AMC Entertainment Holdings, Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenues for the three months ended September 30, 2026, were $1,711.1 million, a 31.6% increase compared to $1,300.2 million in the same period in 2025.
• Net earnings for the quarter were $109.3 million, a $407.5 million improvement from a net loss of $(298.2) million in 2025.
• Adjusted net earnings for the quarter were $116.9 million, a $226.9 million improvement from a loss of $(110.0) million in 2025.
• Adjusted EBITDA for the quarter was $347.5 million, up 183.7% from $122.5 million in 2025, with an Adjusted EBITDA margin of 20.3% compared to 9.4% in 2025.
• Net cash provided by operating activities for the quarter was $176.6 million, an improvement of $191.5 million from $(14.9) million in 2025.
• Free cash flow for the quarter was $109.3 million, an improvement of more than $190 million year-over-year from $(81.1) million in 2025.
• Cash and cash equivalents at September 30, 2026, were $751.9 million (excluding $39.6 million restricted cash), up 105.5% from $365.8 million.
• For the nine months ended September 30, 2026, total revenues were $4,353.2 million, up 22.3% from $3,560.6 million in 2025.
• Net loss for the nine months ended September 30, 2026, was $(19.2) million, a $485.8 million improvement from $(505.0) million in 2025.
• Adjusted net earnings for the nine months ended September 30, 2026, were $26.9 million, a $387.4 million improvement from $(360.5) million in 2025.
• Adjusted EBITDA for the nine months ended September 30, 2026, was $707.2 million, up 178.1% from $254.3 million in 2025.
• Net cash provided by operating activities for the nine months ended September 30, 2026, was $283.5 million, a $530.0 million improvement from $(246.5) million in 2025.
• Year-to-date Free Cash Flow for the nine months ended September 30, 2026, was $124.7 million.

Guidance and Future Outlook:

• Management expects to achieve positive annual Free Cash Flow for the full year 2026.
• Domestic box office in October was up approximately 35% compared to the same month last year.
• Management expects the remaining film slate to propel both domestic and global box office to their highest full-year levels in seven years.
• The company anticipates a triumphant close to the year driven by a surging fourth quarter domestic box office.

Business Segments and Product Lines:

• U.S. markets revenue for the quarter was $1,299.1 million, compared to $1,005.9 million in 2025.
• International markets revenue for the quarter was $412.0 million, compared to $294.3 million in 2025.
• U.S. markets attendance for the quarter was 52,133 thousand, up 23.3% from 42,276 thousand in 2025.
• International markets attendance for the quarter was 22,784 thousand, up 41.5% from 16,101 thousand in 2025.
• Consolidated attendance for the quarter was 74,917 thousand, up 28.3% from 58,377 thousand in 2025.
• Average ticket price for consolidated markets was $12.73 in the quarter, up from $12.25 in 2025.
• Food and beverage revenues per patron for consolidated markets were $7.87 in the quarter, up from $7.74 in 2025.
• Contribution margin per patron for consolidated markets was $15.05 in the quarter, up from $14.72 in 2025.
• The company attributes success to industry-leading loyalty programs, a growing number of premium large format and extra large format auditoriums, and disciplined cost management.

Market and Competitive Landscape:

• The company reported market share gains in both domestic and international markets.
• The company achieved all-time record revenue per patron.
• The company is the largest movie exhibition company in the United States, Europe, and globally, operating approximately 840 theatres and 9,500 screens.
• Management noted that other key players in the industry collapsed in recent years while AMC focused on recovery and thriving.

Risks and Challenges:

• The press release includes a standard "Forward-Looking Statements" section detailing risks such as the sufficiency of cash and borrowing capacity, ability to generate sustainable annual net positive cash flows, and risks related to debt covenants.
• Risks include the potential need for in-court or out-of-court restructuring if liquidity is insufficient.
• Potential risks include increased use of alternative film delivery methods, shrinking exclusive theatrical release windows, and intense competition.
• Risks related to motion picture production, including labor stoppages, tariffs, and the use of AI technology in filmmaking.
• Risks include general economic, political, regulatory factors, rising interest rates, and supply chain disruptions.

Management Commentary and Tone:

• Chairman and CEO Adam Aron stated that AMC has "recovered" and that the goal is now to "thrive."
• Aron highlighted that Q3 2026 marked the second consecutive quarter of all-time records for revenue and Adjusted EBITDA.
• Management expressed high energy and enthusiasm regarding the opportunities ahead and the film slate for November and December.
• Aron thanked studio partners, lenders, business partners, employees, and shareholders for their support during the company's recovery.

Other Key Points:

• On October 5, 2026, AMC completed a $3.97 billion refinancing covering approximately 97% of its debt, extending maturities to late 2031 and 2033.
• The refinancing included issuing $2.0 billion in 8.875% first lien notes due 2031, a new $850 million first lien term loan facility, and a new $1.12 billion second lien term loan facility.
• Net proceeds from the refinancing were used to satisfy the 7.500% senior secured notes due 2029, redeem Muvico's senior secured notes due 2029, repay existing term loans, and cover transaction costs.
• Major credit rating agencies have upgraded AMC's credit rating following the refinancing.
• On July 24, 2026, AMC fully redeemed $125.5 million aggregate principal amount of the 6.125% Senior Subordinated Notes due 2027.
• The company's capital structure was simplified, and the average interest rate on debt was reduced.
• The company reported a significant improvement in its balance sheet strength.