Tear Sheet: Piolin Bidco S.A.U.

Group revenue reached €644 million, a 6% increase compared with the same period in 2022. Growth was mainly driven by a 6% increase in per capita spending on the back of active yield management, product streamlining, and digitalization. The visitor count also increased compared with the same period last year, by about 2%. The inflationary environment put pressure on the cost structure, especially on utility and staff costs, resulting in a 180 basis point decline in the EBITDA margin, with absolute EBITDA remaining stable. Although slightly behind its budget, the group proved more resilient than we expected in terms of sales and absolute EBITDA generation, and less so in terms of the EBITDA margin. The slight underperformance versus its budget

...October 27, 2023 Piolin Bidco S.A.U. (Parques Reunidos) posted solid results broadly in line with our expectations in the first eight months of 2023. Group revenue reached 644 million, a 6% increase compared with the same period in 2022. Growth was mainly driven by a 6% increase in per capita spending on the back of active yield management, product streamlining, and digitalization. The visitor count also increased compared with the same period last year, by about 2%. The inflationary environment put pressure on the cost structure, especially on utility and staff costs, resulting in a 180 basis point decline in the EBITDA margin, with absolute EBITDA remaining stable. Although slightly behind its budget, the group proved more resilient than we expected in terms of sales and absolute EBITDA generation, and less so in terms of the EBITDA margin. The macroeconomic environment will further challenge Parques Reunidos, but we expect the group to exhibit a good degree of resilience. The slight...

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