• Hotels division continues to outperform, delivering record EBITDA
• Entertainment division sees strong recovery, with December marking a record EBITDA month
• Thredbo result impacted by unfavourable winter weather conditions

EVT Limited ('EVT' or the 'Group') today announced a half-year result highlighting continued outperformance in the hotels division, evidence of strong recovery in cinemas, and a Thredbo result impacted by unfavourable winter weather conditions. The Group reported normalised revenue of $649.1 million, down 1.5%, but normalised EBITDA of $99.6 million, up 3.7%, and normalised profit after tax of $31.5 million, up 8.3%. Reported net profit after tax was $31.1 million, up 14.9%. The company's CEO, Jane Hastings, stated that the Group's property portfolio, valued at approximately $2.3 billion, remains a strong asset base, and the company is focused on owning hotel properties in key city locations to support the asset-light growth of its managed hotel portfolio. EVT has also decided to pursue a divestment of the 525 George Street property to free up capital for other priorities, including accelerating growth in the Hotel division. Operationally, the EVT Hotels division continued to outperform the market and deliver growth, with a record EBITDA of $52.8 million, up 10.9% on the prior comparable half-year. The Entertainment division saw strong results in December, despite fewer blockbusters due to Hollywood strikes, with a record EBITDA month driven by the 'Fewer, Better' strategy. Thredbo's EBITDA of $19.9 million was down 10.0% on the prior half-year due to challenging weather conditions.

The outlook for the Entertainment division into the 2026 financial year is positive, with a stronger line-up of blockbuster films currently dated. The company expects modest growth in Entertainment subject to film performance, stable performance in Hotels offsetting the prior year Taylor Swift contribution, and strong growth in the Thredbo winter 2025 season if favourable snow conditions prevail.