• Revenue marginally down, normalised EBITDA growth
• Record 1H for Hotels, record December for Entertainment
• Pursuing divestment of 525 George Street

EVT Ltd has reported its financial results for the half year ended 31 December 2024. Revenue was marginally down by 1.5% year-over-year to $649.1 million, but normalised EBITDA grew 3.7% to $99.6 million. The Hotels segment achieved record revenue and EBITDA, up 2.0% and 10.9% respectively, performing better than the fair market share. The Entertainment division was impacted by a Hollywood strike, with revenue down 3.7% and normalised EBITDA down 14.9%. However, the Entertainment business recorded a strong December, with admissions and EBITDA up around 25% and 120% respectively compared to the prior year. The Thredbo Alpine Resort was impacted by adverse weather conditions, with revenue down 1.9% and EBITDA down 10.0%. The company continues to make progress on its group strategy, with Hotels being the growth priority. EVT is exploring options to accelerate its 'Fewer/Better' cinema strategy and continues to divest non-core property assets, including the strategic option to pursue the divestment of 525 George Street. Net debt remains below pre-COVID levels at $303.4 million.

For the second half, EVT expects modest growth in Entertainment revenue compared to the prior year, subject to film performance and date changes. The Hotels segment is expected to track in line with the prior year, cycling the Taylor Swift benefit, with the impact of the Queenstown refurbishment. Overall, the company expects the second half to be modestly ahead of the prior year, subject to weather and film performance.