EASTMAN KODAK CO

Previous wording

Forward–looking statements include statements concerning Kodak’s plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, liquidity, investments, financing needs and business trends and other information that is not historical information. When used in this document, the words “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” “predicts,” “forecasts,” “strategy,” “continues,” “goals,” “targets” or future or conditional verbs, such as “will,” “should,” “could,” or “may,” and similar words and expressions, as well as statements that do not relate strictly to historical or current facts, are intended to identify forward–looking statements. All forward–looking statements, including management’s examination of historical operating trends and data, are based upon Kodak’s current expectations and assumptions. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results or outcomes, or timing of actual results or outcomes, to differ materially from historical results or those expressed in or implied by such forward-looking statements. Important factors that could cause actual events, results or outcomes, or their timing, to differ materially from the forward-looking statements include, among others, the risks and uncertainties described in more detail in the Company’s Annual Report on Form 10–K for the year ended December 31, 2024 ("2024 Form 10-K") under the headings “Business,” “Risk Factors,” “Legal Proceedings,” and/or “Management’s Discussion and Analysis of Financial Condition and Results of Operations–Liquidity and Capital Resources,” in the corresponding sections of this report on Form 10-Q and the Company’s quarterly report on Form 10‐Q for the quarter ended March 31, 2025, and in other filings the Company makes with the SEC from time to time, as well as the following:

Current wording

Forward–looking statements include statements concerning Kodak’s plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, liquidity, investments, financing needs and business trends and other information that is not historical information. When used in this document, the words “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” “predicts,” “forecasts,” “strategy,” “continues,” “goals,” “targets” or future or conditional verbs, such as “will,” “should,” “could,” or “may,” and similar words and expressions, as well as statements that do not relate strictly to historical or current facts, are intended to identify forward–looking statements. All forward–looking statements, including management’s examination of historical operating trends and data, are based upon Kodak’s current expectations and assumptions. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results or outcomes, or timing of actual results or outcomes, to differ materially from historical results or those expressed in or implied by such forward-looking statements. Important factors that could cause actual events, results or outcomes, or their timing, to differ materially from the forward-looking statements include, among others, the risks and uncertainties described in more detail in the Company’s Annual Report on Form 10–K for the year ended December 31, 2024 ("2024 Form 10-K") under the headings “Business,” “Risk Factors,” “Legal Proceedings,” and/or “Management’s Discussion and Analysis of Financial Condition and Results of Operations–Liquidity and Capital Resources,” in the corresponding sections of this report on Form 10-Q and the Company’s quarterly reports on Form 10‐Q for the quarters ended March 31, 2025 and June 30, 2025, and in other filings the Company makes with the SEC from time to time, as well as the following:

Previous wording

Kodak’s ability to fund continued investments, capital needs and collateral requirements and to service its debt and Series B Preferred Stock and Series C Preferred Stock;

Current wording

Kodak’s ability to fund continued investments, capital needs and collateral requirements and to service its debt and Series B Preferred Stock;

Previous wording

Consolidated revenues in the three and six months ended June 30, 2025 were $263 million and $510 million, respectively, decreases of$4 million (1%) and $6 million (1%), respectively, when compared to thethree and six months ended June 30, 2024. Currency fluctuations had a favorable impact on revenues in the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024 ($5 million and $2 million, respectively).

Current wording

Consolidated revenues in the three and nine months ended September 30, 2025 were $269 million and $779 million, respectively, increases of$8 million (3%) and $2 million (0%), respectively, when compared to the threeand nine months ended September 30, 2024. Currency fluctuations had a favorable impact on revenues in the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024 ($4 million and $6 million, respectively).

Previous wording

Print revenues in the three and six months ended June 30, 2025 were $178 million and $343 million, respectively, decreases of$8 million (4%) and $25 million (7%), respectively, compared to the prior year quarter and year-to-date period. Print revenues accounted for 68% and 67% of Kodak’s total revenues for the three and six months ended June 30, 2025, respectively. Advanced Materials and Chemicals revenues in the three and six months ended June 30, 2025 were $75 million and $149 million, respectively, increases of $2 million (3%) compared to the prior year quarter and $17 million (13%) compared to the prior year-to-date period.

Current wording

Print revenues in the three and nine months ended September 30, 2025 were $177 million and $520 million, respectively, decreases of$5 million (3%) compared to the prior year quarter and $30 million (5%) compared to the prior year-to-date period. Print revenues accounted for 66% and 67% of Kodak’s total revenues for the three and nine months ended September 30, 2025, respectively. Advanced Materials and Chemicals revenues in the three and nine months ended September 30, 2025 were $82 million and $231 million, respectively, increases of $11 million (15%) compared to the prior year quarter and $28 million (14%) compared to the prior year-to-date period.

Previous wording

The U.S. government imposed new tariffs on a range of imported goods, including aluminum, steel and certain raw materials and component parts used in Kodak’s manufacturing and supply chain. The tariffs imposed have resulted in increased manufacturing costs which the Company has been able to largely mitigate through pricing actions, supplier negotiations and other cost savings measures. As a result of these actions, the tariffs that have been enacted or expanded by the U.S. did not have a material adverse effect on Kodak’s operations, financial condition or cash flows for the six months ended June 30, 2025.

Current wording

The U.S. government imposed new tariffs on a range of imported goods, including aluminum, steel and certain raw materials and component parts used in Kodak’s manufacturing and supply chain. The tariffs imposed have resulted in increased manufacturing costs which the Company has been able to largely mitigate through pricing actions, supplier negotiations and other cost savings measures. As a result of these actions, the tariffs that have been enacted or expanded by the U.S. did not have a material adverse effect on Kodak’s operations, financial condition or cash flows for the nine months ended September 30, 2025.

Previous wording

The war in Ukraine and the international response have disrupted Kodak’s ability to operate its Russian subsidiary in the ordinary course, affecting its ability to pay vendors and employees, receive amounts owed from customers in Russia and deliver product. Kodak is in the process of an orderly winding down of its Russian subsidiary and has ceased its direct Russian operations. The direct operations of Kodak’s Russian subsidiary did not have a material impact on the Company’s financial statements (less than 1% of total consolidated revenues and assets for 2024, 2023 and 2022), and there were no material impacts to the consolidated results of operations for the six months ended June 30, 2025 from the wind-down activities.

Current wording

The war in Ukraine and the international response have disrupted Kodak’s ability to operate its Russian subsidiary in the ordinary course, affecting its ability to pay vendors and employees, receive amounts owed from customers in Russia and deliver product. Kodak is in the process of an orderly winding down of its Russian subsidiary and has ceased its direct Russian operations. The direct operations of Kodak’s Russian subsidiary did not have a material impact on the Company’s financial statements (less than 1% of total consolidated revenues and assets for 2024, 2023 and 2022), and there were no material impacts to the consolidated results of operations for the nine months ended September 30, 2025 from the wind-down activities.

Previous wording

EV/Energy Storage Battery Material Manufacturing - Coating of substrates is a critical aspect of manufacturing materials for batteries and Kodak plans to capitalize on its expertise in coating technology to develop opportunities in this area. Kodak utilizes its pilot coating facility to conduct development of coated electrodes for a variety of battery, fuel cell, and solar film companies as well as low volume manufacturing of electrodes. On July 13, 2022, Kodak invested $25 million to acquire a minority preferred equity interest in Wildcat Discovery Technologies, Inc. ("Wildcat"), a private technology company that uses proprietary methods to research and develop new battery materials, including an EV battery. During the second quarter of 2025, Kodak recorded an impairment charge of $17 million related to its investment in Wildcat due to the strategic options and alternatives being contemplated by Wildcat due to the current economic environment. Wildcat continues to explore and assess various options and alternatives which may further impact the value of Kodak's investment or dilute Kodak's ownership in Wildcat. Kodak also entered into an agreement to provide coating and engineering services in collaboration with Wildcat to develop and scale film coating technologies. Wildcat has granted Kodak certain rights to negotiate a production or licensing arrangement with Wildcat when and if Wildcat’s technology reaches commercial readiness. Kodak has utilized an existing production coating facility to manufacture coated substrates for EV cell assembly. Kodak is evaluating expansion or enhancement of this facility to serve a wider variety of production level customers.

Current wording

EV/Energy Storage Battery Material Manufacturing - Coating of substrates is a critical aspect of manufacturing materials for batteries and Kodak plans to capitalize on its expertise in coating technology to develop opportunities in this area. Kodak utilizes its pilot coating facility to conduct development of coated electrodes for a variety of battery, fuel cell, and solar film companies as well as low volume manufacturing of electrodes. On July 13, 2022, Kodak invested $25 million to acquire a minority preferred equity interest in Wildcat Discovery Technologies, Inc. ("Wildcat"), a private technology company that uses proprietary methods to research and develop new battery materials, including an EV battery. During the second quarter of 2025, Kodak recorded an impairment charge of $17 million to its Wildcat investment due to strategic options and alternatives being contemplated by Wildcat due to the current economic environment at that time. With respect to an observable transaction for a similar investment that occurred in October 2025, Kodak recorded an additional impairment charge of $4 million related to its investment in Wildcat during the third quarter of 2025. Wildcat continues to explore and assess various options and alternatives which may further impact the value of Kodak's investment or dilute Kodak's ownership in Wildcat. Kodak also entered into an agreement to provide coating and engineering services in collaboration with Wildcat to develop and scale film coating technologies. Wildcat has granted Kodak certain rights to negotiate a production or licensing arrangement with Wildcat when and if Wildcat’s technology reaches commercial readiness. Kodak has utilized an existing production coating facility to manufacture coated substrates for EV cell assembly. Kodak is evaluating expansion or enhancement of this facility to serve a wider variety of production level customers.

Previous wording

Reagent Manufacturing - Kodak plans to capitalize on its existing chemical manufacturing expertise, including current production of unregulated Key Starting Materials for pharmaceutical products, to implement an expansion into manufacturing Diagnostic Test Reagent solutions. Kodak has started construction of a Current Good Manufacturing Practice ("cGMP") lab and manufacturing facility to manufacture reagents for healthcare applications within an existing building located at EBP. Production is scheduled to begin by the end of 2025.

Current wording

Reagent Manufacturing - Kodak plans to capitalize on its existing chemical manufacturing expertise, including current production of unregulated Key Starting Materials for pharmaceutical products, to implement an expansion into manufacturing Diagnostic Test Reagent solutions. Kodak has completed construction of a Current Good Manufacturing Practice ("cGMP") lab and manufacturing facility at EBP and is now certified to manufacture reagents for healthcare applications.

Previous wording

Gross profit for the three months ended June 30, 2025 declined $7 million compared with the same period in 2024, primarily due to higher aluminum costs ($5 million), lower volume in Advanced Materials and Chemicals ($6 million) and Print ($4 million) and higher manufacturing costs in Print ($4 million). These unfavorable impacts were partially offset by improved pricing in Print and Advanced Materials and Chemicals ($5 million each), favorable foreign currency fluctuations ($1 million) and higher volume in Brand ($2 million). See segment discussions for additional details.

Current wording

Gross profit for the three months ended September 30, 2025 improved $23 million compared with the same period in 2024, primarily due to improved pricing in Print ($7 million) and Advanced Materials and Chemicals ($5 million), inventory reserve adjustment in Electrophotographic Printing Solutions ("EPS") recorded in the prior year period ($4 million), lower aluminum costs ($3 million), higher volume in Advanced Materials and Chemicals ($2 million), Print ($1 million) and Brand ($1 million), net change in employee benefit reserves ($2 million) and favorable foreign currency fluctuations ($1 million). These favorable impacts were partially offset by higher manufacturing costs in Print ($3 million). See segment discussions for additional details.

Previous wording

Gross profit for the six months ended June 30, 2025 declined $10 million compared with the same period in 2024, primarily due to higher aluminum costs ($12 million), higher manufacturing costs in Print ($7 million) and Advanced Materials and Chemicals ($3 million), lower volume in Print ($6 million) and Advanced Materials and Chemicals ($3 million) and net change in employee benefit reserves ($1 million). These unfavorable impacts were partially offset by improved pricing in Advanced Materials and Chemicals ($12 million) and Print ($8 million) and higher volume in Brand ($2 million). See segment discussions for additional details.

Current wording

EPS recorded in the prior year period ($4 million), higher volume in Brand ($3 million), net change in employee benefit reserves ($1 million) and favorable foreign currency fluctuations ($1 million). These favorable impacts were partially offset by higher aluminum costs ($9 million), higher manufacturing costs in Print ($10 million) and Advanced Materials and Chemicals ($3 million), and a decline in Print volume ($5 million) and Advanced Materials and Chemicals ($1 million).

Previous wording

Consolidated selling and general administrative expenses ("SG&A") decreased $6 million in the three months ended June 30, 2025 compared to the prior year period due to a decline in selling and administrative costs ($4 million) related to lower investments in information technology systems and organizational structure compared to the prior year period, as well as costs associated with trade shows, along with a decline in consulting and project costs ($1 million) related to an insurance reimbursement of legal costs previously paid by the Company associated with investigations and litigation received in the second quarter of 2025 ($1 million).

Current wording

Consolidated selling and general administrative expenses ("SG&A") decreased $3 million in the three months ended September 30, 2025 compared to the prior year period due to a decline in selling and administrative costs ($2 million) related to lower costs associated with litigation matters as compared to the prior year.

Previous wording

Consolidated SG&A decreased $6 million in the six months ended June 30, 2025 compared to the prior year period due to a decline in selling and administrative costs ($3 million) related to lower investments on organizational structure changes compared to the prior year period, along with a decline in consulting and project costs ($2 million) primarily related to an insurance reimbursement received in the second quarter of 2025 ($1 million) and a decline in equity compensation costs ($1 million).

Current wording

Consolidated SG&A decreased $9 million in the nine months ended September 30, 2025 compared to the prior year period due to a decline in selling and administrative costs ($6 million) related to lower spending on organizational structure changes compared to the prior year period, along with a decline in consulting and project costs ($1 million) primarily related to an insurance reimbursement received in the second quarter of 2025 and a decline in equity compensation costs ($1 million).

Previous wording

Consolidated R&D expenses in the three and six months ended June 30, 2025 remained relatively flat as compared to the prior year periods.

Current wording

Consolidated R&D expenses in the three and nine months ended September 30, 2025 remained relatively flat as compared to the prior year periods.

Previous wording

Pension income excluding service cost component in the three and six months ended June 30, 2025 decreased $25 million and $44 million, respectively, compared to the prior year periods due to lower expected return on assets for the Kodak Retirement Income Plan ("KRIP") as a result of the change in investment strategy in 2024. Refer to Note 13, "Retirement Plans and Other Postretirement Benefits".

Current wording

Pension income excluding service cost component in the three and nine months ended September 30, 2025 decreased $26 million and $70 million, respectively, compared to the prior year periods due to lower expected return on assets for the Kodak Retirement Income Plan ("KRIP") as a result of the change in investment strategy in 2024. Refer to Note 13, "Retirement Plans and Other Postretirement Benefits".

Previous wording

For details, refer to Note 10, "Other Operating Expense (Income), Net".

Current wording

For details, refer to Note 10, "Other Operating Income, Net".

Previous wording

Kodak’s segment measure of profit and loss is an adjusted earnings before interest, taxes, depreciation and amortization (“Operational EBITDA”). As demonstrated in the table below, Operational EBITDA represents consolidated (loss) earnings from operations excluding the provision for income taxes; non-service cost components of pension and other postemployment benefits (“OPEB”) income; depreciation and amortization expense; restructuring costs and other; stock-based compensation expense; consulting and other costs; idle costs; interest expense; other operating (expense) income, net and other (charges) income, net.

Current wording

Kodak’s segment measure of profit and loss is an adjusted earnings before interest, taxes, depreciation and amortization (“Operational EBITDA”). As demonstrated in the table below, Operational EBITDA represents consolidated earnings (loss) from operations excluding the provision for income taxes; non-service cost components of pension and other postemployment benefits (“OPEB”) income; depreciation and amortization expense; restructuring costs and other; stock-based compensation expense; consulting and other costs; idle costs; interest expense; other operating income, net and other (charges) income, net.

Previous wording

Segment Operational EBITDA and Consolidated (Loss) Earnings from Operations Before Income Taxes

Current wording

Segment Operational EBITDA and Consolidated Earnings (Loss) from Operations Before Income Taxes

Previous wording

Consulting and other costs are professional services and internal costs associated with corporate strategic initiatives and litigation. Consulting and other costs included $1 million of income in the three and six months ended June 30, 2025, respectively, representing insurance reimbursement of legal costs previously paid by the Company associated with investigations and litigation matters.

Current wording

Consulting and other costs are professional services and internal costs associated with corporate strategic initiatives and litigation. Consulting and other costs included $1 million of income in the nine months ended September 30, 2025 representing insurance reimbursement of legal costs previously paid by the Company associated with investigations and litigation matters.

Previous wording

Kodak decreased employee benefit reserves by approximately $1 million in the six months ended June 30, 2024 due to a decrease in workers' compensation reserves driven by changes in discount rates. The decrease in reserves in the six months ended June 30, 2024 impacted gross profit by approximately $1 million. There was no change to employee benefit reserves in the three months ended June 30, 2024.

Current wording

Kodak decreased employee benefit reserves by approximately $1 million in the three months ended September 30, 2025 due to a decrease in workers' compensation reserves driven by changes in discount rates. The decrease in reserves in the three months ended September 30, 2025 impacted gross profit by approximately $1 million. There was no change to employee benefit reserves in the nine months ended September 30, 2025.

Previous wording

Kodak increased employee benefit reserves by approximately $1 million in the six months ended June 30, 2025 due to an increase in workers' compensation reserves driven by changes in discount rates. The increase in reserves in the six months ended June 30, 2025 impacted gross profit by approximately $1 million. There was no change to employee benefit reserves in the three months ended June 30, 2025.

Current wording

Kodak increased employee benefit reserves by approximately $2 million and $1 million in the three and nine months ended September 30, 2024, respectively. The increase in employee benefits reserves in the three months ended September 30, 2024 was primarily due to an increase in workers' compensation reserves driven by changes in discount rates. The increase in reserves in the three months ended September 30, 2024 impacted gross profit and selling, general and administrative expenses ("SG&A") by approximately $1 million each. The increase in reserves in the nine months ended September 30, 2024 did not have a significant impact on gross profit, R&D or SG&A.

Previous wording

The decrease in Print revenues for the six months ended June 30, 2025 of $25 million reflected lower volumes in Prepress Solutions ($22 million), EPS ($9 million), Software ($3 million) and Prosper ($2 million). These unfavorable impacts were partially offset by favorable pricing in Prepress Solutions ($4 million), Prosper ($3 million) and EPS ($1 million) and favorable foreign currency fluctuations ($2 million).

Current wording

The decrease in Print revenues for the three months ended September 30, 2025 of $5 million reflected lower volumes in Prepress Solutions ($14 million) and EPS ($3 million). These unfavorable impacts were partially offset by favorable foreign currency fluctuations ($3 million), favorable pricing in Prepress Solutions ($6 million), Prosper ($2 million) and EPS ($1 million) and higher Software volumes ($1 million).

Previous wording

The decrease in Print revenues for the three months ended June 30, 2025 of $8 million reflected lower volumes in Prepress Solutions ($12 million), Electrophotographic Printing Solutions ("EPS") ($4 million), Software ($1 million) and Prosper ($1 million). These unfavorable impacts were partially offset by favorable foreign currency fluctuations ($5 million) and favorable pricing in Prepress Solutions ($2 million), Prosper ($2 million) and EPS ($1 million).

Current wording

The decrease in Print revenues for the nine months ended September 30, 2025 of $30 million reflected lower volumes in Prepress Solutions ($36 million), EPS ($12 million), Software ($2 million) and Prosper ($2 million). These unfavorable impacts were partially offset by favorable pricing in Prepress Solutions ($10 million), Prosper ($5 million) and EPS ($2 million) and favorable foreign currency fluctuations ($5 million).

Previous wording

Print Operational EBITDA for the three months ended June 30, 2025 declined $4 million primarily related to higher costs for aluminum ($5 million), higher manufacturing costs ($4 million) and lower volumes for Prepress Solutions ($3 million), Prosper ($1 million) and Software ($1 million). These unfavorable impacts were partially offset by lower selling and general administrative costs ($4 million) and favorable pricing in Prepress Solutions ($2 million), Prosper ($2 million) and EPS ($1 million).

Current wording

Print Operational EBITDA for the nine months ended September 30, 2025 improved $4 million primarily related to favorable pricing in Prepress Solutions ($8 million), Prosper ($5 million) and EPS ($2 million), lower SG&A ($6 million), higher EPS volumes ($3 million) and inventory reserve adjustment in EPS recorded in the prior year period ($4 million). These favorable impacts were partially offset by higher manufacturing costs ($10 million), higher aluminum costs ($9 million) and lower volumes in Prepress ($6 million) and Software ($1 million).

Previous wording

Advanced Materials and Chemicals revenues for the six months ended June 30, 2025 improved $17 million primarily from favorable pricing and volume increases in Industrial Film and Chemicals ($10 million and $2 million, respectively) along with improvements in price and volume ($4 million and $1 million, respectively) in Motion Picture.

Current wording

Advanced Materials and Chemicals revenues for the three months ended September 30, 2025 improved$11 million primarily from volume increases and favorable pricing in Motion Picture ($4 million and $3 million, respectively) along with improvements in price and volume ($2 million each) in Industrial Film and Chemicals and favorable foreign currency fluctuations ($1 million).

Previous wording

Advanced Materials and Chemicals revenues for the three months ended June 30, 2025 improved$2 million primarily from favorable pricing in Industrial Film and Chemicals ($4 million) and Motion Picture ($2 million), partially offset by a decline in volume in Industrial Film and Chemicals ($4 million).

Current wording

Advanced Materials and Chemicals revenues for the nine months ended September 30, 2025 improved $28 million primarily from favorable pricing and volume increases in Industrial Film and Chemicals ($12 million and $4 million, respectively) along with improvements in price and volume ($7 million and $5 million, respectively) in Motion Picture and favorable foreign currency fluctuations ($1 million).

Previous wording

Advanced Materials and Chemicals Operational EBITDA remained flat for the three months ended June 30, 2025 as compared to the prior year quarter.

Current wording

Advanced Materials and Chemicals Operational EBITDA improved $10 million for the three months ended September 30, 2025 as compared to the prior year quarter, primarily due to favorable pricing and volume ($3 million and $1 million, respectively) in Motion Picture, favorable pricing and volume ($2 million and $1 million, respectively) in Industrial Film and Chemical and lower SG&A ($1 million).

Previous wording

Advanced Materials and Chemicals Operational EBITDA improved $6 million for the six months ended June 30, 2025 primarily due to favorable pricing in Industrial Film and Chemicals and Motion Picture ($10 million and $2 million, respectively) and volume increases in Motion Picture ($1 million), partially offset by a decline in volume in Industrial Film and Chemicals ($4 million) and higher manufacturing costs ($3 million).

Current wording

Advanced Materials and Chemicals Operational EBITDA improved $16 million for the nine months ended September 30, 2025 primarily due to favorable pricing in Industrial Film and Chemicals and Motion Picture ($12 million and $5 million, respectively), volume increases in Motion Picture ($2 million), lower SG&A ($1 million) and favorable foreign currency fluctuations ($1 million), partially offset by a decline in volume in Industrial Film and Chemicals ($3 million) and higher manufacturing costs ($3 million).

Previous wording

Brand revenues for both the three and six months ended June 30, 2025 improved by $2 million due to higher volumes.

Current wording

Brand revenues for the three and nine months ended September 30, 2025 improved by $1 million and $3 million, respectively, due to higher volumes.

Previous wording

Kodak recorded charges of $6 million and $11 million for thethree and six months ended June 30, 2025, respectively, of which $5 million and $10 million, respectively, were recorded in Restructuring costs and other in the Consolidated Statement of Operations.

Current wording

Kodak recorded charges of $1 million and $12 million for the threeand nine months ended September 30, 2025, respectively, in Restructuring costs and other in the Consolidated Statement of Operations.

Previous wording

Kodak made cash payments related to restructuring of approximately $3 million and $5 million during thethree and six months ended June 30, 2025, respectively.

Current wording

Kodak made cash payments related to restructuring of approximately $2 million and $7 million during the threeand nine months ended September 30, 2025, respectively.

Previous wording

The restructuring actions implemented in the first six months of 2025 are expected to generate future annual cash savings of approximately $15 million, which are expected to reduce future annual SG&A expenses, Cost of revenues and R&D costs by $6 million, $5 million and $4 million, respectively. The majority of the annual savings are expected to be in effect by the end of the third quarter of 2025 as the actions are completed.

Current wording

The restructuring actions implemented in the first nine months of 2025 are expected to generate future annual cash savings of approximately $17 million, which are expected to reduce future annual SG&A expenses, Cost of revenues and R&D costs by $6 million, $7 million and $4 million, respectively. The majority of the annual savings are expected to be in effect by the end of 2025 as the actions are completed.

Previous wording

Kodak ended the quarter with a cash balance of $155 million, a decrease of $46 million from December 31, 2024, primarily driven by the decline in cash in the first quarter of 2025 of $43 million.

Current wording

Kodak ended the quarter with a cash balance of $168 million, a decrease of $33 million from December 31, 2024, primarily driven by the decline in cash in the first quarter of 2025 of $43 million.

Previous wording

Available liquidity includes existing cash balances. The amount of available liquidity is subject to fluctuations and includes cash balances held by various entities worldwide. At June 30, 2025 and December 31, 2024, approximately $70 million and $118 million, respectively, of cash and cash equivalents were held within the U.S. and approximately $85 million and $83 million, respectively, of cash and cash equivalents were held outside the U.S. Cash balances held outside the U.S. are generally required to support local country operations and may have high tax costs or other limitations that delay the ability to repatriate, and therefore may not be readily available for transfer to other jurisdictions. Kodak utilizes cash balances outside the U.S. to fund needs in the U.S. through the use of intercompany loans.

Current wording

Available liquidity includes existing cash balances. The amount of available liquidity is subject to fluctuations and includes cash balances held by various entities worldwide. At September 30, 2025 and December 31, 2024, approximately $74 million and $118 million, respectively, of cash and cash equivalents were held within the U.S. and approximately $94 million and $83 million, respectively, of cash and cash equivalents were held outside the U.S. Cash balances held outside the U.S. are generally required to support local country operations and may have high tax costs or other limitations that delay the ability to repatriate, and therefore may not be readily available for transfer to other jurisdictions. Kodak utilizes cash balances outside the U.S. to fund needs in the U.S. through the use of intercompany loans.

Previous wording

As of June 30, 2025 and December 31, 2024, outstanding intercompany loans to the U.S. were $502 million and $483 million, respectively, which included short-term intercompany loans from Kodak’s international finance center of $228 million and $208 million, respectively. In China, where approximately $32 million and $29 million of cash and cash equivalents was held as of June 30, 2025 and December 31, 2024, respectively, there are limitations related to net asset balances that may impact the ability to make cash available to other jurisdictions in the world. Under the terms of the Amended and Restated Term Loan Credit Agreement, the Company is permitted to invest up to $60 million (or $75 million after the Deleveraging Milestone Date) in Restricted Subsidiaries that are not Loan Parties and in joint ventures or Unrestricted Subsidiaries that are not party to the Amended and Restated Term Loan Credit Agreement.

Current wording

As of September 30, 2025 and December 31, 2024, outstanding intercompany loans to the U.S. were $508 million and $483 million, respectively, which included short-term intercompany loans from Kodak’s international finance center of $234 million and $208 million, respectively. In China, where approximately $30 million and $29 million of cash and cash equivalents was held as of September 30, 2025 and December 31, 2024, respectively, there are limitations related to net asset balances that may impact the ability to make cash available to other jurisdictions in the world. Under the terms of the Amended and Restated Term Loan Credit Agreement, the Company is permitted to invest up to $60 million (or $75 million after the Deleveraging Milestone Date) in Restricted Subsidiaries that are not Loan Parties and in joint ventures or Unrestricted Subsidiaries that are not party to the Amended and Restated Term Loan Credit Agreement.

Previous wording

On May 21, 2025, the Company entered into an ATM Equity Offering Sales Agreement (the “Sales Agreement”) with BofA Securities, Inc. (“BofA”), pursuant to which the Company may offer and sell up to $100 million of shares of the Company’s common stock (the “shares”), from time to time, in “at-the-market” offerings through BofA, as sales agent or as principal. While the Company has not sold any shares under the Sales Agreement as of June 30, 2025, the Company intends to use the net proceeds from any sale of the shares for general corporate purposes.

Current wording

On May 21, 2025, the Company entered into an ATM Equity Offering Sales Agreement (the “Sales Agreement”) with BofA Securities, Inc. (“BofA”), pursuant to which the Company may offer and sell up to $100 million of shares of the Company’s common stock (the “shares”), from time to time, in “at-the-market” offerings through BofA, as sales agent or as principal. During the third quarter of 2025, the Company sold 200,000 shares pursuant to the Sales Agreement for net proceeds of approximately $1 million. The Company intends to use the net proceeds from the sale of the shares for general corporate purposes.

Previous wording

Kodak has not extended or refinanced the existing Series B Preferred Stock past the current mandatory redemption date of May 28, 2026. The carrying value of the Series B Preferred Stock as of June 30, 2025 was $99 million. Under the terms of the Amended and Restated Term Loan Credit Agreement, based on the mandatory redemption date of the Series B Preferred Stock, the maturity date of the Term Loans accelerated to May 22, 2026. The carrying value of the Term Loans as of June 30, 2025 approximated $477 million and was recorded in Short-term borrowings and current portion of long-term debt in the Consolidated Statement of Financial

Current wording

Kodak has not extended or refinanced the existing Series B Preferred Stock past the current mandatory redemption date of May 28, 2026. The carrying value of the Series B Preferred Stock as of September 30, 2025 was $99 million.

Previous wording

After KRIP’s liabilities and applicable legal requirements have been satisfied, KRIP’s surplus assets would revert to Kodak as the settlor of KRIP subject to an excise tax. Based on current assumptions, Kodak estimates KRIP would have surplus assets of approximately $850 million after the satisfaction of KRIP’s liabilities. The actual amount of surplus assets available after the satisfaction of KRIP’s liabilities will be affected by the actual amount paid to satisfy KRIP’s liabilities, the return on KRIP’s assets during the period over which KRIP’s assets are liquidated and its liabilities satisfied (the “Liquidation Period”), the degree to which KRIP’s hedging strategy is effective in hedging fluctuations in the amount of KRIP’s liabilities during the Liquidation Period, the amounts realized from Hedge Fund Assets in the course of their redemption during the Liquidation Period, the amounts realized from distributions from or any sale of remaining KRIP Illiquid Assets during the Liquidation Period, the value of Hedge Fund Assets or KRIP Illiquid Assets held in the portfolio at the time of reversion, actuarial experience on plan liabilities during the Liquidation Period, the duration of the Liquidation Period, and the costs associated with the termination and liquidation process.

Current wording

After KRIP’s liabilities and applicable regulatory requirements have been fully satisfied, KRIP’s surplus assets will revert to Kodak as the settlor of KRIP subject to an excise tax. KRIP will distribute surplus assets to Kodak in December 2025 ("the Reversion Date"). Based on current assumptions, Kodak estimates KRIP would have surplus assets of approximately $1 billion as of the Reversion Date. The actual amount of surplus assets will be affected by the return on KRIP’s assets prior to the Reversion Date, the amounts realized from Hedge Fund Assets in the course of their redemption, the amounts realized from distributions from KRIP private equity investments and the value of Hedge Fund Assets or private equity investments held in the KRIP portfolio at the time of reversion.

Previous wording

In order to reduce the amount of the surplus assets subject to excise tax and to reduce the rate of the excise tax from 50% to 20%, Kodak expects that it would direct the transfer of or otherwise contribute 25% of the surplus assets (which may include all or a significant portion of remaining non-cash assets) to the Kodak Cash Balance Plan (the “Replacement Plan”). After the capitalization of the Replacement Plan and the payment of the 20% excise tax on the remaining surplus, Kodak projects it would receive proceeds from KRIP having a value of approximately $500 million, consisting of cash of approximately $300 million and the remaining amount in illiquid assets, primarily hedge funds, which are in the process of redemption. Kodak believes no material amount of income tax would be owed on this amount due to available tax attributes. In addition to the proceeds received by Kodak from KRIP, the Replacement Plan is projected to have assets having a value of approximately $220 million which would allow Kodak to provide valuable benefits to its current employee base for the foreseeable future without additional cash cost to Kodak.

Current wording

In order to reduce the amount of the surplus assets subject to excise tax and to reduce the rate of the excise tax from 50% to 20%, Kodak expects that it would direct the transfer of or otherwise contribute 25% of the surplus assets (which may include all or a significant portion of remaining non-cash assets) to the Kodak Cash Balance Plan (the “Replacement Plan”). After the capitalization of the Replacement Plan and the payment of the 20% excise tax on the remaining surplus, Kodak projects it will receive proceeds from KRIP having a value of approximately $600 million, consisting of cash of approximately $450 million and the remaining amount in non-cash assets, primarily hedge funds, which are in the process of redemption. Kodak believes no material amount of income tax would be owed on this amount due to available tax attributes. In addition to the proceeds received by Kodak from KRIP, the Replacement Plan is projected to have assets having a value of approximately $250 million which would allow Kodak to provide valuable benefits to its current employee base for the foreseeable future without additional cash cost to Kodak.

Previous wording

Under the terms of the 2025 Term Loan Credit Agreement Amendments, Kodak is obligated to use 100% of the net cash proceeds of any reversion from KRIP (“Reversion Proceeds”) to prepay Term Loans outstanding under the Amended and Restated Term Loan Credit Agreement until the amount of the Term Loans is reduced to $200 million and, thereafter, to use 50% of the Reversion Proceeds to prepay Term Loans until the amount of the Term Loans is reduced to $100 million, in each case plus a 1% prepayment fee. Reversion Proceeds not used to prepay Term Loans would be included in the calculation of Excess Cash Flow as defined in the Amended and Restated Term Loan Credit Agreement and could thereby trigger additional prepayment obligations under the Amended and Restated Term Loan Credit Agreement which cannot be estimated at this time.

Current wording

Under the terms of the November 2025 Term Loan Credit Agreement Amendment, Kodak is obligated to use 100% of the net cash proceeds of any reversion from KRIP (“Reversion Proceeds”) to prepay Term Loans outstanding under the Amended and Restated Term Loan Credit Agreement until the amount of the Term Loans is reduced to $200 million plus a 1% prepayment fee.

Previous wording

Kodak is required under the terms of the 2025 Term Loan Credit Agreement Amendments, to pay down the Term Loan balance using the $300 million of expected cash proceeds received from the KRIP reversion in December 2025. The cash proceeds from redemption of illiquid assets is expected to occur over several quarters and continue beyond the current contractual Term Loan maturity date of May 22, 2026. Assuming Kodak is not able to refinance or extend the Term Loan obligations prior to the contractual maturity date of May 22, 2026, or these obligations are not amended, waived or otherwise modified in the interim, no other prepayments are made in the interim and Kodak uses the Reversion Proceeds to prepay only the minimum amount required under the Amended and Restated Term Loan Credit Agreement, the outstanding Term Loan balance at May 22, 2026 is estimated to be approximately $175 million. Based on all of the foregoing projections and after the projected prepayment of Term Loans and receipt of cash from the redemption of illiquid assets and receipt of other assets, Kodak projects that it would ultimately receive cash or other assets from the KRIP surplus having a value of approximately $105 million over the next three years.

Current wording

Kodak is required under the terms of the November 2025 Term Loan Credit Agreement Amendment, to pay down the Term Loan balance using $300 million of the expected $450 million of cash proceeds received from the KRIP reversion in December 2025. The cash proceeds from redemption of hedge funds is expected to occur over several quarters and the Company has the option to prepay the Term Loans after May 15, 2026 using Reversion Proceeds plus a 4% prepayment fee. Assuming no other prepayments are made in the interim and Kodak uses the Reversion Proceeds to prepay only the minimum amount required under the Amended and Restated Term Loan Credit Agreement, the outstanding Term Loan balance at December 31, 2025 is estimated to be approximately $200 million and will mature August 15, 2028. Based on all of the foregoing projections and after the projected mandatory prepayments of Term Loans, receipt of cash from the redemption of hedge funds and receipt of other assets, Kodak projects that it would ultimately receive cash or other assets from the KRIP surplus having a value of approximately $290 million over the next three years. Kodak expects to use excess cash proceeds received from the KRIP reversion to redeem the Series B Preferred Stock in full on or prior to its maturity date of May 28, 2026 if it has not otherwise been refinanced or the shares of Series B Preferred Stock have not been converted prior to such date.