EVT Q1 EBITDA Up 17% to $72.5M on Cinema Strength

EVT (ASX:EVT) used its AGM to report higher first quarter earnings, led by its cinemas, and to restate that Hotels is its priority for growth while a review of the group's structure continues.

First quarter Group EBITDA, on a normalised basis and excluding the impact of AASB 16 Leases, was $72.5 million, up $10.7 million or 17% on the prior comparable quarter. Entertainment EBITDA was $32.0 million, up $20.2 million, with admissions up 19%. Hotels EBITDA was $23.9 million, down $0.4 million against a prior quarter that included the British and Irish Lions tour, with occupancy at 80% and average room rate up 3.2%. Thredbo EBITDA fell $9.0 million to $20.0 million after what the company calls the worst snow conditions in more than 40 years. The capital recycling program targets approximately $800 million of non-core property divestments over the next three years, and in the quarter EVT completed the sale of the Arawa Park Hotel and agreed the sale of LyLo Fremantle. EVT expects EBITDA growth in FY27, including another record Hotels result with approximately $13 million of incremental EBITDA from strategic investments, and currently expects Thredbo full year EBITDA of $16 million to $20 million.

The outlook is subject to film performance, weather and market conditions, and the second-half film schedule is yet to fully take shape. The Rothschild & Co structure review has no outcome yet, and divestments will proceed only where value, timing and structure are appropriate.