Full Year 2026 Coast Entertainment Holdings Ltd Earnings Call

August 21, 2026

Speaker #2: Thank you for standing by, and welcome to the Coast Entertainment Holdings Ltd Full Year 2026 Financial Results Conference Call. All participants are in a listen-only mode.

Operator 2: Thank you for standing by, and welcome to the Coast Entertainment Holdings Limited Financial Year 2026 full year financial results conference call. All participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. If you wish to ask a question, please press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Dr. Gary Weiss, Chairman of Coast Entertainment Holdings Limited. Please go ahead.

Operator: Thank you for standing by, and welcome to the Coast Entertainment Holdings Limited Financial Year 2026 full year financial results conference call. All participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. If you wish to ask a question, please press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Dr. Gary Weiss, Chairman of Coast Entertainment Holdings Limited. Please go ahead.

Speaker #2: There will be a presentation followed by a question-and-answer session. If you wish to ask a question, please press the star key followed by the number 1 on your telephone keypad.

Speaker #2: I would now like to hand the conference over to Dr. Gary Weiss, Chairman of Coast Entertainment Holdings Ltd. Please go ahead.

Speaker #3: Good morning, everyone. Thank you for joining us today for the presentation of the FY26 Full Year Results for Coast Entertainment Holdings Ltd. My name is Gary Weiss, and I'm the Chairman of Coast Entertainment.

Gary Weiss: Good morning, everyone. Thank you for joining us today for the presentation of the FY26 full-year results for Coast Entertainment Holdings Limited. My name is Gary Weiss, and I am the Chairman of Coast Entertainment. I am joined today by our Chief Executive Officer, Greg Yong, and our Chief Financial Officer, José de Sacadura. Turning to slide 2. I will begin our presentation with a brief overview of the group's key highlights for the year. After which, I will hand over to Jose and Greg to take you through the financial results and operating performance in more detail. Turning to slide 3, which highlights our key highlights for the year. As outlined in our announcement to the market on 20 July, the group is pleased to report a strong performance in FY26, with solid growth across every key operating metric.

Speaker #3: I'm joined today by our Chief Executive Officer, Greg Young, and our Chief Financial Officer, José de Sacadura. Turning to slide 2, I'll begin our presentation with a brief overview of the group's key highlights for the year, after which I will hand over to José and Greg to take you through the financial results and operating performance in more detail.

Speaker #3: Turning to slide 3, which highlights our key highlights for the year. As outlined in our announcement to the market on 20 July, the group is pleased to report a strong performance in FY26, with solid growth across every key operating metric.

Speaker #3: It is worth noting upfront that FY26 is a 53-week year, and our statutory results reflect an additional week of trading compared to the 52 weeks reported in FY25.

Gary Weiss: It is worth noting upfront that FY26 is a 53-week year, and our statutory results reflect an additional week of trading compared to the 52 weeks reported in FY25. While this has contributed to the reported numbers, the underlying like-for-like performance across the business has been excellent, as Greg will explain shortly. In FY26, the theme parks and attractions business delivered strong growth across every key measure. Ticket sales increased 33% on the prior year, while total visitation reached 2 million guests, up 29.3%. Operating revenue also rose 20.8% to AUD 116.5 million, with the business achieving record revenues for food and beverage and retail. Notably, earnings growth once again significantly outpaced revenue growth, with theme parks and attractions EBITDA, excluding specific items, increasing 113.6% to AUD 18.8 million. This highlights the continued operating leverage in the business as incremental revenue from higher visitation increasingly flows through to the bottom line.

Speaker #3: While this has contributed to the reported numbers, the underlying like-for-like performance across the business has been excellent, as Greg will explain shortly. In FY26, the theme parks and attractions business delivered strong growth across every key measure.

Speaker #3: Ticket sales increased 33% on the prior year, while total visitation reached 2 million guests, up 29.3%. Operating revenue also rose 20.8% to $116.5 million, with the business achieving record revenues for food and beverage and retail.

Speaker #3: Notably, earnings growth once again significantly outpaced revenue growth, with Theme Parks and Attractions EBITDA excluding specific items increasing 113.6% to $18.8 million. This highlights a continued operating leverage in the business, as incremental revenue from higher visitation increasingly flows through to the bottom line.

Speaker #3: As a result of continued strong annual parc sales, deferred revenue also grew 58.7% to $20.2 million, providing a solid revenue base heading into FY27.

Gary Weiss: As a result of continued strong annual pass sales, deferred revenue also grew 58.7% to AUD 20.2 million, providing a solid revenue base heading into FY27. At a consolidated level, EBITDA excluding specific items increased 236.5% to AUD 13.8 million. The group returned to net profitability, delivering a statutory net profit after tax of AUD 6.1 million for the year. The group also generated positive net cash flows during the period, ending the year in a strong financial position with AUD 35 million in cash, no debt, and a fully undrawn bank loan facility of AUD 20 million, providing the group with ample liquidity and funding flexibility. Beyond the operating result, FY26 has also been a landmark year for unlocking value in the group's underlying assets.

Speaker #3: At a consolidated level, EBITDA excluding specific items increased 236.5% to $13.8 million, and the Group returned to net profitability, delivering a statutory net profit after tax of $6.1 million for the year.

Speaker #3: The group also generated positive net cash flows during the period, ending the year in a strong financial position with $35 million in cash, no debt, and a fully undrawn bank loan facility of $20 million, providing the group with ample liquidity and funding flexibility.

Speaker #3: Beyond the operating result, FY26 has also been a landmark year for unlocking value in the group's underlying assets. As announced on 20 July, we have now received planning approval for our 55-hectare Kumara Land Holding, providing greater certainty over the development potential for the site and opportunities to realize long-term value for shareholders.

Gary Weiss: As announced on 20 July, we have now received planning approval for our 55-hectare Coomera land holding, providing greater certainty over the development potential for the site and opportunities to realize long-term value for shareholders. Following that approval, we commissioned independent valuations of both Dreamworld and SkyPoint, enabling the directors to determine fair values of AUD 295.9 million and AUD 51.7 million for Dreamworld and SkyPoint, respectively. Both well above their current book values. Together with AUD 136.1 million of available tax losses, providing a tax benefit of AUD 40.8 million, most of which is not recognized on the balance sheet. These point to substantial value not yet reflected in our net assets, which Jose will expand on shortly.

Speaker #3: Following that approval, we commissioned independent valuations of both Dreamworld and SkyPoint, enabling the directors to determine fair values of $295.9 million and $51.7 million for Dreamworld and SkyPoint, respectively.

Speaker #3: Both well above their current book values. Together with $136.1 million of available tax losses, providing a tax benefit of $40.8 million, most of which has not been recognized on the balance sheet. These point to substantial value not yet reflected in our net assets, which José will expand on shortly.

Speaker #3: Looking ahead, while trading conditions remain very challenging for many in the retail and discretionary sectors, the group enters FY27 with strong fundamentals, positive momentum, and a much clearer pathway to unlocking the value of our land holdings.

Gary Weiss: Looking ahead, while trading conditions remain very challenging for many in the retail and discretionary sectors, the group enters FY27 with strong fundamentals, positive momentum, and a much clearer pathway to unlocking the value of our land holdings. With that, I will hand over to Jose to take you through the group's financial results in more detail.

Speaker #3: With that, I will hand over to José to take you through the group's financial results in more detail.

Speaker #4: Thank you, Gary, and good morning, everyone. Turning to slide 4, I'll take you through the group's consolidated financial performance for FY26. As Gary noted, FY26 is a 53-week year, so our statutory results reflect an additional week of trading compared to FY25.

José de Sacadura: Thank you, Gary, and good morning, everyone. Turning to slide 4, I will take you through the group's consolidated financial performance for FY26. As Gary noted, FY26 is a 53-week year, so our statutory results reflect an additional week of trading compared to FY25. My remarks will focus on the statutory results for the year, with Greg later providing further detail on like-for-like performance. As this slide shows, FY26 operating revenue increased 20.8% to AUD 116.5 million. Reflecting the continued positive momentum of recent years, a strong contribution from new attractions added over the last 18 months, increased marketing and promotional activity, and of course, the additional week of trading. These also drove a 29.3% increase in total visitation to our venues. What is particularly pleasing, though, is that this was achieved amid a very difficult trading environment.

Speaker #4: My remarks will focus on the statutory results for the year, with Greg later providing further detail on like-for-like performance. As this slide shows, FY26 operating revenue increased 20.8% to $116.5 million.

Speaker #4: Reflecting the continued positive momentum of recent years, a strong contribution from new attractions added over the last 18 months, increased marketing and promotional activity, and, of course, the additional week of trading.

Speaker #4: These also drove a 29.3% increase in total visitation to our venues. What is particularly pleasing, though, is that this was achieved amid a very difficult trading environment, and once again, with a higher mix of annual pass sales, for which revenue is recognized over 12 months rather than upfront.

José de Sacadura: And once again, with a higher mix of annual pass sales for which revenue is recognized over 12 months rather than upfront. As Gary mentioned, this change in ticketing mix resulted in a 59% increase in deferred revenue compared to June 2025 and provides a solid revenue base for FY27. Note that the group's results can be impacted from time to time by certain unrealized and non-recurring specific items. Although not significant to the group's pre-tax results in FY26, it is worth remembering that the prior year benefited from AUD 5.8 million of insurance income relating to the FY24 summer storms. These and other specific items are set out in appendix 2 to this presentation.

Speaker #4: As Gary mentioned, this change in ticketing mix resulted in a 59% increase in deferred revenue compared to June 2025, and provides a solid revenue base for FY27.

Speaker #4: Note that the group's results can be impacted from time to time by certain unrealized and non-recurring specific items. Although not significant to the group's pre-tax result in FY26, it is worth remembering that the prior year benefited from $5.8 million of insurance income relating to the FY24 summer storms.

Speaker #4: These and other specific items are set out in Appendix 2 to this presentation. Excluding the specific items, theme parks and attractions EBITDA more than doubled to $18.8 million, reflecting the growth in revenue as well as improved operating leverage.

José de Sacadura: Excluding the specific items, theme parks and attractions EBITDA more than doubled to AUD 18.9 million, reflecting the growth in revenue as well as improved operating leverage, with higher visitation being absorbed across our largely fixed cost base. Corporate costs increased slightly to AUD 5 million in the year, reflecting a stabilized cost base following several years of active cost reduction initiatives. As always, we continue to apply a disciplined approach to managing these costs. At a consolidated level, EBITDA, excluding specific items, more than tripled to AUD 13.8 million, marking the third consecutive year of positive and growing consolidated group EBITDA. Below EBITDA, depreciation increased by AUD 1.8 million, reflecting our expanded asset base following the significant capital investment of recent years.

Speaker #4: With higher visitation being absorbed across our largely fixed cost base. Corporate costs increased slightly to $5 million in the year, reflecting a stabilized cost base following several years of active cost reduction initiatives.

Speaker #4: As always, we continue to apply a disciplined approach to managing these costs. And at a consolidated level, EBITDA, excluding specific items, more than tripled to $13.8 million, marking the third consecutive year of positive and growing consolidated group EBITDA.

Speaker #4: Below EBITDA, depreciation increased by $1.8 million, reflecting our expanded asset base following the significant capital investment of recent years. The income tax benefit for the year of $6.2 million includes the recognition of $4.8 million of previously unrecognized deferred tax assets, together with a $1.4 million benefit for the utilization of previously unrecognized tax losses and deductible temporary differences.

José de Sacadura: The income tax benefit for the year of AUD 6.2 million includes the recognition of AUD 4.8 million of previously unrecognized deferred tax assets, together with a AUD 1.4 million benefit for the utilization of previously unrecognized tax losses and deductible temporary differences. As Gary mentioned at the bottom line, the group returned to net profitability, delivering a statutory net profit after tax of AUD 6.1 million, much improved compared to the loss of AUD 0.1 million reported in FY25. Moving to slide 5, where we take a look at the group's cash flows and capital management. As you can see, the group continues to maintain a strong and flexible financial position. As at 30 June, we held cash balances of AUD 35 million, an increase of AUD 1.1 million on the prior year.

Speaker #4: And as Gary mentioned, at the bottom line the Group returned to net profitability, delivering a statutory net profit after tax of $6.1 million, much improved compared to the loss of $0.1 million reported in FY25.

Speaker #4: Moving to slide 5, where we take a look at the Group's cash flows and capital management. As you can see, the Group continues to maintain a strong and flexible financial position.

Speaker #4: As at the 30th of June, we held cash balances of 35 million dollars, an increase of 1.1 million dollars on the prior year. This increase has been largely underpinned by strong operating cash flows, which more than doubled to 19.7 million dollars.

José de Sacadura: This increase has been largely underpinned by strong operating cash flows, which more than doubled to AUD 19.7 million, reflecting the stronger trading performance and higher annual pass sales for which cash is received upfront. Capital expenditure for the year totaled AUD 16 million, comprising AUD 6.7 million of maintenance CapEx and AUD 9.3 million of development CapEx, primarily relating to the King Claw attraction, which launched in mid-December. Importantly, this investment was comfortably funded by the group's operating cash flows, which also covered AUD 3.7 million of share buyback costs earlier in the year. Looking ahead, we anticipate development CapEx of approximately AUD 17 million in FY27, the largest component of which is expected to relate to the replacement of the Motocoaster attraction, for which Greg will provide some additional color shortly. As mentioned in our half-year presentation, back in December, we renewed and increased our bank loan facility to AUD 20 million.

Speaker #4: Reflecting the stronger trading performance and higher annual parc sales, for which cash is received upfront. Capital expenditure for the year totaled $16 million, comprising $6.7 million of maintenance capex and $9.3 million of development capex, primarily relating to the King Claw attraction, which launched in mid-December.

Speaker #4: Importantly, this investment was comfortably funded by the group's operating cash flows, which also covered $3.7 million of share buyback costs earlier in the year.

Speaker #4: Looking ahead, we anticipate development capex of approximately $17 million in FY27, the largest component of which is expected to relate to the replacement of the Motor Coaster attraction, for which Greg will provide some additional color shortly.

Speaker #4: As mentioned in our half-year presentation, back in December we renewed and increased our bank loan facility to $20 million. This facility continues to provide the Group with additional liquidity and funding flexibility, and remains fully undrawn to date.

José de Sacadura: This facility continues to provide the group with additional liquidity and funding flexibility and remains fully undrawn to date. As always, the board continues to evaluate capital management options for the group, having regard to its operating performance, its capital position, and future funding requirements, including for our land development opportunities, and of course, prevailing market conditions. Any decisions in this regard will be made with a view to maximizing long-term shareholder value. Turning to slide 6. As Gary touched on earlier, FY26 has been a landmark year for demonstrating the underlying value of the group's assets. As at 30 June, the group's reported net assets stood at AUD 224.2 million, or AUD 0.58 per share. However, this really doesn't tell the full story.

Speaker #4: As always, the Board continues to evaluate capital management options for the Group, having regard to its operating performance, its capital position, and future funding requirements, including for our land development opportunities, and, of course, prevailing market conditions.

Speaker #4: Any decisions in this regard will be made with a view to maximizing long-term shareholder value. Turning to slide 6, as Gary touched on earlier, FY26 has been a landmark year for demonstrating the underlying value of the Group's assets.

Speaker #4: As at the 30th of June, the group's reported net assets stood at $224.2 million, or 58 cents per share. However, this really doesn't tell the full story.

Speaker #4: As I've mentioned in the past, the group's property, plant and equipment, and intangible assets are carried on the balance sheet at historical cost, net of accumulated depreciation and impairments.

José de Sacadura: As I've mentioned in the past, the group's property, plant, and equipment and intangible assets are carried in the balance sheet at historical cost net of accumulated depreciation and impairments. This doesn't reflect the true value of these assets. Following the planning approval for our Coomera land holding, we engaged CBRE to undertake fresh, independent valuations of both Dreamworld and SkyPoint. As announced on 13 August, having regard to these valuations, Dreamworld's fair value was determined by the directors to be AUD 295.9 million, almost AUD 103 million above its current book value of AUD 193 million. That value includes an immediate uplift of AUD 52 million relating to the surplus land holdings adjoining the theme parks, and also assumes a further AUD 38.5 million uplift potentially achievable through higher and better use of the car park area, which would require its relocation.

Speaker #4: This doesn't reflect the true value of these assets. Following the planning approval for our Coomera landholding, we engaged CBRE to undertake fresh, independent valuations of both Dreamworld and SkyPoint.

Speaker #4: As announced on the 13th of August, having regard to these valuations, Dreamworld's fair value was determined by the directors to be $295.9 million, almost $103 million above its current book value of $193 million.

Speaker #4: That value includes an immediate uplift of $52 million, relating to the surplus land holdings adjoining the theme parks, and also assumes a further $38.5 million uplift potentially achievable through higher and better use of the car park area.

Speaker #4: Which would require its relocation. The fair value is stated on a gross basis and excludes any potential transaction costs, as well as costs of providing access to and infilling of certain developable areas.

José de Sacadura: The fair value is stated on a gross basis and excludes any potential transaction costs, as well as costs of providing access to and infilling of certain developable areas, relocation of the car park, and otherwise complying with development approval conditions. I must note that the quantum of and responsibility for such costs are yet to be determined at this stage. SkyPoint's fair value was similarly assessed by CBRE at AUD 51.7 million, AUD 41.5 million above its book value of AUD 10.2 million. This represents a AUD 14.7 million uplift since its last valuation in December 2023 and reflects the strong financial performance of recent years. In addition, the group continues to hold AUD 121.6 million in tax losses and a further AUD 45 million in deductible temporary differences, which are not recorded in the balance sheet.

Speaker #4: Relocation of the car park, and otherwise complying with development approval conditions. I must note that the quantum of, and responsibility for, such costs are yet to be determined at this stage.

Speaker #4: Sky Point's fair value was similarly assessed by CBRE at $51.7 million, $41.5 million above its book value of $10.2 million. This represents a $14.7 million uplift since its last valuation in December 2023 and reflects a strong financial performance in recent years.

Speaker #4: In addition, the group continues to hold $121.6 million in tax losses and a further $45 million in deductible temporary differences, which are not recorded in the balance sheet.

Speaker #4: Together, these represent $50 million of unrecognized deferred tax assets, which, notwithstanding the conservative accounting treatment, remain fully available for future use by the group.

José de Sacadura: Together, these represent AUD 50 million of unrecognized deferred tax assets, which, notwithstanding the conservative accounting treatment, remain fully available for future use by the group. Adjusting for these items, you can see that the group's pro forma net asset position is closer to AUD 418.4 million, or AUD 1.08 per share. That's 87% higher than our reported net assets and well above our current share price. Finally, as recently announced, given the optionality and uplift in value unlocked by the Dreamworld planning approval, the board has appointed Barrenjoey Advisory to lead a comprehensive review of capital and funding options to help maximize this value for shareholders. We look forward to updating the market as that work progresses. With that, I'll now hand over to Greg to take you through the performance of our theme parks and attractions business.

Speaker #4: So adjusting for these items, you can see that the group's performance net asset position is closer to 418.4 million dollars, or a dollar and eight cents per share.

Speaker #4: That's 80% higher than our reported net assets, and well above our current share price. And finally, as recently announced, given the optionality and uplift in value unlocked by the Dreamworld planning approval, the Board has appointed Baron Joey Advisory to lead a comprehensive review of capital and funding options to help maximize this value for shareholders.

Speaker #4: And we look forward to updating the market as that work progresses. So, with that, I'll now hand over to Greg to take you through the performance of our theme parks and attractions business.

Speaker #1: Thanks, Jose. And good morning to everyone. Today, I have four objectives that I want to get through. Firstly, to discuss the FY26 results.

Greg Yong: Thanks, José, and good morning, everyone. I have four objectives today that I want to get through. Firstly, to discuss the FY26 results, the momentum that we've seen in the business, and its resilience despite significant headwinds that we've discussed over recent years. Secondly, to show you exactly why we're very bullish about the opportunities to grow earnings through revenue and efficiency initiatives. Third, to illuminate some of the programs on foot that will unlock this growth. Lastly, to reiterate the investment thesis for Coast and why we believe there is still significant upside to come. Slide 8 highlights some of our key successes over the last 12 months, and I'll touch on these in detail throughout the presentation. Overall, FY26 was a year of strong financial performance.

Speaker #1: The momentum that we've seen in the business, and its resilience despite significant headwinds that we've discussed over recent years. Secondly, to show you exactly why we're very bullish about the opportunities to grow earnings through revenue and efficiency initiatives.

Speaker #1: Third, to illuminate some of the programs on foot that will unlock this growth. And lastly, to reiterate the investment thesis for Coast, and why we believe there is still significant upside to come.

Speaker #1: Slide 8 highlights some of our key successes over the last 12 months, and I'll touch on these in detail throughout the presentation.

Speaker #1: Overall, FY26 was a year of strong financial performance. Operationally, we continued to strengthen the Dreamworld experience by opening King Claw on time and on budget, launching Australia's first annual dining pass, achieving 98% attraction uptime, and maintaining our strong focus on safety with the introduction of Australia's first walkthrough attraction metal detector.

Greg Yong: Operationally, we continued to strengthen the Dreamworld experience by opening King Claw on time and on budget, launching Australia's first annual dining pass, achieving 98% attraction uptime. We maintained our strong focus on safety with the introduction of Australia's first walk-through attraction metal detector. Importantly, these initiatives are translating into the guest experience, with Dreamworld achieving the best guest satisfaction scores for all Gold Coast theme parks for the fifth consecutive year. We also continue to strengthen the Dreamworld brand through partnerships with Big Brother and Australian Geographic. We were very proud to be appointed the official theme park partner of the Australian Olympic team, another important milestone that reflects the growing strength and the relevance of the Dreamworld brand. Beyond the operating business, finally securing the planning approval for our land development provides another important avenue to unlock long-term growth.

Speaker #1: Importantly, these initiatives are translating into the guest experience, with Dreamworld achieving the best guest satisfaction scores on the Gold Coast for all Gold Coast theme parks for the fifth consecutive year.

Speaker #1: We also continue to strengthen the Dreamworld brand through partnerships with Big Brother and Australian Geographic, and we were very proud to be appointed the official theme park partner of the Australian Olympic Team—another important milestone that reflects the growing strength and relevance of the Dreamworld brand.

Speaker #1: And beyond the operating business, finally securing the planning approval for our land development provides another important avenue to unlock long-term growth. During the year, we delivered several major launches, as shown on slide 9.

Greg Yong: During the year, we delivered several major launches, as shown on slide 9. In September, we launched WILD with Australian Geographic. This is a strategic partnership with one of Australia's most trusted environmental brands, and the precinct combines immersive experiences with a strong focus on conservation whilst also supporting future growth in the education segment. In November, Big Brother returned to Dreamworld, providing significant national exposure for Dreamworld through Network 10 and helping to drive increased interest in the park. In December, we successfully opened King Claw. As the fastest Gyro Swing in the Southern Hemisphere, King Claw represents a significant step up from its predecessor, King Claw, both in scale and in the guest experience. As you'll see in the numbers, it is already proving to be another strong drawcard for Dreamworld, reinforcing our continued investment in high-quality attractions.

Speaker #1: In September, we launched Wild with Australian Geographic. This is a strategic partnership with one of Australia's most trusted environmental brands, and the precinct combines immersive experiences with a strong focus on conservation, while also supporting future growth in the education segment.

Speaker #1: In November, Big Brother returned to Dreamworld, providing significant national exposure for Dreamworld through Channel 10 and helping to drive increased interest in the park.

Speaker #1: And in December, we successfully opened King Claw as the fastest Gyro Swing in the Southern Hemisphere. King Claw represents a significant step up from its predecessor, both in scale and in the guest experience.

Speaker #1: And as you'll see in the numbers, it is already proving to be another strong drawcard for Dreamworld, reinforcing our continued investment in high-quality attractions.

Speaker #1: Slide 10 speaks to just how strong visitation growth has been. We welcomed just over 2 million guests in FY26, representing the highest attendance since FY16.

Greg Yong: Slide 10 speaks to just how strong visitation growth has been. We welcomed just over 2 million guests in FY26, representing the highest attendance since FY16. FY26 marks the first full year contribution from Rivertown following its opening in December 2024. Together with the successful launch of King Claw in December 2025, these investments helped drive attendance growth of around 10% on FY25 or 27% up on a like-for-like basis. Importantly, as shown in the chart, visitation continued to grow during the H2, despite cycling strong comparative periods following the Rivertown opening. This growth is clearly attributable partly to the investment in King Claw. During the peak summer holidays, Dreamworld recorded its highest ever daily attendance, and the photograph in this slide shows the main and the overflow car parks operating at full utilization.

Speaker #1: FY26 marks the first full-year contribution from Rivertown, following its opening in December 2024. Together with the successful launch of King Claw in December 2025, these investments helped drive attendance growth of around...

Speaker #1: On FY25, or 27% up on a like-for-like basis. Importantly, and as shown in the chart, visitation continued to grow during the second half, despite cycling strong comparative periods, following the Rivertown opening.

Speaker #1: This growth is clearly attributable, at least in part, to the investment in King Claw. During the peak summer holidays, Dreamworld recorded its highest ever daily attendance, and the photograph slide shows the main and overflow car parks operating at full utilization.

Speaker #1: Pleasingly, our NPS for the day was also very strong, and that proves that we can deliver a great guest experience even on our largest attendance days.

Greg Yong: Pleasingly, our NPS for the day was also very strong, and that proves that we can deliver a great guest experience even on our largest attendance days. Recent years growth continues to be underpinned by strong local demand, but at the same time, we continue to see significant opportunity outside our local market. Interstate visitation, particularly from New South Wales and Victoria, continues to grow, reflecting targeted marketing initiatives and increasing brand awareness. But we see tremendous opportunity for further penetration into these markets over the coming year. Internationals we have spoken about also continues to recover but still remains well below historical levels. A point to note on that would be the Gold Coast international arrivals, which are currently 63% of the pre-COVID levels, and China is only 30% of those pre-COVID levels, highlighting a meaningful medium-term and growth opportunity as these international markets continue to recover.

Speaker #1: Recent years' growth continues to be underpinned by strong local demand, but at the same time, we continue to see significant opportunity outside our local market.

Speaker #1: Interstate visitation, particularly from New South Wales and Victoria, continues to grow, reflecting targeted marketing initiatives and increasing brand awareness. However, we see tremendous opportunity for further penetration into these markets over the coming year.

Speaker #1: International visitation, which we've spoken about, also continues to recover but still remains well below historical levels. A point to note is that Gold Coast international arrivals are currently at 63% of pre-COVID levels, and arrivals from China are only at 30% of pre-COVID levels. This highlights a meaningful medium-term growth opportunity as these international markets continue to recover.

Speaker #1: Turning to slide 11, there is some really great reading here. As mentioned earlier, guest satisfaction scores remain strong, and the important point here is that it's not easy to achieve this, given the substantial increases we've seen in attendance.

Greg Yong: Turning to slide 11, and some really great reading here. As mentioned earlier, our guest satisfaction scores remain strong, and the important point here is it is not easy to do that given the substantive increases we have seen in attendance. So we are very pleased to see these results. We have talked a lot about what we have delivered operationally, our strategic initiatives, our new attractions, and the strong guest demand. Slide 12 shows how those achievements translated into our financial performance, driving higher revenue, improved operating leverage, and a significantly stronger earnings result. Jose and Gary have already covered the financials in good detail earlier, so I am just going to touch on some of the metrics briefly.

Speaker #1: So we're very, very pleased to see these results. We've talked a lot about what we've delivered operationally, our strategic initiatives, our new attractions, and the strong guest demand.

Speaker #1: Slide 12 shows how those achievements translated into our financial performance, driving higher revenue, improved operating leverage, and a significantly stronger earnings result. Jose and Gary have already covered the financials in good detail earlier, so I'm just going to touch on some of the metrics briefly.

Speaker #1: Ticket sales grew 24% on a like-for-like basis, and importantly, they are now surpassing FY16 levels, with growth across all ticket types, particularly in annual passes, and supported by continuous momentum from new attractions, increased marketing, and promotional activity.

Greg Yong: Ticket sales grew 24% on a like-for-like basis, and importantly, they are now surpassing FY16 levels with growth across all ticket types, particularly annual passes, and supported by continuous momentum from new attractions, increased marketing, and promotional activity. Operating revenues reached AUD 116.5 million, up 19% like-for-like, and we delivered record food and beverage and retail revenues, which are up 22% on a like-for-like basis. Our deferred revenue balance increased almost 60% to AUD 20.2 million, driven by the strength of our annual pass sales and providing very good additional revenue visibility into FY27. Importantly, the revenue growth translated into significantly stronger earnings, with EBITDA excluding specific items more than doubling to AUD 18.8 million, on a like-for-like basis up 118%. Our highest result since FY16 and our margin, excluding specific items, continues to improve, reflecting the operating leverage that we continue to build as the business scales.

Speaker #1: Operating revenues reached $116.5 million, up 19% like-for-like, and we delivered record food and beverage and retail revenues, which are up 22% on a like-for-like basis.

Speaker #1: And our deferred revenue balance increased almost 60% to $20.2 million, driven by the strength of our annual pass sales and providing very good additional revenue visibility into FY27.

Speaker #1: Importantly, the revenue growth translated into significantly stronger earnings, with EBITDA, excluding specific items, more than doubling to $18.8 million on a like-for-like basis, up 118%.

Speaker #1: Our highest result since FY16, and our margin, excluding specific items, continues to improve, reflecting the operating leverage that we continue to build as the business scales.

Speaker #1: Turning to slide 13, and you'll notice that the revenue per cap has softened to $58 from FY in FY26, from $61.70 on a like for like basis in FY25.

Greg Yong: Turning to slide 13, and you will notice that the revenue per cap has softened to AUD 58 in FY26 from AUD 61.70 on a like-for-like basis in FY25. I want to spend a moment explaining this because the movement is largely a function of the significant growth in visitation and the changing mix of our guests, rather than a deterioration in the underlying economics. As we have discussed, our annual pass holder base has grown materially over the year, and we have talked about this a lot as well, that pass revenue is recognized on a straight line basis over the life of the pass. So as pass holders visit more frequently, the revenue recognized per visit naturally reduces. On a like-for-like basis, visitation grew 26.5%, outpacing revenue growth by 19%, and per cap is simply the arithmetic outcome of that gap.

Speaker #1: I want to spend a moment explaining this, because the movement is largely a function of the significant growth in visitation and the changing mix of our guests, rather than a deterioration in the underlying economics.

Speaker #1: As we've discussed, our annual pass order base has grown materially over the year. We've also talked about this a lot—pass revenue is recognized on a straight-line basis over the life of the pass.

Speaker #1: And so, as pass holders visit more frequently, the revenue recognized per visit naturally reduces. On a like-for-like basis, visitation grew 26.5%, outpacing revenue growth by 19%, and per cap is simply the arithmetic outcome of that gap.

Speaker #1: We're also seeing a higher proportion of repeat and local visitation, and this naturally carries a lower per-cap yield than a single-day interstate visit.

Greg Yong: We are also seeing a higher proportion of repeat and local visitation, and this naturally carries a lower per cap yield than a single-day interstate visit. Importantly, every time we get an annual pass holder visiting again, it creates new opportunities for in-park spending. In this context, the most important measure for us is total revenue, and that is now higher than what it was in FY16. Slide 14 provides a simple example to illustrate the accounting effect and the mathematical dilution I have just described. A single-day ticket priced at AUD 109 is recognized in full when the guest visits, resulting in a revenue per cap of AUD 109 for that visit. In contrast, an annual pass priced at AUD 169 is recognized evenly over its 12.5, which works out to be around AUD 14 per month. More importantly, the entire AUD 169, so the cash, is received upfront.

Speaker #1: But importantly, every time we get an annual pass holder visiting again, it creates new opportunities for in-park spending. In this context, the most important measure for us is total revenue, and that is now higher than what it was in FY16.

Speaker #1: Slide 14 provides a simple example to illustrate the accounting effect and the mathematical dilution I’ve just described. A single-day ticket priced at $109 is recognized in full when the guest visits, resulting in a revenue per cap of $109 for that visit.

Speaker #1: In contrast, an annual pass priced at $169 is recognized evenly over its 12-month life, which works out to be around $14 per month. But, more importantly, the entire $169—so, the cash—is received upfront.

Speaker #1: And if that visit, if that pass order visits twice in a month, the revenue per cap equates to approximately $7 per visit for that month.

Greg Yong: If that pass holder visits twice in a month, the revenue per capita equates to approximately AUD 7 per visit for that month. As annual pass holders represent a greater share of our visitation, and as they visit more frequently, the reported revenue per cap is diluted. Importantly, that does not mean that the pass is generating less revenue. Rather, the same pass is actually being spread evenly across a number of visits, and every visit we can get provides further opportunities for in-park spending and therefore higher lifetime value. This is an important dynamic because we continue to grow annual pass holder base and build a more recurring and a more resilient revenue profile. Turning to slide 15, over the long term, our strategy is to grow per cap yield in a methodical and a considered way, and this slide shows how far we have come since FY16.

Speaker #1: So, as annual pass holders represent a greater share of our visitation, and as they visit more frequently, the reported revenue per cap is diluted.

Speaker #1: And importantly, that does not mean that the pass is generating less revenue. Rather, the same pass is actually being spread evenly across a number of visits, and every visit we can get provides further opportunities for in-park spending and, therefore, higher lifetime value.

Speaker #1: This is an important dynamic, because we continue to grow our annual pass holder base and build a more recurring and more resilient revenue profile.

Speaker #1: Turning to slide 15, over the long term, our strategy is to grow per cap yield in a methodical and considered way, and this slide shows how far we've come since FY16.

Speaker #1: Ticket sales increased 33%, or 24% on a like-for-like basis, again surpassing FY16 levels. Ticket sales per cap are up 28% against FY16, reflecting our ability to grow yield over time, even in a more constrained operating environment.

Greg Yong: Ticket sales increased 33% or 24% on a like-for-like basis, again surpassing FY16 levels. Ticket sales per caps are up 28% against FY16, reflecting our ability to grow yield over time, even in a more constrained operating environment. We are very happy with our in-park spends, seeing record in-park revenue in FY26 and in-park revenue per cap up 62% compared to FY16. While revenue total per cap softened slightly against FY25 for the reasons mentioned, it still remains 40% higher than what it was back in FY16. Slide 16 is all about really putting FY26 into perspective. It shows how far the business has come and how far it has evolved over the past decade. Whilst the momentum has built since FY21, our product mix, our customer mix, and the way that we recognize annual pass revenue have all changed compared to FY16.

Speaker #1: We're very happy with our impact spends, seeing record impact revenue in FY26, and impact revenue per cap up 62% compared to FY16. So, while revenue total per cap softened slightly against FY25, for the reasons mentioned, it still remains 40% higher than what it was back in FY16.

Speaker #1: Slide 16 is all about really putting FY26 into perspective. It shows how far the business has come and how far it has evolved over the past decade.

Speaker #1: While momentum has built since FY21, our product mix, our customer mix, and the way we recognize annual pass revenue have all changed compared to FY16.

Speaker #1: For local guests, an annual pass represents compelling value and encourages more frequent visitation. From our perspective, it's our highest-priced ticket. It represents that recurring relationship with our guests and provides multiple chances for additional spending throughout the year. But more importantly, it creates a renewal opportunity at the end of the pass.

Greg Yong: For local guests, an annual pass represents compelling value and encourages more frequent visitation. From our perspective, it is our highest priced ticket. It represents that recurring relationship with our guests and provides multiple chances for additional spending throughout the year. More importantly, it creates a renewal opportunity at the end of the pass, and this strategy clearly is delivering. As I mentioned earlier, we see further opportunity from other markets, interstate and internationally. There is also one critical difference when comparing FY26 to FY16. Since FY19, annual pass revenue has been recognized on that straight line basis over the 12-month life of the pass. Back in FY16, it was based on usage and visitation. Despite this change, we have now exceeded the FY16 revenue levels whilst carrying AUD 20.2 million of deferred revenue at the year-end.

Speaker #1: And this strategy clearly is delivering. As I mentioned earlier, we see further opportunity from other markets—interstate and internationally. There's also one critical difference when comparing FY26 to FY16.

Speaker #1: Since FY19, annual pass revenue has been recognized on that straight-line basis over the 12-month life of the pass, but back in FY19, it was, sorry, back in FY16, it was based on usage and visitation.

Speaker #1: Despite this change, we've now exceeded the FY16 revenue levels, while carrying $20.2 million of deferred revenue at the year end. So, when we look back at the business over the past decade, we've not only rebuilt revenue beyond FY16 levels, but we've done so with a larger annual pass holder base, a more recurring revenue profile, and further upside to come as interstate and international visitation continues to recover.

Greg Yong: When we look back at the business over the past decade, we've not only rebuilt revenue beyond FY16 levels, but we've done so with a larger annual pass holder base, a more recurring revenue profile, and further upside to come as interstate and international visitation continue to recover. Slide 17 steps back, and it looks at the milestones we've achieved over the past 7 years against the backdrop of sustained external headwinds. Since FY20, the business has navigated COVID-19, an ongoing period of high inflation and successive interest rate increases, the severe summer storms of FY24, and Cyclone Alfred in March last year. The external environment remains challenging in the second half of FY26, with a further 3 interest rate increases, higher fuel prices associated with the conflict in the Middle East, and resultant subdued consumer confidence.

Speaker #1: Slide 17 steps back and looks at the milestones we've achieved over the past seven years, against the backdrop of sustained external headwinds. Since FY20, the business has navigated COVID-19, an ongoing period of high inflation, and successive interest rate increases.

Speaker #1: The severe summer storms of FY24 and Cyclone Alfred in March last year, and the external environment, remain challenging in the second half of FY26, with a further three interest rate increases, higher fuel prices associated with the conflict in the Middle East, and, you know, resultant subdued consumer confidence.

Speaker #1: We returned the theme park and attractions business to positive EBITDA, excluding specific guidance back in FY23, following the disruption of COVID. Since then, we've successfully opened several major attractions in a very difficult construction environment, and more recently received planning approval on that land holding back in July.

Greg Yong: We returned the theme park and attractions business to positive EBITDA, excluding specific items back in FY23, following the disruption of COVID, and since then successfully opened several major attractions in a very difficult construction environment, and more recently received planning approval on that land holding back in July. It is also important to recognize that the business now operates under a fundamentally different cost structure. Coast Entertainment is a standalone business today, whereas historically, the theme park business benefited from shared services infrastructure within the former Ardent Group. Despite that structural change and the external challenges we've navigated, FY26 has delivered our highest EBITDA, excluding specific items, since FY16 and has more than doubled earnings since FY25.

Speaker #1: It is also important to recognize that the business now operates under a fundamentally different cost structure. Coast Entertainment is a standalone business today, whereas historically the theme park business benefited from shared services infrastructure within the former Ardent Entertainment Group.

Speaker #1: Despite that structural change and the external challenges we've navigated, FY26 has delivered our highest EBITDA, excluding specific guidance, since FY16, and has more than doubled earnings since FY25.

Speaker #1: Importantly, the business today is operating from a much stronger and more sustainable platform than it was previously, and I think this slide demonstrates the resilience of the operating platform we've built against all of those headwinds.

Greg Yong: Importantly, the business today is operating from a much stronger and more sustainable platform than it was previously, and I think this slide demonstrates the resilience of the operating platform we've built against all of those headwinds. More importantly, as conditions improve, and these conditions will improve, this business is incredibly well-positioned to optimize performance when that happens. Turning to slide 18, we look at trading in FY27. July trading continued to be resilient, but growth is moderating and as we cycle a strong comparative period where FY25 ticket sales were up 66% on the prior year, and we continue to navigate a challenging consumer environment. It's worth noting that July isn't directly comparable to the prior year, given FY26's 53-week year has shifted our trading dates out by 1 week.

Speaker #1: And more importantly, as conditions improve—and these conditions will improve—this business is incredibly well positioned to optimize performance when that happens. Turning to slide 18, and an early look at trading in FY27.

Speaker #1: July trading continued to be resilient, but growth is moderating as we cycle a strong comparative period, where FY25 ticket sales are up 66% on the prior year, and we continue to navigate a challenging consumer environment.

Speaker #1: It's worth noting that July isn't directly comparable to the prior year, given FY26's 53-week year has shifted our trading dates out by one week. That's important, because under our reporting calendar, last year's end-of-financial-year promotion was included in July.

Greg Yong: That's important because under our reporting calendar, last year's end of financial year promotion was included in the July results, whereas this year it was included in the June results. With that context, total revenue increased 10% or 7% on a like-to-like basis over the prior period, with deferred revenue in July being up 27% on the prior period. Again, SkyPoint delivered its highest ever revenue result. Ticket sales were slightly below the prior comparative period on a like-for-like basis, while total visitation increased 12%, supported by the continuing success of King Claw and our larger annual pass holder base. EBITDA, excluding specific items, was up 4%, though slightly down on like-for-like basis. As always, current trading conditions shouldn't be taken as a guide to future performance. That said, we remain optimistic that consumer demand will continue to strengthen as the macroeconomic conditions improve.

Speaker #1: Results, whereas this year was included in the June results. With that context, total revenue increased 10%, or 7% on a like-for-like basis, over the prior period.

Speaker #1: With deferred revenue in July being up 27% on the prior period, and again, SkyPoint delivered its highest ever revenue result. Ticket sales were slightly below the prior comparative period on a like-for-like basis, while total visitation increased 4%, supported by the continuing success of King Claire and our larger annual pass holder base.

Speaker #1: EBITDA, excluding specific items, was up 4%, though slightly down on a like-for-like basis. As always, current trading conditions shouldn't be taken as a guide to future performance, but that said, we remain optimistic that consumer demand will continue to strengthen as macroeconomic conditions improve.

Speaker #1: Turning to slide 19, I'd like to spend a few minutes on where we see the next phases of value creation for this business.

Greg Yong: Turning to slide 19, I would like to spend a few minutes on where we see the next phases of value creation for this business. As I often say to the team and to you, there is no room for complacency. We have made significant progress, but we remain focused on continually improving the guest proposition and identifying new ways to grow the business. Slide 20 sets out the three key levers that underpin that growth. Firstly, growing attendance and revenue through reach, brand, and experience. Simply put, bringing more people to our properties remains the foundation of our strategy. When we say through reach and brand, we mean through the quality and the innovation of our sales, our marketing, and our partnerships. Our focus on experience, be it immersive new attractions or events, is backed by our absolute focus on sector leading service.

Speaker #1: As I often say to the team, and to you, there's no room for complacency. We've made significant progress, but we remain focused on continually improving the guest proposition and identifying new ways to grow the business.

Speaker #1: Slide 20 sets out the three key levers that underpin that growth. Firstly, growing attendance and revenue through reach, brand, and experience—simply put, bringing more people to our properties—remains the foundation of our strategy.

Speaker #1: When we say "through reach and brand," we mean through the quality and innovation of our sales, our marketing, and our partnerships. And our focus on experience—be it immersive, new attractions, or events—is backed by our absolute focus on sector-leading service.

Speaker #1: And to be frank, my goal was actually to provide the best experience in Australia, and I think we're absolutely on target to do just that.

Greg Yong: To be frank, my goal is actually to provide the best experience in Australia, and I think we are absolutely on target to do just that. Second, operational excellence through scale-driven efficiency. This means leveraging technology to improve efficiency and enhance how we operate our properties. We believe there are tangible initiatives underway that allow us to continue to create operating leverage while our attendance still scales. We are already seeing pragmatic use cases being implemented through AI. As we have said before, we think about technology as an enabler of our fundamentals, not just because it is fashionable. Third, transforming Dreamworld into a genuine multi-day destination. If we can unlock the latent value in our land holding in a strategic way that is complementary to our core businesses, we see substantive opportunity to grow in both revenue and in yields.

Speaker #1: Second, operational excellence through scale-driven efficiency. This means leveraging technology to improve efficiency and enhance how we operate our properties. We believe there are tangible initiatives underway that will allow us to continue to create operating leverage as our attendance scales.

Speaker #1: And we're already seeing pragmatic use cases being implemented through AI, and as we've said before, we think about technology as an enabler of our fundamentals, not just because it's fashionable.

Speaker #1: And third, transforming Dreamworld into a genuine multi-day destination. If we can unlock the latent value in our landholding in a strategic way that's complementary to our core businesses, we see substantive opportunity to grow both revenue and yields.

Speaker #1: This, in our minds, is the real unlock to materially higher guest spend than what we're seeing today. And lastly, as always, I stress that safety underpins everything we do in this portfolio.

Greg Yong: This, in our minds, is a real unlock to materially higher guest spends than what we are seeing today. Lastly, as always, I stress that safety underpins everything we do in this portfolio. It is truly our North Star and our most fundamental value embedded at every level of the organization. Turning to slide 21, I want to reinforce the point I have just made in relation to growing attendance and revenue. This slide demonstrates just how much demand upside still remains. Our attendance today is still 17% below FY16 levels, even though Southeast Queensland's catchment has grown from 2.9 million people to 3.5 million people over the period, and Gold Coast visitation has grown from 11.2 million to 14.7 million in the same time. This means our penetration of a significantly larger market remains well below what it was a decade ago.

Speaker #1: It is truly our North Star, and our most fundamental value embedded at every level of the organization. Turning to slide 21, I want to reinforce the point I've just made in relation to growing attendance and revenue.

Speaker #1: This slide demonstrates just how much demand upside still remains. Our attendance today is still 17% below FY16 levels, even though Southeast Queensland's catchment has grown from 2.9 million people to 3.5 million people over the period, and Gold Coast visitation has grown from 11.2 million to 14.7 million in the same time.

Speaker #1: This means our penetration of a significantly larger market remains well below what it was a decade ago. Our view is that there are very clear pockets of demand, and clear pockets of under-penetration, both inside and outside the local market.

Greg Yong: Our view is that there are very clear pockets of demand and clear pockets of under-penetration, both inside and outside the local market. That gives us clear confidence that there is further room to grow. As we have talked about, international visitation at the coast also remains well below pre-COVID levels, and simply regaining that ground represents meaningful sources of incremental growth. Looking ahead, the underlying market continues to expand. Greater Brisbane alone is projected to grow by 1.2 million people to almost 4 million by 2046. Together, these factors give us huge confidence that there is significant headroom to grow attendance. As the next few slides will show, we are deploying a number of initiatives to capture that opportunity. Slide 22 showcases one of our new event formats this year, Christmas in July, a new super unique after-dark festive event complementing our daytime Winterfest offering.

Speaker #1: And that gives us clear confidence that there's further room to grow. As we've talked about, international visitation to the coasts also remains well below pre-COVID levels, and simply regaining that ground represents a meaningful source of incremental growth.

Speaker #1: Looking ahead, the underlying market continues to expand. Greater Brisbane alone is projected to grow by 1.2 million people to almost 4 million by 2046.

Speaker #1: Together, these factors give us huge confidence that there is significant headroom to grow attendance. As the next few slides will show, we're deploying a number of initiatives to capture that opportunity.

Speaker #1: Slide 22 showcases one of our new event formats this year: Christmas in July. It’s a super unique after-dark festive event, complementing our daytime winter fest offering.

Speaker #1: Across five magical nights, Dreamworld transformed with festive light displays, live entertainment, character appearances, snow, and a spectacular fireworks finale, alongside winter activities including ice skating and marshmallow toasting.

Greg Yong: Across five magical nights, Dreamworld transforms with festive light displays, live entertainment, Santa appearances, snow, and a spectacular fireworks finale, alongside winter activities including ice skating and marshmallow toasting. As this is a separately ticketed event, Christmas in July generated incremental revenue through ticket sales and paid in-park experience, and we saw a really strong uptake on our bundled premium offerings. I'm incredibly optimistic that we're on a winner with this one. It is, as we speak, the largest Christmas in July event on Earth, and I can assure you we have much larger aspirations for it for next year. Slide 23 covers another new recurring revenue initiative. In late June, we launched Australia's first theme park annual dining pass. For 12 months, this pass allows guests to claim one meal and one snack on every visit alongside a valid entry ticket.

Speaker #1: As this is a separately ticketed event, Christmas in July generated incremental revenue through ticket sales and paid in-park experience, and we saw a really strong uptake on our bundled premium offerings.

Speaker #1: I'm incredibly optimistic that we're onto a winner with this one. It is, as we speak, the largest "Christmas in July" event on earth, and I can assure you we have much larger aspirations for it next year.

Speaker #1: Slide 23 covers another new recurring revenue initiative. In late June, we launched Australia's first theme park annual dining pass. For 12 months, this pass allows guests to claim one meal and one snack on every visit, alongside our entry ticket.

Speaker #1: It's designed to provide excellent value for our regular guests and has seen strong take-up so far, whilst encouraging repeat visitation and converting guests who may not have otherwise purchased food and beverage in the parks.

Greg Yong: It's designed to provide excellent value for our regular guests and has seen strong take-up so far, whilst encouraging repeat visitation and converting guests who may not have otherwise purchased food and beverage in the parks. Like our annual passes, dining pass revenue is recognized on a straight-line basis over the 12-month period, and this provides another recurring and predictable revenue stream for the business. Slide 24 introduces Dreamworld +Plus, our new program designed to turn our growing customer base into a higher value, longer term set of members. Through our rolling calendar of exclusive offers and experiences from meals and merchandise discounts to ride upgrades, Plus is designed to increase visitation frequency, grow secondary spend, and ultimately support annual pass renewals.

Speaker #1: Like our annual passes, dining pass revenue is recognized on a straight-line basis over the 12-month period, and this provides another recurring and predictable revenue stream for the business.

Speaker #1: Slide 24 introduces DreamWorld Plus, our new program designed to turn our growing customer base into a higher-value, longer-term set of members. Through a rolling calendar of exclusive offers and experiences—from meals and measured night discounts to ride upgrades—Plus is designed to increase visitation frequency, grow secondary spend, and ultimately support annual pass renewals.

Speaker #1: This is all about getting passholders to arrive one more visit, get extra value from their pass—something that we think is absolutely critical to retention and, ultimately, growing lifetime value.

Greg Yong: This is all about getting pass holders to derive one more visit, get extra value from their pass, something that we think is absolutely critical to retention and ultimately growing lifetime value. Slide 25 features Warriors World, our partnership with the New Zealand Warriors, which saw Dreamworld transformed for a week takeover. This included reskinning our massive highway billboard, Warriors-themed food and beverage, a fan march, a game day watch party at the Dreamworld Theatre, and meet and greets with Warriors legends. It is a great example of how we're using strategic partnerships to broaden our reach, engage new audiences, and create new reasons to visit the park. As I'm sure many of you know, the Warriors are one of the hottest brands in the NRL today, and their mantra of no retreat and no surrender is absolutely working both on and off the field.

Speaker #1: Slide 25 features Wise World, our partnership with the New Zealand Warriors, which saw Dreamworld transformed for a week-long takeover. This included reskinning our massive highway billboard, Warriors-themed food and beverage, a fan march, a game day watch party at the Dreamworld Theatre, and meet-and-greets with Warriors legends.

Speaker #1: It is a great example of how we're using strategic partnerships to broaden our reach, engage new audiences, and create new reasons to visit the park.

Speaker #1: As I'm sure many of you know, the Warriors are one of the hottest brands in the NRL today, and their mantra of no repeat, no retreat, and no surrender is absolutely working both on and off the field. We believe this partnership puts Dreamworld front of mind for any Kiwi looking to visit the theme parks on their next Gold Coast holiday.

Greg Yong: We believe this partnership puts Dreamworld front of mind for any Kiwi looking to visit the theme parks on their next Gold Coast holiday. Slide 26 shows our expanded year-round events calendar, which includes recurring events as well as new formats and activations. We continue to refresh the calendar to keep offering relevant and engaging events, giving guests more reason to continue to visit throughout the year. Slide 27 turns to our second growth lever, which is operational excellence. This includes using intelligent forecasting to tactically extend trading hours, thereby increasing dwell time and in-park spends, rolling out more self-service kiosks and digital ordering capabilities to reduce queues, improve throughput, and increase basket values, reinventing our mobile vending program to capture impulse spends in high-traffic locations, and using digital tools to target offers throughout today at Dreamworld mobile site to create a more personalized guest journey.

Speaker #1: Slide 26 shows our expanded year-round events calendar, which includes recurring events as well as new formats and activations. We continue to refresh the calendar to keep offering relevant and engaging events, giving guests more reason to continue to visit throughout the year.

Speaker #1: Slide 27 turns to our second growth lever, which is operational excellence. This includes using intelligent forecasting to tactically extend trading hours, thereby increasing dwell time and impacting spends.

Speaker #1: Rolling out more self-service kiosks and digital ordering capabilities to reduce queues, improve input and throughput, and increase basket values. Re-innovating on our mobile vending program to capture impulse spends in high-traffic locations.

Speaker #1: And using digital tools to target offers throughout today at the DreamWorld mobile site to create a more personalized guest journey. We're also using AI, robotics, and automation to improve decision-making.

Greg Yong: We are also using AI, robotics, and automation to improve decision-making, enhance operational efficiency, and to reduce our cost base, and we are already seeing tangible benefits from these initiatives. Slide 28 turns to our third growth lever and the next phase of Dreamworld's transformation. As previously announced, Motocoaster permanently closed in February after 19 years of operation. A new attraction will open in late 2027 as Lost Mine Mayhem, an ATV-style family coaster reimagined as an immersive jungle mine adventure. The redevelopment will include new trains, upgraded control and launch systems, and a lower minimum rider height, broadening the attraction's appeal to families, whilst also improving loading efficiency. Importantly, by retaining existing track infrastructure, we can deliver a significantly enhanced theming and ride experience for somewhat less than a complete replacement.

Speaker #1: Enhanced operational efficiency and reduced our cost base, and we are already seeing tangible benefits from these initiatives. Slide 28 turns to our third growth lever and the next phase of Dreamworld's transformation.

Speaker #1: As previously announced, Motor Coaster permanently closed in February after 19 years of operation. Our new attraction will open in late 2027 as Lost Mine Mayhem, an ATV-style family coaster reimagined as an immersive jungle mine adventure.

Speaker #1: The redevelopment will include new trains, upgraded control and launch systems, and a lower minimum rider height, broadening the attraction's appeal to families while also improving loading efficiency.

Speaker #1: Importantly, by retaining existing track infrastructure, we can deliver a significantly enhanced theming and ride experience for somewhat less than a complete replacement. Lost Mine Mayhem will beautifully complement Rivertown, creating another compelling family attraction and strengthening our overall guest experience at Dreamworld.

Greg Yong: Lost Mine Mayhem will beautifully complement Rivertown, creating another compelling family attraction and strengthening our overall guest experience at Dreamworld. Slide 29 brings us to the Coomera land holding itself, and as announced to the market back on 20 July, following the ministerial call in of our development application in October 2025, the Queensland Government approved the development application for our 55-hectare site, and that delivers obviously very clearly long-term certainty over its future use and unlocking the four core land use precincts. Given the strategic optionality created by the approval, the board has appointed Barrenjoey to lead a comprehensive review of capital and funding options to maximize shareholder value, and we look forward to updating the market as that process progresses. Finally, slide 30 brings together why we believe Coast Entertainment represents a compelling investment case. First, earnings are compounding.

Speaker #1: Slide 29 brings us to the Coomera landholding itself, and as announced, the market back in on the 20th of July, following the ministerial call-in of our development application in October 2025.

Speaker #1: The Queensland Government approved the development application for our full 55-hectare site, and that delivers, obviously, very clearly long-term certainty over its future use and unlocking the four core land use precincts.

Speaker #1: Given the strategic optionality created by the approval, the Board has appointed Baron Joey to lead a comprehensive review of capital and funding options to maximize shareholder value, and we look forward to updating the market as that process progresses.

Speaker #1: Finally, slide 30 brings together why we believe Coast represents a compelling investment case. First, earnings are compounding. Theme park and attractions EBITDA, excluding specific items, reached $18.8 million.

Greg Yong: Theme park and attractions EBITDA, excluding specific items, reached AUD 18.8 million, marking our fourth consecutive year of positive earnings and continued improvement year after year. Second, the business funded itself in FY26. Operating cash flow more than doubled to AUD 19.7 million, fully covering our operating capital expenditure and our residual AUD 3.7 million of share buybacks. We finished the year with AUD 35 million in cash in a fully undrawn AUD 20 million facility. Third, we are filling existing capacity, not building it. Dreamworld accommodated 2.4 million visits in FY16 compared to 2 million visits this year. Yet FY26 revenue already exceeds those FY16 levels. This means additional visitation can flow through a relatively fixed cost base and support ongoing operating leverage. Fourth, significant under-penetrated markets remain, and I feel exceptionally confident about this opportunity.

Speaker #1: Marking our fourth consecutive year of positive earnings and continued improvement year after year. Second, the business funded itself in FY26. Operating cash flow more than doubled to $19.7 million, fully covering our operating capital expenditure and our residual $3.7 million of share buybacks.

Speaker #1: We finished the year with $35 million in cash and a fully undrawn $20 million facility. Third, we are filling existing capacity, not building it.

Speaker #1: Dreamworld accommodated 2.4 million visits in FY16, compared to 2 million visits this year. Yet FY26 revenue already exceeds those FY16 levels. This means additional visitation can flow through a relatively fixed cost base and support ongoing operating leverage.

Speaker #1: Fourth, significant underpenetrated markets remain, and I feel exceptionally confident about this opportunity. Our recent growth has been driven primarily by the local market, while non-local and international visitation remain below FY16 levels.

Greg Yong: Our recent growth has been driven primarily by the local market, while non-local and international visitation remains below FY16 levels. Gold Coast international visitation is still very low, as we have talked about, providing a meaningful opportunity in terms of upside value. In my view, our product is as compelling as it has ever been, and this sets up a realistic opportunity to recapture these markets. This finally achieving our planning approval unlocks the value of our land holding. Across the entire site, the gateway precinct permits uses including hotels, short stay accommodation and entertainment, while the town center precinct allows for a multitude of uses, ultimately providing optionality for the future. Finally, as we have talked about a lot, our pro forma net asset value, as illustrated earlier in the presentation, is at AUD 1.08 per share, well above our reported net assets of AUD 0.58 per share.

Speaker #1: Gold Coast international visitation is still very low, as we've talked about, providing a meaningful opportunity in terms of upside value. In my view, our product is as compelling as it's ever been, and this sets up a realistic opportunity to recapture these markets.

Speaker #1: Fifth, finally, achieving our planning approval unlocks the value of our landholding. Across the entire site, the Gateway Precinct permits uses including hotels, short-stay accommodation, and entertainment, while the Town Center Precinct allows for a multitude of uses, ultimately providing optionality for the future.

Speaker #1: And finally, as we've talked about a lot, our pro forma net asset value, as illustrated earlier in the presentation, is at $1.08 per share, well above our reported net assets of $0.58 per share.

Speaker #1: And Dreamworld's fair value of $295.9 million is significantly above its book value. Skypoint's fair value at $51.7 million, again, materially exceeds book value. And we have another $50 million of deferred tax assets that are not yet recognized on our balance sheet.

Greg Yong: Dreamworld's fair value of AUD 295.9 million is significantly above its book value. SkyPoint fair value at AUD 51.7 million, again, materially exceeds book value. We have another AUD 50 million of deferred tax assets that are not yet recognized in our balance sheet. The message we want to leave with you today is that momentum is strong, the foundations are stronger, and we believe there is much more to come. Yes, economic headwinds and uncertainty remains. However, as I say regularly, these are episodic in nature. They are not endemic to this category. In fact, we are already seeing a structural shift towards experiences over material things. I use this example regularly, but if you think back to the GFC when everyone got their stimulus checks, everyone went out and bought plasma TVs.

Speaker #1: So, the message we want to leave with you today is that momentum is strong, the foundations are stronger, and we believe there is much more to come.

Speaker #1: Yes, economic headwinds and uncertainty remain; however, as I say regularly, these are episodic in nature—they're not endemic to this category. In fact, we're already seeing a structural shift towards experiences over material things.

Speaker #1: And I use this example regularly, but if you think back to the GFC, when everyone got their stimulus checks, everyone went out and bought plasma TVs.

Speaker #1: Today, if you give someone a check, they're far more likely to book a holiday or an experience. And a business like ours doesn't need to work out what the world could look like in the future to benefit from any shifts.

Greg Yong: Today, if you give someone a check, they are far more likely to book a holiday or an experience. A business like ours does not need to work out what the world could look like in the future to benefit from any shifts. Whatever shape the future of work takes, people with more time and money on their hands tend to spend more of it on experiences like ours, and we are already starting to see that play out. That concludes the main part of our presentation, so we will now open the lines up for questions.

Speaker #1: Whatever shape the future of work takes, people with more time and money on their hands tend to spend more of it on experiences like ours, and we're already starting to see that play out.

Speaker #1: That concludes the main part of our presentation, and so we'll now open the lines up for questions. Thank you. If you wish to ask a question, please press star one (*) on your telephone and wait for your name to be announced.

Operator 2: Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you are on a speakerphone, please pick up the handset to ask your question. The first question today comes from Nick McGarrigle with Barrenjoey. Please go ahead.

Operator: Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you are on a speakerphone, please pick up the handset to ask your question. The first question today comes from Nick McGarrigle with Barrenjoey. Please go ahead.

Speaker #1: If you wish to cancel your request, please press star 2. If you are on a speakerphone, please pick up the handset to ask your question.

Speaker #1: The first question today comes from Nick McGargle with Baron Joey. Please go ahead.

Speaker #3: Hi team, can you talk through pricing strategies? Obviously, you've partly diluted the revenue per attendance, but it's driven some really strong attendance. Can you talk about how you think about pricing on a go-forward basis?

Nick McGarrigle: Epstein, can you talk through pricing strategies? Obviously, you have partly diluted the revenue per attendance, but it has driven some really strong attendance. Can you talk about how you think about pricing on a go-forward basis, and if you feel like you found the right balance?

Speaker #3: And if you found the right balance?

Speaker #2: Good morning, Nick. Look, we're happy with where it is today. Obviously, we've put a lot of capital into this business, and we see tremendous opportunity to take price over time.

Greg Yong: Good morning, Nick. We are happy with where it is today. Obviously, we have put a lot of capital into this business, and we see tremendous opportunity to take price over time. Our view, though, very strongly, is that we have got to have the right strategy for the right time, and we are in a very difficult consumer environment at the minute. I can tell you, and I say this regularly to the market, we think we have got it right when we think about single day and multi-day propositions. I think that our product is as good, if not better, than our competitor in that regard. But an annual pass basis, it is a different product. So we think about that very seriously as to how we think about pricing and promotions in that regard.

Speaker #2: Our view, though—very strongly—is that we've got to have the right strategy for the right time, and we're in a very difficult consumer environment at the minute.

Speaker #2: I can tell you—and I say this regularly to the market—we think we've got it right when we think about single-day and multi-day propositions.

Speaker #2: I think that our product is as good, if not better, than our competitor in that regard. But, on an annual pass basis, it's a different product.

Speaker #2: And so we think about that very seriously as to how we think about pricing and promotions in that regard. You've got to remember, in this business, volume is key, and we're a largely fixed-cost business.

Greg Yong: You have got to remember, in this business, volume is key, and so we are a largely fixed cost business. The cost of bringing an extra guest to the park really is negligible, but it is really disproportionate in terms of the EBITDA that it brings on for every additional guest, and you can see that clearly in our in-park revenue performance. So our view is it is largely where we would like it to be. Over time, we expect, and as I mentioned earlier, methodical increases over the period. We think the hotel in of itself, if it goes ahead, could be a really significant unlock in that regard. But we see per caps increasing over time regardless of that. So again, we are absolutely cognizant of it. We take the time, I think, to try to illustrate some of the other drivers around the reporting of that number.

Speaker #2: The cost of bringing extra guests to the park really is negligible, but it's really disproportionate in terms of the EBITDA that each additional guest brings in.

Speaker #2: And you can see that clearly in our impact revenue performance. So our view is it's largely where we would like it to be. Over time, we expect, and as I mentioned earlier, methodical increases over the period.

Speaker #2: We think the hotel, in and of itself, if it goes ahead, could be a really significant unlock in that regard, but we see per caps increasing over time regardless of that.

Speaker #2: So again, we're absolutely cognizant of it. We take the time, I think, to try to illustrate some of the other drivers around the reporting of that number.

Speaker #2: We've talked a lot about the mathematical dilution, the numerator and denominator issue that comes with that. But again, overall, we feel good about what we're doing there.

Greg Yong: We have talked a lot about the mathematical dilution, the numerator denominator issue that comes with that. But again, overall, we feel good about what we are doing there. We are always looking for ways to improve it. Again, I can tell you that it is a conversation we have five times a week, every single morning in our sales calls, and it is absolutely top of mind. Jose, did you want to add anything to that?

Speaker #2: We're always looking for ways to improve it. And again, I can tell you that it's a conversation we have five times a week, every single morning in our sales calls.

Speaker #2: And it's absolutely top of mind. José, did you want to add anything to that?

Speaker #4: I think you covered that pretty well. I mean, obviously, we mentioned increased marketing and promotional activity in the year, and that's really just a function of the current environment that we're in.

José de Sacadura: I think you covered that pretty well. Obviously, we mentioned increased marketing and promotional activity in the year, and that is really just a function of the current environment that we are in. We do not see that as being a permanent feature. When we undertake promotions and stuff, they are always very carefully considered. As you can see in the year, the drop in per cap has been more than outweighed by the increase in volumes. So ultimately, that strategy has been accretive to revenue. We have grown revenue.

Speaker #4: We don't see that as being a permanent sort of feature. When we undertake promotions and things, they're always very carefully considered. And as you can see, in the year, the drop in per cap has been more than outweighed by the increase in volumes.

Speaker #4: And so, ultimately, that strategy has been accretive to revenue. We've grown revenue. So, yeah, as Greg said, I think that's been the right strategy for us right now, but the plan over the long term is always to grow yields.

Greg Yong: As Greg said, I think that has been the right strategy for us right now, but the plan over the long term is always to grow yields.

José de Sacadura: As Greg said, I think that has been the right strategy for us right now, but the plan over the long term is always to grow yields.

Speaker #2: And maybe, and I think maybe it just seems to be working well because your annual pass deferred revenue balance is obviously probably one of the better indicators in terms of the way the year could look, as opposed to the July result in itself.

Nick McGarrigle: And maybe

Nick McGarrigle: I think that seems to be working well because your annual pass deferred revenue balance is obviously probably one of the better indicators in terms of the way the year could look as opposed to the July result in itself.

Speaker #3: Yeah. And look, Nick, the other thing I just want to add to that, too, is that there are a couple of things we've talked about over the last few years.

Greg Yong: Yeah. Look, Nick, the other thing I just want to add to that too is that there is a couple of things that we have talked about over the last few years. This opportunity with international was significant, right? We are miles behind as a destination. This is not a Dreamworld issue, this is a destination issue. As that international comes on, we feel really good about it. Now, I have said to you before, and I have been misquoted on this by others, but I have always said, in the past, international attendance has been largely dilutive to per caps. They come in for less time, so they get offered a cheaper ticket, a lot of competition, et cetera. What we are seeing at the moment, though, is a real change in terms of international and how it comes into the destination, into our business.

Speaker #3: This opportunity with International was significant, right? We are miles behind as a destination. This is not a dream world issue—this is the destination issue.

Speaker #3: And as that international comes on, we feel really good about it. Now, I've said to you before—and I've been misquoted on this by others—but I've always said, in the past, international attendance has been largely dilutive to per caps.

Speaker #3: They come in for less time, and so they get offered a cheaper ticket—a lot of competition, etc. What we're seeing at the moment, though, is a real change in terms of international, how it comes into the destination, into our business.

Speaker #3: And so, we're seeing a lot more free and independent travelers as opposed to groups, and we feel a bit more excited about international coming on at higher yields than what we used to see back in those days.

Greg Yong: We are seeing a lot more free and independent travelers as opposed to groups. We feel a bit more excited about international coming on at higher yields than what we used to see back in those days. That could change. I do not think all of the increases that we will need to get back to those halcyon days will come from FIT, but it is a significant shift. If you think about the Chinese guests, for example, they are much more tech-savvy than what they were back in FY16, as we all are. The argument that you need to come on a tour is largely moot at this time. We feel good about what that looks like.

Speaker #3: Now, that could change. I don't think all of the increases that we'll need to get back to those Helsinki days will come from FIT.

Speaker #3: But it's a significant shift. If you think about the Chinese guests, for example, I mean, they are much more tech-savvy than they were back in FY16, as we all are.

Speaker #3: And so the argument that you need to come on a tour is largely moot at this time. We feel good about what that looks like.

Speaker #3: And again, I just want to reinforce the point that I am absolutely excited about—and I know some of our team are listening to this and they're sick of me saying it—but we feel so good about the opportunities that are still out there.

Greg Yong: Again, I just want to reinforce the point that I am absolutely excited about, and I know some of our team are listening to this and they are sick of me saying it, but we feel so good about the opportunities that still are out there. What I want to make absolutely clear to the market is that when I look at where we are today, we are not sitting here going, "Gee, what else can we do to grow ticket sales?" We are not looking at that and saying nowhere left to get it from. In fact, we feel really good about it because we look at penetration back in FY16, and we still have huge opportunity. You could say, "Well, what are you doing about it?" We are doing all sorts of things to get there.

Speaker #3: What I want to make absolutely clear to the market is that, when I look at where we are today, we are not sitting here going, "Gee, what else can we do to grow ticket sales?" I mean, we are not looking at that and saying, "No, we're left to get it from." In fact, we feel really good about it because we look at penetration back in FY16, and we still have huge opportunity.

Speaker #3: Now, you could say, "Well, what are you doing about it?" Well, we're doing all sorts of things to get there. You could say, "Well, hey, why haven't we got it yet?" Well, I think we're growing the business carefully and considerably.

Greg Yong: You could say, "Well, hey, why have not we got it yet?" I think we are growing the business carefully and considerably. We have done a really good job in the local market and a reasonable job in those interstate markets. There are some macro factors in some of those interstate markets. Victoria, for example, is a challenge. Any retailer you talk to will say the same thing. What we are absolutely clear on is that they did come to Dreamworld back in those days. We do not think there is any material shift in terms of how they feel about travel and coming to the Gold Coast. We feel really strongly that our business is as compelling as ever, maybe even more compelling, probably more compelling. We feel really, really confident that we can recapture and pick up that penetration in a meaningful way.

Speaker #3: We've done a really good job in the local market and a reasonable job in those interstate markets. There are some macro factors in some of those interstate markets.

Speaker #3: Victoria, for example, is a challenge—any retailer you talk to will say the same thing. But what we are absolutely clear on is that they did come to Dreamworld back in those days.

Speaker #3: We don't think there's any material shift in terms of how they feel about travel and coming to the Gold Coast. And we feel really strongly that our business is as compelling as ever—maybe even more compelling, probably more compelling.

Speaker #3: And so we feel really, really confident that we can recapture and pick up that penetration in a meaningful way. When that comes, that's not going to be annual passes.

Greg Yong: When that comes, that is not going to be annual passes. The recognition will come straight away, and that will certainly be reflected in the numbers. Again, I always stress the point, we do not run this business for the accountants. We run this business to make the most money we can in a very safe way. In our minds, if we sell annual pass and that is the best thing we can sell, well, let us sell it. We are not worried about the revenue recognition and trying to think around all of that. We want to do the best thing we can for the medium term of the business. If that is an annual pass, great.

Speaker #3: And so the recognition will come straight away, and that will certainly be reflected in the numbers. But again, I always stress the point: we don't run this business for the accountants.

Speaker #3: We run this business to make the most money we can, in a very safe way. And so, in our minds, if we saw an annual pass and that's the best thing we can sell, well, let's sell it.

Speaker #3: And we're not worried about the revenue recognition and trying to think around all of that. We want to do the best thing we can for the medium term of the business.

Speaker #3: And so if that's an annual pass, great. But what we do see is, as we do more in New South Wales and Victoria, that'll come on in a different way, and there'll more than likely be recognised in that year.

Greg Yong: What we do see is as we do more in New South Wales and Victoria, that will come on in a different way, and that will be more than likely recognized in that year.

Speaker #1: Great, thanks. And then maybe just as a second question on the property side, I think José made some comments around what goes into the $296.

Nick McGarrigle: Great. Thanks. Then maybe just as a second question on the property side, I think Jose Da Sacadura made some comments around what goes into the 296. I think you have obviously got a major rides and attractions book value written down at 67. In the 296, have you taken more of what you believe is a market value for the rides? Is that embedded into the 296?

Speaker #1: I think you've obviously got a major rise in attractions' book value written down at 67. Is it in the 296? Have you taken more of what you believe is a market value for the rides?

Speaker #1: And then is that also— is that embedded into the 296?

Speaker #4: Yeah. Well, the $296 million includes all the land, buildings, rides, attractions—everything on the land that we use to operate the business. It doesn't include working capital, though.

José de Sacadura: Well, the 296 includes all the land, buildings, rides, attractions, everything sort of on the land that we use to operate the business. It does not include working capital, though. So obviously the cash balance that we have is outside of that. It includes all of that. Most of the uplift on book value, I think really comes from the land for the most part. I mean, the valuation uplift resulting from that approval is. Look, I have called out the AUD 52 million and the AUD 38.5 million. That is close to AUD 90 million of that increment over book value is coming from the land and the broader uses and the optionality that that approval has brought.

Speaker #4: But, so obviously, the cash balance that we have is outside of that. But, yeah, it includes all of that. And most of the uplift on book value, I think, really comes from the land, for the most part.

Speaker #4: I mean, the valuation uplift resulting from that approval is, I've called out the 52 million and the 38 and a half million. That's close to 90 million dollars of that increment over book value is coming from the land and the broader uses and the optionality that that approval has brought.

Speaker #1: Cool. And then I'm not sure if you can provide a comment on—I think the valuation is obviously gross of any civil or preparatory works that are required to unlock some of that higher and better use, like you've called out the car park.

Nick McGarrigle: Cool. Then I am not sure if you can provide a comment on, I think the valuation is obviously gross of any civil or preparatory works that are required to unlock some of that higher and better use, like you have called out the car park. Do you have a rough sense of what that would be in terms of potentially a netting factor?

Speaker #1: Do you have a rough sense of what that would be in terms of, potentially, a netting factor?

Speaker #4: No, not at this stage. And I did say in my prepared remarks that we haven't—well, the quantum of those costs and also responsibility for those costs is really yet to be determined. We're working through that at the moment.

José de Sacadura: No, not at this stage. I did say in my prepared remarks that we haven't. Well, the quantum of those costs and also responsibility of those costs is really yet to be determined. We're working through that at the moment, and it really depends on what we do with the land and who we might do it with as to what those costs might be and who bears those costs. At this stage, I can't really provide a definitive answer on that.

Speaker #4: And it really depends on what we do with the land and who we might do it with, as to what those costs might be and who bears those costs.

Speaker #4: So at this stage, I can't really provide a definitive answer on that.

Speaker #1: No worries.

Nick McGarrigle: No worries. It might be, maybe you can't say or maybe it's changed, but I think in the development application, there was an approximate estimation on the cumulative CapEx to proceed with all of the proposed end buildings. Can you give us an update on or reiterate what that number was in terms of what the future funding requirement to proceed to actually develop the property, if that was disclosed in the DA?

Speaker #3: And it might be—I mean, maybe you can't say, or maybe it's changed—but I think in the development application, there was an approximate estimation on the cumulative CapEx to proceed with all of the proposed end buildings.

Speaker #3: Can you give us—can you give us an update on, or reiterate what that number was, in terms of what the future funding requirement is to proceed to actually develop the property, if that was disclosed in the DA?

Speaker #4: Yeah, look, I can't get into the specifics of the valuation or the valuation assumptions, really. Yeah.

Nick McGarrigle: Yeah. Look, I can't get into the specifics of the valuation or the valuers' assumptions, really. Yeah. No, in terms of, I think there was a comment around a quote unquote, this might have been in the press, but a AUD 200 million hotel, but the cumulative CapEx required to actually put into the site to get the buildings to an end state.

José de Sacadura: Yeah. Look, I can't get into the specifics of the valuation or the valuers' assumptions, really. Yeah.

Speaker #3: No, I mean, in terms of, like, I think there was a comment around a quote-unquote, this might have been the press, but a $200 million hotel, but the cumulative capex required to actually put into the site to get the buildings to an end state.

Nick McGarrigle: No, in terms of, I think there was a comment around a quote unquote, this might have been in the press, but a AUD 200 million hotel, but the cumulative CapEx required to actually put into the site to get the buildings to an end state.

Speaker #4: Yeah. Well, yeah, we haven't made any decisions in terms of what we're doing with the land just yet. So, yeah, until we have a clear review and until Theron and Joey finish their work, it's not totally clear as to what the total cost will be.

José de Sacadura: Yeah. We haven't made any decisions in terms of what we're doing with the land just yet. Until we have a clear review, until Barrenjoey finishes their work, it's not totally clear as to what the total cost will be and the funding and capital requirements for that.

Speaker #4: And the funding and capital requirements for that.

Speaker #1: Okay. All right. Thanks for taking those questions.

Nick McGarrigle: Okay. All right. Thanks for taking those questions.

Speaker #2: The next question comes from Alan Franklin with Canaccord Genuity. Please go ahead.

Operator 2: The next question comes from Alan Franklin with Canaccord Genuity. Please go ahead.

Operator: The next question comes from Alan Franklin with Canaccord Genuity. Please go ahead.

Speaker #1: Thank you. Good morning, Gary, Greg, José—thank you for your time. I wouldn't mind just delving into the gross margin quickly, please. We do have three or four years' worth of history now, and it looks like 85% is a pretty steady platform to work from, despite the opening of more food and bev.

Alan Franklin: Thank you. Morning, Gary, Greg, Jose. Thank you for your time. I would not mind just delving into the gross margin quickly, please. We do have three or four years worth of history now, and it looks like 85% is a pretty steady platform to work from despite the opening of more F&B. Just interested in understanding if that 85% is a nice base to use moving forward and just how that dining pass might actually work its way through, assuming you are obviously charging AUD 89 and an average person is coming through three or four times. Does that play around with margins at all?

Allan Franklin: Thank you. Morning, Gary, Greg, Jose. Thank you for your time. I would not mind just delving into the gross margin quickly, please. We do have three or four years worth of history now, and it looks like 85% is a pretty steady platform to work from despite the opening of more F&B. Just interested in understanding if that 85% is a nice base to use moving forward and just how that dining pass might actually work its way through, assuming you are obviously charging AUD 89 and an average person is coming through three or four times. Does that play around with margins at all?

Speaker #1: I'm just interested in understanding if that $85 is a good base to use moving forward, and how that dining pass might actually work its way through—assuming you're charging $89 and the average person is coming through three or four times.

Speaker #1: Does that play around with margins at all?

Speaker #3: Maybe I'll have a first go at that and then hand over to José a little as well. Look, 85% gross margins is kind of, in our view, the base.

Greg Yong: Well, I will have a first go at that and then hand over to Jose a little as well. Look, 85% gross margins is, in our view, the base. We still see opportunity to grow it. As we bring on more visitation, and we have, I think, clearly articulated today that we see opportunities still to grow over 2 million people very clearly. Every time we bring on that additional attendance, we are seeing growth in terms of operating leverage, and so that has not changed in our minds. You are right, the annual dining pass has some different accounting treatments that go with that. Jose will talk about that in a second, but we have already covered that off in the presentation. We will just re-clarify all of that. Our view is very clearly that just brings on incremental spending.

Speaker #3: We still see opportunity to grow it. And again, as we bring on more visitation, and we've, I think, clearly articulated today, that we see opportunity still to grow over 2 million people, very clearly.

Speaker #3: Every time we bring on that additional attendance, we're seeing growth in terms of operating leverage, and so that hasn't changed in our minds. You're right.

Speaker #3: The annual dining pass has some different accounting treatments that go with that. Joe's able to talk about that in a second, but we've kind of already covered that off in the presentation, so we'll just re-clarify all of that.

Speaker #3: Our view is very clear: that just brings on incremental spending. To your point, we have a very clear view as to the underlying economics of that program.

Greg Yong: To your point, we have a very clear view as to the underlying economics of that program. We've not gone into that blind. We've spent a lot of time working with other people in the market that have had really successful incarnations of that, and they continue to work with us and advise us on that program, and we feel very excited about what they can do for us despite the accounting treatment being unique and different, obviously seeing over the period of time. I can't give you a projection as to what the margin could get to and what it looks like. We've obviously had that conversation in the past, and our view has been, look, it's a different cost base to what it was back in FY16 for the reasons we've outlined earlier. But we don't see margins capping out.

Speaker #3: We've not gone into that blind. We've spent a lot of time working with other people in the market who have had really successful incarnations of that.

Speaker #3: And they continue to work with us and advise us on that program, and we feel very, very excited about what they can do for us, despite the accounting treatment being unique and different.

Speaker #3: Obviously, seeing over the period of time. So I can't give you a projection as to what the margin could get to, and what it looks like.

Speaker #3: We've obviously had that conversation in the past, and our view has been, look, it's a different cost base to what it was back in FY16, for the reasons we've outlined earlier.

Speaker #3: But we don't see margins capping out. We certainly see more opportunity to continue to grow them over time through a number of different initiatives.

Greg Yong: We see certainly more opportunity to continue to grow them over time through a number of different initiatives. Mix of pass is one, and certainly as we continue to improve and enhance our F&B offer and our retail offer, same thing. But largely, we also see opportunities to continue to grow the revenue and try to hold our cost base as well, and that's something that we're constantly focused on and trying to do. José, did you want to talk just briefly about the dining pass treatment?

Speaker #3: That mix of past is one. And certainly, as we continue to improve and enhance our F&B offer and our retail offer, same thing. But largely, we also see opportunities to continue to grow the revenue and try to hold our cost base as well.

Speaker #3: And that's something that we're constantly focused on and trying to do. José, did you want to talk just briefly about the dining pass treatment?

Speaker #4: Yeah, yeah. So the revenue on the passes, as Greg mentioned earlier in the presentation, is recognized very similarly to the annual pass for entry.

José de Sacadura: Yeah. So the revenue on the passes, as Greg mentioned earlier in the presentation, is recognized very similarly to the annual pass for entry. It's because we provide food over a 12-month period, we're required to spread that revenue evenly over the 12-month period. However, the cost side is more lumpy, as in when guests come to the park and redeem for a meal, then the COGS for that meal will be recognized at each redemption point. So there is a bit of a mismatch. Obviously, over the entire 12-month period, it all washes out, but sometimes there can be a bit of lumpiness in terms of one twelfth of the revenue in the first month, but maybe they've come twice and the COGS is a bit higher.

Speaker #4: It's because we provide food over a 12-month period, we're required to spread that revenue evenly over the 12-month period. However, the cost side is more lumpy—as and when guests come to the park and redeem for a meal, then the COGS for that meal will be recognized at each redemption.

Speaker #4: So, there is a bit of a mismatch, obviously, over the entire 12-month period. It all washes out, but sometimes there can be a bit of lumpiness in terms of one-twelfth of the revenue in the first month. But maybe they've come twice and the COGS is a bit higher.

Speaker #4: But overall, when we look at the economics and without getting into precise sort of numbers here, the number of redemptions required to, of which we sort of break even, if you like, or continue to make a profit is well, well in excess, much more than double of what the number of visits that we're typically see from an annual pass holder.

José de Sacadura: But overall, when we look at the economics and without getting into precise sort of numbers here, the number of redemptions required at which we break even, if you like, or continue to make a profit, is well in excess. That's more than double of what the number of visits that we'd typically see from an annual pass holder. So based on the modeling, is certainly expected to be very additive to that gross margin line.

Speaker #4: So, it is based on modeling; it's certainly expected to be very additive to that gross margin line.

Speaker #3: And what you'll see early on, Alan—just to be clear on that too—is, early on, that will look poorer than what it's going to end up like. If you can imagine, the first time you buy your season dining pass, you're pretty keen to use it, and you'll probably buy it the day that you're in the park.

Greg Yong: And what you will see early on, Alan, just to be clear on that too, is early on, that will look poorer than what it is going to end up like. If you can imagine, the first time you buy your season dining pass, you are pretty keen to use it, and you will probably buy it the day that you are in the park or the day that you are coming or the day before. And so you are keen and interested, and you get out here and you use it. Over time, and again, we have looked at this at other organizations historically, we have seen that does not sustain. And we want people to come and visit the park more often.

Speaker #3: Or the day that you're coming or the day before. And so, you're keenly interested, and you get out here and you use it. Over time—and again, we've looked at this at other organizations, historically—we've seen that doesn't sustain, and we want people to come and visit the park more often.

Speaker #3: We actually think of this much more around lifetime value, and the more times we can get you to come, the more value you ascribe to that pass, and the more likely you are—in our view—the more propensity you have to renew with us.

Greg Yong: We actually think of this much more around lifetime value, and the more times we can get you to come, the more value you ascribe to that pass and the more likely you are, in our view, the more propensity you have to renew with us. But it is a bit difficult early on because you get one twelfth of the revenue today, but you get early COGS. Nothing in our modeling versus what we are seeing is concerning at all. In fact, we are seeing everything we anticipated that we would see.

Speaker #3: But it is a bit difficult early on because you get one-twelfth of the revenue today, but you get early COGS. Nothing in our modeling versus what we're seeing is concerning at all.

Speaker #3: In fact, we're seeing everything we anticipated we would see.

Speaker #1: Following. And then just on—I mean, you obviously feel confident on volumes. I mean, can you maybe talk to park capacity and guest experience, just given you've now pushed past 2 million?

Alan Franklin: Following. And then just on, you obviously feel confident on volumes. Just maybe talk to park capacity and guest experience, just given you have now pushed past 2 million. And similar sort of question with Lost Mine Mayhem. Why another family ride as opposed to thrill or otherwise. And yeah, obviously updated mechanics, so it does seem like you can obviously push through a lot more individuals.

Allan Franklin: Following. And then just on, you obviously feel confident on volumes. Just maybe talk to park capacity and guest experience, just given you have now pushed past 2 million. And similar sort of question with Lost Mine Mayhem. Why another family ride as opposed to thrill or otherwise. And yeah, obviously updated mechanics, so it does seem like you can obviously push through a lot more individuals.

Speaker #1: And similar sort of question with Lost Mine Mayhem. Yeah, why another family ride as opposed to a thrill ride or otherwise? And, yeah, obviously updated mechanics, so it does seem like you can obviously push through a lot more individuals.

Speaker #3: Yeah, look, as you know, we constantly have capacity in our minds. And we've had that on our minds five years ago, as we started embarking on this capital investment program.

Greg Yong: Yeah. Look, Al, as you know, we constantly have capacity in our minds. And we have had that on our minds 5 years ago as we started embarking on this capital investment program, when rational minds might have thought otherwise, but we really did try to be very thoughtful about that. And as we have brought new attractions on, we could have saved a touch of capital on doing something like The Dreamworld Flyer, for example. We could have got a smaller version of that and had less capacity and saved a few hundred grand on that capital cost. And our view was very much that we are shooting here for a future that has us back to historical attendance, and I think we can do better than that, to be frank. And so we have always thought about that in that regard.

Speaker #3: When rational minds might have thought otherwise, we really did try to be very thoughtful about that. And as we've brought new attractions on, we could have saved a touch of capital on doing something like the Dreamworld Flyer, for example.

Speaker #3: We could have gotten a smaller version of that and had less capacity, and saved a few hundred grand on that capital cost. Our view was very much that we are shooting here for a future that has us back to historical attendance, and I think we can do better than that, to be frank.

Speaker #3: And so we've always thought about that in that regard. Everything that we've put on over the last few years has had an eye towards making sure that, in one element of that decision-making—and we have a number of different facets of those decisions—lifetime cost of ownership is a key consideration. Obviously, safety is the first thing we look at.

Greg Yong: Everything that we have put on over the last few years has had an eye towards making sure that one element of that decision-making, and we have a number of different facets of those decisions, lifetime cost of ownership. Obviously, safety is the first thing we look at. Will it sell tickets, et cetera? But capacity is right up there for us because these parks are hugely cyclical. When people are here, it is no good having the busiest days in the parks and having the worst experience. Again, we had the busiest day in the history of the park back in December, sorry, back in January. We also saw a really strong NPS and a really great guest experience that day. We feel really good about what we are doing in that regard.

Speaker #3: Will it sell tickets, etc.? But capacity is right up there for us because these parks—they're hugely cyclical. And so, when people are here, it's no good having the busiest days in the parks and having the worst experience.

Speaker #3: And so, again, we had the busiest day in the history of the park back in December—sorry, back in January. And we also saw a really strong NPS and a really great guest experience that day.

Speaker #3: And so, we feel really good about what we're doing in that regard. In terms of thrill versus family, look, this one was unique.

Greg Yong: In terms of thrill versus family, look, this one was unique in that we have a standing attraction there. We did a lot of work to see, well, what could we do with this? It was a very popular ride previously. But what could we do with this to put in a world-class attraction really efficiently? I think that the CapEx that we are looking to deploy to this, and we have called that out as not more than AUD 20 million. We think we would probably do somewhat better than AUD 20 million. But there is no way that we would get anything like what we are going to have at the end of this for anything like that CapEx spend. Part of it was opportunistic. We had that opportunity to do something there, which we think will be meaningful.

Speaker #3: In that, we have a standing attraction there, and we did a lot of work to see, well, what could we do with this? And it was very popular previously.

Speaker #3: But what could we do with this to put in a world-class attraction, really efficiently? And I think that the capex that we're looking to deploy to this, and we've called that out as not more than $20 million—we think we'd probably do somewhat better than $20 million.

Speaker #3: But there's no way that we would get anything like what we're going to have at the end of this for anything like that CapEx spend.

Speaker #3: And so, part of it was opportunistic. We had that opportunity to kind of do something there, which we think will be meaningful. There's a bit of us that also wants to round out the Rivertown experience.

Greg Yong: There is a bit of us that also wants to round out the Rivertown experience. I mean, Rivertown has been a huge hit for the business. We felt that the Motocoaster property there, it just did not really fit. This really does help clean that section up as well. We have made no bones about the fact that we really see ourselves as a family business. The product that we put in is generally going to move in that direction. But we are constantly scanning the market, constantly looking at what we have got on offer, and looking at what is next. As we have talked about, the lead times in new attractions are three, four, five years away. We are talking about today what they could look like in a period of time.

Speaker #3: I mean, Rivertown has been a huge hit for the business. And we felt that the Motorcoaster property there, it just didn't really fit.

Speaker #3: And this really does help clean that section up as well. We've made no bones about the fact that we really see ourselves as a family business.

Speaker #3: And so the product that we put in is generally going to move in that direction. But we're constantly scanning the market, constantly looking at what we've got on offer.

Speaker #3: And looking at what's next—and as we've talked about—the lead times in your attractions are three, four, five years away. And so, we're talking about today what they could look like in a period of time.

Speaker #3: And I can assure you that thrill attraction is certainly on the list of things that we're considering and contemplating, but we're just not there yet.

Greg Yong: I can assure you that a thrill attraction is certainly on the list of things that we are considering and contemplating, but we are just not there yet. We never say no to thinking about that. We are always looking at all different types of attractions. But we certainly have a strong bias towards family because we think that is just really clear in terms of what we are trying to shoot for in terms of the markets that we are after. But I certainly would not say that we are never, ever going to build another thrill ride again.

Speaker #3: And so we never say no to thinking about that. We're always looking at all different types of attractions. But we certainly have a strong bias towards family because we think that's just—I think it's really clear in terms of what we're trying to shoot for, in terms of the markets that we're after.

Speaker #3: But I certainly wouldn't say that we're never, ever going to build another thrill ride again.

Speaker #1: Helpful. Thanks.

Alan Franklin: Helpful. Thanks.

Allan Franklin: Helpful. Thanks.

Speaker #2: Our final question comes from Tony Mitchell with Shaw & Partners. Please go ahead.

Operator 2: Our final question comes from Tony Mitchell with Shaw and Partners. Please go ahead.

Operator: Our final question comes from Tony Mitchell with Shaw and Partners. Please go ahead.

Speaker #1: Congratulations. My question is, can you give us some sort of time period where Bear & Jerry will be finished with their review? And clearly, then you're going to work out what you're going to do with the extra land?

Tony Mitchell: Congratulations. My question is, can you give us some sort of time period where Barrenjoey will be finished with their review? Clearly then you are going to work out what you are going to do with the extra land, obviously buyback, capital return, all those sort of things come into play. Thank you.

Speaker #1: And obviously, buyback, capital return, all those sort of things come into play. Thank you.

Speaker #3: Thanks, Tony. And good morning. Look, we obviously had started the engagement with Bear & Jerry or started having conversations with them as soon as we as soon as the land approval was finalized.

Greg Yong: Thanks, Tony, and good morning. We obviously had started the engagement with Barrenjoey, or started having conversations with them as soon as land approval was finalized, slightly before, as you can imagine. We have given them a very clear brief as to the sort of things that were on our mind. We certainly have a view as to what the highest and best uses could be for these different parcels of land, let alone the broader capital allocation opportunity that comes here, given the cash balance, given obviously the opportunities that have come from recently very strong performance. Our view is Barrenjoey need to take the time to do that work properly. These are far too significant decisions to be made in a hurry.

Speaker #3: And slightly before, obviously, as you can imagine. And we've given them a very clear brief as to the sort of things that were on our mind.

Speaker #3: And so we certainly have a view as to what the highest and best uses could be for these different parcels of land, let alone the broader capital allocation opportunity that comes here given the cash balance and, obviously, the opportunities that have come from recently very strong performance.

Speaker #3: Our view is Bear and Jerry need to take the time to do that work properly. These are far too significant decisions to be made in a hurry.

Speaker #3: But at the same time, our view is, if we are going to do some of these things, there are some opportunistic reasons to do that prior to the Olympic Games.

Greg Yong: But at the same time, our view is if we are going to do some of these things, there are some opportunistic reasons to do that prior to the Olympic Games. And so we're in this difficult conundrum of we want to do it right away and all at once, but we also want to be calm and methodical about doing it properly. My view would be over the next quarter or so, we'll have a strong view as to what that looks like. I can't give you a guarantee, unfortunately, Tony, because again, it's a significant enough opportunity that we want to get it absolutely right. But we're not looking for this to go on for too long. So I would anticipate that internally we'd have a view in the next quarter or so. But again, I really don't want to give any guidance as to how that looks.

Speaker #3: And so we're in this difficult conundrum where we want to do it right away and all at once, but we also want to be calm and methodical about doing it properly.

Speaker #3: My view would be, over the next quarter or so, we'll have a strong sense as to what that looks like. I can't give you a guarantee.

Speaker #3: Unfortunately, Tony, again, it's a significant enough opportunity that we want to get it absolutely right. But we're not looking for this to go on for too long.

Speaker #3: So I would have anticipated that, internally, we'd have a view in the next quarter or so. But again, I really don't want to give any guidance as to how that looks.

Speaker #3: And I know I've rambled on a bit here, but I wanted to make it really clear to you that we're in a hurry to get moving on it—absolutely—but we want to make sure we do it in a considered way.

Greg Yong: And I know I've rambled on a bit here, but I wanted to make really clear to you that we're in a hurry to get moving on it, absolutely. But we want to make sure we do it in a considered way.

Speaker #1: Can I ask, just assuming you do decide to build a hotel and do short-term accommodation, is that why you've got a $20 million debt facility?

Tony Mitchell: Can I ask you, just assuming you do decide to build a hotel and do short-term accommodation, is that why you've got a AUD 20 million debt facility? And if you decided to do that, either with a joint venture or yourself, would that potentially lead to a capital raising?

Speaker #1: And if you decided to do that, either with a joint venture or on your own, would that potentially lead to a capital raising?

Speaker #3: Look, we don't want to rule anything in or out, Tony. I think we have a view around capital raisings, and that's that we don't particularly think that they're a good idea given the price at the moment.

Greg Yong: Look, we don't want to rule anything in or out, Tony. I think we have a view around capital raisings, and that's that we don't particularly think that they're a good idea given the price at the moment. I mean, it's absolutely clear that the price is very undervalued, and that's why we're all here. But I wouldn't rule it out, but it's not top of our minds looking at a capital raise. Look, the reason for the facility is probably a little bit more historical in nature. We took the decision a year and a bit ago to do another buyback. We've now bought 20% of the stock back. But to be frank with you, we were duly concerned about the environment that we're in, and so we wanted to make sure that we had some headroom before we committed to that buyback.

Speaker #3: I mean, it's absolutely clear that the price is very undervalued, and that's why we're all here. But I wouldn't rule it out, though it's not top of our minds, looking at a capital raise.

Speaker #3: Look, the reason for the facility is probably a little bit more historical in nature. We took the decision a year and a bit ago to do another buyback.

Speaker #3: We've now bought back 20% of the stock. But to be frank with you, we were duly concerned about the environment that we're in, and so we wanted to make sure that we had some headroom before we committed to that buyback.

Speaker #3: And so the facility was really about having some headroom in case trading conditions didn't go as we thought they would. And so that's the real reason for it.

Greg Yong: The facility was really about having some headroom in case trading conditions did not go as we thought they would. That is the real reason for it. It is not really for any other reason than that. We do think having the facility there gives some optionality. That is our view and our high level around how we are thinking about capital allocation.

Speaker #3: It's not really for any other reason than that. We do think having the facility there gives some optionality. But yeah, that's our view at a high level around how we're thinking about capital allocation.

Speaker #1: So, are you going to continue the buyback, or are you not going to do that?

Tony Mitchell: Are you going to continue the buyback or you are not going to do that?

Speaker #3: We're not sure yet at the moment, Tony. What we do say consistently is that capital management is always on our minds. But this is the prime reason why we've got Bear and Jerry involved.

Greg Yong: We are not sure yet at the moment, Tony Mitchell. What we do say consistently is capital management is always on our minds. This is the prime reason why we have got Barrenjoey involved. We have strong views. We want them tested by people that are doing this on the regular. We have put to them a number of different propositions, and that includes all of those things that you would anticipate. I cannot say, yes, we are going to go ahead with it. It is certainly on the table as part of their work that they are considering. Really, they are here to look at capital allocation broadly. As we have outlined, it is about, for us, looking at the best outcome for our holders. We have got some perspectives. We want them tested. Everything is on the table.

Speaker #3: We have strong views. We want them tested by people that are doing this on a regular basis. So we've put to them a number of different propositions.

Speaker #3: And that includes all of those things that you would anticipate. So, I can't say yes, we're going to go ahead with it. But it's certainly on the table as part of their work that they're considering.

Speaker #3: Really, they're here to look at capital allocation broadly. And as we've outlined, it's about, for us, looking at the best outcome for our holders.

Speaker #3: And so we've got some perspectives. We want them tested, and everything's on the table. But I think I can make it pretty clear to you that we have a view around equity raises, which is, I think, based on the price at the time.

Greg Yong: I think I can make it pretty clear to you that we have a view around equity raises, which is, I think, based on the price at the time. We certainly should not rule anything in or out, but I think hopefully it helps you just to understand how we feel about it.

Speaker #3: But we certainly shouldn't rule anything in or out, but that's, I think, hopefully, it helps you just to understand how we feel about it.

Speaker #1: Would one option be to just sell the land outright?

Tony Mitchell: Would one option be to sell the land outright?

Speaker #3: Yes, and that would be one of many options. But again, the fundamental reason that Bear & Jerry is involved is to look at the best outcome for all the different options that we have.

Greg Yong: Yes, that would be one of many options. But again, the fundamental reason that Barrenjoey is involved is to look at the best outcome for all the different optionality that we have. That may be the case, could be. We have said very clearly that there are elements of the land and elements of this program that we do not believe are in our core competency. You will not hear from us saying to you that we are out there looking to do a residential development on our own. Could we partner with someone and do a JV? Potentially. It may make sense for us not to do that and look at other alternatives. That is why we have got Barrenjoey helping us with this work. We have got some views and perspectives. We want to stay in our wheelhouse and do the things that we are good at.

Speaker #3: And so that may be the case—it could be. And we've said very clearly that there are elements of the land and elements of this program that we don't believe are in our core competency.

Speaker #3: And you won't hear from us saying to you that we're out there looking to do a residential development on our own. Could we partner with someone and do a JV? Potentially.

Speaker #3: It may make sense for us not to do that and look at other alternatives. But that's why we've got Bear & Jerry helping us with this work.

Speaker #3: We've got some views and perspectives. We want to stay in our wheelhouse and do the things that we're good at, but we want to make sure, again, that we don't leave any stone unturned.

Greg Yong: But we want to make sure again that we do not leave any stone unturned. This is a significant piece of work, as you can imagine, because these are decisions that go right to the core of creating value in the organization.

Speaker #3: And this is a significant piece of work, as you can imagine, because these are decisions that go right to the core of creating value in the organization.

Speaker #1: And just the other one—just if you decided to move the car park, I mean, what sort of expenditure? I mean, that would be substantial expenditure, wouldn't it?

Tony Mitchell: If you decided to move the car park, what sort of expenditure? That would be substantial expenditure, wouldn't it?

Speaker #3: Well, look, I think building anything in Queensland is substantial these days, and so it's appropriate for us to disclose to you that that is clearly one of the options.

Greg Yong: Well, look, I think building anything in Queensland is substantial these days. It is appropriate for us to disclose to you that that is clearly one of the options. Our view is very clearly that we are going to do the thing that makes the most sense, again, for our holders. It is fair and reasonable that we have got optionality over the car park. Our view is we are looking at construction costs. I think if anyone has had exposure to those over the last few years, it is us. We have managed to deliver a significant program of capital works in a very difficult environment, and we have delivered all of those works on time and on budget. I am not about to say, though, that in the lead-up to the Olympic Games, that is not going to get more difficult.

Speaker #3: But our view is very clearly that we're going to do the thing that makes the most sense, again, for our holders. And so it's fair and reasonable that we've got optionality over the car park.

Speaker #3: But our view is, we're looking at construction costs. I think if anyone's had exposure to those over the last few years, it's us. We've managed to deliver a significant program of capital works in a very difficult environment.

Speaker #3: And we've delivered all of those works on time and on budget. I'm not about to say, though, that in the lead-up to the Olympic Games, that's not going to get more difficult.

Speaker #3: And so to that end, we've got a strong bias toward being very efficient and risk-averse in terms of how we think about construction projects.

Greg Yong: To that end, we have got a strong bias to being very efficient and risk adverse in terms of how we think about construction projects. Whatever we might choose to do with the car park is going to be with that front of mind.

Speaker #3: And so, whatever we might choose to do with the car park is going to be with that front of mind.

Speaker #1: Okay. Just to summarize here, you've got a share price of $0.54 and an NTA of $1.08. And if you add on the car park stuff, that's another $0.10.

Tony Mitchell: Okay, just to summarize here. You have got a share price of AUD 0.54 and an NAV of AUD 1.08, and if you add on the car park stuff, that is another AUD 0.10, it is about AUD 1.18. How is that substantial discount going to be reduced?

Speaker #1: It's about $1.18. How is that substantial discount going to be reduced?

Speaker #3: Well, I think you're

Gary Weiss: Well, I think-

Tony Mitchell: Tony, just like you are double counting the net asset value that we have disclosed includes the car park, okay?

Speaker #2: Double counting—the net asset value that we've disclosed includes the car park, okay?

Speaker #1: Okay, okay. So, okay, but we'll put it this way: the share price is half of the NAV. So the question is, how do you narrow that substantial discount?

Gary Weiss: Okay.

Tony Mitchell: Well, put it this way, the share price is half of the NAV. The question is, how do you narrow that substantial discount?

Speaker #2: Well, the good news is that the value is there, Tony. The challenge for us is to address the disparity between the market value and the intrinsic value.

Gary Weiss: Well, the good news is that the value is there, Tony. The challenge for us is to address the disparity between the market value and the intrinsic value. That is going to be achieved by continued good performance and hopefully out of a sensible review of capital allocation outcomes following the completion of the Barrenjoey review.

Speaker #2: And that's going to be achieved by continued good performance and hopefully out of a sensible review of capital allocation outcomes, following the completion of the Bear & Jerry review.

Speaker #1: Right, right. Okay, okay. All right. Well, thank you for that. That's a good rundown.

Tony Mitchell: Right. Okay. All right. Well, thank you for that. It is a good rundown.

Operator 2: This now concludes the Coast Entertainment Holdings results presentation. Thank you for your participation. You may now disconnect.

Operator: This now concludes the Coast Entertainment Holdings results presentation. Thank you for your participation. You may now disconnect.

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