In 2025, Merlin delivered resilient performance with group revenues of £1,999 million, commercial revenue per capita growth of 8.6%, and underlying EBITDA of £571 million with margin improvement to 28.5%. The company has a strong pipeline of new attractions launching in 2026 and partnerships with major brands including Bluey, PAW Patrol, Minecraft, and Jumanji-themed experiences.
Cyborg Score Rationale
Strong EBITDA margin recovery to 28.5% and underlying EBITDA growth of 6.5% in H2 2025 demonstrate operational resilience despite challenging macroeconomic conditions. The company welcomed 60.5 million guests with record guest satisfaction scores globally. However, the probability of default has risen from 0.115% in December 2021 to 0.318% by November 2025, reflecting lingering financial pressures.
Top Insights
The LEGO Group completed acquisition of LEGO Discovery Centres and LEGOLAND Discovery Centres in February 2026 for £0.2bn in cash, signaling strategic portfolio optimization
Commercial revenue per capita increased 8.6% driven by strengthened in-attraction spending initiatives despite lower overall visitation
Performance improved materially in H2 2025 with all regions returning to growth in Q4, marking an inflection point
Universal Studios Great Britain's planned UK market entry with construction starting in 2026 and opening targeted for 2031 represents a strategic competitive challenge
Named Competitors
Universal Studios — Global theme park and entertainment operator
Disney Parks — Premium theme parks and resort destinations
Six Flags — North American amusement park operator
Löfbergs (regional operators) — Regional theme park alternatives
Recent Developments
(May 2026) Nectar members can now spend points at over 20 Merlin attractions across the UK
(March 2026) Strong pipeline of new rides launching in 2026 including Bluey rollercoaster at Alton Towers, PAW Patrol land at Chessington, and space-themed rollercoasters at LEGOLAND resorts
(March 2026) Partnership with Mojang Studios announced for world's first permanent Minecraft attraction and themed guest accommodation at Chessington in 2027
(February 2026) LEGO Group completed acquisition of LEGO Discovery Centres and LEGOLAND Discovery Centres for £0.2bn
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