• Maintained position as #1 tandem skydiving operator in Australia and New Zealand
• Reef Unlimited maintained position as one of North Queensland's leading marine operators
• Treetops Adventure saw solid but varied performance across site network

Experience Co Ltd reported its 1H26 results, with sales revenue from continuing operations up 5% to $67.2 million and underlying EBITDA from continuing operations up 1% to $10.5 million, despite significant external impacts. The company's skydiving segment saw stronger performance in New Zealand offset by softer performance in Australia, while the reef and adventure experiences segments delivered solid results. Reef Unlimited maintained its position as one of North Queensland's leading marine operators, with revenue growth of 11% driven by volume and average revenue per customer increases. Treetops Adventure saw solid but varied performance across its site network, with a 4% decrease in volumes partially offset by a 3% increase in average revenue per customer. The company continued to focus on cost reduction initiatives, with approximately 50% of its $2 million annualised cost-out target for FY26 implemented. The company's balance sheet remains sound, with net debt to LTM underlying EBITDA of around 0.9x at 31 December 2025. The company's cash conversion was impacted by working capital timing, with free cash flow generation remaining a management priority.