Merlin Entertainments has reported its financial results for 2025, highlighting a "transitional year" characterised by a slight softening in both attendance and revenue, but bolstered by a significant uptick in per capita spending and a major overhaul of its operational structure.
Financial and Operational Performance
For the 2025 fiscal year, Merlin welcomed 60.5 million visitors, a 3.6% decline from the 62.8 million reported in 2024. This drop in attendance contributed to a 2.8% decrease in reported revenue, which totaled £1,999 million (2024: £2,057 million).
Despite the lower guest volumes, particularly in the first half of the year, Merlin saw a notable 8.6% increase in commercial revenue per capita. This growth reflects a sharpened focus on in-attraction spend and consistent commercial execution across the estate.
Underlying EBITDA remained steady at £571 million (2024: £573 million), representing a 0.7% increase at constant currency. The Group reported an inflection point in profitability during the second half of the year, with underlying EBITDA growing by 6.5% and all regions showing growth in the fourth quarter. However, the Group reported a total loss for the period of £406 million, compared to a £428 million loss in the prior year.
A New Regional Operating Model
A core theme of the 2025 report is the implementation of a unified operating model. Since the start of the year, Merlin has moved away from its previous structure of three operating groups (LEGOLAND Parks, Resort Theme Parks, and Gateway Attractions) in favour of a geographic regional model.
The new structure, which was further evolved at the end of 2025 to include a larger international region combining Europe and Asia Pacific, is designed to drive revenue and cost synergies while creating a more consistent guest experience.
"Over the past year, we made significant progress in simplifying the business and improving efficiency," said CEO Fiona Eastwood. "We implemented a unified operating model, bringing together more than 130 separate businesses into a single organisation... These changes have strengthened governance, accountability and cost control".
Portfolio Diversification and Strategic Divestments
At the end of 2025, Merlin operated 131 attractions and 5,847 accommodation rooms across 22 countries. The year saw key openings, including LEGOLAND Shanghai Resort and the Peppa Pig Theme Park Dallas-Fort Worth.
In a significant move to streamline the portfolio, Merlin announced the sale of its 29 LEGO and LEGOLAND Discovery Centres to the LEGO Group in September 2024, with the transaction completing in February 2026. This shift allows the company to focus capital on larger-scale, branded attractions and resorts.
Future Growth and IP Partnerships
Looking ahead, Merlin is doubling down on its approach to world-class Intellectual Property (IP). Upcoming projects include:
- Alton Towers Resort: A new Bluey-themed rollercoaster.
- Chessington World of Adventures: A PAW Patrol land in 2026, followed by the world’s first permanent Minecraft attractions and accommodation in 2027.
- LEGOLAND California and LEGOLAND Florida: New "LEGO Galaxy" lands and indoor space-themed rollercoasters.
- LEGOLAND Deutschland: The world’s first LEGO Harry Potter land and themed guest accommodation.
Outlook
CEO Fiona Eastwood emphasised that 2025 established a resilient platform for sustainable growth starting in 2026. The company’s multi-year transformation will continue with a focus on cash generation, disciplined capital deployment, and its vision to be the "world’s most loved family escape".
"With a leaner cost base, a clearer operating model and a diversified global portfolio, Merlin is well positioned to deliver long term value for all stakeholders," Eastwood concluded.
