NCM operates a digital in-theater network in the U.S. for providing cinema advertising. The Company has an investment in NCM’s parent National CineMedia, Inc. (“NCMI”). Below is a summary of the changes to the Company’s investment in NCMI and NCM screen advertising advances for the nine months ended September 30, 2026:


	Investment in NCMI (1)			NCM Screen Advertising Advances (2)

Balance at January 1, 2026	$	17.0		$	(307.2	)
Interest accrued related to significant financing component		—			(15.4	)
Annual common unit adjustment (3)		—			0.5
Unrealized loss on fair market value adjustment of investment in NCMI		(7.2	)		—
Amortization of screen advertising advances		—			24.3
Balance at September 30, 2026	$	9.8		$	(297.8	)

(1)

Our Investment in NCMI is accounted for under the fair value of accounting method. As of September 30, 2026, our Investment in NCMI is included in “Prepaid expenses and other” on the condensed consolidated balance sheet.

(2)

See “NCM Screen Advertising Advances and Other Deferred Revenue” in Note 4 for the remaining maturity of NCM screen advertising advances as of September 30, 2026.

(3)

Represents amount paid to NCM pursuant to the 2025 common unit adjustment under the Common Unit Agreement.

The Company recognized unrealized losses of $6.8 and $7.2 on its investment in NCMI in the Company’s condensed consolidated statements of income for the three and nine months ended September 30, 2026, respectively. The Company recognized unrealized losses of $1.5 and $9.3 on its investment in NCMI in the Company’s condensed consolidated statements of income for the three and nine months ended September 30, 2025, respectively.

The Company received cash distributions of $1.3 and $1.6 from NCMI during the nine months ended September 30, 2026 and 2025, respectively, including cash receipts pursuant to a tax receivable agreement.

The Company is a party to an Exhibitor Services Agreement (“ESA”) with NCM, pursuant to which NCM primarily provides screen advertising to the Company’s theaters through its branded “Noovie” pre-show entertainment program and also handles lobby promotions and displays for the Company’s theaters. The Company receives a monthly theater access fee for participation in the NCM network and also earns screen advertising or screen rental revenue on a per patron basis. During the nine months ended September 30, 2026 and 2025, the Company recognized screen rental revenue under the ESA of $20.0 and $16.2, respectively, which includes the per

patron and per digital screen theater access fees, net of amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire of approximately $5.1 and $6.7, respectively. As of September 30, 2026 and December 31, 2025, the Company had a receivable from NCM of $4.9 and $4.2, respectively.

As discussed in Note 8 to the Company’s Annual Report on Form 10-K filed February 18, 2026, the Company’s ESA with NCM includes an implied significant financing component associated with the NCM screen advertising advances included above. The amortization of the screen advertising advances is recorded in “Other revenue” in the Company’s condensed consolidated statements of income. As a result of the significant financing component, the Company recognized incremental screen rental revenue and interest expense of $24.3 and $15.4, respectively, during the nine months ended September 30, 2026 and incremental screen rental revenue and interest expense of $24.4 and $16.0, respectively, during the nine months ended September 30, 2025.

Below is a summary of the activity for each of the Company’s investments in other affiliates for the nine months ended September 30, 2026. See Note 8 to the consolidated financial statements in the Company’s Annual Report on Form 10-K filed February 18, 2026 for a further discussion of these investments.


	AC JV, LLC			DCDC		FE Concepts			Total
Balance at January 1, 2026	$	3.8		$	3.5	$	16.6		$	23.9
Equity income		6.2			0.1		1.1			7.4
Cash distributions received		(4.3	)		—		(2.0	)		(6.3	)
Balance at September 30, 2026	$	5.7		$	3.6	$	15.7		$	25.0

Below is a summary of transactions with each of the Company’s other affiliates for the three and nine months ended September 30, 2026 and 2025:


		Three Months Ended				Nine Months Ended
Investee	Transactions	September 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
AC JV, LLC	Event fees paid (1)	$	7.0	$	3.1	$	13.0	$	14.8
DCDC	Content delivery fees paid (1)	$	0.1	$	0.1	$	0.4	$	0.4

(1)

Included in film rentals and advertising costs on the condensed consolidated statements of income.