EVT’s entertainment division has posted a 73.9 per cent decline in first quarter earnings before interest, tax, depreciation and amortisation (EBITDA) to $7.7 million compared to the prior corresponding period.
The soft result came despite the success of Deadpool & Wolverine, Inside Out 2, and Despicable Me 4. The result was also exacerbated by two of the biggest performers in last year’s comparable quarter: Barbie and Oppenheimer, EVT CEO Jane Hastings said at the company’s annual general meeting.
“Whilst the line-up for fiscal 2025 remains somewhat impacted by the 2023 Hollywood strikes, we are pleased to see a more consistent supply of films,” she said.
“Most recently, Joker: Folie a Deux has disappointed audiences globally resulting in a weaker October than expected. However, we believe we have a solid line-up of films for the Christmas period based on what the studios have shared to date, and therefore should resonate well with audiences, including Wicked, Gladiator II, Mufasa: The Lion King and Moana 2.”
EVT runs 68 cinema locations with more than 650 screens, including the Event cinema chain. The strong performance of its flagship IMAX Darling Harbour cinema means it is now on track for a two-year payback on its investment. EVT also has plans to install a new IMAX screen at Pacific Fair Gold Coast and IMAX screens in Dortmund and Frankfurt in Germany in 2024-25.
Meanwhile, the broader EVT group posted first quarter EBITDA of $51.2 million, down $22.3
million on the prior comparable first quarter record result. It flagged a structural review of the group and a focus on its hotels as a growth priority.
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