Six Flags Entertainment (FUN) Investor Day 2025 summary

Strategic Vision, Transformation, and Integration

• The merger has created a stronger, more diversified company, enabling cost synergies, improved guest experience, and a clear path to reducing leverage below four times by end of 2026.

• Integration is ahead of schedule, with $180M in synergies targeted by end of 2026 and significant progress on cost savings, guest satisfaction, and revenue growth.

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

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

• Portfolio optimization includes evaluating smaller parks and excess land for monetization, though asset sales are not required for deleveraging.

Growth Drivers and Operational Strategy

• Attendance growth is driven by regaining 10 million guests lost during the pandemic, expanding the season pass base, and increasing visit frequency.

• Market penetration varies widely; raising under-penetrated parks to higher quartile averages could yield over 30 million additional visits long-term.

• Guest satisfaction is closely linked to market penetration, with investments in rides, events, and food & beverage driving repeat visits and higher NPS scores.

• CRM and loyalty programs are being enhanced to upsell guests and drive renewals, with a unified season pass strategy and targeted marketing.

• Major capital program in 2025 includes new attractions at 11 flagship parks, with capital investments prioritized for high-opportunity parks and a mix of thrill, family, and water attractions.

Financial Guidance and Capital Allocation

• Revenue growth is projected at a ~6% CAGR through 2028, reaching ~$3.8B in net revenue and ~58M in attendance by 2028.

• Modified EBITDA margin is expected to expand to ~40% by 2028, with free cash flow up ~$400M in 2028 vs. 2025 and projected to reach $585–$630M in 2028.

• Cost structure reset targets $180M in net reductions by end of 2026, with future cost growth in line with or below inflation (1-2% CAGR).

• CapEx will average 12-13% of net revenues, with two-thirds allocated to new marketable products and the remainder to infrastructure and IT.

• All available cash will be used to reduce leverage until below four times, after which share repurchases may be considered.