EVT (EVT) H1 2025 earnings summary

Executive summary

• First half revenue was AUD 649.1 million, down 1.5% year-over-year, with Hotels Division achieving record EBITDA and Entertainment Group revenue down 3.7% due to film supply disruptions and adverse weather at Thredbo.

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

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

• Interim dividend of 16 cents per share, fully franked, was declared for payment in March 2025.

• Strategic focus remains on asset-light hotel growth and capital recycling through property divestments, including the planned sale of 525 George Street.

Financial highlights

• Hotels Division achieved record first half EBITDA of AUD 58.2 million, up 10.9% year-over-year, with revenue of AUD 207.1 million.

• Entertainment revenue declined 3.7% to AUD 371.6 million, with EBITDA down 14.9% to AUD 31.4 million, impacted by Hollywood strikes.

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

• Net debt stands at AUD 303.4 million, below pre-pandemic levels.

• Group normalized EBITDA margin improved with cost control.

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 in FY26 expected to drive improved results.

• Hotels Division expected to deliver stable results, offsetting headwinds from prior year one-off events and Queenstown upgrade closures.

• Thredbo’s summer and winter results will depend on weather, with summer visitation rebounding when conditions are favorable.

• Group expects to maintain sufficient liquidity, supported by strong cash reserves and undrawn debt facilities.