EVT (EVT) H2 2025 earnings summary

Executive summary

• Group normalised revenue for FY25 was $1,236.9 million, up 1.3% year-over-year, with normalised EBITDA rising 6.3% to $160.8 million, led by record hotel results and resilient Thredbo performance despite adverse weather.

• Reported net profit after tax was $33.4 million, up 593% year-over-year, with prior year impacted by a non-cash NZ tax charge.

• Strategic focus included hotel growth, cinema optimisation, and non-core property divestment.

• Board declared a fully franked final dividend of $0.22 per share, payable in September 2025.

Financial highlights

• Group unallocated expenses fell to $19.5 million, below FY19 on an underlying basis.

• Net debt at June 30 was $311.9 million, consistent with pre-COVID levels.

• Available funds total $300 million, with $250 million undrawn debt and $50 million cash.

• Property result includes a $3.5 million gain on sale of 418 Adelaide Street, Brisbane.

• Total dividend for the year was 38 cents per share.

Outlook and guidance

• FY26 expected to achieve EBITDA growth on prior year, subject to film performance, weather, and market conditions.

• Hotels division targets another record result, though impacted by Rydges Queenstown works and other upgrades (combined EBITDA impact around $3.5 million).

• Thredbo FY26 EBITDA expected between $25–$30 million, pending weather.

• Entertainment expects EBITDA growth, supported by a strong film line-up.

• Pro-invest Hotels acquisition not included in FY26 outlook; expected to add $8–$9 million annual EBITDA once completed.