EVT (EVT) investor relations material

Executive summary

• Normalized revenue for FY25 reached $1.24B, up 1.3% year-over-year, with growth in Hotels, Entertainment Australia, Thredbo, and Property despite market challenges including weather events and film supply disruptions.

• Normalized EBITDA rose 6.3% to $160.8M, with Hotels delivering a record EBITDA of just over $106M.

• Net profit after tax was $33.4M, up $28.6M, driven by lower significant items and improved operating performance.

• Strategic initiatives included the launch of EVT Connect Hospitality and the acquisition of PrimeVest/Pro-Invest Hotels, expanding third-party hotel management.

• Group strategy focused on hotel growth, cinema optimisation, and non-core property divestment.

Financial highlights

• Group normalized EBITDA increased 6.3% year-over-year, with margin improvement and unallocated expenses down.

• Hotels EBITDA was flat to up 4.7%, with record occupancy and RevPAR.

• Entertainment Australia and NZ revenue up 4.7% and EBITDA up 12.7% in H2, but full-year EBITDA down 4.7% due to film supply disruptions.

• Property value increased 15% since 2020, with $310M in non-core asset sales and a $3.5M gain on sale of 418 Adelaide Street.

• Net debt at June 30 was $311.9M, in line with prior year and below pre-COVID levels.

Outlook and guidance

• FY26 expected to deliver EBITDA growth, subject to film performance, weather, and market conditions.

• Hotels division anticipated to achieve another record result, though impacted by Queenstown rebranding/refurbishment (estimated $2.5M EBITDA impact).

• Thredbo FY26 EBITDA expected between $25M–$30M, subject to weather.

• No contribution from PrimeVest/Pro-Invest acquisition included in outlook; further $1M EBITDA impact from cyclone expected in hotels.