Experience Co Limited (ASX:EXP), Coast Entertainment Holdings Limited (ASX:CEH) and Viva Leisure Limited (ASX:VVA) operate across adventure tourism, major attractions and subscription-based fitness. Their FY2026 disclosures highlight different operating conditions, with Experience Co managing cost pressures and portfolio changes, Coast Entertainment benefiting from higher visitation, and Viva Leisure expanding membership across its owned and franchised health club network.
The companies also have different exposure to consumer activity. Experience Co relies partly on domestic and international tourism, Coast Entertainment depends on visitation and spending at its Gold Coast attractions, while Viva Leisure generates recurring membership income primarily from domestic customers. These differences are likely to influence their respective operating priorities through FY2027.
Australian tourism operators continue to operate against an incomplete recovery in international visitor volumes. Australian Bureau of Statistics data recorded 710,980 short-term visitor arrivals in July 2026, with New Zealand, China and the United States among the maincombination of domestic travel and international visitor spending rather than international volumes alone
Cost conditions also remain relevant. Tourism businesses with marine and ad weather can influence margins and operating capacity. Outdoor tourism operators can lose trading days when conditions deteriorate, while higher labour costs are more difficult to offset when ticket pricing is competitive
Fitness has a different Revenue profile. Membership businesses are largely driven by domestic participation, customer retention, site utilisation and competition rather than tourism arrivals. Expansion also requires Capital for new clubs, making membership growth at existing facilities an important contributor to operating efficiency.
Experience Co operates adventure tourism activities across Australia and New Zealand. Its businesses include Skydive Australia, Great Barrier Reef experiences and Treetops Adventure locations, giving the group exposure to skydiving, marine tourism and land-based adventure activities.
The company has also been reshaping its portfolio. During May 2026, Experience Co completed the sale of its Wild Bush Luxury operations, allowing management to place greater attention on its remaining adventure tourism assets.
Experience Co reported FY2026 revenue from continuing operations of AUD 129.6 million and underlying EBITDA of AUD 17.6 million. Underlying net profit after tax was AUD 2.0 million, while the group recorded a small statutory loss after including discontinued operations.
Adventure Experiences generated AUD 65.8 million of revenue and AUD 15.4 million of underlying EBITDA. This division includes marine, rainforest and Treetops Adventure activities and represented the majority of group-level underlying EBITDA during the year.
Skydiving generated AUD 63.8 million of revenue and AUD 9.7 million of underlying EBITDA. Approximately 117,000 tandem passengers were recorded during FY2026. Fuel costs, wages and weather-related disruption affected profitability across the year and contributed to pressure on group margins.
Experience Co ended FY2026 with net Debt of AUD 10.7 million, equivalent to approximately 0.76 times trailing EBITDA. Cash stood at AUD 5.4 million at the end of June.
Operating Cash Flow was AUD 11.9 million, while free cash flow was AUD 2.3 million. The company did not pay a Dividend during calendar 2026 up to the reporting date, leaving cash available for operating and portfolio requirements.
Experience Co remains exposed to fuel costs, wage Inflation and weather disruption. These factors can affect both the number of available operating days and the profitability of individual tourism activities.
The company also remains exposed to international visitor conditions, particularly for reef and skydiving experiences that attract overseas tourists. Execution of the proposed portfolio transaction introduces anothernd approvals are completed
What Investors May Monitor Through the Rest of 2026
Progress on the proposed Inflite transaction will remain one of the main company-specific developments through the remainder of the year. Investors may also monitor trading across the reef, rainforest and Treetops businesses, as well as fuel expenses and the outcome of employment-related processes affecting the skydiving division.
The company’s ability to improve cash generation while managing its portfolio transition will provide further information on the operating position entering FY2027.
Coast Entertainment Holdings (ASX:CEH)
Coast Entertainment Holdings owns Dreamworld, WhiteWater World and the SkyPoint observation deck on the Gold Coast. The company generates revenue from admissions, annual passes, food and beverage, merchandise and other visitor spending across its attractions.
Its operating performance therefore depends on both visitor numbers and the amount customers spend during each visit.
For the 53 weeks ended 30 June 2026, Coast Entertainment reported Operating Revenue of AUD 116.5 million. Theme Parks and Attractions EBITDA excluding specific items was AUD 18.8 million, while group EBITDA excluding specific items reached AUD 13.8 million.
Net profit after tax was AUD 6.1 million.
Total visitation reached approximately 2.0 million during FY2026. Ticket sales and annual pass participation also increased, while deferred revenue reached AUD 20.2 million.
The increase in annual pass customers contributed to higher visitation but also affected the revenue generated per individual visit. Per-capita spending stood at AUD 58.02, making the balance between visit frequency and customer spending an important operating measure for FY2027.
Balance Sheet and Capital Position
Coast Entertainment ended FY2026 with AUD 35.0 million of cash and no debt. The group also had an undrawn AUD 20 million facility.
Operating cash flow reached AUD 19.7 million, while Capital Expenditure totalled AUD 16.0 million. The company also allocated AUD 3.7 million to security Buybacks during the period.
Independent valuations completed during August 2026 valued Dreamworld at AUD 295.9 million and SkyPoint at AUD 51.7 million. These valuations provide additional information on the underlying property base while management evaluates future capital allocation.
Early FY2027 trading showed further revenue and visitation growth, although EBITDA performance reflected continued pressure on per-capita spending. This means the Earnings outcome will depend on whether higher visitor volumes can offset lower spending per visit and ongoing operating costs.
Management is also considering strategic and capital Options through an external advisory review. Potential outcomes may involve capital management, development funding or partnerships associated with the broader property portfolio.
Coast Entertainment remains exposed to discretionary household spending and tourism conditions. Higher visitation does not automatically translate into equivalent earnings growth if customers shift towards annual passes or reduce spending within the parks.
Theme park operations also involve significant maintenance, safety and regulatory requirements. Capital expenditure must remain sufficient to maintain attractions while funding new experiences that support future visitation.
International visitor numbers to the Gold Coast remain another operating Factor because overseas tourism can contribute incremental visitation beyond the domestic customer base.
What Investors May Monitor Through the Rest of 2026
Visitor numbers and per-capita spending through school holiday and summer trading periods will be important indicators of the attraction portfolio’s performance.
The outcome of the strategic review may also clarify how Coast Entertainment intends to use its Balance Sheet and property assets. Development decisions and further capital-management activity could therefore remain relevant alongside normal theme park trading.
Viva Leisure owns and franchises health clubs across Australia through brands including Club Lime, Plus Fitness, World Gym Australia, HIIT Republic, Zoo Fit and Club Pilates. The group also operates payments and technology activities through Meridium Global.
The owned and franchised portions of the network have different economics. Corporate clubs generate membership revenue directly, while franchised locations provide royalties and other income without requiring the same level of capital investment.
Viva Leisure reported FY2026 revenue of AUD 237.1 million. Statutory EBITDA reached AUD 110.0 million, while adjusted EBITDA was AUD 112.3 million and underlying EBITDA on a pre-AASB 16 basis was AUD 53.7 million.
Statutory net profit after tax was AUD 12.8 million and underlying net profit reached AUD 18.9 million. Revenue growth exceeded the increase in costs, contributing to an adjusted EBITDA Margin of 47.4%.
Health clubs generated AUD 208.2 million of segment revenue, while Franchise and investment activities contributed AUD 9.0 million. Supplements and retail generated AUD 12.8 million, and the payments and technology operations also expanded during the year.
At 30 June 2026, Viva Leisure operated 204 corporate locations and had 330 franchise and investment locations, taking the total network to 534 sites.
Corporate membership reached 275,688, while franchise members stood at 418,555. Across the full network, membership reached 694,243.
Membership growth was achieved while the corporate club count increased only modestly, supporting higher utilisation of existing facilities. This is particularly relevant because revenue growth within established clubs can improve returns without requiring the capital expenditure associated with a large number of new openings.
Viva Leisure has not provided numerical FY2027 earnings guidance, but management continues to target one million network members by FY2029.
The company intends to accelerate the rollout of corporate locations, with more than 20 net new clubs per year targeted. It also has more than 150 franchise locations in its development pipeline.
Management has highlighted the Zoo Fit refurbishment programme as another potential growth driver. Current trading had taken total network membership above 700,000, while a new Zoo Fit location opened in Mandurah during September 2026.
Accelerating new club openings creates execution risk because each location requires capital, suitable premises, staffing and sufficient membership demand.
Membership churn and competitive pricing remain important because the fitness market includes numerous low-cost and 24-hour operators.
Viva Leisure also operates a large leased-property network, meaning club Economics must support occupancy commitments over time. Faster expansion can increase these fixed obligations if new locations take longer than expected to reach intended membership levels.
What Investors May Monitor Through the Rest of 2026
Membership growth and club utilisation will remain important indicators of operating performance. Investors may also monitor the pace of new corporate openings and additions to the franchise network.
Further developments involving Meridium Global and the expansion of Zoo Fit may provide additional information on the group’s broader growth strategy. Any FY2027 trading commentary provided at the Annual General Meeting could also give greater visibility over the expected pace of expansion.
Experience Co faces tourism-demand, fuel, labour and transaction-execution risks. Its earnings remain sensitive to visitor activity and operating conditions across outdoor and a
Coast Entertainment faces discretionary spending, visitation and capital-allocation risks. Growth in visitor numbers needs to translate into sufficient per-capita spending to support earnings and future investment.
Viva Leisure faces membership churn, expansion and lease-commitment risks. A faster rollout increases the importance of selecting appropriate locations and building membership efficiently.
Consumer conditions remain relevant across all three companies, although the degree of exposure differs. Tourism and theme park businesses depend more directly on travel and discretionary leisure spending, while Viva Leisure benefits from subscription-based recurring revenue.
Outlook Through the Rest of 2026
Experience Co enters FY2027 with revenue from continuing operations of AUD 129.6 million and a portfolio that could change materially if the proposed skydiving transaction progresses. Cost control, cash generation and completion of the portfolio reshaping will remain central themes.
Coast Entertainment enters FY2027 with 2.0 million FY2026 visitors, a debt-free balance sheet and further strategic decisions to make around its Gold Coast property base. The relationship between visitation and per-capita spending will remain important to earnings.
Viva Leisure enters FY2027 with more than 700,000 network members and plans to accelerate corporate and franchise expansion. Membership growth, new club economics and execution of its broader rollout strategy will provide the clearest indicators of progress.
The companies therefore enter the remainder of 2026 with different priorities. Experience Co is focused on portfolio restructuring and tourism margins, Coast Entertainment on converting visitation into earnings and determining its capital strategy, while Viva Leisure is focused on membership growth and network expansion.
