WOTSO FY26 slides: coworking network doubles as margins compress

WOTSO FY26 results reveal a company in transition, with revenue growing 4% to AUD 48.75 million, driven by an 11% increase in Flexspace sales. However, underlying EBITDA only rose 1% to AUD 10.12 million, as 13 start-up locations generated negative contribution margins, offsetting gains from maturing sites. The vertically integrated model, combining property ownership with flexible workspace operations across 40 locations, is seen as a competitive advantage, but the rapid expansion has resulted in near-term profitability trade-offs.

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