Tivoli (TIV) Q1 2026 earnings summary

Executive summary

• Net revenue for Q1 2026 increased 16% year-over-year to DKK 81.4 million, driven by five additional opening days and higher activity levels.

• As planned, the period resulted in a financial loss due to seasonal closure and ongoing maintenance and investment projects.

• Major investments included continued renovation of the Demon ride, Glass Hall Theatre roof, and completion of a digitalization project.

Financial highlights

• Net revenue: DKK 81.4 million (Q1 2026) vs. DKK 69.9 million (Q1 2025).

• EBITDA: DKK -105.7 million (Q1 2026) vs. DKK -98.8 million (Q1 2025).

• EBIT: DKK -134.6 million (Q1 2026) vs. DKK -125.6 million (Q1 2025).

• Net profit: DKK -106.5 million (Q1 2026) vs. DKK -99.2 million (Q1 2025).

• Cash flow from operating activities: DKK -81.4 million (Q1 2026) vs. DKK -60.3 million (Q1 2025).

Outlook and guidance

• 2026 activity level expected to be on par with 2025.

• Revenue guidance maintained at around DKK 1,400 million and profit before tax at DKK 145 million for 2026.