Highlights

• EVT increased normalised first-quarter EBITDA by 17% to AUD 72.5 million.

• Entertainment earnings rose as cinema admissions increased by 19%.

• The group progressed a property recycling program targeting approximately AUD 800 million.

• EVT retained its expectation for FY27 EBITDA growth, subject to trading conditions.

EVT (ASX:EVT) operates across hotels, cinemas and alpine tourism, combining accommodation and entertainment businesses with a substantial property portfolio. Hotels remained its priority for future growth, while the group's other divisions contributed different seasonal earnings patterns. The 23 October 2026 annual meeting update reported a stronger first quarter overall, as a sharp improvement in cinema earnings outweighed weaker results at Thredbo and a small decline in Hotels EBITDA.

Cinema Earnings Drive the Quarterly Increase

Normalised EBITDA, excluding the impact of lease accounting under AASB 16, reached AUD 72.5 million for the first quarter of FY27. That was AUD 10.7 million, or 17%, above the comparable quarter.

Entertainment generated EBITDA of AUD 32 million, an increase of AUD 20.2 million. Admissions rose 19%, while EBITDA increased 171%, showing how the stronger box office translated into divisional earnings.

The division recorded its second-highest first-quarter box office result despite operating around 30 fewer locations than before the pandemic. The update linked the result to strong film performance and the continuing effects of its fewer, better locations strategy.

Hotels Hold Occupancy as Snow Conditions Weigh

Hotels EBITDA was AUD 23.9 million, down AUD 0.4 million. The comparison included a major touring event in the prior period, while occupancy held at 80% and average room rates increased 3.2%.

Thredbo EBITDA declined AUD 9 million to AUD 20 million amid snow conditions described as the weakest in more than 40 years. Yield growth and cost controls supported the result, but the division remained exposed to seasonal weather.

Those different movements explain the group's quarterly mix: Entertainment supplied the main earnings increase, Hotels remained comparatively stable and alpine operations absorbed a weather-related setback.

Property Sales Support the Hotel Strategy

The property portfolio was valued at approximately AUD 2.25 billion at 30 June 2026. EVT was progressing a program targeting approximately AUD 800 million of non-core property sales over three years.

Proceeds were intended to support hotel growth and debt reduction, with special dividends to be considered during the program. Sales would proceed only where value, timing and structure were appropriate.

During the quarter, the group completed one hotel disposal and agreed another while retaining a long-term management agreement. It also continued work on further property opportunities, including a precinct marketing process planned for later in calendar 2027, subject to conditions.

Expansion Plans Carry Conditional Guidance

The hotel pipeline included near-term Australian openings and planned expansion in Bangkok. A review of the group's future structure continued within the FY27 timetable, with Hotels reaffirmed as the growth priority.

EVT expected FY27 EBITDA growth, subject to film performance, weather and broader market conditions. Hotels was expected to deliver another record result, including approximately AUD 13 million of incremental EBITDA from strategic investments and portfolio changes.

Entertainment's full-year outcome depended partly on the second-half release schedule. Thredbo's full-year EBITDA expectation was AUD 16-20 million, subject to summer weather and winter conditions in June 2027.