Experience Co Posts 34% EBITDA Growth on $134.3M Revenue in FY25
Experience Co Limited reported a strong FY25 with record revenue and earnings growth, driven by its Skydiving and Adventure Experiences segments. The company is advancing organic growth and acquisitions while maintaining disciplined capital management heading into FY26.
- FY25 revenue reached $134.3 million, up 6% year-on-year
- Underlying EBITDA surged 34% to $19.3 million, best since FY19
- Expansion includes new vessel Aquarius II and upcoming park attractions
- On-market share buy-back underway, alongside a fully franked dividend
- Positive FY26 outlook supported by tourism recovery and operational efficiencies
Strong Financial Performance in FY25
Experience Co Limited (ASX, EXP) has reported its most robust financial results since FY19, with revenue climbing to $134.3 million and underlying EBITDA rising 34% to $19.3 million for the year ended June 30, 2025. This growth was underpinned by solid demand across its core Skydiving and Adventure Experiences segments, reflecting both organic growth initiatives and improved operational efficiencies.
The company’s disciplined cost management and strategic focus on safety, quality, and innovation have been central to this performance, reinforcing Experience Co’s position in the adventure tourism market.
Strategic Expansion and Investment
Experience Co continued to invest in growth during FY25, notably expanding its Reef Unlimited operations with the acquisition of the Aquarius II vessel. Launched in April, this new asset has exceeded expectations by meeting rising demand in reef cruises and charters. Further organic growth is planned with the addition of Networld and Zipline attractions at the Treetops Adventure Canberra site, set to open in January 2026, enhancing the appeal and performance of this flagship park.
The company’s strategic review in 2024 reaffirmed its portfolio strength and set clear priorities, driving organic growth, pursuing value-enhancing acquisitions, and considering divestment of non-core assets to sharpen focus and returns.
Capital Management and Shareholder Returns
Experience Co’s strong balance sheet underpins its flexibility to pursue growth opportunities. The Board approved an on-market share buy-back program of up to 10% of issued capital, with over 1.38 million shares repurchased to date. This buy-back, alongside a fully franked dividend of 0.25 cents per share paid in August 2025, signals the company’s confidence in its outlook and commitment to disciplined capital management.
Positive Outlook Amid Improving Tourism Conditions
Trading momentum from FY25 has carried into the first quarter of FY26, supported by strong domestic demand and a steady recovery in inbound leisure tourism. Experience Co continues to rationalize underperforming sites and implement cost efficiencies, which are translating into improved earnings and cash flow. While inflationary pressures and weather impacts remain challenges, the company’s fundamentals are solid.
Australia and New Zealand’s appeal as destinations for authentic outdoor adventure experiences aligns well with Experience Co’s offerings, positioning it to benefit as travel demand normalizes. The company remains focused on cost control, cash generation, and capital efficiency while exploring growth avenues.
Looking Ahead
Experience Co’s FY26 strategic priorities include sustaining free cash flow generation, capitalizing on business tailwinds such as record direct-to-consumer bookings, and advancing organic growth projects like the Treetops Canberra Zipline tour. The company is also actively reviewing operations and asset returns, including aircraft disposals and potential accretive acquisitions, to maintain capital efficiency and enhance shareholder value.
Bottom Line?
Experience Co’s strong FY25 foundation and strategic initiatives set the stage for continued growth, but investors will watch closely how it navigates inflation and weather-related risks in FY26.
Questions in the middle?
- How will inflationary pressures and weather disruptions impact Experience Co’s operational performance in FY26?
- What potential acquisitions or divestments might the company pursue to optimize its portfolio?
- How effectively will new attractions like Networld and Zipline drive organic growth and customer engagement?