EVT delivers record FY26 earnings as $800m capital recycling and structure review take centre stage
EVT Limited reported record earnings for the financial year ended 30 June 2026 (FY26), delivering Normalised EBITDA of $174.4 million, up 8.4% and Reported Net Profit After Tax of $50.7 million, up 51.9%.
Two strategic headlines accompanied the result: a ~$800 million non-core property divestment programme and a Group structure review led by Rothschild & Co. The Board also declared a fully franked final dividend of 23 cents per share.
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FY26 by the numbers: revenue, earnings and profit all higher
The FY26 result showed growth across revenue, earnings and profit, with the standout being profit after tax expanding well ahead of the top line. Normalised Profit After Tax rose 41.3% on the prior year, a rate substantially outpacing the 6.3% lift in revenue.
| Metric | FY26 | Change | Basis |
|---|---|---|---|
| Revenue | $1,314.9M | +6.3% | Normalised |
| EBITDA | $174.4M | +8.4% | Normalised |
| Profit After Tax | $54.3M | +41.3% | Normalised |
| Net Profit After Tax | $50.7M | +51.9% | Reported |
| Final Dividend | 23 cents | Fully franked | Per share |
Divisional performance: Hotels hits record, Entertainment surges
Hotels — a record result
The Hotels division delivered a record result, with revenue up 5.1% and EBITDA up 1.0% (underlying up 3.2%), supported by record revenue per available room (RevPAR). First-half RevPAR growth of 5.6% moderated in the second half due to the indirect impacts of the Middle East conflict.
Several short-term factors weighed on the division. These included refurbishment disruption at QT Queenstown and QT Gold Coast, light rail works affecting QT Canberra, and the sale of Rydges Geelong.
The launch of Connect Hospitality in December 2025 largely offset these impacts, and EVT Hotels & Resorts brands performed ahead of market.
Entertainment — standout EBITDA growth
The Entertainment division posted the strongest earnings growth of the Group, with admissions up 3.6%, revenue up 7.7% and EBITDA up 45.8%. Management attributed the lift to a stronger second-half film slate and the division’s ‘Fewer Better’ strategy, achieved from a portfolio with 11 fewer sites than the prior year.
In Germany, CineStar admissions rose 9.5%, revenue climbed 17.2% and EBITDA increased 254.8%, further assisted by a stronger local film slate.
Thredbo
The Thredbo division recorded revenue up 10.6% and EBITDA up 13.7%, benefiting from more favourable 2025 winter conditions, with mitigation strategies deployed for the poor snow conditions in June 2026.
Capital recycling: ~$800m of non-core property earmarked for divestment
EVT has identified approximately $800 million of non-core property assets for divestment on a value-first basis. Proceeds are intended to support hotel growth, and the Board will also consider potential special dividends. Execution is expected over three years, subject to market conditions and achieving satisfactory outcomes.
The divestment programme operates alongside a strengthened balance sheet: EVT completed a $750 million refinancing in March 2026, securing improved margin terms and approximately $230 million in available liquidity to support the hotel growth strategy.
The programme centres on three groupings of assets:
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George and Market Street precinct, Sydney — the development approval process for 458-472 George Street has enhanced the asset’s value and established a clear development pathway. Divestment was considered the most attractive option for shareholders.
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525 George Street, Sydney — already in market, with several parties having undertaken detailed reviews, though a definitive outcome has yet to be reached.
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Other non-core assets — including selected hotels and two small freehold properties in Germany.
The Group’s property portfolio was independently valued at approximately $2.25 billion as at 30 June 2026, including increased valuations at three hotels and a reduction in the Thredbo valuation reflecting recent trading conditions and near-term capital investment required. Following completion of QT Queenstown and LyLo Gold Coast, the Group’s major owned hotel investment programme will be substantially complete.
What the Group structure review means for shareholders
In EVT’s case, “Rothschild & Co has been engaged to independently assess management’s recommended Group structure options” under the oversight of an Independent Board Committee. Importantly, there is no certainty that the review will result in any transaction or any change to the Group’s structure.
The review has been named a key strategic priority for FY27, aimed at positioning EVT to capitalise on hotel growth opportunities and to maximise long-term shareholder returns. The Board has formed an independent committee led by Brett Chenoweth, recently appointed as lead independent director. Peter Coates was thanked for his 13 years in that capacity and will continue to serve as an independent director.
Chairman Alan Rydge
“We are very pleased, not only with the operational strategies successfully executed by the CEO and her management team, but also with the journey the management team has taken the Board on in terms of future strategic Group options. We support the work to date and have approved the appointment of Rothschild & Co to conduct an independent review of this work. Our goals are clear that we want to create the best value for all shareholders, and we will update shareholders as we can, having regard to our obligations and without compromising the process. In this regard, the Board has formed an independent committee led by Brett Chenoweth, who has recently been appointed as our new lead independent director. I would like to thank Peter Coates for his 13 years in this capacity, where he has made a tremendous contribution. Peter will continue to serve as an independent director.”
FY27 outlook: another record year targeted in Hotels
Looking ahead, EVT expects overall FY27 EBITDA growth, driven by Hotels and Entertainment, subject to film performance, weather conditions and broader market conditions.
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Hotels: Another record year is expected, supported by approximately $13 million of incremental EBITDA from strategic initiatives including Connect Hospitality, QT Auckland and the QT Queenstown redevelopment. The company noted its strongest hotel pipeline in its history, with the first half impacted by LyLo Gold Coast development works and the cycling of last year’s Lions and Ashes Tours. Rydges is entering the Bangkok market as part of continued asset-light expansion.
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Entertainment: Subject to film appeal, EBITDA growth is expected on the prior year with a strong first half. The slate includes The Odyssey, Spider-Man: Brand New Day, Avengers: Doomsday, Dune: Part Three, The Hunger Games: Sunrise on the Reaping and Jumanji: Open World.
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Thredbo: EBITDA is tracking below the prior year due to a lack of snow to date for winter 2026, with a further update to be provided at the AGM.
CEO Jane Hastings
“Our outlook for FY27 is positive. In Hotels, demand fundamentals remain intact and we expect another record result, supported by approximately $13 million of incremental EBITDA from strategic initiatives including Connect Hospitality, QT Auckland and the QT Queenstown redevelopment. While booking lead times remain short and market conditions remain variable, our brands continue to outperform their markets, and we have the strongest hotel pipeline in our history. In Entertainment, a strong start to FY27 and an encouraging first half film line-up are expected to support EBITDA growth on the prior year, subject to film appeal to audiences. At Thredbo, trading is currently below the prior year due to poor snow conditions, and we will provide a further update at the AGM. Overall, we believe EVT is well positioned for further earnings growth and long-term value creation.”
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