Kinepolis Group (KIN) Q3 2024 earnings summary

Executive summary

• Q3 2024 saw strong results, with blockbuster releases driving recovery after a weak first half impacted by the Hollywood strike.

• Revenue per visitor reached record highs, reflecting successful premium experience investments.

• Visitor numbers declined 13% year-over-year due to an exceptionally strong Q3 2023 comparison base ('Barbenheimer').

• EBITDA, EBITDAL, and net income exceeded pre-pandemic 2019 levels, excluding expansion effects.

Financial highlights

• 9.2 million visitors in Q3 2024, down from 10.54 million in Q3 2023.

• Revenue per visitor increased year-over-year, driven by higher spend on tickets and concessions.

• Total revenue declined in line with lower visitor numbers compared to Q3 2023.

• EBITDA and EBITDAL were lower than Q3 2023 but improved sequentially from previous quarters.

• Net financial debt (excluding leases) reduced to €369.1 million from €378.3 million at end-2023.

Outlook and guidance

• Q4 2024 expected to benefit from a strong film line-up, including 'Gladiator II', 'Moana 2', 'Wicked', and 'Mufasa: The Lion King'.

• Management expresses confidence in continued recovery as Hollywood output normalizes.