EVT (EVT) H1 2026 earnings summary

Executive summary

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

• Hotels, Thredbo, and Entertainment Germany segments delivered strong growth, while Australia and New Zealand entertainment faced weaker admissions due to a mixed Hollywood film lineup.

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

• Interim dividend of AUD 0.18 per share, fully franked, declared for payment in March 2026.

• Interim results show continued profitability and operational stability, with no significant changes in the state of affairs.

Financial highlights

• Hotels revenue increased 5.7% to AUD 218.9 million, with underlying growth of 10.8% after adjusting for temporary works; EBITDA up 6.0%.

• Entertainment revenue rose 3.5% to AUD 384.7 million, driven by strong local content in Germany; EBITDA down 3.1% overall but up 54.1% in Germany.

• Thredbo revenue surged 19.5% to AUD 74.0 million, EBITDA up 30.8% to AUD 26.0 million.

• Net debt at December 31, 2025, was AUD 415.5 million; debt facility matures May 2026, with refinancing well progressed.

• Operating cash flow remained strong at AUD 116.4 million, consistent with the prior year.

Outlook and guidance

• Second half expected to achieve EBITDA growth on prior year, subject to film performance, weather at Thredbo, and market conditions.

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

• Thredbo full-year EBITDA expected around AUD 23 million, subject to winter weather; summer visitation impacted by bushfires.

• The group expects to maintain sufficient liquidity, supported by AUD 85.5 million in cash and AUD 149 million in undrawn debt facilities.

• Refinancing of the main debt facility is expected to complete within three months.