Kinepolis Reports Record Half-Year as Blockbusters Return
Belgian cinema chain Kinepolis has reported a record first half of 2026, with revenue surging 32.6% to €341.8 million and net profit more than tripling to €25.2 million, as blockbuster films fill theaters once again. The company attracted 19.1 million visitors across its 121 cinemas in the first six months, a 33.8% increase compared to the same period last year, according to Het Laatste Nieuws.
A Supply Problem, Not a Demand Problem
The strong results validate a position CEO Eddy Duquenne has held for years: that the cinema industry’s struggles were driven by a shortage of films, not a lack of audience appetite. “These results reflect what we have been saying for some time and confirm that the sector was facing a supply issue rather than a demand issue,” Duquenne said. “That supply problem seems to be gradually resolving itself.”
The recovery follows a challenging period for the industry. The COVID-19 pandemic forced theaters to close in 2020, and the Hollywood writers’ and actors’ strikes in 2023 created a supply shortage of new films that persisted into 2025. Now, a robust slate of blockbusters has reversed the trend.
Blockbuster Lineup Drives Growth
The first quarter was driven by successful titles including ‘Avatar: Fire and Ash’ and ‘Zootopia 2’, while the second quarter was powered by ‘The Super Mario Galaxy Movie’, ‘Michael’, ‘Project Hail Mary’ and ‘Toy Story 5’. The third quarter has started strongly as well, with ‘The Odyssey’ — which has already grossed over $1 billion worldwide — drawing 200,000 Belgians within two weeks of its premiere, and ‘Spider-Man: Brand New Day’ also performing well.
Adjusted EBITDA stood at €102.1 million in H1 2026, with adjusted EBITDA after leases per visitor rising from €3.38 to €4.24. Earnings per share nearly quadrupled from €0.26 to €1.27, while revenue growth was negatively impacted by €8.7 million due to currency effects.
US Expansion Strategy Pays Off
A significant portion of the growth came from the successful integration of 14 Emagine cinemas in the United States, which were consolidated into results starting in February. Kinepolis acquired Emagine Entertainment for $105 million (€91 million), adding cinemas in Michigan, Illinois, Indiana, and Wisconsin with 177 screens and 18,000 seats. As Made in West-Vlaanderen reported, the integration of Emagine, combined with a strong film line-up and strategic investments in premium cinema experiences, drove the record results.
The company has also agreed to acquire Showcase Cinemas from Harbor Lights Entertainment for $30 million, adding 13 cinemas across Massachusetts, New York, Ohio, and Rhode Island. The acquisition, expected to close by the end of summer 2026, will further expand Kinepolis’s US presence from Michigan to the East Coast. “This acquisition allows us to expand our market position in the US with an asset and a team that will allow us to implement Kinepolis’s operational model and business strategy,” Duquenne said of the deal.
Analyst Reactions and Market Response
Investors have responded positively to the recovery. The company’s share price has risen approximately 43% since the beginning of 2026, and on the day of the results announcement, the stock gained 2.5% to €43.80 in Brussels trading.
Analysts have also raised their expectations. KBC Securities increased its price target from €42.00 to €48.00, maintaining a “Buy” recommendation. According to Beursduivel, the results demonstrate that “the recent weakness in the sector was mainly caused by a content shortage rather than lower consumer demand.” Degroof Petercam raised its price target from €51.00 to €60.00 and expects to increase its 2026 EBITDA forecast by more than 5%, projecting a record year with EBITDA of €170 million.
Analyst Fernand de Boer of Degroof Petercam noted that Kinepolis exceeded his expectations for visitor growth. The analyst consensus for full-year 2026 anticipates adjusted EBITDA of €162.6 million, revenue of €719.5 million, and net profit of €61.2 million.
Regional Variations
While most markets showed strong growth, the Netherlands saw a slight decline in visitors (-0.5%) to 1.3 million in H1 2026, due to the closure of two cinemas in Utrecht city center and Huizen, as reported by RTL Boulevard. All other countries recorded growth.
What’s Next
Kinepolis did not provide a formal outlook for the full year, but the strong start to the third quarter bodes well. Upcoming releases including ‘Dune: Part Three’ and ‘Avengers: Doomsday’ are expected to sustain momentum in the second half. The global film release calendar is projected to approach pre-COVID levels in 2026-2027, supporting continued growth.
The results mark a definitive turning point for the cinema industry, confirming that audiences are eager to return to theaters when compelling content is available. As Kinepolis continues its US expansion and invests in premium experiences — including the first fully recliner-equipped cinema in Breda and the only IMAX 70mm location in the Benelux — the company appears well-positioned for what analysts expect to be a record year.