Merlin主题公园业务量评估报告

CompanyMerlinEntertainmentseC Ricardo ChinchillaResearch Analyst+1-212-250-9980Richa Agarwal, CFAResearch AssociatedbDIG 7 July2025MerlinEntertainmentsGardaland, The data from the chart below suggests traffic at Gardaland wassignificantly below the prior year in April and May and ahead of the prior year inJune*.Figure 3: Gardaland*Data inJuneas of06/13/25.Source:dbData/nsightsHeide Park. The data from the chart below suggests traffic at Heide Park was aheadof the prior year in April, May and June*Figure 4: Heide Park*Data in June as of 06/13/25. Source : dbDatalnsightsThorpe Park. The data from the chart beloe suggests traffic at Thorpe Park in Aprilwas flat compared to the prior yearanwas below the prior year in May and June*Figure 5: Thorpe Park*Data in June as of 06/13/25. Source : dbDatalnsightsPage 2 A微信 7 July2025Merlin EntertainmentsLegoland Windsor. The data from the chart below suggests traffic at LegolandWindsor was flat versus the prior year in April, May and June*.Figure 6: Legoland Windsor*Data in June as of 06/13/25. Source : dbDatalnsightsLegoland Germany.Thedatafromthe chartbelowsuggeststraffic atLegolandGermany was flat versus the prior year in April, May and June*Figure 7: Legoland Germany*Data in June as of 06/13/25. Source : dbDatalnsightsLegolandBillund.The datafromthechartbelowsuggeststraffic atLegolandBillund in April was flat compared to the prior year and was below the prior year inMay and June*.Figure 8: Legoland Billund*Data in June as of06/13/25.Source :dbDatalnsightsLegoland California. The data from the chart below suggests traffic at LegolandCalifornia in April and May was below the prior year and flat in June*.Deutsche Bank Securities Inc. 7 July2025MerlinEntertainmentsFigure 9: Legoland CaliforniaLegoland Florida. The data from the chart below suggests traffic at LegolandFloridawasbelowtheprioryearinApril,MayandJune*Figure 10: Legoland Floridaz-Inz-deLegoland New York. The data from the chart below suggests traffic at LegolandNewYorkwasmodestlyaheadtheprioryearinAprilandMay,whiletrafficinJune*wasflat compared to theprioryear.Figure 11: Legoland New York*Data in Juneas of06/13/25.Soure: dbDatalnsightsLegoland Korea. The data from the chart below suggests traffic at Legoland Koreawas belowthe prioryear in April and was flat in May and June*Page 4 Figure 12: Legoland KoreaLegoland Japan: The data from the chart below suggests traffic at Legoland Japanin April, May, and June* was flat compared to the prior year.Figure 13: Legoland JapandesCrowd LevelsAswehavestatedinourpreviousresearch,weliketoanalyzethedataprovidedbyQueue Times, including its "crowd level" indicatorto assess activity levels at MerlinParks.ForthoseunfamiliarwithQueueTimes,thesitecompilesofficial datafromthe theme parks. It estimates daily, monthly, and annual crowd levels depending onwait times for each park's attractions. While the"crowd level" indicator does notallow us to forecast attendance figures at theme parks mathematically, we believethis indicator helps to better understand business volumes at those parks.The Figure below depicts monthly crowd levels forResortThemeParks.RegardingApril trends, crowd levels were ahead of the prior year for all parks excluding AltonTowers. Turning to May, crowd levels were below the prior-year period for AltonTowers and Heide Park, while all others reported higher crowd levels. Lastly, wenote that all parks, excluding Gardaland, reported lower crowd levels in Junecompared totheprioryear.Figure 14: Monthly Crowd Levels at Resort Theme ParksApr-25Alton Tower39%Chessington%99Gardaland64%Heide Park20%Thorpe ParkSource : Queue Times and Deutsche BankThe Figure below depicts monthly crowd levels for Legoland Parks. RegardingApril trends, crowd levels were ahead of the prior year for all parks excludingLegoland Florida. Turning to May, crowd levels were below the prior-year period forDeutsche Bank Securities Inc. WNApr-24May-25May-24Jun-25Jun-24change40%30%40%-1.000bps34%45%41%1,500bps40%35%500bps30%42% -1,200bps54%1,000bps66%56%1.000bps65%56%900bps18%22%33%-1.100bps20%27%40%400bps34%29%37%56% most parks, excluding Legoland Korea and Legoland Windsor. Lastly, we note thatthe crowd levels at the parks in Germany, the UK and Korea were ahead of the prioryear in June, while all others reported lower crowd levels.Figure 15: Monthly Crowd Levels at Legoland Parks4 changesz-unrJun-24 changeLegoland Billund58%43% 1.500bps39%53%-1.400bps41%-200bpsLegoland California%L948%900bps%Le40%300bps%b945% 2.600bps-1,000bpsLegoland Deutschland%1236%_1.000bpsLegoland Florida61%63%-200bps54%-1.300bps.64%-1.900bpsLegoland Japan57%100bps56%200bps.43%54%_-1,100bpsLegoland Korea1.300bps39%1.800bps44%100bpsLegoland New York100bps43%-600bps.%L8-200bpsLegoland Windsor52%40% 1.200bps46%43%300bps43%42%100bpsSource: Queue Times and Deutsche BankPage 6 Appendix 1Important Disclosures*Other information available upon requestDeutsche Bank may have shown incomplete disclosure information in its High Yiel