Tivoli Income Statement

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

Millions DKK. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Operating Revenue	1,316	1,321	1,214	1,130	719.3	477.7
Revenue	1,316	1,321	1,214	1,130	719.3	477.7
Revenue Growth (YoY)	4.53%	8.82%	7.41%	57.11%	50.58%	-54.56%
Cost of Revenue	445.4	465.7	446.2	420.8	306.4	270.9
Gross Profit	871	855.2	767.6	709.3	412.9	206.8
Selling, General & Admin	623.6	594.5	544.5	496.6	412.2	435.9
Operating Expenses	735.3	703.2	653.3	608.3	524.5	562.2
Operating Income	135.7	152	114.3	101	-111.6	-355.4
Interest Expense	-8	-8.2	-8.7	-10.6	-11.9	-10.6
Interest & Investment Income	1.1	1.3	1.4	0.8	0.1	0.1
Earnings From Equity Investments	-0.2	-0.2	-0.2	-0.2	-0.2	0.2
Currency Exchange Gain (Loss)	-	-	-	-	-	0.2
EBT Excluding Unusual Items	128.6	144.9	106.8	91	-123.6	-365.5
Asset Writedown	-	-	-0.7	-7.5	-9.9	-6.9
Other Unusual Items	-	10.5	5	4	85.9	187.3
Pretax Income	128.6	155.4	111.1	87.5	-47.6	-185.1
Income Tax Expense	29.5	31.8	24.8	22.4	-6.1	-42.2
Net Income	99.1	123.6	86.3	65.1	-41.5	-142.9
Net Income to Common	99.1	123.6	86.3	65.1	-41.5	-142.9
Net Income Growth	-8.16%	43.22%	32.56%	-	-	-
Shares Outstanding (Basic)	6	6	6	6	6	6
Shares Outstanding (Diluted)	6	6	6	6	6	6
Shares Change (YoY)	0.18%	-	-	-	-	-
EPS (Basic)	17.33	21.62	15.10	11.39	-7.26	-25.00
EPS (Diluted)	17.33	21.62	15.10	11.39	-7.26	-25.00
EPS Growth	-8.32%	43.22%	32.56%	-	-	-
Free Cash Flow	-6.4	51.4	69.1	103.2	74.9	-203.8
Free Cash Flow Per Share	-1.12	8.99	12.09	18.05	13.10	-35.65
Dividend Per Share	5.400	5.400	3.800	2.800	-	-
Dividend Growth	42.10%	42.10%	35.71%	-	-	-
Gross Margin	66.16%	64.74%	63.24%	62.76%	57.40%	43.29%
Operating Margin	10.31%	11.51%	9.42%	8.94%	-15.52%	-74.40%
Profit Margin	7.53%	9.36%	7.11%	5.76%	-5.77%	-29.91%
Free Cash Flow Margin	-0.49%	3.89%	5.69%	9.13%	10.41%	-42.66%
EBITDA	221.7	235	195.8	187.7	-22.8	-251.1
EBITDA Margin	16.84%	17.79%	16.13%	16.61%	-3.17%	-52.56%
D&A For EBITDA	86	83	81.5	86.7	88.8	104.3
EBIT	135.7	152	114.3	101	-111.6	-355.4
EBIT Margin	10.31%	11.51%	9.42%	8.94%	-15.52%	-74.40%
Effective Tax Rate	22.94%	20.46%	22.32%	25.60%	-	-
Revenue as Reported	1,316	1,321	1,214	1,130	719.3	477.7

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.