EVT (EVT) H1 2025 earnings summary

Executive summary

• First half revenue was $649.1 million, down 1.5% year-over-year, with Hotels Division achieving record EBITDA and Entertainment Group revenue down 3.7% due to Hollywood strikes.

• Normalized EBITDA rose 3.7% to $99.6 million, driven by record Hotels Division results, while Entertainment EBITDA fell 14.9% and Thredbo EBITDA declined 10% amid adverse weather.

• Net profit after tax increased 14.9% to $31.1 million, with normalized NPAT up 8.3% to $31.5 million.

• Net debt stands at $303.4 million, below pre-COVID levels, and a fully franked interim dividend of 16 cents per share was declared.

• Strategic focus remains on asset-light hotel growth and capital recycling through property divestments.

Financial highlights

• Hotels Division achieved record first half EBITDA of $52.8 million, up 10.9% year-over-year, with revenue of $207.1 million.

• Entertainment revenue declined 3.7% to $371.6 million, with EBITDA down 14.9% to $31.4 million due to film supply disruptions.

• Thredbo revenue was $61.9 million, down 1.9%, with EBITDA of $19.9 million, down 10% due to adverse weather.

• Net profit after tax was $31.1 million, up from $27.1 million year-over-year.

• Net cash provided by operating activities increased to $116.4 million from $101.0 million year-over-year.

Outlook and guidance

• Full year 2025 EBITDA growth expected, subject to film performance, weather, and market conditions.

• Modest growth anticipated in Entertainment for the second half, with a strong film slate expected in FY26.

• Hotels Division expects to offset headwinds from Taylor Swift tour cycling and Queenstown upgrades, aiming for results in line with prior periods.

• Thredbo's summer result expected to be in line with prior comparable period; winter result dependent on weather.

• Group expects to maintain sufficient liquidity, supported by $94.9 million in cash reserves and $255.4 million in undrawn debt facilities.