Kinepolis Group (KIN) Q1 2025 earnings summary

Executive summary

• Q1 2025 began with weak film offerings and an 11.6% drop in visitors compared to Q1 2024, but a strong start to Q2, led by 'A Minecraft Movie,' has cleared the visitor backlog and pushed revenue above last year's level.

• Revenue per visitor increased due to premiumisation and enhanced customer experience, but total revenue, EBITDAL, and net profit declined year-over-year due to lower attendance.

• The film line-up for the remainder of 2025 is robust, with several anticipated blockbusters and local hits scheduled.

Financial highlights

• Visitor numbers fell 11.6% year-over-year in Q1 2025, with March particularly weak due to lackluster releases.

• Total revenue decreased less than visitor numbers, as higher sales per visitor partially offset volume loss.

• Box Office and in-theatre sales revenue declined, while real estate and film distribution revenue increased; B2B revenue dipped slightly.

• EBITDA, EBITDAL (adjusted for rent), and net profit were all lower than Q1 2024.

• €8.5 million invested in maintenance and expansion during Q1 2025.

Outlook and guidance

• The rest of 2025 is expected to benefit from a strong film calendar, with major releases and a promising line-up.

• Hollywood production momentum is improving, supporting expectations for higher attendance and revenue in upcoming quarters.