Kinepolis Group Nv · EURONEXT:KIN
Kinepolis Group Nv — H1 2025 Earnings Presentation
43 slides from Kinepolis Group Nv's earnings presentation, Aug 21, 2025
Slide 1: H1 2025 Half-year results
H1 2025 Half-year results Eddy Duquenne Pieter-Jan Sonck
Slide 2: Content
Content • Business review H1 2025 • Financial review H1 2025 • Outlook 2025 • Annex 21 August 2025 Half-year results 2025 2
Slide 3: Business review H1 2025
Business review H1 2025 Photo credit: Disney
Slide 4: Key financial highlights – H1 2025
Key financial highlights – H1 2025 Visitors EBITDAL* FCF 14,3 M 46,4 M€ 18,0% margin 20,7 M€ H1 2024 H1 2024 H1 2024 +2,2% +22,6% +64,9% 14,0 M 37,9 M€ 12,5 M€ Revenue Net Result* NFD** 257,9 M€ 7,5 M€ 324,5 M€ x2,14 leverage H1 2024 H1 2024 YE 2024 +6,2% +935,8% 319,3 M€ +1,6% 242,8 M€ 0,7 M€ * Aft
Slide 5: Key take-aways – H1 2025
Key take-aways – H1 2025 • Visitors increased by 2,2% to 14,3 million in H1 2025, compared to 14,0 million in H1 2024, fueled by the success of ‘A Minecraft Movie’ and ‘Lilo & Stitch’ in the second quarter. • Revenue increased by 6,2% to 257,9 M€ in H1 2025, compared to 242,8 M€ in H1 2024, boosted
Slide 6: Top 5 Movie line-up – H1
Top 5 Movie line-up – H1 Evolution Visitors Top 5 Movies Weight (in M) Top 5 Movies 2025 - H1 3D Visitors (‘000) Minecraft (2025) ✓ 1 322 38.3% Lilo & Stitch (2025) ✓ 1 203 36.3% Mufasa: The Lion King ✓ 691 28.6% 30.7% Mission: Impossible - The Final Reckoning 601 28.9% How to Train Your Dragon (202
Slide 7: Visitor dynamics – H1 2025
Visitor dynamics – H1 2025 Revenue by country Visitors (in '000) Revenue (in M€) By Country % ∆ YoY YTD Q2 2024 YTD Q2 2025 YTD Q2 2025 YTD Q2 2024 % ∆ YoY 3% Belgium 12% -3,7% 2 429 2 340 Belgium 65,8 63,3 3,9% 26% France -9,9% 2 876 2 591 France 35,9 38,3 -6,3% 9,9% 3 619 3 977 Canada 64,8 58,1 11
Slide 8: 3 pillar strategy
3 pillar strategy Best cinema operator Best marketer Best real estate manager Self-learning organization Innovation Active programming & Digital marketing & Company risk profile Redevelopment of 5% exercise Premiumisation Awareness strategies Experience overcapacity 21 August 2025 Half-year results
Slide 9: ESG focus areas
ESG focus areas Business integrity & good governance Best cinema operator Best marketer Best real estate manager Development & Employee well-being, Customer Experience Green and resilient building Responsible waste empowerment of employees diversity and inclusion excellence & infrastructure manageme
Slide 10: Highlights H1 2025 – further executing our strategy
Highlights H1 2025 – further executing our strategy Further roll-out of our ‘Premiumization’-strategy and enhancing our movie-going experience: • Agreement to open 9 extra new IMAX locations across Europe and North America • Opening ScreenX theatres in Ghent, Hasselt (BE), Landmark Orleans (CA) and
Slide 11: Highlights H1 2025 – further executing our strategy
Highlights H1 2025 – further executing our strategy • Second edition of the two-day international Kinepolis Innovation Lab Summit where employee ideas from across the group were showcased and rewarded, reinforcing the company’s self-learning, bottom-up culture • Launch of self-service kiosks for dri
Slide 12: Kinepolis at a glance – no footprint changes
Kinepolis at a glance – no footprint changes Market Complexes in Ownership Countries Complexes Screens Share # % Visitors Belgium 11 138 10 98% France 18 199 4% 11 72% Canada 36 302 14% 3 0% Spain 11 167 6% 3 29% The Netherlands 19 144 9% 13 66% United States 10 164 0% 7 72% Luxembourg 3 22 82% 1 64
Slide 13: Financial Review H1 2025
Financial Review H1 2025 Photo credit: Disney
Slide 14: Key financials – H1 2025
Key financials – H1 2025 Revenue (M€) Adjusted EBITDA(L) (M€) Adjusted net result (M€) 16.8 16.8 18 140 350 350 30.0% 25 28.7% 16 300 300 14.0 14.3 120 13.7 13.7 24.8% 14 20 20.8 285 285 22.1% 22.5% 22.7% 250 250 100 258 12 243 18.0% 228 228 15 200 200 10 80 82.0 15.6% 8 68.4 150 150 60 64.3 63.9 10
Slide 15: Revenue performance – H1 2025
Revenue performance – H1 2025 in M€ H1 2025 H1 2024 % ∆ YoY % of Total Box Office 134,9 127,8 5,5% 52,3% Revenue bridge (M€) In-theatre Sales 84,6 77,0 9,9% 32,8% 1 7,6 -0,2 0,3 0,2 0,2 257.9 Cinema 219,6 204,9 7,2% 85,1% Business-to-Business 26,6 26,8 -0,8% 10,3% Brightfish 2,8 2,5 10,7% 1,1% Film
Slide 16: Evolution cinema – H1 2025
Evolution cinema – H1 2025 Box Office, ITS & Visitors - Half-year Box Office & ITS per visitor - H1 2025 (in €) 16.8 9.3 9.5 14.0 14.3 8.9 9.0 13.7 244.6 8.3 219.6 7.6 92.2 204.9 191.4 84.6 24,7% 77.0 70.9 5.8 152.4 5.4 5.6 5.2 127.8 134.9 120.5 5,5% 4.6 3.8 53,2% H1 2022 H1 2023 H1 2024 H1 2025 FY
Slide 17: Key financials – H1 2025
Key financials – H1 2025 Revenue (M€) Adjusted EBITDA(L) (M€) Adjusted net result (M€) 16.8 18 350 140 25 30.0% 16 28.7% 300 14.0 14.3 13.7 120 14 24.8% 20 20.8 285 22.1% 22.5% 22.7% 250 100 258 12 243 228 18.0% 15 200 10 80 82.0 15.6% 8 150 60 68.4 64.3 63.9 10 6 55.2 9.2 100 50.5 40 46.4 7.5 4 37.
Slide 18: Key financials – H1 2025
Key financials – H1 2025 Revenue (M€) Adjusted EBITDA(L) (M€) Adjusted net result (M€) 16.8 18 140 350 30.0% 25 28.7% 16 300 14.0 14.3 120 13.7 24.8% 14 20 285 22.1% 22.5% 22.7% 20.8 250 100 258 12 243 228 18.0% 200 10 80 15 82.0 15.6% 8 60 68.4 150 64.3 63.9 10 6 55.2 50.5 9.2 100 40 46.4 4 37.9 7.
Slide 19: Capex focusing on maintenance & premiumization
Capex focusing on maintenance & premiumization Capex evolution (M€) Capex per country (M€) – H1 2025 17.6 17.9 1,4% 3.1 7.6 1.8 7.4 0.2 0.5 1.0 2.6 1.3 9.4 7.1 2.2 2.0 0.1 1.7 0.3 0.5 1.3 H1 2024 H1 2025 1.1 Maintenance Internal Exp an sion External Exp an sion 0.7 Maintenance capex driven by: 0.3 •
Slide 20: Net financial debt evolution
Net financial debt evolution NFD Bridge (M€) - Excluding IFRS 16 17,3 2,4 324.5 • Net Financial Debt amounts to 319.3 14,7 324,5 M€ and increased by 5,2 M€ 17,8 1,7 5,6 • Negative working capital mainly 3,5 5,5 due to timing film rental and capex payables at year-end 2024 -63,3 compared to June 2025
Slide 21: Leverage stands at 2,14x, excluding IFRS 16
Leverage stands at 2,14x, excluding IFRS 16 5.50 In M€ 30/06/2025 31/12/2024 Variance 907 865 Gross Debt (excl. IFRS 16) 383,2 404,1 -20,9 833 794 4.50 Cash 58,7 84,6 -25,9 736 NFD (excl. IFRS 16) 324,5 319,3 5,2 3.60 675 Lease liabilities (IFRS 16) 320,0 355,2 -35,2 645 3.50 NFD (incl. IFRS 16) 644
Slide 22: New 160 M€ RCF, creating more flexibility
New 160 M€ RCF, creating more flexibility Key elements of our debt profile as per 30/06/2025: • Average Maturity: 1,63 years • Average cost: 2,73% M€ • Cash available: 58,7 M€ • Total liquidity headroom: 192,7 M€ • Sufficient headroom available for repayment of private placement of 60 M€ maturing by
Slide 23: Summary key figures – H1 2025
Summary key figures – H1 2025 ADJUSTED IFRS in M€ H1 2025 H1 2024 % ∆ YoY H1 2025 H1 2024 % ∆ YoY Visitors (in Mio) 14,3 14,0 2,2% 14,3 14,0 2,2% Revenue 257,9 242,8 6,2% 257,9 242,8 6,2% EBITDA 63,9 55,2 15,8% 63,3 54,4 16,4% EBITDA margin 24,8% 22,7% 9,0% 24,5% 22,4% 9,6% Adj. EBITDA per visitor 4
Slide 24: Outlook 2025
Outlook 2025 Photo credit: Disney
Slide 25: Industry update
Industry update 21 August 2025 Half-year results 2025 25
Slide 26: 2025 Line-up
2025 Line-up Q3 Q4 DOWNTOWN FANTASTIC JURASSIC WORLD AVATAR: FIVE NIGHTS THE SPONGEBOB NOW YOU WICKED: SMURFS THE BAD GUYS SUPERMAN THE CONJURING ZOOTOPIA 2 ABBEY 3 FOUR REBIRTH FIRE & ASH AT FREDDY’S 2 MOVIE SEE ME 3 PART TWO 2 4 ORIGINALS ORIGINALS Postponed ONE BATTLE AFTER MICHAEL ANOTHER 21 Aug
Slide 27: 2026 Looks very promising
2026 Looks very promising And many more … 21 August 2025 Half-year results 2025 27
Slide 28: Financial calendar
Thursday Half-year results H1 2025 21/08/2025 Thursday 23/10/2025 Business Update Q3 2025 Financial calendar Thursday 19/02/2026 Annual results FY 2025
Slide 29: Financial Statements – Annex
Financial Statements Annex
Slide 30: Consolidated Income Statement
Consolidated Income Statement ADJUSTED IFRS in M€ H1 2025 H1 2024 % ∆ YoY H1 2025 H1 2024 % ∆ YoY Revenue 257,9 242,8 6,2% 257,9 242,8 6,2% Cost of Sales -209,6 -201,3 4,1% -209,7 -201,4 4,1% Gross result 48,3 41,5 16,6% 48,2 41,4 16,4% Marketing and selling expenses -12,3 -12,3 0,4% -12,4 -12,5 -0,
Slide 31: Adjustments
Adjustments in M€ H1 2025 H1 2024 EBITDA -0,6 -0,8 Depreciation & Impairment losses -0,1 0,0 Income tax expense 0,2 0,2 Net impact of adjustments -0,5 -0,6 Adjustments are made to ensure the figures presented are comparable, offering stakeholders a clearer view of how the Group measures and manages
Slide 32: Consolidated Balance Sheet
Consolidated Balance Sheet in M€ 30/06/2025 31/12/2024 % ∆ YoY Intangible assets 8,9 9,6 -7,1% Goodwill 169,1 177,4 -4,6% Property, plant & equipment 434,3 456,1 -4,8% Right-of-use assets 278,8 312,9 -10,9% Investment property 15,2 15,3 -0,8% Deferred tax assets 15,4 16,5 -6,6% Non-current tax asset
Slide 33: Consolidated Balance Sheet
Consolidated Balance Sheet in M€ 30/06/2025 31/12/2024 % ∆ YoY Share capital & share premium 20,1 20,1 0,0% Consolidated reserves 190,3 197,5 -3,6% Translation reserve - 10,0 8,3 -220,4% Equity attributable to the owners of the Company 200,4 225,9 -11,3% Total equity 200,4 225,9 -11,3% Interest bear
Slide 34: Consolidated Balance Sheet
Consolidated Balance Sheet in M€ 30/06/2025 31/12/2024 % ∆ YoY Total equity 200,4 225,9 -11,3% Non-current liabilities 599,4 631,1 -5,0% Interest bearing loans and borrowings 94,0 114,6 -18,0% Lease liabilities 32,9 35,6 -7,6% Trade payables 60,0 79,2 -24,3% Other payables 54,5 55,7 -2,1% Provisions
Slide 35: Ratio's
Ratio’s 30/06/2025 31/12/2024 Incl. IFRS 16 Excl. IFRS 16 Incl. IFRS 16 Excl. IFRS 16 Gearing ratio* 3,22 1,62 2,99 1,41 Current ratio** 0,47 0,54 0,52 0,59 Solvency ratio*** 19,2% 27,7% 19,7% 28,6% ROCE**** 9,9% 13,5% 8,6% 11,8% * Gearing ratio: Net Financial Debt / Equity ** Current ratio: Current
Slide 36: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement in M€ 30/06/2025 30/06/2024 ∆ YoY Result before tax 9,4 1,0 8,4 Adjustments for: Depreciations and amortisations 40,6 40,4 0,2 Provisions and impairments 0,2 -0,5 0,7 Government grants -1,1 -0,8 -0,3 Unrealised foreign exchange results 0,4 0,0 0,4 Share based payment
Slide 37: Free Cash Flow Statement
Free Cash Flow Statement in M€ H1 2025 H1 2024 ∆ YoY Cash Flow before WC movements & tax paid 60,1 52,1 8,1 Income taxes (paid) / received -5,5 -5,7 0,2 Working capital -5,6 -7,2 1,6 Capital exp – maintenance -9,4 -7,1 -2,3 Interest (paid) / received -1,7 -2,4 0,7 Payment of lease liabilities (capit
Slide 38: Segment Reporting – Income Statement
Segment Reporting – Income Statement Others in M€ Belgium France Canada Spain Netherlands United States Luxembourg (Poland, Not allocated TOTAL Switzerland) Segment revenue 65,0 35,9 64,8 23,3 25,7 31,4 8,9 2,3 257,2 Intersegment revenue 0,7 0,0 0,7 Revenue 65,8 35,9 64,8 23,3 25,7 31,4 8,9 2,3 257,
Slide 39: Segment Reporting – Balance Sheet
Segment Reporting – Balance Sheet Others in M€ Belgium France Canada Spain Netherlands United States Luxembourg (Poland, Not allocated TOTAL Switzerland) Intangible assets 4,2 0,4 2,6 0,3 0,1 1,3 0,0 8,9 Goodwill 6,6 15,9 31,3 22,0 34,1 47,0 5,8 6,5 169,1 Property, plant and equipment 53,8 82,1 61,2
Slide 40: Segment Reporting – Balance Sheet
Segment Reporting – Balance Sheet Others United in M€ Belgium France Canada Spain Netherlands Luxembourg (Poland, Not allocated TOTAL States Switzerland) Share capital and share premium 20,1 20,1 Consolidated reserves 190,3 190,3 Translation reserve -10,0 -10,0 Equity attributable to the owners of 2
Slide 41: Segment Reporting – Capital Expenditure and Non-cash elements
Segment Reporting – Capital Expenditure Others United in M€ Belgium France Canada Spain Netherlands Luxembourg (Poland, TOTAL States Switzerland) Capital expenditure 3,9 3,5 3,5 1,8 1,6 3,3 0,2 0,2 17,9 Segment Reporting – Non-cash elements Others United in M€ Belgium France Canada Spain Netherlands
Slide 42: Glossary
Adjusted operating result Operating result after elimination adjustments; is used to reflect the operating result from normal operating activities. The glossary contains Alternative Performance Measures (APMs) that are aimed to improve the transparency of the financial information. For the full glos
Slide 43: Glossary
EBITDA Operating result + depreciations + amortizations + impairments + movements in provisions EBITDAL EBITDA less costs related to lease contracts (excl. rent abatements and common charges) Glossary Operating result (EBIT) Gross result – marketing and selling expenses ‐ administrative expenses + o