Kinepolis Group Nv · EURONEXT:KIN
Kinepolis Group Nv — FY2025 Earnings Presentation
54 slides from Kinepolis Group Nv's earnings presentation, Feb 19, 2026
Slide 1: YE 2025 Press & Analyst Meeting
YE 2025 Press & Analyst Meeting 19/02/2026 Eddy Duquenne Pieter-Jan Sonck
Slide 2: Key highlights of the year
• Solid financial performance against a background of weaker visitors • More premiumization & experience • Successful second Innovation Lab Summit • Successful re-financing of the Group • Future-proofing our organization – 2 new chief positions • Expanding our company with the acquisition of Emagine
Slide 3: Agenda
• Business review YE 2025 • Financial review YE 2025 • Outlook • Q&A • Annex 19 February 2026 3
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Slide 5: Business review 2025
Business review 2025 Photo Credit: Avatar: Fire & Ash (20th Century Studios)
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Slide 7: Visitors, revenue, EBITDAL, net result, FCF, NFD
Visitors EBITDAL* FCF 30,7 M 128,2 M€ 22,7% margin 70,4 M€ YE 2024 YE 2024 YE 2024 -5,8% -3,4% -28,4% 32,6 M 132,7 M€ 98,3 M€ Revenue Net Result* NFD** 564,9 M€ 41,1 M€ 287,2 M€ x2,10 leverage YE 2024 YE 2024 YE 2024 -2,3% -1,8% 319,3 M€ -10,1% 578,2 M€ 41,8 M€ * After adjustments ** Excluding IFRS
Slide 8: Visitors dropped 5.8%, revenue down 2.3%
• Visitors dropped by 5,8% to 30,7 million o Tough comparison basis in terms of blockbusters o Lack of strong local content in France o North America remain relatively stable • Revenue decreased by 2,3% to 564,9 M€ in 2025 o Driven by lower visitor numbers o Almost fully compensated by higher spend
Slide 9: Key financials at flat FX rate
@ flat FX rate in M€ YE 2025 YE 2024 % ∆ YoY YE 2025 Revenue 576,6 578,2 -0,3% 564,9 Visitors (in Mio) 30,7 32,6 -5,8% 30,7 Adjusted EBITDA 165,8 167,3 -0,9% 162,6 Adjusted EBITDA Margin 28,8% 28,9% -0,7% 28,8% Adjusted EBITDAL 130,2 132,7 -1,9% 128,2 Adjusted EBITDAL Margin 22,6% 23,0% -1,7% 22,7%
Slide 10: Top 5 movies and visitor evolution
Top 5 Movies 2025 3D Visitors (‘000) Evolution Visitors Top 5 Movies Weight (in M) Lilo & Stitch (2025) 1 430 25,4% Minecraft (2025) 1 324 24,1% 23,8% Zootopia 2 1 147 22,5% Jurassic World: Rebirth 1 122 19,7% Avatar: Fire and Ash 1 033 43,4 TOTAL 6 057 35,4 Top 5 Movies 2024 3D Visitors (
Slide 11: Visitors and revenue by country
Visitors (in '000) Revenue (in M€) Revenue by country By Country % ∆ YoY YE 2024 YE 2025 YE 2025 YE 2024 % ∆ YoY -8,3% 5 612 5 145 Belgium 152,4 153,2 -0,5% -14,6% 6 447 5 505 France 79,5 88,4 -10,1% 3% Belgium 11% 0,3% 8 590 8 612 Canada 138,6 141,3 -1,9% +4,5% 27% France -5,9% 4 304 4 052 Spain 53
Slide 12: Further building on our 3-pillar strategy
Further building on our 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 Premiumization Awareness strategies Experience overcapacity 19 Februa
Slide 13: Premiumization strategy and movie-going experience
Further roll-out of our ‘Premiumization’-strategy and enhancing the movie-going experience: • Opening 8 IMAX screens in Lomme (FR), Almere, Breda, Enschede (NL), Troy (US), Hasselt (BE), Nanaimo (CA) and Valencia (ES) • Opening 4 ScreenX and 6 Laser ULTRA screens • Further roll-out premium seating •
Slide 14: Immersive Jurassic World: Rebirth ScreenX experience
immersive ‘Jurassic World: Rebirth’ ScreenX experience 12
Slide 15: Renovation Kinepolis Lomme (FR)
Renovation Kinepolis Lomme (FR) 13
Slide 16: Innovation Lab Summit, appointments and refinancing
• Second edition of the two-day international Kinepolis Innovation Lab Summit where employee ideas from across the Group were pitched and rewarded, reinforcing the Company’s self-learning, bottom-up culture • Launch of Play Kinepolis • Appointment of Hans Van Acker as Chief Strategic Businesses & De
Slide 17: Emagine: luxury theaters
• 14 Luxury theaters • 177 screens • Ranked #1 in Trust & Customer Loyalty • Service more than 6 million visitors • 95% recliner seating • 100% stadium seating • Enhanced food options • Full bars including cocktails 19 February 2026 15
Slide 18: A powerful strategic rationale
A powerful strategic rationale Healthy and well maintained asset Accelerating our US growth with a strong brand Complementary portfolio & Immediately EPS accretive company culture Mid & Long term shareholder value Enhanced capabilities creation 19 February 2026 16
Slide 19: Market share and complexes by country
Market Complexes in Ownership Countries Complexes Screens Share # % Visitors Belgium 11 138 10 98% France 18 197 4% 11 72% Canada 35 301 14% 3 0% Spain 11 167 6% 3 29% The Netherlands 18 140 9% 13 66% United States 10 + 14 164 +177 0% 7 72% (29%) Luxembourg 3 22 82% 1 64% Switzerland 1 8 1% 1 100% P
Slide 20: Dividend per share and total dividend
Dividend per share (€) Total dividend (M€) • Strong cash flow and a solid financial position underpin our commitment to enhancing shareholder returns 14,7 14,7 17,4 • For 2026, we propose to increase our dividend by € 0,10 per share, bringing it to € 0,65 per share 0,65 0,55 0,55 • Total dividend en
Slide 21: Financial Review 2025
Financial Review 2025 Photo Credit: Zootopia 2 (Disney)
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Slide 23: Revenue, Adjusted EBITDA(L), adjusted net result
Revenue (M€) Adjusted EBITDA(L) (M€) Adjusted net result (M€) 800 40 280 65 35,4 260 60 30,2% 31,1% 700 32,6 35 28,9% 28,8% 240 55 58,0 30,7 29,3 220 25,2% 600 30 22,9% 23,0% 22,7% 50 605 200 578 45 565 500 25 180 188,2 40 41,8 500 41,1 160 167,3 162,6 35 400 20 140 150,8 152,7 30 120 132,7 128,2 30
Slide 24: Revenue by business line and movement
in M€ YE 2025 YE 2024 % ∆ YoY % of Total Box Office 290,7 301,5 -3,6% 51,5% 578,2 -10,7 1 In-theatre Sales 179,7 184,0 -2,3% 31,8% Cinema 470,5 485,5 -3,1% 83,3% Business-to-Business 64,8 64,7 0,2% 11,5% Brightfish 11,1 10,4 6,5% 2,0% Film Distribution 3,7 3,1 19,3% 0,7% Real Estate 14,9 14,5 2,3% 2
Slide 25: Box office, ITS and visitors
Box Office, ITS & Visitors - yearly Box Office & ITS per visitor - yearly (in €) 35,4 9,7 (+4,4%) 9,3 8,9 9,0 32,6 9,5 30,7 8,3 29,3 511,4 7,6 485,5 192,8 470,5 416,1 184,0 25,0% 179,7 -2,3% 6,0 (+6,3%) 155,2 5,8 5,4 5,6 318,6 5,2 301,5 290,7 -3,6% 4,6 260,9 3,8 51,6% YE 2022 YE 2023 YE 2024 YE 2025
Slide 26: Capex per country and evolution
Capex per country (M€) - 2025 Capex evolution (M€) 42,6 43,9 1,2 9,8 9,3 0,3 12,6 1,7% 19,8 3,7 8,7 5,0 0,6 11,6 3,6 22,9 6,4 18,5 3,5 5,7 4,7 4,4 0,2 4,3 4,4 2,1 1,7 2024 2025 Maintenance Internal Expansion External Expansion 2,8 2,9 Maintenance capex driven by: 2,3 • Overall renovations in furnitu
Slide 27: Free cash flow and cash conversion
Net Cash from Operating Activities Free Cash Flow* 200 M€ 154 164 Cash conversion** 150 139 80% 75% 60% 57% 55% 98 100 86 70 40% 50 20% 0 0% 2023 2024 2025 2023 2024 2025 • Operating cash flow and FCF decreased in line with • Solid free FCF generation of 70 M€ in 2025, operations but remained steady
Slide 28: Net Financial Debt bridge
NFD Bridge (M€) - Excluding IFRS16 319,3 -158,9 34,1 2,7 287,2 • Net Financial Debt down by 32,1 M€ to 287,2 M€ 11,3 14,7 • In 2024 we returned a positive 43,2 working capital effect of 15 M€ compared to 2023. 13,3 -0,1 7,6 • For 2025, working capital position at year-end in line with previous year
Slide 29: Debt profile and leverage
Net Financial Debt (NFD) in M€ 31/12/2025 31/12/2024 Variance Gross Debt (excl. IFRS 16) 436,1 404,1 32,0 907 883 865 Cash 148,8 84,6 64,2 794 NFD (excl. IFRS 16) 287,2 319,3 -32,1 736 Lease liabilities (IFRS 16) 307,9 355,2 -47,3 3,60 675 NFD (incl. IFRS 16) 595,2 674,6 -79,4 595 Leverage* 2,10x 2,
Slide 30: Refinancing: RCF, term loan, retail bond
250 1. Early renewal of our syndicated RCF to 160 M€ M€ 225 • Increase of 40 M€ (Dec) 200 • Maturity of 5 years, with 2-year extension option 160 150 150 (Dec) 2. Incremental facility of 100 M€ • Committed 6-year term loan • Amortizing and 1 year grace period 100 • Available upon closing of transact
Slide 31: Adjusted and IFRS key figures
ADJUSTED IFRS in M€ YE 2025 YE 2024 % ∆ YoY YE 2025 YE 2024 % ∆ YoY Visitors (in Mio) 30,7 32,6 -5,8% 30,7 32,6 -5,8% Revenue 564,9 578,2 -2,3% 564,9 578,2 -2,3% EBITDA 162,6 167,3 -2,8% 158,9 165,5 -4,0% EBITDA margin 28,8% 28,9% -0,5% 28,1% 28,6% -1,7% Adj. EBITDA per visitor 5,30 5,14 3,1% EBITDA
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Slide 33: Outlook 2026
TO UPDATE Outlook 2026 Photo Photo Photo credit: Credit: credit: The Wicked: Disney Fantastic For Good Four: (Universal First StepsPictures) (Marvel Studios)
Slide 34: 2026 film slate
MARCH APRIL MAY JUNE SCREAM 7 PROJECT THE DOG JUMPERS THE SUPER MICHAEL THE DEVIL MORTAL THE SUPERGIRL MASTERS TOY HAIL MARY STARS MARIO WEARS KOMBAT 2 MANDALORIAN OF THE STORY 5 GALAXY PRADA 2 AND GROGU UNIVERSE MOVIE JULY AUGUST NOVEMBER DECEMBER THE SPIDER-MAN: MINIONS 3 MOANA PAW PATROL: GODZILL
Slide 35: Key drivers for growth & value creation
“Self-learning organization (5% excercise) + recovery visitor numbers driven by Hollywood offering Key drivers for growth & Internal expansion (premium concepts) value creation External expansion 19 February 2026 31
Slide 36: Industry update
Industry update o> QacrDisney UNIVERSAL PICTURES WF it oy e ia ~ "i Hi ‘\W/ \W: Via SONY AMAZON 4 . LIONSGATE & prime MGM STUDIOS Apple Studios yd 19 February 2026
Slide 37: Financial calendar
Thursday 23/04/2026 Business Update Q1 2026 Wednesday Annual Shareholders’ Meeting 13/05/2026 Kinepolis Group Financial calendar Thursday 20/08/2026 Half year results H1 2026 Thursday Business Update Q3 2026 22/10/2026
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Slide 39: Financial Statements
Financial Statements Annex
Slide 40: Income statement, adjusted and IFRS
ADJUSTED IFRS in M€ YE 2025 YE 2024 % ∆ YoY YE 2025 YE 2024 % ∆ YoY Revenue 564,9 578,2 -2,3% 564,9 578,2 -2,3% Cost of Sales -433,1 -439,2 -1,4% -433,8 -439,4 -1,3% Gross result 131,8 138,9 -5,1% 131,1 138,8 -5,5% Marketing and selling expenses -26,3 -26,4 -0,3% -26,6 -26,7 -0,4% Administrative exp
Slide 41: Adjustments
in M€ YE 2025 YE 2024 EBITDA -3,7 -1,8 Depreciation & Impairment losses -0,5 0,0 Income tax expense 1,1 0,4 Net impact of adjustments -3,2 -1,3 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 42: Assets
in M€ 31/12/2025 31/12/2024 % ∆ YoY Intangible assets 9,8 9,6 2,8% Goodwill 168,9 177,4 -4,8% Property, plant & equipment 431,0 456,1 -5,5% Right-of-use assets 265,5 312,9 -15,1% Investment property 15,1 15,3 -1,2% Deferred tax assets 15,1 16,5 -8,3% Non-current tax assets 1,7 1,7 0,0% Other receiva
Slide 43: Equity and liabilities
in M€ 31/12/2025 31/12/2024 % ∆ YoY Share capital & share premium 20,1 20,1 0,0% Consolidated reserves 221,9 197,5 12,3% Translation reserve -10,4 8,3 -225,1% Total equity 231,6 225,9 2,5% Interest bearing loans and borrowings 211,1 289,5 -27,1% Lease liabilities 275,5 319,6 -13,8% Employee benefits
Slide 44: Total equity and liabilities
in M€ 31/12/2025 31/12/2024 % ∆ YoY Total equity 231,6 225,9 2,5% Non-current liabilities 508,8 631,1 -19,4% Interest bearing loans and borrowings 225,0 114,6 96,3% Lease liabilities 32,4 35,6 -9,1% Trade payables 75,4 79,2 -4,9% Other payables 52,1 55,7 -6,4% Provisions 0,2 0,1 32,5% Current income
Slide 45: Key ratios: gearing, current, solvency, ROCE
31/12/2025 31/12/2024 Incl. IFRS 16 Excl. IFRS 16 Incl. IFRS 16 Excl. IFRS 16 Gearing ratio* 2,57 1,24 2,99 1,41 Current ratio** 0,55 0,60 0,52 0,59 Solvency ratio*** 20,6% 28,3% 19,7% 28,6% ROCE**** 8,9% 11,9% 8,8% 12,1% * Gearing ratio: Net Financial Debt / Equity ** Current ratio: Current Assets
Slide 46: Cash flow statement
in M€ 31/12/2025 31/12/2024 ∆ YoY Result before tax 50,2 55,4 -5,2 Depreciations and amortisations 80,9 81,9 -1,1 Provisions and impairments 1,3 1,2 0,1 Government grants -2,2 -1,7 -0,5 Gains/losses on sale of fixed assets 0,1 0,1 0,0 Unrealised foreign exchange results 0,4 -0,6 1,0 Share based paym
Slide 47: Free cash flow
in M€ 31/12/2025 31/12/2024 ∆ YoY Cash Flow before WC movements & tax paid 151,9 160,0 -8,1 Income taxes (paid) / received -13,3 -11,8 -1,5 Working capital 0,1 15,4 -15,4 Capital exp – maintenance -22,9 -18,5 -4,5 Interest (paid) / received -11,3 -12,4 1,1 Payment of lease liabilities (capital porti
Slide 48: Segment results by country
Others in M€ Belgium France Canada Spain Netherlands United States Luxembourg (Poland, Not allocated TOTAL Switzerland) Segment revenue 177,1 83,6 138,6 53,6 57,1 63,4 19,0 4,8 597,1 Intersegment revenue -24,7 -4,1 -0,6 -2,8 -0,1 -32,3 Revenue 152,4 79,5 138,6 53,1 54,3 63,4 18,8 4,8 564,9 Cost of s
Slide 49: Segment assets
Others in M€ Belgium France Canada Spain Netherlands United States Luxembourg (Poland, Not allocated TOTAL Switzerland) Intangible assets 5,2 0,4 2,5 0,3 0,1 1,3 0,0 9,8 Goodwill 6,6 15,9 31,2 22,0 34,1 46,9 5,8 6,5 168,9 Property, plant and equipment 53,6 82,2 61,2 43,6 107,3 64,9 10,0 8,1 431,0 Ri
Slide 50: 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 221,9 221,9 Translation reserve -10,4 -10,4 Total equity 231,6 231,6 Loans and borrowings 211,1 211,1 Lease liabilit
Slide 51: Capital expenditure and depreciations
Others United in M€ Belgium France Canada Spain Netherlands Luxembourg (Poland, TOTAL States Switzerland) Capital expenditure 9,3 8,7 9,8 4,7 4,4 6,4 0,5 0,3 43,9 Others United in M€ Belgium France Canada Spain Netherlands Luxembourg (Poland, TOTAL States Switzerland) Depreciations 11,8 13,0 25,6 7,
Slide 52: 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 53: 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
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