| Reconciliation of Revenue from Segments to Consolidated |
| | | | | | | | | | | | Three Months Ended | | | September 30, 2026 | (In millions) | | U.S. Markets | | International Markets | | Consolidated | Revenues (1) | | $ | 1,299.1 | | $ | 412.0 | | $ | 1,711.1 | Less: | | | | | | | | | | Film exhibition costs | | | 373.4 | | | 103.1 | | | 476.5 | Food and beverage costs | | | 74.9 | | | 32.2 | | | 107.1 | Operating expense, excluding depreciation and amortization (2) | | | 379.6 | | | 122.9 | | | 502.5 | Rent | | | 159.3 | | | 61.9 | | | 221.2 | General and administrative expense - other, excluding depreciation and amortization (3) | | | 36.9 | | | 22.3 | | | 59.2 | Other segment items (4) | | | — | | | (2.9) | | | (2.9) | Adjusted EBITDA | | $ | 275.0 | | $ | 72.5 | | $ | 347.5 |
| | | | | | | | | | | | Three Months Ended | | | September 30, 2025 | (In millions) | | U.S. Markets | | International Markets | | Consolidated | Revenues (1) | | $ | 1,005.9 | | $ | 294.3 | | $ | 1,300.2 | Less: | | | | | | | | | | Film exhibition costs | | | 284.6 | | | 67.8 | | | 352.4 | Food and beverage costs | | | 65.4 | | | 23.2 | | | 88.6 | Operating expense, excluding depreciation and amortization (2) | | | 353.6 | | | 110.4 | | | 464.0 | Rent | | | 163.4 | | | 60.7 | | | 224.1 | General and administrative expense - other, excluding depreciation and amortization (3) | | | 27.7 | | | 21.4 | | | 49.1 | Other segment items (4) | | | — | | | (0.5) | | | (0.5) | Adjusted EBITDA | | $ | 111.2 | | $ | 11.3 | | $ | 122.5 |
| | | | | | | | | | | | Nine Months Ended | | | September 30, 2026 | (In millions) | | U.S. Markets | | International Markets | | Consolidated | Revenues (1) | | $ | 3,298.5 | | $ | 1,054.7 | | $ | 4,353.2 | Less: | | | | | | | | | | Film exhibition costs | | | 922.0 | | | 250.4 | | | 1,172.4 | Food and beverage costs | | | 198.9 | | | 82.3 | | | 281.2 | Operating expense, excluding depreciation and amortization (2) | | | 1,016.6 | | | 349.6 | | | 1,366.2 | Rent | | | 483.3 | | | 185.8 | | | 669.1 | General and administrative expense - other, excluding depreciation and amortization (3) | | | 95.2 | | | 66.3 | | | 161.5 | Other segment items (4) | | | — | | | (4.4) | | | (4.4) | Adjusted EBITDA | | $ | 582.5 | | $ | 124.7 | | $ | 707.2 |
| | | | | | | | | | | | Nine Months Ended | | | September 30, 2025 | (In millions) | | U.S. Markets | | International Markets | | Consolidated | Revenues (1) | | $ | 2,737.1 | | $ | 823.5 | | $ | 3,560.6 | Less: | | | | | | | | | | Film exhibition costs | | | 761.4 | | | 187.9 | | | 949.3 | Food and beverage costs | | | 179.2 | | | 62.7 | | | 241.9 | Operating expense, excluding depreciation and amortization (2) | | | 983.0 | | | 327.2 | | | 1,310.2 | Rent | | | 488.7 | | | 176.1 | | | 664.8 | General and administrative expense - other, excluding depreciation and amortization (3) | | | 89.4 | | | 62.2 | | | 151.6 | Other segment items (4) | | | — | | | (11.5) | | | (11.5) | Adjusted EBITDA | | $ | 235.4 | | $ | 18.9 | | $ | 254.3 |
| (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 earnings (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. |
|
| Schedule of reconciliation of net earnings to Adjusted EBITDA |
The following table sets forth a reconciliation of net earnings (loss) to Adjusted EBITDA: | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | (In millions) | | September 30, 2026 | | September 30, 2025 | | September 30, 2026 | | September 30, 2025 | Net earnings (loss) | | $ | 109.3 | | $ | (298.2) | | $ | (19.2) | | $ | (505.0) | Plus: | | | | | | | | | | | | | Income tax provision (1) | | | 9.5 | | | 1.2 | | | 15.1 | | | 4.0 | Interest expense | | | 130.0 | | | 139.3 | | | 405.9 | | | 388.0 | Depreciation and amortization | | | 75.8 | | | 79.4 | | | 227.6 | | | 233.3 | Certain operating expense (income) (2) | | | (0.9) | | | 0.7 | | | 1.1 | | | 6.1 | Equity in earnings of non-consolidated entities (3) | | | (2.6) | | | (1.6) | | | (9.3) | | | (4.5) | Attributable EBITDA (4) | | | 1.4 | | | 0.4 | | | 2.2 | | | 0.9 | Investment income (5) | | | (3.0) | | | (1.3) | | | (20.8) | | | (8.4) | Other expense (6) | | | 7.0 | | | 196.5 | | | 71.6 | | | 119.0 | Merger, acquisition and other costs (7) | | | 0.3 | | | 0.1 | | | 1.7 | | | 3.2 | Stock-based compensation expense (8) | | | 20.7 | | | 6.0 | | | 31.3 | | | 17.7 | Adjusted EBITDA | | $ | 347.5 | | $ | 122.5 | | $ | 707.2 | | $ | 254.3 |
| (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, gains or losses from the 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 September 30, 2026 primarily consisted of equity in earnings from AC JV, LLC (“AC JV”) of $(1.2) million. Equity in earnings of non-consolidated entities during the three months ended September 30, 2025 primarily consisted of equity in earnings from AC JV of $(0.8) million. |
Equity in earnings of non-consolidated entities during the nine months ended September 30, 2026 primarily consisted of equity in earnings from AC JV of $(6.9) million. Equity in earnings of non-consolidated entities during the nine months ended September 30, 2025 primarily consisted of equity in earnings from AC JV of $(3.4) 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 | | Nine Months Ended | (In millions) | | September 30, 2026 | | September 30, 2025 | | September 30, 2026 | | September 30, 2025 | Equity in (earnings) of non-consolidated entities | | $ | (2.6) | | $ | (1.6) | | $ | (9.3) | | $ | (4.5) | Less: | | | | | | | | | | | | | Equity in (earnings) of non-consolidated entities excluding International theatre joint ventures | | | (1.6) | | | (1.6) | | | (7.8) | | | (4.6) | Equity in earnings (loss) of International theatre joint ventures | | | 1.0 | | | — | | | 1.5 | | | (0.1) | Income tax provision (benefit) | | | 0.1 | | | — | | | 0.1 | | | (0.1) | Investment income | | | — | | | — | | | (0.1) | | | — | Interest expense | | | — | | | — | | | — | | | 0.1 | Depreciation and amortization | | | 0.3 | | | 0.4 | | | 0.7 | | | 1.0 | Attributable EBITDA | | $ | 1.4 | | $ | 0.4 | | $ | 2.2 | | $ | 0.9 |
| (5) | Investment income during the three months ended September 30, 2026 includes interest income of $(3.6) million, partially offset by unrealized losses on the Company’s investment in Hycroft of $0.6 million. Investment income during the three months ended September 30, 2025 included unrealized gains on the Company’s investments in Hycroft of $(9.3) million and interest income of $(2.3) million, partially offset by an impairment of an equity security without a readily determinable fair value of $10.3 million. |
Investment income during the nine months ended September 30, 2026 includes realized and unrealized gains on the Company’s investments in Hycroft of $(15.9) million and interest income of $(4.9) million. Investment income during the nine months ended September 30, 2025 included unrealized gains on the Company’s investments in Hycroft of $(11.8) million and interest income of $(6.9) million, partially offset by an impairment of an equity security without a readily determinable fair value of $10.3 million. | (6) | Other expense during the three months ended September 30, 2026 includes the increase in the fair value of the bifurcated embedded derivative in the Existing Exchangeable Notes of $6.4 million, other financing costs of $1.1 million, loss on extinguishment of the Senior Subordinated Notes due 2027 of $0.6 million, and net periodic pension cost of $0.5 million, partially offset by foreign currency transaction gains of $(1.6) million. Other expense during the three months ended September 30, 2025 included net losses on debt extinguishments of $196.0 million, foreign currency transaction losses of $9.0 million, term loan modification third party fees of $2.1 million and net periodic pension cost of $0.3 million, partially offset by a decrease in the fair value of the bifurcated embedded derivative in the Existing Exchangeable Notes of $(1.4) million and a decrease in the fair value of the bifurcated embedded derivative in the New Exchangeable Notes of $(9.5) million. |
Other expense during the nine months ended September 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, the increase in the fair value of the bifurcated embedded derivative in the Existing Exchangeable Notes of $9.1 million, foreign currency transaction losses of $7.0 million, net periodic pension cost of $1.5 million, other financing costs of $1.1 million, loss on extinguishment of the Senior Subordinated Notes due 2027 of $0.6 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 expense during the nine months ended September 30, 2025 included net losses on debt extinguishment of $196.0 million, term loan modification third party fees of $2.1 million and net periodic pension cost of $0.9 million, partially offset by a decrease in the fair value of the bifurcated embedded derivative in the Existing Exchangeable Notes of $(42.6) million, a decrease in the fair value of the bifurcated embedded derivative in the New Exchangeable Notes of $(9.5) million and foreign currency transaction gains of $(27.9) million. | (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. |
|