reviewing the draft decision
and the draft conditions of consent. Winton expects a final decision to be released in the coming
weeks. If approval is granted, it is Winton’s intention to commence development immediately.

2
Winton’s proposed Ayrburn Screen Hub was also accepted into the Fast-track process under the Fast-
track Approvals Act 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 Northbrook Arrowtown.
Should the project receive resource consent, it will be a valuable part of the Ayrburn masterplan,
generating significant recurring revenue from the Screen Hub and incremental revenue growth for
the hospitality precinct.
During FY24 and FY25, the Board paused paying a dividend to maintain financial discipline during
softer market conditions, which remains the Board’s view for FY26.
Chris Meehan concludes: “Unemployment continues to increase, net migration remains low and
ready-made concrete volumes are below the 10-year average. Despite these factors, there are some
positive signs in Winton’s operating environment, including improved borrowing conditions for
consumers, increased competition amongst suppliers, lower labour 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 cautious and constrained, and continue to
conserve resources until there are clear signs of robust growth, rather than tentative signs of
stabilisation.”
“We will continue to take a disciplined and selective approach to committing additional capital,
pending clearer evidence of a sustained improvement 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 the market and our strategy.”
Winton’s Interim Financial Statements and all future reports will be publicly available on Winton’s
website Investor Centre - Winton Land Limited
. Investors may at any time request a hard copy (or an
electronic copy) of the most recent and future reports free of charge. You can do so through our
share registry, MUFG Corporate Markets, by updating your communication preferences online
through the Investor Centre.
Ends.
For investor or analyst queries, please contact:
Jean McMahon, CFO
+64 9 869 2271
investors@winton.nz

For media queries, please contact:
Justine Hollows
+64 27 836 1875
justine.hollows@winton.nz


About Winton
Winton is a residential land developer that specialises in developing integrated and fully
masterplanned neighbourhoods. 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.
www.winton.nz

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Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at March 2025



Results for announcement to the market
Name of issuer Winton Land Limited (WIN)
Reporting Period 6 months to 31 December 2025
Previous Reporting Period 6 months to 31 December 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$32,410 (60%)
Total Revenue $32,410 (60%)
Net profit/(loss) from
continuing operations
($890) (56%)
Total net profit/(loss) ($890) (56%)
Interim/Final Dividend
Amount per Quoted Equity
Security
It is not proposed to pay dividends
Imputed amount per Quoted
Equity Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security (in
dollars and cents per
security)
$1.79 $1.74
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
This announcement is extracted from Winton’s unaudited
financial statements as at and for the six months ended 31
December 2025. A copy of these unaudited financial statements
is attached to this announcement.
Authority for this announcement
Name of person

authorised
to make this announcement
Jean McMahon
Contact person for this
announcement
Jean McMahon
Contact phone number +64 9 377 7003
Contact email address jean.mcmahon@winton.nz
Date of release through MAP

20 February 2026

Unaudited financial statements accompany this announcement.

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winton.nz
INTERIM FINANCIAL
STATEMENTS
31 DECEMBER 2025

FC The Woolshed,
Ayrburn,
Arrowtown
1 Northbrook Wānaka,
Wānaka
2 Billy’s,
Ayrburn,
Arrowtown
1
2
INTERIM FINANCIAL STATEMENTS FY2602 | WINTON LAND LIMITED

Consolidated Statement of Comprehensive Income
For the six months ended 31 December 2025
ALL VALUES IN $000'SNOTE
UNAUDITED

6 MONTHS ENDED
31 DECEMBER 2025
UNAUDITED

6 MONTHS ENDED
31 DECEMBER 2024
Revenue2 32,410 81,061
Cost of sales (13,975) (57, 5 17 )
Gross profit 18,435 23,544
Loss on sale of property, plant and equipment (209) (4 45)
Fair value gain / (loss) on investment properties 1,207 (2,794)
Selling expenses (1,220) (2,704)
Property expenses (907) (1,107)
Employee benefits expense (10,031) (10,084)
Administrative expenses11.1 (5,785) (5,850)
Share-based payment expense (701) (616)
Total expenses ( 17, 6 4 6) (23,600)
Earnings before interest, taxation, depreciation and amortisation (EBITDA) 789 (56)
Amortisation (283) (283)
Depreciation (3,098) (1,946)
Earnings before interest and taxation (EBIT) (2,592) (2,285)
Interest income 261 1,015
Interest expense and bank fees (933) (1,152)
Loss before income tax (3,264) (2,422)
Income tax benefit / (expense)
Current taxation11.2 107 (538)
Deferred taxation11.2 2,267 959
Total income tax benefit 2, 374 421
Loss after income tax (890) (2,001)
Items that may be reclassified to profit or loss:
Movement in currency translation reserve 142 9
Total comprehensive income after income tax attributable

to the shareholders of the Company

(748)

(1,992)
Basic earnings per share (cents)10.1 (0.30) (0.67)
Diluted earnings per share (cents)10.2 (0.29) (0.65)
The accompanying notes form part of these interim financial statements.
INTERIM FINANCIAL STATEMENTS FY26WINTON LAND LIMITED | 03

Consolidated Statement of Changes in Equity
For the six months ended 31 December 2025
ALL VALUES IN $000'S NOTE
SHARE

CAPITAL
RETAINE D
EARNINGS
SHARE-BASED

PAYME NTS
RESERVE
FOREIGN
CURRENCY
TR ANSL ATION
RESERVE
TOTAL

EQUITY
Balance as at 30 June 2024 (audited) 386,595 129,410 3,750 (206) 519,549
Loss after income tax - (2,001) - - (2,001)
Other comprehensive income - - - 9 9
Share-based payment expense - - 712 - 712
Balance as at 31 December 2024 (unaudited) 386,595 127, 4 0 9 4,462 (197) 518,269

Balance as at 30 June 2025 (audited) 386,595 139,732 5,121 (241) 531,207
Loss after income tax - (890) - - (890)
Other comprehensive income - - - 142 142
Share-based payment expense - - 701 - 701
Balance as at 31 December 2025 (unaudited) 386,595 138,842 5,822 (99) 531,160
The accompanying notes form part of these interim financial statements.
INTERIM FINANCIAL STATEMENTS FY2604 | WINTON LAND LIMITED

ALL VALUES IN $000'SNOTE
UNAUDITED

31 DECEMBER 2025
AUDITED

30 JUNE 2025
CURRENT ASSETS
Cash and cash equivalents 14,494 20,279
Accounts receivable, prepayments and other receivables11.4 5,210 4,700
Inventories4 72,512 46,368
Total current assets 92,216 71,347
NON-CURRENT ASSETS
Inventories4 177,244 179,328
Investment properties5 357,608 358,378
Property, plant and equipment6 91,252 93,373
Intangible assets7 1,199 1,468
Total non-current assets 627,303 632,547
Total assets 719,519 703,894
CURRENT LIABILITIES
Accounts payable, accruals and other payables11.5 11,030 14,497
Current lease liabilities11.6 38 36
Taxation payable 155 265
Borrowings8 24,908 17,331
Revenue received in advance2 1,072 761
Residents' loans9 14,199 12,980
Total current liabilities 51,402 45,870
NON-CURRENT LIABILITIES
Borrowings8 94,528 82,101
Non-current lease liabilities11.6 20,282 20,302
Deferred tax liabilities11.2 22,147 24,414
Total non-current liabilities 136,957 126,817
Total liabilities 188,359 172,687
Net assets 531,160 531,207
EQUITY
Share capital11.3 386,595 386,595
Foreign currency translation reserve (99) (241)
Share-based payment reserve 5,822 5,121
Retained earnings 138,842 139,732
Total equity 531,160 531,207
These interim financial statements are signed on behalf of Winton Land Limited and were authorised for issue on 20 February 2026.
The accompanying notes form part of these interim financial statements.
Chris Meehan
Chair
Steven Joyce

Chair, Audit and Financial Risk Committee
Consolidated Statement of Financial Position
As at 31 December 2025
INTERIM FINANCIAL STATEMENTS FY26WINTON LAND LIMITED | 05

ALL VALUES IN $000'SNOTE
UNAUDITED

6 MONTHS ENDED
31 DECEMBER 2025
UNAUDITED

6 MONTHS ENDED
31 DECEMBER 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 32,998 81,130
Receipts from new occupational right agreements 1,795 -
Interest received 261 1,015
Net GST paid 579 458
Payments to suppliers and employees (41,927) (46,826)
Purchase of development land (3,600) -
Deposits paid on contracts for land - (5,400)
Interest and other finance costs paid (4) (2,305)
Income tax paid (3) (1,004)
Net cash flows from operating activities (9,901) 27,068
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment 624 60
Intangible assets acquired (14) (29)
Payments to suppliers and employees for investment properties (9,137) (44,706)
Acquisition of property, plant and equipment (1,810) (11,484)
Net cash flows from investing activities (10,337) (56,159)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings
18,564 24,919
Repayment of borrowings (3,118) (10,389)
Payment of principal portion of lease liabilities (993) (994)
Net cash flows from financing activities 14,453 13,536
Net increase in cash and cash equivalents (5,785) (15,555)
Cash and cash equivalents at beginning of period 20,279 41,689
Cash and cash equivalents at end of period 14,494 26,134
The accompanying notes form part of these interim financial statements.
Consolidated Statement of Cash Flows
For the six months ended 31 December 2025
INTERIM FINANCIAL STATEMENTS FY2606 | WINTON LAND LIMITED

1. General Information
This section sets out the basis upon which the Group’s Interim Financial Statements are prepared.
1.1. Reporting entity
These unaudited consolidated interim condensed financial statements (the interim financial statements) are for Winton Land
Limited and its subsidiaries (together, the Group). The Company is a limited liability company incorporated in New Zealand and
is registered under the New Zealand Companies Act 1993. The Company is a FMC reporting entity under Part 7 of the Financial
Markets Conduct Act 2013 and the Financial Reporting Act 2013 and these interim financial statements have been prepared in
accordance with the requirements of these Acts. The Company is listed on the NZX Main Board (NZX: WIN) and the ASX Main
Board (ASX: WTN).
The Group’s principal activity is the development and sale of residential land properties. The Group also develops and operates
retirement villages and commercial properties however these are start-up operations.
1.2. Basis of preparation
The interim financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice
(NZ GAAP). They comply with NZ IAS 34 ‘Interim Financial Reporting’ and IAS 34 ‘Interim Financial Reporting’. For the purposes
of complying with NZ GAAP the Group is a for-profit entity.
These interim financial statements have been prepared on the historical cost basis except where otherwise identified. All financial
information is presented in New Zealand dollars and has been rounded to the nearest thousand.
These interim financial statements should be read in conjunction with the Annual Financial Statements for the year ended

30 June 2025 which may be downloaded from the Company’s website (https://www.winton.nz).
To ensure consistency with the current period, comparative figures have been amended to conform with the current period
presentation where appropriate.
1.3. Critical judgements, estimates and assumptions
In applying the Group’s accounting policies, the Board and Management continually evaluates judgements, estimates and
assumptions that may have an impact on the Group. The significant judgements, estimates and assumptions made in the
preparation of these financial statements were the same as those applied to the consolidated financial statements as at and for
the year ended 30 June 2025.
1.4. Accounting policies
The accounting policies adopted are the same as those applied by the Group in its consolidated financial statements as at and for
the year ended 30 June 2025.
2. Revenue
ALL VALUES IN $000'S
UNAUDITED

6 MONTHS ENDED
31 DECEMBER 2025
UNAUDITED

6 MONTHS ENDED
31 DECEMBER 2024
Sales revenue 14,569 70,510
Commercial revenue 17,417 10,404
Deferred management fees 265 -
Other revenue 159 147
Total revenue 32,410 81,061
Notes to the Interim Financial Statements
For the six months ended 31 December 2025
INTERIM FINANCIAL STATEMENTS FY26WINTON LAND LIMITED | 07

3. Segment Reporting
(i) Basis for segmentation
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-
maker. The chief operating decision-maker has been identified as the Board of Directors. The Group has established the following
reportable segments that are managed separately because of different operating strategies. The following describes the operation
of each of the reportable segments:
Reportable segmentOperations
Residential developmentDesign, develop, market and sell residential properties to external customers. These include land lots,
dwellings, townhouses and apartments with the majority of operations in New Zealand.
Retirement villagesDevelop and operate retirement villages in New Zealand.
Commercial portfolioDevelop and manage a commercial portfolio to produce rental income, operating income and capital
appreciation in New Zealand.
(ii) Information about reportable segments
The retirement villages and commercial portfolio segments are start-up operations.
The following is an analysis of the Group’s segments:
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2025
ALL VALUES IN $000'SRESIDENTIALRETIREMENTCOMMERCIALUNALLOCATEDTOTAL
Revenue 14,707 286 17,417 - 32,410
Cost of goods sold
1
(9,512) - (4,463) - (13,975)
Gross profit 5,195 286 12,954 - 18,435
Loss on sale of property, plant and equipment
- - (209) - (209)
Fair value gain on investment properties
- 623 584 - 1,207
Selling expenses
(582) (397) (221) (20) (1,220)
Property expenses
(407) (306) (194) - (907)
Employee benefits expense
(3,116) (410) (6,505) - (10,031)
Administrative expenses
(2,104) (320) (2,373) (988) (5,785)
Share-based payment expense
- - - (701) (701)
Total expenses
(6,209) (810) (8,918) (1,709) (17,646)
EBITDA (1,014) (524) 4,036 (1,709) 789
Amortisation - - (283) - (283)
Depreciation (333) (138) (2,627) - (3,098)
EBIT (1,347) (662) 1,126 (1,709) (2,592)
1. Cost of goods sold reflects costs directly attributable to inventory sold during the period. Employee benefit expenses related to revenue generation
are presented separately and are not included in this amount.
Notes to the Interim Financial Statements
For the six months ended 31 December 2025
INTERIM FINANCIAL STATEMENTS FY2608 | WINTON LAND LIMITED

3. Segment Reporting (Continued)
(ii) Information about reportable segments (Continued)
The retirement villages and commercial portfolio segments are start-up operations.
The following is an analysis of the Group’s segments:
UNAUDITED
6 MONTHS ENDED

31 DECEMBER 2024
ALL VALUES IN $000'SRESIDENTIALRETIREMENTCOMMERCIALUNALLOCATEDTOTAL
Revenue 70,634 23 10,404 - 81,061
Cost of goods sold
1
(54,802) - (2,715) - (57,517)
Gross profit 15,832 23 7,689 - 23,544
Loss on sale of property, plant and equipment
- - (5) (440) (445)
Fair value gain / (loss) on investment properties
- 60 (2,854) - (2,794)
Selling expenses
(1,948) (389) (333) (34) (2,704)
Property expenses
(408) (271) (428) - (1,107)
Employee benefits expense
(4,503) (565) (5,016) - (10,084)
Administrative expenses
(2,358) (371) (2,097) (1,024) (5,850)
Share-based payment expense
- - - (616) (616)
Total expenses
(9,217) (1,536) (10,733) (2,114) (23,600)
EBITDA 6,615 (1,513) (3,044) (2,114) (56)
Amortisation - - (283) - (283)
Depreciation (384) (153) (1,409) - (1,946)
EBIT 6,231 (1,666) (4,736) (2,114) (2,285)
UNAUDITED
31 DECEMBER 2025
ALL VALUES IN $000'SRESIDENTIALRETIREMENTCOMMERCIALUNALLOCATEDTOTAL
Segment assets and liabilities
Inventories 246,272 - 3,484 - 249,756
Investment Properties - 280,759 76,849 - 357,608
Property, plant and equipment 605 7,731 79,119 3,797 91,252
Other assets 1,676 389 3,595 15,243 20,903
Total assets 248,553 288,879 163,047 19,040 719,519
Total liabilities 142,827 573 44,185 774 188,359
Net assets 105,726 288,306 118,862 18,266 531,160
1. Cost of goods sold reflects costs directly attributable to inventory sold during the period. Employee benefit expenses related to revenue generation
are presented separately and are not included in this amount.
Notes to the Interim Financial Statements
For the six months ended 31 December 2025
INTERIM FINANCIAL STATEMENTS FY26WINTON LAND LIMITED | 09

Notes to the Interim Financial Statements
For the six months ended 31 December 2025
3. Segment Reporting (Continued)
(ii) Information about reportable segments (Continued)
AUDITED
30 JUNE 2025
ALL VALUES IN $000'SRESIDENTIALRETIREMENTCOMMERCIALUNALLOCATEDTOTAL
Segment assets and liabilities
Inventories 221,802 - 3,894 - 225,696
Investment Properties - 283,998 74,380 - 358,378
Property, plant and equipment 650 7,669 80,995 4,059 93,373
Other assets 1,482 698 3,622 20,645 26,447
Total assets 223,934 292,365 162,891 24,704 703,894
Total liabilities 111,799 16,314 42,921 1,653 172,687
Net assets 112,135 276,051 119,970 23,051 531,207
4. Inventories
ALL VALUES IN $000'S
UNAUDITED

31 DECEMBER 2025
AUDITED

30 JUNE 2025
Expected to settle within one year 72,512 46,368
Expected to settle greater than one year 177,244 179,328
Total inventories 249,756 225,696
5. Investment properties
ALL VALUES IN $000'S
UNAUDITED

31 DECEMBER 2025
AUDITED

30 JUNE 2025
Opening balance 358,378 277,440
Unrealised fair value gain 1,207 5,062
Capital expenditure 10,189 75,876
Transfer to inventories (12,166) -
Total investment properties 357,608 358,378
Less: lease liability (20,320) (20,338)
Total investment properties excluding NZ IFRS 16 lease adjustments 337,288 338,040
ALL VALUES IN $000'S
UNAUDITED

31 DECEMBER 2025
AUDITED

30 JUNE 2025
Retirement village land measured at fair value 168,032 179,553
Commercial properties measured at fair value 46,891 44,603
Investment properties under development measured at cost 122,365 113,884
Total investment properties excluding NZ IFRS lease adjustments 337,288 338,040
ALL VALUES IN $000'S
UNAUDITED

31 DECEMBER 2025
AUDITED

30 JUNE 2025
Valuation 199,652 210,415
Plus: Residents' loans 14,199 12,980
Plus: Revenue received in advance 1,072 761
Investment properties under development measured at cost 122,365 113,884
Plus: Lease liability 20,320 20,338
Total investment properties 357,608 358,378
INTERIM FINANCIAL STATEMENTS FY2610 | WINTON LAND LIMITED

Notes to the Interim Financial Statements
For the six months ended 31 December 2025
5. Investment properties (Continued)
The Board considered the carrying value of the investment property portfolio to ensure investment properties are held at fair
value at 31 December 2025. The Board determined that a desktop review of the investment property portfolio where the fair value
can be reliably measured should be undertaken in order to ensure that investment properties are held at fair value. The valuation
method applied was a combination of direct capitalisation and discounted cashflow approach.
One investment property could not be reliably measured as at 31 December 2025 due to the current stage of development of the
property. Therefore it is held at cost at 31 December 2025.
As the fair value of investment property is determined using inputs that are unobservable, the Group has categorised investment
properties as level 3 under the fair value hierarchy in accordance with NZ IFRS 13 ‘Fair Value Measurement’.
The significant unobservable input used in the fair value measurement of the Group’s development land is the value per m2
assumption. Increases in the value per m2 rate result in corresponding increases in the total valuation and decreases in the value
per m2 rate result in corresponding decreases in the total valuation.
The significant unobservable input used in the fair value measurement of the Group’s completed land and buildings is the
capitalisation rate applied to earnings. A significant decrease/(increase) in the capitalisation rate would result in significantly
higher/(lower) fair value measurement.
6. Property, plant and equipment
ALL VALUES IN $000'S
WORK IN
PROGRESSLANDBUILDINGS
FURNITURE,
FIXTURES
AND FITTINGS
MOTOR
VEHICLES
PLANT AND
EQUIPMENTTOTAL
COST
As at 1 July 2024 33,902 - 37,106 9,852 1,960 1,641 84,461
Additions 17,475 - 461 591 134 134 18,795
Transfers (46,520) 9,692 32,428 4,368 - 32 -
Disposals - - (1) (895) (89) (97) (1,082)
As at 30 June 2025 (audited) 4,857 9,692 69,994 13,916 2,005 1,710 102,174
Additions 1,201 - 328 215 26 40 1,810
Transfers - - - - - - -
Disposals - - - - (1,027) (16) (1,043)
As at 31 December 2025 (unaudited) 6,058 9,692 70,322 14,131 1,004 1,734 102,941
ALL VALUES IN $000'S
WORK IN
PROGRESSLANDBUILDINGS
FURNITURE,
FIXTURES
AND FITTINGS
MOTOR
VEHICLES
PLANT AND
EQUIPMENTTOTAL
ACCUMULATED DEPRECIATION
As at 1 July 2024 - - 1,844 1,548 518 712 4,622
Depreciation - - 2,849 1,367 261 277 4,754
Disposals - - (1) (455) (37) (82) (575)
As at 30 June 2025 (audited) - - 4,692 2,460 742 907 8,801
Depreciation -
- 2,139 821 47 91 3,098
Disposals -
- - - (204) (6) (210)
As at 31 December 2025 (unaudited) - - 6,831 3,281 585 992 11,689
NET BOOK VALUE
As at 30 June 2025 (audited) 4,857
9,692 65,302 11,456 1,263 803 93,373
As at 31 December 2025 (unaudited) 6,058 9,692 63,491 10,850 419 742 91,252
Also included in buildings category is buildings fitout.
INTERIM FINANCIAL STATEMENTS FY26WINTON LAND LIMITED | 11

7. Intangible assets
ALL VALUES IN $000'S
UNAUDITED

31 DECEMBER 2025
AUDITED

30 JUNE 2025
Opening balance 1,468 1,993
Acquisitions
14 42
Amortisation (283) (567)
Total intangible assets 1,199 1,468
8. Borrowings
ALL VALUES IN $000’S
UNAUDITED

31 DECEMBER 2025
AUDITED

30 JUNE 2025
MMLIC (Lakeside) facility drawn down 59,527 49,443
MCCB facility drawn down 18,339 17,498
BNZ facility drawn down 24,948 20,571
MMLIC (Northlake) facility drawn down 17,246 12,914
Unamortised borrowings establishment costs (624) (994)
Net borrowings 119,436 99,432
Weighted average interest rate of drawn debt (inclusive of margins and line fees)7.68%8.66%
Weighted average term to maturity (years) 1.6 1.7
On 15 December 2025, Cracker Bay Holdings Limited (CBH, a 100% subsidiary company of the Company) extended its debt facility
with MC Cracker Bay Pty Limited (MCCB) for $18,341,000. The facility now expires 21 November 2027.
9. Residents’ loans
ALL VALUES IN $000’S
UNAUDITED

31 DECEMBER 2025
UNAUDITED

30 JUNE 2025
Opening balance 12,980 -
Receipts for residents' loans – new occupation right agreements 1,795 13,825
Less: Management fee receivable (per contract) (576) (845)
Total residents’ loans 14,199 12,980
Residents’ loans are amounts payable under occupation right agreements. An occupation right agreement confers a right of
occupancy to a retirement unit. The consideration received on the grant of an occupation right agreement is allocated to the
resident’s loan in full. These loans are non-interest bearing and are payable when both an occupation right agreement is terminated
and there has been settlement of a new occupation right agreement for the same unit and the proceeds from the new settlement
have been received by the Group. Residents’ loans are initially recognised at fair value and subsequently measured at amortised
cost. The management fee receivable is recognised in accordance with the terms of the resident’s occupation right agreement.
Notes to the Interim Financial Statements
For the six months ended 31 December 2025
INTERIM FINANCIAL STATEMENTS FY2612 | WINTON LAND LIMITED

10. Investor returns and investment metrics
This section summarises the earnings per share which is a common investment metric.
10.1. Basic earnings per share
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2025
UNAUDITED

6 MONTHS ENDED
31 DECEMBER 2024
Loss after income tax ($000s) (890) (2,001)
Weighted average number of ordinary shares (shares) 296,613,736 296,613,736
Basic loss per share (cents) (0.30) (0.67)
10.2. Diluted earnings per share
The calculation of diluted earnings per share has been based on the profit attributable to ordinary shareholders and weighted-
average number of ordinary shares outstanding after adjustment for the effects of all dilutive potential ordinary shares.

Weighted average number of shares for the purpose of diluted earnings per share has been adjusted for 10,331,852 share options
(31 December 2024: 10,598,114) issued under the Group’s Share Option Plan as at 31 December less share options forfeited.

This adjustment has been calculated using the treasury share method.
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2025
UNAUDITED

6 MONTHS ENDED
31 DECEMBER 2024
Loss after income tax ($000s) (890) (2,001)
Weighted average number of ordinary shares (shares) 306,970,837 307,543,025
Diluted loss per share (cents) (0.29) (0.65)
11. Other
11.1. Administrative expenses
ALL VALUES IN $000'S
UNAUDITED

6 MONTHS ENDED
31 DECEMBER 2025
UNAUDITED

6 MONTHS ENDED
31 DECEMBER 2024
Auditors remuneration:
Audit and review financial statements (132) (127)
Directors' fees (239) (231)
Doubtful debts expense (151) -
Legal expense (1,127) (1,446)
Operating lease and rental payments (82) (374)
Establishment costs - (189)
Other expenses (4,054) (3,483)
Total administrative expenses (5,785) (5,850)
Notes to the Interim Financial Statements
For the six months ended 31 December 2025
INTERIM FINANCIAL STATEMENTS FY26WINTON LAND LIMITED | 13

Notes to the Interim Financial Statements
For the six months ended 31 December 2025
11. Other (Continued)
11.2. Taxation
(i) Current taxation
ALL VALUES IN $000'S
UNAUDITED

6 MONTHS ENDED
31 DECEMBER 2025
UNAUDITED

6 MONTHS ENDED
31 DECEMBER 2024
Profit before income tax (3,264) (2,422)
Prima facie income tax calculated at 28% 914 678
Adjusted for:
Prior period adjustment 107 131
Non-tax deductible revenue and expenses 155 (235)
Movement in temporary differences (566) (1,113)
Difference in tax rates (11) 1
Losses available for offsetting against future taxable income(492) -
Current taxation expense 107 (538)
(ii) Deferred taxation
ALL VALUES IN $000'S
AUDITED

30 JUNE 2025
AS AT
UNAUDITED
6 MONTHS ENDED

31 DECEMBER 2025
UNAUDITED
31 DECEMBER 2025

AS AT
Deferred tax assets
Employee benefits 449 (123) 326
Accounts payable, accruals and other payables 284 (143) 141
Lease liability 5,695 (5) 5,690
Share-based payment reserve 1,258 196 1,454
Losses available for offsetting against future taxable income 41 492 533
Gross deferred tax assets 7,727 417 8,144
Deferred tax liabilities
Accounts receivable, prepayments and other receivables 71 26 97
Right-of-use asset 6,173 - 6,173
Inventories 13,653 (1,097) 12,556
Intangible asset 342 (79) 263
Property, plant and equipment 2,864 90 2,954
Investment properties 9,038 (790) 8,248
Gross deferred tax liabilities 32,141 (1,850) 30,291
Net deferred tax liability (24,414) 2,267 (22,147)
Deferred taxation expense for the six months ended 31 December 2024 was $959,000.
INTERIM FINANCIAL STATEMENTS FY2614 | WINTON LAND LIMITED

Notes to the Interim Financial Statements
For the six months ended 31 December 2025
11. Other (Continued)
11.3. Equity
ALL VALUES IN $000'S
UNAUDITED

31 DECEMBER 2025
SHARES
'000S
UNAUDITED

31 DECEMBER 2025
$000'S
AUDITED

30 JUNE 2025
SHARES
'000S
AUDITED

30 JUNE 2025
$000'S
Total shares issued and outstanding 296,614 386,595 296,614 386,595
All shares on issue are fully paid, carry equal voting rights, share equally in dividends and any surplus on wind up and have no par
value. All shares are recognised at the fair value of the consideration received by the Company.
11.4. Accounts receivable, prepayments and other receivables
ALL VALUES IN $000'S
UNAUDITED

31 DECEMBER 2025
AUDITED

30 JUNE 2025
Accounts receivable 887 652
Prepayments and other receivables 4,323 4,048
Total accounts receivable, prepayments and other receivables
5,210 4,700
As at 31 December 2025, prepayments and other receivables includes retention monies held in accordance with the Construction
Contracts Act of $1,480,000 (30 June 2025: $1,841,000).
11.5. Accounts payable, accruals and other payables
ALL VALUES IN $000'S
UNAUDITED

31 DECEMBER 2025
AUDITED

30 JUNE 2025
Accounts payable 5,640 7,182
Accruals and other payables in respect of inventories 3,174 2,733
Accruals and other payables
2,216 4,582
Total accounts payable, accruals and other payables 11,030 14,497
11.6. Lease liabilities
ALL VALUES IN $000'S
UNAUDITED

31 DECEMBER 2025
AUDITED

30 JUNE 2025
Opening balance 20,338 20,371
Lease liability interest expense 975 1,952
Rent paid (993) (1,985)
Total lease liabilities 20,320 20,338
INTERIM FINANCIAL STATEMENTS FY26WINTON LAND LIMITED | 15

Notes to the Interim Financial Statements
For the six months ended 31 December 2025
11. Other (Continued)
11.7. Related party transactions
The transactions with related parties that were entered into during the year, and the year-end balances that arose from those
transactions are shown below.
Key management personnel remuneration
Key management personnel comprise members of the Board and members of the Senior Management Team.
ALL VALUES IN $000'S
UNAUDITED

6 MONTHS ENDED
31 DECEMBER 2025
UNAUDITED

6 MONTHS ENDED
31 DECEMBER 2024
Employee benefits expense 2,058 1,995
Share-based payment expense 659 669
Executive Directors’ fees 86 85
Key management personnel remuneration 2,803 2,749
An Executive Director was granted 5,145,356 share options on 17 December 2021 with an exercise price of $3.8870 and a vesting
date of 17 December 2031.
Senior Management Team were granted 4,244,910 share options on 17 December 2021 with an exercise price of $3.8870. Of these,
1,414,970 share options have a vesting date of 17 December 2025, 1,414,970 share options have a vesting date of 17 December 2028
and 1,414,970 share options have a vesting date of 17 December 2031.
Transactions with related parties during the six months
There were no revenue transactions with key management personnel or employees during the six months ended 31 December
2025 (six months ended 31 December 2024: nil).
As at 31 December 2025, the Group has also entered into agreements for the sale of residential properties with Executive Directors
for nil (30 June 2025: $18,852,000) and employees for $2,300,000 (30 June 2025: $2,300,000) to be recognised as revenue in
future years. An agreement for sale of residential properties with Executive Directors was cancelled during the period.
Julian Cook, an Executive Director is also a Director of WEL Networks Limited (WEL). During the six months ended 31 December
2025, the Group incurred $321,000 of development costs categorised as inventories (six months ended 31 December 2024:
$321,000) from WEL. As at 31 December 2025 there was nil (30 June 2025: nil) owing to WEL and included in account payables,
accruals and other payables. There were no other transactions between the Group and other companies to be disclosed.
Some of the Directors and key management personnel are shareholders of the Company.
11.8. Capital and land development commitments
As at 31 December 2025, the Group had entered into contractual commitments for development expenditure and purchase of
land. Development expenditure represents amounts contracted and forecast to be incurred in future years in accordance with
the Group’s development programme. Land purchases represent the amounts outstanding for the purchase of land. Joint venture
capital commitment represents the Group’s commitment to the Winton / MaxCap Medium Density Development Fund which was
terminated on 1 August 2025.
ALL VALUES IN $000'S
UNAUDITED

31 DECEMBER 2025
AUDITED

30 JUNE 2025
Development expenditure 35,035 45,633
Land purchases - 3,600
Joint venture capital commitment - 50,000
Total capital and land development commitments 35,035 99,233
11.9. Subsequent events after balance date
There were no material events subsequent to the balance date.
INTERIM FINANCIAL STATEMENTS FY2616 | WINTON LAND LIMITED

TBA
IInnddeeppeennddeenntt aauuddiittoorr’’ss rreevviieeww rreeppoorrtt ttoo tthhee sshhaarreehhoollddeerrss ooff WWiinnttoonn LLaanndd LLiimmiitteedd
CCoonncclluussiioonn
We have reviewed the consolidated interim condensed financial statements (“interim financial statements”) of Winton Land
Limited (“the Company”) and its subsidiaries (together “the Group”) on pages 3 to 16 which comprise the consolidated
statement of financial position as at 31 December 2025, and the consolidated statement of comprehensive income,
consolidated statement of changes in equity and consolidated statement of cash flows for the six months ended on that date,
and explanatory notes. Based on our review, nothing has come to our attention that causes us to believe that the accompanying
interim financial statements on pages 3 to 16 of the Group do not present fairly, in all material respects, the financial position
of the Group as at 31 December 2025, and its financial performance and its cash flows for the six months ended on that date,
in accordance with New Zealand Equivalent to International Accounting Standard 34:

Interim F inancial R eporting (NZ IAS 3 4)
and International A ccounting S tandard 34:Interim F inancial R eporting (IAS 3 4).
This report is made solely to the Company’s shareholders, as a body. Our review has been undertaken so that we might state to
the Company’s shareholders those matters we a re required to state to them in a review report and for no o ther purpose. To the
fullest extent permitted by law, w e do not accept or assume responsibility to anyone other t han the Company and the
Company’s shareholders as a body, for our review procedures, for this report,
or for the conclusion we have formed.
BBaassiiss ffoorr ccoonncclluussiioonn
We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial Statements Performed by the
Independent Auditor of the Entity
. Our responsibilities are further d escribed in the Auditor’s responsibilities for the review of the
financial statements
section of our report. We are independent of the Group in accordance with the Professional and Ethical
Standard 1
International C ode of Ethics for Assurance P ractitioners (including International Independence S tandards) ( New
Zealand) as applicable to audits and reviews of public interest entities. We have also fulfilled our other ethical responsibilities
in accordance with Professional and Ethical Standard 1.
Other than in our capacity as a uditor we have no relationship with, or interest in, the Company or any of its subsidiaries. Partners
and employees of our firm may deal with the Group on normal terms within the ordinary course of trading activities of the
business of the Group.
DDiirreeccttoorrss’’ rreessppoonnssiibbiilliittyy ffoorr tthhee iinntteerriimm ffiinnaanncciiaall ssttaatteemmeennttss
The directors are responsible, on behalf of the Entity, for the preparation and fair presentation of the interim financial
statements in accordance with NZ IAS 34 and IAS 34 and for such internal control as the directors determine is necessary to
enable the preparation and fair presentation of the interim financial statements that are free from material misstatement,
whether due to fraud or error.
AAuuddiittoorr’’ss rreessppoonnssiibbiilliittiieess ffoorr tthhee rreevviieeww ooff tthhee iinntteerriimm ffiinnaanncciiaall ssttaatteemmeennttss
Our responsibility is t o express a conclusion on the interim financial statements based on o ur review. NZ SRE 2410 (Revised)
requires us to conclude whether anything has come to our attention that causes us to believe that the interim financial
statements, taken as a whole, are not prepared in all material respects, in accordance with NZ IAS 34 and IAS 34.
A review of interim financial statements in a ccordance with NZ SRE 2410 (Revised) is a limited assurance engagement. We
perform procedures, consisting of making enquiries, primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures. The procedures performed in a review are substantially less than those
performed in an audit conducted in accordance wit h International Standards on Auditing (New Zealand) and consequently do
not enable us to obtain assurance that w e would become aware of all significant matters that might be
identified in an audit.
Accordingly, we do not express an audit opinion on those interim financial statements.
The engagement partner on the review resulting in this independent auditor’s review report is Brent Penrose.

A member firm of Ernst & Young Global Limited
IInnddeeppeennddeenntt aauuddiittoorr’’ss rreevviieeww rreeppoorrtt ttoo tthhee sshhaarreehhoollddeerrss WWiinnttoonn LLaanndd LLiimmiitteedd
CCoonncclluussiioonn
We have reviewed the consolidated interim condensed financial statements (“interim financial statements”) of Winton Land
Limited (“the Company”) and its subsidiaries (together “the Group”) on pages 3 to 16 which comprise the consolidated
statement of financial position as at 31 December 2025, and the consolidated statement of comprehensive income,
consolidated statement of changes in equity and consolidated statement of cash flows for the six months ended on that date,
and explanatory notes. Based on our review, nothing has come to our attention that causes us to believe that the accompanying
interim financial statements on pages 3 to 16 of the Group d o not present fairly, i n all material respects, the financial position
of the Group a s at 31 December 2025, and its financial performance and its cash flows for the six months ended on that date,
in accordance with New Zealand Equivalent to International Accounting Standard 34:
Interim F inancial R eporting (NZ IAS 3 4)
and International A ccounting S tandard 3 4: Interim Financial R eporting (IAS 3 4).
This report is made solely to the Company’s shareholders, as a body. Our review has been undertaken so that we might state to
the C ompany’s s hareholders those matters we a re required to state to them in a review report and for no o ther purpose. To the
fullest extent permitted by law, w e do not accept or assume responsibility to anyone other t han the Company and the
Company’s shareholders as a body, for our review procedures, for this report, or for the conclusion we have formed.
BBaassiiss ffoorr ccoonncclluussiioonn
We conducted our review in accordance with NZ SRE 2410 (Revised)
Review of Financial Statements Performed by the
Independent Auditor of the E ntity
. Our responsibilities are further described in the Auditor’s responsibilities for the review of the
financial statements
section of our report. We are independent of the Group i n accordance with the Professional and Ethical
Standard 1
International C ode o f Ethics for Assurance P ractitioners (including International Independence S tandards) (New
Zealand
) as applicable to audits and reviews of public interest entities. We have also fulfilled o ur other ethical responsibilities in
accordance with Professional and Ethical Standard 1.
Other than in
our capacity a s a uditor we have no relationship with, or interest in, the Company or any of its subsidiaries. Partners
and employees of our firm may deal with the Group o n normal terms within the ordinary course of trading activities of the
business of the Group.
DDiirreeccttoorrss’’ rreessppoonnssiibbiilliittyy ffoorr tthhee iinntteerriimm ffiinnaanncciiaall ssttaatteemmeennttss
The directors are responsible, on behalf of the Entity, for the preparation and fair presentation of the interim financial
statements in accordance with NZ IAS 34 and IAS 34 and for such internal control as the directors determine is necessary to
enable the preparation and fair presentation of the interim financial statements that are free from material misstatement,
whether due to fraud or error.
AAuuddiittoorr’’ss rreessppoonnssiibbiilliittiieess ffoorr tthhee rreevviieeww ooff tthhee iinntteerriimm ffiinnaanncciiaall ssttaatteemmeennttss
Our responsibility i s t o express a conclusion on the interim financial statements b ased o n o ur review. NZ SRE 2410 (Revised)
requires u s to conclude w hether anything h as c ome to our attention that causes u s to believe that the interim financial
statements, taken as a whole, are not prepared in all material respects, in accordance with NZ IAS 34 and IAS 34.
A review of interim financial statements in a ccordance w ith NZ SRE 2410 (Revised) is a limited assurance engagement. We
perform procedures, consisting of making enquiries, primarily of persons responsible for financial and accounting matters, and
applying analytical and other review p rocedures. The p rocedures p erformed in a review a re substantially less than those
performed in an audit conducted in accordance with International Standards on Auditing (New Zealand) and consequently do
not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit.
Accordingly, we do not express an audit opinion on those interim financial statements.
The engagement partner on the review resulting in this independent auditor’s review report is Brent Penrose.

A member firm of Ernst & Young Global Limited
INTERIM FINANCIAL STATEMENTS FY26WINTON LAND LIMITED | 17

IInnddeeppeennddeenntt aauuddiittoorr’’ss rreevviieeww rreeppoorrtt ttoo tthhee sshhaarreehhoollddeerrss ooff WWiinnttoonn LLaanndd LLiimmiitteedd
CCoonncclluussiioonn
We have reviewed the consolidated interim condensed financial statements (“interim financial statements”) of Winton Land
Limited (“the Company”) and its subsidiaries (together “the Group”) on pages 3 to 16 which comprise the consolidated
statement of financial position as at 31 December 2025, and the consolidated statement of comprehensive income,
consolidated statement of changes in equity and consolidated statement of cash flows for the six months ended on that date,
and explanatory notes. Based on our review, nothing has come to our attention that causes us to believe that the accompanying
interim financial statements on pages 3 to 16 of the Group do not present fairly, in all material respects, the financial position
of the Group as at 31 December 2025, and its financial performance and its cash flows for the six months ended on
that date,
in accordance with New Zealand Equivalent to International Accounting Standard 34:
Interim F inancial R eporting (NZ IAS 3 4)
and International A ccounting S tandard 34:Interim F inancial R eporting (IAS 3 4).
This report is made solely to the Company’s shareholders, as a body. Our review has been undertaken so that we might state to
the Company’s shareholders those matters we a re required to state to them in a review report and for no o ther purpose. To the
fullest extent permitted by law, w e do not accept or assume responsibility to anyone other t han the Company and the
Company’s shareholders as a body, for our review procedures, for this report, or for the conclusion we have formed.
BBaassiiss ffoorr ccoonncclluussiioonn
We conducted our review in accordance with NZ SRE 2410 (Revised)
Review of Financial Statements Performed by the
Independent Auditor of the Entity
. Our responsibilities are further d escribed in the Auditor’s responsibilities for the review of the
financial statements
section of our report. We are independent of the Group in accordance with the Professional and Ethical
Standard 1
International C ode of Ethics for Assurance P ractitioners (including International Independence S tandards) ( New
Zealand) as applicable to audits and reviews of public interest entities. We have also fulfilled our other ethical responsibilities
in accordance with Professional and Ethical Standard 1.
Other than in our capacity as a uditor we have no relationship with, or interest in, the Company or any of its subsidiaries. Partners
and employees of our firm may deal with the Group on normal terms within the ordinary course of trading activities of the
business of the Group.
DDiirreeccttoorrss’’ rreessppoonnssiibbiilliittyy ffoorr tthhee iinntteerriimm ffiinnaanncciiaall ssttaatteemmeennttss
The directors are responsible, on behalf of the Entity, for the preparation and fair presentation of the interim financial
statements in accordance with NZ IAS 34 and IAS 34 and for such internal control as the directors determine is necessary to
enable the preparation and fair presentation of the interim financial statements that are free from material misstatement,
whether due to fraud or error.
AAuuddiittoorr’’ss rreessppoonnssiibbiilliittiieess ffoorr tthhee rreevviieeww ooff tthhee iinntteerriimm ffiinnaanncciiaall ssttaatteemmeennttss
Our responsibility is t o express a conclusion on the interim financial statements based on o ur review. NZ SRE 2410 (Revised)
requires us to conclude whether anything has come to our attention that causes us to believe that the interim financial
statements, taken as a whole, are not prepared in all material respects, in accordance with NZ IAS 34 and IAS 34.
A review of interim financial statements in a ccordance with NZ SRE 2410 (Revised) is a limited assurance engagement. We
perform procedures, consisting of making enquiries, primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures. The procedures performed in a review are substantially less than those
performed in an audit conducted in accordance wit h International Standards on Auditing (New Zealand) and consequently do
not enable us to obtain assurance that w e would become aware of all significant matters that might be identified in an audit.
Accordingly, we do not express an audit opinion on those interim financial statements.
The engagement partner on the review resulting in this independent auditor’s review report is Brent Penrose.

A member firm of Ernst & Young Global Limited
IInnddeeppeennddeenntt aauuddiittoorr’’ss rreevviieeww rreeppoorrtt ttoo tthhee sshhaarreehhoollddeerrss WWiinnttoonn LLaanndd LLiimmiitteedd
CCoonncclluussiioonn
We have reviewed the consolidated interim condensed financial statements (“interim financial statements”) of Winton Land
Limited (“the Company”) and its subsidiaries (together “the Group”) on pages 3 to 16 which comprise the consolidated
statement of financial position as at 31 December 2025, and the consolidated statement of comprehensive income,
consolidated statement of changes in equity and consolidated statement of cash flows for the six months ended on that date,
and explanatory notes. Based on our review, nothing has come to our attention that causes us to believe that the accompanying
interim financial statements on pages 3 to 16 of the Group d o not present fairly, i n all material respects, the financial position
of the Group a s at 31 December 2025, and its financial performance and its cash flows for the six months ended on that date,
in accordance with New Zealand Equivalent to International Accounting Standard 34:
Interim F inancial R eporting (NZ IAS 3 4)
and International A ccounting S tandard 3 4: Interim Financial R eporting (IAS 3 4).
This report is made solely to the Company’s shareholders, as a body. Our review has been undertaken so that we might state to
the C ompany’s s hareholders those matters we a re required to state to them in a review report and for no o ther purpose. To the
fullest extent permitted by law, w e do not accept or assume responsibility to anyone other t han the Company and the
Company’s shareholders as a body, for our review procedures, for this report, or for the conclusion we have formed.
BBaassiiss ffoorr ccoonncclluussiioonn
We conducted our review in accordance with NZ SRE 2410 (Revised)
Review of Financial Statements Performed by the
Independent Auditor of the E ntity
. Our responsibilities are further described in the Auditor’s responsibilities for the review of the
financial statements
section of our report. We are independent of the Group i n accordance with the Professional and Ethical
Standard 1
International C ode o f Ethics for Assurance P ractitioners (including International Independence S tandards) (New
Zealand
) as applicable to audits and reviews of public interest entities. We have also fulfilled o ur other ethical responsibilities in
accordance with Professional and Ethical Standard 1.
Other than in
our capacity a s a uditor we have no relationship with, or interest in, the Company or any of its subsidiaries. Partners
and employees of our firm may deal with the Group o n normal terms within the ordinary course of trading activities of the
business of the Group.
DDiirreeccttoorrss’’ rreessppoonnssiibbiilliittyy ffoorr tthhee iinntteerriimm ffiinnaanncciiaall ssttaatteemmeennttss
The directors are responsible, on behalf of the Entity, for the preparation and fair presentation of the interim financial
statements in accordance with NZ IAS 34 and IAS 34 and for such internal control as the directors determine is necessary to
enable the preparation and fair presentation of the interim financial statements that are free from material misstatement,
whether due to fraud or error.
AAuuddiittoorr’’ss rreessppoonnssiibbiilliittiieess ffoorr tthhee rreevviieeww ooff tthhee iinntteerriimm ffiinnaanncciiaall ssttaatteemmeennttss
Our responsibility i s t o express a conclusion on the interim financial statements b ased o n o ur review. NZ SRE 2410 (Revised)
requires u s to conclude w hether anything h as c ome to our attention that causes u s to believe that the interim financial
statements, taken as a whole, are not prepared in all material respects, in accordance with NZ IAS 34 and IAS 34.
A review of interim financial statements in a ccordance w ith NZ SRE 2410 (Revised) is a limited assurance engagement. We
perform procedures, consisting of making enquiries, primarily of persons responsible for financial and accounting matters, and
applying analytical and other review p rocedures. The p rocedures p erformed in a review a re substantially less than those
performed in an audit conducted in accordance with International Standards on Auditing (New Zealand) and consequently do
not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit.
Accordingly, we do not express an audit opinion on those interim financial statements.
The engagement partner on the review resulting in this independent auditor’s review report is Brent Penrose.

A member firm of Ernst & Young Global Limited
A member firm of Ernst & Young Global Limited

[Sign Ernst & Young]
Chartered Accountants
Auckland
20 February 2026
INTERIM FINANCIAL STATEMENTS FY2618 | WINTON LAND LIMITED

Company
Winton Land Limited
NZCN 6310507
ARBN 655 601 568
Board of Directors
Chris Meehan, Chair
Michaela Meehan
Julian Cook
Glen Tupuhi
Steven Joyce
James Kemp
Guy Fergusson
Josh Phillips
Senior Management Team
Chris Meehan, Chief Executive Officer
Simon Ash, Chief Operating Officer
Jean McMahon, Chief Financial Officer
Justine Hollows, General Manager Corporate Services
Duncan Elley, General Manager Project Delivery
Company Secretary
Justine Hollows
Registered Office
New Zealand:
Level 2, 11 Westhaven Drive
Cracker Bay
Auckland 1010
New Zealand
Australia:
c/- Mills Oakley
Level 7, 151 Clarence Street
Sydney, NSW 2000
Australia
Mailing Address and Contact Details
P O Box 105526
Auckland 1143
New Zealand
Telephone: +64 21 364 808
Website: www.winton.nz
Auditor
Ernst & Young
2 Takutai Square
Auckland 1010
New Zealand
Statutory Supervisor (Northbrook)
Covenant Trustee Services Limited
Level 6, 191 Queen Street
Auckland 1010
New Zealand
Corporate Legal Advisors
New Zealand:
Chapman Tripp
Level 34, PwC Tower
15 Customs Street West
Auckland 1010
New Zealand
Australia:
Mills Oakley
Level 7, 151 Clarence Street
Sydney, NSW 2000
Australia
Share Registry
Winton’s share register is maintained by MUFG Corporate
Markets, a division of MUFG Pension & Market Services.
MUFG Corporate Markets is your first point of contact
for any queries regarding your investment in Winton. You
can view your investment, indicate your preference for
electronic communications, access and update your details
and view information relating to dividends and transaction
history at any time by visiting the MUFG Corporate
Markets Investor Centre at the addresses noted below.
Registry
New Zealand:
MUFG Corporate Markets
Level 30, PwC Tower
15 Customs Street West
Auckland 1010
New Zealand
Telephone: +64 9 375 5998
Email: enquiries.nz@cm.mpms.mufg.com
Website: www.mpms.mufg.com
Australia:
MUFG Corporate Markets
Liberty Place
Level 41, 161 Castlereagh Street
Sydney, NSW 2000
Australia
Telephone: +61 1300 554 474
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BC Northbrook Wānaka,
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INTERIM FINANCIAL STATEMENTS FY26WINTON LAND LIMITED | 19

winton.nz

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1. Business Update
INTERIM RESULTS FY26
INVESTOR PRESENTATION
20 February 2026

Presenting Today
Jean McMahon
Chief Financial Officer
Chris Meehan
Chief Executive Officer
Northbrook Wānaka, Wānaka
2

Lakeside, Te Kauwhata
3
1.Business Update
2.Financial Overview
3.Market and Outlook

BUSINESS UPDATE
Ayrburn, Arrowtown

Business Highlights




Finished construction of the Northbrook Wānaka Wellness Spa, opening February 2026.
Launched new residential product at Northlake Stage 15f and North Ridge Stage 7.
Progressed development of Cracker Bay Hospitality, with first restaurant Bravo, to
open February 2026.

Settled 14 units in a difficult market and challenging economic conditions.


Pre-sale book continues to protect future revenues - $239.8m at 31 December 2025.
Stage Two of Northbrook Wānaka construction commenced.

Commercial revenue increased by $7.0m, 67% compared to the prior period.
5
Notes: 1. Northbrook Arrowtown remaining subject to a resource consent amendment being granted. A retirement
village consent has been granted for Northbrook Arrowtown.
Launch Bay, Hobsonville Point
Sunfield development masterplanned community and Ayrburn Screen Hub progressed
under the Fast-track Approvals Act 2024, decisions expected H2 FY26.

Renovation and refurbishment of waterfront Cracker Bay Offices completed.

247
186
171
76
553
449
565
345
266
14
-
200
400
600
800
1,000
1,200
PriorFY18AFY19AFY20AFY21AFY22AFY23AFY24AFY25AH1
FY26A
FY25F+
6
Significant landbank pipeline
Pipeline of c5,750 units remain to be delivered in future
years.
5,750+
Settlements in prior years include completed communities
(Longreach – 163, Lakes Edge – 55, River Terrace – 18, Parnell – 1)
Lakeside, Te Kauwhata

7
H1 FY26 Residential Settlements
Neighbourhood
Units settled
H1 FY26
Units settled
H1 FY25
Movement
Lakeside-39(39)
Beaches1-1
Northlake833(25)
Launch Bay518(13)
Total14
90(76)
Average residential
revenue per unit
(000’s)
$1,041$783$258
Settlements by product type
Notes: 1. Constructed product comprises of apartments, townhouses, dwellings and
commercial units.
RESIDENTIAL
7
Residential Lots

Apartments

Commercial

Dwellings
H1 FY26
settlements
by product
H1 FY25
settlements
by product
Residential Lots

Apartments

Commercial

Dwellings
59%
18%
22%
1%
57%
36%
7%

8
Fast-track Approvals
Sunfield and Ayrburn Screen Hub progressing through the
approval process of Fast-track Approvals Act 2024.
Screen Hub, Ayrburn
(artist impression)
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.
•Winton is currently reviewing the draft decision and the draft conditions
of consent.
•Winton expects a final decision to be released in the coming weeks.
•If approval is granted, it is Winton’s intention to commence
development immediately.
Ayrburn Screen Hub, Arrowtown
•The Ayrburn Screen Hub is a proposed addition to the Ayrburn
masterplan. Offering an all-inclusive film studio enabling users to work
and stay onsite through filming, production, and post-production with
studio buildings, workrooms, office space for film departments, dressing
rooms, a screening room, and meeting space, with accompanying 185-
room accommodation for film workers and visitor accommodation when
there aren’t films in production.
•The Fast-track process is ongoing, with a decision expected in April 2026.
•Should the project receive resource consent, it will be a valuable part of
the Ayrburn masterplan, generating revenue from the Screen Hub and
incremental revenue growth of the hospitality precinct.
Sunfield, Auckland (artist impression)

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 will see an extension
to the roading, walking and cycle network within Lakeside.
•Neighbourhood Playground 1 (within the Stage 1 Reserve) is now
complete providing additional amenity to the development.
•The Scott Road intersection upgrade is complete.

Ayrburn – Ayr Residences
•Approval obtained for the subdivision of 3 premium lots within the
Ayrburn Precinct.
•Land use consent obtained for 3 luxury residences.
•Servicing and subdivision works are progressing.
•Ayr Residences are now being marketed for sale.
Northlake
•Sale of the final Stage 17 lots.
•The first Stage 18 land lots were completed, titled and settled (Stage
18A). Works continue on the balance with Stages 18B and 18C nearing
completion.
North Ridge Cessnock
•Stage 7 design is complete, Planning Approval application has been
lodged with Cessnock City Council.
•Stage 7 was released to the market in October 2025.
•Works have commenced on the upgrade of Wollombi Road between the
Cessnock CBD and North Ridge.
9
9
RESIDENTIAL
Northlake, WānakaAyr Residences, Ayrburn
Lakeside, Te KauwhataNorth Ridge, Cessnock
Progress continues with
residential development

•Northbrook Wānaka Stage One was completed in May 2025, with new
residents continuing to move in and start their Northbrook lifestyle.
•Sales of the remaining available residences are steady and entry prices are
meeting expectations.
•Northbrook Wānaka officially opened The Wellness Spa on 4 February
2026, a luxurious amenity featuring a heated swimming pool, sauna,
boutique fitness studio, salon, and treatment rooms.
•Stage Two comprises The Welcome Building and Premium Care Suites,
incorporating a café, restaurant and other amenities together with 35 care
suites designed to provide rest home, hospital-level and dementia care.
Construction commenced in January 2026.
Northbrook Wānaka continues to grow, supported by ongoing
development and increasing resident occupancy.
10
Northbrook Wānaka
Wellness Spa Complete and Construction of Welcome
Building and Premium Care Suites underway
RETIREMENT
Raised edible gardens and activity sheds, Northbrook Wānaka
The Wellness Spa, Northbrook Wānaka

•The renovation and refurbishment of the Cracker
Bay office building is 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 2025.
•Cracker Bay’s first restaurant Bravo is due to open
February 2026 offering guests a vibrant dining
atmosphere with uninterrupted waterfront views.
Cracker Bay waterfront office space is complete, attracting like-minded tenants with
a connection to the water.
11
11
COMMERCIAL

•Ayrburn is on track to be the most popular and most visited attraction
in the region.
•Ayrburn’s inaugural Ayrburn Classic, a celebration of motoring
featuring vintage, classic and modern luxury cars was a finalist in The
International Historic Motoring Awards 2025 for Breakthrough Event
of the Year. The February 2026 event will be even bigger and better
than the first including a "Tour D'Elegance" parade of 40
supercars/classics and a live car auction.
•The focus remains on visitor growth, gaining further efficiencies from
the multi-venue site, building the events pipeline, and continuing to
deliver the high-end Ayrburn experience to every person that visits.
Ayrburn has just completed its first six months with all
venues trading, continuing to host hundreds of people
experiencing the unique destination firsthand.
12
COMMERCIAL
The Bakehouse, Ayrburn
Ayrburn Classic

FINANCIAL OVERVIEW
Northlake, Wānaka

H1 FY26 Financial Performance
We have continued to diversify our revenue streams.
14
Statement of Financial Performance
unaudited
H1 FY26
unaudited
H1 FY25
Movement
NZ$m (unless indicated otherwise)
Six Months
Ended
Six Months
Ended
31-Dec-2531-Dec-24
Revenue
32.4
81.1
(48.7)
Cost of goods sold
(14.0)(57.6)43.6
Gross profit
18.4
23.5
(5.1)
Gross profit margin
56.9%
29.0%
27.8%
Loss on sale of property, plant and equipment
(0.2)(0.4)0.2
Gain / (loss) on investment properties
1.2(2.8)4.0
Selling expenses
(1.2)(2.7)1.5
Property expenses
(0.9)(1.1)0.2
Employee benefits expense
(10.0)(10.1)0.1
Administrative expenses
(5.8)(5.9)0.1
Share-based payment expense
(0.7)(0.6)(0.1)
EBITDA
0.8
(0.1)
0.9
Depreciation and amortisation
(3.4)(2.2)(1.2)
Net interest income
(0.7)
(0.1)
(0.6)
Profit before income tax
(3.3)
(2.4)
(0.9)
Income tax expense
2.40.42.0
Profit after income tax
(0.9)
(2.0)
1.1
Basic earnings per share (cents)
(0.30)
(0.67)
0.37
Financial Performance
•Winton has delivered revenue of $32.4 million, 60.0% down from $81.1 million in
H1 FY25.
•Residential revenue was down $55.9 million as only 14 units were settled, a
decrease of 79 units.
•Commercial revenue increased by $7.0 million in H1 FY26 due to increasing
occupancy at Cracker Bay and additional venues trading at Ayrburn.
•Cost of goods sold of $14.0 million is lower than H1 FY25 by $43.6 million or 75.7%
due to the lower number of units settled.
•A fair value gain of $1.2 million resulted from the revaluation of commercial assets
and retirement land within the investment properties portfolio. This compares to
a loss of $2.8 million in H1 FY25.
•Selling expenses were lower in H1 FY26 by 54.9% due to reduced sales
commission and marketing spend.
•Employee benefits expense and administrative expenses remain steady despite
additional venues trading at Ayrburn in H1 FY26.
14

Financial Position
•Cash balances remain strong at $14.5 million.
•Winton extended its $18.3 million debt facility secured against the completed
office building and marina complex at Cracker Bay 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.
•Winton’s debt profile is set to reduce in H2 FY26 with settlements at Northlake
Stage 18 and Lakeside forecasted to repay the respective debt facilities in full.
•Inventories have increased from FY25 due to works on site at Northlake Stage 15f
and 18 and Lakeside.
•The decrease in Property Plant and Equipment was primarily due to the
completion of the last two venues at Ayrburn in FY25, the Bakehouse and Billy’s.
Only minor improvements of $1.0 million occurred in H1 FY26 so the decrease is
due to depreciation of $3.1 million.
•Revenue in advance and Residents’ loans reflect the opening of Northbrook
Wānaka in May 2025 and will be recognised over the average expected occupancy
of residents.
H1 FY26 Financial Position
Winton has historically operated with a conservative level of debt in its capital structure.
Statement of Financial Position
unaudited
FY26
audited
FY25
NZ$m (unless indicated otherwise)As atAs at
Movement
31-Dec-2530-Jun-25
Cash and cash equivalents
14.520.3(5.8)
Inventories
249.8225.724.1
Investment properties
357.6358.4(0.8)
Property, plant and equipment
91.393.4(2.1)
Other assets
6.36.20.2
Total assets
719.5703.915.6
Accounts payable and other liabilities
11.014.5(3.5)
Taxation payable
0.20.3(0.1)
Revenue received in advance
1.10.80.3
Residents’ loans
14.213.01.2
Lease liability
20.320.3-
Borrowings
119.499.420.0
Deferred tax liabilities
22.124.4(2.3)
Total liabilities
188.3172.715.6
Net assets
531.2531.2-
NTA cents per share
178.7178.60.1
15

H1 FY26 Statement of Cash Flows
Winton maintains a strong cash position from pre-sales and recurring income.
16
Statement of Cash Flows
unaudited
FY26
unaudited
FY25
NZ$m (unless indicated otherwise)
Six months
Ended
Six months
Ended
Movement
31-Dec-2531-Dec-24
Cash flows from operating activities
Receipts from customers
33.081.1(48.1)
Receipts from new occupational right agreements
1.8-1.8
Payment to suppliers and employees
(41.9)(46.8)4.9
Development land purchases
(3.6)(5.4)1.8
Other operating activities
0.8(1.8)2.6
Net cash flows from operating activities
(9.9)27.1(37.0)
Cash flows from investing activities
Investment property purchases
(9.1)(44.7)35.6
Acquisition of property, plant and equipment
(1.8)(11.5)9.7
Other investing activities
0.6-0.6
Net cash flows from investing activities
(10.3)(56.2)45.9
Cash flows from financing activities
Net proceeds of borrowing
15.414.50.9
Payment of lease and other liabilities
(1.0)(1.0)-
Net cash flows from financing activities
14.413.50.9
Net increase in cash and cash equivalents
(5.8)(15.6)9.8
Cash and cash equivalents at beginning of the period
20.341.7(21.4)
Cash and cash equivalents at the end of the period
14.526.1(11.6)
Cashflows
•Net operating cash flows have decreased by $37.0 million due to a decrease in
residential revenue offset by sales of occupational right agreements at
Northbrook Wanaka, and a reduction of payments to suppliers and employees
due to less works onsite in H1 FY26.
•Development land purchases relate to Sunfield land deposit payments, the final
payment was made H1 FY26.
•Investing activity outflows have decreased due to less purchasing activity of
investment property and property, plant and equipment in H1 FY26. Investment
property purchases mainly relate to Northbrook Wanaka Wellness building.
Property, plant and equipment acquisitions reduced following the completion of
Ayrburn Precinct, Bakehouse and Billy’s during FY25.
•The Board of Directors has decided to pause paying a dividend to maintain
financial discipline through softer market conditions, while enabling Winton to
continue to execute its growth plans.
16

MARKET AND OUTLOOK
Cracker Bay, Auckland

Construction Costs Remain High
Net migration at record lows (excluding COVID)Building Consents Remain Subdued
Market and Outlook
High inventory levels remain in the market throughout 2025 – a cautious, balanced market with limited price growth.
Notes:
1
. Stats NZ Building Consents Issued: December 2025
2
. Stats NZ International Migrations: October YE
3.
Stats NZ Ready-Mixed Concrete December 2025
4.
Cordell Construction Cost Index CCI18
Volume of Ready-Mix Concrete Remains Low
-50,000
0
50,000
100,000
150,000
20152016201720182019202020212022202320242025
Annual Net Migration
2

Annual net migrationAverage net migration 2015-2019
-3
-2
-1
0
1
2
3
4
5
6
Cordell Construction Cost Index – Monthly Change
4
1,800
2,200
2,600
3,000
3,400
3,800
4,200
4,600
5,000
5,400
JanFebMarAprMayJunJulAugSeptOctNovDec
Building consents issued¹
20212022202320242025
800,000
900,000
1,000,000
1,100,000
1,200,000
1,300,000
Quarters ending
Volume of ready-mix concrete (m³)¹
Quarterly Volume2015-2025 Average

Unemployment Continues to Increase, 5.4% as at December 2025
Market and Outlook
19
The unemployment rate as at December 2025 was 5.4% and this is the highest unemployment rate since 2016-2 0 1 7.
These high levels continue to reduce buyer confidence and dampen demand, despite mortgage costs easing.
19
Chart Data Source: Statistics NZ
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Unemployment Rate, Sep 2010 - Dec 2025 (quarterly)

Northbrook Wānaka, Wānaka
Market and Outlook
•Unemployment continues to increase, net migration remains low
and ready-made concrete volumes are below the 10-year average.
Despite these factors, there are some positive signs in Winton’s
operating environment, including improved borrowing conditions
for consumers, increased competition amongst suppliers, lower
labour 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 cautious and constrained,
and continue to conserve resources until there are clear signs of
robust growth, rather than tentative signs of stabilisation.
•In the near term, this will mean focusing primarily on the recurrent
income segments of the business, Sunfield and our other South
Island developments, where the market has been less affected.
•We will continue to take a disciplined and selective approach to
committing additional capital, pending clearer evidence of a
sustained improvement 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 the market and our strategy.
Winton is navigating the wider economic malaise as well as possible and positioning the Company optimally to benefit from
an improving property cycle.
20

QUESTIONS
Ayrburn Homestead (Billy’s)

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 months ended 31 December 2025.
Past performance information provided in this Document may not be a reliable indication of future performance. This Document contains certain forward-looking statements and comments about future events, including
with respect to the financial condition, results, operations and business of Winton Land Limited (“Winton”). Forward looking statements can generally be identified by use of words such as ‘project’, ‘foresee’, ‘plan’,
‘expect’, ‘aim’, ‘intend’, ‘anticipate’, ‘believe’, ‘estimate’, ‘may’, ‘should’, ‘will’ or similar expressions. Forward-looking statements involve known and unknown risks, significant uncertainties, assumptions, contingencies,
and other factors, many of which are outside the control of Winton, and which may cause the actual results or performance of Winton to be materially different from any results or performance expressed or implied by
such forward-looking statements. Such forward-looking statements speak only as of the date of this Document. There can be no assurance that actual outcomes will not differ materially from the forward-looking
statements. Recipients are cautioned not to place undue reliance on forward-looking statements.
Certain financial data included in this Document are "non-GAAP financial measures", including earnings before interest, tax, depreciation and amortisation (“EBITDA”). These non-GAAP financial measures do not have a
standardised meaning prescribed by New Zealand Equivalents to International Financial Reporting Standards (“NZIFRS") and therefore may not be comparable to similarly titled measures presented by other entities, nor
should they be construed as an alternative to other financial measures determined in accordance with NZIFRS. Although Winton uses these measures in assessing the performance of Winton’s business, and Winton
believes these non-GAAP financial measures provide useful information to other users in measuring the financial performance and condition of the business, recipients are cautioned not to place undue reliance on any
non-GAAP financial measures included in this Document.
All amounts are disclosed in New Zealand dollars (NZ$) unless otherwise indicated.
Whilst every care has been taken in the preparation of this presentation, Winton makes no representation or warranty as to the accuracy or completeness of any statement in it including, without limitation, any forecasts.
To the maximum extent permitted by law, none of Winton, its directors, employees, shareholders or any other person shall have any liability whatsoever to any person for any loss (including, without limitation, arising from
any fault or negligence) arising from this Document.
This Document has been prepared for the purpose of providing general information, without taking account of any particular investor’s objectives, financial situation or needs. An investor should, before making any
investment decisions, consider the appropriateness of the information in this Document, and seek professional advice, having regard to the investor’s objectives, financial situation and needs.
DISCLAIMER
Important Notice and Disclaimer
23

Senior Management Team
Jean McMahon
Chief Financial Officer
Chris Meehan
Chief Executive Officer
APPENDIX 1
24
Simon Ash
Chief Operating Officer
Justine Hollows
General Manager,
Corporate Services
Duncan Elley
General Manager,
Project Delivery