What changed in this filing

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Item 1. Business

2026-02-23 compared with 2025-02-26 · 122 added, 99 removed, 350 unchanged (39% of the section changed)

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(“Holdings”), through its direct and indirect subsidiaries, including American Multi-Cinema, Inc.

and its subsidiaries, (collectively with Holdings, unless the context otherwise requires, the “Company” or “AMC”), is principally involved in the theatrical exhibition business and owns, operates or has interests in theatres primarily located in the United States and Europe.

(“Multi-Cinema”) and its subsidiaries, (collectively with Holdings, unless the context otherwise requires, the “Company” or “AMC”), is principally involved in the theatrical exhibition business and owns, operates or has interests in theatres located in the United States and Europe.

Our business was founded in Kansas City, Missouri in 1920.

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As of December 31, 2025, we had cash and cash equivalents of approximately $428.5 million.

We took action to lower the future interest expense of our fixed-rate debt through debt buybacks and exchanges for equity and enhanced liquidity through equity issuances.

See Note 8 — Corporate Borrowings and Finance Lease Liabilities, Note 9 — Stockholders’ Deficit, and Note 16—Subsequent Events in the Notes to the Consolidated Financial Statements under Part II, Item 8 of this Form 10-K, for further information.

We expect to, from time to time, continue to seek to retire or purchase our outstanding debt through cash purchases and/or exchanges for equity or debt, in open-market purchases, privately negotiated transactions or otherwise.

Such repurchases or exchanges, if any, will be upon such terms and at such prices as we may determine, and will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors.

The amounts involved may be material, and to the extent equity is used, dilutive.

During the year ended December 31, 2025, we took action to lower the future interest expense of our fixed-rate debt through debt buybacks and exchanges for equity and enhanced liquidity through equity issuances.

See Note 7 — Corporate Borrowings and Finance Lease Liabilities, Note 8 — Stockholders’ Deficit, and Note 14—Subsequent Events in the Notes to the Consolidated Financial Statements under Part II, Item 8 of this Form 10-K, for further information regarding equity issuances and debt repurchases and exchanges.

2025 Refinancing Transactions

On July 22, 2024, we completed a series of refinancing transactions (the “Refinancing Transactions”) with two creditor groups to refinance and extend to 2029 and 2030 the maturities of approximately $1.6 billion of our debt previously maturing in 2026.

During the third quarter of 2024 we completed follow-on open market repurchases of our existing senior secured term loans maturing 2026 (the “Existing Term Loans”), and in exchange, issued to such selling holders our New Term Loans (as defined herein) pursuant to the New Term Loan Credit Agreement (as defined herein) of approximately $793.0 million.

As of December 31, 2024, we completed open market purchases of $1,895.0 million aggregate principal amount of our Existing Term Loans and issued $2,024.3 million aggregate principal amount of the New Term Loans.

Accordingly, as of such date, the Company had no remaining aggregate principal amount of Existing Term Loans outstanding and the loan documents relating to the Existing Term Loans were terminated.

Please see Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of Operations and Note 8 — Corporate Borrowings and Finance Lease Liabilities in the Notes to the Consolidated Financial Statements under Part II, Item 8 of this Form 10-K for additional information.

On July 24, 2025, Muvico, LLC, a wholly-owned subsidiary of the Company (“Muvico”), issued $857.0 million aggregate principal amount of new Senior Secured Notes due 2029 (the “New 2029 Notes”) in exchange for $590.0 million aggregate principal amount of 7.5% First Lien Senior Secured Notes due 2029 (“Existing 7.5% Notes”) and $244.4 million of incremental, new money financing.

On the same day, Muvico also issued $194.4 million aggregate principal amount of New Exchangeable Notes in exchange for $194.4 million aggregate principal amount of Existing Exchangeable Notes.

On September 30, 2025, $39.9 million aggregate principal of New Exchangeable Notes were cancelled pursuant to a downward adjustment feature in the New Exchangeable Notes, which represented the maximum possible downward adjustment.

We used the new money financing from the issuance of the New 2029 Notes to fully redeem our outstanding 5.875% Senior Subordinated Notes due 2026 (the “Senior Subordinated Notes due 2026”) and our 10%/12% Cash/PIK Toggle Second Lien Subordinated Secured Notes due 2026 (the “Second Lien Notes”) and also to pay consent fees to the Consenting Term Loan Lenders (as defined herein).

The New Exchangeable Notes were not initially exchangeable into Common Stock.

At the 2025 Annual Meeting, our stockholders approved an amendment to the Company’s Certificate of Incorporation for the Authorized Share Increase which allowed for the New Exchangeable Notes to become exchangeable and lowered the interest rate to 1.5% cash interest.

The Authorized Share increase also allowed for a $15.0 million consent fee payable to Consenting Existing Exchangeable Noteholders to be payable in the form of shares of Common Stock, based on a price determined based on the average of the daily volume weighted average price of our Common Stock for the sixty consecutive trading days commencing on December 22, 2025.

On December 22, 2025, the Company and the holders of the New Exchangeable Notes agreed to amend the New Exchangeable Notes Indenture, among other things, to amend and restate the Exchange Rate and allow for up to $150.0 million of net proceeds from sales of at-the-market offerings.

The amendments were memorialized in a supplemental indenture dated January 12, 2026 (the “New Exchangeable Notes Supplemental Indenture”).

As consideration for the indenture amendments the Company will pay the New Exchangeable Noteholders a consent fee of $6.25 million payable in shares of Common Stock.

The number of shares will be based on the average of the daily volume weighted average price of our Common Stock for the sixty consecutive trading days commencing on December 22, 2025.

See Note 7 — Corporate Borrowings and Finance Lease Liabilities and Note—14 Subsequent Events in the Notes to the Consolidated Financial Statements under Part II, Item 8 of this Form 10-K for further information regarding these transactions.

We expect, from time to time, to continue to seek to retire or purchase our outstanding debt through cash purchases and/or exchanges for equity or debt, in open-market purchases, privately negotiated transactions or otherwise.

We continuously monitor the capital markets and our capital structure, and may, from time to time, seek to refinance, amend or otherwise restructure our outstanding debt on an opportunistic basis.

Such repurchases, refinancings, amendments, restructurings or exchanges, if any, will be upon such terms and at such prices as we may determine, and will depend on prevailing market conditions, our liquidity requirements, the availability of authorized share capital, contractual restrictions and other factors.

The amounts involved may be material, and to the extent equity is used, dilutive.

For example, on February 17, 2026, we launched a financing transaction (the “Financing Transaction”) to refinance the New Term Loans and Odeon Notes due 2027 (in each case as defined herein).

There can be no assurance that we will successfully enter into an agreement with respect to or complete the Financing Transaction, which is subject to, among other things, market and other conditions, and the negotiation and execution of definitive documents.

Narrative Description of Business

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Most recently, we continued to innovate and evolve the movie-going experience with the deployment of our theatre renovations featuring plush, powered recliner seating and the launch of our U.S.

subscription loyalty tier, AMC Stubs ® A-List.

subscription loyalty tier, AMC Stubs ® A-List (“A-List”).

Our growth has been driven by a combination of organic growth through reinvestment in our existing assets and through the acquisition of some of the most significant companies in the theatrical exhibition industry.

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markets and International markets.

Substantially all of our international operations are attributed to Odeon Cinemas Group Limited (“OCGL”) and its subsidiaries (collectively with OCGL, unless the context otherwise requires, “Odeon Cinemas Group”), Odeon and UCI Cinemas Holdings Limited (“Odeon”) and Nordic Cinema Group Holding AB (“Nordic”).

Substantially all of our international operations are attributed to Odeon Cinemas Group Limited (“OCGL”) and its subsidiaries, Odeon and UCI Cinemas Holdings Limited (“Odeon”) and Nordic Cinema Group Holding AB (“Nordic”).

As of December 31, 2025, we owned, leased or operated 855 theatres and 9,640 screens in 11 countries, including 533 theatres with a total of 7,072 screens in the United States and 322 theatres and 2,568 screens in European markets.

We have productive assets in each of the capital cities and most densely populated areas of the countries in which we operate.

As of December 31, 2024, we were the market leader in the United States and Europe including in Italy, Sweden, Norway, and Finland, and a leading theatre operator in the United Kingdom, Ireland, Spain, Portugal and Germany.

As of December 31, 2025, we were the market leader in the United States and Europe including in Sweden, Norway, and Finland, and a leading theatre operator in the United Kingdom, Ireland, Italy, Spain, Portugal, and Germany.

We have operations in four of the world’s 10 largest economies, including four of the six largest European economies (the United Kingdom, Spain, Italy and Germany) as of December 31, 2025.

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Los Angeles and New York.

During 2024, our top five markets, in each of which we held the #1 share position, were New York, Los Angeles, Chicago, Atlanta, and Philadelphia, according to data provided by Comscore.

During 2025, our top five markets, in each of which we held the #1 share position, were New York, Los Angeles, Chicago, Atlanta, and Washington DC according to data provided by Comscore.

The following table provides detail with respect to the geographic location of our theatrical exhibition circuit as of December 31, 2025:

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Our theatrical exhibition revenues are generated primarily from box office admissions and theatre food and beverage sales.

We offer consumers a broad range of entertainment alternatives including traditional film programming,

private theatre rentals, independent and foreign films, performing arts, music and sports.

We offer consumers a broad range of entertainment alternatives including traditional film programming, private theatre rentals, independent and foreign films, performing arts, music and sports.

We also offer food and beverage alternatives beyond traditional concession items, including collectible concession vessels, made-to-order meals, customized coffee, healthy snacks, beer, wine, premium cocktails, and dine-in theatre options.

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We engage movie-goers through advances in technology and marketing activities to strengthen the bonds with our current guests and create new connections with potential customers that drive both growth and loyalty.

We serve our guests, end-to-end, from before they enter our theatres, through their enjoyment of a comprehensive spectrum of film content while at our theatres and then again after the movie when they’ve left the theatre and are deciding what film to see the next time they visit.

We serve our guests, end-to-end, from before they enter our theatres, through their enjoyment of a comprehensive spectrum of film content while at our theatres and then again after the movie when they have left the theatre and are deciding what film to see the next time they visit.

markets, we begin the process of engagement with AMC Stubs ® (“Stubs”), our customer loyalty program, which allows members to earn rewards, receive discounts and participate in exclusive members-only offerings and services.

It features a paid tier called AMC Stubs Premiere™ (“Premiere”) for a flat annual membership fee and a non-paid tier called AMC Stubs Insider™ (“Insider”).

Both programs reward loyal guests for their patronage of AMC theatres.

Rewards earned are redeemable on future purchases at AMC locations.

AMC Stubs ® A-List (“A-List”) is our monthly subscription-based tier of our Stubs loyalty program.

This program offers guests admission to movies at AMC up to three times per week, including multiple movies per day and repeat visits to movies.

There are four different Stubs tiers available:

A-List, AMC Stubs Premiere™ (“Premiere”), AMC Stubs ® Premiere GO!

(“Premiere GO!

”), and AMC Stubs Insider™ (“Insider”).

A-List is our monthly subscription-based tier of our Stubs loyalty program.

This program offers guests admission to movies at AMC up to four times per week, including multiple movies per day and repeat visits to movies.

A-List also includes premium offerings including IMAX ® , Dolby Cinema™ at AMC, RealD, Prime and other PLF brands.

A-List members can book tickets online in advance with reserved seating at AMC Theatres for no additional cost.

As of December 31, 2024, we had a combined total of approximately 35 million member households enrolled in A-List, Premiere, and Insider programs.

Premiere is a paid tier with a flat annual membership fee that rewards members with reward points, free food and beverage upgrades, discounted tickets on certain days of the week, priority lane access, waived ticket fees, and other various benefits.

membership is earned by existing Insider members by visiting a certain number of times or earning a certain number of points within a calendar year.

allows members to earn additional points and other exclusive benefits.

Insider is a free tier that rewards loyal guests for their patronage of AMC theatres with reward points, discounted tickets on certain days of the week, and other various benefits.

As of December 31, 2025, we had a combined total of approximately 39 million member households enrolled in Stubs programs.

Our Stubs members represented approximately 51% of our U.S.

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This enables us to have an increasingly comprehensive, more personalized and targeted marketing effort.

On January 1, 2025, we introduced a new Stubs tier—AMC Stubs ® Premiere GO!

(“Premiere GO!

membership is earned by existing Insider members by visiting a certain number of times or earning a certain number of points within a calendar year.

allows members to earn additional points and other exclusive benefits.

In our International markets, we currently have loyalty programs in all territories in which we operate.

Movie-goers can earn points for spending money at the theatre, and those points can be redeemed for tickets or food and beverage items, depending on the program, at a later date.

We currently have approximately 18 million members in our various International loyalty programs.

Our marketing efforts expand beyond our loyalty program.

Movie-goers can earn points for spending money at the theatre, and those points can be redeemed for tickets or food and

beverage items, depending on the program, at a later date.

We currently have approximately 20 million total members in our various International loyalty and subscription programs.

Our marketing efforts expand beyond our loyalty and subscription programs.

We continue to improve our customer connections through our website and mobile apps.

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circuit offer the ability to order food and beverage while ordering tickets ahead of scheduled showtimes.

In June 2021, the Company launched AMC Investor Connect (“AIC”), an innovative new communication initiative to engage directly with its sizable retail shareholder base and convert shareholders into AMC consumers.

AIC allows our shareholders to self-identify through our website and receive special offers and important communications.

As part of AIC, domestic members must sign up for a Stubs account, which includes providing additional personalized data that allows us to more precisely engage with our investor consumers.

As part of AIC, domestic members must sign up for a Stubs account, which includes providing additional personalized data that allows us to more precisely engage with our investor customers.

As of December 31, 2025, there were approximately 1.8 million global members of AIC, which is comprised of both registered and beneficial shareholders.

In 2025, we brought Netflix content to our theatres by showing the Stranger Things series finale and KPop Demon Hunters .

We are excited about the prospect of bringing more Netflix titles to moviegoers.

2) Deliver the Best In-Person Experience while at AMC Theatres

In conjunction with our advances in technology and marketing initiatives, and consistent with our long-term growth strategy, we plan to continue investing in our theatres and enhancing the consumer experience to deliver the best in-person experience and take greater advantage of incremental revenue-generating opportunities, primarily through comfort and convenience innovations, imaginative food and beverage initiatives, and exciting PLF offerings.

In conjunction with our advances in technology and marketing initiatives, and consistent with our long-term growth strategy, we plan to continue investing in our theatres to deliver the best in-person experience and take greater advantage of incremental revenue-generating opportunities, primarily through comfort and convenience innovations, imaginative food and beverage initiatives, and exciting PLF offerings.

Comfort and Convenience.

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markets, we featured recliner seating in 368 U.S.

theatres, including Dine-in-Theatres, totaling approximately 3,620 screens and representing 50.4% of total U.S.

In our International markets, as of December 31, 2024, we had recliner seating in 86 International theatres, totaling 605 screens and representing 23.2% of total International screens.

theatres, including Dine-in-Theatres, totaling approximately 3,658 screens which represents 51.7% of total U.S.

In our International markets, as of December 31, 2025, we featured recliner seating in 89 International theatres, totaling 643 screens which represents 25.0% of total International screens.

Open-source internet ticketing makes AMC’s entire universe of seats in the U.S.

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We have expanded our menu of enhanced food and beverage products to include meals, healthy snacks, premium beers, wine and mixed drinks, and other gourmet products.

Our long-term growth strategy calls for investment across a spectrum of enhanced food and beverage formats, ranging from simple, less capital-intensive food and beverage design improvements to the development of new dine-in theatre options.

We have expanded the capabilities of our online and mobile apps to include the ability to pre-order food and beverages when advanced tickets are purchased.

Guests then have the items ready upon arrival and available at dedicated pick-up areas or delivered to seat at select theatres.

Guests then have the items ready upon arrival and available at dedicated pick-up areas or delivered to seats at select theatres.

Our MacGuffins Bar and Lounges (“MacGuffins”) give us an opportunity to offer alcohol to our legal age customers in our U.S.

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markets and 221 theatres in our International markets.

In 2025, we introduced the AMC Popcorn Pass—a new annual perk for Stubs members.

For a yearly fee, members enjoy 50% off a large AMC Perfectly Popcorn every day.

Expand Movie Themed Merchandise Offerings.

We offer our guests the opportunity to purchase collectible concession vessels associated with films released throughout the year.

These unique items drive movie-goers to our theatres and increase consumer engagement.

These unique items drive movie-goers to our

theatres and increase consumer engagement.

We continue to look for opportunities to further expand our collectible concession vessel offerings and other movie themed retail merchandise offerings.

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To that end, we are committed to investing in and expanding our offerings of the best sight and sound experiences through a combination of our partnerships with IMAX ® and Dolby Cinema™ and the further development of our own PLF offerings.

A description of our various PLF and extra large screen offerings follows:

IMAX ® is one of the world’s leading entertainment technology companies, specializing in motion picture technologies and presentations.

As of December 31, 2024, AMC was the largest IMAX ® exhibitor in the U.S., with 184 IMAX ® screens and a 56% market share.

IMAX ® auditoriums are customized for optimal viewing experiences, using acousticians, laser-alignment and custom theatre geometry to ensure an immersive design.

IMAX ® auditoriums also feature an integrated sound system and precise speaker positioning.

As of December 31, 2025, AMC was the largest IMAX ® exhibitor in the U.S., with a 56% market share.

Each one of our IMAX ® local installations is protected by geographic exclusivity, and as of December 31, 2025, our IMAX ® screen count was 96% higher than our closest competitor.

Additionally, as of December 31, 2024, our per-screen grosses were 34% higher than our closest competition.

We also operate 36 IMAX® screens in International markets.

As part of our long-term growth strategy, we expect to continue to expand our IMAX ® relationship across the U.S.

and Europe, further strengthening our position as the largest IMAX ® exhibitor in the U.S.

and a significant IMAX ® exhibitor in Europe.

Additionally, as of December 31, 2025, our per-screen IMAX ® grosses were 32% higher than our closest competition.

In 2025, we agreed to an expanded partnership with IMAX ® for 14 new locations and 68 system updates to be completed by 2033.

● Dolby Cinema™.

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Dolby Cinema™ at AMC includes Dolby Vision™ laser projection and object-oriented Dolby Atmos ® audio technology, as well as AMC’s plush power reclining seats with seat transducers that vibrate with the action on screen.

As of December 31, 2024, we operated 167 Dolby Cinema™ at AMC auditoriums in the U.S.

and seven Dolby Cinema™ auditoriums in the International markets.

We expect to expand the deployment of our innovative Dolby Cinema™ auditoriums in both our U.S.

and International markets as part of our long-term growth strategy.

In 2025, we agreed to an expanded partnership with Dolby to add 40 new Dolby Cinema™ at AMC locations by the end of 2029.

SCREENX is the world’s first muti-projection cinema technology with an immersive 270-degree panoramic viewing experience.

By extending select scenes onto the left and right walls of the auditorium, SCREENX surrounds the audience with story-enhancing visuals that cannot be replicated at home.

The innovative screen format places everyone in the auditorium directly at the center of the motion picture.

We have agreed to deploy 10 SCREENX locations in the U.S.

with targeted completion in 2026.

4DX provides moviegoers with a multi-sensory cinema-going experience, allowing audiences to connect with movies through motion, vibration, water, wind, snow, lightning, scents, and other special effects that enhance the visuals on-screen.

Each 4DX auditorium incorporates motion-based seating synchronized with more than 21 different effects and optimized by a team of skilled editors.

We have agreed to deploy five 4DX locations in the U.S.

with targeted completion in 2026.

● In-house PLF Brands.

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Therefore, they may be especially relevant in smaller or more price-sensitive markets.

As of December 31, 2024, we operated 60 screens under in-house PLF brand names in the U.S.

markets and 82 screens in the International markets.

● Extra Large (“XL”) Screens.

In addition to PLF offerings, we also offer screens that are at least 40-feet wide and include 4K laser projection.

The following table provides detail with respect to Premium Large Format screens (IMAX ® , Dolby Cinema™, in-house), XL screens, premium seating, and our enhanced food and beverage offerings as deployed throughout our circuit on December 31, 2024 and December 31, 2023:

The following table provides detail with respect to PLF screens (IMAX ® , Dolby Cinema™, SCREENX, 4DX, in-house), XL screens, 3D enabled screens, premium seating, and our enhanced food and beverage offerings as deployed throughout our circuit on December 31, 2025 and December 31, 2024:

International Markets

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We are partnering with Barco through their Cinema-as-a-Service program which requires minimal upfront capital investment by AMC.

The initial agreement to

install 3,500 projectors is expected to be completed by 2026, with 2,125 installations completed as of December 31, 2024.

During 2024, we also started deploying laser projectors across our international markets with 40 projectors installed outside of the US Markets as of December 31, 2024.

The initial agreement to install 3,500 projectors is expected to be completed by 2026, with 2,951 installations completed as of December 31, 2025.

We have also started deploying laser projectors across our international markets with 96 projectors installed as of December 31, 2025.

We expect to continue to increase our laser projector installations internationally in the coming years.

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Our long-term growth strategy includes the deployment of our strategic growth initiatives, opening new-build theatres and continued exploration of small acquisitions.

By expanding our platform through disciplined new-build theatres and acquisitions, we are able to further deploy our proven strategic initiatives while further diversifying our consumer base, leading to greater appeal for more films.

By expanding our platform through disciplined new-build theatres and acquisitions, we are able to further deploy our proven strategic initiatives while further diversifying our customer base, leading to greater appeal for more films.

The additional scale achieved through new-build theatres and acquisitions also serves to benefit our business through global procurement savings and increased overhead efficiencies.

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Total Theatres

Calendar Year

Beginning balance

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As part of that strategy, we have expanded our food and beverage business beyond theatrical exhibition and entered the multi-billion dollar popcorn industry with the launch of AMC Theatres Perfectly Popcorn in the U.S.

● During 2023, we began offering ready-to-eat and microwaveable AMC Theatres Perfectly Popcorn products that are available or will be available for purchase in well-known grocery stores around the country or on-line via Amazon.com.

● We offer ready-to-eat and microwaveable AMC Theatres Perfectly Popcorn products that are available or will be available for purchase in well-known grocery stores around the country or on-line via Amazon.com.

● Freshly popped AMC Theatres Perfectly Popcorn is available through food delivery-to-home services.

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HIT ME HARD AND SOFT , an album listening experience.

We have the potential to capitalize on new

theatrical distribution opportunities in the future which would lead to additional theatrical distribution revenue and increased admissions revenue.

In 2025, we distributed TAYLOR SWIFT | THE OFFICIAL RELEASE PARTY OF A SHOWGIRL , the biggest album-debut event in cinema history, domestically and globally.

We have the potential to capitalize on new theatrical distribution opportunities in the future which would lead to additional theatrical distribution revenue and increased admissions revenue.

5) Explore Attractive Acquisitions Leveraging Our Existing Capabilities and Core Competencies

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Leading guest engagement through digital marketing and technology platforms.

Through our Stubs loyalty programs, we have developed a consumer database of approximately 35 million households, representing approximately 70 million individuals.

Our digital marketing and technology platforms allow us to engage with these customers frequently, efficiently and on a very personalized level.

Through our Stubs loyalty programs, we have developed a customer database of approximately 39 million households, representing an estimated 78 million individuals.

Our digital marketing and technology platforms allow us to engage with these customers frequently,

efficiently and on a very personalized level.

We believe personalized data drives increased engagement, resulting in higher attendance.

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markets, holding the #1 or #2 position in 18 of those 25 markets based on box office revenue.

As of December 31, 2024, we are also the #1 theatre operator in Italy, Sweden, Norway, and Finland;

the #2 operator in the United Kingdom, Ireland, Spain and Portugal, and the #4 operator in Germany.

As of December 31, 2025, we were the market leader in Sweden, Norway, and Finland;

the #2 operator in the United Kingdom, Ireland, Italy, Spain and Portugal, and the #4 operator in Germany.

We believe our strong presence in these top markets makes our theatres highly visible and therefore strategically more important to content providers, who rely on the large audiences and marketing momentum provided by major markets to drive opinion-making and deliver a movie’s overall box office results.

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A-List is our monthly subscription-based tier of our Stubs loyalty program.

This program offers guests admission to movies at AMC up to three times per week, including multiple movies per day and repeat visits to movies.

We also offer Stubs members “Discount Tuesday”, a reduced price for movie attendance on Tuesdays.

This program offers guests admission to movies at AMC up to four times per week, including multiple movies per day and repeat visits to movies.

We also offer Stubs members 50% off tickets on Tuesdays and Wednesdays.

Sources of Revenue

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During the year ended December 31, 2025, films licensed from our seven largest movie studio distributors based on revenues accounted for approximately 83% of our U.S.

admissions revenues, which consisted of Disney, Universal, Warner Bros., Sony, Paramount, MGM, and 20th Century Studios.

In Europe, approximately 74% of our box office revenue came from films attributed to our five largest movie distributor groups, which consisted of Disney, Warner Bros., Universal, Sony, and Paramount.

admissions revenues, which consisted of Disney, Warner Bros., Universal, Sony, Paramount, 20th Century Studios, and Lionsgate Films.

In Europe, approximately 76% of our box office revenue came from films attributed to our five largest movie distributor groups, which consisted of

Disney, Universal, Warner Bros., Paramount, and Sony.

Our revenues attributable to individual distributors may vary significantly from year to year depending upon the commercial success of each distributor’s films in any given year.

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HIT ME HARD AND SOFT, an album listening experience.

In 2025, we distributed TAYLOR SWIFT | THE OFFICIAL RELEASE PARTY OF A SHOWGIRL , the biggest album-debut event in cinema history, domestically and globally.

The distribution business is a newer source of revenue.

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We offer enhanced food and beverage products that include meals, healthy snacks, premium liquor, beer and wine options, and other gourmet products.

Our long-term growth strategy calls for investment across a spectrum of enhanced food and beverage formats, ranging from simple, less capital-intensive food and beverage menu improvements to the expansion of our Dine-In-Theatre brand.

We currently operate 48 Dine-In-Theatres in the U.S.

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markets and 221 theatres in our International markets and continue to explore expansion globally.

During 2023, we began offering ready-to-eat and microwaveable AMC Theatres Perfectly Popcorn products that are available for purchase in well-known grocery stores around the country or on-line via Amazon.com.

We offer ready-to-eat and microwaveable AMC Theatres Perfectly Popcorn products that are available for purchase in well-known grocery stores around the country or on-line via Amazon.com.

During 2024, we rolled out AMC Cinema Sweets TM , our line of premium gourmet candy.

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We believe it is the quality of the movie-going experience that will define our future success.

Whether through enhanced food and beverage options (Food and Beverage Kiosks, Marketplaces, Coca-Cola Freestyle, MacGuffins or Dine-in-Theatres), more comfort and convenience (recliner seating, open-source internet ticketing, reserved seating), engagement and loyalty (AMC Stubs®, mobile apps, social media, or AMC Investor Connect) or sight and sound (digital and laser projection, 3D, Dolby Cinema™ at AMC, IMAX® or other PLF screens), it is the ease of use and the amenities that these innovations bring to customers that we believe will help drive sustained profitability in the years ahead.

Preliminary estimates indicate that North American box office revenues were approximately $8.7 billion for 2024, down approximately 3% compared with 2023.

Whether through enhanced food and beverage options (Food and Beverage Kiosks, Marketplaces, Coca-Cola Freestyle, MacGuffins or Dine-in-Theatres), more comfort and convenience (recliner seating, open-source internet ticketing, reserved seating), engagement and loyalty (AMC Stubs®, mobile apps, social media, or AIC) or sight and sound (digital and laser projection, 3D, Dolby Cinema™ at AMC, IMAX®, SCREENX, 4DX, or other PLF screens), it is the ease of use and the amenities that these innovations bring to customers that we believe will help drive sustained profitability in the years ahead.

Preliminary estimates indicate that North American box office revenues were approximately $8.9 billion for 2025, up approximately 1.5% compared with 2024.

The following table represents information about the U.S./Canada exhibition industry obtained from the National Association of Theatre Owners, with the exception of box office revenues for calendar years 2024, 2023, 2022, and 2021 obtained from Comscore.

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We believe our theatres are in material compliance with such requirements.

Additionally, there are multiple sustainability and ESG (Environmental, Social, and Governance) disclosure regulations taking effect in the next several years in the United States and Europe, including the California Climate Accountability Package, the Corporate Sustainability Reporting Directive, and numerous city, county, and state regulations covering commercial building energy usage and emissions.

Additionally, there are multiple sustainability and Environmental, Social, and Governance (“ESG”) disclosure regulations taking effect in the next several years in the United States and Europe, including the California Climate Accountability Package, the Corporate Sustainability Reporting Directive, and numerous city, county, and state regulations covering commercial building energy usage and emissions.

Human Capital Resources

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Once hired, we train for success, creating experiences and programs that promote performance, growth, and long-term career opportunities.

Programs like our Leadership Academy (AMC) and Incredible Leadership (Odeon) are designed to upskill and enhance managerial capability, facilitate quality execution of our business initiatives, drive guest satisfaction, and increase return on investment.

Furthermore, our trainings include compulsory modules that meet regulatory requirements, policy enforcement and best practices to adhere to employment laws, practical tactics for safety and security, and compliance with anti-corruption regulations.

Programs such as the Leadership Academy, Leadership Institute for Tomorrow, and Hallmark at AMC, along with Incredible Leadership at Odeon, are designed to upskill and enhance managerial capability, facilitate quality execution of our business initiatives, drive guest satisfaction, and increase return on investment.

We continue to advance the accessibility and consistency of our leadership development efforts by embracing training through virtual conferencing tools.

Through our internally developed virtual instructors, we provide engaging

and scalable development experiences that reach qualified associates across all locations.

Furthermore, our training includes compulsory modules that meet regulatory requirements, policy enforcement and best practices to adhere to employment laws, practical tactics for safety and security, and compliance with anti-corruption regulations.

Our measures to maintain a holistic view of the associate experience support the needs of our associates through engagement opportunities, including recognition programs and events.

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By appointing officers as Executive Sponsors of these councils, we ensure senior leadership and accountability.

Odeon maintains nine advisory forums across Europe that reflect the diversity of the communities it serves and support engagement on a broad range of associate needs.

This approach has enhanced openness, reinforced the value of diversity, and strengthened our business outcomes.

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Additionally, our work has been recognized externally:

AMC has received a perfect score for 16 consecutive years on the Human Rights Campaign Foundation’s Corporate Equality Index as one of the Best Places to Work for LGBTQ Equality ;

10 consecutive years as one of the Best Places to Work for people with disabilities through the Disability Equality Index;

named one of Forbes Best Employers for Diversity from 2018-2022 and Best Employers for Women in 2024 , recognized by Newsweek in 2023 as one of America’s Greatest Workplaces for Diversity , America’s Greatest Workplaces for LGBTQ+ , America’s Greatest Workplaces for Job Starters , and America’s Greatest Workplaces for Parents & Families , and most recently by Time Magazine’s America’s Best Companies 2024 in the Mid-Size category, Certified Great Place to Work 2025/2025 and as a 50/50 Women on Boards.

Odeon has 9 advisory forums in total across Europe.

The forums cover all belonging facets including gender, ethnicity, disability, wellbeing and socio-economic status.

Odeon’s Culture and Development Team was named EDI Team of the Year at the Inaugural Inclusion Awards, powered by WiHTL & DiR.

AMC earned certification as a Great Place to Work from 2024 through 2026, achieved 11 consecutive years as one of the Best Places to Work for disability inclusion through the Disability Equality Index, was named one of Forbes Best Large Employers 2025 and Best Employers for Women from 2024 through 2025, recognized by Newsweek in 2025 as one of America’s Best of the Best , awarded by Time Magazine from 2024 through 2025 as America’s Best Companies in the Mid-Size category, and commended as a 50/50 Women on Boards .

Compensation, Benefits, Safety and Wellness.

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Our “LiveWell” philosophy is based on a whole person approach to physical, fiscal, and emotional wellness tailored to the diverse needs of our global workforce in each country we operate.

Examples include global Employee Assistance Programs, Headspace Mindfulness application, Cuckoo application, and Mental Health First Aiders training.

Examples include global Employee Assistance Programs, Cuckoo application, and Mental Health First Aiders training.

Comprehensive health and welfare benefits for eligible associates are supplemented with specific programs to manage or improve common health conditions, a variety of voluntary benefits to satisfy individual needs, and paid time off.

Our commitment to the safety and health of our associates continues to be a top priority as demonstrated by our ongoing professional training and awareness campaigns.

All Theatre Support Center and Theatre Leadership associates complete in-person and online courses focused on professionalism, safety, and security that meet or exceed regulatory requirements and best practices as determined by the Equal Employment Opportunities Commission (“EEOC”), Payment Card Industry (“PCI”), Securities and Exchange Commission (“SEC”), and Sarbanes-Oxley Act (“SOX”).

All Theatre Support Center and Theatre Leadership associates complete in-person and online courses focused on professionalism, safety, and security that meet or exceed regulatory requirements and best practices as determined by the Equal Employment Opportunities Commission, Payment Card Industry, SEC, and Sarbanes-Oxley Act.

Available Information

We make available free of charge on our website (www.amctheatres.com) under “Investor Relations” / Financial Performance”/ “SEC Filings,” annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy materials on Schedule 14A and amendments to those reports as soon as reasonably practicable after we electronically file or furnish such materials with the Securities and Exchange Commission.

The contents of our website are not incorporated into this report.

The Securities and Exchange Commission maintains a website (www.sec.gov) that contains reports, proxy and information statements and other information about the Company.

The SEC maintains a website (www.sec.gov) that contains reports, proxy and information statements and other information about the Company.

Information about our Executive Officers

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Ellen Copaken

Senior Vice President, Marketing

Senior Vice President, General Counsel and Secretary

Senior Vice President, Business Development

Senior Vice President, Chief Accounting Officer

Senior Vice President, Chief Human Resources Officer

Connor will be leaving the Company as of March 13, 2025.

Edwin Gladbach

Senior Vice President, General Counsel and Secretary

President, AMC Europe & Managing Director, Odeon Cinema Group

All our current executive officers hold their offices at the pleasure of our board of directors, subject to rights under their respective employment agreements in some cases.

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Goodman’s areas of responsibility at AMC include international operations, information technology, and procurement.

Goodman has served on the Board of Directors of Hycroft Mining, Inc.

as AMC’s representative since April 2022.

Prior to joining AMC in December 2019, Mr.

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In 1995, she obtained a Doctor of Jurisprudence from The University of San Francisco and has been a member of the California State Bar since 1996.

Ellen Copaken has served as Senior Vice President, Marketing of AMC since August 2023.

Ellen Copaken has served as Senior Vice President, Business Development since November 2025 where she focuses on partnerships and new revenue channels.

She most recently served as Senior Vice President, Marketing of AMC from August 2023 to November 2025.

Between February 2022 and August 2023, Ms.

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Copaken has a Bachelor of Arts from University of Pennsylvania and a Master’s of Business Administration from The Wharton School.

Connor has served as Senior Vice President, General Counsel and Secretary of AMC since April 2003.

It has been announced that he will leave the Company on March 13, 2025.

Prior to April 2003, Mr.

Connor served as Senior Vice President, Legal beginning November 2002.

Prior thereto, Mr.

Connor was in private practice in Kansas City, Missouri as a partner with the firm Seigfreid Bingham, P.C.

from October 1995.

Connor holds a Bachelor of Arts degree in English and History from Vanderbilt University, a Juris Doctorate degree from the University of Kansas School of Law and LLM in Taxation from the University of Missouri-Kansas City.

Cox has served as Senior Vice President, Chief Accounting Officer of AMC since June 2010.

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from The Pennsylvania State University.

Edwin Gladbach has served as Senior Vice President, General Counsel & Secretary of AMC since October 2025.

He was previously Vice President, Interim General Counsel & Secretary of AMC from March 2025 until October 2025 and Vice President, Legal and Assistant Secretary from February 2009 until March 2025.

Prior to joining AMC, Mr.

Gladbach was Senior Counsel at Interstate Bakeries Corporation, the maker of Wonder bread and Hostess snack cakes, and an associate at the law firm of Shook, Hardy & Bacon LLP.

Gladbach holds a Bachelor of Science degree in Agricultural Economics and a Juris Doctorate from the University of Missouri—Columbia.

Mark Way has served as Managing Director for Odeon Cinemas Group and President of AMC Europe, based in London, since December 2016, being appointed immediately following the acquisition by AMC.

Prior to taking on this role, Mr.

Way served as Chief Financial Officer for Odeon & UCI Cinemas from September 2014 when he joined the business.

Before Odeon, he spent 17 years in a variety of senior finance and development roles at Hilton Worldwide.

This included serving as Senior Vice President Finance Global Operations from 2009 to 2014 and SVP Finance International Operations from 2006 to 2009.

Way is a Chartered Accountant having qualified with Deloitte where he spent the early part of his career and graduated from Oxford University with a BA Hons after studying Politics, Philosophy and Economics.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business