What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-07-23 compared with 2026-05-05 · 520 added, 200 removed, 456 unchanged (61% of the section changed)

8 unchanged sentences

● the risks and uncertainties relating to the sufficiency of our existing cash and cash equivalents and available borrowing capacity to fund operations and satisfy obligations including cash outflows for planned capital expenditures currently and through the next twelve months.

Based on our current cost structure, in order to achieve net positive cash flows from operating activities, revenues will need to increase from current levels to levels at least in line with pre-COVID-19 revenues.

However, there remain

significant risks that may negatively impact revenues, costs, and attendance levels, including changes to movie studios release schedules (including as a result of production delays and delays to the release of movies caused by labor stoppages) and direct to streaming or other changing movie studio practices.

Based on our current cost structure, in order to achieve annual net positive cash flows from operating activities, revenues will need to be at least in line with pre-COVID-19 revenues.

However, there remain significant risks that may negatively impact revenues, costs, and attendance levels, including changes to movie studios release schedules (including as a result of production delays and delays to the release of movies caused by labor stoppages) and direct to streaming or other changing movie studio practices.

If we are unable to achieve increased levels of attendance and revenues, we will be required to obtain additional liquidity.

If such additional liquidity is not obtained or is insufficient, we likely would seek an in-court or out-of-court restructuring of our liabilities, and in the event of such future liquidation or bankruptcy proceeding, holders of our Common Stock and other securities would likely suffer a total loss of their investment;

● the risks and uncertainties relating to the 2025 Refinancing Transactions and 2024 Refinancing Transactions (each defined herein), including, but not limited to, (i) the potential for additional future dilution of our Common Stock as a result of issuance of shares underlying our Existing Exchangeable Notes or our New Exchangeable Notes, (ii) the possibility that the extension of certain debt maturities will not provide enough time for attendance and revenues to increase to sufficient levels and generate net positive cash flows to overcome liquidity concerns, and (iii) the impact on the market price of our Common Stock and our capital structure of any litigation or claims of default that might arise in connection with the 2025 Refinancing Transactions or 2024 Refinancing Transactions;

● the risks and uncertainties relating to the 2025 Refinancing Transactions and 2024 Refinancing Transactions (each defined herein), including, but not limited to, (i) the potential for additional future dilution of our Common Stock as a result of issuance of shares underlying our Existing Exchangeable Notes, (ii) the possibility that the extension of certain debt maturities will not provide enough time for attendance and revenues to increase to sufficient levels and generate net positive cash flows to overcome liquidity concerns, and (iii) the impact on the market price of our Common Stock and our capital structure

of any litigation or claims of default that might arise in connection with the 2025 Refinancing Transactions or 2024 Refinancing Transactions;

● changing practices of distributors, which accelerated during the COVID-19 pandemic, including increased use of alternative film delivery methods including premium video on demand, streaming platforms, shrinking exclusive theatrical release windows or release of movies to theatrical exhibition and streaming platforms on the same date, the theatrical release of fewer movies due to industry consolidation or other reasons, or transitioning to other forms of entertainment;

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● the dilution caused by recent and potential future sales of our Common Stock and future potential share issuances to repay, refinance, redeem or repurchase indebtedness (including expenses, accrued interest and premium, if any);

● risks relating to motion picture production, promotion, marketing, and performance, including labor stoppages affecting the production, supply and release schedule of theatrical motion picture content and the financial burden imposed by tariffs on motion picture production;

● risks relating to motion picture production, promotion, marketing, and performance, including labor stoppages affecting the production, supply and release schedule of theatrical motion picture content and choice of distributors to release fewer feature-length films as a result of the additional financial burden imposed by tariffs on motion picture production;

● the potential impact on our business resulting from consolidation among, or structural changes to, movie studios, distribution companies, or producers of other third-party media, including the uncertainty created when any such transaction is the subject of pending regulatory review, judicial proceedings, or injunctive relief, the outcome of which may materially affect the structure and dynamics of the markets in which we operate and the production and release of theatrical motion pictures;

● the use of artificial intelligence (“AI”) technology in the filmmaking process and audience acceptance of movies made utilizing AI technology;

● the seasonality of our revenue and working capital, which are dependent upon the timing of motion picture releases by distributors, such releases being seasonal and resulting in higher attendance and revenues generally during the summer months and holiday seasons, and higher working capital requirements during the other periods such as the first quarter;

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● risks relating to impairment losses, including with respect to goodwill and other intangibles, and theatre and other closure charges;

● general and international economic, political, regulatory, social and financial market conditions, including

potential economic recession, inflation, rising interest rates, the financial stability of the banking industry, and other risks that may negatively impact discretionary income and our revenues and attendance levels;

● general and international economic, political, regulatory, social and financial market conditions, including potential economic recession, inflation, rising interest rates, the financial stability of the banking industry, and other risks that may negatively impact discretionary income and our revenues and attendance levels;

● our lack of control over distributors of films;

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● the potential impact of financial and economic sanctions on the regional and global economy, or widespread health emergencies, such as pandemics or epidemics, causing people to avoid our theatres or other public places where large crowds are in attendance;

● anti-takeover protections in our Fourth Amended and Restated Certificate of Incorporation and our amended and restated bylaws may discourage or prevent a takeover of our Company, even if an acquisition would be beneficial to our stockholders;

● anti-takeover protections in our Fourth Amended and Restated Certificate of Incorporation and our Fourth Amended and Restated Bylaws may discourage or prevent a takeover of our Company, even if an acquisition would be beneficial to our stockholders;

● other risks and uncertainties referenced from time to time in filings with the Securities and Exchange Commission (“SEC”).

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AMC is the world’s largest theatrical exhibition company and an industry leader in innovation and operational excellence.

As of March 31, 2026, we operated theatres in 11 countries, including the United States, and various countries throughout Europe.

As of June 30, 2026, we operated theatres in 11 countries, including the United States, and various countries throughout Europe.

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

The balance of our revenues is generated from ancillary sources, including online ticketing fees, on-screen advertising, income from gift card and exchange ticket sales, rental of theatre auditoriums, retail popcorn and merchandise sales, fees earned from our customer loyalty programs, and theatrical distribution.

As of March 31, 2026, we owned, operated or had interests in 852 theatres and 9,607 screens.

As of June 30, 2026, we owned, operated or had interests in 845 theatres and 9,530 screens.

Box Office Admissions and Film Content

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Movie Screens

The following table provides detail with respect to Premium Large Format (“PLF”) screens (IMAX®, Dolby Cinema TM , SCREENX, 4DX, in-house), XL screens, 3D enabled screens, premium seating, and our enhanced food and beverage offerings as deployed throughout our circuit as of March 31, 2026 and March 31, 2025:

International Markets

As of March 31,

As of June 30,

Number of theatres:

5 unchanged sentences

Loyalty Programs and Other Marketing

As of March 31, 2026, we had a combined total of approximately 39.4 million member households enrolled in our AMC Stubs® A-List, AMC Stubs Premiere™, AMC Stubs Premiere GO!

As of June 30, 2026, we had a combined total of approximately 40.7 million member households enrolled in our AMC Stubs® A-List, AMC Stubs Premiere™, AMC Stubs Premiere GO!

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

During the three months ended March 31, 2026, our AMC Stubs members represented approximately 51.5% of AMC U.S.

During the six months ended June 30, 2026, our AMC Stubs members represented approximately 51.6% of AMC U.S.

markets attendance.

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Holders of Shares

As of March 31, 2026, there were 605,223,095 shares of our Common Stock outstanding.

As of June 30, 2026, there were 892,604,638 shares of our Common Stock outstanding.

Of those outstanding shares, approximately 2.2 million shares (or 0.25%) were held by 13,720 registered holders with our transfer agent and approximately 890.4 million (or 99.75%) were held by Cede & Co on behalf of the Depository Trust & Clearing Corporation, commonly referred to as held in “street name” for beneficial holders owning shares through bank or brokerage accounts.

Critical Accounting Estimates

For a discussion of our critical accounting policies and the means by which we develop estimates therefore, see “Item 7.

For a discussion of our critical accounting policies and the means by which we develop estimates, see “Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2025.

Significant Events—For the Three Months Ended March 31, 2026

Significant Events—For the Six Months Ended June 30, 2026

Odeon Credit Agreement.

On April 17, 2026, Odeon Finco, a wholly-owned direct subsidiary of OCGL and an indirect subsidiary of Holdings, entered into the Odeon Credit Agreement, by and among Odeon Finco, as borrower, OCGL, as the company, the lenders party thereto and U.S.

Bank Trust Company, National Association, as administrative agent and security agent, pursuant to which Odeon Finco borrowed $425.0 million of Odeon Term Loans due 2031.

The Odeon Term Loans due 2031 bear interest at a fixed 10.50% interest rate and are subject to amortization of principal, payable in quarterly installments on the fifteenth day of each April, July, October, and January (commencing July 15, 2026), equal to 1.00% per annum.

The proceeds from the Odeon Term Loans due 2031 and approximately $38.2 million of cash from the balance sheet were used to fund the Odeon Notes Redemption of Odeon Finco’s outstanding Odeon Notes due 2027 and to pay related fees, costs, premiums and expenses, including approximately $23.5 million of interest due on the Odeon Notes due 2027.

In connection with the Odeon Notes Redemption, the Odeon Notes due 2027 have been delisted from the Official List of The International Stock Exchange.

We treated the Odeon Notes Redemption as an extinguishment of debt and recorded a $30.1 million loss on extinguishment.

See Note 5—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.

New Exchangeable Notes Voluntary Exchange.

On May 4 and May 11, 2026, the Exchanging Noteholders delivered Notices of Voluntary Exchange to Muvico and GLAS Trust Company LLC, as exchange agent, to exchange all $155,845,562 aggregate principal amount of New Exchangeable Notes outstanding for shares of Common Stock, pursuant to the terms of the Indenture.

The Company settled the Exchange by issuing an aggregate of 142,102,295 shares of Common Stock to the Exchanging Noteholders (including shares issued in respect of the Exchange Adjustment Consideration (as defined in the Indenture) and accrued and unpaid interest).

We treated the Exchange as an extinguishment of the New Exchangeable Notes (including the bifurcated embedded derivative liability for the embedded conversion features) and recorded a loss on extinguishment of $33.0 million.

We adjusted the bifurcated embedded derivative liability to fair value immediately prior to the Exchange and recorded $41.3 million of expense during the three months ended June 30, 2026.

During the six months ended June 30, 2026, we recorded $(11.1) million of other income related to the decrease in the fair value of the bifurcated embedded derivative liability.

As a result of the Exchange, all remaining New Exchangeable Notes were cancelled in accordance with the Indenture.

Share Issuances.

During the three months ended March 31, 2026, we issued shares through an “at-the-market offering.” The below table summarizes the activity of the “at-the-market” offering.

In June 2026, we entered into the Purchase Agreement with the Investors for the sale of 95,250,000 shares of Common Stock in the Offering, at a purchase price of $2.10 per share.

The Offering closed on June 24, 2026.

In connection with the Offering, we entered into the Placement Agency Agreement with the Placement Agent, as exclusive placement agent in connection with the Offering.

As compensation to the Placement Agent, the Company will pay the Placement Agent a cash fee of 5.5% of the aggregate gross proceeds raised in the Offering and will reimburse certain expenses.

We will use the proceeds from the Offering to redeem the Senior Subordinated Notes due 2027, pay related fees, costs, premiums and expenses associated therewith and for general corporate purposes, which may include the repayment of other debt, the strengthening of our cash reserves and investments to enhance the moviegoing experience at our theatres.

The below table summarizes activity during the six months ended June 30, 2026 related to the Offering:

Six Months Ended

(In millions)

March 31, 2026

June 30, 2026

Shares issued direct offering

Direct offering gross proceeds

Placement fees paid

Other third-party issuance costs incurred

Other third-party issuance costs paid

During the six months ended June 30, 2026, we issued shares through an “at-the-market offering”.

The below table summarizes the activity of the “at-the-market” offering.

Six Months Ended

(In millions)

June 30, 2026

Shares issued through at-the-market offering

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On February 5, 2026, the Company exercised its remaining warrants to purchase 1,000,824 common shares of Hycroft on a cashless basis and received 765,440 common shares of Hycroft.

During the three months ended March 31, 2026, we sold 700,000 common shares of Hycroft for $29.7 million.

As of March 31, 2026, we held 129,478 remaining common shares of Hycroft.

We recorded realized and unrealized gains related to our investments in Hycroft in investment income of $(18.0) million during the three months ended March 31, 2026.

Significant Events—For the Three Months Ended March 31, 2025

During the six months ended June 30, 2026, we sold 700,000 common shares of Hycroft for $29.7 million.

As of June 30, 2026, we held 129,478 remaining common shares of Hycroft.

We recorded realized and unrealized gains related to our investments in Hycroft in investment income of $(16.5) million during the six months ended June 30, 2026.

Significant Events—For the Six Months Ended June 30, 2025

NCM ESA Amendment.

On April 17, 2025, NCM entered into the Amended ESA with the Company.

The term of the Amended ESA has been extended by five years through February 13, 2042.

The Amended ESA was treated as a contract modification pursuant to ASC 606 – Revenue from Contracts with Customers .

Accordingly, we have allocated the additional consideration from the contract modification to the exhibitor services agreement contract liability and updated the discount rate used to account for the significant financing component to 16.12%.

Prior to the contract modification, the weighted average discount rate used to account for the significant financing component was approximately 7.5%.

The contract liability will be reclassified to other theatre revenue over the new term of the Amended ESA as the remaining performance obligations are satisfied.

Concurrently with entering into the Amended ESA, NCM and the Company reached an agreement to, among other things, dismiss with prejudice the ongoing litigation between the parties.

Share Issuances.

During the three months ended March 31, 2025, we were paid $108.7 million as initial gross cash proceeds associated with the establishment of forward positions for 30.0 million shares of Common Stock.

The valuation period related to the forward positions ended on March 17, 2025 with no additional payment owed to the Company.

Additionally, during the three months ended March 31, 2025, we issued shares through an “at-the-market offering.” The below table summarizes the activity of the “at-the-market” offering during the three months ended March 31, 2025:

During the six months ended June 30, 2025, we were paid $108.7 million as initial gross cash proceeds associated with the establishment of forward positions for 30.0 million shares of Common Stock.

Additionally, during the six months ended June 30, 2025, we issued shares through an “at-the-market offering.” The below table summarizes the activity of the “at-the-market” offering during the six months ended June 30, 2025:

(In millions)

March 31, 2025

June 30, 2025

Shares issued through at-the-market offering

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Other third-party issuance costs paid

See Note 6—Stockholders’ Deficit in the Notes to the Condensed Consolidated Financial Statements in Part I,

Item 1 of this Form 10-Q for further information on the share issuances.

Operating Results

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Three Months Ended

Six Months Ended

(In millions)

March 31, 2026

March 31, 2025

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Food and beverage

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Operating costs and expenses

Operating loss

Operating income (loss)

Other expense, net:

Other expense (income)

Interest expense:

2 unchanged sentences

Non-cash NCM exhibitor service agreement

Investment income

Investment expense (income)

Total other expense, net

3 unchanged sentences

Three Months Ended

Six Months Ended

Operating Data:

March 31, 2026

March 31, 2025

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Screen acquisitions

Screen dispositions

Screen construction openings (closures), net

Screen construction (closures), net

Average screens (1)

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Operating costs and expenses

Operating loss

Other expense, net:

Operating income (loss)

Other expense (income), net:

Other expense (income)

3 unchanged sentences

Non-cash NCM exhibitor service agreement

Investment income

Total other expense, net

Loss before income taxes

Investment expense (income)

Total other expense (income), net

Earnings (loss) before income taxes

Income tax provision

Net earnings (loss)

International Markets

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Screen dispositions

Screen construction openings (closures), net

Screen construction (closures), net

Average screens (1)

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(1) Includes consolidated theatres only and excludes screens offline due to construction.

International Markets

Six Months Ended

(In millions)

Food and beverage

Other theatre

Total revenues

Operating Costs and Expenses

Film exhibition costs

Food and beverage costs

Operating expense, excluding depreciation and amortization below

General and administrative expense:

Merger, acquisition and other costs

Other, excluding depreciation and amortization below

Depreciation and amortization

Operating costs and expenses

Operating income (loss)

Other expense (income), net:

Other expense (income)

Interest expense:

Corporate borrowings

Finance lease obligations

Non-cash NCM exhibitor service agreement

Investment income

Total other expense (income), net

Loss before income taxes

Income tax provision

International Markets

Six Months Ended

Segment Operating Data:

Screen acquisitions

Screen dispositions

Screen construction openings (closures), net

Average screens (1)

Number of screens operated

Number of theatres operated

Screens per theatre

Attendance (in thousands) (1)

Segment Information

Our historical results of operations for the three months ended March 31, 2026 and March 31, 2025, reflect the results of operations for our two theatrical exhibition reportable segments, U.S.

Our historical results of operations for the three and six months ended June 30, 2026 and June 30, 2025, reflect the results of operations for our two theatrical exhibition reportable segments, U.S.

markets and International markets.

Results of Operations—For the Three Months ended March 31, 2026, Compared to the Three Months ended March 31, 2025

Results of Operations—For the Three Months ended June 30, 2026, Compared to the Three Months ended June 30, 2025

Condensed Consolidated Results of Operations

Total revenues increased $182.9 million, or 21.2%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025.

Admissions revenues increased $104.9 million, or 22.2%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to an increase in attendance of 13.6% from 41.9 million patrons to 47.6 million patrons and a 7.5% increase in average ticket price.

The increase in average ticket price was primarily due to increased ticket prices for all formats, increases in attendance for 3D, IMAX and other PLF screens and increases in foreign currency translation rates.

Total revenues increased $198.8 million, or 14.2%, during the three months ended June 30, 2026,

compared to the three months ended June 30, 2025.

Admissions revenues increased $100.5 million, or 13.2%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to an increase in attendance of 13.5% from 62.8 million patrons to 71.3 million patrons, partially offset by a 0.2% decrease in average ticket price.

The decrease in average ticket price was primarily due to decreases in attendance for 3D and IMAX screens and increased frequency for our A-list subscription members, partially offset by increases in attendance for PLF and XL screens, increased ticket prices and increases in foreign currency translation rates.

Attendance increased in U.S.

and International markets due to the popularity of film product compared to the prior year.

Food and beverage revenues increased $63.9 million, or 22.5%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to the increase in attendance and increase in food and beverage per patron.

Food and beverage revenues increased $76.5 million, or 15.3%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to the increase in attendance and increase in food and beverage per patron.

Food and beverage per patron increased 1.6% from $7.95 to $8.08 primarily due to an increase in average prices and the percentage of guests making transactions and increases in foreign currency translation rates, partially offset by lower units per transaction by guests.

Total other theatre revenues increased $14.1 million, or 13.4%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to increases in income from ticket fees due to the increase in the number of guests paying ticket fees and increases in the price of ticket fees, increases in advertising income and increases in foreign currency translation rates, partially offset by decreases in income from expirations of package tickets and gift cards in our International markets.

Total other theatre revenues increased $21.8 million, or 16.1%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to increases in income from ticket fees due to the increase in attendance, the number of guests paying ticket fees and increases in the price of ticket fees, increases in advertising income and increases in foreign currency translation rates.

Operating costs and expenses.

Operating costs and expenses increased $53.3 million, or 4.1%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025.

Film exhibition costs increased $48.2 million, or 12.3%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to the increase in admissions revenue due to the factors discussed above, partially offset by the decrease in film exhibition cost percentage.

As a percentage of admissions revenues, film exhibition costs were 51.0% for the three months ended June 30, 2026, compared to 51.4% for the three months ended June 30, 2025.

Food and beverage costs increased $11.6 million, or 12.1%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025.

The increase in food and beverage costs was primarily due to the increase in food and beverage revenues due to the factors discussed above, partially offset by the decrease in food and beverage cost percentage.

As a percentage of food and beverage revenues, food and beverage costs were 18.7% for the three months ended June 30, 2026, compared to 19.2% for the three months ended June 30, 2025.

Operating expense was unchanged during the three months ended June 30, 2026, compared to the three months ended June 30, 2025.

As a percentage of revenues, operating expense was 28.7% for the three months ended June 30, 2026, compared to 32.8% for the three months ended June 30, 2025.

The decrease in operating expense as a percentage of revenues is primarily due to the operating leverage gained as attendance increases.

Rent expense increased $1.2 million, or 0.5%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to increases in foreign currency translation rates, partially offset by a decrease in average screens of 1.6%.

Merger, acquisition, and other costs.

Merger, acquisition, and other costs were $0.3 million during the three months ended June 30, 2026, compared to $0.1 million during the three months ended June 30, 2025.

Other general and administrative expense decreased $6.2 million, or 10.7%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025 primarily due to decreases in legal expenses due to insurance recoveries and decreases in stock-based compensation expense, partially offset by the increase in foreign currency translation rates.

Depreciation and amortization.

Depreciation and amortization decreased $1.7 million, or 2.2%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2025, partially offset by increases in foreign currency translation rates.

Other expense (income).

Other expense of $109.6 million during the three months ended June 30, 2026 was primarily due to $41.3 million of expense related to the increase in fair value of the derivative liability for the embedded derivative features in the New Exchangeable Notes, $33.0 million loss on extinguishment of the New Exchangeable Notes, $30.1 million loss on extinguishment of the Odeon Notes due 2027 and $9.8 million of expense related to the increase in fair value of the derivative liability for the embedded derivative features in the Existing Exchangeable Notes, partially offset by $(0.5) million in governmental assistance, $(4.0) million in equity in earnings related to non-

consolidated entities and $(0.4) million in foreign currency transaction gains.

Other income of $(32.1) million during the three months ended June 30, 2025 was primarily due to $(23.9) million in foreign currency transaction gains, $(10.3) million of governmental assistance, and $(2.1) million of equity in earnings of non-consolidated entities, partially offset by $3.9 million of expense related to the increase in fair value of the derivative liability for the embedded conversion feature in the Existing Exchangeable Notes.

See Note 1—Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the components of other expense (income).

Interest expense.

Interest expense increased $6.4 million to $136.0 million for the three months ended June 30, 2026 compared to $129.6 million during the three months ended June 30, 2025 primarily due to increased interest expense of $31.3 million on the New 2029 Notes issued on July 24, 2025 and $1.4 million on the New Exchangeable Notes issued on July 1, 2025, partially offset by declines in interest expense of $11.4 million on the Existing 7.5% Notes due to redemptions of $590.0 million aggregate principal amount on July 24, 2025, $7.8 million on the Existing Exchangeable Notes issued on July 22, 2024 due to redemptions of $337.4 million aggregate principal amount on July 24, 2025, $2.4 million on the Muvico Term Loans due to lower interest rates, $2.2 million related to the refinancing of the Odeon Notes due 2027, $1.4 million on the Second Lien Notes due to redemptions of the remaining principal balances, $0.7 million on the Senior Subordinated Notes due 2026 due to redemptions of the remaining principal balances, and $0.5 million on the Senior Subordinated Notes due 2025 due to redemptions of the remaining principal balances.

See Note 5—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about our indebtedness.

Investment expense (income).

Investment expense was $0.5 million for the three months ended June 30, 2026, compared to investment income of $(1.4) million for the three months ended June 30, 2025.

Investment income in the current year includes $1.5 million of unrealized losses on our investments in common shares in Hycroft, partially offset by interest income of $(1.0) million.

Investment income in the prior year includes interest income of $(1.7) million, partially offset by $0.3 million of unrealized losses on our investments in common shares and warrants to purchase common shares in Hycroft.

See Note 1—Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about our investments in Hycroft.

Income tax provision.

The income tax provision was $3.4 million and $1.2 million for the three months ended June 30, 2026 and June 30, 2025, respectively.

See Note 7 — Income Taxes in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.

Net loss was $11.4 million and $4.7 million during the three months ended June 30, 2026, and June 30, 2025, respectively.

Net loss during the three months ended June 30, 2026 compared to net loss for the three months ended June 30, 2025 was negatively impacted by the decrease in other income, the increase in interest expense, the decrease in investment income, the increase in rent expense, the increase in income tax provision and the increase in foreign currency translation rates, partially offset by the increase in attendance as a result of the popularity of new film releases compared to the prior year, decreases in depreciation and amortization and decreases in general and administrative expenses.

Theatrical Exhibition—U.S.

Total revenues increased $144.4 million, or 13.0%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025.

Admissions revenues increased $68.4 million, or 11.4%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to an increase in attendance of 12.0% from 46.9 million patrons to 52.5 million patrons, partially offset by a 0.5% decrease in average ticket price.

Attendance increased in U.S.

markets due to the popularity of film product compared to the prior year.

Food and beverage revenues increased $58.6 million, or 14.2%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to the increase in attendance and increase in food and beverage per patron.

Food and beverage per patron increased 2.1% from $8.77 to $8.95 primarily due to an increase in average prices and the percentage of guests making transactions, partially offset by lower units per transaction by guests.

Total other theatre revenues increased $17.4 million, or 16.7%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to increases in income from ticket fees due to the increase in attendance, the number of guests paying ticket fees and increases in the price of ticket fees, and increases in advertising income.

Operating costs and expenses.

Operating costs and expenses increased $36.7 million, or 3.7%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025.

Film exhibition costs increased $36.4 million, or 11.2%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to the increase in admissions revenue due to the factors discussed above, partially offset by the decrease in film exhibition cost percentage.

As a percentage of admissions revenues, film exhibition costs were 54.3% for the three months ended June 30, 2026, compared to 54.4% for the three months ended June 30, 2025.

Food and beverage costs increased $6.9 million, or 9.5%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025.

As a percentage of food and beverage revenues, food and beverage costs were 17.0% for the three months ended June 30, 2026, compared to 17.7% for the three months ended June 30, 2025.

Operating expense increased $2.1 million, or 0.6%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025.

As a percentage of revenues, operating expense was 27.4% for the three months ended June 30, 2026, compared to 30.8% for the three months ended June 30, 2025.

The decrease in operating expense as a percentage of revenues is primarily due to the operating leverage gained as attendance increases.

Rent expense decreased $1.1 million, or 0.7%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to a decrease in average screens of 2.0%.

Merger, acquisition, and other costs.

Merger, acquisition, and other costs were $0.3 million during the three months ended June 30, 2026, compared to $0.1 million during the three months ended June 30, 2025.

Other general and administrative expense decreased $6.0 million, or 17.2%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to decreases in legal expenses due to insurance recoveries and decreases in stock-based compensation expense.

Depreciation and amortization.

Depreciation and amortization decreased $1.8 million, or 3.0%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2025.

Other expense (income).

Other expense of $81.3 million during the three months ended June 30, 2026 was primarily due to $41.3 million of expense related to the increase in fair value of the derivative liability for the embedded derivative features in the New Exchangeable Notes, $33.0 million loss on extinguishment of the New Exchangeable Notes and $9.8 million of expense related to the increase in fair value of the derivative liability for the embedded derivative features in the Existing Exchangeable Notes, partially offset by $(3.4) million in equity in earnings related to non-consolidated entities.

Other expense of $2.3 million during the three months ended June 30, 2025 was primarily due to $3.9 million of expense related to the increase in fair value of the derivative liability for the embedded conversion feature in the Existing Exchangeable Notes, partially offset by $(2.0) million in equity in earnings related to non-consolidated entities.

Interest expense.

Interest expense increased $8.3 million to $121.3 million for the three months ended June 30, 2026 compared to $113.0 million during the three months ended June 30, 2025 primarily due to increased interest expense of $31.3 million on the New 2029 Notes issued on July 24, 2025 and $1.4 million on the New Exchangeable Notes issued on July 1, 2025, partially offset by declines in interest expense of $11.4 million on the Existing 7.5% Notes due to redemptions of $590.0 million aggregate principal amount on July 24, 2025, $7.8 million on the Existing Exchangeable Notes issued on July 22, 2024 due to redemptions of $337.4 million aggregate principal amount on July 24, 2025, $2.4 million on the Muvico Term Loans due to lower interest rates, $1.4 million on the Second Lien Notes due to redemptions of the remaining principal balances, $0.7 million on the Senior Subordinated Notes due 2026 due to redemptions of the remaining principal balances, and $0.5 million on the Senior Subordinated Notes due 2025 due to redemptions of the remaining principal balances.

See Note 5—Corporate Borrowings and Finance Lease Liabilities in

the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about our indebtedness.

Investment expense (income).

Investment expense was $0.8 million for the three months ended June 30, 2026, compared to investment income of $(1.4) million for the three months ended June 30, 2025.

Investment expense in the current year includes $1.5 million of unrealized losses on our investments in common shares in Hycroft, partially offset by interest income of $(0.7) million.

See Note 1—Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about our investments in Hycroft.

Income tax provision.

The income tax provision was $1.7 million and $0.5 million for the three months ended June 30, 2026 and June 30, 2025, respectively.

See Note 7 — Income Taxes in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.

Net earnings.

Net earnings were $18.5 million and $1.5 million during the three months ended June 30, 2026, and June 30, 2025, respectively.

Net earnings during the three months ended June 30, 2026 compared to net earnings for the three months ended June 30, 2025 was positively impacted by the increase in attendance as a result of the popularity of new film releases compared to the prior year, decreases in rent expense, decreases in depreciation and amortization and decreases in general and administrative expenses, partially offset by the increase in other expense, the increase in interest expense, the decrease in investment income and the increase in income tax provision.

Theatrical Exhibition—International Markets

Total revenues increased $54.4 million, or 19.2%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025.

Admissions revenues increased $32.1 million, or 19.6%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to an increase in attendance of 17.9% from 15.9 million patrons to 18.8 million patrons and a 1.5% increase in average ticket price.

The increase in average ticket price was primarily due to increases in foreign currency translation rates.

Attendance increased in International markets due to the popularity of film product compared to the prior year.

Food and beverage revenues increased $17.9 million, or 20.3%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to the increase in attendance and increase in food and beverage per patron.

Food and beverage per patron increased 2.2% from $5.54 to $5.66 primarily due to increases in foreign currency translation rates.

Total other theatre revenues increased $4.4 million, or 13.9%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to increases in income from ticket fees due to the increase in attendance and increase in the number of guests paying ticket fees, increases in advertising income and increases in foreign currency translation rates.

Operating costs and expenses.

Operating costs and expenses increased $16.6 million, or 5.4%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025.

Film exhibition costs increased $11.8 million, or 17.7%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to the increase in admissions revenues due to the factors discussed above, partially offset by the decrease in film exhibition cost percentage.

As a percentage of admissions revenues, film exhibition costs were 39.9% for the three months ended June 30, 2026, compared to 40.6% for the three months ended June 30, 2025.

Food and beverage costs increased $4.7 million, or 20.2%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025.

The increase in food and beverage costs was primarily due to the increase in food and beverage revenues due to the factors discussed above.

As a percentage of food and beverage revenues, food and beverage costs were 26.4% for the three months ended June 30, 2026 and the three months ended June 30, 2025.

Operating expense decreased by $2.1 million, or 1.8%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025.

The decrease in operating expense was primarily due to lower salaries and utilities expenses, partially offset by the increase in foreign currency translation rates and the increase in attendance.

As a percentage of revenues, operating expense was 33.5% for the three months ended June 30, 2026,

compared to 40.6% for the three months ended June 30, 2025.

The decrease in operating expense as a percentage of revenues is primarily due to the operating leverage gained as attendance increases.

Rent expense increased $2.3 million, or 3.8%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to increases in foreign currency translation rates, partially offset by a decrease in average screens of 0.4%.

Other general and administrative expense decreased $0.2 million, or 0.9%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025.

Depreciation and amortization.

Depreciation and amortization increased $0.1 million, or 0.5%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to increases in foreign currency translation rates, partially offset by theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2025.

Other expense (income).

Other expense of $28.3 million during the three months ended June 30, 2026 was primarily due to $30.1 million loss on extinguishment of the Odeon Notes due 2027, partially offset by $(0.5) million in governmental assistance and $(0.4) million in foreign currency transaction gains.

Other income of $(34.4) million during the three months ended June 30, 2025 was primarily due to $(23.9) million in foreign currency transaction gains and $(10.3) million of governmental assistance.

Interest expense.

Interest expense decreased $1.9 million to $14.7 million for the three months ended June 30, 2026 compared to $16.6 million during the three months ended June 30, 2025 primarily due to a $2.2 million decline related to the refinancing of the Odeon Notes due 2027.

Investment income.

Investment income was $(0.3) million for the three months ended June 30, 2026, compared to investment income of $0 million for the three months ended June 30, 2025.

Investment income is comprised of interest income in the current period.

Income tax provision.

The income tax provision was $1.7 million and $0.7 million for the three months ended June 30, 2026 and June 30, 2025, respectively.

See Note 7 — Income Taxes in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.

Net loss was $29.9 million and $6.2 million during the three months ended June 30, 2026, and June 30, 2025, respectively.

Net loss during the three months ended June 30, 2026 compared to net loss for the three months ended June 30, 2025 was negatively impacted by the decrease in other income, the increase in rent expense, the increase in depreciation and amortization, the increase in income tax provision and the increase in foreign currency translation rates, partially offset by the increase in attendance as a result of the popularity of new film releases compared to the prior year, the decrease in interest expense, and the decrease in general and administrative expenses and the increase in investment income.

Results of Operations—For the Six Months ended June 30, 2026, Compared to the Six Months ended June 30, 2025

Condensed Consolidated Results of Operations

Total revenues increased $381.7 million, or 16.9%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025.

Admissions revenues increased $205.4 million, or 16.6%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to an increase in attendance of 13.6% from 104.7 million patrons to 118.9 million patrons and a 2.7% increase in average ticket price.

The increase in average ticket price was primarily due to increased ticket prices for all formats, increases in attendance for PLF and XL screens and increases in foreign currency translation rates, partially offset by decreases in attendance for 3D and IMAX screens and increased frequency for our A-list subscription members.

Attendance increased in U.S.

and International markets due to the popularity of film product compared to the prior year.

Food and beverage revenues increased $140.4 million, or 17.9%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to the increase in attendance and increase in food and

beverage per patron.

Food and beverage per patron increased 3.9% from $7.48 to $7.77 primarily due to an increase in average prices, the percentage of guests making transactions, and increases in foreign currency translation rates, partially offset by lower units per transaction by guests.

Total other theatre revenues increased $35.9 million, or 14.9%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to increases in income from ticket fees due to the increase in attendance, the number of guests paying ticket fees and increases in the price of ticket fees, increases in advertising income and increases in foreign currency translation rates, partially offset by decreases in income from expirations of package tickets and gift cards in our International markets.

As a result of our Amended ESA, advertising income increased from the prior year by $5.2 million due to an increase in discount rates related to the significant financing component of the Amended ESA, partially offset by lower amortization of deferred revenues due to an increase in the term of the Amended ESA.

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Operating costs and expenses.

Operating costs and expenses increased $82.7 million, or 8.2%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025.

Film exhibition costs increased $50.8 million, or 24.8%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to the increase in admissions revenue due to the factors discussed above and film rental terms.

As a percentage of admissions revenues, film exhibition costs were 44.2% for the three months ended March 31, 2026, compared to 43.3% for the three months ended March 31, 2025.

The increase in film exhibition cost percentage is primarily due to increased box office revenues in U.S.

and International markets from higher grossing films in the current year, which typically results in higher film exhibition costs.

Food and beverage costs increased $9.2 million, or 16.1%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025.

Operating costs and expenses increased $136.0 million, or 5.9%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025.

Film exhibition costs increased $99.0 million, or 16.6%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to the increase in admissions revenue due to the factors discussed above.

As a percentage of admissions revenues, film exhibition costs were 48.3% for the six months ended June 30, 2026 and the six months ended June 30, 2025.

Food and beverage costs increased $20.8 million, or 13.6%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025.

As a percentage of food and beverage revenues, food and beverage costs were 19.1% for the three months ended March 31, 2026, compared to 20.2% for the three months ended March 31, 2025.

Operating expense increased by $14.1 million, or 3.6%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025.

The increase in operating expense was primarily due to the increase in attendance and foreign currency translation rates.

As a percentage of revenues, operating expense was 39.0% for the three months ended March 31, 2026, compared to 45.6% for the three months ended March 31, 2025.

As a percentage of food and beverage revenues, food and beverage costs were 18.9% for the six months ended June 30, 2026, compared to 19.6% for the six months ended June 30, 2025.

Operating expense increased by $14.1 million, or 1.7%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025.

As a percentage of revenues, operating expense was 32.8% for the six months ended June 30, 2026, compared to 37.7% for the six months ended June 30, 2025.

The decrease in operating expense as a percentage of revenues is primarily due to the operating leverage gained as attendance increases.

Rent expense increased $6.0 million, or 2.8%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to increases in foreign currency translation rates, partially offset by a decrease in average screens of 1.3%.

Rent expense increased $7.2 million, or 1.6%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to increases in foreign currency translation rates, partially offset by a decrease in average screens of 1.4%.

Merger, acquisition, and other costs.

Merger, acquisition, and other costs were $1.1 million during the three

months ended March 31, 2026, compared to $3.0 million during the three months ended March 31, 2025.

Merger, acquisition, and other costs were $1.4 million during the six months ended June 30, 2026, compared to $3.1 million during the six months ended June 30, 2025.

The prior year expense relates to severance costs in U.S.

Other general and administrative expense increased $4.9 million, or 8.8%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025 primarily due to increases in foreign currency translation rates and increases in stock-based compensation expense.

Other general and administrative expense decreased $1.3 million, or 1.1%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025 primarily due to decreases in legal expenses due to insurance recoveries and stock-based compensation expense, partially offset by increases in foreign currency translation rates.

Depreciation and amortization.

Depreciation and amortization decreased $0.4 million, or 0.5%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2025, partially offset by increases in foreign currency translation rates.

Other income.

Other income of $(52.4) million during the three months ended March 31, 2026 was primarily due to $(52.4) million of income related to the decrease in fair value of the derivative liability for the embedded derivative features in the New Exchangeable Notes, $(7.1) million of income related to the decrease in fair value of the derivative liability for the embedded derivative features in the Existing Exchangeable Notes and $(2.7) million in equity in earnings related to non-consolidated entities, partially offset by $9.0 million in foreign currency transaction losses.

Other income of $(58.8) million during the three months ended March 31, 2025 was primarily due to $(45.1) million of income related to the decrease in fair value of the derivative liability for the embedded conversion feature in the Existing Exchangeable Notes, $(13.0) million in foreign currency transaction gains and $(0.8) million in equity in earnings related to non-consolidated entities.

Depreciation and amortization decreased $2.1 million, or 1.4%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2025, partially offset by increases in foreign currency translation rates.

Other expense (income).

Other expense of $57.2 million during the six months ended June 30, 2026 was primarily due to $33.0 million loss on extinguishment of the New Exchangeable Notes, $30.1 million loss on extinguishment of the Odeon Notes due 2027, $8.6 million in foreign currency transaction losses and $2.7 million of expense related to the increase in fair value of the derivative liability for the embedded derivative features in the Existing Exchangeable Notes, partially offset by $(11.1) million of income related to the increase in fair value of the derivative liability for the embedded derivative features in the New Exchangeable Notes, $(6.7) million in equity in earnings related to non-consolidated entities, and $(0.5) million in governmental assistance.

Other income of $(90.9) million during the six months ended June 30, 2025 was primarily due to $(41.2) million of income related to the

decrease in fair value of the derivative liability for the embedded conversion feature in the Existing Exchangeable Notes, $(36.9) million in foreign currency transaction gains, $(10.5) million of governmental assistance, and $(2.9) million of equity in earnings of non-consolidated entities.

Interest expense.

Interest expense increased $20.8 million to $139.9 million for the three months ended March 31, 2026 compared to $119.1 million during the three months ended March 31, 2025 primarily due to increased interest expense of $30.9 million on the New 2029 Notes issued on July 24, 2025, $9.6 million related to higher discount rates on the significant financing component of the Amended ESA and $3.6 million on the New Exchangeable Notes issued on July 1, 2025, partially offset by declines in interest expense of $11.4 million on the Existing 7.5% Notes due to redemptions of $590.0 million aggregate principal amount on July 24, 2025, $7.7 million on the Existing Exchangeable Notes issued on July 22, 2024 due to redemptions of $337.4 million aggregate principal amount on July 24, 2025, $2.2 million on the New Term Loans due to lower interest rates, $1.5 million on the Second Lien Notes due to redemptions of the remaining principal balances, $0.7 million on the Senior Subordinated Notes due 2026 due to redemptions of the remaining principal balances, and $0.6 million on the Senior Subordinated Notes due 2025 due to redemptions of the remaining principal balances.

Interest expense increased $27.2 million to $275.9 million for the six months ended June 30, 2026 compared to $248.7 million during the six months ended June 30, 2025 primarily due to increased interest expense of $62.2 million on the New 2029 Notes issued on July 24, 2025, $9.4 million related to higher discount rates on the significant financing component of the Amended ESA and $5.0 million on the New Exchangeable Notes issued on July 1, 2025, partially offset by declines in interest expense of $22.8 million on the Existing 7.5% Notes due to redemptions of $590.0 million aggregate principal amount on July 24, 2025, $15.6 million on the Existing Exchangeable Notes issued on July 22, 2024 due to redemptions of $337.4 million aggregate principal amount on July 24, 2025, $4.5 million on the Muvico Term Loans due to lower interest rates, $2.9 million on the Second Lien Notes due to redemptions of the remaining principal balances, $1.8 million related to the refinancing of the Odeon Notes due 2027, $1.3 million on the Senior Subordinated Notes due 2026 due to redemptions of the remaining principal balances, and $1.2 million on the Senior Subordinated Notes due 2025 due to redemptions of the remaining principal balances.

See Note 3—Revenue Recognition in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the Amended ESA and Note 5—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about our indebtedness.

Investment income.

Investment income was $(18.3) million for the three months ended March 31, 2026, compared to investment income of $(5.7) million for the three months ended March 31, 2025.

Investment income was $(17.8) million for the six months ended June 30, 2026, compared to investment income of $(7.1) million for the six months ended June 30, 2025.

Investment income in the current year includes $(16.5) million of realized and unrealized gains on our investments in common shares in Hycroft, and interest income of $(1.3) million.

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Income tax provision.

The income tax provision was $2.2 million and $1.6 million for the three months ended March 31, 2026 and March 31, 2025, respectively.

The income tax provision was $5.6 million and $2.8 million for the six months ended June 30, 2026 and June 30, 2025, respectively.

See Note 7 — Income Taxes in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.

Net loss was $117.1 million and $202.1 million during the three months ended March 31, 2026, and March 31, 2025, respectively.

Net loss during the three months ended March 31, 2026 compared to net loss for the three months ended March 31, 2025 was positively impacted by the increase in attendance as a result of the popularity of new film releases compared to the prior year, decreases in depreciation and amortization and increases in investment income, partially offset by increases in rent, general and administrative expenses, decreases in other income, increases in interest expense, increases in income tax provision and increases in foreign currency translation rates.

Net loss was $128.5 million and $206.8 million during the six months ended June 30, 2026, and June 30, 2025, respectively.

Net loss during the six months ended June 30, 2026 compared to net loss for the six months ended June 30, 2025 was positively impacted by the increase in attendance as a result of the popularity of new film releases compared to the prior year, decreases in depreciation and amortization, decreases in general and administrative expenses and the increase in investment income, partially offset by the decrease in other income, the increase in interest expense, the increase in rent expense, the increase in income tax provision and the increase in foreign currency translation rates.

Theatrical Exhibition—U.S.

Total revenues increased $123.8 million, or 20.1%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025.

Admissions revenues increased $65.5 million, or 19.8%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to an increase in attendance of 14.2% from 26.9 million patrons to 30.7 million patrons and a 4.8% increase in average ticket price.

The increase in average ticket price was primarily due to increased ticket prices for all formats, increases in attendance for 3D, IMAX and other PLF screens.

Total revenues increased $268.2 million, or 15.5%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025.

Admissions revenues increased $133.9 million, or 14.4%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to an increase in attendance of 12.8% from 73.8 million patrons to 83.3 million patrons and a 1.4% increase in average ticket price.

The increase in average ticket price was primarily due to increased ticket prices for all formats and increases in attendance for PLF and XL screens, partially offset by decreases in attendance for 3D and IMAX screens and increased frequency for our A-list subscription members.

Attendance increased in U.S.

markets due to the popularity of film product compared to the prior year.

Food and beverage revenues increased $41.8 million, or 19.2%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to the increase in attendance and increase in food and beverage per patron.

Food and beverage revenues increased $100.4 million, or 16.0%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to the increase in attendance and increase in food and beverage per patron.

Food and beverage per patron increased 2.8% from $8.52 to $8.76 primarily due to an increase in average prices and the percentage of guests making transactions, partially offset by lower units per transaction by guests.

Total other theatre revenues increased $16.5 million, or 24.0%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to increases in income from ticket fees due to the increase in the number of guests paying ticket fees and increases in the price of ticket fees and increases in advertising income.

Total other theatre revenues increased $33.9 million, or 19.6%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to increases in income from ticket fees due to the increase in attendance, the number of guests paying ticket fees and increases in the price of ticket fees and increases in advertising income.

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Operating costs and expenses.

Operating costs and expenses increased $39.6 million, or 5.3%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025.

Film exhibition costs increased $35.4 million, or 23.4%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to the increase in admissions revenue due to the factors discussed above and film rental terms.

As a percentage of admissions revenues, film exhibition costs were 47.0% for the three months ended March 31, 2026, compared to 45.7% for the three months ended March 31, 2025.

The increase in film exhibition cost percentage is primarily due to increased box office revenues in U.S.

markets from higher grossing films in the current year, which typically results in higher film exhibition costs.

Food and beverage costs increased $3.3 million, or 8.0%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025.

Operating costs and expenses increased $76.3 million, or 4.4%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025.

Film exhibition costs increased $71.8 million, or 15.1%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to the increase in admissions revenue due to the factors discussed above and film rental terms.

As a percentage of admissions revenues, film exhibition costs were 51.6% for the six months ended June 30, 2026, compared to 51.3% for the six months ended June 30, 2025.

Food and beverage costs increased $10.2 million, or 9.0%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025.

The increase in food and beverage costs was primarily due to the increase in food and beverage revenues due to the factors discussed above, partially offset by a decrease in food and beverage cost as a percentage of food and beverage revenues.

As a percentage of food and beverage revenues, food and beverage costs were 17.1% for the three months ended March 31, 2026, compared to 18.9% for the three months ended March 31, 2025.

Operating expense increased by $3.7 million, or 1.3%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025.

The increase in operating expense was primarily due to the increase in attendance.

As a percentage of revenues, operating expense was 39.4% for the three months ended March 31, 2026, compared to 46.7% for the three months ended March 31, 2025.

As a percentage of food and beverage revenues, food and beverage costs were 17.0% for the six months ended June 30, 2026, compared to 18.1% for the six months ended June 30, 2025.

Operating expense increased by $5.8 million, or 0.9%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025.

As a percentage of revenues, operating expense was 31.9% for the six months ended June 30, 2026, compared to 36.5% for the six months ended June 30, 2025.

The decrease in operating expense as a percentage of revenues is primarily due to the operating leverage gained as attendance increases.

Rent expense decreased $0.2 million, or 0.1%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to a decrease in average screens of 1.6%.

Rent expense decreased $1.3 million, or 0.4%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to a decrease in average screens of 1.8%.

Merger, acquisition, and other costs.

Merger, acquisition, and other costs were $0.9 million during the three months ended March 31, 2026, compared to $3.0 million during the three months ended March 31, 2025.

Merger, acquisition, and other costs were $1.2 million during the six months ended June 30, 2026, compared to $3.1 million during the six months ended June 30, 2025.

The prior year expense relates to severance costs in U.S.

Other general and administrative expense increased $1.2 million, or 3.2%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to increases in stock-based compensation expense.

Other general and administrative expense decreased $4.8 million, or 6.6%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to decreases in legal expenses due to insurance recoveries and stock-based compensation expense.

Depreciation and amortization.

Depreciation and amortization decreased $1.7 million, or 2.9%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to theatre

closures and lower depreciation expense on theatres impaired during the year ended December 31, 2025.

Other income.

Other income of $(61.5) million during the three months ended March 31, 2026 was primarily due to $(52.4) million of income related to the decrease in fair value of the derivative liability for the embedded derivative features in the New Exchangeable Notes, $(7.1) million of income related to the decrease in fair value of the derivative liability for the embedded derivative features in the Existing Exchangeable Notes and $(2.6) million in equity in earnings related to non-consolidated entities.

Other income of $(45.4) million during the three months ended March 31, 2025 was primarily due to $(45.1) million of income related to the decrease in fair value of the derivative liability for the embedded conversion feature in the Existing Exchangeable Notes and $(0.7) million in equity in earnings related to non-consolidated entities.

Depreciation and amortization decreased $3.5 million, or 3.0%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2025.

Other expense (income).

Other expense of $19.8 million during the six months ended June 30, 2026 was primarily due to $33.0 million loss on extinguishment of the New Exchangeable Notes and $2.7 million of expense related to the increase in fair value of the derivative liability for the embedded derivative features in the Existing Exchangeable Notes, partially offset by $(11.1) million of income related to the increase in fair value of the derivative liability for the embedded derivative features in the New Exchangeable Notes, and $(6.0) million in equity in earnings related to non-consolidated entities.

Other income of $(43.1) million during the six months ended June 30, 2025 was primarily due to $(41.2) million of income related to the decrease in fair value of the derivative liability for the embedded conversion feature in the Existing Exchangeable Notes and $(2.7) million of equity in earnings of non-consolidated entities.

Interest expense.

Interest expense increased $20.2 million to $122.9 million for the three months ended March 31, 2026 compared to $102.7 million during the three months ended March 31, 2025 primarily due to increased interest expense of $30.9 million on the New 2029 Notes issued on July 24, 2025, $9.6 million related to higher discount rates on the significant financing component of the Amended ESA and $3.6 million on the New Exchangeable Notes issued on July 1, 2025, partially offset by declines in interest expense of $11.4 million on the Existing 7.5% Notes due to redemptions of $590.0 million aggregate principal amount on July 24, 2025, $7.7 million on the Existing Exchangeable Notes issued on July 22, 2024 due to redemptions of $337.4 million aggregate principal amount on July 24, 2025, $2.2 million on the New Term Loans due to lower interest rates, $1.5 million on the Second Lien Notes due to redemptions of the remaining principal balances, $0.7 million on the Senior Subordinated Notes due 2026 due to redemptions of the remaining principal balances, and $0.6 million on the Senior Subordinated Notes due 2025 due to redemptions of the remaining principal balances.

Interest expense increased $28.5 million to $244.2 million for the six months ended June 30, 2026 compared to $215.7 million during the six months ended June 30, 2025 primarily due to increased interest expense of $62.2 million on the New 2029 Notes issued on July 24, 2025, $9.4 million related to higher discount rates on the significant financing component of the Amended ESA and $5.0 million on the New Exchangeable Notes issued

on July 1, 2025, partially offset by declines in interest expense of $22.8 million on the Existing 7.5% Notes due to redemptions of $590.0 million aggregate principal amount on July 24, 2025, $15.6 million on the Existing Exchangeable Notes issued on July 22, 2024 due to redemptions of $337.4 million aggregate principal amount on July 24, 2025, $4.5 million on the Muvico Term Loans due to lower interest rates, $2.9 million on the Second Lien Notes due to redemptions of the remaining principal balances, $1.3 million on the Senior Subordinated Notes due 2026 due to redemptions of the remaining principal balances, and $1.2 million on the Senior Subordinated Notes due 2025 due to redemptions of the remaining principal balances.

Investment income.

Investment income was $(18.2) million for the three months ended March 31, 2026, compared to investment income of $(5.5) million for the three months ended March 31, 2025.

Investment income was $(17.4) million for the six months ended June 30, 2026, compared to investment income of $(6.9) million for the six months ended June 30, 2025.

Investment income in the current year includes $(16.5) million of realized and unrealized gains on our investments in common shares in Hycroft, and interest income of $(0.9) million.

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Income tax provision.

The income tax provision was $0.5 million and $0.9 million for the three months ended March 31, 2026 and March 31, 2025, respectively.

The income tax provision was $2.2 million and $1.4 million for the six months ended June 30, 2026 and June 30, 2025, respectively.

See Note 7—Income Taxes in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.

Net loss was $85.2 million and $178.4 million during the three months ended March 31, 2026, and March 31, 2025, respectively.

Net loss during the three months ended March 31, 2026 compared to net loss for the three months ended March 31, 2025 was positively impacted by the increase in attendance as a result of the popularity of new film releases compared to the prior year, decreases in rent, decreases in depreciation and amortization, increases in other income, increases in investment income and decreases in income tax provision, partially offset by increases in interest expense.

Net loss was $66.7 million and $176.9 million during the six months ended June 30, 2026, and June 30, 2025, respectively.

Net loss during the six months ended June 30, 2026 compared to net loss for the six months ended June 30, 2025 was positively impacted by the increase in attendance as a result of the popularity of new film releases compared to the prior year, the decrease in rent expense, decreases in depreciation and amortization, decreases in general and administrative expenses and the increase in investment income, partially offset by the decrease in other income, the increase in interest expense, and the increase in income tax provision.

Theatrical Exhibition—International Markets

Total revenues increased $59.1 million, or 24.1%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025.

Admissions revenues increased $39.4 million, or 27.7%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to an increase in attendance of 12.6% from 15.0 million patrons to 16.9 million patrons and a 13.3% increase in average ticket price.

The increase in average ticket price was primarily due to increased ticket prices and increases in foreign currency translation rates.

Total revenues increased $113.5 million, or 21.4%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025.

Admissions revenues increased $71.5 million, or 23.3%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to an increase in attendance of 15.3% from 30.9 million patrons to 35.7 million patrons and a 7.0% increase in average ticket price.

The increase in average ticket price was primarily due to increases in foreign currency translation rates.

Attendance increased in International markets due to the popularity of film product compared to the prior year.

Food and beverage revenues increased $22.1 million, or 33.4%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to the increase in attendance and increase in

food and beverage per patron.

Food and beverage per patron increased 18.6% from $4.41 to $5.23 primarily due to an increase in average prices, the percentage of guests making transactions, and increases in foreign currency translation rates, partially offset by lower units per transaction by guests.

Total other theatre revenues decreased $2.4 million, or 6.5%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to decreases in income from expirations of package tickets and gift cards in our International markets, partially offset by increases in income from ticket fees due to the increase in the number of guests paying ticket fees, increases in advertising income and increases in foreign currency translation rates.

Food and beverage revenues increased $40.0 million, or 25.9%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to the increase in attendance and increase in food and beverage per patron.

Food and beverage per patron increased 9.2% from $4.99 to $5.45 primarily due to the increase in foreign currency translation rates, an increase in average prices and the percentage of guests making transactions, partially offset by lower units per transaction by guests.

Total other theatre revenues increased $2.0 million, or 2.9%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to, increases in income from ticket fees due to the increase in attendance and the number of guests paying ticket fees, increases in advertising income and increases in foreign currency translation rates, partially offset by decreases in income from expirations of package tickets and gift cards in our International markets.

Operating costs and expenses.

Operating costs and expenses increased $43.1 million, or 16.2%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025.

Film exhibition costs increased $15.4 million, or 28.7%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to the increase in admissions revenues due to the factors discussed above and film rental terms.

As a percentage of admissions revenues, film exhibition costs were 38.0% for the three months ended March 31, 2026, compared to 37.6% for the three months ended March 31, 2025.

The increase in film exhibition cost percentage is primarily due to increased box office revenues in International markets from higher grossing films in the current year, which typically results in higher film exhibition costs.

Food and beverage costs increased $5.9 million, or 36.4%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025.

Operating costs and expenses increased $59.7 million, or 10.4%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025.

Film exhibition costs increased $27.2 million, or 22.6%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to the increase in admissions revenues due to the factors discussed above.

As a percentage of admissions revenues, film exhibition costs were 39.0% for the six months ended June 30, 2026, compared to 39.2% for the six months ended June 30, 2025.

Food and beverage costs increased $10.6 million, or 26.8%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025.

The increase in food and beverage costs was primarily due to the increase in food and beverage revenues due to the factors discussed above.

As a percentage of food and beverage revenues, food and beverage costs were 25.0% for the three months ended March 31, 2026, compared to 24.5% for the three months ended March 31, 2025.

Operating expense increased by $10.4 million, or 9.9%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025.

As a percentage of food and beverage revenues, food and beverage costs were 25.8% for the six months ended June 30, 2026, compared to 25.6% for the six months ended June 30, 2025.

Operating expense increased by $8.3 million, or 3.8%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025.

The increase in operating expense was primarily due to the increase in foreign currency translation rates and the increase in attendance.

As a percentage of revenues, operating expense was 37.8% for the three months ended March 31, 2026, compared to 42.7% for the three months ended March 31, 2025.

As a percentage of revenues, operating expense was 35.5% for the six months ended June 30, 2026, compared to 41.6% for the six months ended June 30, 2025.

The decrease in operating expense as a percentage of revenues is primarily due to the operating leverage gained as attendance increases.

Rent expense increased $6.2 million, or 11.2%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to increases in foreign currency translation rates, partially offset by a decrease in average screens of 0.4%.

Rent expense increased $8.5 million, or 7.4%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to increases in foreign currency translation rates, partially offset by a decrease in average screens of 0.4%.

Merger, acquisition, and other costs.

Merger, acquisition, and other costs were $0.2 million during the three months ended March 31, 2026, compared to $0 million during the three months ended March 31, 2025.

Other general and administrative expense increased $3.7 million, or 20.2%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025 primarily due to increases in foreign currency translation rates and increases in incentive bonus expense.

Merger, acquisition, and other costs were $0.2 million during the six months ended June 30, 2026, compared to $0 million during the six months ended June 30, 2025.

Other general and administrative expense increased $3.5 million, or 8.4%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025 primarily due to increases in foreign currency translation rates and increases in incentive bonus expense.

Depreciation and amortization.

Depreciation and amortization increased $1.3 million, or 7.5%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to increases in foreign currency translation rates, partially offset by theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2025.

Depreciation and amortization increased $1.4 million, or 3.9%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to increases in foreign currency translation rates, partially offset by theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2025.

Other expense (income).

Other expense of $9.1 million during the three months ended March 31, 2026 was primarily due to $9.0 million in foreign currency transaction losses.

Other income of $(13.4) million during the three months ended March 31, 2025 was primarily due to $(13.0) million in foreign currency transaction gains.

Other expense of $37.4 million during the six months ended June 30, 2026 was primarily due to $30.1 million loss on extinguishment of the Odeon Notes due 2027 and $8.6 million in foreign currency transaction losses, partially offset by governmental assistance of $(0.5) million.

Other income of $(47.8) million during the six months ended June 30, 2025 was primarily due to $(36.9) million in foreign currency transaction gains and $(10.5) million of governmental assistance.

Interest expense.

Interest expense increased $0.6 million to $17.0 million for the three months ended March 31, 2026 compared to $16.4 million during the three months ended March 31, 2025.

Interest expense decreased $1.3 million to $31.7 million for the six months ended June 30, 2026 compared to $33.0 million during the six months ended June 30, 2025 due to the refinancing of the Odeon Notes due 2027, partially offset by higher interest costs on capital and financing lease obligations.

Investment income.

Investment income was $(0.1) million for the three months ended March 31, 2026, compared to investment income of $(0.2) million for the three months ended March 31, 2025.

Investment income is

comprised of interest income in the current and prior periods.

Investment income was $(0.4) million for the six months ended June 30, 2026, compared to investment income of $(0.2) million for the six months ended June 30, 2025.

Investment income is comprised of interest income in the current and prior periods.

Income tax provision.

The income tax provision was $1.7 million and $0.7 million for the three months ended March 31, 2026 and March 31, 2025, respectively.

The income tax provision was $3.4 million and $1.4 million for the six months ended June 30, 2026 and June 30, 2025, respectively.

See Note 7—Income Taxes in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.

Net loss was $31.9 million and $23.7 million during the three months ended March 31, 2026, and March 31, 2025, respectively.

Net loss during the three months ended March 31, 2026 compared to net loss for the three months ended March 31, 2025 was negatively impacted by the decrease in other income, increase in rent, increase in general and administrative expense, increase in depreciation and amortization, increase in interest expense, decrease in investment income, increase in income tax provision and increase in foreign currency translation rates, partially offset by the increase in attendance as a result of the popularity of new film releases compared to the prior year.

Net loss was $61.8 million and $29.9 million during the six months ended June 30, 2026, and June 30, 2025, respectively.

Net loss during the six months ended June 30, 2026 compared to net loss for the six months ended June 30, 2025 was negatively impacted by the decrease in other income, the increase in rent expense, increases in depreciation and amortization, increases in general and administrative expenses, the increase in income tax provision and the increase in foreign currency translation rates, partially offset by the increase in attendance as a result of the popularity of new film releases compared to the prior year, decreases in interest expense and the increase in investment income.

Adjusted EBITDA

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While not the basis for this change, the revised definition further aligns our definition of Adjusted EBITDA with the definition used in our debt agreements.

The adjustment for net periodic pension cost is included in the caption titled “other income” in the condensed consolidated statement of operations and in the reconciliation of net loss to Adjusted EBITDA further below.

See the components of other income table in Note 1—Basis of Presentation for net periodic pension cost recorded in each period presented.

The adjustment for net periodic pension cost is included in the caption titled “other expense (income)” in the condensed consolidated statement of operations and in the reconciliation of net loss to Adjusted EBITDA further below.

See the components of other expense (income) table in Note 1—Basis of Presentation for net periodic pension cost recorded in each period presented.

All comparative period information for Adjusted EBITDA has been re-cast to conform with the current definition.

The impact of this change on previously reported negative Adjusted EBITDA for the three months ended March 31, 2025 was an improvement of $0.3 million.

The impact of this change on previously reported Adjusted EBITDA for the three and six months ended June 30, 2025 was an improvement of $0.3 million and $0.6 million, respectively.

The following tables set forth our Adjusted EBITDA by reportable operating segment and our reconciliation of Adjusted EBITDA:

Three Months Ended

Six Months Ended

Adjusted EBITDA (In millions)

March 31, 2026

March 31, 2025

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

International markets

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Three Months Ended

Six Months Ended

(In millions)

March 31, 2026

March 31, 2025

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Income tax provision (1)

1 unchanged sentence

Depreciation and amortization

Certain operating expense (income) (2)

Certain operating expense (2)

Equity in earnings of non-consolidated entities (3)

Attributable EBITDA (4)

Investment income (5)

Other income (6)

Investment expense (income) (5)

Other expense (income) (6)

Merger, acquisition and other costs (7)

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We have 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 March 31, 2026 primarily consisted of equity in earnings from AC JV of $(2.4) million.

Equity in earnings of non-consolidated entities during the three months ended March 31, 2025 primarily consisted of equity in earnings from AC JV of $(0.8) million.

(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 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.

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Three Months Ended

Six Months Ended

(In millions)

March 31, 2026

March 31, 2025

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Equity in (earnings) of non-consolidated entities

Equity in (earnings) of non-consolidated entities excluding International theatre joint ventures

Equity in earnings of International theatre joint ventures

Equity in earnings (loss) of International theatre joint ventures

Income tax benefit

Investment income

Interest expense

Depreciation and amortization

Attributable EBITDA

(5) Investment income during the three months ended March 31, 2026 includes realized and unrealized gains on our investments in Hycroft of $(18.0) million and interest income of $(0.3) million.

Investment income during the three months ended March 31, 2025 included interest income of $(2.9) million and unrealized gains on our investments in Hycroft of $(2.8) million.

(6) Other income during the three months ended March 31, 2026 includes a decrease in the fair value of the bifurcated embedded derivative in the New Exchangeable Notes of $(52.4) million and a decrease in the fair value of the bifurcated embedded derivative in the Existing Exchangeable Notes of $(7.1) million, partially offset by foreign currency transaction losses of $9.0 million, net periodic pension cost of $0.5 million, and debt modification third party fees of $0.3 million.

Other income during the three months ended March 31, 2025, included a decrease in the fair value of the bifurcated embedded derivative in the Existing Exchangeable Notes of $(45.1) million and foreign currency transaction gains of $(13.0) million, partially offset by $0.3 million of net periodic pension cost.

(5) Investment expense during the three months ended June 30, 2026 includes unrealized losses on our 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 our investments in Hycroft of $0.3 million.

Investment income during the six months ended June 30, 2026 includes realized and unrealized gains on our 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 our 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.

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● does not reflect any cash requirements for the assets being depreciated and amortized that may have to be replaced in the future.

During the three months ended March 31, 2026, Adjusted EBITDA in the U.S.

markets was $21.9 million compared to $(57.1) million during the three months ended March 31, 2025.

The year-over-year increase was primarily driven by an increase in attendance due to the popularity of film releases compared to the prior year, an increase in average ticket price, an increase in food and beverage per patron, and an increase in advertising income in other revenues related to an increase in discount rates for the significant financing component of the Amended ESA, partially offset by lower amortization of deferred revenues due to an increase in the term of the Amended ESA.

During the three months ended March 31, 2026, Adjusted EBITDA in the International markets was $16.4 million compared to $(0.6) million during the three months ended March 31, 2025.

The year-over-year increase was primarily driven by an increase in attendance due to the popularity of film releases compared to the prior year, an increase in average ticket price, an increase in food and beverage per patron and the increase in foreign currency translation rates, partially offset by decreases in income from expirations of package tickets and gift cards.

During the three months ended March 31, 2026, Adjusted EBITDA in the U.S.

markets and International markets was $38.3 million compared to $(57.7) million during the three months ended March 31, 2025, driven by the aforementioned factors impacting Adjusted EBITDA.

During the three months ended June 30, 2026, Adjusted EBITDA in the U.S.

markets was $285.6 million compared to $181.3 million during the three months ended June 30, 2025.

The year-over-year increase was primarily driven by an increase in attendance due to the popularity of film releases compared to the prior year and an increase in food and beverage per patron, partially offset by lower average ticket price.

During the three months ended June 30, 2026, Adjusted EBITDA in the International markets was $35.8 million compared to $8.2 million during the three months ended June 30, 2025.

The year-over-year increase was primarily driven by an increase in attendance due to the popularity of film releases compared to the prior year and the increase in foreign currency translation rates, partially offset by lower amounts of governmental assistance.

During the three months ended June 30, 2026, Adjusted EBITDA in the U.S.

markets and International markets was $321.4 million compared to $189.5 million during the three months ended June 30, 2025, driven by the aforementioned factors impacting Adjusted EBITDA.

During the six months ended June 30, 2026, Adjusted EBITDA in the U.S.

markets was $307.5 million compared to $124.2 million during the six months ended June 30, 2025.

The year-over-year increase was primarily driven by an increase in attendance due to the popularity of film releases compared to the prior year, an increase in average ticket price and food and beverage per patron and an increase in advertising income in other revenues related to an increase in discount rates for the significant financing component of the Amended ESA.

During the six months ended June 30, 2026, Adjusted EBITDA in the International markets was $52.2 million compared to $7.6 million during the six months ended June 30, 2025.

The year-over-year increase was primarily driven by an increase in attendance due to the popularity of film releases compared to the prior year, an increase in average ticket price and food and beverage per patron and the increase in foreign currency translation rates, partially offset by lower amounts of governmental assistance and decreases in income from expirations of package tickets and gift cards.

During the six months ended June 30, 2026, Adjusted EBITDA in the U.S.

markets and International markets was $359.7 million compared to $131.8 million during the six months ended June 30, 2025, driven by the aforementioned factors impacting Adjusted EBITDA.

LIQUIDITY AND CAPITAL RESOURCES

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We have an operating “float” which partially finances our operations and which generally permits us to maintain a smaller amount of working capital capacity.

This float exists because admissions revenues are received in cash, while exhibition costs (primarily film rentals) are ordinarily paid to distributors from 20 to 45 days following receipt of admissions revenues.

This float exists because admissions revenues are received in

cash, while exhibition costs (primarily film rentals) are ordinarily paid to distributors from 14 to 49 days following receipt of admissions revenues.

Film distributors generally release the films which they anticipate will be the most successful during the summer and year-end holiday seasons.

Consequently, we typically generate higher revenues during such periods and experience higher working capital requirements following such periods.

We had working capital deficit (excluding restricted cash) as of March 31, 2026, and December 31, 2025 of $(1,124.4) million and $(1,090.6) million, respectively.

As of March 31, 2026 and December 31, 2025, working capital included operating lease liabilities of $560.6 million and $560.0 million, respectively, and deferred revenues of $446.9 million and $465.5 million, respectively.

As of March 31, 2026, we had cash and cash equivalents of $339.2 million.

During the three months ended March 31, 2026, we enhanced liquidity through equity issuances.

See Note 6—Stockholders’ Deficit and Note 11—Subsequent Events in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.

We had working capital deficit (excluding restricted cash) as of June 30, 2026, and December 31, 2025 of $(901.0) million and $(1,090.6) million, respectively.

As of June 30, 2026 and December 31, 2025, working capital included operating lease liabilities of $560.4 million and $560.0 million, respectively, and deferred revenues of $452.6 million and $465.5 million, respectively.

As of June 30, 2026, we had cash and cash equivalents of $778.4 million.

During the six months ended June 30, 2026, we enhanced liquidity through equity issuances.

See Note 6—Stockholders’ Deficit in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.

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.

2 unchanged sentences

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

See Note 11—Subsequent Events in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information about debt exchanges occurring after March 31, 2026.

Odeon Credit Agreement

Bank Trust Company, National Association, as administrative agent and security agent, pursuant to which Odeon Finco borrowed $425,000,000 of Odeon Term Loans due 2031.

Bank Trust Company, National Association, as administrative agent and security agent, pursuant to which Odeon Finco borrowed $425.0 million of Odeon Term Loans due 2031.

In connection with the Odeon Notes Redemption, the Odeon Notes due 2027 have been delisted from the Official List of The International Stock Exchange.

See Note 11—Subsequent Events in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.

See Note 5—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.

New Exchangeable Notes Voluntary Exchange

As a result of the Exchange, all remaining New Exchangeable Notes were cancelled in accordance with the Indenture.

2027 Notes Redemption Notice

Concurrently with the completion of the Offering, on June 24, 2026, we delivered the Notice to holders of our $125.5 million aggregate principal amount of Senior Subordinated Notes due 2027 to redeem the Senior Subordinated Notes due 2027 in full at a redemption price equal to 100.000% of the principal amount of the Senior Subordinated Notes due 2027, plus accrued and unpaid interest, if any, to July 24, 2026, the redemption date.

Liquidity Requirements

We believe our existing cash and cash equivalents, together with cash generated from operations, will be sufficient to fund our operations and satisfy our obligations currently and through the next twelve months.

Our current cash burn rates are not sustainable long-term.

Based on our current cost structure, in order to achieve sustainable net positive cash flows from operating activities, we believe that revenues will need to increase from current levels to levels at least in line with pre-COVID-19 revenues.

Until such time as we are able to achieve sustainable net positive cash flows from operating activities, it is difficult to estimate our future cash burn rates and liquidity requirements.

Our historical cash burn rates are not sustainable long-term.

Based on our current cost structure, in order to achieve sustainable annual net positive cash flows from operating activities, we believe that revenues will need to be at least in line with pre-COVID-19 revenues.

The Company has achieved net positive cash flows from operating activities for the six months ended June 30, 2026.

Until such time as we are able to achieve sustainable annual net positive cash flows from operating activities, it is difficult to estimate our future cash burn rates and liquidity requirements.

Depending on our assumptions regarding the timing and ability to achieve levels of revenue, the estimates of the required liquidity vary significantly.

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Further, there can be no assurances that we will be successful in generating the additional liquidity necessary to meet our obligations beyond twelve months from the issuance of this Quarterly Report on terms acceptable to us or at all.

The following is a summary of our net cash flows for the three months ended March 31, 2026 and March 31, 2025:

The following is a summary of our net cash flows for the six months ended June 30, 2026 and June 30, 2025:

(in millions)

March 31, 2026

March 31, 2025

June 30, 2026

June 30, 2025

Operating activities

2 unchanged sentences

Cash Flows from Operating Activities

Net cash used in operating activities decreased by $241.5 million primarily due to a decrease in cash used for working capital, increases in attendance, increases in average ticket price, increases in food and beverage per patron, and a decrease in cash paid for interest.

The decrease in cash used for working capital was primarily driven by the timing of incentive bonus payments and lower film rental payments.

Incentive bonus payments were made during the three months ended March 31, 2025 in the prior year, compared to the three months ended June 30, 2026 in the current year.

Film rental payments declined in the current year due to weaker fourth-quarter 2025 box office performance compared to the fourth quarter of 2024.

Net cash provided by (used in) operating activities improved by $338.5 million primarily due to increases in attendance, increases in average ticket price, increases in food and beverage per patron, increases in advertising revenue, and an increase cash provided by working capital.

The increase in cash provided by working capital was primarily driven by the float from film rental payments, which typically are paid to distributors 20 to 45 days following the receipt of admissions revenue.

The box office in the second quarter of 2026 outperformed the box office in the second quarter of 2025.

Cash Flows from Investing Activities

4 unchanged sentences

Cash Flows from Financing Activities

Net cash provided by financing activities decreased $108.7 million primarily due to decreased proceeds from equity issuances and an increase in cash used to pay deferred financing costs, partially offset by less cash used to repurchase debt.

Net cash provided by financing activities increased by $188.5 million primarily due to increased proceeds from equity issuances and decreases in cash used for principal payments of the Senior Subordinated Notes due 2025, partially offset by an increase in cash used to pay deferred financing costs.

Covenant Compliance

As of March 31, 2026, we believe that we were in full compliance with all agreements, including related covenants, governing our outstanding debt.

As of June 30, 2026, we believe that we were in full compliance with all agreements, including related covenants, governing our outstanding debt.

Formation of Unrestricted Subsidiaries

4 unchanged sentences

Unrestricted Subsidiaries’ Financial Information and Operating Metrics

Pursuant to the indenture governing Holdings’ Existing 7.5% Notes, the indenture governing Muvico’s New Exchangeable Notes, and the Muvico Credit Agreement governing Holdings’ and Muvico’s new term loans maturing in 2029 (the “New Term Loans”), we are presenting the following financial information and operating metrics for the Muvico Group separately from Holdings and its restricted subsidiaries (the “Restricted Subsidiaries” and collectively with Holdings, the “AMC Group”).

Pursuant to the indenture governing Holdings’ Existing 7.5% Notes and the Muvico Credit Agreement governing Holdings’ and Muvico’s new term loans maturing in 2029 (the “Muvico Term Loans”), we are presenting the following financial information and operating metrics for the Muvico Group separately from Holdings and its restricted subsidiaries (the “Restricted Subsidiaries” and collectively with Holdings, the “AMC Group”).

AMC Theatres of UK Limited, which is an unrestricted subsidiary under the indenture governing Holdings’ Existing 7.5% Notes, has been included with the Restricted Subsidiaries for the purposes of the following presentation of financial information and operating metrics (this subsidiary is individually immaterial).

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The financial information is also prepared using the historical cost carrying values of Holdings, the top parent entity.

Holdings and Muvico are co-borrowers and joint and severally liable for the New Term Loans.

Holdings and Muvico are co-borrowers and jointly and severally liable for the Muvico Term Loans.

Pursuant to ASC 405-40, we have allocated fifty percent (50%) of the liabilities, interest expense and cash flows each to Muvico and Holdings, respectively.

The basis of this allocation is the amount we expect each party to pay.

Three Months Ended March 31, 2026

Three Months Ended June 30, 2026

Subsidiaries/AMC

12 unchanged sentences

Operating costs and expenses

Operating loss

Operating income

Other expense, net:

Other expense (income)

Other expense

Interest expense:

1 unchanged sentence

Finance lease obligations

Intercompany interest expense

Non-cash NCM exhibitor services agreement

Intercompany interest income

Intercompany interest expense (income), net

Investment expense (income)

Total other expense, net

Earnings (loss) before income taxes

Income tax provision (2)

Net earnings (loss)

Three Months Ended June 30, 2026

Subsidiaries/AMC

(In millions)

Net earnings (loss)

Other comprehensive loss:

Unrealized foreign currency translation adjustments

Net pension gain arising during the period

Other comprehensive loss

Total comprehensive income (loss)

(1) This column provides the information required to be presented for (i) Holdings and its Restricted Subsidiaries under the indenture governing Existing 7.5% Notes and (ii) AMC Group under the Muvico Credit Agreement.

Transactions between Holdings and its restricted subsidiaries have been eliminated.

(2) Muvico is a disregarded entity for federal and state income tax purposes with all tax expense and deferred taxes recorded at the AMC Group level.

(3) Includes intercompany management fee revenues of $5.3 million recorded by AMCEH & Restricted Subsidiaries/AMC Group and intercompany license fee revenues of $4.2 million recorded by Muvico Group

Unrestricted Subsidiaries.

Corresponding amounts of expense are included in general and administrative:

other for Muvico Group Unrestricted Subsidiaries and AMCEH & Restricted Subsidiaries/AMC Group.

Three Months Ended June 30, 2026

Subsidiaries/AMC

Key operating metrics:

Average ticket price

Attendance (in thousands) (1)

Number of screens operated (2)

Number of theatres operated (2)

Adjusted EBITDA (4)

(1) Includes consolidated theatres only and excludes screens offline due to construction.

(2) The screens and theatres of the Muvico Group are operated by Multi-Cinema pursuant to the management agreement.

(3) This column provides the information required to be presented for (i) Holdings and its Restricted Subsidiaries under the indenture governing the Existing 7.5% Notes and (ii) AMC Group under the Muvico Credit Agreement.

(4) Below is a reconciliation of net loss to Adjusted EBITDA for AMCEH & Restricted Subsidiaries/AMC Group and Muvico Group.

The reconciling items below have the same definitions and are of the same nature as the reconciling items presented previously in Management’s Discussion and Analysis section of this Form 10-Q.

Three Months Ended June 30, 2026

Subsidiaries/AMC

(In millions)

Net earnings (loss)

Income tax provision

Interest expense

Depreciation and amortization

Certain operating expense

Equity in earnings of non-consolidated entities

Attributable EBITDA

Investment expense (income)

Other expense

Merger, acquisition and other costs

Stock-based compensation expense

Adjusted EBITDA

(1) This column provides the information required to be presented for (i) Holdings and its Restricted Subsidiaries under the indenture governing the Existing 7.5% Notes and (ii) AMC Group under the Muvico Credit Agreement.

Six Months Ended June 30, 2026

Subsidiaries/AMC

(In millions)

Food and beverage

Other theatre (3)

Total revenues

Operating costs and expenses

Film exhibition costs

Food and beverage costs

Operating expense, excluding depreciation and amortization below

General and administrative:

Merger, acquisition and other costs

Other, excluding depreciation and amortization below (3)

Depreciation and amortization

Operating costs and expenses

Operating income

Other expense, net:

Other expense

Interest expense:

Corporate borrowings

Finance lease obligations

Non-cash NCM exhibitor services agreement

Intercompany interest expense (income), net

Investment income

2 unchanged sentences

Income tax provision (2)

Three Months Ended March 31, 2026

Six Months Ended June 30, 2026

Subsidiaries/AMC

2 unchanged sentences

Unrealized foreign currency translation adjustments

Net pension gain arising during the period

Other comprehensive loss

Total comprehensive loss

(1) This column provides the information required to be presented for (i) Holdings and its Restricted Subsidiaries under the indentures governing the New Exchangeable Notes and Existing 7.5% Notes and (ii) AMC Group under the Muvico Credit Agreement.

Transactions between Holdings and its restricted subsidiaries have been eliminated.

3 unchanged sentences

other for Muvico Group Unrestricted Subsidiaries and AMCEH & Restricted Subsidiaries/AMC Group.

Three Months Ended March 31, 2026

Six Months Ended June 30, 2026

Subsidiaries/AMC

7 unchanged sentences

(2) The screens and theatres of the Muvico Group are operated by Multi-Cinema pursuant to the management agreement.

(3) This column provides the information required to be presented for (i) Holdings and its Restricted Subsidiaries under the indentures governing the New Exchangeable Notes and Existing 7.5% Notes and (ii) AMC Group under the Muvico Credit Agreement.

(4) Below is a reconciliation of net loss to Adjusted EBITDA for AMCEH & Restricted Subsidiaries/AMC Group and Muvico Group.

The reconciling items below have the same definitions and are of the same nature as the reconciling items presented previously in Management’s Discussion and Analysis section of this Form 10-Q.

Three Months Ended March 31, 2026

Six Months Ended June 30, 2026

Subsidiaries/AMC

3 unchanged sentences

Depreciation and amortization

Certain operating expense (income)

Certain operating expense

Equity in earnings of non-consolidated entities

1 unchanged sentence

Investment income

Other expense (income)

Other expense, net

Merger, acquisition and other costs

1 unchanged sentence

Adjusted EBITDA

As of March 31, 2026

As of June 30, 2026

Subsidiaries/AMC

39 unchanged sentences

(1) The cash held in bank accounts differs from the book balance due to deposits in transit, payments in transit, and certain cash equivalents.

(2) Intercompany receivables (payables) includes intercompany loans, fees receivable/payable pursuant to the management agreement and intellectual property license agreement, the intercompany receivable/payable created by allocating the New Term Loans borrowings between Holdings and Muvico, and other intercompany balances created as a result of the 2025 Refinancing Transactions and 2024 Refinancing Transactions.

(2) Intercompany receivables (payables) includes intercompany loans, fees receivable/payable pursuant to the management agreement and intellectual property license agreement, the intercompany receivable/payable created by allocating the Muvico Term Loans borrowings between Holdings and Muvico, and other intercompany balances created as a result of the 2025 Refinancing Transactions and 2024 Refinancing Transactions.

(4) Muvico is a disregarded entity for federal and state income tax purposes with all tax expense and deferred taxes recorded at the AMC Group level.

Three Months Ended March 31, 2026

Six Months Ended June 30, 2026

Subsidiaries/AMC

2 unchanged sentences

Depreciation and amortization

Loss on extinguishment of debt

Gain on derivatives

21 unchanged sentences

Net proceeds from equity issuances

Scheduled principal payments under term loan borrowings

Proceeds from issuance of Odeon Term Loans due 2031

Principal payments under Odeon Senior Secured Notes due 2027

Premium paid to extinguish Odeon Senior Secured Notes due 2027

Principal payments under finance lease obligations

Scheduled principal payments under term loan borrowings

Cash used to pay deferred financing costs

1 unchanged sentence

Proceeds (payments) of intercompany loans

Net cash provided by financing activities

Net cash provided by (used in) financing activities

Effect of exchange rate changes on cash and cash equivalents and restricted cash

Net increase (decrease) in cash and cash equivalents and restricted cash

Net increase in cash and cash equivalents and restricted cash

Cash and cash equivalents and restricted cash at beginning of period

Cash and cash equivalents and restricted cash at end of period

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-Q

Item 2. Management’s Discussion and Analysis