EVT (EVT) H2 2024 earnings summary

Executive summary

• Group revenue grew 4% to AUD 1.221 billion, led by record Hotels division results, while Thredbo delivered solid EBITDA despite the worst winter weather in nearly 20 years and Entertainment was impacted by Hollywood strikes, leading to lower admissions in the second half.

• Underlying normalized EBITDA declined 8.2% to AUD 151.3 million, impacted by Thredbo weather and Hollywood strikes.

• Reported NPAT was AUD 4.8 million, affected by a AUD 26.9 million NZ tax charge and absence of prior year one-offs; normalized NPAT was AUD 34.1 million.

• Fully franked final dividend of AUD 0.20 per share declared.

• Continued investment in growth and transformation initiatives to offset cost pressures.

Financial highlights

• Hotels revenue reached a record AUD 407.4 million, up 15.5% year-over-year, with like-for-like growth and full year of Rydges Melbourne.

• Thredbo EBITDA was nearly AUD 20 million despite challenging weather, with revenue down 18.9%.

• Entertainment Australia revenue up 1.7% to AUD 379.6 million; EBITDA AUD 38.7 million; New Zealand revenue up 3.8% to AUD 75.7 million, EBITDA up 50%.

• Adjusted NPAT decreased by AUD 12.9 million, reflecting trading performance.

• Net debt at AUD 304.1 million, below pre-COVID levels.

Outlook and guidance

• FY25 expects a weaker first quarter due to fewer hotel events, later Thredbo season start, and cycling record entertainment performance; full-year market box office expected to be in line or ahead of prior year, subject to film performance.

• Hotels aim for another record year, though market challenges acknowledged; Thredbo winter result expected in line with prior year, subject to weather.

• CapEx guidance for FY25 is AUD 120–130 million, with AUD 30–40 million as maintenance and the rest for growth.

• Film industry recovery expected to continue into FY26.