ARV was first established on 1 October 2022, and therefore only three years of financial trend data can be reported as at 31 December 2025, noting that the period ended 31 December 2023 was a 15 month reporting period (1 October 2022 – 31 December 2023), compared to 2024 and 2025 being ordinary 12 month reporting periods.
| Annual Report of Operations Financial Summary | Budget 2025 $'000 | Year ended 31 Dec 2025 $'000 | Year ended 31 Dec 2024 $'000 | 15 months end 31 Dec 2023 $'000 |
|---|---|---|---|---|
| Visitor income | 32,265 | 30,689 | 25,105 | 26,239 |
| Site rental & service charges | 25,538 | 25,897 | 25,012 | 31,797 |
| Grant funding | 17,027 | 20,200 | 24,026 | 21,168 |
| Other income | 6,407 | 4,046 | 4,943 | 5,218 |
| Operating expenditure* | (62,894) | (62,054) | (64,400) | (70,537) |
| Operating surplus/(deficit) before depreciation, amortisation and other economic flows | 18,343 | 18,778 | 14,686 | 13,885 |
| Depreciation & amortisation | (11,762) | (11,239) | (10,447) | (13,551) |
| Gain/(loss) on sale and revaluation of non-financial assets | - | 5,644 | 154 | (138) |
| Net result from continuing operations | 6,581 | 13,183 | 4,393 | 196 |
| Net cash inflow/(outflow) from operating activities | 7,860 | 13,794 | 5,123 | 12,027 |
| Capital expenditure | 18,945 | 14,936 | 12,276 | 24,069 |
| Total assets | 707,530 | 545,128 | 549,276 | |
| Total liabilities | 16,137 | 22,281 | 30,821 | |
| Net Assets | 691,393 | 522,847 | 518,455 |
Current year financial review
Visitor revenue in 2024 was significantly lower than average due to poor snow conditions leading to lower visitor numbers in resorts. This recovered in 2025 to approximate average levels consistent with budgetary expectations, although resort entry seasons pass sales were not as strong as anticipated.
Property revenue, consisting of site rent and service charges is increasing, with the upward trend consistent with the direction of CPI (the key driver of service charges) and property values (key driver of site rent).
Grant income and operating expenditure are trending downward, reflecting both the completion of a range of grant funded transition projects required to establish the new organisation, and an effort to restructure operations under more efficient and cost effective delivery models reducing reliance on government funding support.
Grant funding in 2025 was higher than budget due to operational support funds from the Department of
Energy, Environment and Climate Action being received one month earlier than anticipated, in December, to support cashflow needs in January 2026. This was budgeted to be received in the 2026 financial year.
Capital expenditure in 2023, in addition to representing 15 months of spend, included significant grant funded projects related to new infrastructure including the Mt Hotham Alpine Gateway building, and government funded emergency landslip rectification works at Falls Creek.
2024 and 2025 have seen a reset to prioritising renewal of existing infrastructure assets in accordance with the ARV Asset Management Strategy 2025–2028. Spend in 2025 was 20% lower than budgeted due to some timing delays as construction and maintenance crews operate around weather and snowfalls in particular. $2.056m unspent from the 2025 capital budget has been carried forward for completion in 2026.
Capital projects
ARV undertook no capital projects exceeding the disclosure threshold of $10 million in 2025.
Disclosure of grants and transfer payments
ARV did not issue any grants triggering material disclosure requirements.
Page last updated: 05/10/26