Kinepolis Group NV · EURONEXT:KIN

Kinepolis Group NV — YTD Q3 2022 Earnings Presentation

39 slides from Kinepolis Group NV's earnings presentation, November 2022

1. Slide 1: Kinepolis Group Results YTD Q3 2022

   Kinepolis Group Results YTD Q3 2022 November, 2022

2. Slide 2: Business review YTD Q3 2022

   Business review YTD Q3 2022 KINEPOLIS GROUP y

3. Slide 3: Executive Summary

   EXECUTIVE SUMMARY  Strong recovery of operational result and free cash flow in H1 2022  77,2% of 2019 attendance in H1 2022, resulting in 93,5%(1) of H1 2019 revenue and 74,3% of Q3 2019 attendance in Q3 2022, resulting in 90,1% of Q3 2019 revenue  Weak summer line‐up (‘Top Gun: Maverick’ most po

4. Slide 4: Strategy

   Strategy  Strategic pillars  Best Marketer  Best Cinema Operator  Best Real Estate Manager  Highlights H1 2022  Q1 still impacted by closures & restrictive measures  Further roll‐out of premium products in Europe, Canada and preparation for the United States  200 laser upgrades in 2022  Ent

5. Slide 5: Investments in a premium moviegoing experience

   highlights H1 2022  Investments in a premium moviegoing experience  Introduction of ‘Premiere Seats’ in 10 additional Landmark cinemas (CA)  Complete renovation of Landmark St. Catharines, Pen Centre (CA)  Preparation to introduce ‘VIP seats’ and Laser ULTRA in USA in Q3 2022 St. Catharines, Pen

6. Slide 6: Kinepolis Group

   kinepolis group 11 3 Complexes in Ownership Countries Complexes Screens # %Visitors Belgium 11 138 10 98% France 14 156 9 79% Canada 40 325 4 1% Spain 10 +2*** 157 +20*** 3 34% The Netherlands 20 147 13 67% United States 10 164 7 71% Luxembourg 3 22 1 68% Switzerland 1 8 1 100% Poland * 1 18 1 n/a T

7. Slide 7: Key Financials H1

   KEY FINANCIALS H1 €m H1 2022 H1 2021 % Better / ‐Worse H1 2019 Revenue 228,0 36,8 519,9% 238,1 Visitors (‘000) 13 668 2 188 524,7% 17 713 EBITDA 68,2 ‐7,1 1 062,2% 69,2 EBITDA margin € 4,99/Vis 29,9% € ‐3,24/Vis ‐19,3% 4 920 bps € 3,91/Vis 29,1% EBITDAL 50,4 ‐24,0 309,9% 55,3 EBITDAL margin € 3,68/V

8. Slide 8: Quarterly Key Financials H1

   QUARTerly KEY FINANCIALS H1 €m Q1 2022 Q2 2022 H1 2022 Q1 2019 Q2 2019 H1 2019 Revenue 94,4 133,6 228,0 115,7 122,4 238,1 Visitors (‘000) 5 936 7 732 13 668 8 820 8 893 17 713 EBITDA 20,7 47,6 68,2 33,1 36,1 69,2 EBITDA margin € 3,48/Vis 21,9% € 6,15/Vis 35,6% € 4,99/Vis 29,9% € 3,76/Vis 28,7% € 4,0

9. Slide 9: Corrected Quarterly Key Financials

   CORRECTED QUARTerly KEY FINANCIALS* €m Q1 2022 Q2 2022 H1 2022 Q1 2019 Q2 2019 H1 2019 Revenue 95,4 127,2 222,6 115,7 122,4 238,1 Visitors (‘000) 5 936 7 732 13 668 8 820 8 893 17 713 EBITDA 18,6 37,9 56,5 33,1 36,1 69,2 EBITDA margin € 3,13/Vis 19,5% € 4,90/Vis 29,8% € 4,13/Vis 25,4% € 3,76/Vis 28,

10. Slide 10: Visitors H1 2022 by country

    visitors H1 Visitors (000's) H1 2022 % of Tot H1 2021 % of Tot % ∆ YoY Belgium 2 629 19,1% 230 10,5% 1 043,0% France 2 418 17,7% 368 16,8% 557,1% Canada 3 618 26,5% 231 10,6% 1 466,2% Spain 1 582 11,6% 487 22,3% 224,8% The Netherlands 1 474 10,8% 188 8,6% 684,0% United States 1 608 11,8% 579 26,5% 1

11. Slide 11: Highlights Q3 2022

    highlights Q3 2022  Take‐over operation of two Spanish cinemas (Barcelona and Marbella), effective from 3 and 7 November 2022 respectively  TMS system Eikona Cinema Manager implemented in Belgium & the Netherlands (Spain and France planned for 2023)  Launch CINE K in Belgium (September 2022)  La

12. Slide 12: Visitors YTD Q3 2022 by country

    visitors Q3 Visitors (000's) YTD Q3 2022 % of Tot YTD Q3 2021 % of Tot % ∆ YoY Belgium 3 816 18,1% 1 723 18,7% 121,5% France 3 559 16,9% 1 617 17,5% 120,1% Canada 5 817 27,6% 1 716 18,5% 239,0% Spain 2 578 12,2% 1 457 15,7% 77,0% The Netherlands 2 324 11,0% 1 242 13,4% 87,1% United States 2 513 11,9

13. Slide 13: Line-up 2022

    LINE-UP 2022 Postponed from 2022 to 2023 12/22 ‐> 03/23 09/22 ‐> 04/23 12/22 ‐> 04/23 10/22 ‐> 06/23 11/22 ‐> 06/23 10/22 ‐> 07/23 12/22 ‐> 12/23 13

14. Slide 14: Line-up – local content 2022

    Line-up – local content 2022 14

15. Slide 15: Financial Review H1 2022

    = Financial Review H1 2022 KINEPOLIS GROUP |-F"

16. Slide 16: Financial highlights

    financial highlights  Revenue of € 228,0 million with 13,7 million visitors  93,5% of revenue H1 2019, corrected for one‐off Covid‐19 related items  77,2% of visitors H1 2019  EBITDAL of € 50,4 million  NFD excl. lease liabilities decreased from € 474,5 million per 31/12/2021 to € 450,0 million

17. Slide 17: Financial highlights: cash and credit lines

    FINANCIAL HIGHLIGHTS  YE 2021 ended with € 199,8 million cash + credit lines  H1 2022 ended with € 163,2 million cash + credit lines. Difference explained by:  € +25,7 m free cash flow, of which:  € +45,4 m from operations and payment of lease liabilities  € ‐10,7 m working capital  € ‐4,6 m i

18. Slide 18: Revenue by country

    Revenue by country Revenue €m H1 2022 % of Tot H1 2021 % of Tot % ∆ YoY % ∆ Y Vis H1 2019 Belgium 62,8 27,5% 7,9 21,5% 696,4% 1 043,0% 70,0 France 31,4 13,8% 4,7 12,9% 561,0% 557,1% 38,2 Canada 56,7 24,9% 5,5 15,0% 925,6% 1 466,2% 63,4 Spain 18,1 7,9% 5,1 13,8% 255,1% 224,8% 27,5 The Netherlands 26,

19. Slide 19: Evolution Box Office

    Evolution Box OFFICE 52,9% OF REVENUE €m Box Office Box office* / Visitor 9,00 € 8,82 125 +11,7% 8,50 € 7,89 100 8,00 € 7,67 7,43 7,50 € 7,29 75 7,00 € + 598,0% 120,5 50 6,50 € 6,00 € 25 5,50 € 17,3 0 5,00 € H1 2021 H1 2022 H1 H1 H1 H1 H1 2018 2019 2020 2021 2022 * Box Office revenue after deduction

20. Slide 20: Evolution In-theatre Sales

    EVOLUTION ITS 31,1% OF REVENUE In‐theatre Sales ITS* / Visitor €m 6,00 € 5,50 € 75 +20,3% 5,09 5,00 € 4,50 € 4,23 3,98 4,00 € 3,81 50 3,63 3,50 € + 551,4% 70,9 3,00 € 25 2,50 € 2,00 € 10,9 1,50 € 0 1,00 € H1 2021 H1 2022 H1 H1 H1 H1 H1 2018 2019 2020 2021 2022 * Excl. ITS Delivery sales 20

21. Slide 21: B2B revenue

    B2B revenuE* 11,8% OF REVENUE €m Sales & Events (10,2%) €m Screen Advertising (1,6%) 25 4 20 3 15 + 753,5% 2 +676,2% 23,2 3,8 10 1 5 2,7 0,5 0 0 H1 2021 H1 2022 H1 2021 H1 2022 +11,3% compared to H1 2019 ‐27,5% compared to H1 2019 * Excluding Brightfish 21

22. Slide 22: Real estate at flat fx

    Real estate at flat fx 2,6% OF REVENUE €m 6 +43,2% 4 4,2 6,0 2 0 H1 2021 H1 2022 ‐12,6% compared to H1 2019 22

23. Slide 23: Brightfish

    Brightfish 0,9% OF REVENUE €m 3 2,1 2 0,6 1 +517,8% 1,4 0,3 0,1 0,3 0 H1 2021 H1 2022 Screen Advertising Sales & Events ‐57,4% compared to H1 2019 • Screen Advertising: ‐44,3% • Sales & Events: ‐72,7% 23

24. Slide 24: Film distribution

    Film distribution 0,7% OF REVENUE €m 2 +83,5% 1 0,9 1,6 0 H1 2021 H1 2022 +16,3% compared to H1 2019 24

25. Slide 25: Operating costs

    operating costs €m H1 2022 H1 2021 % Better / ‐Worse H1 2019 Marketing and selling expenses ‐9,4 ‐4,5 ‐109,5% ‐11,7 Administrative expenses ‐13,2 ‐9,8 ‐34,4% ‐14,2 Other operating income / cost 3,6 10,3 ‐64,8% 0,6 Operating Costs ‐19,0 ‐4,0 ‐372,1% ‐25,3 25

26. Slide 26: EBITDA(L) by country

    Ebitda(L) by country EBITDA ‐ €m H1 2022 % of Total H1 2021 % of Total % Better / ‐Worse % ∆ Y Vis Belgium 15,7 23,0% ‐8,4 118,7% 286,4% 1 043,0% France 10,7 15,7% 1,1 ‐15,7% 864,9% 557,1% Canada 17,7 25,9% 2,2 ‐30,9% 707,3% 1 466,2% Spain 4,4 6,4% 0,1 ‐2,1% 2 896,0% 224,8% The Netherlands 9,9 14,5%

27. Slide 27: Depreciation, amortization, provisions

    Depreciation, amortization, provisions €m H1 2022 H1 2021 % Better / ‐Worse Depreciation, amortisation and provisions ‐26,3 ‐27,1 3,2% Depreciations on right‐of‐use assets ‐14,1 ‐13,7 ‐2,8% Total depreciation, amortization and provisions ‐40,4 ‐40,9 1,2% €m ‐5 ‐15 ‐25 ‐35 0,9 ‐40,9 ‐0,4 ‐40,4 ‐45 H1

28. Slide 28: Financial result

    Financial result €m H1 2022 H1 2021 % Better / ‐Worse Interest expense ‐7,45 ‐7,63 2,4% Financial charges IFRS 16 ‐5,21 ‐5,20 ‐0,2% FX ‐0,66 0,41 ‐263,3% Other (CNC, bank charges,...) ‐2,24 ‐0,70 ‐220,1% Financial (Cost) / Income ‐15,57 ‐13,13 ‐18,6% €m 0 ‐5 ‐10 0,18 ‐13,13 ‐0,01 ‐15 ‐2,61 ‐15,57 ‐2

29. Slide 29: Taxes

    taxes €m H1 2022 H1 2021 % Better / ‐Worse Result before taxes 12,3 ‐61,1 120,1% Taxes ‐3,2 15,3 ‐121,1% Result 9,1 ‐45,8 119,8% Effective Tax Rate ('ETR') 26,3% 25,1% 117 bps €m 20 15,3 15 10 ETR 25,1% 5 0 ETR 26,3% ‐18,4 ‐0,1 ‐3,2 ‐5 H1 2021 Higher pre‐tax result Other H1 2022 29

30. Slide 30: EBITDA(L) to net result

    Ebitda(L) to net result €m 68,2 17,9 70 60 50,4 50 40 27,9 30 ‐40,4 20 9,1 10 ‐15,6 ‐3,2 0 EBITDAL Costs related to EBITDA Depr, Amort, Prov EBIT Financial result Taxes Result H1 2022 lease contracts H1 2022 H1 2022 H1 2022 30

31. Slide 31: Investments

    investments €m H1 2022 H1 2021 H1 2019 Belgium €m H11,7 2022 0,8 H1 2021 7,6 €m France 0,8 0,3 4,2 8 Belgium 1,7 0,8 Canada 2,1 0,2 6,8 6,2 France 0,8 0,3 Spain 0,7 0,2 1,7 6 Canada 2,1 0,2 TheSpain Netherlands 0,2 0,7 0,3 0,2 2,3 3,8 4 United TheStates Netherlands 0,8 0,2 0,1 0,3 2,7 Luxembourg Uni

32. Slide 32: Free cash flow

    FREE CASH FLOW €m 70 63,3 60 ‐0,6 50 ‐10,7 ‐3,8 40 ‐4,6 30 25,7 ‐17,9 20 10 0 Cash flow before WC Income Working Capex ‐ Interest Payment of lease FCF H1 2022 movements and Tax Taxes Capital Maintenance Paid liabilities paid 32

33. Slide 33: Free cash flow evolution

    Free CASH FLOW evolution Q1 2022 Q2 2022 H1 2022 H1 2019 OCF after lease payments 10 743 34 645 45 387 54 166 Working capital ‐5 583 ‐5 126 ‐10 709 ‐3 747 Income Taxes Paid ‐525 ‐38 ‐563 ‐6 443 Capital Exp – Maintenance ‐946 ‐2 896 ‐3 842 ‐12 372 Interest Paid ‐3 337 ‐1 215 ‐4 552 ‐6 568 Free Cash F

34. Slide 34: Net financial debt evolution

    Net financial debt evolution €m H1 2022 YE 2021 Better/‐Worse NFD Evolution Net Financial Debt (NFD) excl. lease liabilities 450,0 474,5 24,4 5,2% Net Financial Debt (NFD) incl. lease liabilities 852,9 865,0 12,1 1,4% Leverage ratio*: NFD / EBITDA 5,76 11,90 Leverage ratio*: NFD excl. lease liabilit

35. Slide 35: Maturity profile financial debt

    Maturity profile financial debt ** € 250.000.000 Priv. Plac. 7,5Y 225.000.000 225.000.000 200.000.000 175.000.000 150.000.000 RCF * 120.000.000 125.000.000 Priv. Plac. 8Y (Dec) Bullet loan 60.000.000 100.000.000 80.000.000 Priv Plac. 10Y 75.000.000 65.000.000 50.000.000 Term loan (yearly) Bond 8Y 25

36. Slide 36: Balance sheet

    Balance sheet €m 30/06/2022 % of Total 31/12/2021 % of Total €m 30/06/2022 % of Total 31/12/2021 % of Total Intangible assets 11,2 1,0% 11,1 0,9% Share capital & share premium 20,1 1,7% 20,1 1,7% Goodwill 176,3 15,0% 169,5 14,2% Consolidated reserves 110,9 9,5% 100,7 8,4% Property, plant & equipment

37. Slide 37: Shareholders

    shareholders 25/10/2022 16/08/2022 # Shares % # Shares % Total shares outstanding 27 365 197 100% 27 365 197 100% Reference Shareholders & Free Float # Shares % # Shares % Kinehold Bis, Pentascoop and Mr. Joost Bert 13 092 268 47,84% 13 092 268 47,84% Treasury shares 397 396 1,45% 397 396 1,45% Free

38. Slide 38: Financial calendar

    Financial calendar Thursday 16/02/2023 Annual results 2022 Press & Analyst Meeting Thursday 27/04/2023 Business update Q1 2023 Wednesday 10/05/2023 Annual Shareholders’ Meeting Kinepolis Group 38

39. Slide 39: Slide 39

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