• Solid Q1 earnings growth of 20.7% across all divisions
• Hotels division achieved record Q1 EBITDA, up 10% on prior year
• Thredbo strategy of premium experiences and events driving strong results

EVT Ltd ('EVT' or the 'Group') has reported a solid first quarter result for the year ending 30 June 2026 (FY26), with earnings up 20.7% and all operating Divisions achieving growth on the prior year. The Entertainment Group EBITDA was $11.8 million, up 53.1%, driven by strong performance in Germany offsetting softer trading in Australia. Thredbo enjoyed better winter conditions, with Q1 EBITDA up 28.6% to $29.0 million. The Hotels division achieved a record Q1 result, with EBITDA of $24.3 million, up 10.0% on the prior comparable quarter. Excluding the impact of upgrade works at Queenstown and remediation at QT Gold Coast, the underlying Hotels division EBITDA was up 20.9%. The Group's strategy is progressing well, with significant growth expected from the Hotels division through new owned brand hotels, the Independent Collection, and the new Connect Hospitality management platform. The acquisition of the Pro-invest Hotels business is expected to contribute $8-9 million in annual EBITDA. The Entertainment division continues to focus on premiumisation, with investment in owned brands and premium formats. Thredbo's strategy of creating a premium experience through investment in snow-making and events is delivering results. The Group's property portfolio, valued at around $2.3 billion, underpins the balance sheet and supports the hotel growth strategy.

The Group expects the Hotels division to achieve another full year record result in FY26, including the anticipated contribution from the Pro-Invest acquisition, but adjusting for temporary negative impacts of ~$5 million from ongoing works at the Queenstown and QT Gold Coast hotels. Thredbo is expected to deliver a full year EBITDA result of around $25 million, subject to summer and winter conditions in June 2026.

For Entertainment, the November and December 2025 film line-up looks promising, with the release of Wicked: For Good, Zootopia 2 and the next Avatar instalment. The full year EBITDA is expected to deliver growth on the prior year, subject to film performance and release date changes. The Hotels division is on track to achieve another full year record result, and Thredbo is expected to deliver a strong full year EBITDA result of around $25 million, subject to summer and winter conditions.