Tivoli (TIV) Q4 2024 earnings summary

Executive summary

• Achieved record results in 2024 with 4.25 million visitors, a 5% increase year-over-year, and over 1.4 million international tourists.

• Revenue grew 9% to DKK 1.32 billion, driven by higher visitor numbers, more opening days, and increased average spending.

• EBITDA reached DKK 271.2 million (+19%), and profit before tax was DKK 155.4 million (+40%), both all-time highs.

• Major investments included the largest-ever amusement area project, set to open in 2026, and significant upgrades to facilities and digital infrastructure.

• Sustainability efforts advanced, with a target of net zero scope 1 and 2 emissions by 2025 and SBTI approval of climate targets.

Financial highlights

• Net revenue: DKK 1,320.9 million (+9% year-over-year).

• EBITDA: DKK 271.2 million (+19% year-over-year).

• Profit before tax: DKK 155.4 million (+40% year-over-year).

• Net profit: DKK 123.6 million (+43% year-over-year).

• Cash flow from operating activities: DKK 214.8 million (+12% year-over-year).

Outlook and guidance

• 2025 revenue expected at DKK 1,300 million and profit before tax at DKK 130 million, slightly lower due to fewer opening days and a shorter summer season.

• Continued strategic investments in new rides, eateries, and digital transformation.

• Net zero scope 1 and 2 emissions targeted by end of 2025; 25% reduction in scope 3 emissions by 2030.