• Revenue and other income up 4.5% to $683.8 million
• EBITDA up 1.9% to $173.1 million
• Profit after tax up 21.6% to $37.8 million

EVT Ltd has reported a solid half year result for the period ended 31 December 2025. Revenue and other income increased 4.5% to $683.8 million, driven by growth in the Entertainment Germany, Thredbo and Hotels and Resorts divisions. Normalised EBITDA was up 5.5% to $105.1 million, with Thredbo, Entertainment Germany and Hotels and Resorts all delivering double-digit EBITDA growth. Profit before interest, individually significant items, the impact of AASB 16 Leases and income tax expense increased 10.6% to $63.2 million, while normalised profit after tax was up 28.5% to $40.5 million. Reported net profit after tax increased 21.6% to $37.8 million. The company has maintained a strong balance sheet, with net debt of $401.5 million at 31 December 2025. The group continues to focus on its 'Fewer, Better' cinema strategy, while also expanding its hotels business through the acquisition of the Pro-Invest Hotels management company and the upcoming acquisition of QT Auckland. The outlook for the second half is positive, with the company expecting to deliver another record year in the Hotels division and modest growth in Entertainment, subject to film performance.

The group expects to deliver another record year in the Hotels division, including the benefit of the Pro-Invest Hotels management company acquisition and the acquisition of QT Auckland, partially offset by ongoing impacts at QT Queenstown and QT Gold Coast. In Entertainment, the second half is expected to achieve modest growth on the prior second half, subject to film performance. In Thredbo, the full year EBITDA is now expected to be around $25 million, subject to the impact of winter weather conditions.

Overall, the result for the second half is expected to be ahead of the prior comparable second half, subject to film performance and weather conditions. The Hotels division is expected to deliver another record year, while Entertainment is expected to achieve modest growth. Thredbo's full year EBITDA is now expected to be around $25 million, subject to the impact of winter weather conditions.