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PVRINOX - PVR Inox

📊 NSE: PVRINOX 🏢 Entertainment / Electronic Media Software 📅 Last Updated: 12/14/2025 11:24

📢 Recent Corporate Announcements

PVR INOX to Participate in Kotak Chasing Growth 2026 Investor Conference

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 17 Feb 2026, 05:24 PM

PVR INOX Limited has scheduled its participation in the 'Kotak Chasing Growth 2026' investor conference on February 23, 2026, in Mumbai. The event, organized by Kotak Institutional Equities, will involve company representatives engaging in both one-on-one and group meetings. The company has explicitly stated that no unpublished price-sensitive information will be shared during these sessions. Such interactions are standard for maintaining institutional investor relations and providing clarity on the company's strategic direction.

Participation in Kotak Chasing Growth 2026 conference on February 23, 2026
In-person event scheduled for 10:00 AM IST in Mumbai
Format includes both one-to-one and group meetings with institutional investors
Company confirms no unpublished price-sensitive information (UPSI) will be disclosed

💡 Investors should monitor for any post-conference analyst notes or investor presentations that may offer updated perspectives on the company's growth trajectory. No immediate portfolio changes are necessary based solely on this routine disclosure.

PVR INOX Q3 FY26 PAT Jumps 69% to ₹115 Cr; Net Debt Reduced to ₹365 Cr

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 12 Feb 2026, 06:04 PM

PVR INOX reported a robust Q3 FY26 performance with revenue growing 10% YoY to ₹1,908 crore and PAT surging 69% to ₹115 crore. The company maintained a steady 18% EBITDA margin, demonstrating structural cost efficiencies and merger synergies even at 28.5% occupancy levels. A significant highlight is the reduction of net debt to ₹365 crore, supported by strong free cash flows and the ₹226.8 crore divestment of the 4700BC brand. Management has guided for an aggressive expansion of 150 screens in FY27 using a capital-light model.

Revenue grew 10% YoY to ₹1,908 crore; EBITDA increased 34% to ₹345 crore with 18% margins.
Net debt stands at ₹365 crore, a reduction of over ₹1,000 crore since the merger.
Average Ticket Price (ATP) and Spend Per Head (SPH) both increased by 4% YoY to ₹293 and ₹146.
Divested 4700BC premium snacking brand to Marico for ₹226.8 crore in an all-cash deal.
On track to add 100 screens in FY26 and targeting 150 screens in FY27 under FOCO/asset-light models.

💡 Investors should find confidence in the company's rapid deleveraging and shift toward a capital-light expansion strategy. The sustained 18% EBITDA margins at lower occupancies suggest high operating leverage as the 2026 content slate remains strong.

PVR INOX Seeks Shareholder Approval for MD and Executive Director Remuneration

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 12 Feb 2026, 05:52 PM

PVR INOX Limited has initiated a postal ballot to seek shareholder approval for the remuneration of Managing Director Ajay Kumar Bijli and Executive Director Sanjeev Kumar. The proposed compensation covers a two-year period from February 6, 2026, to February 5, 2028. Notably, the resolutions include provisions for payment of minimum remuneration even in the event of a loss or inadequacy of profits. The e-voting period for shareholders is scheduled from February 13, 2026, to March 14, 2026.

Approval sought for remuneration of MD Ajay Kumar Bijli and ED Sanjeev Kumar for the period 2026-2028.
Includes a special resolution for minimum remuneration in case of inadequate company profits.
E-voting period spans 30 days from February 13, 2026, to March 14, 2026.
The cut-off date for reckoning e-voting rights was Friday, February 6, 2026.
Final voting results are expected to be announced on or before March 17, 2026.

💡 Investors should monitor the voting results to gauge shareholder sentiment regarding executive compensation, especially the 'minimum remuneration' clause during periods of low profitability. No immediate trading action is required as this is a standard regulatory compliance procedure.

PVR INOX Participates in Nuvama India Conference 2026 for Institutional Investors

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 09 Feb 2026, 05:25 PM

PVR INOX Limited participated in the Nuvama India Conference 2026 on February 9, 2026, in Mumbai. The company engaged with institutional investors through both one-to-one and group meeting formats. Management confirmed that no unpublished price sensitive information (UPSI) was shared during these interactions. This disclosure is a routine compliance filing under Regulation 30 of SEBI (LODR) Regulations, 2015.

Participation in the Nuvama India Conference 2026 organized by Nuvama Institutional Equities.
Meetings conducted on February 9, 2026, starting at 10:00 AM IST in Mumbai.
Interaction format included both one-to-one and group sessions with institutional investors.
Company explicitly stated that no unpublished price sensitive information was disclosed.

💡 No immediate action is required as this is a routine regulatory disclosure. Investors should focus on upcoming quarterly results for material updates on business performance.

PVR INOX Q3 FY26 Standalone PAT Jumps 175% YoY to ₹950 Million; Revenue Up 11%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 05:44 PM

PVR INOX reported a strong performance for Q3 FY26 with standalone revenue reaching ₹17,736 million, an 11% increase from ₹15,958 million in the same quarter last year. Standalone Profit After Tax (PAT) saw a significant surge of 175% YoY to ₹950 million, despite an exceptional charge of ₹423 million related to new Labour Code regulations. The company also announced the post-quarter sale of its 93.27% stake in Zea Maize Private Limited for ₹2,268 million, which is expected to significantly boost cash reserves. Operating margins remained healthy at 32.36%, and the debt-to-equity ratio improved to 0.15.

Standalone Revenue from operations grew 11.1% YoY to ₹17,736 million in Q3 FY26.
Standalone Net Profit (PAT) increased significantly to ₹950 million from ₹345 million in Q3 FY25.
Recorded an exceptional item of ₹423 million due to the incremental impact of new Labour Codes.
Post-quarter disposal of 93.27% stake in subsidiary Zea Maize Private Limited for ₹2,268 million.
Debt-to-equity ratio improved to 0.15 compared to 0.23 in the previous year's corresponding quarter.

💡 Investors should take note of the strong bottom-line growth and the company's successful efforts in debt reduction and asset monetization. The stock remains a key play on the recovery of the theatrical exhibition sector and improved balance sheet strength.

PVR INOX Q3 FY26: PAT Jumps to INR 1,149 Mn; Net Debt Reduced by 74% Since Merger

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 01:51 PM

PVR INOX reported a strong Q3 FY26 with revenue of INR 19,077 mn and a PAT of INR 1,149 mn (excluding Ind AS 116). The company achieved its lowest net debt since the merger at INR 3,652 mn, marking a significant 74% reduction. Operational metrics showed growth with footfalls rising 8.6% YoY to 40.5 mn and Average Ticket Price (ATP) increasing 4.1% to INR 293. The company's strategic shift toward a capital-light expansion model and the divestment of its 4700BC stake for INR 226.8 crore have significantly strengthened the balance sheet.

Q3 Revenue at INR 19,077 mn and PAT at INR 1,149 mn (excluding Ind AS 116 impact)
Net debt reduced by INR 10,652 mn (74%) since merger to a low of INR 3,652 mn
Patron footfalls grew 8.6% YoY to 40.5 mn with a 4.2% increase in F&B Spend per Head to INR 146
Added 62 new screens in 9M FY26, with 149 screens currently signed under capital-light models
Divested entire stake in 4700BC snacking brand to Marico for INR 226.8 crore in cash

💡 Investors should take note of the company's successful deleveraging and transition to a capital-light model, which improves margin resilience. The robust content pipeline for 2026 and record box office trends in 2025 provide a positive outlook for sustained growth.

PVR INOX Q3 FY26 PAT Surges 68.7% YoY to ₹114.9 Cr; Revenue Up 9.7%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 01:51 PM

PVR INOX reported a strong Q3 FY26 with revenue growing 9.7% YoY to ₹1,907.7 crore, driven by record box office performance. Adjusted PAT saw a significant jump of 68.7% to ₹114.9 crore, while EBITDA margins expanded to 18% from 14.9% in the previous year. Operational metrics improved across the board, with admits rising 8.6% to 40.5 million and Spend Per Head (SPH) increasing to ₹146. The company achieved its highest-ever 9-month revenue and PAT post-pandemic, signaling a robust recovery in the cinema exhibition industry.

Q3 FY26 Revenue grew 9.7% YoY to ₹19,077 million; 9M FY26 Revenue up 14.2% to ₹52,388 million.
Adjusted PAT for Q3 FY26 stood at ₹1,149 million, a 68.7% increase over ₹681 million in Q3 FY25.
Average Ticket Price (ATP) rose 4.1% to ₹293, while Spend Per Head (SPH) grew 4.2% to ₹146 in Q3.
EBITDA (adjusted for Ind-AS 116 and one-time items) grew 33% YoY to ₹3,435 million in Q3.
2025 marked the highest-ever Indian Box Office collection at ₹13,395 crore, 32% above pre-pandemic levels.

💡 Investors should note the significant margin expansion and record box office collections as signs of structural recovery. The steady growth in SPH and a strong content pipeline for 2026 suggest continued momentum for the stock.

PVR INOX Q3 PAT Falls to ₹345M; 9M Turnaround and Subsidiary Sale Announced

🔵 WATCH ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 01:40 PM

PVR INOX reported a standalone Profit After Tax (PAT) of ₹345 million for Q3 FY26, a significant decline from ₹1,477 million in the same quarter last year. Revenue remained relatively flat at ₹17,736 million compared to ₹17,577 million in Q3 FY25, while the bottom line was impacted by a ₹423 million exceptional item related to new Labour Codes. Despite the quarterly dip, the nine-month performance shows a strong turnaround with a PAT of ₹1,039 million against a loss of ₹2,769 million in the previous year. Additionally, the company announced the post-quarter sale of its subsidiary Zea Maize for ₹2,268 million, which will provide a liquidity boost.

Revenue from operations for Q3 FY26 stood at ₹17,736 million, showing marginal growth of 0.9% YoY.
Net Profit for the quarter fell to ₹345 million from ₹1,477 million in Q3 FY25, impacted by higher expenses and exceptional items.
Recognized an exceptional charge of ₹423 million due to the incremental impact of new Government Labour Codes.
Nine-month (9M) PAT turned positive at ₹1,039 million compared to a substantial loss of ₹2,769 million in 9M FY25.
Announced post-quarter disposal of 93.27% stake in Zea Maize Private Limited for ₹2,268 million.

💡 Investors should focus on the 9-month turnaround and the cash inflow from the Zea Maize sale, while monitoring if the Q3 margin compression is a temporary trend. The stock remains a watch as the company navigates regulatory costs and seeks to stabilize profitability post-merger.

PVR INOX Q3 FY26 PAT Falls 76% YoY to ₹345 Million; Revenue Flat at ₹17.7 Billion

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 01:37 PM

PVR INOX reported a sharp 76.6% year-on-year decline in net profit for Q3 FY26, dropping to ₹345 million from ₹1,477 million. Revenue from operations remained stagnant at ₹17,736 million, reflecting a marginal 0.9% growth. The results were weighed down by an exceptional item of ₹423 million related to the implementation of new Labour Codes. Notably, the company sold its 93.27% stake in Zea Maize Private Limited for ₹2,268 million after the quarter ended, which is expected to boost liquidity in the next reporting period.

Profit After Tax (PAT) plummeted to ₹345 million in Q3 FY26 from ₹1,477 million in Q3 FY25.
Total Income for the quarter stood at ₹18,097 million, compared to ₹17,914 million in the previous year.
Exceptional item of ₹423 million recognized for the incremental impact of new Labour Codes.
Post-quarter divestment of subsidiary Zea Maize Private Limited for ₹2,268 million against a carrying value of ₹951 million.
Earnings Per Share (EPS) declined significantly to ₹3.51 from ₹15.04 in the corresponding quarter last year.

💡 The sharp profit decline and flat revenue indicate a weak quarter for the exhibition business; investors should wait for management commentary on the content pipeline. The upcoming cash inflow from the Zea Maize sale provides a buffer for debt reduction or expansion.

PVR INOX Opens New 8-Screen Multiplex in Hyderabad; Total Screen Count Reaches 1,791

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 04 Feb 2026, 06:21 PM

PVR INOX has launched a new 8-screen multiplex at Odeon Mall in Hyderabad, a prominent cinema district. This addition brings the company's total screen count in Hyderabad to 119 across 19 properties. Nationally, the company now operates 1,791 screens across 358 properties in 112 cities. The new facility features 1,402 seats and advanced technologies like 4K projection and Dolby Atmos to drive footfalls and enhance the premium viewing experience.

Opened an 8-screen multiplex with 1,402 seats at Odeon Mall, Hyderabad.
Total screen count reaches 1,791 across 358 properties in India and Sri Lanka.
Strengthens South India presence to 599 screens across 28 cities.
Equipped with advanced 4K projection, Dolby Atmos, and DTS:X sound technology.
Features a wide range of in-house F&B brands to enhance non-ticket revenue.

💡 Investors should view this as a positive step in consolidating market leadership in high-demand regions like Hyderabad. Monitor how these new screen additions contribute to the company's occupancy rates and average ticket price (ATP) in upcoming quarterly results.

PVR INOX to Participate in Nuvama India Conference 2026 on February 9

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Feb 2026, 12:56 PM

PVR INOX Limited has scheduled its participation in the Nuvama India Conference 2026, organized by Nuvama Institutional Equities. The event is set for February 9, 2026, at 10:00 AM IST in Mumbai and will be an in-person engagement. The company will conduct both one-on-one and group meetings with institutional investors. Management has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during these sessions.

Participation in Nuvama India Conference 2026 scheduled for February 9, 2026
The event will be held in-person in Mumbai starting at 10:00 AM IST
Format includes a mix of one-to-one and group meetings with institutional investors
Company confirms no unpublished price sensitive information will be disclosed
Compliance filing made under Regulation 30 of SEBI LODR Regulations

💡 This is a routine investor outreach event; investors should watch for any subsequent investor presentations or management commentary released on the exchanges following the meet.

PVR INOX Schedules Q3 & 9M FY26 Earnings Conference Call for February 5, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 29 Jan 2026, 06:23 PM

PVR INOX Limited has scheduled a conference call on February 5, 2026, at 4:00 PM IST to discuss its financial performance for the third quarter and nine months ended December 31, 2025. The call will be attended by top management, including Managing Director Ajay Bijli and CFO Gaurav Sharma. This is a standard post-earnings interaction to provide clarity on the company's financial health and operational outlook. Investors and analysts can participate via the provided dial-in numbers or the Diamond Pass registration link.

Conference call scheduled for February 5, 2026, at 16:00 hours IST.
Discussion will focus on un-audited Standalone and Consolidated results for Q3 and 9M FY26.
Senior management including MD Ajay Bijli and CFO Gaurav Sharma will lead the session.
The session includes a management commentary followed by an interactive Q&A session.
Universal access numbers for the call are +91 22 6280 1144 and +91 22 7115 8045.

💡 Investors should monitor the financial results release prior to the call and listen for management commentary regarding box office recovery and screen expansion plans.

PVR INOX Completes Sale of 93.27% Stake in Zea Maize (4700BC) to Marico

🟢 POSITIVE ⭐ 7/10

M&A 📅 29 Jan 2026, 05:49 PM

PVR INOX Limited has officially completed the divestment of its entire 93.27% stake in Zea Maize Private Limited (ZMPL) to Marico Limited. ZMPL is the owner of the popular gourmet popcorn brand '4700BC'. Following the completion of the transaction on January 29, 2026, ZMPL has ceased to be a subsidiary of PVR INOX. This move represents a strategic exit from a non-core business segment for the cinema exhibition giant.

Divestment of 93.27% paid-up equity share capital in Zea Maize Private Limited completed.
The transaction involves the transfer of the '4700BC' gourmet popcorn brand to Marico Limited.
Zea Maize Private Limited ceased to be a subsidiary of PVR INOX effective January 29, 2026.
The sale follows the definitive agreements and initial intimation made on January 26, 2026.

💡 Investors should view this as a positive step towards streamlining the company's portfolio and focusing on the core cinema exhibition business. Monitor the upcoming quarterly results for details on the cash inflow and its impact on debt reduction.

PVR INOX to Divest 4700BC Stake to Marico for INR 226.8 Crore

🟢 POSITIVE ⭐ 8/10

M&A 📅 26 Jan 2026, 02:14 PM

PVR INOX has entered into a definitive agreement to sell its entire stake in Zea Maize Private Limited (4700BC brand) to Marico Limited for an all-cash consideration of INR 226.8 crore. This divestment is a strategic move to unlock shareholder value and reallocate capital toward the company's core cinema exhibition business. The transaction is expected to be accretive to PVR INOX's profit, free cash flow, and return ratios. Importantly, the company confirmed that this sale will have no material impact on its existing in-cinema food and beverage revenues.

Monetization of entire stake in Zea Maize Private Limited (4700BC) for INR 226.8 crore
All-cash transaction with FMCG leader Marico Limited to strengthen the balance sheet
Strategic exit from a non-core asset to focus resources on the core cinema exhibition business
Expected to improve overall return ratios and free cash flow for PVR INOX
No material impact on the company's internal in-cinema F&B growth trajectory

💡 Investors should view this as a positive development as it provides a significant cash infusion and allows the management to focus on the core business. The deal helps in deleveraging the balance sheet and improving capital efficiency.

PVR INOX to sell 93.27% stake in 4700BC brand owner ZMPL to Marico for ₹226.8 Crore

🟢 POSITIVE ⭐ 8/10

M&A 📅 26 Jan 2026, 02:02 PM

PVR INOX has approved the sale of its entire 93.27% stake in Zea Maize Private Limited (ZMPL), which owns the gourmet popcorn brand '4700BC', to Marico Limited. The transaction is valued at ₹226.8 Crore, providing a significant cash infusion for a non-core asset. ZMPL contributed approximately 1.71% (₹98.66 Cr) to PVR INOX's turnover and 0.42% to its net worth in the last financial year. This divestment allows the company to focus on its core cinema exhibition business while unlocking value from its subsidiary.

Divestment of 93.27% stake in Zea Maize Private Limited (ZMPL) to Marico Limited
Total consideration for the sale is fixed at ₹226.8 Crore
ZMPL reported a turnover of ₹98.66 Crore (1.71% of PVR INOX total) in the last FY
Transaction expected to be completed within 30 days from January 26, 2026
ZMPL's net worth contribution was ₹29.53 Crore, representing 0.42% of the parent company

💡 Investors should view this as a positive move to streamline the business and strengthen the balance sheet through the monetization of a non-core asset. The proceeds can be effectively redeployed into the core cinema exhibition segment or used for debt reduction.

View All PVRINOX Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total Revenue decreased by 8% (INR 4,622 Mn) in FY25. Segment performance: Movie ticket sales fell 10% to INR 29,424 Mn; Food and Beverages (F&B) declined 8% to INR 17,335 Mn; Advertising revenue dipped 1% to INR 3,365 Mn; and Convenience fees decreased 3% to INR 2,214 Mn. However, Q2 FY26 showed a recovery with total income rising 12% YoY to INR 1,641.9 Cr.

Geographic Revenue Split

Not specifically disclosed by region in the provided documents, though the company operates across India and has a presence in Sri Lanka via PVR Lanka Ltd.

Profitability Margins

FY25 Standalone PAT margin was -3% (loss of INR 1,491 Mn) compared to -1% in FY24. H1 FY26 consolidated PAT margin improved to 1.5% (INR 51 Cr) from a negative margin of -6.6% in H1 FY25, driven by better content performance.

EBITDA Margin

Adjusted EBITDA margin for H1 FY26 stood at 13.3% (INR 441.4 Cr) compared to 6.6% (INR 187 Cr) in H1 FY25, representing a 670 bps improvement. FY25 full-year EBITDA margin was impacted by a 10% drop in admissions.

Capital Expenditure

Planned capex for FY26 is estimated between INR 400 Cr and INR 500 Cr. This will fund the addition of 100-120 new screens, maintenance of existing properties, and IT initiatives.

Credit Rating & Borrowing

Maintains a 'Stable' outlook from CRISIL and India Ratings. Net debt was reduced from INR 1,294 Cr in March 2024 to INR 952.2 Cr by March 2025. The company aims to reduce net debt to below INR 800 Cr by FY26.

⚙️ Operational Drivers

Raw Materials

Food and beverage supplies (corn, oil, seasonings, syrups) represent the primary raw material costs, though specific % of total cost per item is not disclosed.

Import Sources

Sourced primarily within India; F&B supplies are managed through subsidiaries like Zea Maize Pvt Ltd.

Key Suppliers

Zea Maize Pvt Ltd (subsidiary) for gourmet popcorn; various third-party vendors for F&B and IT support.

Capacity Expansion

Current capacity is 1,714 screens across 348 locations as of March 2025. Planned expansion of 100-120 screens annually, primarily through asset-light models.

Raw Material Costs

F&B costs are a major component; the company achieved a 1% increase in Spend Per Head (SPH) to INR 134 in FY25 despite lower admissions, helping offset procurement cost volatility.

Manufacturing Efficiency

Occupancy levels were 23.0% in FY25, down 260 bps from 25.6% in FY24. Efficiency is being targeted through the closure of 72 underperforming screens which saved ~INR 80 Mn in EBITDA.

📈 Strategic Growth

Expected Growth Rate

12%

Growth Strategy

Pivoting to an asset-light model (FOCO) to add 100-120 screens annually with minimal upfront capex. Growth is also driven by 'PVR INOX Pictures' for film distribution (INR 500 Mn equity invested) and premiumization through increased SPH and ATP.

Products & Services

Movie tickets, food and beverages (popcorn, snacks), in-cinema advertising, movie distribution services, and convenience fees for online booking.

Brand Portfolio

PVR, INOX, PVR INOX Pictures, 4700BC (Zea Maize), PVR Luxe, PVR P[XL], PVR Director's Cut.

New Products/Services

Expansion of the 'Passport' subscription program and alternate content screenings (live sports, concerts) to improve mid-week occupancy.

Market Expansion

Focusing on under-penetrated markets in India and optimizing the existing circuit by exiting loss-making malls (72 screens exited in FY25).

Market Share & Ranking

Largest multiplex operator in India with 1,700+ screens.

Strategic Alliances

Joint ventures include PVR Lanka Ltd and partnerships with mall developers for FOCO model cinemas.

🌍 External Factors

Industry Trends

The industry is shifting toward premiumization and 'cinema as an experience' to compete with OTT. PVR is positioning itself by adding IMAX and 4DX screens while reducing fixed costs through developer-funded capex.

Competitive Landscape

Primary competition from OTT platforms (Netflix, Amazon Prime) and other alternate media/broadcasting mediums.

Competitive Moat

Strong brand equity and market leadership (scale) allow for better rental negotiations and higher advertising rates. The moat is sustainable due to the exclusive theatrical window for major blockbusters.

Macro Economic Sensitivity

Highly sensitive to discretionary consumer spending and inflation in F&B input costs.

Consumer Behavior

Shift toward consuming long-form content on OTT, especially for small and medium-budget movies, challenging traditional multiplex growth.

Geopolitical Risks

Hollywood strikes (2023) significantly delayed the content pipeline for FY25, leading to lower occupancy and revenue.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with SEBI (LODR) Regulations and Section 177 of the Companies Act for internal financial controls. Cinema operations are subject to local licensing and entertainment tax norms.

Environmental Compliance

Investing in rooftop solar and energy-efficient equipment; ESG profile supports credit risk profile with low greenhouse gas emissions.

Taxation Policy Impact

Effective tax rate resulted in a tax credit/expense of INR 381 Mn in FY24 and a credit of INR 541 Mn in FY25 due to losses.

Legal Contingencies

Not disclosed in specific INR values; however, the company maintains a robust risk management framework to handle legal and ethical responsibilities.

⚠️ Risk Analysis

Key Uncertainties

Content risk (quality of movies) and competition from OTT platforms could lead to sustained lower occupancy (<23%), impacting ROCE targets (currently 16%, target >12%).