EVT (EVT) H2 2025 earnings summary

Executive summary

• Group normalised revenue for FY25 was $1.2369 billion, up year-over-year, driven by hotels, resorts, entertainment, Thredbo, and property.

• Normalised EBITDA rose to $160.8 million, up 6.3%, with a record hotels division EBITDA of $106.2 million.

• 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.

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

• Group strategy focused on hotel growth, cinema optimisation, and non-core property divestment.

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 value increased 15% since 2020, with $310 million in non-core asset sales.

• Final dividend of 22 cents per share, fully franked, to be paid 25 September 2025.

Outlook and guidance

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

• Hotels targeting another record year, with some short-term impact from Queenstown refurbishment (estimated $2.5 million EBITDA impact).

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

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

• Entertainment expects growth, contingent on blockbuster film releases.