Tivoli (TIV) Q3 2025 earnings summary

Executive summary

• Summer season ended successfully with strong turnout, though total visits for the first nine months decreased 2% year-over-year due to fewer opening days.

• Guest satisfaction reached record highs, and a major new themed attraction is under construction, set to open summer 2026.

• Halloween and Christmas seasons are expected to drive strong year-end performance.

Financial highlights

• Net revenue for January–September 2025 was DKK 886.5 million, down 1% from DKK 891.0 million year-over-year.

• EBITDA for the period was DKK 123.2 million, down from DKK 147.0 million in 2024.

• Profit before tax was DKK 34.6 million, a decrease from DKK 61.4 million in the prior year.

• Net profit for the period was DKK 26.8 million, compared to DKK 51.3 million last year.

• Cash flow from operating activities was DKK 110.8 million, slightly below last year’s DKK 115.1 million.

Outlook and guidance

• Revenue for 2025 is now expected in the range of DKK 1,325 million, with profit before tax around DKK 145 million, in line with 2024’s historically strong results.

• Strong Halloween and Christmas seasons are anticipated to support the upgraded outlook.