Earnings release
Page 1
Kinepolis Group Annual results 2025 Regulated information – 19 February 2026 Kinepolis delivered solid results in 2025 Kinepolis delivered solid results in 2025 in a still challenging environment. Despite an incomplete Holly- wood slate, the absence of the major French box‑office successes of 2024 and negative currency effects, Kinepolis succeeded in limiting the revenue decline to -2.3% (with -5.8% visitors) compared with the previous year. With this , Kinepolis achieved a robust adjusted EBITDAL of € 128.2 million (-3.4%) and an adjusted net result that remained virtually in line with 2024. Excluding the currency effects related to the USD and CAD, the revenue decline narrows to -0.3% (€ 576.6 million), and adjusted EBITDAL amounts to € 130.2 million (-1.9%) 2026 got off to a promising start thanks to the success of some strong year -end films such as ‘Avatar: Fire and Ash’, ‘Zootopia 2’ and ‘The Housemaid’. With the line-up announced for 2026, the acquisition of US-based Emagine Entertainment, a successful refinancing and numerous investments that will have their effect in 2026, Kinepolis is well positioned for the future. A gross dividend of € 0.65 per share will be proposed to the General Meeting. Important achievements 2025 Refinancing with new € 160 million revolving credit facility and successful public bond issuance of € 150 million Further commitment to premiumisation, with eight new IMAX screens, four new ScreenX and six new Laser ULTRA auditoriums, as well as a further roll-out of premium seating and entertainment concepts Complete renovation of several cinemas, including Belfort, Béziers, Lomme (FR) and Landmark Nanaimo (CA) Second edition Kinepolis Innovation Lab Summit Appointment of Chief Strategic Businesses and Developments and Chief Real Estate Entrepreneur Transition laser projection: 75% of all screens equipped with sustainable laser projection Acquisition of US-based Emagine Entertainment Eddy Duquenne, CEO Kinepolis Group, on the 2025 results: “Against the backdrop of ongoing restructuring and recapitalization in Hollywood, we continue to deliver strong financial results, in line with previous years. In addition to internal growth driven by premiumization and innovation, we have also resumed our external expansion. Combined with the Group’s successful refinancing, this makes us enthusiastic about the future.”
Page 2
Kinepolis Group Annual results 2025 Regulated information – 19 February 2026 Key figures IFRS ADJUSTED in M€ 2025 2024 % ∆ YoY 2025 2024 % ∆ YoY Revenue 564.9 578.2 -2.3% 564.9 578.2 -2.3% Visitors (in Mio) 30.7 32.6 -5.8% 30.7 32.6 -5.8% EBITDA 158.9 165.5 -4.0% 162.6 167.3 -2.8% EBITDA margin 28.1% 28.6% -1.7% 28.8% 28.9% -0.5% Adj. EBITDA per visitor 5.30 5.14 3.1% EBITDAL 124.5 130.9 -4.9% 128.2 132.7 -3.4% EBITDAL margin 22.0% 22.6% -2.7% 22.7% 23.0% -1.1% Adj. EBITDAL per visitor 4.18 4.08 2.5% EBIT 76.4 82.1 -6.9% 80.7 83.9 -3.8% EBIT margin 13.5% 14.2% -4.7% 14.3% 14.5% -1.5% Result 37.9 40.5 -6.3% 41.1 41.8 -1.8% Basic EPS (in €) 1.42 1.51 -6.3% Free cash flow 70.4 98.3 -28.4% Net Financial Debt (excl. IFRS 16) 287.2 319.3 -10.1% Total assets 1 125.7 1 144.4 -1.6% Equity 231.6 225.9 2.5%
Page 3
Kinepolis Group Annual results 2025 Regulated information – 19 February 2026 Notes Visitors In 2025, Kinepolis received 30.7 million visitors, down 5.8% from 2024. Although 2025 saw some notable successes, mainly in the animation and horror genre s, the year was affected by a less favourable com- parison base, partly due to the exceptional success of 'Inside Out 2' and several French films in 2024. 'Avatar: Fire and Ash' only came out at the end of December, so its impact is mainly felt in 2026. The top five films of 2025 were ‘Lilo & Stitch ’, ‘Minecraft: The Movie ’, ‘Zootopia 2’, ‘Jurassic World: Rebirth’ and ‘Avatar: Fire and Ash ’. The most successful local films were ‘Les Tuches: God Save the Tuche’ in France and Wallonia, ‘Padre no hay más que uno 5’ in Spain, ‘Patsers’ in Belgium and ‘Rutger, Thomas & Paco’ in the Netherlands. Visitors (million) Belgium France Canada Spain Netherlands USA Luxembourg Switzerland Total Number of cinemas* 11 18 35 11 18 10 3 1 107 YE 2025 5.15 5.51 8.61 4.05 2.63 3.96 0.69 0.09 30.68 YE 2024 5.61 6.45 8.59 4.30 2.79 4.00 0.73 0.09 32.56 YE 2025 vs YE 2024 -8.3% -14.6% 0.3% -5.9% -5.4% -0.9% -6.6% 1.1% -5.8% Visitors (million) Belgium France Canada Spain Netherlands USA Luxembourg Switzerland Total Number of cinemas* 11 18 35 11 18 10 3 1 107 Q4 2025 1.55 1.56 2.18 1.00 0.72 1.00 0.19 0.02 8.22 Q4 2024 1.78 1.90 2.29 1.29 0.76 1.12 0.21 0.02 9.38 Q4 2025 vs Q4 2024 -12.8% -17.7% -5.0% -22.5% -5.8% -10.6% -9.8% -1.8% -12.3% * Number of cinemas at period-end operated by Kinepolis. In addition, one cinema (in Poland) is leased to third parties. Revenue In 2025, total revenue amounted to € 564.9 million, down 2.3% from 2024. Revenue from visitor-related activities, specifically ticket sales and sales of drinks and snacks, decreased by 3.1%. Revenue from B2B activities increased by 0.2%, and revenue from real estate rose by 2.3%.
Page 4
Kinepolis Group Annual results 2025 Regulated information – 19 February 2026 Revenue by country Revenue by activity * 'Other' includes Luxembourg, Switzerland and Poland. Revenue by activity * 'B2B' includes sales & events and screen advertising Box Office 52% ITS 32% B2B 11% Brightfish 2% Film distribution 1% Real Estate 2% 2024 578.2 BE 27% FR 14% CA 25% ES 9% NL 10% US 11% Other 4% 2025 564.9 BE 27% FR 15% CA 24% ES 9% NL 10% US 11% Other 4% 2024 578.2 Box Office 51% ITS 32% B2B 11% Brightfish 2% Film distribution 1% Real Estate 3% 2025 564.9
Page 5
Kinepolis Group Annual results 2025 Regulated information – 19 February 2026 Revenue from ticket sales (Box Office, BO) decreased by 3.6% to € 290.7 million, in line with the decrease in visitor numbers . BO revenue per visitor increased by 2.3%. This increase was noticeable in almost all countries, thanks in part to the success of premium cinema experiences and inflation- compensating price increases. The increase was partly offset by negative currency movements of the CAD and USD versus the EUR. Revenue from the sale of drinks and snacks (In-theatre Sales, ITS) decreased by 2.3% to € 179.7 million. ITS revenue per visitor increased by 3.6% 1 , thanks to inflation-compensating price increases and shifts to more premium product ranges. The increase was partly offset by negative currency movements of the CAD and USD versus the EUR. B2B revenue (excluding Brightfish) remained stable, mainly due to an increase in screen advertising revenue (+4.8%) while 'Sales & Events' revenue (-0.1%) declined slightly. Real Estate income rose 2.3%, in line with inflation and thanks to the impact of SingCity. Revenue from Brightfish , the Belgian screen advertising sales house , rose 6.5%, mainly due to an increase in revenue from local screen advertising. Revenue from Kinepolis Film Distribution (KFD) increased by 19.3% to € 3.7 million by 2025. This can be attributed to the successful release of ‘Paddington in Peru ’ while no releases in 2024 managed to achieve a similar level of success. Cost of sales In 2025, cost of sales decreased by 1.3% compared to 2024 (from € 439.4 million to € 433.8 million). This decrease was mainly attributed to the decline in activity during 2025, which resulted in lower operating costs (including film rights, drinks and snacks), as well as exchange rate movements of the CAD and USD against the EUR. The decrease was partly offset by inflation, rising personnel costs and other cinema- related fixed costs while depreciation remained stable. Net operating costs Net operating costs decreased in 2025 vs 2024 (€ 54.7 million vs € 56.7 million), mainly due to lower marketing costs (fewer campaigns), less write-off of receivables, exchange rate movements of the CAD and USD against the EUR and higher subsidies, partly offset by rising personnel costs. Adjusted EBITDA Adjusted EBITDA amounted to € 162.6 million in 2025. Adjusted EBITDAL (adjusted EBITDA adjusted for rent) amounted to € 128.2 million. Adjusted EBITDAL per visitor rose from € 4.08 to € 4.18. Net financial expenses decreased slightly to € 26.3 million in 2025 from € 26.6 million in 2024. The decrease is mainly due to a decrease in interest costs. 1 Excluding home delivery revenue.
Page 6
Kinepolis Group Annual results 2025 Regulated information – 19 February 2026 Profit for the period The effective tax rate was 24.5% compared to 27.0% in the same period the year before. Net profit amounted to € 37.9 million. Adjusted profit amounted to € 41.1 million. The result per share was € 1.42 versus € 1.51 in 2024. The adjusted result per share amounted to € 1.54 versus € 1.56 in 2024. Free cash flow and net financial debt A positive free cash flow of € 70.4 million was achieved in 2025, down 28.4 % from € 98.3 million in 2024. This decrease is mainly due to lower cash flow from operating activities and higher capital expenditures compared with the prior year. Additionally, 2024 saw a strong improvement in working capital compared with 2023. This was not repeated in 2025, as the year-end position was in line with that of 2024. In 2025, € 43.9 million was invested, including € 22.9 million in maintenance for existing cinema complexes. € 19.8 million was invested in internal expansion, notably in the opening of new Imax, ScreenX and Laser ULTRA screens , the further roll-out of premium cinema experiences , energy-saving investments and ICT developments. In addition, € 1.2 million was invested in external expansion, including the further renovation of Kinepolis Béziers and Belfort ( France) and the further completion of Landmark Windsor (Canada). Net financial debt , excluding lease liabilities, decreased from € 319.3 million at the end of 2024 to € 287.2 million at the end of 2025, thanks to the positive free cash flow. Balance sheet Fixed assets ( € 913.4 million) accounted for 81.2% of the balance sheet total (€ 1 125.5 million) at 31 December 2025. This includes land and buildings (including investment propert y) with a carrying value of € 328.0 million. At 31 December 2025, equity amounted to € 231.6 million versus € 225.9 million at the end of 2024. Solvency was 20.6% versus 19.7% at the end of 2024. Dividend At the General Meeting, to be held on 13 May 2026, the Board of Directors will propose to pay a gross dividend of € 0.65 per share for the 2025 financial year. The dividend will be made available from 20 May 2026 (ex-date: 18 May 2026, record date: 19 May 2026). Important events in 2025 New revolving credit facility and public bond issuance Following the closing in June 2025 of a new syndicated revolving credit facility of € 160 million (includ- ing an optional incremental facility of € 100 million), Kinepolis launched a public offer of 5.00% fixed- rate bonds with a maturity of 5 years on 21 November 2025. The inscription period was closed after just one day, as the maximum amount of € 150 million was reached, and even significantly exceeded. The bonds were issued on 3 December 2025 on the regulated market of Euronext Brussels.
Page 7
Kinepolis Group Annual results 2025 Regulated information – 19 February 2026 Opening new IMAX, ScreenX and Laser ULTRA screens Kinepolis opened eight new IMAX screens, four new ScreenX and six new Laser ULTRA auditoriums across Europe, the US and Canada in 2025. ScreenX is the world's first multiprojection cinema technology , taking the traditional cinema experi- ence to the next level by seamlessly extending the screen to the surrounding walls of the auditorium, thus offering moviegoers a 270-degree viewing experience. As of the date of this publication, Kinepolis operates 26 ScreenX auditoriums worldwide. With Laser ULTRA, Kinepolis combines the unique picture quality of 4K laser projection with the im- mersive sound system of Dolby Atmos. Meanwhile, Kinepolis has 64 Laser ULTRA auditoriums worldwide. The opening of eight new IMAX screens is part of the agreement announced by Kinepolis and IMAX Corporation on 31 March 2025 , which allowed Kinepolis to significantly expand its IMAX offering. A s of the date of this publication, Kinepolis operates 20 IMAX screens worldwide. Further rollout of premium seating concepts In 2025, more Premiere Seats (CA) and VIP Seats (US) were installed in several Landmark and MJR cine- mas. These consist of two heated recliners side by side, offering more privacy than regular recliners , and are also equipped with a coat hook and a small table. In the US, all auditoriums with a seating capacity of more than 100 now have at least two rows of VIP Seats. The occupancy of these VIP Seats is double that of standard recliners. In Europe, most auditoriums feature one or two rows of Cosy Seats. In 2026, recliners will also be intro- duced in a select number of European cinemas. In addition, Loungers - recliners specially designed for the front row(s) of the auditorium – have been introduced in a limited number of North American and European cinemas. 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 2025. The lounge consists of 5 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 the Kinepolis 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 it s self-learning, bottom-up company cul- ture.
Page 8
Kinepolis Group Annual results 2025 Regulated information – 19 February 2026 Hans Van Acker appointed as Chief Strategic Businesses & Developments Mr Hans Van Acker, formerly Managing Director of Kinepolis' film distribution activity KFD, was ap- pointed Chief Strategic Businesses & Developments in August 2025 . In addition to KFD and Brightfish (the Belgian screen advertising sales house), he will lead and further develop new strategic businesses. Tom Wijmeersch appointed as Chief Real Estate Entrepreneur Mr Tom Wijmeersch started as Chief Real Estate Entrepreneur on 1 January 2026. With this position and the appointment of Mr. Wijmeersch, Kinepolis aims to further deepen and develop its third strate- gic pillar, namely the optimal management of its real estate activities. Progress laser projection In 2025, Kinepolis took another important step in its transition to laser projection. Laser projectors provide exceptional image quality while consuming 40% less energy than xenon lamp projectors. By the end of December 2025, 75% of Kinepolis’ screens worldwide were equipped with laser projectors. By the end of 2026, this figure is expected to rise to 83%. Launch of Play Kinepolis On 2 February 2026, Play Media, Telenet and Kinepolis launched a new and enhanced 'film on demand' zone in Belgium (Flanders), available via the Play app and the Telenet TV box. Through Play Kinepolis, users can rent or buy individual films. It also marks the start of a cross-media collaboration involving smart cross-promotion between the film offerings in cinemas and films for home viewing. Cinema tickets can also be ordered from Kinepolis via the platform. Underlying this collaboration is a common goal to create more awareness around movies and the movie experience. The chronology will not be affected, films with a theatrical release will initially be shown exclusively in cinemas before becoming available on Play Kinepolis. Completion of Emagine Entertainment acquisition Kinepolis completed the acquisition of the operations of US cinema chain Emagine Entertainment on 11 February 2026. With this acquisition, Kinepolis adds 14 cinemas to its portfolio, accounting for 177 screens and 18,000 seats located in Michigan, Illinois, Indiana and Wisconsin. Emagine Entertainment welcomes about 6 million visitors a year, generating nearly USD 129 million in revenue. The cinemas are equipped with recliner seats and offer their own Premium Large Format (PLF) under the name EMX (14 screens) and Super EMX (3 screens). EMX combines wall -to-wall screens with 4K laser projection and Dolby Atmos sound, while Super EMX goes one step further with an even l arger screen and 64 - channel Dolby Atmos sound for a truly immersive cinema experience. Emagine Entertainment also provides support services to a chain of cinemas in Minnesota and Colorado, as well as Emagine Woodhaven and The Riviera in Michigan. These cinemas operate under the Emagine brand and are operated by third parties under a brand li censing agreement.
Page 9
Kinepolis Group Annual results 2025 Regulated information – 19 February 2026 Line-up 2026 Current hits include ‘Wuthering Heights’, ‘Avatar: Fire and Ash ’, ‘The Housemaid ’, ‘Zootopia 2 ’ and ‘Hamnet’. Top international films scheduled for 2026 include ‘Project Hail Mary’, ‘Hoppers’, ‘The super Mario Galaxy Movie’, ‘Michael’, ‘The Devil wears Prada 2’, ‘Star Wars: The Mandalorian and Grogu’, ‘Toy Story 5’, ‘Supergirl’, ‘Minions 3’, ‘Moana’, ‘The Odyssey’, ‘Spider-Man: Brand New Day ’, ‘PAW Patrol: The Dino Movie’, ‘Forgotten Island’, ‘The Hunger Games: Sunrise on the Reaping’, ‘Jumanji 3’, ‘Avengers: Doomsday’ and ‘Dune: Part Three’. The local film programme includes ‘Marsupilami’, ‘Asterix en Nubie’ and ‘Cocorico 2’ in France and Wallonia, ‘Dust’, ‘Heysel 85’, ‘Let Love In ’ and ‘Coward’ in Flanders, ‘Torrente, Presidente ’, ‘Tadeo Jones y la lámpara maravillosa ’ and ‘Amarga Navidad ’ in Spain and ‘Superjuffie in de Jungle ’ and ‘Loverboy 2: Vertrouw Niemand ’ in the Netherlands. Live opera, ballet and theatre are complemented, as always, by art exhibitions, concerts and alternative content for children. Auditor procedures The statutory auditor, EY Bedrijfsrevisoren BV, represented by Paul Eelen, has confirmed that its audit procedures, which have been carried out thoroughly , have not revealed any derogation of material importance in the accounting data included in this communiqué. Financial calendar Friday 10 April 2026 Publication of annual report 2025 Thursday 23 April 2026 Business update first quarter 2026 Wednesday 13 May 2026 General Meeting Thursday 20 August 2026 Half-yearly results 2026 Thursday 22 October 2026 Business update third quarter 2026 Contact Kinepolis Press Office Kinepolis Investor Relations +32 (0)9 241 00 16 +32 (0)9 241 00 22 pressoffice@kinepolis.com investor-relations@kinepolis.com About Kinepolis Kinepolis Group NV was formed in 1997 as a result of the merger of two family -run cinema groups and was listed on the stock exchange in 1998. Kinepolis offers an innovative cinema concept which serves as a pioneering model within the industry. In addition to its cin ema business, the Group is also active in film distribution, event organization, screen publicity and property management. Kinepolis Group NV operates 63 cinemas in Europe, spread across Belgium, the Netherlands, France, Spain, Luxembourg, Switzerland and Poland. The Group also runs 35 cinemas in Canada and 24 in the United States. In total, Kinep olis Group currently operates 122 cinemas worldwide, with a t otal of 1 314 screens and more than 220 000 seats. Kinepolis’ employees are all committed to giving millions of visitors an unforgettable movie experience. More information on www.kinepolis.com/corporate.
Page 10
Kinepolis Group Annual results 2025 Regulated information – 19 February 2026 CONSOLIDATED INCOME STATEMENT IN '000 € 31/12/2025 31/12/2024 Revenue 564 891 578 189 Cost of sales -433 754 -439 383 Gross result 131 138 138 807 0 0 Marketing and selling expenses -26 636 -26 743 Administrative expenses -30 990 -30 922 Other operating income 3 528 2 271 Other operating expenses -594 -1 338 Operating result 76 445 82 075 0 0 Financial income 1 158 4 332 Financial expenses -27 399 -30 973 Result before tax 50 205 55 433 0 0 Income tax expenses -12 297 -14 971 RESULT FOR THE PERIOD 37 908 40 463 0 0 Basic result per share (€) 1.42 1.51 Diluted result per share (€) 1.42 1.49
Page 11
Kinepolis Group Annual results 2025 Regulated information – 19 February 2026 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME IN '000 € 31/12/2025 31/12/2024 Result for the period 37 908 40 463 Realised results 37 908 40 463 0 0 Items to be reclassified to profit or loss if specific conditions are met in the future: Translation differences on intra-group non-current borrowings in foreign currencies -12 179 3 704 Translation differences of annual accounts in foreign currencies -6 467 2 371 Cash flow hedges - effective portion of changes in fair value 0 -278 Income taxes relating to the components of other comprehensive income to be reclassified to profit or loss in subsequent periods 0 99 -18 646 5 895 Items that will not be reclassified to profit or loss: Changes to estimates of employee benefits 81 -117 81 -117 Other comprehensive income for the period, net of income taxes -18 565 5 778 0 0 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 19 343 46 241 0 0
Page 12
Kinepolis Group Annual results 2025 Regulated information – 19 February 2026 CONSOLIDATED STATEMENT OF FINANCIAL POSITION / ASSETS IN '000 € 31/12/2025 31/12/2024 Intangible assets 9 818 9 555 Goodwill 168 916 177 369 Property, plant and equipment 430 974 456 127 Right-of-use assets 265 545 312 949 Investment property 15 094 15 281 Deferred tax assets 15 128 16 495 Non-current tax assets 1 653 1 653 Other receivables 6 217 5 507 Other financial assets 27 27 Non-current assets 913 372 994 964 Inventories 8 021 8 354 Trade and other receivables 47 648 49 099 Current tax assets 5 455 6 577 Cash and cash equivalents 148 819 84 595 Assets classified as held for sale 2 339 842 Current assets 212 282 149 466 TOTAL ASSETS 1 125 654 1 144 430
Page 13
Kinepolis Group Annual results 2025 Regulated information – 19 February 2026 CONSOLIDATED STATEMENT OF FINANCIAL POSITION / EQUITY AND LIABILITIES IN '000 € 31/12/2025 31/12/2024 Share capital 18 952 18 952 Share premium 1 154 1 154 Consolidated reserves 221 866 197 500 Translation reserve -10 362 8 284 Total equity attributable to owners of the Company 231 610 225 890 Non-controlling interests 0 Total equity 231 610 225 890 Loans and borrowings 211 066 289 458 Lease liabilities 275 525 319 565 Provisions for employee benefits 1 027 1 081 Provisions 3 806 3 025 Deferred tax liabilities 8 310 9 306 Other payables 9 061 8 666 Non-current liabilities 508 795 631 101 Bank overdrafts 1 3 Loans and borrowings 225 000 114 600 Lease liabilities 32 411 35 639 Trade and other payables 127 471 134 895 Provisions 178 134 Current tax liabilities 188 2 169 Current liabilities 385 249 287 440 TOTAL EQUITY AND LIABILITIES 1 125 654 1 144 430
Page 14
Kinepolis Group Annual results 2025 Regulated information – 19 February 2026 2025 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY IN '000 € ATTRIBUTABLE TO OWNERS OP THE COMPANY NON-CON- TROLLING INTERESTS TOTAL EQUITY SHARE CAPITAL AND SHARE PREMIUM TRANSLATION RESERVE OTHER RESERVES TREASURY SHARES RESERVE SHARE-BASED PAYMENTS RESERVE RETAINED EARNINGS At 31 December 2024 20 106 8 284 354 -31 508 3 835 224 819 225 890 Result for the period 37 908 37 908 Realised results 37 908 37 908 Items to be reclassified to profit or loss if specific conditions are met in the future: Translation differences -18 646 -18 646 -18 646 -18 646 Items that will not be reclassified to profit or loss: Changes to estimates of employee benefits 107 107 Income taxes relating to the components of other comprehensive income not to be reclassified to profit or loss in subsequent periods -27 -27 81 81 Other comprehensive income for the period, net of income taxes -18 646 81 -18 565 Total comprehensive income for the period -18 646 37 988 19 343 Dividends to the shareholders -14 712 -14 712 Share-based payments 1 090 1 090 Total transactions with owners, recorded directly in equity -13 622 -13 622 At 31 December 2025 20 106 -10 362 354 -31 508 3 835 249 185 231 610
Page 15
Kinepolis Group Annual results 2025 Regulated information – 19 February 2026 2024 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY IN '000 € ATTRIBUTABLE TO OWNERS OP THE COMPANY NON-CON- TROLLING INTERESTS TOTAL EQUITY SHARE CAPITAL AND SHARE PREMIUM TRANSLATION RESERVE OTHER RESERVES TREASURY SHARES RESERVE SHARE-BASED PAYMENTS RESERVE RETAINED EARNINGS 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 Realised results 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 6 075 Cash flow hedges - effective portion of changes in fair value -278 -278 Income taxes relating to the components of other comprehensive income to be re- classified 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 Income taxes relating to the components of other comprehensive income not to be reclassified to profit or loss in subsequent periods -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 Sale of treasury shares -2 028 -2 028 Purchase of treasury shares 886 -33 853 Share-based payments -740 2 431 1 691 Total transactions with owners, recorded directly in equity -1 141 -740 -12 314 -14 195 At 31 December 2024 20 106 8 284 354 -31 508 3 835 224 819 0 225 890
Page 16
Kinepolis Group Annual results 2025 Regulated information – 19 February 2026 CONSOLIDATED STATEMENT OF CASH FLOW IN '000 € 31/12/2025 31/12/2024 Result before tax 50 205 55 433 Adjustments for: Depreciations and amortisations 80 853 81 914 Provisions and impairments 1 301 1 181 Government grants -2 192 -1 731 Adjustments to right-of-use assets and lease liabilities -2 0 (Gains) Losses on sale of property, plant and equipment 80 68 Change in fair value of derivative financial instruments and unrealised foreign ex- change results 405 -592 Unwinding of non-current receivables and provisions 33 23 Share-based payments 1 091 1 691 Amortisation of refinancing transaction costs 462 363 Interest expenses and income 19 675 21 657 Change in inventories 93 -916 Change in trade and other receivables -399 -3 448 Change in trade and other payables 388 19 803 Cash flow from operating activities 151 993 175 445 Income taxes paid / received -13 318 -11 789 Net cash flow - used in / + from operating activities 138 674 163 657 Acquisition of intangible assets -2 557 -1 227 Acquisition of property, plant and equipment and investment property -41 353 -41 406 Proceeds from sale of investment property, intangible assets and PPE 670 639 Net cash flow used in investing activities -43 240 -41 993 Payment of lease liabilities incl. forgiveness of lessee's lease payments -24 961 -24 835 Proceeds from loans and borrowings 248 649 80 000 Repayment of loans and borrowings -217 102 -156 000 Interest paid -12 008 -13 565 Interest received 704 1 174 Paid interest related to lease liabilities -9 111 -9 676 Purchase of treasury shares 0 -2 028 Sale of treasury shares 0 853 Dividends paid -14 712 -14 712 Net cash flow - used in / + from financing activities -28 542 -138 787 + INCREASE / - DECREASE IN CASH AND CASH EQUIVALENTS 66 892 -17 123 Cash and cash equivalents at beginning of the period 84 592 101 267 Cash and cash equivalents at end of the period 148 818 84 592 Effect of exchange rate fluctuations on cash and cash equivalents -2 666 448 + INCREASE / - DECREASE IN CASH AND CASH EQUIVALENTS 66 892 -17 123
Page 17
Kinepolis Group Annual results 2025 Regulated information – 19 February 2026 ADJUSTMENTS IN '000€ 31/12/2025 31/12/2024 EBITDA impact – General* -2 623 -107 EBITDA impact - Share-based payments (IFRS 2) -1 090 -1 691 Depreciations, amortisations and impairment losses -507 0 Income tax expenses 1 055 449 Net impact of adjustments -3 165 -1 348 * In 2025 the adjustments mainly relate to transaction-related costs and advisory fees as well as other non-recurring costs RECONCILIATION OF ADJUSTED RESULT IN '000€ 31/12/2025 31/12/2024 Operating result 76 445 82 075 Financial result -26 241 -26 641 Result before tax 50 205 55 433 Income tax expenses -12 297 -14 971 Result for the period 37 908 40 463 Net impact of adjustments 3 165 1 348 Adjusted result for the period 41 072 41 811 RECONCILIATION OF EBITDAL IN '000€ 31/12/2025 31/12/2024 EBITDA 158 930 165 539 Costs related to lease contracts (excl. rent abatements and common charges) -34 406 -34 595 EBITDAL 124 524 130 944 RECONCILIATION OF ADJUSTED EBITDAL IN '000€ 31/12/2025 31/12/2024 EBITDAL 124 524 130 944 Impact of adjustments on EBITDA 3 712 1 797 Adjusted EBITDAL 128 237 132 741 RECONCILIATION ADJUSTED EBITDA VS EBITDA IN '000€ 31/12/2025 31/12/2024 Operating result 76 445 82 075 Depreciations and amortisations 80 853 81 914 Provisions and impairments 1 632 1 551 EBITDA 158 930 165 539 Impact of adjustments on EBITDA 3 712 1 797 Adjusted EBITDA 162 642 167 336
Page 18
Kinepolis Group Annual results 2025 Regulated information – 19 February 2026 RECONCILIATION OF NET FINANCIAL DEBT IN '000€ 31/12/2025 31/12/2024 Financial debt 744 003 759 265 Cash and cash equivalents -148 819 -84 595 Tax shelter investments 0 -116 Net financial debt 595 183 674 553 RECONCILIATION OF NET FINANCIAL DEBT EXCL. LEASE LIABILITIES IN '000€ 31/12/2025 31/12/2024 Financial debt excl. lease liabilities 436 066 404 061 Cash and cash equivalents -148 819 -84 595 Tax shelter investments 0 -116 Net financial debt excl. lease liabilities 287 247 319 349 Impact lease liabilities 307 936 355 204 Net financial debt 595 183 674 553 RECONCILIATION FREE CASH FLOW IN '000€ 31/12/2025 31/12/2024 Cash flow from operating activities 151 993 175 445 Income taxes paid / received -13 318 -11 789 Maintenance capital expenditures for intangible assets, property, plant and equip- ment and investment property -22 929 -18 456 Interest paid / received -11 305 -12 390 Payment of lease liabilities -34 072 -34 511 Free cash flow 70 368 98 300 RECONCILIATION ROCE IN '000€ 31/12/2025 31/12/2024 Operating result 76 445 82 075 Impact of adjustments on EBIT 4 219 1 797 Adjusted EBIT 80 665 83 872 Average non-current assets 954 168 1 000 164 Average deferred tax assets -15 811 -16 317 Average assets classified as held for sale 1 591 881 Average inventories 8 187 7 911 Average trade receivables 35 875 32 192 Average trade payables -77 286 -69 869 Capital employed 906 723 954 963 Return on capital employed (ROCE) 8.9% 8.8%
Page 19
Kinepolis Group Annual results 2025 Regulated information – 19 February 2026 RECONCILIATION ROCE EXCL. IFRS 16 IN '000€ 31/12/2025 31/12/2024 Operating result + IFRS 16 depreciations - costs related to lease contracts (excl. rent abatements and common charges) 69 823 76 020 Impact of adjustments on EBIT 4 219 1 797 Adjusted EBIT excl. IFRS 16 74 043 77 817 Average non-current assets excl. right-of-use assets 664 921 684 446 Average deferred tax assets excl. impact IFRS 16 -10 601 -10 443 Average assets classified as held for sale 1 591 881 Average inventories 8 187 7 911 Average trade receivables 35 875 32 192 Average trade payables -77 286 -69 869 Capital employed excl. IFRS 16 622 687 645 118 Return on capital employed (ROCE) excl. IFRS 16 11.9% 12.1% RECONCILIATION CURRENT RATIO IN '000€ 31/12/2025 31/12/2024 Current assets 212 282 149 466 Current liabilities 385 249 287 440 Current ratio 55% 52% RECONCILIATION CURRENT RATIO EXCL. CURRENT LEASE LIABILITIES IN '000€ 31/12/2025 31/12/2024 Current assets 212 282 149 466 Current liabilities excl. current lease liabilities 352 838 251 801 Current ratio excl. current lease liabilities 60% 59% RECONCILIATION CAPITAL EXPENDITURE ACCORDING TO THE STATEMENT OF CASH FLOW IN '000€ 31/12/2025 31/12/2024 Acquisition of intangible assets 2 557 1 227 Acquisition of property, plant and equipment and investment property 41 353 41 406 Advance lease payments 0 0 Acquisition of subsidiaries, net of cash acquired 0 0 Proceeds from sale of investment property, intangible assets and property, plant and equipment -670 -639 Total capital expenditure according to the statement of cash flow 43 240 41 993 RECONCILIATION GEARING RATIO IN '000€ 31/12/2025 31/12/2024 Net financial debt 595 183 674 553 Equity 231 610 225 890 Gearing ratio 2.57 2.99
Page 20
Kinepolis Group Annual results 2025 Regulated information – 19 February 2026 RECONCILIATION GEARING RATIO EXCL. LEASE LIABILITIES IN '000€ 31/12/2025 31/12/2024 Net financial debt excl. lease liabilities 287 247 319 349 Equity 231 610 225 890 Gearing ratio excl. lease liabilities 1.24 1.41