EVT Limited expects to deliver normalised EBITDA growth for the full year ending 30 June 2026, maintaining growth guidance despite a range of operational headwinds and external pressures. The hotels division, which contributes over 60 percent of the group’s normalised EBITDA, should report results that are marginally higher than the prior year’s record performance, suggesting that underlying business momentum is being preserved despite mixed signals from the market.
This resilience is being driven by three significant operational developments in the hotels segment. EVT Connect Hospitality launched in December 2025 and has begun contributing revenue from its digital platform. The acquisition of QT Auckland, completed in mid-March 2026, brings a new premium property to the portfolio in a key Australian city. Additionally, the first phase of upgraded rooms at QT Queenstown came online in late April 2026, enhancing the quality and appeal of the offering. These initiatives are material enough to offset other pressures, demonstrating management’s ability to grow the portfolio through disciplined capital deployment and strategic acquisitions.
However, the update reveals emerging vulnerabilities that deserve investor attention. The Middle East crisis has been largely neutral to results so far, with cancellations from international inbound guests offset by displaced visitors and strong domestic events. Easter trading demonstrated a different picture, with demand at drive-to destinations, particularly in the Snowy Mountains region of New South Wales, deteriorating noticeably. More concerning is the evidence of shortening booking lead times and softening forward demand from international inbound guests, corporate travel, conferences, and events. Capital spending of approximately 5 million dollars at QT Queenstown and QT Gold Coast adds further headwinds, while disruption at QT Canberra from government light rail works continues to weigh on results.
The entertainment division is expected to achieve reasonable growth, supported by strong year-to-date performance from CineStar in Germany, though moderated by water damage at Manukau and refurbishment at Bondi. The FIFA World Cup in June 2026 is expected to depress cinema visitation at German operations, while the group continues its “Fewer, Better” strategy with four location closures expected during the year. Thredbo’s normalised EBITDA guidance of 22 to 23 million dollars remains subject to fuel cost pressures and winter weather outcomes in June.
For investors, the key takeaway is that portfolio positioning appears sound and growth initiatives are delivering, yet emerging softness in near-term booking curves and forward demand represents a material downside risk to second half FY26 performance. The next critical focus should be on management commentary regarding booking trends and international demand recovery timelines, particularly as the group enters its post-winter seasonal period. This announcement is price sensitive and has been flagged as material by the ASX.
View the full ASX announcement (PDF)
About EVT Limited (ASX: EVT)
EVT Limited operates entertainment and hospitality businesses across Australia, New Zealand, and Germany, including cinema operations under brands such as Event Cinemas, BCC Cinemas, and Rialto Cinemas. The company owns and operates hotels and resorts under brands including QT, Rydges, Atura, and LyLo, as well as the Thredbo Alpine Resort. Its core business segments include Entertainment, Hotels and Resorts, Thredbo Alpine Resort, and Property and Other Investments.
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