Kinepolis Group (KIN) H1 2025 earnings summary

Executive summary

• Visitor numbers increased by 2.2% in H1 2025 to 14.3 million, with a strong Q2 driven by blockbusters like Lilo & Stitch and Minecraft, reversing a weak Q1.

• Revenue grew 6.2% year-over-year to €257.9 million, with growth in both attendance and sales per visitor, reflecting premiumization and inflation compensation.

• Adjusted EBITDAL surged 22.6% to €46.4 million, and net result improved to €7.5 million, up from €0.1 million in H1 2024.

• Free cash flow rose 64.9% to €20.7 million.

• Financial flexibility enhanced by early renewal and expansion of a €160 million revolving credit facility.

Financial highlights

• Cinema revenue increased by 7.2%, with box office revenue per visitor up 3.3% and in-theater sales per visitor up 7.7% year-over-year.

• Adjusted EBITDA reached €63.9 million (+15.8% YoY), and EBITDA per visitor increased from €2.7 to €3.25.

• Net financial debt (excl. leases) was €324.5 million, up €5.2 million since year-end 2024; leverage ratio improved to 2.14x.

• CapEx totaled nearly €18 million, with €9.4 million for maintenance and €7.7–8.5 million for premiumization and expansion.

• Free cash flow increased 64.9% to €20.7 million.

Outlook and guidance

• Strong Q4 and H2 2025 expected with a robust lineup including Avatar, Zootopia, Five Nights at Freddy's, SpongeBob, Now You See Me, Wicked Part Two, and Jurassic World.

• 2026 anticipated to approach pre-pandemic Hollywood lineup levels, with major franchises like Toy Story 5, Ice Age 6, and Dune.

• Continued focus on premiumization, cost control, and operational efficiency.

• New credit facility provides flexibility for further growth and external expansion.