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 Press Conference & Analyst Meeting
H1 2025 Press Conference Analyst Meeting 21/08/2025 Eddy Duquenne Pieter-Jan Sonck
Slide 2: Agenda
• Business review H1 2025 • Financial review H1 2025 • Outlook 2025 • Q&A • Annex 21 August 2025 2
Slide 3: Business review H1 2025
Business review H1 2025 Photo credit: Disney
Slide 4: H1 2025 key figures: visitors, EBITDAL, FCF
Visitors EBITDAL* FCF 14,3 M 46,4 M€ 20,7 M€ 18,0% margin 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€ * After adjustments ** Excluding IFRS 16
Slide 5: H1 2025 vs H1 2024 results table
in M€ H1 2025 H1 2024 % ∆ YoY Revenue 257,9 242,8 6,2% Visitors (in Mio) 14,3 14,0 2,2% Adjusted EBITDA 63,9 55,2 15,8% Adjusted EBITDA Margin 24,8% 22,7% 9,0% Adjusted EBITDAL 46,4 37,9 22,6% Adjusted EBITDAL Margin 18,0% 15,6% 15,4% Adjusted EBIT 23,1 15,2 52,0% Adjusted EBIT margin 9,0% 6,3% 43,1
Slide 6: H1 2025 highlights
• 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 by both higher attendance
Slide 7: Visitors evolution and top 5 movies
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 (2025) 560 TOTAL 4 376 19,4
Slide 8: Visitors and revenue by country
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 -3,7% 2 429 2 340 Belgium 65,8 63,3 3,9% 12% 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 11,5% 10% Canada 6,5% 1 681 1
Slide 9: Premiumization strategy roll-out
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 MJR Westland Grand (US) • Roll-out of Loungers (firs
Slide 10: Innovation, kiosks, gaming lounge and CSRD report
• 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 drinks and snacks in Canadian cinemas enabling faster s
Slide 11: Countries, complexes and screens
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% Switzerland 1 8 1% 1 100% Poland* 1 18 1 n/
Slide 12: Financial Review H1 2025
Financial Review H1 2025 Photo credit: Disney
Slide 13: Revenue, adjusted EBITDA(L) and net result
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 6 55,2 50,5 9,2 100 100
Slide 14: Total revenue by stream and revenue bridge
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 Distribution 1,5 1,3 11,7% 0,6
Slide 15: Box office, ITS and visitors
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 2020 FY 2021 FY 2022 FY 202
Slide 16: Adjusted EBITDAL up 22.6%
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% 20 285 20,8 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 37,9 5 50 20 2 0,7 0 0 0 0 H
Slide 17: Adjusted net result 7.5 M€
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 68,4 150 60 64,3 63,9 10 6 55,2 50,5 9,2 100 40 46,4 4 37,9 7,5 5 50 20 2 0,7 0 0 0 0 H
Slide 18: Adjusted and IFRS results
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% EBITDAL 46,4 37,9 22,6% 45,8 37,1 23,6% EBITDAL margin
Slide 19: Capex evolution and per country
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 Expansion External Expansion 0,7 Maintenance capex driven by: 0,3 • Overall renovations in furniture, halls & sanitary
Slide 20: Net financial debt bridge
NFD Bridge (M€) - Excluding IFRS 16 319,3 17,3 2,4 324,5 • Net Financial Debt amounts to 14,7 324,5 M€ and increased by 5,2 17,8 1,7 M€ 5,6 3,5 5,5 • Negative working capital mainly due to timing film rental and -63,3 capex payables at year-end 2024 compared to June 2025 NFD Movement: 5,2 YE 2024 EB
Slide 21: Net financial debt and leverage
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) 644,5 674,6 -30,0 2,60 Leverage * 2,14x 2,25x -
Slide 22: Debt profile and RCF renewal
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 year-end Early renewal of our syndicated
Slide 23: Outlook 2025
Outlook 2025 Photo credit: Disney
Slide 24: Industry update
Industry update ee, iy? e Me *~ ; * WB : y) N : : x SONY t Pictures x Sony Apple Studios yd 21 August 2025 >. QacrDisney UNIVERSAL PICTURES prime | AMAZON MGM STUDIOS LIONSGATE ~ 24
Slide 25: Film release slate Q3 and Q4 2025
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 August 2025 25
Slide 26: And many more …
And many more … 21 August 2025 26
Slide 27: Thank You / Q&A
T h a n k Yo u Q & A
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: Adjusted and IFRS 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 -0,2% Administrative expenses -14
Slide 31: Adjustments to figures
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 its financia
Slide 32: Assets
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 assets 1,7 1,7 0,0% Other receiv
Slide 33: Equity and liabilities
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 bearing loans and borrowings 28
Slide 34: Equity and current liabilities
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 0,1 0,1 -25,7% Current inc
Slide 35: Financial ratios
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 Assets
Slide 36: 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 payments 0,5 0,7 -0,2 Interest expense a
Slide 37: Free cash flow
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 (capital portion + interest)* -
Slide 38: Segment 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 2,3 257,9 Cost of sales -47,2 -30,6 -55,8 -20
Slide 39: Segment assets
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 43,0 110,2 65,4 10,5 8,0 434,3 Ri
Slide 40: Segment equity and liabilities
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 200,4 200,4 the Company Total equit
Slide 41: Capital expenditure and depreciation by segment
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 Others United in M€ Belgium France Canada Spain Netherlands Luxembourg (Poland, TOTAL States Switzerland) Depreciations 5,7 6,5 12,7 3,8
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