Kinepolis Group (KIN) H2 2022 earnings summary

Executive summary

• 2022 marked the first recovery year after pandemic disruption; attendance reached 72.7% of 2019, while revenue recovered to 90.6% of the 2019 record level.

• Premium experiences and higher sales per visitor supported a sharp improvement in profitability and financial strength despite a limited Hollywood release slate.

Financial highlights

• Revenue was €499.9m, up 87.7% YoY; reported EBITDA was €150.3m and adjusted EBITDA €151.0m.

• EBITDAL was €114.0m versus €38.5m in 2021; adjusted EBITDAL was €114.7m, and EBITDAL per visitor reached a record €3.89.

• Operating result was €68.0m versus a €6.5m loss; net profit was €27.5m versus a €25.5m loss, and EPS was €1.02 versus -€0.94.

• Adjusted net profit was €28.6m versus a €24.9m loss in 2021.

• Free cash flow rose to €70.1m from €48.9m, supported by operating recovery and positive working capital.

Outlook and guidance

• Visitor numbers are expected to rise substantially in 2023; more film releases are expected than in 2022, with a normal release volume anticipated from 2024–2025.

• Revenue per visitor is expected to remain at least at the 2022 level in coming years; attendance recovery remains dependent on the film release calendar.

• 195 laser projector upgrades were planned for 2023, targeting 59% laser-equipped screens worldwide by year-end.