EVT Limited (ASX:EVT) Lifts FY26 EBITDA 8.4% and Flags $800 Million Non-Core Property Divestment Program

Sonal Goyal

24 August 2026 11:42 AM AEST

EVT Limited (ASX:EVT) Lifts FY26 EBITDA 8.4% and Flags $800 Million Non-Core Property Divestment Program

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Key Highlights

Normalised Revenue rose 6.3% to $1,314.9 million and normalised EBITDA increased 8.4% to $174.4 million
Normalised profit after tax increased 41.3% to $54.3 million, while reported net profit after tax rose 51.9% to $50.7 million
Approximately $800 million of non-core property Assets has been identified for divestment over three years
Rothschild & Co has been engaged to independently assess Options for the Group's future structure

EVT Limited (ASX:EVT) shares rose 9.94% to $15.48 on 24 August 2026 after the entertainment, hotels and travel group released its results for the year ended 30 June 2026 (FY26), alongside a strategic update outlining a substantial non-core property divestment program and a review of the Group's structure.

Earnings Growth Across the Group

EVT reported normalised revenue of $1,314.9 million for FY26, an increase of 6.3%, and normalised EBITDA of $174.4 million, up 8.4%. Normalised profit after tax rose 41.3% to $54.3 million, while reported net profit after tax increased 51.9% to $50.7 million. The board declared a final Dividend of 23 cents per share, fully franked.

Hotels Segment Performance

The Hotels division delivered what the company described as a record result, with revenue up 5.1% and EBITDA up 1.0% on a reported basis, or 3.2% on an underlying basis. Record RevPAR was achieved, with first-half RevPAR growth of 5.6% moderating in the second half due to indirect effects of the Middle East conflict. Additional short-term impacts included refurbishment disruption at QT Queenstown and QT Gold Coast, light rail works affecting QT Canberra, and the sale of Rydges Geelong, effects that the company said were largely offset by the launch of its Connect Hospitality Business in December 2025.

Entertainment and Thredbo Segments

The Entertainment division recorded admissions growth of 3.6%, revenue growth of 7.7% and EBITDA growth of 45.8%, achieved from a portfolio with 11 fewer sites than the prior year, which the company attributed to a stronger second-half film slate and its 'Fewer Better' site strategy. In Germany, the CineStar cinema business recorded admissions up 9.5%, revenue up 17.2% and EBITDA up 254.8%. The Thredbo ski resort segment recorded revenue growth of 10.6% and EBITDA growth of 13.7%, benefiting from more favourable 2025 winter conditions, despite poor snow conditions in June 2026.

Non-Core Property Divestment and Structure Review

EVT identified approximately $800 million of non-core property assets for divestment on a value-first basis, with proceeds intended to support hotel growth and potential special dividends, and execution expected over three years. Assets identified include the George and Market Street precinct in Sydney, where a development approval process has established a pathway for the 458-472 George Street site, and 525 George Street, already in market with several parties having conducted reviews without a definitive outcome to date. Additional non-core properties, including selected hotels and two small freehold properties in Germany, were also identified. Separately, the company engaged Rothschild & Co to independently assess management's recommended options for the Group's future structure, under the oversight of an independent board committee, with the company noting there is no certainty the review will result in any transaction or structural change.

Property Valuation and FY27 Outlook

The company's property portfolio was independently valued at approximately $2.25 billion at 30 June 2026, including increased valuations at three hotels and a reduction in the Thredbo valuation reflecting recent trading conditions and near-term Capital Investment requirements. For FY27, EVT expects overall EBITDA growth, with growth anticipated in both Hotels and Entertainment, subject to film performance and weather conditions, while Thredbo is tracking below the prior year due to a lack of snow for the 2026 winter season to date.

Conclusion

EVT's FY26 result showed Earnings growth across its hotels, entertainment and Thredbo segments, with the entertainment division in particular delivering a sizeable EBITDA increase from a reduced number of sites. The disclosure of an approximately $800 million non-core property divestment program alongside an independent review of the Group's structure signals a period of potential strategic change ahead, even as the company's core operating businesses reported improved profitability and management expressed a positive outlook for FY27, tempered by softer conditions at Thredbo due to below-average snowfall.

FAQs

Q: What was EVT's normalised EBITDA for FY26?

A:EVT reported normalised EBITDA of $174.4 million for FY26, an increase of 8.4% on the prior year.

Q: What is EVT's non-core property divestment program?

A:EVT has identified approximately $800 million of non-core property assets for divestment on a value-first basis, with execution expected over three years.

Q: Why has Rothschild & Co been engaged?

A:Rothschild & Co has been engaged to independently assess management's recommended options for EVT's future Group structure, under the oversight of an independent board committee.

Q: How did EVT's Entertainment division perform in FY26?

A:Entertainment admissions rose 3.6%, revenue rose 7.7% and EBITDA rose 45.8%, achieved from a portfolio with 11 fewer sites than the prior year.

Q: What is EVT's outlook for Thredbo in FY27?

A:Thredbo EBITDA is tracking below the prior year due to a lack of snow for the 2026 winter season to date, with a further update expected at the company's AGM.

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