Tivoli (TIV) Q2 2026 earnings summary

Executive summary

• Revenue for the first half of 2026 increased by 6% year-over-year to DKK 470.3 million, driven by higher spend per guest and increased activity in core business lines, despite visitor numbers remaining flat at 1.3 million.

• The period was marked by challenging weather, with more opening days but no corresponding rise in attendance; foreign tourists, especially from the USA and Germany, made up over a third of guests.

• Strategic investments in new attractions and organizational development increased costs, impacting profitability in the first half.

Financial highlights

• Net revenue for 1 January–30 June 2026: DKK 470.3 million (up from DKK 445.0 million in 2025).

• EBITDA for the period: DKK -38.3 million (2025: DKK -17.8 million); EBIT: DKK -96.5 million (2025: DKK -72.4 million).

• Profit before tax: DKK -100.9 million (2025: DKK -76.1 million); net profit: DKK -79.9 million (2025: DKK -59.5 million).

• Cash flow from operating activities: DKK -8.1 million (2025: DKK 10.8 million); cash flow from investing activities: DKK -133.8 million (2025: DKK -132.0 million).

• Equity as of June 30, 2026: DKK 1,128.1 million (December 31, 2025: DKK 1,240.4 million).

Outlook and guidance

• Full-year 2026 guidance maintained: revenue expected around DKK 1,400 million and profit before tax of DKK 145 million.

• Activity levels anticipated to be in line with 2025, with focus on increasing guest numbers and spend per guest.

• Second half expected to offset first-half cost increases as new investments begin to contribute.