Belgian cinema chain Kinepolis reported "strong results" in the third quarter of 2024, although the group said it could not match the "Barbenheimer phenomenon" this time last year.
After a first half of the year that was impacted by the Hollywood strike, the cinema operator said that its third quarter profits showed a "strong improvement compared to the previous three quarters." The chain's EBITDAL (earnings before interest, taxes, depreciation, amortisation, and losses) surpassed pre-pandemic 2019 levels.
However, the Group noted that earnings were down compared to the same period last year, as Kinepolis received 13% fewer visitors in the third quarter (9.2 million in total) compared to the third quarter in 2023.
"This decline can be explained by the difficult comparison base given the phenomenal success of 'Barbie' and 'Oppenheimer' last summer," Kinepolis said.
Revenues down but customers spending more
Total revenue in the third quarter of 2024 was lower than in the same period of 2023, in line with lower visitor numbers. However, revenue per visitor increased both in terms of ticket sales and drinks and snacks, due to the popularity of premium movie experiences and higher consumption per visitor.
Eddy Duquenne, CEO of Kinepolis Group, said they had a "strong quarter, which – helped by a richer blockbuster offering – again showed the trend of a customer who values more experience and thus a premium movie experience."
"Our strategy to capitalise on this is paying off and the rollout of our concepts in the North American market is proceeding particularly successfully, which also makes us excited about its further potential. Moreover, the fourth quarter – unlike last year – can count on a very nice film offering, which strengthens our confidence," he said.
The top five films in Q3 2024 were 'Deadpool & Wolverine', 'Despicable Me 4', 'Inside Out 2', 'It Ends with Us' and 'Twisters'.
Kinepolis said the fourth quarter is "promising", as the programme includes releases such as 'Gladiator II', 'Moana 2', 'Wicked' and 'Mufasa: The Lion King'.
Belgian 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 operates 64 cinemas in Europe, across Belgium, the Netherlands, France, Spain, Luxembourg, Switzerland and Poland, and also operates 36 cinemas in Canada and ten in the US.
