Tivoli (TIV) Q2 2024 earnings summary

Executive summary

• Guest numbers rose 11% to 1.39 million in H1 2024, with net revenue up 9% to DKK 455.3 million year-over-year.

• Earlier season opening and stable cost base offset negative impacts from weather and weak Nordic currencies.

• Loss before tax reduced by DKK 11.2 million to DKK -63.5 million compared to H1 2023.

• Strategic investments continue, including the largest amusement area redevelopment in Tivoli's history.

Financial highlights

• Net revenue for H1 2024: DKK 455.3 million (up from DKK 416.0 million in H1 2023).

• EBITDA for H1 2024: DKK -6.3 million (improved from DKK -16.0 million in H1 2023).

• Net loss for H1 2024: DKK -46.2 million (improved from DKK -58.2 million in H1 2023).

• Cash flow from operations: DKK 15.3 million (up from DKK 6.7 million in H1 2023).

• Equity at June 30, 2024: DKK 983.7 million (down from DKK 1,049.1 million at Dec 31, 2023).

Outlook and guidance

• 2024 revenue expected around DKK 1,200 million and profit before tax around DKK 110 million, unchanged from previous guidance.

• Summer results were the best in Tivoli's history despite fewer guests due to weather.