Financial PerformanceMTN reported -$116m in 4Q adjusted EBITDA, 8% below Consensus, and at the low-end of guidance due to poor weather in Australia.
Structural ChallengesMTN's ability to maintain guidance is under significant concern, as it will be challenging to leverage expenses with pass unit declines and flattish visitation considering its largely fixed cost base and persistent wage inflation.
Weather VolatilityClimate and weather volatility needs to be factored into investor outlooks, operational planning and capital budgets.