Thredbo 'exposed to a warming climate' as value cut by $149m

The value of one of Australia's largest ski resorts has been slashed by nearly $150 million, with its owner partly blaming this year's disappointing snow season.

Hotel and entertainment corporation EVT's annual results this week disclosed the independent valuation of Thredbo Alpine Resort in the NSW Snowy Mountains has dropped from $292 million to $143 million.

The report attributed the sharp decline to recent trading conditions during an "unseasonably warm" winter start this June, as well as the upcoming capital investment needed for new chairlifts and snowmaking infrastructure.

The drop comes despite revenue from the resort being up 10 per cent on the back of a solid 2025 snow season, with $50 million made on lift tickets alone. 

EVT also revealed plans to divest approximately $800 million of 'non-core properties' to secure future growth in the hotels space.

What will be sold off will be determined following an independent strategic review conducted later this financial year.

"Everything is genuinely on the table," CEO Jane Hastings told investors during an earnings call on Monday.

Climate write-down

The write-down comes in the midst of a challenging 2026 winter season across the alpine region.

Smaller resorts such as Selwyn in NSW and Baw Baw in Victoria have already closed for the season, and artificial snowmaking has been key to keeping larger resorts open.

A 2024 report by the Australian National University and climate advocacy group Protect our Winters (POW) found the length of the ski season had already contracted by up to 28 per cent across most Australian resorts.

Adjunct professor in Climate Science at Monash University and POW member Andrew Watkins said the snow season is nearing its end when it would usually be hitting its peak.

"Late August is generally the best time to be skiing in Australia," he said.

"Unfortunately, I reckon I've hit more rocks this August than I've probably hit in my entire skiing career."

Dr Watkins said warmer temperatures caused by the "double whammy" of climate change and El Niño this year have led to rainfall replacing much-needed snow dumps.

"The global trend in temperatures is making things hotter and a bit drier in the south-east of Australia, particularly in autumn and into the winter period," he said.

"Looking forward to 2050, we could see a further 30 per cent decline in the ski season."

In EVT's annual results, Thredbo is described as "structurally exposed to a warming climate" due to a business model that is dependent on natural snow cover. 

The report said further upgrades and investment in snowmaking capability, as well as diversifying with summer tourism, are needed to adapt to climate risk. 

Community 'not surprised'

EVT has owned the head lease of the entire Thredbo resort, including the village, for nearly 40 years, with the lease from the NSW government running until 2057. 

Thredbo Chamber of Commerce president Kayleigh Ormanroyd runs a local accommodation provider and said the write-down was expected, given the last valuation of the resort was conducted during the 2021 season post-COVID.

"The fact the last valuation was after an absolutely out-of-the-ordinary booming year has got a lot to answer for," Ms Ormanroyd said.

"We're in an El Niño year, which is hard work, but we're not the only resort that's facing a bad season."

Ms Ormanroyd said there had been discussions locally following the results about the possibility of EVT selling the resort.

"I don't necessarily think Thredbo is for sale, but anything's for sale if you want to buy it," she said. 

"We just hope that it will always be owned by someone that respects the community and the history of Thredbo."