| Reconciliation of Revenue from Segments to Consolidated |
| | | | | | | | | | | | Three Months Ended | | | June 30, 2026 | (In millions) | | U.S. Markets | | International Markets | | Consolidated | Revenues (1) | | $ | 1,258.6 | | $ | 338.1 | | $ | 1,596.7 | Less: | | | | | | | | | | Film exhibition costs | | | 362.0 | | | 78.3 | | | 440.3 | Food and beverage costs | | | 79.7 | | | 28.0 | | | 107.7 | Operating expense, excluding depreciation and amortization (2) | | | 343.7 | | | 112.4 | | | 456.1 | Rent | | | 161.6 | | | 62.2 | | | 223.8 | General and administrative expense - other, excluding depreciation and amortization (3) | | | 26.0 | | | 22.7 | | | 48.7 | Other segment items (4) | | | — | | | (1.3) | | | (1.3) | Adjusted EBITDA | | $ | 285.6 | | $ | 35.8 | | $ | 321.4 |
| | | | | | | | | | | | Three Months Ended | | | June 30, 2025 | (In millions) | | U.S. Markets | | International Markets | | Consolidated | Revenues (1) | | $ | 1,114.2 | | $ | 283.7 | | $ | 1,397.9 | Less: | | | | | | | | | | Film exhibition costs | | | 325.6 | | | 66.5 | | | 392.1 | Food and beverage costs | | | 72.8 | | | 23.3 | | | 96.1 | Operating expense, excluding depreciation and amortization (2) | | | 342.3 | | | 113.5 | | | 455.8 | Rent | | | 162.7 | | | 59.9 | | | 222.6 | General and administrative expense - other, excluding depreciation and amortization (3) | | | 29.5 | | | 22.7 | | | 52.2 | Other segment items (4) | | | — | | | (10.4) | | | (10.4) | Adjusted EBITDA | | $ | 181.3 | | $ | 8.2 | | $ | 189.5 |
| | | | | | | | | | | | Six Months Ended | | | June 30, 2026 | (In millions) | | U.S. Markets | | International Markets | | Consolidated | Revenues (1) | | $ | 1,999.4 | | $ | 642.7 | | $ | 2,642.1 | Less: | | | | | | | | | | Film exhibition costs | | | 548.6 | | | 147.3 | | | 695.9 | Food and beverage costs | | | 124.0 | | | 50.1 | | | 174.1 | Operating expense, excluding depreciation and amortization (2) | | | 637.0 | | | 226.7 | | | 863.7 | Rent | | | 324.0 | | | 123.9 | | | 447.9 | General and administrative expense - other, excluding depreciation and amortization (3) | | | 58.3 | | | 44.0 | | | 102.3 | Other segment items (4) | | | — | | | (1.5) | | | (1.5) | Adjusted EBITDA | | $ | 307.5 | | $ | 52.2 | | $ | 359.7 |
| | | | | | | | | | | | Six Months Ended | | | June 30, 2025 | (In millions) | | U.S. Markets | | International Markets | | Consolidated | Revenues (1) | | $ | 1,731.2 | | $ | 529.2 | | $ | 2,260.4 | Less: | | | | | | | | | | Film exhibition costs | | | 476.8 | | | 120.1 | | | 596.9 | Food and beverage costs | | | 113.8 | | | 39.5 | | | 153.3 | Operating expense, excluding depreciation and amortization (2) | | | 629.4 | | | 216.8 | | | 846.2 | Rent | | | 325.3 | | | 115.4 | | | 440.7 | General and administrative expense - other, excluding depreciation and amortization (3) | | | 61.7 | | | 40.8 | | | 102.5 | Other segment items (4) | | | — | | | (11.0) | | | (11.0) | Adjusted EBITDA | | $ | 124.2 | | $ | 7.6 | | $ | 131.8 |
| (1) | All segment revenues are comprised of revenues from external customers. |
| (2) | Operating expense, excluding depreciation and amortization excludes certain expenses as further defined in the reconciliation of net loss to Adjusted EBITDA below. |
| (3) | General and administrative expense—other, excluding depreciation and amortization excludes stock compensation expense. |
| (4) | Other segment items include government assistance, business interruption insurance recoveries, and attributable EBITDA from International theatre joint ventures. |
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| Schedule of reconciliation of net earnings to Adjusted EBITDA |
The following table sets forth a reconciliation of net loss to Adjusted EBITDA: | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | (In millions) | | June 30, 2026 | | June 30, 2025 | | June 30, 2026 | | June 30, 2025 | Net loss | | $ | (11.4) | | $ | (4.7) | | $ | (128.5) | | $ | (206.8) | Plus: | | | | | | | | | | | | | Income tax provision (1) | | | 3.4 | | | 1.2 | | | 5.6 | | | 2.8 | Interest expense | | | 136.0 | | | 129.6 | | | 275.9 | | | 248.7 | Depreciation and amortization | | | 76.1 | | | 77.8 | | | 151.8 | | | 153.9 | Certain operating expense (2) | | | 2.3 | | | 2.6 | | | 2.0 | | | 5.4 | Equity in earnings of non-consolidated entities (3) | | | (4.0) | | | (2.1) | | | (6.7) | | | (2.9) | Attributable EBITDA (4) | | | 0.6 | | | 0.1 | | | 0.8 | | | 0.5 | Investment expense (income) (5) | | | 0.5 | | | (1.4) | | | (17.8) | | | (7.1) | Other expense (income) (6) | | | 114.3 | | | (19.7) | | | 64.6 | | | (77.5) | Merger, acquisition and other costs (7) | | | 0.3 | | | 0.1 | | | 1.4 | | | 3.1 | Stock-based compensation expense (8) | | | 3.3 | | | 6.0 | | | 10.6 | | | 11.7 | Adjusted EBITDA | | $ | 321.4 | | $ | 189.5 | | $ | 359.7 | | $ | 131.8 |
| (1) | For information regarding the income tax provision, see Note 7—Income Taxes. |
| (2) | Amounts represent preopening expense related to temporarily closed screens under renovation, theatre and other closure expense for the permanent closure of screens, disposition of assets, and other non-operating gains or losses included in operating expenses. The Company has excluded these items as they are non-cash in nature or related to theatres that are not open. |
| (3) | Equity in earnings of non-consolidated entities during the three months ended June 30, 2026 primarily consisted of equity in earnings from AC JV, LLC (“AC JV”) of $(3.3) million. Equity in earnings of non-consolidated entities during the three months ended June 30, 2025 primarily consisted of equity in earnings from AC JV of $(1.8) million. |
Equity in earnings of non-consolidated entities during the six months ended June 30, 2026 primarily consisted of equity in earnings from AC JV of $(5.7) million. Equity in earnings of non-consolidated entities during the six months ended June 30, 2025 primarily consisted of equity in earnings from AC JV of $(2.6) million. | (4) | Attributable EBITDA includes the EBITDA from equity investments in theatre operators in certain International markets. See below for a reconciliation of the Company’s equity in (earnings) of non-consolidated entities to attributable EBITDA. Because these equity investments are in theatre operators in regions where the Company holds a significant market share, the Company believes attributable EBITDA is more indicative of the performance of these equity investments and management uses this measure to monitor and evaluate these equity investments. |
| | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | (In millions) | | June 30, 2026 | | June 30, 2025 | | June 30, 2026 | | June 30, 2025 | Equity in (earnings) of non-consolidated entities | | $ | (4.0) | | $ | (2.1) | | $ | (6.7) | | $ | (2.9) | Less: | | | | | | | | | | | | | Equity in (earnings) of non-consolidated entities excluding International theatre joint ventures | | | (3.5) | | | (2.2) | | | (6.2) | | | (3.0) | Equity in earnings (loss) of International theatre joint ventures | | | 0.5 | | | (0.1) | | | 0.5 | | | (0.1) | Income tax benefit | | | — | | | (0.1) | | | — | | | (0.1) | Investment income | | | (0.1) | | | — | | | (0.1) | | | — | Interest expense | | | — | | | 0.1 | | | — | | | 0.1 | Depreciation and amortization | | | 0.2 | | | 0.2 | | | 0.4 | | | 0.6 | Attributable EBITDA | | $ | 0.6 | | $ | 0.1 | | $ | 0.8 | | $ | 0.5 |
| (5) | Investment expense during the three months ended June 30, 2026 includes unrealized losses on the |
| | Company’s investment in Hycroft of $1.5 million, partially offset by interest income of $(1.0) million. Investment income during the three months ended June 30, 2025 included interest income of $(1.7) million, partially offset by unrealized losses on the Company’s investments in Hycroft of $0.3 million. |
Investment income during the six months ended June 30, 2026 includes realized and unrealized gains on the Company’s investments in Hycroft of $(16.5) million and interest income of $(1.3) million. Investment income during the six months ended June 30, 2025 included interest income of $(4.6) million and unrealized gains on the Company’s investments in Hycroft of $(2.5) million. | (6) | Other expense during the three months ended June 30, 2026 includes the increase in the fair value of the bifurcated embedded derivative in the New Exchangeable Notes of $41.3 million, the loss on extinguishment of the New Exchangeable Notes of $33.0 million, the loss on extinguishment of the Odeon Notes due 2027 of $30.1 million, the increase in the fair value of the bifurcated embedded derivative in the Existing Exchangeable Notes of $9.8 million, and net periodic pension cost of $0.5 million, partially offset by foreign currency transaction gains of $(0.4) million. Other income during the three months ended June 30, 2025 included foreign currency transaction gains of $(23.9) million, partially offset by an increase in the fair value of the bifurcated embedded derivative in the Existing Exchangeable Notes of $3.9 million and $0.3 million of net periodic pension cost. |
Other expense during the six months ended June 30, 2026 includes the loss on extinguishment of the New Exchangeable Notes of $33.0 million, the loss on extinguishment of the Odeon Notes due 2027 of $30.1 million, foreign currency transaction losses of $8.6 million, the increase in the fair value of the bifurcated embedded derivative in the Existing Exchangeable Notes of $2.7 million, net periodic pension cost of $1.0 million and debt modification third party fees of $0.3 million, partially offset by the decrease in the fair value of the bifurcated embedded derivative in the New Exchangeable Notes of $(11.1) million. Other income during the six months ended June 30, 2025 included a decrease in the fair value of the bifurcated embedded derivative in the Existing Exchangeable Notes of $(41.2) million and foreign currency transaction gains of $(36.9) million, partially offset by $0.6 million of net periodic pension cost. | (7) | Merger, acquisition and other costs are excluded as they are non-operating in nature. |
| (8) | Non-cash expense included in general and administrative: other. |
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