Slides
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1. Business Update ANNUAL MEETING OF SHAREHOLDERS FY26
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Voting and asking questions 22 Voting Card Question box 2
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Winton Board 33 3
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Jimmy’s Point, Launch Bay Hobsonville Point 4 1. Chair Address 2. Asset Overview 3. Resolutions 4. Other Business and Shareholder Questions
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CHAIRMAN ADDRESS Ayrburn, Arrowtown
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Where We Stand Where we stand today • Restored a compliant and credible board • Ended the trading suspension • Put our own money on the table • Started the rebuild of our leadership team • Re-committed to our people Our commitment to all shareholders 1. Governance you can trust 2. A culture that values people 3. A clear focusing on the fundamentals 4. Engagement with all shareholders “Winton is a company with real assets, real momentum in its operations, and a future worth fighting for.” Michael Stiassny, Independent Chair 6
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7 Key Highlights $188.8m Revenue For the 12 months ending 30 June 2026 (FY26): $45.6m EBITDA $22.7m Net profit after tax $38.8m Cash c.5,400 Unit¹ landbank yield 430 Units delivered and settled Notes: 1. Units comprise residential land lots, dwellings, townhouses, apartments, retirement living units and commercial units..
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FY26 Financial Performance Revenue up 21.5% - margin uplift drives profit growth. 8 Statement of Financial Performance FY26 FY25 MovementNZ$m (unless indicated otherwise) Year Ended Year Ended 30-Jun-26 30-Jun-25 Revenue 188.8 155.4 33.4 Gross profit 85.7 59.5 26.2 Gross profit margin 45.4% 38.3% 7.1% EBITDA 45.6 21.3 24.3 Profit after income tax 22.7 10.3 12.4 Basic earnings per share (cents) 7.64 3.48 4.16 Financial Performance • Revenue $188.8m, up 21.5% (FY25: $155.4m); 430 units settled, up 164 • COGS $103.1m, up 7.5% on higher settlement volumes and hospitality trading; development gross margin improved to 37.1% (FY25: 31.2%) as Lakeside land lots settled at above-average margins • Gross profit $85.7m, margin 45.4% (FY25: 38.3%) • Commercial revenue up $15.2m: full year of Ayrburn venues and Bravo opening (Feb 2026); hospitality revenue $35.8m, up $14.7m • Net fair value gain of $2.3m on commercial assets and retirement land (FY25: $5.1m) • Selling expenses down 12.8% on lower commissions and marketing • Employee benefits up $2.4m with additional venues trading; administrative expenses down $2.8m on lower legal costs • EBITDA $45.6m (FY25: $21.3m); net profit after tax $22.7m (FY25: $10.3m). 8
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Northbrook, Wānaka ASSET OVERVIEW
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Northlake, Wanaka • Stages 18B/18C completed and titled, concluding 125 lots; 41 units remaining (pre-sold or available) • Stage 15 settled with just 1 unit remaining at 30 June 2026; final 2 commercial units settled • Plan change underway to enlarge Stage 19, enabling c.65 additional residential lots Lakeside, Te Kauwhata • 317 land lots in Stages 4 and 5 settled in FY26, concluding the Kāinga Ora land supply agreement • Vesting of c.60 hectares of reserve land to the community underway; a significant milestone for the long-term vision North Ridge, Cessnock • Stage 7 design complete; planning approval lodged with Cessnock City Council • Released to market October 2025; selling well • Wollombi Road upgrade (CBD to North Ridge) underway Winton’s longstanding pre-sale strategy continues to deliver, achieving FY26 revenue $148.1 million. 10 Residential Development FY26 10 RESIDENTIAL Northlake, Wānaka - Stage 18 Lakeside, Te Kauwhata North Ridge, Cessnock Northlake, Wānaka - Stage 19
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11 Fast-track Approvals Sunfield and Ayrburn Screen Hub both approved under the Fast-track Approvals Act 2024. Screen Hub, Ayrburn (artist impression) Sunfield, Auckland • Approved by the Expert Panel, 10 March 2026 • Auckland Council appealed to the High Court on a point of law (filed 9 April 2026) • Appeal heard 15–16 September 2026; decision expected within 3 months, at the Court's discretion. Ayrburn Screen Hub, Arrowtown • Approved by the Expert Panel, 14 April 2026 • Adds Screen Hub and hotel revenue plus incremental hospitality growth to the Ayrburn precinct Sunfield, Auckland (artist impression)
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Three-bedroom Residence, Northbrook Wānaka (above and below) • Steady move-ins over the first year; entry prices tracking in line with expectations • Wellness Spa opened 4 February 2026: heated indoor pool, spa, sauna, gym, yoga/Pilates studio, hair salon and consultation room • Stage 2 construction (Welcome and Care Building) began January 2026: café, restaurant and community amenities plus 35 care suites (rest home, hospital-level and dementia care); on track to open in 2027 Northbrook Wānaka marked its first birthday on 14 May 2026. 12 Northbrook W ānaka Stage 2 Underway RETIREMENT Indoor Pool and Spa, Northbrook Wānaka
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Goodfellows Lakeside • Launched 2 May 2026 with 18 lots released in Stage 1; Stage 1 delivers 72 homes of an eventual 210 • Seven house types available: two, three and four-bedroom • Resident facilities completed April 2026 (Residents' Lounge, gym, office space); additional facilities on track for 2027, ahead of first residents • Four display homes complete; full sales campaign commences this month. A new lifestyle village in Lakeside, Te Kauwhata for those over 60. Residents’ Lounge, Goodfellows Lakeside Kennet Display Home, Goodfellows Lakeside Indoor Pool and Spa, Goodfellows Lakeside (artist impression) Lawn Bowls, Goodfellows Lakeside (artist impression) RETIREMENT 13
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• Office building 88% occupied across four levels; Level 1 the only floor unleased • Carpark leased to Secure Parking: c.160 spaces for tenants, marina users and restaurant patrons • Dry stack marina serviced boaties throughout FY26 Cracker Bay continued to establish itself as a distinctive waterfront precinct during FY26. 1414 COMMERCIAL • Bravo opened 26 February 2026: overwater restaurant and all-day dining on the Waitematā Harbour, adding a food and beverage dimension to the precinct and increasing foot traffic • Boatie-friendly: book-a-berth options, plus kids' menu, play area and Bravo Go takeaway
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• Hospitality revenue $35.8m, up 69.4%: all venues trading for the full year • Billy's and The Woolshed named Michelin Selected in 2026, recognising New Zealand's most exceptional restaurants • Second Ayrburn Classic (Feb 2026) built on the inaugural event, a finalist in the International Historic Motoring Awards 2025: 40 supercars and classics, live car auction and 9,000 visitors • Homestead and Ten Acre Pinot Noirs received 5-star Cuisine Magazine ratings for the 2024 vintage; chardonnay demand exceeds supply, with production sustaining in-venue demand only • Events span gala dinners, conferences, corporate functions and international artists; weddings doubled year-on-year, all strengthening Ayrburn's profile as a destination precinct. FY26 marked the first full year with all Ayrburn venues trading. 15 COMMERCIAL Billy’s, Ayrburn The Woolshed, Ayrburn 15
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The Woolshed, Ayrburn Dividend and Outlook • Unemployment at 5.6% and still rising; net migration below long- term average • Encouraging signs: building consents above long-run average, concrete volumes back to decade average, construction cost inflation easing • Remaining cautious and constrained, conserving resources until growth is clearly established • Near-term focus on recurrent income, Sunfield and South Island, where markets are less affected • Cautiously positive for the year ahead, but uncertainty remains high • Project investment review underway; shareholders to be updated on decisions • Dividend paused for financial discipline and will resume when prudent to do so Navigating softer conditions — focus on recurrent income, Sunfield and South Island developments. 16
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RESOLUTIONS Northbrook, Wānaka
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Voting and asking questions 1818 Voting Card Question box 18
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Resolution 1: Election of Michael Stiassny as Director That Michael Stiassny, having been appointed by the Board and only holding office until the Annual Meeting of Shareholders, be elected as Director of the Company. The Board unanimously recommends that shareholders vote in favour of the election of Michael Stiassny. Michael Stiassny Chair/Independent Director 19
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That the Board be authorised to fix the fees and expenses of Ernst & Young as the auditor of the Company for the ensuing year. The Board unanimously recommends that shareholders vote in favour of this resolution. Resolution 2: Auditor’s Remuneration Lakeside, Te Kauwhata 20
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Proxy Vote Outcomes RESOLUTION FOR AGAINST PROXY DISCRETION Election of Michael Stiassny as Director 248,099,223 (99.97%) 4,881 (0.00%) 79,559 (0.03%) Auditor’s Remuneration 248,099,471 (99.97%) 5,359 (0.00%) 80,567 (0.03%) 21
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OTHER BUSINESS AND SHAREHOLDER QUESTIONS Northbrook, Wānaka
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THANK YOU FOR ATTENDING The Manure Room and The Woolshed, Ayrburn
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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 audited consolidated financial statements for the year ended 30 June 2026. 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 ther efore 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 a ccuracy 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 24