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Kinepolis Group NV
Interim / Quarterly Report • Aug 21, 2025
3971_ir_2025-08-21_4e92140c-b13c-421a-a0ec-6d1ceb081309.pdf
Interim / Quarterly Report
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| ANALYSIS OF THE RESULTS (PRESS RELEASE) 3 | |
|---|---|
| CONDENSED INTERIM CONSOLIDATED STATEMENTS AT 30 JUNE 2025 11 | |
| Condensed consolidated income statement 11 | |
| Condensed consolidated statement of profit or loss and other comprehensive income 12 | |
| Condensed consolidated statement of financial position 13 | |
| Condensed consolidated statement of cash flow 14 | |
| Condensed consolidated statement of changes in equity15 | |
| Condensed overview of reconciliations 18 | |
| NOTES TO THE CONDENSED CONSOLIDATED INTERIM STATEMENTS AT 30 JUNE 2025 20 | |
| 1. | Information on the Company 20 |
| 2. | Statement of compliance 20 |
| 3. | Summary of significant accounting policies 20 |
| 4. | Risks and uncertainties 21 |
| 5. | Segment information 21 |
| 6. | Revenue 24 |
| 7. | Trade and other receivables and payables 24 |
| 8. | Assets classified as held for sale24 |
| 9. | Equity24 |
| 10. | Liquidity risk25 |
| 11. | Financial instruments 26 |
| 12. | Leases 27 |
| 13. | Deferred tax assets 28 |
| 14. | Related parties28 |
| 15. | Subsequent events after 30 June 2025 28 |
| 16. | Other disclosures 28 |
| STATEMENT ON MANAGEMENT RESPONSIBILITY29 | |
| GLOSSARY AND APMS 30 |
Strong second quarter for Kinepolis cinemas thanks to international blockbusters
After a weak start to the year due to a limited blockbuster offering, Kinepolis posted strong secondquarter results, driven by a robust international film lineup and an effective premiumisation strategy.
The success of 'A Minecraft Movie', 'Lilo & Stitch' and 'Mission Impossible: The Final Reckoning', among others, boosted visitor numbers by 17.3% in the second quarter compared to the same period last year, resulting in a 2.2% increase in visitors and a 6.2% increase in revenue for the full first half of the year.
Revenue per visitor increased again, thanks in part to higher demand for experience and an expansion of the premium movie experience offering. Adjusted EBITDAL rose by as much as 22.6% to € 46.4 million, which translated into a net profit of € 7.0 million.
Kinepolis' financial solidity was further reinforced by a new € 160.0 million expandable revolving credit facility, signed in June with a five-year maturity, to support the Group's further growth, among other things.
Key achievements H1 2025
- Agreement for 9 new IMAX screens, 2 of which have now opened
- Further roll-out of ScreenX and Laser ULTRA (Belgium, US, Canada)
- Roll out self-service ordering kiosks for drinks and snacks in Canadian cinemas
- Opening RP1 Entertainment & Gaming Lounge in MJR Southgate (US)
- Second edition Kinepolis Innovation Lab Summit
- Closing of a new € 160.0 million credit line
- Appointment of Hans Van Acker as Chief Strategic Businesses & Development
Eddy Duquenne, CEO Kinepolis Group, on the first half of the year:
"Strong international blockbusters put leverage on our premiumisation strategy. The second quarter shows that our investments in experience and innovation as well as our operating model are particularly rewarding.
The new credit facility underlines the Group's solid financial profile and provides additional flexibility into the future, especially as we prepare for further external expansion."
Key figures
| IFRS | ADJUSTED | ||||||
|---|---|---|---|---|---|---|---|
| M€ | H1 2025 | H1 2024 | % ∆ YoY | H1 2025 | H1 2024 | % ∆ YoY | |
| Revenue | 257.9 | 242.8 | 6.2% | 257.9 | 242.8 | 6.2% | |
| Visitors ('000) | 14 277 | 13 974 | 2.2% | 14 277 | 13 974 | 2.2% | |
| EBITDA | 63.3 | 54.4 | 16.4% | 63.9 | 55.2 | 15.8% | |
| EBITDA margin | 24.5% | 22.4% | 9.6% | 24.8% | 22.7% | 9.0% | |
| Adj. EBITDA per visitor | 4.47 | 3.95 | 13.4% | ||||
| EBITDAL | 45.8 | 37.1 | 23.6% | 46.4 | 37.9 | 22.6% | |
| EBITDAL margin | 17.8% | 15.3% | 16.4% | 18.0% | 15.6% | 15.4% | |
| Adj. EBITDAL per visitor | 3.25 | 2.71 | 20.0% | ||||
| EBIT | 22.4 | 14.4 | 55.7% | 23.1 | 15.2 | 52.0% | |
| EBIT margin | 8.7% | 5.9% | 46.6% | 9.0% | 6.3% | 43.1% | |
| Result | 7.0 | 0.1 | 5990.1% | 7.5 | 0.7 | 935.8% | |
| Result per share (in €) | 0.26 | 0.00 | 0.28 | 0.03 | |||
| Free Cash Flow | 20.7 | 12.5 | 64.9% | ||||
| Net Financial Debt (excl. IFRS 16) | 324.5 | 319.3* | 1.6% | ||||
| Total Assets | 1 042.4 | 1 144.4* | -8.9% | ||||
| Equity | 200.4 | 225.9* | -11.3% |
* At 31 December 2024
Notes
Visitors
In the first half of 2025, Kinepolis welcomed 14.3 million visitors, an increase of 2.2% compared to the same period in 2024. This growth was mainly achieved in the second quarter, during which the number of visitors increased by 17.3% compared to Q2 2024. This rebound followed a challenging first quarter and was driven by the success of 'A Minecraft Movie' and 'Lilo & Stitch', among others.
The most successful films in the first half of 2025 were 'A Minecraft Movie', 'Lilo & Stitch', 'Mufasa: The Lion King', 'Mission Impossible - The Final Reckoning' and 'How to Train Your Dragon'. The most successful local films were 'Les Tuche: God Save the Tuche', 'Ma mère, Dieu et Sylvie Vartan' and 'Les Condés' in France, 'Patsers' in Belgium and 'El Casoplón' in Spain.
| Visitors (million) | Belgium | France | Canada | Spain | Netherlands | USA | Luxembourg | Switzerland | Total |
|---|---|---|---|---|---|---|---|---|---|
| Number of cinemas* | 11 | 18 | 36 | 11 | 19 | 10 | 3 | 1 | 109 |
| H1 2025 | 2.34 | 2.59 | 3.98 | 1.79 | 1.29 | 1.92 | 0.32 | 0.04 | 14.28 |
| H1 2024 | 2.43 | 2.88 | 3.62 | 1.68 | 1.29 | 1.70 | 0.34 | 0.04 | 13.97 |
| H1 2025 vs H1 2024 | -3.7% | -9.9% | 9.9% | 6.5% | 0.3% | 13.2% | -4.9% | -6.7% | 2.2% |
| Visitors (million) | Belgium | France | Canada | Spain | Netherlands | USA | Luxembourg | Switzerland | Total |
|---|---|---|---|---|---|---|---|---|---|
| Number of cinemas* | 11 | 18 | 36 | 11 | 19 | 10 | 3 | 1 | 109 |
| Q2 2025 | 1.13 | 1.31 | 2.38 | 1.01 | 0.66 | 1.15 | 0.17 | 0.02 | 7.82 |
| Q2 2024 | 1.03 | 1.48 | 1.80 | 0.82 | 0.47 | 0.89 | 0.15 | 0.02 | 6.67 |
| Q2 2025 vs Q2 2024 | 9.4% | -11.3% | 32.3% | 22.5% | 39.8% | 28.6% | 9.4% | -1.7% | 17.3% |
* Number of cinemas at period-end operated by Kinepolis. In addition, one cinema (in Poland) is leased to a third party.
Revenue
Total revenue in the first half amounted to € 257.9 million, up 6.2% compared to the same period in 2024.
Visitor-related revenue, namely ticket sales and the sale of drinks and snacks, increased by 7.2%. B2B revenue decreased by 0.8%, while real estate income increased by 2.8% compared to the same period in 2024.
Revenue by country
Revenue by activity
*B2B includes sales & events and screen advertising
Ticket sales revenue (Box Office, BO) increased by 5.5% compared to the same period in 2024, to € 134.9 million. BO revenue per visitor increased by 3.3%, driven in part by higher demand for more experience (premium formats) and inflation-compensating price increases, slightly offset by negative exchange rate effects.
Sales of beverages and snacks (In-theatre sales, ITS) increased 9.9% compared to H1 2024, to € 84.6 million. ITS revenue per visitor increased by 7.7% (excluding home delivery revenue).
B2B revenue (excluding Brightfish) decreased slightly by 0.8% compared to H1 2024, mainly due to a decline in event revenue (-1.6%), partly offset by a limited increase in screen advertising (+2.9%).
Revenue from Kinepolis Film Distribution (KFD) increased by 11.7% to € 1.5 million in H1 2025. In the first half of 2025, the company benefited from the successful release of 'Paddington in Peru'. In 2024, there was no comparable title in the same period, which contributed to the revenue increase.
Real estate revenue was up 2.8%, mainly due to indexation of lease contracts, higher variable parking rental income and a decrease in the number of vacant concessions, especially in Belgium and France.
Cost of sales
In the first half of 2025, cost of sales increased by 4.1% compared to 2024 (from € 201.4 million to € 209.7 million). This increase is mainly attributed to the growth in activity during 2025, which led to higher operating costs (e.g. film rights, ITS drinks and snacks, etc.), partly offset by positive exchange rate effects. The increase in cost of sales (+4.1%) is lower than the increase in revenue (+6.2%).
Operating costs
Operating costs decreased from € 27.0 million to € 25.8 million in the first half of 2025 compared to the same period last year.
Adjusted EBITDA(L)
Adjusted EBITDA amounted to € 63.9 million in the first half of 2025. After adjusting for rent, adjusted EBITDAL amounted to € 46.4 million. Adjusted EBITDAL per visitor increased from € 2.71 in the first half of 2024 to € 3.25 in the first half of 2025.
Profit for the period
Net financial costs decreased from € 13.4 million to € 13.0 million, driven by lower interest costs, but partly offset by rising foreign exchange losses.
The effective tax rate was 26.2% compared to 88.9% in the same period last year. The high tax rate then was due to an exceptionally low pre-tax result, which has now been normalized again.
Profit in the first half of 2025 was € 7.0 million, compared to € 0.1 million in the same period last year. Earnings per share rose from € 0.00 to € 0.26. Adjusted profit amounted to € 7.5 million in the first half of 2025 compared to € 0.7 million in the same period last year.
Free cash flow and net financial debt
A positive free cash flow of € 20.7 million was achieved in the first half of 2025, mainly due to the operating result, despite the negative working capital of € 5.6 million, € 1.7 million of interest paid, € 9.4 million of maintenance investments and € 5.5 million of taxes paid.
In the first half of 2025, € 9.4 million was invested in maintenance of cinemas and € 8.5 million was invested in internal and external expansion, specifically in the opening of new ScreenX and IMAX theatres and the further roll-out of premium cinema experiences.
Net financial debt, excluding lease liabilities, increased by € 5.2 million compared to 31 December 2024 to € 324.5 million at the end of June 2025.
Balance sheet
Non-current assets (€ 928.6 million) made up 89.1% of the balance sheet total (€ 1 042.4 million) at 30 June 2025. This includes land and buildings, including investment property, with a carrying amount of € 336.6 million. At 30 June 2025, equity amounted to € 200.4 million. Solvency was 19.2% compared to 19.7% at the end of 2024.
Key events since 1 January 2025
Agreement for 9 new IMAX screens in Europe and North America
Kinepolis and IMAX Corporation announced on 31 March 2025 an expansion of their partnership to include 9 new state-of-the-art IMAX® Laser screens in Europe, the US and Canada. This agreement allows Kinepolis to significantly expand its IMAX offering, with new locations in France (1), Belgium (1), Spain (2), the Netherlands (3), the US (1) and Canada (1). Two new screens have now opened, at Kinepolis Lomme (FR) and MJR Troy (US). The remaining openings are planned in the autumn.
Further roll-out of ScreenX and Laser ULTRA in Belgium, the US and Canada
Kinepolis opened four new ScreenX theatres in the first half of 2025, specifically at Kinepolis Ghent (BE), Hasselt (BE), Landmark Orleans (CA) and MJR Westland (US). These openings are part of the agreement Kinepolis signed with CJ 4DPLEX in late 2023 for several ScreenX openings spread over 2024 and 2025. ScreenX is the world's first multi-projection cinema technology that takes the traditional cinema experience to the next level by seamlessly extending the screen to the surrounding walls of the auditorium, providing a 270-degree viewing experience.
In addition, Kinepolis also opened several new Laser ULTRA theatres in the first half, specifically at Kinepolis Antwerp (BE), Leuven (BE), Brussels (BE), MJR Partridge Creek (US) and MJR Southgate (US). With Laser ULTRA, Kinepolis combines the unique image quality of Barco's 4K laser projector with the immersive sound system of Dolby Atmos.
Self-service ordering kiosks for drinks and snacks in Canadian cinemas
In November 2024, the new cinema Landmark Windsor was the first to try out a new concept: 'frictionless concession' or self-service ordering kiosks. These kiosks allow for faster order processing of drinks and snacks (incl. hot food), are more operationally efficient and are leveraging upselling opportunities. In May 2025, a third location introduced these kiosks, namely Landmark Waterloo, with a complete renovation of the concession area.
Opening RP1 Entertainment & Gaming Lounge at MJR Southgate (US)
The RP1 Entertainment & Gaming Lounge is a brand new concept that was launched at MJR Southgate in May this year. The lounge consists of five gaming zones for 4 to 6 people each. The RP1 lounge features an extensive 'game menu' for the three main gaming consoles, a live sports TV channel and a range of drinks and snacks. The zones can be booked individually but the entire lounge - with a capacity of around 25 people - can also be booked in its entirety for birthday parties, for example.
Second edition Kinepolis Innovation Lab Summit
The second edition of Kinepolis' international 'Innovation Lab Summit' took place in June 2025. This is an internal, two-day management conference where the best ideas of employees from the various countries are presented and assessed annually, with the apotheosis being the presentation of the Kinepolis Innovation Awards. The Kinepolis Innovation Lab encourages all employees - from students to managers - to submit and develop an innovative idea. It allows Kinepolis to boost its self-learning, bottom-up corporate culture.
Closing of new syndicated revolving credit facility of € 160 million
Kinepolis Group signed a new syndicated revolving credit facility in June 2025, amounting to € 160 million. The credit line has an initial term of five years, with a possible extension of two years. This brings the final maturity to June 2032, if fully extended.
In addition to the committed € 160 million, the facility includes an (uncommitted) option to increase
the revolving credit facility by up to € 60 million and/or add a term loan facility for up to € 120 million, providing significant additional funding flexibility. The new credit line will be used for general corporate and working capital purposes and to support the Group's ongoing growth strategy.
Appointment of Hans Van Acker as Chief Strategic Businesses & Development
Mr Hans Van Acker, formerly Managing Director of Kinepolis' film distribution activity KFD, has been appointed Chief Strategic Businesses & Development. In addition to managing KFD and Brightfish (the Belgian screen advertising sales house), he will drive and further develop new strategic activities.
Partnership with Too Good To Go for 28 Landmark cinemas (CA)
Landmark Cinemas partnered with social impact company Too Good To Go to combat food waste in our Canadian cinemas. It is To Good To Go's first collaboration in Canada with a cinema chain. The initiative is currently available at 28 Landmark locations in five provinces and allows customers to buy Surprise Bags of surplus food at a significant discount. This partnership aligns with Kinepolis' commitment to reduce waste.
Immersive 'Jurassic World: Rebirth' ScreenX experience in Brussels, Metz and Madrid
In partnership with Universal Pictures International and CJ 4DPLEX, Kinepolis transformed its ScreenX theatres in Brussels (BE), Saint-Julien-lès-Metz (FR) and Madrid Ciudad de la Imagen (ES) into the remote and forbidden island of Jurassic in early July, complete with equatorial habitats, immersive ambient sounds, atmospheric lighting and, of course,... dinosaurs. It is the first ever time a ScreenX venue has been completely themed for a single film. The launch follows the success of Kinepolis' Minecraft 4DX hall in Antwerp earlier this year and underlines Kinepolis' commitment when it comes to immersive cinema.
Appointment new directors Kinepolis Group NV
At the General Meeting of 14 May 2025, Mr. Mark Pensaert, as permanent representative of MRP Consulting BV, and Ms. Anouk Lagae, as permanent representative of Alchemy Partners BV, were appointed as independent directors, for a term running until the General Meeting in 2027.
The mandates of Ms Marion Debruyne, permanent representative of Marion Debruyne BV, and Mr Ignace Van Doorselaere, permanent representative of 4F BV, expired after the General Meeting of 14 May 2025. The Board wants to thank Ms Marion Debruyne and Mr Ignace Van Doorselaere for their highly appreciated and valuable contribution over the past years on the Board.
Line-up second half of 2025
The most popular films at the moment are 'Weapons', 'Jurassic World: Rebirth', 'Karate Kid: Legends', 'F1', 'The Fantastic Four: First Steps', 'Smurfs' and 'The Bad Guys 2'. In the coming weeks and months, hits on the programme include 'Nobody 2', 'The Conjuring: Last Rites', 'Downton Abbey: The Grand Finale', 'One Battle After Another', 'A Big Bold Beautiful Journey', 'Gabby's DollHouse: The Movie', 'Tron: Ares', 'The Running Man', 'Wicked: For Good', 'Zootopia 2', 'Five Nights at Freddy's 2' and 'Avatar: Fire and Ash'. The local film programme includes 'Chien 51', 'Kaamelott 2' and 'Chasse Gardée 2' in France, 'Team Spirit Next Gen', 'Nachtvlinders' and 'Nachtwacht: het Kristal van het Kwaad' in Flanders, 'Rutger, Thomas & Paco', 'Onze Jongens 3' and 'De Club Van Sinterklaas' in the Netherlands and 'Todos los lados de la cama' and 'Sin Cobertura' in Spain. In addition, the programme is supplemented by world cinema, live opera, art exhibitions, sports and concerts, among others.
Financial calendar
Thursday 23 October 2025 Business update Q3 2025 Thursday 19 February 2026 Annual results 2025 Wednesday 13 May 2026 General Meeting
Contact
+32 (0)9 241 00 16 +32 (0)9 241 00 22
Thursday 23 April 2026 Business update first quarter 2026
Kinepolis Press Office Kinepolis Investor Relations [email protected] [email protected]
About Kinepolis
Kinepolis Group NV was formed in 1997 from a merger of two family cinema groups, and was listed on the stock exchange in 1998. Kinepolis stands for an innovative cinema concept that is considered pioneering within the sector. Besides its cinema business, the Group is also active in film distribution, event organization, screen advertising and property management.
In Europe, Kinepolis Group NV has 64 cinemas spread across Belgium, the Netherlands, France, Spain, Luxembourg, Switzerland and Poland. Since acquiring Canadian cinema group Landmark Cinemas and US cinema group MJR Theatres, Kinepolis also has 36 cinema complexes in Canada and 10 in the US.
In total, Kinepolis Group today has 110 cinemas in its portfolio worldwide, representing 1 144 screens and more than 200 000 seats. Kinepolis' employees provide millions of moviegoers with an unforgettable film experience every day. More information at www.kinepolis.com/corporate.
| CONDENSED CONSOLIDATED INCOME STATEMENT | IN '000 € | Note | 30/06/2025 | 30/06/2024 |
|---|---|---|---|---|
| Revenue | 6 | 257 892 | 242 786 | |
| Cost of sales | -209 673 | -201 367 | ||
| Gross result | 48 218 | 41 420 | ||
| 0 | 0 | |||
| Sales and marketing expenses | -12 426 | -12 453 | ||
| Administrative expenses | -15 215 | -14 809 | ||
| Other operating income | 1 897 | 1 013 | ||
| Other operating expenses | -33 | -754 | ||
| Operating result | 22 442 | 14 417 | ||
| 0 | 0 | |||
| Financial income | 535 | 556 | ||
| Financial expenses | -13 538 | -13 935 | ||
| Result before tax | 9 439 | 1 038 | ||
| Income tax expenses | 0 -2 469 |
0 -921 |
||
| RESULT FOR THE PERIOD | 6 970 | 117 | ||
| Attributable to: | 0 0 |
0 0 |
||
| Shareholders of the Company | 6 970 | 117 | ||
| RESULT FOR THE PERIOD | 6 970 | 117 | ||
| Basic result per share (€) | 0 0,26 |
0 0,00 |
||
| Diluted result per share (€) | 0,25 | 0,00 |
| CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER IN '000 € COMPREHENSIVE INCOME |
Note | 30/06/2025 | 30/06/2024 |
|---|---|---|---|
| Result for the period | 6 970 | 117 | |
| Realized results | 6 970 | 117 | |
| Items to be reclassified to profit or loss if specific conditions are met in the future: | 0 | 0 | |
| Translation differences on intra-group non-current borrowings in foreign currencies | -11 921 | 2 460 | |
| Translation differences of annual accounts in foreign currencies | -6 335 | 1 392 | |
| Cash flow hedges - effective portion of changes in fair value | -278 | ||
| Income taxes relating to the components of other comprehensive income to be reclassified to profit or loss in subsequent periods |
2 | 70 | |
| -18 254 0 |
3 643 0 |
||
| Other comprehensive income for the period, net of income taxes | -18 254 | 3 643 | |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 0 -11 284 |
0 3 760 |
|
| Attributable to: | 0 0 |
0 0 |
|
| Owners of the Company | -11 284 | 3 771 | |
| Non-controlling interests | 0 | -11 | |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | -11 284 | 3 760 |
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION | IN '000 € | Note | 30/06/2025 | 31/12/2024 |
|---|---|---|---|---|
| Intangible assets | 8 881 | 9 555 | ||
| Goodwill | 169 146 | 177 369 | ||
| Property, plant and equipment | 434 308 | 456 127 | ||
| Right-to-use assets | 12 | 278 751 | 312 949 | |
| Investment property | 15 164 | 15 281 | ||
| Deferred tax assets | 13 | 15 398 | 16 495 | |
| Non-current tax assets | 1 653 | 1 653 | ||
| Other receivables | 5 251 | 5 507 | ||
| Other financial assets | 27 | 27 | ||
| Non-current assets | 928 579 | 994 964 | ||
| Inventories | 7 231 | 8 354 | ||
| Trade and other receivables | 37 639 | 49 099 | ||
| Current tax assets | 8 785 | 6 577 | ||
| Cash and cash equivalents | 58 662 | 84 595 | ||
| Assets held for sale | 8 | 1 546 | 842 | |
| Current assets | 113 863 | 149 466 | ||
| TOTAL ASSETS | 1 042 442 | 1 144 430 | ||
| Share Capital | 18 952 | 18 952 | ||
| Share premium | 1 154 | 1 154 | ||
| Consolidated reserves | 9 | 190 306 | 197 500 | |
| Translation reserve | -9 972 | 8 284 | ||
| Total equity attributable to the owners of the Company | 200 439 | 225 890 | ||
| Total equity | 200 439 | 225 890 | ||
| Loans and borrowings | 11 | 289 181 | 289 458 | |
| Lease liabilities | 12 | 287 027 | 319 565 | |
| Net employee defined benefit liabilities | 1 094 | 1 081 | ||
| Provisions | 2 908 | 3 025 | ||
| Deferred tax liabilities | 13 | 8 992 | 9 306 | |
| Other payables | 10 181 | 8 666 | ||
| Non-current liabilities | 599 385 | 631 101 | ||
| Bank overdrafts | 24 | 3 | ||
| Loans and borrowings | 11 | 94 000 | 114 600 | |
| Lease liabilities | 12 | 32 948 | 35 639 | |
| Trade and other payables | 114 478 | 134 895 | ||
| Provisions | 100 | 134 | ||
| Current tax liabilities | 1 068 | 2 169 | ||
| Current liabilities | 242 618 | 287 440 | ||
| TOTAL EQUITY AND LIABILITIES | 1 042 442 | 1 144 430 |
| CONSOLIDATED STATEMENT OF CASH FLOW | IN '000 € | Note | 30/06/2025 | 30/06/2024 |
|---|---|---|---|---|
| Result before tax | 9 439 | 1 038 | ||
| Adjustments for: | ||||
| Depreciation and amortization | 40 645 | 40 448 | ||
| Provisions and impairments | 163 | -510 | ||
| Provisions for employee benefits | 37 | 39 | ||
| Government grants | -1 095 | -782 | ||
| Adjustments to right-to-use assets and lease liabilities | -2 | 0 | ||
| (Gains) Losses on sale of property, plant and equipment | -23 | 22 | ||
| Change in fair value of derivative financial instruments and unrealized foreign exchange results |
359 | -34 | ||
| Unwinding of non-current receivables and provisions | 17 | 12 | ||
| Share-based payments | 545 | 729 | ||
| Amortization of refinancing transaction costs | 233 | 183 | ||
| Interest expenses and income | 9 822 | 10 938 | ||
| Change in inventories | 912 | 404 | ||
| Change in trade and other receivables | 7 | 11 031 | 7 778 | |
| Change in trade and other payables | 7 | -17 515 | -15 358 | |
| Cash flow from operating activities | 54 569 | 44 908 | ||
| Income taxes paid/received | -5 505 | -5 687 | ||
| Net cash flow used in operating activities | 49 064 | 39 221 | ||
| Acquisition of intangible assets | -624 | -636 | ||
| Acquisitions of property, plant and equipment and investment property | -17 246 | -16 982 | ||
| Proceeds from sale of investment property, intangible assets and property, plant and equipment |
34 | 123 | ||
| Net cash flow used in investing activities | -17 835 | -17 495 | ||
| Payment of lease liabilities incl. forgiveness of lessee's lease payments | 12 | -12 590 | -12 397 | |
| Proceeds from loans and borrowings | 11 | 59 991 | 55 000 | |
| Repayment of loans and borrowings | 11 | -81 100 | -96 000 | |
| Interest paid | -1 957 | -3 089 | ||
| Interest received | 279 | 701 | ||
| Paid interest related to lease liabilities | 12 | -4 705 | -4 829 | |
| Purchase of treasury shares | 9 | 0 | -2 028 | |
| Sale of treasury shares | 9 | 0 | 853 | |
| Dividends paid | 9 | -14 712 | -14 712 | |
| Net cash flow used in financing activities | -54 794 | -76 500 | ||
| NET + INCREASE / - DECREASE IN CASH AND CASH EQUIVALENTS | -23 565 | -54 774 | ||
| Cash and cash equivalents at the beginning of the period | 84 592 | 101 267 | ||
| Cash and cash equivalents at the end of the period | 58 638 | 46 809 | ||
| Net foreign exchange difference | -2 389 | 316 | ||
| NET + INCREASE / - DECREASE IN CASH AND CASH EQUIVALENTS | -23 565 | -54 774 |
| June 2025 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| ATTRIBUTABLE TO OWNERS OF THE COMPANY | |||||||||
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY IN '000 € |
Note | SHARE CAPITAL AND SHARE PREMIUM |
TRANSLATION RESERVE |
OTHER RESERVES |
TREASURY SHARES RESERVE |
SHARE-BASED PAYMENTS RESERVE |
RETAINED EARNINGS |
NON CONTROLLING INTERESTS |
TOTAL EQUITY |
| At 31 December 2024 | 20 106 | 8 284 | 354 | -31 508 | 3 835 | 224 819 | 225 890 | ||
| Result for the period | 6 970 | 6 970 | |||||||
| Items to be reclassified to profit or loss if specific conditions are met in the future: | |||||||||
| Translation differences | -18 256 | -18 256 | |||||||
| Income taxes relating to the components of other comprehensive income to be reclassified to profit or loss in subsequent periods |
2 | ||||||||
| -18 256 | 2 | -18 256 | |||||||
| Other comprehensive income for the period, net of income taxes | -18 256 | 2 | -18 254 | ||||||
| Total comprehensive income for the period | -18 256 | 2 | 6 970 | -11 284 | |||||
| Dividends to the shareholders | 9 | -14 712 | -14 712 | ||||||
| Share-based payments | 9 | 545 | 545 | ||||||
| Total transactions with owners, recorded directly in equity | 545 | -14 712 | -14 166 | ||||||
| At 30 June 2025 | 20 106 | -9 972 | 356 | -31 508 | 4 380 | 217 077 | 200 439 |
| December 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY IN '000 € |
SHARE CAPITAL AND SHARE PREMIUM |
TRANSLATION RESERVE |
OTHER RESERVES |
TREASURY SHARES RESERVE |
SHARE-BASED PAYMENTS RESERVE |
RETAINED EARNINGS |
NON CONTROLLING INTERESTS |
TOTAL EQUITY |
| At 31 December 2023 | 20 106 | 2 209 | 534 | -30 367 | 4 575 | 196 776 | 11 | 193 844 |
| Result for the period | 40 463 | 40 463 | ||||||
| Items to be reclassified to profit or loss if specific conditions are met in the future: | ||||||||
| Translation differences | 6 075 | 11 | -11 | 3 852 | ||||
| Cash flow hedges - effective portion of changes in fair value | -278 | -278 | ||||||
| Income taxes relating to the components of other comprehensive income to be reclassified to profit or loss in subsequent periods |
99 | 99 | ||||||
| 6 075 | -180 | 11 | -11 | 5 895 | ||||
| Items that will not be reclassified to profit or loss: | ||||||||
| Changes to estimates of employee benefits | -117 | -117 | ||||||
| -117 | -117 | |||||||
| Other comprehensive income for the period, net of income taxes | 6 075 | -180 | -106 | -11 | 5 778 | |||
| Total comprehensive income for the period | 6 075 | -180 | 40 357 | -11 | 46 241 | |||
| Dividends to the shareholders | -14 712 | -14 712 | ||||||
| Purchase of treasury shares | -2 028 | -2 028 | ||||||
| Sale of treasury shares | 886 | -33 | 853 | |||||
| Share-based payments | -740 | 2 431 | 1 691 | |||||
| Total transactions with owners, recorded directly in equity | -1 142 | -740 | -12 314 | -14 195 | ||||
| At 31 December 2024 | 20 106 | 8 284 | 354 | -31 509 | 3 835 | 224 819 | 225 890 |
| June 2024 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| ATTRIBUTABLE TO OWNERS OF THE COMPANY | |||||||||
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY IN '000 € |
SHARE CAPITAL AND SHARE PREMIUM |
TRANSLATION RESERVE |
OTHER RESERVES |
TREASURY SHARES RESERVE |
SHARE-BASED PAYMENTS RESERVE |
RETAINED EARNINGS |
NON CONTROLLING INTERESTS |
TOTAL EQUITY |
|
| At 31 December 2023 | 20 106 | 2 209 | 534 | -30 367 | 4 575 | 196 776 | 11 | 193 844 | |
| Result for the period | 117 | 117 | |||||||
| Items to be reclassified to profit or loss if specific conditions are met in the future: | |||||||||
| Translation differences | 3 852 | 11 | -11 | 3 852 | |||||
| Cash flow hedges - effective portion of changes in fair value | -278 | -278 | |||||||
| Income taxes relating to the components of other comprehensive income to be reclassified to profit or loss in subsequent periods |
70 | 70 | |||||||
| 3 852 | -209 | 3 643 | |||||||
| Other comprehensive income for the period, net of income taxes | 3 852 | -209 | 11 | -11 | 3 643 | ||||
| Total comprehensive income for the period | 3 852 | -209 | 128 | -11 | 3 760 | ||||
| Dividends to the shareholders | -14 712 | -14 712 | |||||||
| Purchase of treasury shares | -2 028 | -2 028 | |||||||
| Sale of treasury shares | 886 | -33 | 853 | ||||||
| Share-based payments | -1 702 | 2 431 | 729 | ||||||
| Total transactions with owners, recorded directly in equity | -1 142 | -1 702 | -12 314 | -15 157 | |||||
| At 30 June 2024 | 20 106 | 6 062 | 325 | -31 509 | 2 872 | 184 590 | 182 449 |
| ADJUSTMENTS | IN '000€ | 30/06/2025 | 30/06/2024 |
|---|---|---|---|
| EBITDA - Share-based payments (IFRS 2)* | -545 | -729 | |
| EBITDA - Other | -69 | -83 | |
| Depreciations, amortisations and impairment losses | -88 | 0 | |
| Income tax expenses | 176 | 203 | |
| Net impact of adjustments | -527 | -609 |
* Starting in FY24, the adjustments incorporate an adjustment for share-based payment expenses (IFRS 2), applied retroactively.
| RECONCILIATION OF ADJUSTED RESULT | IN '000€ | 30/06/2025 | 30/06/2024 |
|---|---|---|---|
| Operating result | 22 442 | 14 417 | |
| Financial result | -13 003 | -13 379 | |
| Result before tax | 9 439 | 1 038 | |
| Income tax expenses | -2 469 | -921 | |
| Result for the period | 6 970 | 117 | |
| Net impact of adjustments | 527 | 609 | |
| Adjusted result for the period | 7 497 | 726 |
| RECONCILIATION OF EBITDAL | IN '000€ | 30/06/2025 | 30/06/2024 |
|---|---|---|---|
| EBITDA | 63 272 | 54 356 | |
| Costs related to lease contracts (excl. rent abatements and common charges) | -17 444 | -17 285 | |
| EBITDAL | 45 827 | 37 071 |
| RECONCILIATION OF ADJUSTED EBITDAL | IN '000€ | 30/06/2025 | 30/06/2024 |
|---|---|---|---|
| EBITDAL | 45 827 | 37 071 | |
| Impact of adjustments on EBITDA | 615 | 813 | |
| Adjusted EBITDAL | 46 442 | 37 883 |
| RECONCILIATION ADJUSTED EBITDA VS EBITDA | IN '000€ | 30/06/2025 | 30/06/2024 |
|---|---|---|---|
| Operating result | 22 442 | 14 417 | |
| Depreciations and amortizations | 40 320 | 40 123 | |
| Provisions and impairments | 509 | -185 | |
| EBITDA | 63 272 | 54 356 | |
| Impact of adjustments on EBITDA | 615 | 813 | |
| Adjusted EBITDA | 63 886 | 55 168 |
| RECONCILIATION OF NET FINANCIAL DEBT | IN '000€ | 30/06/2025 | 31/12/2024 |
|---|---|---|---|
| Financial debt | 703 180 | 759 265 | |
| Cash and cash equivalents | -58 662 | -84 595 | |
| Tax shelter investments | 0 | -116 | |
| Net financial debt | 644 519 | 674 553 |
| RECONCILIATION OF NET FINANCIAL DEBT EXCL. LEASE LIABILITIES | IN '000€ | 30/06/2025 | 31/12/2024 |
|---|---|---|---|
| Financial debt excl. lease liabilities | 383 205 | 404 061 | |
| Cash and cash equivalents | -58 662 | -84 595 | |
| Tax shelter investments | 0 | -116 | |
| Net financial debt excl. lease liabilities | 324 543 | 319 349 | |
| Impact lease liabilities | 319 975 | 355 204 | |
| Net financial debt | 644 519 | 674 553 |
| RECONCILIATION FREE CASH FLOW IN '000€ |
30/06/2025 | 30/06/2024 |
|---|---|---|
| Cash flow from operating activities | 54 569 | 44 908 |
| Income taxes paid / received | -5 505 | -5 687 |
| Maintenance capital expenditures for intangible assets, PPE and investment property | -9 404 | -7 061 |
| Interest paid / received | -1 678 | -2 388 |
| Payment of lease liabilities | -17 295 | -17 226 |
| Free cash flow | 20 687 | 12 545 |
Kinepolis Group NV (the 'Company') is a company based in Belgium. The condensed consolidated interim financial statements of Kinepolis Group NV for the period ended 30 June 2025 include the Company and its subsidiaries (collectively referred to as the 'Group').
The unaudited condensed consolidated interim financial statements were approved by the Board of Directors for publication on 19 August 2025.
The condensed consolidated interim financial statements for the six months ended 30 June 2025 have been prepared in accordance with the International Financial Reporting Standard (IFRS) IAS 34 "Interim Financial Reporting", as published by the International Accounting Standards Board (IASB) and accepted by the European Union. They do not include all information as required for the financial statements, and should be read in conjunction with the Group's consolidated annual report for the period ended 31 December 2023.
The Group's consolidated annual financial statements for the period 2024 can be consulted on the website corporate.kinepolis.com and are available free of charge from Investor Relations upon request.
The financial reporting policies applied by the Group in these consolidated interim financial statements are consistent with those applied by the Group in its consolidated annual financial statements for the 2024 period.
The amendments to standards applicable from 1 January 2025 have no material impact on the consolidated interim financial statements for the six months ended 30 June 2025.
NEW AND AMENDED STANDARDS AND INTERPRETATIONS
A number of new standards, amendments to standards and interpretations are not yet effective for periods ending 31 December 2025 and have not been applied in preparing these condensed consolidated interim financial statements. The amendments are not expected to have a significant impact on the Group's consolidated financial statements.
STANDARDS ISSUED BUT NOT YET EFFECTIVE
We have not early applied any standard, interpretation or amendment that has been issued but is not yet effective. We are currently still assessing the impact of these new accounting standards and amendments that are not yet effective, but we do not expect any standard to have a material impact on our financial statements in the period of initial application, except for the impact of IFRS 18 (effective for the period beginning on 1 January 2027), as mentioned below.
IFRS 18 - Presentation and disclosure in financial statements (Published on 9 April 2024)
IFRS 18 replaces IAS 1 and responds to investors' demand for better information about companies' financial performance.
The new requirements include:
- Required totals, subtotals and new categories in the statement of profit or loss
- Disclosure of management-defined performance measures or "MPMs"
- Guidance on aggregation and disaggregation
Some requirements previously included in IAS 1 have been moved to IAS 8 and limited amendments have been made to IAS 7 and IAS 34. IFRS 18 is effective for reporting periods beginning on or after 1 January 2027, with early application permitted. Retrospective application is required in both the annual and interim financial statements. The Group is currently assessing the impact the amendments will have on current practice.
There are no material changes regarding the risks and uncertainties for the Group as set out in the 2024 Report of the Board of Directors The information on risks and uncertainties was recognized in the 2024 Annual Report (Chapter 3 - Corporate Governance).
Segment information is provided on the Group's geographical segments. The Group's operations are managed and monitored on a country basis. The main geographical markets are Belgium, France, Canada, Spain, the Netherlands, the United States and Luxembourg. The activities of Poland and Switzerland are recognized together in the 'Other' geographical segment. The different countries constitute operating segments, in line with the reporting provided internally to the Group's CEO and CFO. No signs of potential impairments were noted during the first half of 2025, therefore no impairment test was performed.
| UNITED | NON | 30/06/2025 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SEGMENT INFORMATION IN '000 € |
BELGIUM | FRANCE | CANADA | SPAIN | NETHERLANDS | STATES | LUXEMBOURG | OTHER* | ALLOCATED | TOTAL |
| Segment revenue | 65 043 | 35 901 | 64 762 | 23 282 | 25 653 | 31 419 | 8 873 | 2 273 | 0 | 257 205 |
| Intersegment revenue | 714 | -27 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 687 |
| Revenue | 65 756 | 35 874 | 64 762 | 23 282 | 25 653 | 31 419 | 8 873 | 2 273 | 0 | 257 892 |
| Cost of sales | -47 152 | -30 568 | -55 803 | -19 999 | -23 320 | -25 554 | -5 672 | -1 605 | 0 | -209 673 |
| Gross result | 18 605 | 5 306 | 8 959 | 3 282 | 2 333 | 5 865 | 3 201 | 668 | 0 | 48 218 |
| Marketing and selling expenses | -5 254 | -1 434 | -2 177 | -1 051 | -930 | -847 | -678 | -54 | 0 | -12 426 |
| Administration expenses | -8 757 | -806 | -2 990 | -510 | -712 | -1 042 | -170 | -228 | 0 | -15 215 |
| Other operating income | 101 | 1 113 | 24 | 149 | 16 | 425 | 49 | 19 | 0 | 1 897 |
| Other operating expenses | -11 | -12 | -1 | -1 | -2 | -5 | 0 | 0 | 0 | -33 |
| Segment result | 4 683 | 4 167 | 3 816 | 1 869 | 705 | 4 396 | 2 402 | 405 | 0 | 22 442 |
| Financial income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 535 | 535 |
| Financial expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -13 538 | -13 538 |
| Result before tax | 9 439 | |||||||||
| Income tax expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2 469 | -2 469 |
| RESULT FOR THE PERIOD | 6 970 |
| SEGMENT INFORMATION IN '000 € |
FRANCE | CANADA | SPAIN | NETHERLANDS | UNITED STATES |
LUXEMBOURG | OTHER* | NON ALLOCATED |
30/06/2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| BELGIUM | TOTAL | |||||||||
| SEGMENT ASSETS | 91 637 | 142 600 | 248 618 | 110 881 | 170 304 | 150 485 | 21 721 | 23 323 | 82 872 | 1 042 442 |
| SEGMENT LIABILITIES | 56 476 | 63 241 | 195 285 | 46 875 | 32 185 | 46 248 | 7 363 | 1 064 | 593 705 | 1 042 442 |
| SEGMENT INFORMATION IN '000 € |
BELGIUM | FRANCE | CANADA | SPAIN | NETHERLANDS | UNITED STATES |
LUXEMBOURG | OTHER* | NON ALLOCATED |
30/06/2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| TOTAL | |||||||||||
| Capital expenditure | 3 885 | 3 483 | 3 494 | 1 776 | 1 562 | 3 283 | 222 | 162 | 0 | 17 867 |
| FRANCE | CANADA | SPAIN | UNITED STATES |
LUXEMBOURG | UNALLOCATED | 30/06/2024 | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| SEGMENT INFORMATION IN '000 € |
BELGIUM | NETHERLANDS | OTHER* | TOTAL | ||||||
| Segment revenue | 59 076 | 38 306 | 58 107 | 19 873 | 25 081 | 27 212 | 8 644 | 2 275 | 0 | 238 574 |
| Intersegment revenue | 4 237 | -25 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 212 |
| Revenue | 63 312 | 38 281 | 58 107 | 19 873 | 25 081 | 27 212 | 8 644 | 2 275 | 0 | 242 786 |
| Cost of sales | -46 431 | -30 476 | -52 512 | -18 918 | -22 510 | -23 353 | -5 702 | -1 465 | 0 | -201 367 |
| Gross result | 16 881 | 7 806 | 5 595 | 955 | 2 571 | 3 859 | 2 942 | 810 | 0 | 41 420 |
| Marketing and selling expenses | -5 221 | -1 535 | -2 334 | -997 | -822 | -860 | -631 | -52 | 0 | -12 453 |
| Administration expenses | -9 027 | -781 | -2 565 | -480 | -627 | -974 | -152 | -203 | 0 | -14 809 |
| Other operating income | 128 | 741 | 15 | 69 | 18 | 0 | 24 | 18 | 0 | 1 013 |
| Other operating expenses | -131 | -381 | -234 | 0 | -1 | -2 | -4 | 0 | 0 | -754 |
| Segment result | 2 631 | 5 849 | 477 | -453 | 1 139 | 2 022 | 2 179 | 572 | 0 | 14 417 |
| Financial income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 556 | 556 |
| Financial expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -13 935 | -13 935 |
| Result before tax | 1 038 | |||||||||
| Income tax expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -921 | -921 |
| RESULT FOR THE PERIOD | 117 |
| BELGIUM | FRANCE | CANADA | SPAIN | NETHERLANDS | UNITED STATES |
LUXEMBOURG | OTHER* | UNALLOCATED | 31/12/2024 | |
|---|---|---|---|---|---|---|---|---|---|---|
| SEGMENT INFORMATION IN '000 € |
TOTAL | |||||||||
| SEGMENT ASSETS | 98 799 | 146 349 | 279 636 | 117 363 | 173 473 | 175 157 | 22 782 | 23 177 | 107 694 | 1 144 430 |
| SEGMENT LIABILITIES | 61 871 | 66 562 | 221 776 | 52 805 | 34 296 | 56 714 | 7 915 | 1 067 | 641 425 | 1 144 430 |
| SEGMENT INFORMATION IN '000 €€ |
BELGIUM | FRANCE | CANADA | SPAIN | NETHERLANDS | UNITED STATES |
LUXEMBOURG | OTHER* | NON ALLOCATED |
30/06/2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| TOTAL | ||||||||||
| Capital expenditure | 4 260 | 4 644 | 3 575 | 1 882 | 906 | 1 683 | 601 | 69 | 0 | 17 619 |
The '* 'Other' business segment includes Poland and Switzerland. None of these segments met the quantitative threshold for a reportable segment in 2024 and 2025.
The table below shows the breakdown of revenue by activity, product or service offered by the Group:
| IN '000 € | 30/06/2025 | 30/06/2024 |
|---|---|---|
| Box Office | 134 925 | 127 840 |
| In-theatre Sales | 84 635 | 77 027 |
| Business-to-Business | 29 420 | 29 363 |
| Brightfish | 2 523 | 2 792 |
| Film Distribution | 1 494 | 1 337 |
| Total revenue from contracts with customers | 250 475 | 235 567 |
| Real Estate – Rental Income | 7 417 | 7 216 |
| TOTAL REVENUE | 257 892 | 242 784 |
Trade and other receivables decreased from € 49.1 million at the end of the previous financial period to € 37.6 million at 30 June 2025. Trade and other payables decreased from € 134.9 million at the end of 2024 to € 114.5 million. Both evolutions are due to higher activity in the last weeks of December 2024 compared to June 2025, combined with timing of payments.
At 31 December 2025, the carrying amount of 'Assets classified as held for sale' was rounded to € 1.5 million, compared to € 0.8 million at the end of 2024. The increase is due to the classification of two additional cinema complexes in Canada as 'Assets classified as held for sale': Port Alberni (€ 0.4 million) and Edson (€ 0.3 million). These came in addition to previously classified complexes Landmark Brooks (€ 0.1 million) and Winnipeg Towne (€ 0.7 million) in 2025. The Group expects all assets to be sold within the year.
DIVIDENDS TO SHAREHOLDERS
The Company's General Meeting of Shareholders, held on 14 May 2025, approved a gross dividend of € 55 cents per share entitled to dividend for the 2024 period. The total dividend amount is € 14.7 million and was made payable from 20 May 2025.
SHARE-BASED PAYMENT RESERVE
On 17 May 2023, the Board of Directors approved the 2023 Share Option Plan, which provides for the possibility of granting up to 550 000 options. The exercise price was set at the average closing price of Kinepolis Group share over the 30 days preceding the offer. The options expire eight years after the approval date of the plan. In 2024, 70 000 new options were granted and 40 000 options were cancelled. In 2025, no grants or cancellations took place. The total number of options granted currently amounts to 433 750. The fair value of the granted options was determined at € 5.8 million. As of 30 June 2025, € 0.6 million of this amount has been recorded as an expense in the income statement.
The Group's objective is to secure sufficient long-term financing. Financing requirements are determined on the basis of the long-term strategic plan. To ensure continuity and flexibility in financing, various forms of credit such as bonds, credit lines and bank loans are used. The Group's liquidity is managed by the in-house bank, Kinepolis Financial Services NV.
At 30 June 2025, Kinepolis Group was in compliance with the terms of the current covenants:
- Net financial debt/adjusted EBITDA: 2.14 (max 3.75)
- Interest coverage (adjusted EBITDA/net interest cost): 12.90 (min 4.50)
At 30 June 2025, Kinepolis Group had € 192.7 million of available financial resources (€ 189.1 million as at 31 December 2024) consisting of cash and cash equivalents and available credit lines. The Group has pursued a prudent financial policy in recent years, resulting in an average maturity of 1.63 years of outstanding financial liabilities as at 30 June 2024. Within the year, both the outstanding commercial paper of € 24.0 million and a public bond of € 60.0 million will mature.
In June 2025, Kinepolis entered into a new syndicated credit facility of € 160 million, with a maturity of five years and two extension options until June 2032. The credit facility includes an optional increase of € 60 million (uncommitted) and an optional additional credit facility of up to € 120 million (uncommitted). The funds are for general corporate purposes and the Group's growth strategy.
Repayment of the remaining public bond loans in 2026 amounting to € 225 million can be provided by a mix of using existing credit lines, cash at the bank or refinancing options.
In the first half of 2025, Kinepolis achieved a positive free cash flow of € 20.7 million, driven by the operating result despite negative working capital effects and investments. Net financial debt increased by € 5.2 million to € 324.5 million at the end of June 2025, excluding lease liabilities.
FINANCING LIABILITIES - FUTURE CASH FLOWS
The following table shows the contractual maturities of undiscounted financing liabilities, including estimated interest payments.
| 30/06/2025 | 31/12/2024 | |||||||
|---|---|---|---|---|---|---|---|---|
| IN '000 € | <1 YEAR |
1-5 YEARS |
> 5 YEARS |
TOTAL | <1 YEAR |
1-5 YEARS |
> 5 YEARS |
TOTAL |
| Private placement bonds | 69 513 | 299 958 | 369 470 | 105 198 | 299 958 | 405 156 | ||
| Trade payables | 59 974 | 59 974 | 79 219 | 79 219 | ||||
| Loans and borrowings with credit institutions | 10 073 | 10 073 | 20 245 | 20 245 | ||||
| Other loans | 24 000 | 24 000 | ||||||
| Total | 163 560 | 299 958 | 463 517 | 204 662 | 299 958 | 504 620 |
Kinepolis only has to comply with conditions on its bank debt regarding, among other things, the maximum debt ratio (covenants). This relates to the syndicated credit facility, concluded in June 2025, amounting to € 160.0 million (open draw at 30 June 2025 for € 0.0 million). No covenants apply to most of the remaining debt. Only on the 2019 private placement is there an interest rate increase when exceeding a certain debt ratio.
FAIR VALUE
Fair value is the amount for which an asset could be traded or a liability settled in a regular transaction between knowledgeable and willing parties in accordance with the 'arm's length' principle.
The following table shows the current fair value and carrying amount of the principal interest-bearing financial loans and borrowings (measured at amortized cost).
| 30/06/2025 | 31/12/2024 | ||||
|---|---|---|---|---|---|
| IN '000 € | BOOK VALUE | REAL VALUE | BOOK VALUE | REAL VALUE | |
| Private placement bonds - Fixed interest rate | 350 000 | 338 181 | 384 600 | 337 089 | |
| Interest-bearing loans - Fixed interest rate | 24 000 | 24 000 | 0 | 0 | |
| Interest-bearing loans - variable interest rate | 10 000 | 10 000 | 20 000 | 20 000 | |
| Refinancing transaction costs | -819 | -819 | -542 | -542 | |
| Total | 383 181 | 317 362 | 404 058 | 356 547 |
The majority of financial debt relates to private placements of bonds with institutional investors. These are often material transactions as part of their long-term strategy. For the other non-derivative financial assets (loans, borrowings and receivables) and liabilities, excluding lease liabilities, (recognized at amortized cost), the fair value is equal to the carrying amount.
At 30 June 2025, the Group has a lease liability of € 320.0 million (31 December 2024: € 355.2 million) and a right-of-use asset of € 278.8 million (31 December 2024: € 313.0 million). During 2025, lease liabilities decreased by € 35.2 million and right-to-use assets by € 34.2 million.
RIGHT-TO-USE ASSETS
| IN '000 € | LAND AND BUILDINGS |
CARS | IN-THEATRE SALES |
PROJECTION EQUIPMENT |
TOTAL |
|---|---|---|---|---|---|
| Acquisition value | 450 474 | 9 002 | 1 429 | 3 911 | 464 816 |
| Depreciations | -145 656 | -2 048 | -1 135 | -3 021 | -151 860 |
| NET CARRYING AMOUNT AT 31/12/2024 | 304 818 | 6 953 | 294 | 890 | 312 955 |
| New leases | 154 | 746 | 0 | 0 | 900 |
| Remeasurements | -5 531 | -152 | 0 | -2 | -5 685 |
| Depreciations | -12 745 | -1 014 | -96 | -279 | -14 134 |
| Effect of exchange rate fluctuations | -15 247 | 0 | -16 | -22 | -15 285 |
| Acquisition value | 421 783 | 9 440 | 1 333 | 3 761 | 436 317 |
| Depreciations | -150 334 | -2 907 | -1 151 | -3 175 | -157 567 |
| NET CARRYING AMOUNT AT 30/06/2025 | 271 450 | 6 533 | 182 | 587 | 278 751 |
LEASE COMMITMENTS
| IN '000 € | TOTAL |
|---|---|
| NET CARRYING AMOUNT AT 31/12/2024 | 355 203 |
| New leases | 958 |
| Interest | 4 705 |
| Repayment | -17 295 |
| Remeasurements | -5 741 |
| Effect of exchange rate fluctuations | -17 856 |
| NET CARRYING AMOUNT AT 30/06/2025 | 319 975 |
NEW LEASE AGREEMENTS
The new leases mainly consist of new leases concluded for company cars (€ 0.7 million).
REMEASUREMENTS
During 2024 several leases were adjusted, mainly due to changes to the contractual term or other adjustments such as indexations or new negotiations for future lease payments. There were also adjustments to car leases. All this led to a remeasurement of the lease liabilities of € -5.7 million.
IMPACT ON THE CONSOLIDATED RESULT AND CASH FLOW STATEMENT
Per 30 June 2025, the Group recognized € 14.1 million (30 June 2024: € 14.1 million) of depreciation and amortization on right-of-use assets and € 4.7 million (30 June 2024: € 4.8 million) of interest on lease liabilities in the consolidated income statement.
Per 30 June 2025, the Group repaid € 17.3 million of lease liabilities (30 June 2024: € 17.2 million). In the consolidated cash flow statement, this can be found under 'Cash flow from financing activities'.
FINANCING LIABILITIES - FUTURE CASH FLOWS
The following table shows the contractual maturities of the undiscounted lease liabilities at 30 June 2025 and 31 December 2024.
| IN '000 € | 31/12/2024 | 30/06/2025 | ||||||
|---|---|---|---|---|---|---|---|---|
| < 1 YEAR | 1-5 YEARS | > 5 YEARS | TOTAL | < 1 YEAR | 1-5 YEARS | > 5 YEARS | TOTAL | |
| Non-discounted lease liabilities |
36 080 | 136 226 | 253 059 | 425 365 | 33 373 | 127 007 | 222 144 | 382 524 |
Deferred tax assets for unused tax losses are recognized only if future taxable profits will be available to recover these losses, based on budgets and estimates for the next five years. The budgets and estimates were further extended to future expected taxable profits to analyse the recoverability of the losses and credits.
For unused tax losses and unused tax credits amounting to € 8.7 million (31 December 2024: € 9.3 million), no deferred tax assets have been recognized in the balance sheet as, based on our budgets and estimates, it seems unlikely that sufficient taxable profit will be available in the foreseeable future to benefit from the tax credits.
For unused tax losses and unused tax credits amounting to € 98.8 million (31 December 2024: € 97.9 million), a deferred tax asset was recognized in the balance sheet. For these losses, it is considered likely that sufficient taxable profits will be available. The Group bases this on the assumptions used for the impairment test in the December 2024 annual report (Chapter 4 Annual Report - Notes to the Consolidated Financial Statements - Note 13).
There are no additional related party transactions other than those disclosed in the 2024 Annual Report (Chapter 4 Annual Report - Notes to the Consolidated Financial Statements - Note 30).
Except for the additional information provided in the first part of the press release, no additional significant events have occurred after 30 June 2025.
For additional information, please refer to the Board of Directors' key message (see pages 3 to 10 of this interim financial report).
Eddy Duquenne, CEO of Kinepolis Group NV, declares that, to the best of his knowledge, the condensed consolidated interim financial statements, which have been prepared in accordance with International Financial Reporting Standards ("IFRS"), give a true and fair view of the net assets, the financial position and results of Kinepolis Group NV. The interim financial report gives a true and fair view of the development and results of the Company and of the position of the Group.
The glossary below also includes Alternative Performance Measures (APMs) which aim to promote transparency of financial information.
Gross profit Revenue - cost of sales
Operating profit (EBIT)
Gross profit - sales and marketing expenses - administrative expenses + other operating income – other operating expenses
Adjusted operating result
Operating profit after eliminating adjustments; used to reflect operating result from normal business activities
EBITDA
Operating result + depreciations and amortizations + impairments + movement in provisions
EBITDAL
EBITDA reduced by the cost related to leases (excluding rental discounts and common costs, as these are already part of EBITDA and therefore should not be included in the reduction)
Adjusted EBITDA(L)
EBITDA after eliminating adjustments; used to reflect EBITDA from normal operations
Adjustments*
Adjustments exclude items outside normal operating activities, such as results from decommissioning of fixed assets, impairment losses on assets, special provisions, costs related to restructuring and acquisitions, expenditure on share-based payments and other long-term bonus programmes and other exceptional income and expenses.
*From FY24, adjustments include an adjustment for share-based payment expenses (IFRS 2), which is applied retrospectively.
Financial result Financial income - financial expenses
Effective tax rate Income taxes / result before tax
Adjusted result
Result for the financial year after elimination of adjustments; used to reflect the result from normal operations
Result for the financial year, Group share Results for the period attributable to owners of the Company
Basic earnings per share
Results for the period, Group share / (average number of outstanding shares - average number of treasury shares)
Diluted earnings per share
Results for the period, Group share / (average number of outstanding shares - average number of treasury shares + number of potential new shares to be issued under existing stock option plans x dilution effect of the stock option plans)
Dividend
The payment of a company's results to its shareholders
Pay-out ratio
The pay-out ratio indicates the proportion of net income distributed to shareholders
Capital expenditure
Capitalised capital expenditure on intangible assets, plant and equipment and investment property
- Maintenance
- Digital equipment
- Renovation
- Expansion
Gross financial debt
Long-term and current loans and borrowings
Net financial debt
Financial debt excluding lease liabilities net of cash and cash equivalents and tax shelter investments
Net financial debt excluding lease obligations
Financial debt excluding lease liabilities net of cash and cash equivalents and tax shelter investments
ROCE (return on capital employed)
Adjusted EBIT / (average non-current assets - average deferred tax assets + average assets classified as held for sale + average trade receivables + average inventories - average trade payables)
Current ratio
Current assets / current liabilities
Free cash flow
Cashflow from operating activities - maintenance capital expenditures on intangible assets, plant and equipment and investment property - interest expense paid