EVT (EVT) H1 2026 earnings summary

Executive summary

• Group revenue for H1 was $683.8 million, up 5.4% year-over-year, with normalised EBITDA at $105.1 million, up 5.5%, and reported net profit after tax at $37.8 million, up 21.6%.

• Hotels division achieved record results, with underlying EBITDA up 15.6% after adjusting for temporary disruptions, supported by strategic acquisitions and strong event-driven demand.

• Thredbo delivered EBITDA growth of 30.8% due to favorable winter conditions.

• Entertainment Germany delivered strong results, while Australia and New Zealand were impacted by a mixed Hollywood film lineup.

• Interim dividend of 18 cents per share, fully franked, declared for payment in March 2026.

Financial highlights

• Hotels revenue increased 5.7% to $218.9 million, with EBITDA up 6.0%; Thredbo revenue up 19.5% to $74.0 million, EBITDA up 30.8%.

• Entertainment revenue rose 3.5% to $384.7 million, driven by strong local content in Germany; EBITDA up 54.1% in Germany.

• Net debt at December 31, 2025, was $415.5 million; refinancing well progressed.

• Basic earnings per share improved to 23.3 cents from 19.2 cents year-over-year.

• Operating cash flow remained strong at $116.4 million.

Outlook and guidance

• Second half of FY26 expected to deliver EBITDA growth over prior year, subject to film performance, weather at Thredbo, and market conditions.

• January 2026 group revenue up 21.6% and EBITDA up 54.5% year-over-year.

• Hotels expected to deliver another record year, with incremental EBITDA of $17 million in FY 2027 versus FY 2026.

• Thredbo full-year EBITDA expected around $23 million, subject to winter weather.

• Group expects to maintain sufficient liquidity, supported by $85.5 million in cash and $149 million in undrawn debt facilities.