Six Flags Entertainment (FUN) Investor Day 2025 summary

Strategic vision, transformation, and integration

• The merger has created a stronger, more diversified company, with integration ahead of schedule and $180M in synergies targeted by end of 2026, driving cost savings, guest satisfaction, and revenue growth.

• Leadership is focused on simplifying operations, optimizing the portfolio, and prioritizing high-growth parks, with top 15 locations generating over 80% of attendance and revenue.

• The company leverages scale, geographic diversity, and a recurring revenue model, with ~70% of attendance from advance purchase channels.

• Integration execution is on track, with portfolio optimization and real estate monetization opportunities underway.

• Clear deleveraging path aims for net total leverage below 4x by end of 2026, supporting reinvestment and financial flexibility.

Growth drivers and operational strategy

• Attendance growth will be driven by regaining 10M guests lost during the pandemic, focusing on under-penetrated parks, new attractions, and advanced CRM and marketing strategies.

• Season pass and group sales channels are prioritized for predictable, recurring revenue, with 80% of attendance lift expected from expanding the season pass base and increasing visit frequency.

• In-park revenue growth will come from food and beverage innovation, retail, premium offerings, and events, with a focus on increasing transactions per guest and average transaction value.

• Major capital program in 2025 includes new attractions at 11 flagship parks, with annual CAPEX at 12-13% of net revenues, mainly on new attractions and guest experience enhancements.

• Technology and CRM investments are driving targeted marketing, deeper guest engagement, and increased season pass activation and renewals.

Financial guidance and capital allocation

• Revenue is projected to grow at a 6% CAGR through 2028, reaching $3.8B and 58M in attendance, with $1.5B in adjusted EBITDA and a 40% margin, excluding parks already announced for closure.

• Cost savings of $180M are targeted by end of 2026, with disciplined cost management and sub-inflationary cost growth (1-2% CAGR).

• Free cash flow is projected to grow by over $400M by 2028, with all available cash used to reduce leverage below 4x before considering share repurchases.

• Portfolio optimization and asset sales are not required for deleveraging but could accelerate progress; resorts are considered core assets for deepening guest relationships.

• Capital allocation prioritizes organic growth, debt reduction, and high-ROIC projects.