Tivoli (TIV) Q3 2024 earnings summary

Executive summary

• Tivoli achieved record summer attendance, with 2,737,000 guests in the first nine months, up 2% year-over-year, driving revenue and earnings growth.

• The company demonstrated resilience despite rainy weather and consumption slowdowns in neighboring markets.

• Major redevelopment of the Asia area began, marking the largest amusement investment in Tivoli's history.

Financial highlights

• Net revenue for 1 Jan–30 Sep 2024 was DKK 891.0m, up 5% from DKK 845.4m in 2023; Q3 revenue was DKK 435.7m.

• EBITDA for the nine months was DKK 147.0m, up from DKK 126.0m; EBIT was DKK 66.7m, up from DKK 44.0m.

• Profit before tax for the period was DKK 61.4m, up from DKK 38.1m; net profit was DKK 51.3m, up from DKK 29.7m.

• Other operating income reached DKK 10.5m, mainly from COVID-19 compensation packages.

• Cash flow from operating activities was DKK 115.1m, down from DKK 137.2m, due to tax payments and non-cash compensation effects.

Outlook and guidance

• 2024 guidance maintained: revenue around DKK 1,250m and profit before tax around DKK 130m.