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 revenue up 2% 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 EBITDA, while Entertainment Group EBITDA fell 14.9% and Thredbo EBITDA declined 10%.

• Net profit increased 14.9% to AUD 31.1 million, with a fully franked interim dividend of AUD 0.16 per share declared.

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

• No significant changes in the state of affairs or environmental/legislative impacts during the period.

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 due to Hollywood strike impacts.

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

• Normalized NPAT was AUD 31.5 million, up 8.3%, and reported NPAT was AUD 31.1 million, up 14.9%.

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

Outlook and guidance

• Expecting full year 2025 EBITDA growth, 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 results in line with the prior second half, offsetting headwinds from Taylor Swift tour cycling and Queenstown upgrade closures.

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

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