Half Year 2026 EVT Ltd Earnings Call Transcript
Key Points
- Group normalized revenue increased by 5.4% to $683.8 million, driven by strong performance in Hotels and Resorts, Entertainment Germany, and Thredbo.
- The Hotels division achieved record performance with EBITDA up 15.6%, despite disruptions at QT Gold Coast and QT Queenstown.
- Thredbo delivered a significant EBITDA growth of 30.8% due to favorable winter conditions and increased mountain biking visitation.
- The acquisition of Pro-Invest Hotels management company adds a third pillar to EVT's hotel growth strategy, enhancing future growth potential.
- The balance sheet remains strong with significant debt headroom, allowing EVT to consider new opportunities and maintain a fully franked interim dividend of $0.18 per share.
- Entertainment Australia and New Zealand faced challenges due to a mixed Hollywood film lineup, resulting in a 4.1% decrease in overall admissions.
- Net debt stood at $415.5 million as of December 31, 2025, with the debt facility maturing in May 2026, requiring refinancing.
- The Entertainment division in Australia saw a 22.4% decline in EBITDA due to gaps in the film release schedule and inflationary pressures.
- New Zealand's Entertainment division reported a loss of $1.6 million, impacted by the partial closure of Event Cinemas Manukau.
- Thredbo's January visitation was reduced by 25% due to bushfire concerns, impacting revenue despite a strong start to the season.
Hi, everyone. Thanks for joining the call today. Before we get started, I would like to acknowledge the traditional custodians of the land I'm speaking to you from this morning, the Gadigal people of the Eora Nation. I'd like to pay my respects to elders past and present, and I'd like to acknowledge any and all Aboriginal and Torres Strait Islander people joining us today.
We'll start by looking at group performance for the first half. Group normalized revenue was $683.8 million, up 5.4% on prior year, driven by Hotels and Resorts, Entertainment Germany, and Thredbo. Group normalized EBITDA was $105.1 million, up $5.5 million. The record performance of our Hotels division was achieved despite the impact of temporary works disruption at QT Gold Coast and QT Queenstown. And adjusting for these, underlying Hotels earnings were up 15.6%. We completed the acquisition of the Pro-Invest Hotels management company in December, which adds a third pillar to our hotel growth strategy with Connect Hospitality.
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