Opera Australia has released its 2025 Annual Report, outlining a dramatic financial turnaround, with the company recovering strongly after posting a multi-million-dollar loss the previous year.

Opera Australia’s operating deficit before the inclusion of its capital fund narrowed dramatically from $10.6m in 2024 to just $271,776 in 2025.

After accounting for investment gains and contributions from the Opera Australia Capital Fund, the company recorded a near break-even net deficit of $36,051 before the fund’s contribution lifted the organisation back into surplus.

Guys & Dolls, Handa Opera on Sydney Harbour. Photo © Neil Bennett

Chair Glyn Davis described the result as “a year of meaningful financial progress”, saying the company had delivered “a significant turnaround from the 2024 result”.

“I am pleased to report that 2025 was a year of meaningful financial progress,” Davis wrote in the annual report. “Total revenue reached $122.8 million, with Opera Australia delivering a break-even outcome for the 2025 financial year.”

The report attributed the improved result to “solid audience attendance and box office performance”, alongside cost-cutting and operational efficiency measures introduced during the year.

Box office revenue rose from $50.7 million in 2024 to $65.3 million in 2025 –...