Slides
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YE 2025 Press & Analyst Meeting 19/02/2026 Eddy Duquenne Pieter-Jan Sonck
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• 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 219 February 2026
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• Business review YE 2025 • Financial review YE 2025 • Outlook • Q&A • Annex 319 February 2026
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Business review 2025 Photo Credit: Avatar: Fire & Ash (20th Century Studios)
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* After adjustments ** Excluding IFRS 16 5 Visitors -5,8%YE 2024 Revenue -2,3% 564,9 M€ EBITDAL* -3,4% 128,2 M€ 22,7% margin Net Result* 41,1 M€ NFD** 287,2 M€ x2,10 leverage FCF 70,4 M€ 32,6 M YE 2024 132,7 M€ YE 2024 578,2 M€ YE 2024 41,8 M€ YE 2024 319,3 M€ -10,1% 30,7 M YE 2024 98,3 M€ -28,4% -1,8% 19 February 2026
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• 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 per visitor o Weakening of CAD and USD (excluding this effect revenue almost in line with last year) • Operational fundamentals remain strong, with a continued focus on cost control and premium offerings • Adjusted EBITDAL decreased by 3,4% to 128,2 M€ in 2025 (130,2 M€ or -1,9% @ flat FX rate) • Further reduction of our debt position to 287 M€ and leverage of x2,10 619 February 2026
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7 @ 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% Adjusted EBIT 81,7 83,9 -2,5% 80,7 Adjusted EBIT margin 14,2% 14,5% -2,3% 14,3% Adjusted Result 41,3 41,8 -1,3% 41,1 Adjusted Result per share (in €) 1,54 1,56 1,54 19 February 2026
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8 Top 5 Movies 2025 3D Visitors (‘000) Lilo & Stitch (2025) 1 430 Minecraft (2025) 1 324 Zootopia 2 1 147 Jurassic World: Rebirth 1 122 Avatar: Fire and Ash 1 033 TOTAL 6 057 Top 5 Movies 2024 3D Visitors (‘000) Inside Out 2 2 297 Deadpool & Wolverine 1 697 Despicable Me 4 1 345 Moana 2 1 342 Dune: Part T wo 1 072 TOTAL 7 753 43,4 29,3 35,4 32,6 30,7 9,8 7,4 8,5 7,8 6,1 22,5% 25,4% 24,1% 23,8% 19,7% 2019 2022 2023 2024 2025 Evolution Visitors Top 5 Movies Weight (in M) All tickets Top 5 Weight top 5 19 February 2026
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27% 14% 25% 9% 10% 11% 3% Revenue by country Belgium France Canada Spain Netherlands United States Luxembourg 9 • lower attendance for the top 5 major box office blockbuster • “Avatar: Fire and Ash”, only released mid-December • France & Belgium impacted by weaker local content • North-America remained stable thanks to a resilient demand for Hollywood titles. • Revenue fell 2,3% in 2025 (but only -0,3% @ flat FX rate) 564,9 M€ Visitors (in '000) By Country Revenue (in M€) % ∆ 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% 0,3% 8 590 8 612 Canada 138,6 141,3 -1,9% -5,9% 4 304 4 052 Spain 53,1 51,5 3,1% -5,4% 2 785 2 634 Netherlands 54,3 55,5 -2,2% -0,9% 3 999 3 963 United States 63,4 64,6 -1,8% -6,6% 734 685 Luxembourg 18,8 19,0 -0,9% 1,1% 87 88 Other 4,8 4,7 2,3% -5,8% 32 558 30 685 Total 564,9 578,2 -2,3% +2,5% +4,5% 19 February 2026
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Further building on our 3-pillar strategy Self-learning organization 5% exercise Innovation Premiumization Active programming & Awareness strategies Company risk profile Redevelopment of overcapacity Best cinema operator Best real estate manager Digital marketing & Experience Best marketer Audit Committee 1019 February 2026
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11 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 • Themed immersive PLF experiences (themed ScreenX, 4DX and IMAX rooms) in Antwerp, Brussels (BE), Metz (FR) and Madrid (ES) • Full renovation of Kinepolis Lomme (FR) completed • Renovations in Landmark Nanaimo (CA) started in October 2025 to add IMAX, Laser ULTRA and recliners, with completion expected mid-2026. 19 February 2026
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12 immersive ‘Jurassic World: Rebirth’ ScreenX experience
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13 Renovation Kinepolis Lomme (FR)
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14 • 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 & Developments • Appointment of Tom Wijmeersch as Chief Real Estate Entrepreneur to further deepen and develop our real estate strategy • Refinanced and diversified our debt profile by early renewal of our RCF , successful issuance of a retail bond providing us flexibility and an improved maturity profile 19 February 2026
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15 • 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
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Mid & Long term shareholder value creation 16 A powerful strategic rationale Healthy and well maintained asset with a strong brand Complementary portfolio & company culture Enhanced capabilities Accelerating our US growth Immediately EPS accretive 19 February 2026
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Audit Committee18 December 2024 Countries Complexes Screens Market Share Complexes in Ownership # % 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% Poland* 1 18 1 n/a Total 122 1 332 50 50%** * 1 complex in Poland operated by Cineworld ** 50% of YE 2025 visitors 1719 February 2026
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0,55 0,55 0,65 2023 2024 2025 Dividend per share (€) • Strong cash flow and a solid financial position underpin our commitment to enhancing shareholder returns • For 2026, we propose to increase our dividend by € 0,10 per share, bringing it to € 0,65 per share • Total dividend entitled shares amount to 26 748 615 18 14,7 14,7 17,4 2023 2024 2025 Total dividend (M€) 19 February 2026
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Financial Review 2025 Photo Credit: Zootopia 2 (Disney)
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2019 February 2026 Adjusted EBITDA(L) (M€) Adjusted net result (M€)Revenue (M€) 500 605 578 565 29,3 35,4 32,6 30,7 0 5 10 15 20 25 30 35 40 0 100 200 300 400 500 600 700 800 2022 2023 2024 2025 Revenue (in M€) Visitors (in M) 150,8 188,2 167,3 162,6 114,5 152,7 132,7 128,2 30,2% 31,1% 28,9% 28,8% 22,9% 25,2% 23,0% 22,7% 0 20 40 60 80 100 120 140 160 180 200 220 240 260 280 2022 2023 2024 2025 Adjusted EBITDA (M€) Adjusted EBITDAL (M€) Adjusted EBITDA Margin % Adjusted EBITDAL Margin % 28,5 58,0 41,8 41,1 0 5 10 15 20 25 30 35 40 45 50 55 60 65 2022 2023 2024 2025 • Visitor decline of 5,8 % offset by higher sales per visitor decreases revenue by 2,3% (but only -0,3% @ flat FX rate • Adjusted EBITDAL is at 128,2 M€, down by 3,4% compared to 2024 • Impact of around 3M€ related to FX • Adjusted net result excluding the FX impact amounts to 41,3 M€, only 1,3% down compared to 2024
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578,2 564,9 YE 2024 Revenue Box Office ITS B2B Brightfish Film Distribution Real Estate YE 2025 Revenue -10,7 -4,3 0,1 0,7 0,6 Cinema revenue: -15,0 Revenue movement: -2,3% Visitor movement: -5,8%32,6 30,7 Total revenue of cinema down by -3,1% or -15,0 M€: • -30,8 M€: driven by lower visitors (-5,8%) • +23,9 M€: reflecting inflation compensation and further increase in premiumization • +2,9 M€: driven by scope change* • -11,1 M€: related to FX translation impact vs 2024 1 * ’scope change’ simulates comparison vs 2024 on a like for like basis 21 1 in M€ YE 2025 YE 2024 % ∆ YoY % of Total Box Office 290,7 301,5 -3,6% 51,5% 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% 2,6% TOTAL 564,9 578,2 -2,3% 100,0% 0,3 19 February 2026
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7,6 8,3 8,9 9,0 9,3 9,5 3,8 4,6 5,2 5,4 5,6 5,8 YE 2020 YE 2021 YE 2022 YE 2023 YE 2024 YE 2025 Box Office & ITS per visitor - yearly (in €) BO / Vis ITS / Vis 51,6% 25,0% • Total cinema revenue decreased by 3,1 % as a direct result of the visitor decline of 5,8 % partially offset by higher Box Office and ITS sales per visitor (but significantly impacted by negative FX evolution of USD & CAD) • Excluding the impact of USD & CAD evolution, box office per visitor increased by 4,4% and ITS per visitor increased by 6,3% compared to prior year 22 260,9 318,6 301,5 290,7 155,2 192,8 184,0 179,7416,1 511,4 485,5 470,5 29,3 35,4 32,6 30,7 YE 2022 YE 2023 YE 2024 YE 2025 Box Office, ITS & Visitors - yearly Box Office (M€) ITS (M€) Visitors (M) -2,3% -3,6% 9,7 (+4,4%) 6,0 (+6,3%) 19 February 2026
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Maintenance capex driven by: • Overall renovations in furniture, halls & sanitary • ICT software capex and Projection & Sound upgrades • Real Estate maintenance (eg. HVAC, roof) Expansion/growth capex driven by: • Premiumization (Laser Ultra, Screen X, IMAX, Cosy Seats) • Investment in new cinema’s (Windsor (CA), Béziers, Belfort (FR)) 23 18,5 22,9 11,6 19,812,6 1,242,6 43,9 2024 2025 Capex evolution (M€) Maintenance Internal Expansion External Expansion 1,7% 4,3 5,7 4,4 2,3 2,8 2,9 0,6 5,0 3,7 3,6 2,1 1,7 3,5 0,2 0,3 0,6 0,2 Belgium Canada France Netherlands Spain United States Other Capex per country (M€) - 2025 Maintenance Internal Expansion External Expansion 9,3 9,8 8,7 4,4 4,7 6,4 0,8 19 February 2026
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• Operating cash flow and FCF decreased in line with operations but remained steady • Reflects sustainable future drivers of cash flow: • disciplined capital allocation • continued focus on price/mix improvements and margin enhancement. * FCF =‘Net cash from operating activities’ - maintenance capex - interests - payment of lease liabilities ** Cash conversion = FCF / adj. EBITDAL 154 164 139 86 98 70 0 50 100 150 200 2023 2024 2025 M€ Net Cash from Operating Activities Free Cash Flow* 57% 75% 55% 0% 20% 40% 60% 80% 2023 2024 2025 Cash conversion** • Solid free FCF generation of 70 M€ in 2025, corresponding to a cash conversion of 55% • Strong ability to further de-leverage, fund shareholders’ returns and continue to invest in our expansion strategy 2419 February 2026
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319,3 287,2 YE 2024 EBITDA Other financial result Income taxes Working capital Capex Interest Dividend payments Payment lease liabilities FX YE 2025 NFD Bridge (M€) - Excluding IFRS16 NFD Movement: -32,1 -158,9 7,6 13,3 -0,1 43,2 14,7 34,1 2,7 11,3 25 • Net Financial Debt down by 32,1 M€ to 287,2 M€ • In 2024 we returned a positive working capital effect of 15 M€ compared to 2023. • For 2025, working capital position at year-end in line with previous year reflecting comparable December performance 19 February 2026
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Key elements of our current debt profile: • Leverage: 2,10x • Cash available: 148,8 M€ • Total liquidity headroom: 316,8 M€ • Repayments of maturing private placements of 34,6 M€ and 60 M€ in 2025 • Average maturity: 2,46 years • Average cost: 3,54% 26 *Leverage calculated as defined under our respective RCF covenants Net Financial Debt (NFD) in M€ 31/12/2025 31/12/2024 Variance Gross Debt (excl. IFRS 16) 436,1 404,1 32,0 Cash 148,8 84,6 64,2 NFD (excl. IFRS 16) 287,2 319,3 -32,1 Lease liabilities (IFRS 16) 307,9 355,2 -47,3 NFD (incl. IFRS 16) 595,2 674,6 -79,4 Leverage* 2,10x 2,25x -0,15x 883 907 865 794 736 675 595 417 513 474 424 378 319 287 2,60 3,60 2,35 2,25 2,10 2019 2020 2021 2022 2023 2024 2025 NFD NFD (excl. IFRS 16) Leverage 19 February 2026
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27 225 (Dec) 65 (Dec) 150 (Dec) 20 20 20 20 20 160 0 50 100 150 200 250 2025 2026 2027 2028 2029 2030 2031 2032 M€ Private Placement Retail Bond Term Loan RCF (Fully undrawn) 1. Early renewal of our syndicated RCF to 160 M€ • Increase of 40 M€ • Maturity of 5 years, with 2-year extension option 2. Incremental facility of 100 M€ • Committed 6-year term loan • Amortizing and 1 year grace period • Available upon closing of transaction • Option lifted under RCF agreement 3. Succesful issuance of retail bond • 5-year maturity • Amount: 150 M€ 19 February 2026
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28 in M€ ADJUSTED IFRS 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% EBITDAL 128,2 132,7 -3,4% 124,5 130,9 -4,9% EBITDAL margin 22,7% 23,0% -1,1% 22,0% 22,6% -2,7% Adj. EBITDAL per visitor 4,18 4,08 2,5% EBIT 80,7 83,9 -3,8% 76,4 82,1 -6,9% Financial Result -26,3 -26,6 -1,4% -26,2 -26,6 -1,5% Income Taxes -13,4 -15,4 -13,4% -12,3 -15,0 -17,9% Tax rate (ETR) 24,5% 26,9% -8,9% 24,5% 27,0% -9,3% Profit / (loss) attributable to shareholders 41,1 41,8 -1,8% 37,9 40,5 -6,3% Free Cash Flow 70,4 98,3 -28,4% 70,4 98,3 -28,4% Net Financial Debt (excl. IFRS 16) 287,2 319,3 -10,1% 287,2 319,3 -10,1% ROCE (excl. IFRS 16) 11,9% 12,1% -1,4% 11,2% 11,8% -4,8% Basic EPS (in €) 1,54 1,56 -1,8% 1,42 1,51 -6,3% Dividend (in €/share)* 0,65 0,55 18,2% 0,65 0,55 18,2% *Subject to shareholders' approval 19 February 2026
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Photo credit: Disney Outlook 2026 Photo credit: The Fantastic Four: First Steps (Marvel Studios) TO UPDATE Photo Credit: Wicked: For Good (Universal Pictures)
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30 MARCH PROJECT HAIL MARY THE DOG STARS MORTAL KOMBAT 2 MAY THE MANDALORIAN AND GROGU SUPERGIRL MASTERS OF THE UNIVERSE JUNE JULY THE ODYSSEY SPIDER-MAN: BRAND NEW DAY THE HUNGER GAMES: SUNRISE ON THE REAPING JUMANJI 3 NOVEMBER NARNIA: THE MAGICIAN'S NEPHEW AVENGERS: DOOMSDAY DUNE PART III DECEMBER APRIL SCREAM 7 JUMPERS THE SUPER MARIO GALAXY MOVIE MICHAEL THE DEVIL WEARS PRADA 2 TOY STORY 5 MINIONS 3 MOANA PAW PATROL: THE DINO MOVIE AUGUST GODZILLA MINUS 0 19 February 2026
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“Self-learning organization (5% excercise) + recovery visitor numbers driven by Hollywood offering Internal expansion (premium concepts) External expansion Key drivers for growth & value creation 3119 February 2026
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32 19 February 2026
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Financial calendar Thursday 20/08/2026 Half year results H1 2026 Thursday 23/04/2026 Business Update Q1 2026 Wednesday 13/05/2026 Annual Shareholders’ Meeting Kinepolis Group Thursday 22/10/2026 Business Update Q3 2026
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Annex Financial Statements
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35 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 expenses -28,4 -29,7 -4,2% -31,0 -30,9 0,2% Other operating income and expenses 3,6 1,0 256,9% 2,9 0,9 214,3% Operating Result 80,7 83,9 -3,8% 76,4 82,1 -6,9% Financial result -26,3 -26,6 -1,4% -26,2 -26,6 -1,5% Result before tax 54,4 57,2 -4,9% 50,2 55,4 -9,4% Income tax expense -13,4 -15,4 -13,4% -12,3 -15,0 -17,9% Result for the period 41,1 41,8 -1,8% 37,9 40,5 -6,3% 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% EBITDAL 128,2 132,7 -3,4% 124,5 130,9 -4,9% EBITDAL Margin 22,7% 23,0% -1,1% 22,0% 22,6% -2,7% EBIT 80,7 83,9 -3,8% 76,4 82,1 -6,9% EBIT margin 14,3% 14,5% -1,5% 13,5% 14,2% -4,7% 19 February 2026
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36 Adjustments are made to ensure the figures presented are comparable, offering stakeholders a clearer view of how the Group measures and manages its financial performance while accurately reflecting normal operating activities. These adjustments exclude items that fall outside normal operations, such as results from the disposal of fixed assets, exceptional impairment losses on assets, exceptional provisions, costs related to restructuring and acquisitions, expenses for share-based payments and other long-term incentive programs and other exceptional income and expenses. 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 19 February 2026
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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 receivables 6,2 5,5 12,9% Non-current assets 913,4 995,0 -8,2% Inventories 8,0 8,4 -4,0% Trade receivables 36,7 35,0 5,0% Other receivables 10,9 14,1 -22,7% Current income taxes 5,5 6,6 -17,1% Cash and cash equivalents 148,8 84,6 75,9% Assets classified as held for sale 2,3 0,8 177,9% Current assets 212,3 149,5 42,0% TOTAL ASSETS 1 125,7 1 144,4 -1,6% 3719 February 2026
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38 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 1,0 1,1 -5,0% Deferred governments grants 8,2 7,8 5,5% Provisions 3,8 3,0 25,8% Deferred tax liabilities 8,3 9,3 -10,7% Other payables 0,8 0,9 -4,1% Non-current liabilities 508,8 631,1 -19,4% Current liabilities 385,2 287,4 34,0% TOTAL EQUITY & LIABILITIES 1 125,7 1 144,4 -1,6% 19 February 2026
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39 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 tax liabilities 0,2 2,2 -91,3% Current liabilities 385,2 287,4 34,0% TOTAL EQUITY & LIABILITIES 1 125,7 1 144,4 -1,6% 19 February 2026
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40 * Gearing ratio: Net Financial Debt / Equity ** Current ratio: Current Assets / Current Liabilities *** Solvency ratio: Total Equity / Total Equity & Liabilities **** ROCE: Adjusted operating result / Capital employed excl. deferred tax impact 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% 19 February 2026
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41 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 payments 1,1 1,7 -0,6 Interest expense and income & amortization transaction costs financing 20,1 22,0 -1,9 Cash generated from operations 151,9 160,0 -8,1 Working capital movements 0,1 15,4 -15,4 Income taxes (paid) / received -13,3 -11,8 -1,5 Net cash from operating activities 138,7 163,7 -25,0 Acquisition of other intangible assets, PPE and investment property -43,9 -42,6 -1,3 Proceeds from sale of other intangible assets 0,1 0,5 -0,4 Proceeds from sale of property, plant and equipment and investment property 0,6 0,1 0,5 Net cash used in investing activities -43,2 -42,0 -1,2 Payment of lease liabilities (capital portion & interest) -34,1 -34,5 0,4 Proceeds from loans and borrowings 248,6 80,0 168,6 Repayment of loans and borrowings -217,1 -156,0 -61,1 Interest paid -11,3 -12,4 1,1 Sale & acquisition of treasury shares 0,0 -1,2 1,2 Dividends paid -14,7 -14,7 0,0 Net cash used in financing activities -28,5 -138,8 110,2 Net cash flow 66,9 -17,1 84,0 Cash and cash equivalents at beginning of the period 84,6 101,3 -16,7 Cash and cash equivalents at end of the period 148,8 84,6 64,2 Effect of exchange rate fluctuations on cash and cash equivalents -2,7 0,4 -3,1 19 February 2026
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42 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 portion + interest)* -34,1 -34,5 0,4 Free cash flow 70,4 98,3 -27,9 Capital exp - digitalization, remodeling & expansion -21,0 -24,2 3,2 Proceeds from sales of financial and intangible assets and PPE 0,7 0,6 0,0 Acquisition of treasury shares -2,0 2,0 Sale of treasury shares 0,9 -0,9 Dividend payments -14,7 -14,7 FCF after expansion exp, dividends & treasury shares 35,3 58,9 -23,5 FCF excl. working capital 70,3 82,9 -12,6 * incl. forgiveness of lessee's lease payments 19 February 2026
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43 in M€ Belgium France Canada Spain Netherlands United States Luxembourg Others (Poland, Switzerland) Not allocated TOTAL 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 sales -100,8 -61,6 -114,4 -43,3 -47,2 -51,5 -11,8 -3,3 -433,8 Gross result 51,7 17,9 24,3 9,8 7,1 11,9 7,0 1,6 131,1 Marketing and selling expenses -11,9 -3,0 -4,5 -2,3 -1,9 -1,7 -1,2 -0,1 -26,6 Administrative expenses -17,8 -1,5 -5,9 -1,0 -1,4 -2,7 -0,3 -0,4 -31,0 Other operating income 0,2 2,3 0,1 0,3 0,0 0,4 0,1 0,1 3,5 Other operating expenses -0,1 -0,3 0,0 0,0 -0,1 0,0 0,0 0,0 -0,6 Segment result 22,1 15,3 14,1 6,7 3,7 7,9 5,6 1,0 76,4 Financial income 1,2 1,2 Financial expenses -27,4 -27,4 Result before tax 50,2 Income tax expenses -12,3 -12,3 RESULT FOR THE PERIOD 37,9 19 February 2026
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44 in M€ Belgium France Canada Spain Netherlands United States Luxembourg Others (Poland, Switzerland) Not allocated TOTAL 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 Right-of-use assets 9,2 28,8 138,4 31,9 20,2 33,5 3,6 265,5 Investment property 6,8 8,3 15,1 Deferred tax assets 15,1 15,1 Non-current tax assets 1,7 1,7 Other receivables 0,0 5,0 0,1 1,1 0,0 6,2 Non-current assets 74,5 132,3 233,5 107,3 161,7 146,6 19,4 22,9 15,2 913,4 Inventories 2,9 0,8 1,7 0,7 1,1 0,7 0,2 0,0 8,0 Trade and other receivables 22,3 8,8 9,1 1,8 2,7 1,3 1,6 0,1 47,6 Current tax assets 5,5 5,5 Cash and cash equivalents 148,8 148,8 Assets held for sale 1,0 1,4 2,3 Current assets 25,1 9,6 11,7 2,5 5,2 2,0 1,8 0,2 154,3 212,3 SEGMENT ASSETS 99,6 141,9 245,2 109,8 166,9 148,5 21,3 23,1 169,4 1 125,7 19 February 2026
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45 in M€ Belgium France Canada Spain Netherlands United States Luxembourg Others (Poland, Switzerland) Not allocated TOTAL 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 liabilities 6,9 28,4 150,9 31,6 19,2 35,1 3,5 275,5 Provisions for employee benefits 0,0 1,0 1,0 Provisions 1,5 0,2 1,3 0,8 3,8 Deferred tax liabilities 8,3 8,3 Other payables 0,2 8,3 0,0 0,5 0,1 9,1 Non-current liabilities 8,7 37,9 152,2 32,1 19,2 35,9 3,5 219,4 508,8 Bank overdrafts 0,0 0,0 Loans and borrowings 225,0 225,0 Lease liabilities 2,6 3,2 15,7 3,9 3,3 3,4 0,5 32,4 Trade and other payables 46,9 22,4 27,7 9,6 9,1 7,1 3,6 1,0 127,5 Provisions 0,1 0,1 0,2 Current tax liabilities 0,2 0,2 Current liabilities 49,6 25,6 43,4 13,4 12,4 10,5 4,1 1,0 225,2 385,2 SEGMENT EQUITY AND LIABILITIES 58,3 63,5 195,6 45,5 31,7 46,3 7,6 1,0 676,2 1 125,7 19 February 2026
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46 in M€ Belgium France Canada Spain Netherlands United States Luxembourg Others (Poland, Switzerland) TOTAL Capital expenditure 9,3 8,7 9,8 4,7 4,4 6,4 0,5 0,3 43,9 in M€ Belgium France Canada Spain Netherlands United States Luxembourg Others (Poland, Switzerland) TOTAL Depreciations 11,8 13,0 25,6 7,6 11,4 10,6 2,0 0,5 82,5 Others 1,1 1,1 TOTAL 12,9 13,0 25,6 7,6 11,4 10,6 2,0 0,5 83,6 19 February 2026
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Glossary Adjusted EBITDA(L) EBITDA after eliminating adjustments; is used to reflect the EBITDA from normal operating activities, Adjusted result Result for the period after eliminating adjustments; is used to reflect the result from normal operating activities, Adjustments The adjustments exclude items that fall outside normal operations, such as results from the disposal of fixed assets, exceptional impairment losses on assets, exceptional provisions, costs related to restructuring and acquisitions, expenses for share-based payments and other long-term incentive programs and other exceptional income and expenses, 47 The glossary contains Alternative Performance Measures (APMs) that are aimed to improve the transparency of the financial information, For the full glossary, we refer to the corporate website of Kinepolis, Adjusted operating result Operating result after elimination adjustments; is used to reflect the operating result from normal operating activities,
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Glossary 48 Operating result (EBIT) Gross result – marketing and selling expenses - administrative expenses + other operating income - other operating expenses EBT Earnings before tax EBITDAL EBITDA less costs related to lease contracts (excl, rent abatements and common charges) EBITDA Operating result + depreciations + amortizations + impairments + movements in provisions - Maintenance - Digital equipment - Remodeling - Expansion Capital expenditure (Capex) Capitalized investments in intangible assets, property, plant and equipment and investment property