Kinepolis Group Managing to get its financial strength back to FY19 levels

We updated our model after FY24 illustrated that visitor numbers are largely driven by international film offerings, which suffered from the impact of the Hollywood strike at the beginning of the year. From the summer onwards, the post-pandemic recovery since 2022 continued steadily. After a weak 1H24 due to the Hollywood strike, a stronger film offering from June onwards ensured a successful film summer and year-end. However, 2H24 could not fully compensate for the first five months of the year, so all visitor related results, were at a lower level y/y. FY24 Revenue per visitor, on the other hand, rose again, both in terms of ticket sales (thanks to premium formats) and In-Theatre-Sales (ITS).


Kinepolis managed to get its financial strength back to FY19 levels with the current visitor level, seeing opportunities both for further growth in results –driven by innovations and premiumisation- and for further expansion. We maintain our Buy rating and € 50 Target Price as 2H24 proves that if the (top) films are there, the visitors naturally follow. Kinepolis also highlighted that its commitment to 'premiumization' is paying off. They expect that the expansion of the Hollywood film offering is particularly promising for them.