EVT (ASX:EVT) Lifts First-Quarter EBITDA 17% as Hotels Growth and Group Review Continue

Sonal Goyal

23 October 2026 07:39 PM AEDT

EVT (ASX:EVT) Lifts First-Quarter EBITDA 17% as Hotels Growth and Group Review Continue

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Key Highlights

Group normalised EBITDA for the first quarter was $72.5 million, up $10.7 million or 17% on the prior comparable quarter.
Entertainment EBITDA rose $20.2 million to $32.0 million, while Thredbo EBITDA fell $9.0 million to $20.0 million.
EVT targets about $800 million of non-core property divestments over three years, with proceeds directed to hotel growth and debt reduction.
FY27 Thredbo EBITDA is currently expected between $16 million and $20 million, subject to summer and June 2027 conditions.

EVT Limited (ASX:EVT) reported first-quarter normalised EBITDA of $72.5 million, excluding the impact of AASB 16 Leases, up $10.7 million or 17% on the prior comparable quarter. The figures were released on 23 October 2026 alongside the company's annual general meeting, where it also updated shareholders on strategy and its outlook for the year ending 30 June 2027 (FY27).

Division Results for the Quarter

Entertainment EBITDA was $32.0 million, up $20.2 million, with admissions up 19% and EBITDA up 171%. EVT attributed the result to the films Spider-Man: Brand New Day and The Odyssey and to its "Fewer, Better" strategy, noting its second-highest first-quarter box office result with around 30 fewer locations than before COVID.

Hotels EBITDA was $23.9 million, down $0.4 million, against a prior quarter that included the British and Irish Lions tour. Occupancy held at 80% and average room rate rose 3.2%. Thredbo EBITDA was $20.0 million, down $9.0 million, which the company linked to the worst snow conditions in more than 40 years.

For FY26, the Chairman said normalised profit after tax was $54.3 million and normalised EBITDA was $174.4 million, up $13.6 million. Total dividends were 41 cents per share, fully franked.

Property Recycling and Hotel Pipeline

The property portfolio was independently valued at about $2.25 billion at 30 June 2026. EVT is progressing a program targeting roughly $800 million of non-core property divestments over three years on a value-first basis, with proceeds supporting hotel growth and debt reduction and special dividends to be considered. It completed the sale of the Arawa Park Hotel in Rotorua and agreed the sale of LyLo Fremantle, retaining a management agreement. CBRE continues discussions on 525 George Street, and the George and Market Street precinct is expected to go to market later in calendar 2027, subject to market conditions.

Atura Oran Park opens next week, followed by QT Parramatta in early 2027 and Rydges Bangkok in 2028.

Why This Could Matter

EVT said Hotels remains the priority for growth and capital deployment. Rothschild & Co was appointed in August 2026 to assess management's recommendations on the group's future structure, to test whether a more focused group could better support that priority. The Board said it is satisfied with progress within the FY27 timeline, and outcomes will be assessed against long-term shareholder value and execution certainty.

The Outlook for FY27

EVT continues to expect EBITDA growth in FY27, subject to film performance, weather and market conditions. Hotels is expected to deliver another record result, including about $13 million of incremental EBITDA from Connect Hospitality, QT Auckland and QT Queenstown. Entertainment expects a firm first half, with Avengers: Doomsday and Dune: Part Three on the Christmas schedule.

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