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 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:

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, 2025 (“2025 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 in other filings the Company makes with the SEC from time to time, as well as the following:

Previous wording

Changes in foreign currency exchange rates, commodity prices, interest rates and tariff rates;

Current wording

Changes in commodity prices, tariff rates, foreign currency exchange rates and interest rates;

Previous wording

The impact of the global economic environment, including inflationary pressures, geopolitical issues such as the war in Ukraine and conflicts involving Israel, medical epidemics, changes in trade policies, including tariffs or other trade restrictions or the threat of such actions, and Kodak’s ability to effectively mitigate the associated increased costs of aluminum and other raw materials, energy, labor, shipping, delays in shipment and production times, and fluctuations in demand;

Current wording

The impact of the global economic environment, including geopolitical issues, inflationary pressures, changes in trade policies, including tariffs or other trade restrictions or the threat of such actions, medical epidemics and Kodak’s ability to effectively mitigate or recoup the associated increased costs of aluminum, silver and other raw materials, energy, labor, shipping, delays in shipment and production times, and fluctuations in demand;

Previous wording

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

Current wording

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

Previous wording

The performance by third parties of their obligations to supply products, components or services to Kodak and Kodak’s ability to address supply chain disruptions and continue to obtain raw materials and components available from single or limited sources of supply, which may be adversely affected by the war in Ukraine, the conflicts involving Israel, changes in trade policies, including tariffs or other trade restrictions or the threat of such actions, and residual effects of the COVID-19 pandemic;

Current wording

The performance by third parties of their obligations to supply products, components or services to Kodak and Kodak’s ability to address supply chain disruptions and continue to obtain raw materials and components available from single or limited sources of supply, which may be adversely affected by geopolitical issues, changes in trade policies, including tariffs or other trade restrictions or the threat of such actions, and commodity supply constraints;

Previous wording

Future events and other factors may cause Kodak’s actual results to differ materially from the forward–looking statements. All forward–looking statements attributable to Kodak or persons acting on its behalf apply only as of the date of this report on Form 10-Q and are expressly qualified in their entirety by the cautionary statements included or referenced in this document. Kodak undertakes no obligation to update or revise forward–looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events, except as required by law.

Current wording

Future events and other factors may cause Kodak’s actual results or outcomes to differ materially from the forward–looking statements. All forward–looking statements attributable to Kodak or persons acting on its behalf apply only as of the date of this report on Form 10‑Q and are expressly qualified in their entirety by the cautionary statements included or referenced in this document. Kodak undertakes no obligation to update or revise forward–looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events, except as required by law.

Previous 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).

Current wording

Consolidated revenues in the three months ended March 31, 2026 were $265 million, an increase of$18 million (7%) when compared to thethree months ended March 31, 2025. Currency fluctuations had a favorable impact on revenues ($7 million) in the three months ended March 31, 2026 compared to the three months ended March 31, 2025.

Previous 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.

Current wording

Print revenues in the three months ended March 31, 2026 were $180 million, an increase of$15 million (9%) compared to the prior year quarter. Print revenues accounted for 68% of Kodak’s total revenues for the three months ended March 31, 2026. Advanced Materials and Chemicals revenues in the three months ended March 31, 2026 were $76 million, an increase of $2 million (3%) compared to the prior year quarter.

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 nine months ended September 30, 2025.

Current wording

These conditions have contributed to increased manufacturing costs, primarily due to the impact of U.S. tariffs on imported goods (including aluminum, steel and certain raw materials and component parts used in Kodak’s manufacturing and supply chain), as well as increases in commodity prices including aluminum and silver, higher labor, material, and distribution costs, and lower production volumes. The Company has implemented various pricing actions, productivity improvements, supply chain and workforce optimization initiatives and other cost savings activities. In addition, the Company has renegotiated supplier contracts and obtained certain tariff exemptions. Collectively, these actions have largely mitigated the impact of higher manufacturing costs and, as a result, did not have a material adverse effect on Kodak’s operations, financial condition or cash flows for the quarter ended March 31, 2026.

Previous wording

There is substantial uncertainty about the duration of existing tariffs or pauses in tariffs, tariff levels and whether additional tariffs or other retaliatory actions may be imposed, modified or suspended. Countries subject to such tariffs have imposed or may in the future impose reciprocal or retaliatory tariffs and other trade measures. These actions and the related rising political tensions could negatively impact global macroeconomic conditions and the stability of global financial markets. The ultimate impact of any tariffs is uncertain and will depend on various factors, including whether the tariffs are maintained and/or implemented, the duration of the tariffs, any exceptions or exemptions that are or may become available and the timing of their implementation, amount and scope, all of which could have a material adverse effect on Kodak’s business, financial condition and results of operations.

Current wording

Kodak continues to actively monitor the developments related to tariffs to assess additional actions that may be taken to mitigate the effects of future tariff changes, including further pricing actions, additional cost reduction measures, securing alternative suppliers and evaluating potential changes to the Company’s manufacturing footprint. However, there is substantial uncertainty about the duration of existing tariffs or pauses in tariffs, tariff levels and whether additional tariffs or other retaliatory actions may be imposed, modified or suspended. Countries subject to such tariffs have imposed or may in the future impose reciprocal or retaliatory tariffs and other trade measures. These actions and the related rising political tensions could negatively impact global macroeconomic conditions and the stability of global financial markets. The ultimate impact of any tariffs is uncertain and will depend on various factors, including whether the tariffs are maintained and/or implemented, the duration of the tariffs, any exceptions or exemptions that are or may become available and the timing of their implementation, and scope, all of which could have a material adverse effect on Kodak’s business, financial condition and results of operations.

Previous wording

Following the cessation of U.S. plate manufacturing operations by Kodak’s key competitors, Kodak has faced increasing competition in the U.S. from low-priced plates imported from China and Japan. On September 28, 2023, Kodak filed petitions with the U.S. Department of Commerce ("Commerce Department") and the U.S. International Trade Commission ("ITC") requesting relief from unfairly traded imports of plates from China and Japan in the form of the imposition of anti-dumping and/or countervailing duties on such imported plates. After making an affirmative preliminary determination on November 15, 2023, on October 22, 2024, the ITC made a final determination that a U.S. industry is materially injured by reason of imports of aluminum lithographic printing plates from China and Japan that the Commerce Department has determined are sold at less than fair value and subsidized by the government of China. The Commerce Department conducted investigations to determine dumping and subsidy margins against imports of plates manufactured in China and Japan. The Commerce Department announced preliminary findings in its countervailing duty investigation on imports of plates manufactured in China on February 27, 2024 and announced preliminary findings in its anti-dumping duty investigations on imports of plates manufactured in China and Japan on April 26, 2024, which were amended with respect to plates from China on May 28, 2024. The Commerce Department announced final findings in its anti-dumping duty investigations on imports of plates manufactured in China and Japan and its countervailing duty investigation on imports of plates manufactured in China on September 23, 2024. As a result of the determinations by the ITC and Commerce Department, duties are now being imposed on U.S. imports of plates as follows: (i) anti-dumping duties of 115.84% on such plates manufactured in China by Fuji and 317.43% on such plates manufactured in China by other entities (in each case, imposed on plates imported on or after May 1, 2024), (ii) countervailing duties of 35.66% on practically all such plates manufactured in China (imposed on plates imported on or after March 1, 2024), and (iii) anti-dumping duties of 91.83% on practically all such plates manufactured in Japan (imposed on plates imported on or after May 1, 2024). There can be no assurance that the duties imposed on imported plates will provide Kodak effective relief and will not be reduced or impaired by any appeal or other challenge.

Current wording

As a result of a trade case brought by the Company in the U.S., the following duties are currently being imposed on U.S. imports of aluminum lithographic printing plates: (i) anti-dumping duties of 115.84% on plates manufactured in China by Fujifilm and 317.43% on such plates manufactured in China by other entities, (ii) countervailing duties of 35.66% on practically all plates manufactured in China, and (iii) anti-dumping duties of 91.83% on practically all plates manufactured in Japan. Fujifilm has appealed the basis for the imposition of these duties. These duties are in addition to other tariffs that may be imposed on imports generally, including on aluminum derivative products to the extent applicable. There can be no assurance that the duties imposed on imported plates will provide Kodak effective relief and will not be reduced or impaired by any appeal or other challenge.

Previous wording

The Advanced Materials and Chemicals segment has experienced labor shortages in certain manufacturing areas. Increased demand for consumer film products along with manufacturing equipment limitations and labor shortages have contributed to increased backorders. During 2024, the Advanced Materials and Chemicals segment reduced the amount of backorders compared to levels seen in prior years. This was driven by increased headcount and capital investments in equipment upgrades and new equipment that increased capacity and streamlined processes. Increased demand for film products may continue to place stress on manufacturing equipment and the labor force without further investment or additional hiring in specific areas.

Current wording

The Advanced Materials and Chemicals segment has experienced labor shortages in certain manufacturing areas. Increased demand for consumer film products along with manufacturing equipment limitations and labor shortages have contributed to increased backorders. The Advanced Materials and Chemicals segment has increased headcount and made capital investments in equipment upgrades and new equipment that increased capacity and streamlined processes which has reduced backorders and improved operational efficiency. Increased demand for film products may continue to place stress on manufacturing equipment and the labor force without further investment or additional hiring in key areas.

Previous wording

Focus product investment in core competency areas of print and advanced materials, leveraging Kodak’s proprietary technologies to deliver technologically advanced products in the product goods packaging, graphic communications, and functional printing markets;

Current wording

Focus product investment in core competency areas of advanced materials and print, leveraging Kodak’s proprietary technologies to deliver technologically advanced products;

Previous wording

Continue to invest in automation and streamline processes to drive cost reductions and operating efficiencies.

Current wording

Continue to invest in automation and streamline processes to drive cost reductions and operating efficiencies and generate profitable revenues through a focus on customers.

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 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.

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. Kodak has utilized an existing production coating facility to manufacture coated substrates for EV cell assembly. Investment in this production facility began in 2025 and will continue into 2026 to expand volume of battery components manufactured at the facility.

Previous wording

Transparent Antennas - Kodak plans to leverage its proprietary copper micro-wire technologies and high-resolution printing expertise to contract-manufacture custom transparent antennas for automotive, commercial construction, and other applications requiring excellent radio frequency (“RF”) and optical performance. The integration of antennas is growing worldwide due to the rapid expansion of 5G and an overall increase in RF communications, and the ubiquity of glass surfaces makes transparent antennas attractive for multiple end-use markets. Kodak is evaluating this unique printing technology and expertise for transparent heaters to be used in biomedical analytical devices and telecom applications such as satellite dishes.

Current wording

Transparent Antennas - Kodak plans to leverage its proprietary copper micro-wire technologies and high-resolution printing expertise to contract-manufacture custom transparent antennas for automotive, commercial construction, and other applications requiring excellent radio frequency (“RF”) and optical performance. The integration of antennas is growing worldwide due to the rapid expansion of 5G and an overall increase in RF communications, and the ubiquity of glass surfaces makes transparent antennas attractive for multiple end-use markets. Kodak is evaluating this unique technology and expertise for transparent heaters for automotive and telecom applications, as well as for the manufacture of electronic films for the medical device market.

Previous wording

In Print's digital printing businesses, the PROSPER Inkjet Systems product offerings are expected to grow and continue to build profitability. Kodak launched the PROSPER 7000 Turbo Press in June 2022. The PROSPER 7000 Turbo Press enables commercial, publishing and newspaper printers to compete more effectively with offset and to shift more long run jobs from conventional printing processes to inkjet. Kodak completed the placement of the first PROSPER 7000 Turbo Press in the third quarter of 2023. Investment in the next generation technology, ULTRASTREAM, is focused on the ability to place ULTRASTREAM writing systems in Kodak branded presses and in various original equipment manufacturers in applications ranging from commercial print to packaging. The first flexible packaging printing system utilizing Kodak's ULTRASTREAM inkjet technology was placed during the second quarter of 2022. In addition, Kodak officially launched the KODAK PROSPER ULTRA 520 Digital Press utilizing Kodak's ULTRASTREAM inkjet technology, which offers offset print quality in a smaller footprint. Kodak completed the placement of the first KODAK PROSPER ULTRA 520 Digital Press in the fourth quarter of 2023.

Current wording

In Print's digital printing businesses, the PROSPER Inkjet Systems product offerings are expected to grow and continue to build profitability. Kodak launched the PROSPER 7000 Turbo Press in June 2022. The PROSPER 7000 Turbo Press enables commercial, publishing and newspaper printers to compete more effectively with offset and to shift more long run jobs from conventional printing processes to inkjet. Investment in the next generation technology, ULTRASTREAM, is focused on the ability to place ULTRASTREAM writing systems in Kodak branded presses and in various original equipment manufacturers in applications ranging from commercial print to packaging. In addition, Kodak officially launched the KODAK PROSPER ULTRA 520 Digital Press utilizing Kodak's ULTRASTREAM inkjet technology, which offers offset print quality in a smaller footprint.

Previous wording

Film and related component manufacturing operations and Kodak Research Laboratories utilize capacity at Eastman Business Park, which helps cost absorption for both Kodak operations and tenants at Eastman Business Park.

Current wording

Film and related component manufacturing operations and Kodak Research Laboratories utilize capacity at EBP, which helps cost absorption for both Kodak operations and tenants at EBP. Kodak has invested in film manufacturing to increase capacity and to grow different initiatives in film. In the fourth quarter of 2025, Kodak launched its own direct distribution brand of still films which aim to provide distributors, retailers and consumers with more stable pricing and a broader, more reliable supply. In addition, Kodak announced the availability of KODAK VERITA 200D Color Negative Motion Picture Film (5206/7206), a new specialty film stock that expands the Company's motion picture portfolio and reinforces Kodak’s long-standing leadership in film.

Previous wording

For the three months ended September 30, 2025 revenues increased$8 million compared with the same period in 2024, primarily driven by improved pricing in Print ($9 million) and Advanced Materials and Chemicals ($5 million), favorable foreign currency fluctuations ($4 million) and higher volume in Advanced Materials and Chemicals ($5 million) and Brand ($1 million), partially offset by a decline in Print volume ($16 million). See segment discussions for additional details.

Current wording

For the three months ended March 31, 2026 revenues increased$18 million compared with the same period in 2025, primarily driven by improved pricing in Print ($10 million) and Advanced Materials and Chemicals ($6 million), favorable foreign currency fluctuations ($7 million) and higher volume in Brand ($1 million), partially offset by lower volume in Advanced Materials and Chemicals ($5 million) and Print ($2 million). See segment discussions for additional details.

Previous 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.

Current wording

Gross profit for the three months ended March 31, 2026 increased $11 million compared with the same period in 2025, primarily due to improved pricing in Print ($9 million) and Advanced Materials and Chemicals ($5 million), higher margins in Print ($1 million), favorable foreign currency fluctuations ($1 million), reduced manufacturing costs in Print ($1 million), higher volume in Brand ($1 million) and net change in employee benefit reserves ($1 million), partially offset by higher silver costs ($5 million) and manufacturing costs ($2 million) in Advanced Materials and Chemicals, lower volume in Advanced Materials and Chemicals ($1 million) and higher aluminum costs ($1 million). See segment discussions for additional details.

Previous 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.

Current wording

Consolidated selling and general administrative expenses ("SG&A") increased $3 million in thethree months ended March 31, 2026 compared to the prior year period, primarily due to an increase in equity compensation costs ($4 million), partially offset by a decline in consulting and other costs ($1 million) related to an insurance reimbursement of legal costs previously paid by the Company associated with investigations and litigation received in the first quarter of 2026 ($1 million).

Previous 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.

Current wording

Consolidated research and development ("R&D") expenses in the three months ended March 31, 2026 were relatively flat compared to the prior year period.

Previous 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".

Current wording

Pension income excluding service cost component decreased $18 million in thethree months ended March 31, 2026 due to lower expected return on assets driven by a decrease in the asset base due to the settlement of the Kodak Retirement Income Plan ("KRIP") in the fourth quarter of 2025. Refer to Note 14, "Retirement Plans".

Previous wording

For details, refer to Note 11, "Other Charges (Income), Net".

Current wording

For details, refer to Note 12, "Other Charges, Net".

Previous wording

Advanced Materials and Chemicals: The Advanced Materials and Chemicals segment is comprised of four lines of business: the Industrial Film and Chemicals business, the Motion Picture business, the Advanced Materials and Functional Printing business and the IP Licensing and Analytical Services business.

Current wording

Advanced Materials and Chemicals: The Advanced Materials and Chemicals segment is comprised of five lines of business: the Industrial Film and Chemicals business, the Motion Picture business, the Pharmaceuticals business, the Advanced Materials and Functional Printing business and the IP Licensing and Analytical Services business.

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 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.

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 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; idle costs; interest expense; loss on early extinguishment of debt; other operating expense, net and other charges, net.

Previous wording

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

Current wording

Segment Operational EBITDA and Consolidated 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 nine months ended September 30, 2025 representing insurance reimbursement of legal costs previously paid by the Company associated with investigations and litigation matters.

Current wording

litigation. Consulting and other costs included $1 million of income in the three months ended March 31, 2026, representing insurance reimbursement of legal costs previously paid by the Company associated with investigations and litigation matters.

Previous wording

Consists of third-party costs such as security, maintenance and utilities required to maintain land and buildings in certain locations not used in any Kodak operations and the costs, net of any rental income received, of underutilized portions of certain properties.

Current wording

not used in any Kodak operations and the costs, net of any rental income received, of underutilized portions of certain properties.

Previous wording

As reported in the Consolidated Statement of Operations.

Current wording

(3)As reported in the Consolidated Statement of Operations.

Previous 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.

Current wording

There was no change to employee benefit reserves in the three months ended March 31, 2026. Kodak increased employee benefit reserves by approximately $1 million in the three months ended March 31, 2025 due to an increase in workers' compensation reserves driven by changes in discount rates. The increase in reserves in the three months ended March 31, 2025 impacted gross profit by approximately $1 million.

Previous 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).

Current wording

Advanced Materials and Chemicals revenues for the three months ended March 31, 2026 increased$2 million primarily due to improved pricing in Industrial Film and Chemicals ($6 million), partially offset by a decline in volume ($4 million) in Industrial Film and Chemicals.

Previous 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.

Current wording

Brand revenues for the three months ended March 31, 2026 increased $2 million due to higher volumes.

Previous wording

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

Current wording

Brand Operational EBITDA for the three months ended March 31, 2026 increased $1 million due to higher volumes.

Previous 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.

Current wording

Kodak ended the quarter with a cash balance of $299 million, a decrease of$38 million from December 31, 2025.

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 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.

Current wording

Available liquidity includes existing cash and cash equivalent balances. The amount of available liquidity is subject to fluctuations and includes cash balances held by various entities worldwide. At March 31, 2026 and December 31, 2025 approximately $173 million and $231 million, respectively, of cash and cash equivalents were held within the U.S. and approximately $126 million and $106 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 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.

Current wording

As of March 31, 2026 and December 31, 2025, outstanding intercompany loans to the U.S. were $479 million and $509 million, respectively, which included short-term intercompany loans from Kodak’s international finance center of $205 million and $235 million, respectively. In China, where approximately $36 million and $35 million of cash and cash equivalents was held as of March 31, 2026 and December 31, 2025, 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 $75 million 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

Additionally, Kodak's cash flows continue to be negatively impacted by volume declines, higher manufacturing costs and increased labor, material and distribution costs, supply chain disruptions and shortages in materials and labor. The impacts from price increases, continued cost reduction actions and supply chain-related cost improvements continue to positively impact Kodak’s operations.

Current wording

Kodak's cash flows continue to be negatively impacted by higher manufacturing, labor, material and distribution costs, along with volume declines, supply chain disruptions and shortages in materials and labor. These impacts have been largely mitigated by price increases, savings relating to rationalization, cost reductions and operational efficiencies and supply chain-related cost improvements. In addition, the cash proceeds from the KRIP reversion and additional cash proceeds expected from the redemption or other monetization of investment assets provides additional liquidity to the Company to adequately fund on‐going operations.

Previous wording

The economic uncertainties surrounding the current inflationary environment and other global events represent additional elements of complexity in Kodak’s plans to return to sustainable positive cash flow. The Company cannot predict the duration and scope of such events, including the impact of rising costs of labor, commodity and distribution costs and increased product costs from tariffs, the war in Ukraine and the conflicts involving Israel, and other factors such as the ability to continue to secure raw materials and components, the ability to increase prices to offset rising product costs or how quickly and to what extent normal economic and operating conditions can resume.

Current wording

The economic uncertainties surrounding the current inflationary environment and other global events represent additional elements of complexity in Kodak’s plans to return to sustainable positive cash flow. The Company cannot predict the duration and scope of such events, including the impact of rising costs of labor, commodity and distribution costs and increased product costs from tariffs, geopolitical conflicts and other factors such as the Company's ability to continue to secure raw materials and components, the ability to increase prices to offset rising product costs or how quickly and to what extent normal economic and operating conditions can resume.

Previous wording

Kodak's plans to return to sustainable positive cash flow include generating profitable revenues through continued pricing actions and customer-focused initiatives, implementing effective working capital utilization, reducing operating expenses, continuing to simplify the organizational structure, investing in IT systems to drive operational efficiencies, effectively managing world-wide cash through intercompany loans, distributions or other mechanisms, generating cash from selling and leasing underutilized assets or through new licensing opportunities and implementing ways to reduce cash collateral needs. In addition, proceeds received from the settlement of the KRIP, after required debt prepayments, as further discussed below, and proceeds from the sale of common stock under the at-the-market equity offering program would be available for use for strategic growth or general corporate purposes.

Current wording

Kodak's plans to return to sustainable positive cash flow include generating profitable revenues through continued pricing actions and customer-focused initiatives, investing in new product innovation to drive growth in Kodak’s businesses of print and advanced materials and chemicals, implementing effective working capital utilization, reducing operating expenses, continuing to simplify the organizational structure, investing in IT systems to drive operational efficiencies, effectively managing world-wide cash through intercompany loans, distributions or other mechanisms, generating cash from selling and leasing underutilized assets or through new licensing opportunities and implementing ways to reduce cash collateral needs.