Tivoli (TIV) Q1 2025 earnings summary

Executive summary

• Net revenue for Q1 2025 was DKK 69.9 million, down 23% year-over-year due to a later season opening and fewer guests in the Gardens.

• As planned, Tivoli operated at a loss in Q1, reflecting seasonal closure and ongoing maintenance and development, including the Asia area redevelopment.

• The summer season began April 4, featuring new and returning cultural events and experiences.

Financial highlights

• Net revenue: DKK 69.9 million (Q1 2025) vs. DKK 90.4 million (Q1 2024).

• EBITDA: DKK -98.8 million (Q1 2025) vs. DKK -84.2 million (Q1 2024).

• Net profit: DKK -99.2 million (Q1 2025) vs. DKK -87.7 million (Q1 2024).

• Cash flow from operating activities: DKK -60.3 million (Q1 2025) vs. DKK -51.1 million (Q1 2024).

• Equity as of March 31, 2025: DKK 1,049.4 million, down from DKK 1,146.9 million at year-end 2024.

Outlook and guidance

• 2025 revenue expected around DKK 1,300 million and profit before tax of DKK 130 million, maintaining previous guidance.

• Activity level for 2025 anticipated to be slightly lower due to a 13-day later summer season opening.