Tivoli Income Statement

Financials in millions DKK. Fiscal year is January - December.

Millions DKK. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Operating Revenue	1,345	1,321	1,214	1,130	719.3
Revenue	1,345	1,321	1,214	1,130	719.3
Revenue Growth (YoY)	1.80%	8.82%	7.41%	57.11%	50.58%
Cost of Revenue	448.3	465.7	446.2	420.8	306.4
Gross Profit	896.4	855.2	767.6	709.3	412.9
Selling, General & Admin	615.2	594.5	544.5	496.6	412.2
Operating Expenses	733.1	703.2	653.3	608.3	524.5
Operating Income	163.3	152	114.3	101	-111.6
Interest Expense	-7.8	-8.2	-8.7	-10.6	-11.9
Interest & Investment Income	1	1.3	1.4	0.8	0.1
Earnings From Equity Investments	-0.2	-0.2	-0.2	-0.2	-0.2
EBT Excluding Unusual Items	156.3	144.9	106.8	91	-123.6
Asset Writedown	-	-	-0.7	-7.5	-9.9
Other Unusual Items	-	10.5	5	4	85.9
Pretax Income	156.3	155.4	111.1	87.5	-47.6
Income Tax Expense	34.8	31.8	24.8	22.4	-6.1
Net Income	121.5	123.6	86.3	65.1	-41.5
Net Income to Common	121.5	123.6	86.3	65.1	-41.5
Net Income Growth	-1.70%	43.22%	32.56%	-	-
Shares Outstanding (Basic)	6	6	6	6	6
Shares Outstanding (Diluted)	6	6	6	6	6
Shares Change (YoY)	-0.32%	0.10%	-	-	-
EPS (Basic)	21.30	21.60	15.10	11.39	-7.26
EPS (Diluted)	21.30	21.60	15.10	11.39	-7.26
EPS Growth	-1.39%	43.08%	32.56%	-	-
Free Cash Flow	38.6	51.4	69.1	103.2	74.9
Free Cash Flow Per Share	6.77	8.98	12.09	18.05	13.10
Dividend Per Share	5.500	5.400	3.800	2.800	-
Dividend Growth	1.85%	42.10%	35.71%	-	-
Gross Margin	66.66%	64.74%	63.24%	62.76%	57.40%
Operating Margin	12.14%	11.51%	9.42%	8.94%	-15.52%
Profit Margin	9.04%	9.36%	7.11%	5.76%	-5.77%
Free Cash Flow Margin	2.87%	3.89%	5.69%	9.13%	10.41%
EBITDA	281.2	260.7	195.8	187.7	-22.8
EBITDA Margin	20.91%	19.74%	16.13%	16.61%	-3.17%
D&A For EBITDA	117.9	108.7	81.5	86.7	88.8
EBIT	163.3	152	114.3	101	-111.6
EBIT Margin	12.14%	11.51%	9.42%	8.94%	-15.52%
Effective Tax Rate	22.26%	20.46%	22.32%	25.60%	-
Revenue as Reported	1,345	1,321	1,214	1,130	719.3

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.