Tivoli (TIV) Q2 2025 earnings summary

Executive summary

• Net revenue for H1 2025 was DKK 445.0 million, down 2% year-over-year due to fewer opening days and lower visitor numbers, with 1.3 million guests versus 1.4 million in 2024.

• Profit before tax for H1 2025 was DKK -76.1 million, a decrease from DKK -63.5 million in H1 2024, mainly due to lower activity and strategic investments.

• Major investments included the new Asia area, digital solutions, and facility upgrades, with the Asia area set to open in summer 2026.

Financial highlights

• EBITDA for H1 2025 was DKK -17.8 million, compared to DKK -6.3 million in H1 2024.

• Depreciation and amortization totaled DKK 54.6 million, up 3% year-over-year.

• Cash flow from operating activities was DKK 10.8 million, down from DKK 15.2 million in H1 2024.

• Equity as of June 30, 2025, was DKK 1,057.1 million, down from DKK 1,146.9 million at year-end 2024.

Outlook and guidance

• Full-year 2025 guidance maintained: revenue expected at DKK 1,300 million and profit before tax at DKK 130 million.

• Visitor numbers and financial results for H1 2025 met management expectations despite weather challenges.