Interim Report for the period 1 January - 30 September 2025

Core Insights - Tivoli A/S reported lower attendance figures, revenue, and profits for the period of January 1 to September 30, 2025, compared to the same period in 2024, primarily due to fewer opening days and the absence of COVID-19 compensation income recognized in 2024 [1][5]. Financial Performance - Revenue for the first nine months of 2025 was DKK 886.5 million, a decrease of 1% from DKK 891.0 million in the previous year [5]. - EBITDA decreased by 16% to DKK 123.2 million from DKK 147.0 million year-over-year [5]. - Profit before tax fell by 44% to DKK 34.6 million compared to DKK 61.4 million in the same period last year [5]. - Attendance figures were 2,689 thousand visitors, down 2% from 2,737 thousand in the previous year, attributed to 5% fewer opening days [5]. Operational Highlights - Tivoli experienced a successful summer season despite challenges such as unstable weather, with 1.3 million guests visiting in the first half of 2025, one-third of whom were from international markets [2]. - The company is on track with its redevelopment of a new amusement area, set to open in summer 2026, which will include new attractions and culinary experiences [2]. - Anticipation for a well-attended late summer season and upcoming events, such as the Garden & Flower Festival, is high [2]. Outlook - Tivoli has increased its revenue expectations for 2025 to a range of DKK 1,325 million and profit before tax to around DKK 145 million, reflecting a strong start to the Halloween season and positive outlook for the Christmas season [3].