EVT boosts Q1 earnings by 17% to $72.5M

• EVT recorded normalised first-quarter earnings before interest, tax, depreciation, and amortisation (EBITDA) of $72.5 million, marking a 17% increase on the prior comparable period.
• The entertainment division drove growth with a 171% jump in EBITDA, pushing company shares up 1.41% to $15.15.
• The business is continuing its capital recycling strategy to fund future hotel expansion and reduce debt.

EVT (ASX:EVT) reported normalised first-quarter earnings before interest, tax, depreciation, and amortisation of $72.5 million, representing a $10.7 million increase on the prior comparable quarter.

The result was primarily boosted by the entertainment division, where earnings grew by $20.2 million to reach $32.0 million.

Hotels earnings fell slightly by $0.4 million to $23.9 million, while Thredbo earnings dropped $9.0 million to $20.0 million due to the worst snow conditions in more than 40 years.

The company stated that its property portfolio was independently valued at approximately $2.25 billion as at June 30, with an active capital recycling programme targeting $800 million of non-core property divestments over three years.

Following the announcement, the EVT share price was up at $15.15.

EVT completed the sale of the Arawa Park Hotel during the quarter and agreed to sell LyLo Fremantle while retaining a long-term management contract.

The hotel division plans to open Atura Oran Park shortly, followed by QT Parramatta in early 2027 as part of its ongoing expansion strategy.