Coast Entertainment’s EBITDA Soars 169% as Ticket Sales Hit 46.6% Growth

Strong Half-Year Growth

Coast Entertainment Holdings Limited (ASX – CEH) has delivered a compelling set of results for the half-year ended 30 December 2025, showcasing significant growth across its core theme park operations. Operating revenue climbed 30.2% to $62.2 million, surpassing levels last seen in the first half of 2016. This surge was underpinned by a 46.6% increase in ticket sales and a 44.4% rise in total visitation, with Dreamworld setting a new record for daily attendance during the recent school holidays.

The company’s EBITDA performance was particularly notable, with the Theme Parks & Attractions segment reporting $11.2 million, a 169% increase over the prior period and exceeding the full-year EBITDA for FY25. Consolidated group EBITDA also soared by 368%, reflecting strong operational leverage and effective cost management despite a modest rise in corporate expenses.

Capital Investments and New Attractions

Key to this momentum has been the successful launch of King Claw, the fastest Gyro Swing ride in the Southern Hemisphere, which debuted in December 2025. This attraction has generated significant media buzz and social media engagement, reinforcing Dreamworld’s position as a leading thrill destination. The launch builds on the momentum from the Rivertown precinct, opened in late 2024, which has also contributed to increased visitation and guest engagement.

Despite the closure of the iconic Motocoaster after nearly two decades, the company is actively exploring replacement options, signalling ongoing commitment to refreshing its ride portfolio. Meanwhile, SkyPoint continues to deliver record revenue and EBITDA, further diversifying Coast Entertainment’s earnings base.

Strategic Partnerships and Financial Position

In a strategic move to enhance brand visibility, Coast Entertainment announced a landmark partnership with the Australian Olympic Committee, appointing Dreamworld as the Official Theme Park Partner of the Australian Olympic Team. This partnership aligns with the company’s long-term growth ambitions and is expected to elevate its profile during the upcoming Milano Cortina 2026 Winter Games and Dakar 2026 Youth Olympic Games.

Financially, the group maintains a strong, debt-free balance sheet with $37.6 million in cash and an undrawn $20 million bank loan facility. The company generated positive net cash flows despite investing approximately $14 million in capital expenditure and share buybacks during the period. The board continues to evaluate capital management options to optimise shareholder value.

Outlook and Pending Developments

Looking ahead, Coast Entertainment expects some moderation in growth rates in the second half of FY26 as it cycles the strong performance following Rivertown’s opening. International visitation, particularly from key Asian markets, remains below historical levels but is gradually recovering, offering upside potential. The company is also awaiting a decision on a significant land development application in Queensland, with the outcome expected before the end of the financial year. This decision could unlock further value depending on the approved use of the land.

Overall, Coast Entertainment’s half-year results reflect disciplined execution of strategic priorities, successful capital investments, and a positive trajectory for visitor engagement and financial performance.