AMC ENTERTAINMENT HOLDINGS, INC.

Current report

positive cash flows from operating activities, revenues will need to increase from current levels to levels at least in line with pre-COVID-19 revenues. However, there remain significant risks that may negatively impact revenues and attendance levels, including changes to movie studios release schedules (including as a result of production delays and delays to the release of movies caused by labor stoppages) and direct to streaming or other changing movie studio practices. If we are unable to achieve increased levels of attendance and revenues, we will be required to obtain additional liquidity. If such additional liquidity is not obtained or is insufficient, we likely would seek an in-court or out-of-court restructuring of our liabilities, and in the event of such future liquidation or bankruptcy proceeding, holders of our Class A common stock (“Common Stock”) and other securities would likely suffer a total loss of their investment;

Current report

We have signed a letter of intent with CJ 4DPLEX to open new 4DX and SCREENX locations in our U.S. markets. The first deployment is expected to open by early 2026.

Current report

As of September 30, 2025, there were 512,943,561 shares of our Common Stock outstanding. Of those outstanding shares, approximately 1.8 million shares (or 0.4%) were held by 14,296 registered holders with our transfer agent and approximately 511.1 million (or 99.6%) were held by Cede & Co on behalf of the Depository Trust & Clearing Corporation, commonly referred to as held in “street name” for beneficial holders owning shares through bank or brokerage accounts.

Current report

Derivative Fair Values. We remeasure the bifurcated embedded derivatives related to our Existing Exchangeable Notes and New Exchangeable Notes at fair value each reporting period with changes in fair value recorded in the condensed consolidated statements of operations. We have obtained independent third-party valuation studies to assist us in determining fair value.

Current report

Critical estimates. The critical estimates used in determining the fair value of the bifurcated embedded derivatives are discussed by host instrument below:

Current report

Existing Exchangeable Notes. Our valuation studies use binomial lattice models and are based on significant inputs not observable in the market and thus represent level 3 measurements within the fair value measurement hierarchy. The binomial lattice models consist of simulated Common Stock prices from the valuation date to the maturity of the Existing Exchangeable Notes. The significant inputs used to value the derivative include the initial share price of our Common Stock, the volatility of the share price, time to maturity, risk-free interest rate, credit spread, and the discount yield. The volatility of our Common Stock, the Common Stock price at the end of each reporting period, and the remaining amount of time until maturity of the Existing Exchangeable Notes are key inputs for the estimation of fair value that are expected to change each reporting period.

Current report

New Exchangeable Notes. Our valuation studies use a combination of Monte Carlo simulations, binomial lattice models, and discounted cash flow models. The models are based on significant inputs not observable in the market and thus represent level 3 measurements within the fair value measurement hierarchy. The Monte Carlo simulations use repeated random sampling to simulate a wide range of possible outcomes. The binomial lattice approach consists of simulated Common Stock prices from the valuation date to the maturity of the New Exchangeable Notes. The significant inputs used to value the derivative include the initial share price of our Common Stock, the volatility of the share price, time to maturity, risk-free interest rate, discount yield, and the probability of the required shareholder approval. The volatility of our Common Stock, the Common Stock price at the end of each reporting period, and the remaining amount of time until maturity of the New Exchangeable Notes are key inputs for the estimation of fair value that are expected to change each reporting period.

Current report

*Assumptions and judgment.*Selecting the appropriate method and model to use in the valuation of the bifurcated embedded derivatives associated with the Existing Exchangeable Notes and New Exchangeable Notes requires judgment and careful consideration of common valuation practice for similar instruments. Selection of significant assumptions such as volatility and the discount yield also requires judgment and both inputs exhibit a greater degree of subjectivity than less observable inputs such as the risk-free rate.

Current report

*Impact if actual results differ from assumptions.*If actual results differ from assumptions, the value of the bifurcated embedded derivatives could be overstated or understated which could increase or decrease net earnings by a material amount.

Current report

Our Current Estimates and Changes in those Estimates. During the three and nine months ended September 30, 2025, we recorded other income related to decreases in our bifurcated embedded derivatives’ estimated fair value of $10.9 million and $52.1 million, respectively. A hypothetical 10% increase in the fair value of the derivatives would have resulted in an increase of other expense of approximately $9.2 million. Similarly, a hypothetical 10% decrease in

Current report

the fair value of the derivatives would have resulted in a decrease to other expense of approximately $9.2 million. We expect there will be future changes in the fair value for our derivatives and that the related amounts recorded as income or expense may be material. See Note 6—Corporate Borrowings and Finance Lease Liabilities and Note 9—Fair Value Measurements in the Notes to the Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.

Current report

2025 Debt Refinancing. During the three and nine months ended September 30, 2025, we completed a series of refinancing transactions with certain holders of our Existing 7.5% Notes, certain holders of the Existing Exchangeable Notes, and certain lenders of our term loans outstanding under our credit agreement. See Note 6—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information regarding these transactions.

Current report

2024 Debt Refinancing. During the three and nine months ended September 30, 2024, we completed a series of refinancing transactions with two creditor groups. See Note 6—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information regarding these transactions.

Current report

Revenues. Total revenues decreased $48.6 million, or 3.6%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024. Admissions revenues decreased $29.1 million, or 3.9%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily due to a decrease in attendance of 10.3% from 65.1 million patrons to 58.4 million patrons, partially offset by a 7.2% increase in average ticket price and increase in our market share in our U.S. markets. Attendance decreased due to the popularity of film product compared to the prior year. The increase in average ticket price was primarily due to increased ticket prices for all formats, increases in attendance for IMAX and other PLF screen volumes, increases in foreign currency translation rates and partially offset by decreases in 3D attendance. In our U.S. markets the market share increase was driven by our loyalty program initiatives, discount days, and the interplay between the film slate and our geographic theatre mix.

Current report

Food and beverage revenues decreased $38.6 million, or 7.9%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily due to the decrease in attendance, partially offset by the increase in food and beverage per patron. Food and beverage per patron increased 2.8% from $7.53 to $7.74 primarily due to an increase in average prices and the percentage of guests making transactions and increases in foreign currency translation rates, partially offset by lower units per transaction by guests and more frequent attendance from our AMC Stubs members.

Current report

Food and beverage costs decreased $1.1 million, or 1.2%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The decrease in food and beverage costs was primarily due to the decrease in food and beverage revenues, partially offset by the increase in food and beverage cost percentage. As a percentage of food and beverage revenues, food and beverage costs were 19.6% for the three months ended September 30, 2025, compared to 18.3% for the three months ended September 30, 2024.

Current report

Operating expense increased by $10.1 million, or 2.2%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The increase in operating expense was primarily due to increases in retail merchandise costs, premium format expense, salaries expense, insurance expense and the increase in foreign currency translation rates. As a percentage of revenues, operating expense was 35.7% for the three months ended September 30, 2025, compared to 33.7% for the three months ended September 30, 2024. The deterioration in operating expense as a percentage of revenues is primarily due to the operating leverage lost as attendance decreases.

Current report

Rent expense increased $7.7 million, or 3.6%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily due to increases in foreign currency translation rates.

Current report

**Other.**Other general and administrative expense increased $1.1 million, or 2.0%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily due to increases in bonus expense as a result of higher than expected annual performance compared to annual targets in the current year compared to the prior year, higher legal costs and increases in foreign currency translation rates, partially offset by lower insurance costs and professional and consulting expense.

Current report

**Depreciation and amortization.**Depreciation and amortization decreased $1.4 million, or 1.7%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily due to theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2024, partially offset by the increase in foreign currency translation rates.

Current report

**Other expense (income).**Other expense of $194.8 million during the three months ended September 30, 2025 was primarily due to a $103.3 million loss on extinguishment of $337.4 million aggregate principal amount of our Existing Exchangeable Notes, a $99.0 million loss on extinguishment of $590.0 million aggregate principal amount of our Existing 7.5% Notes, $9.0 million in foreign currency transaction losses and $2.1 million in term loan modification third party fees, partially offset by $(9.5) million of income related to the decrease in fair value of the derivative liability for the embedded derivative features in the New Exchangeable Notes, $(6.6) million of gain on the extinguishment of our Second Lien Notes due 2026 and $(1.4) million of income related to the decrease in the fair value of the derivative liability for the embedded conversion feature in the Existing Exchangeable Notes. Other income of $(22.8) million during the three months ended September 30, 2024 was primarily due to $(73.5) million of income related to the decrease in fair value of the derivative liability for the embedded conversion feature in the Existing Exchangeable Notes, $(21.5) million in foreign currency transaction gains, $(14.9) million of recoveries related to the Shareholder Litigation, $(5.2) million in equity in earnings related to non-consolidated entities, gain on extinguishment of debt of $(1.3) million related to the redemption of $9.57 million aggregate principal amount of the Senior Subordinated Notes due 2026, and gain on extinguishment of debt of $(0.5) million related to the redemption of $(15.6) million aggregate principal amount of Senior Subordinated Notes due 2025, partially offset by a loss on extinguishment of debt of $52.6 million related to the redemption of $613.65 million aggregate principal amount of the Second Lien Notes and $41.0 million of third party costs related to the modification of the Existing Term Loans. See Note 1—Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the components of other expense (income).

Current report

**Interest expense.**Interest expense increased $19.7 million to $139.3 million for the three months ended September 30, 2025, compared to $119.6 million during the three months ended September 30, 2024, primarily due to increased interest expense of $21.8 million on the New First Lien Notes issued on July 24, 2025, $9.6 million related to higher discount rates on the significant financing component of the Amended ESA, $4.3 million on the New Exchangeable Notes issued on July 1, 2025 and $2.2 million on the New Term Loans compared to the Existing Term Loans partially offset by declines in interest expense of $8.5 million on the Existing First Lien Notes due 2029 due to redemptions of $590.0 million aggregate principal amount on July 24, 2025, $5.0 million on the Existing Exchangeable Notes issued on July 22, 2024 due to $337.4 million aggregate principal amount redemptions on July 1, 2025, $3.8 million on the Second Lien Notes due to redemptions of the remaining principal balances, $1.4 million on the Senior Subordinated Notes due 2025 due to redemptions of the remaining principal balances and $0.5 million on the Senior Subordinated Notes due 2026 due to redemptions of the remaining principal balances. See Note 3—Revenue Recognition in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the Amended ESA. See Note 6—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about our indebtedness.

Current report

**Investment income.**Investment income was $(1.3) million for the three months ended September 30, 2025, compared to income of $(3.2) million for the three months ended September 30, 2024. Investment income in the current year includes $(7.3) million of increase in estimated fair value of our investment in common shares of Hycroft and $(2.0) million of increase in estimated fair value of our investment in warrants to purchase common shares of Hycroft and interest income of $(2.3) million, partially offset by an impairment charge of $10.3 million related to our

Current report

investment in an equity security without a readily determinable fair value measured at cost less any impairments. Investment income in the prior year includes interest income of $(4.6) million, $(0.3) million of increase in estimated fair value of our investment in common shares of Hycroft, partially offset by $1.7 million of decrease in estimated fair value of our investment in warrants to purchase common shares of Hycroft.

Current report

**Net loss.**Net loss was $298.2 million and $20.7 million during the three months ended September 30, 2025, and September 30, 2024, respectively. Net loss during the three months ended September 30, 2025 compared to net loss for the three months ended September 30, 2024 was negatively impacted by decreases in other income due primarily to losses on extinguishment of corporate borrowings during the current period, increases in interest expense, the decrease in attendance as a result of the popularity of new film releases compared to the prior year, increases in rent expense, increases in general and administrative expenses, decreases in investment income and increases in income tax provision, partially offset by decreases in depreciation and amortization expense.

Current report

**Revenues.**Total revenues decreased $49.4 million, or 4.7%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024. Admissions revenues decreased $28.4 million, or 5.0%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily due to a decrease in attendance of 9.9% from 46.9 million patrons to 42.3 million patrons, partially offset by a 5.5% increase in average ticket price and increase in our market share. Attendance decreased due to the popularity of film product compared to the prior year. The increase in average ticket price was primarily due to increased ticket prices for all formats, increases in attendance for IMAX and other PLF screen volumes, partially offset by decreases in 3D attendance. In our U.S. markets the market share increase was driven by our loyalty program initiatives, discount days, and the interplay between the film slate and our geographic theatre mix

Current report

Food and beverage revenues decreased $36.9 million, or 9.3%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily due to the decrease in attendance, partially offset by the increase in food and beverage per patron. Food and beverage per patron increased 0.7% from $8.49 to $8.55 primarily due to an increase in average prices and the percentage of guests making transactions, partially offset by lower units per transaction by guests and more frequent attendance from our AMC Stubs members.

Current report

Total other theatre revenues increased $15.9 million, or 18.8%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily due to increases in advertising income, co-brand credit card revenue, retail food and beverage income and retail merchandise income. As a result of our Amended ESA, advertising income increased from the prior year by $5.2 million due to an increase in discount rates related to the significant financing component, partially offset by lower amortization of deferred revenues due to an increase in the term of the Amended ESA. See Note 3—Revenue Recognition in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the Amended ESA.

Current report

Food and beverage costs decreased $1.6 million, or 2.4%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The decrease in food and beverage costs was primarily due to the decrease in food and beverage revenues, partially offset by the increase in food and beverage cost percentage. As a percentage of food and beverage revenues, food and beverage costs were 18.1% for the three months ended September 30, 2025, compared to 16.8% for the three months ended September 30, 2024.

Current report

Operating expense increased by $7.8 million, or 2.3%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The increase in operating expense was primarily due to increases in retail merchandise costs, premium format expense, salaries expense and insurance expense. As a percentage of revenues, operating expense was 35.1% for the three months ended September 30, 2025, compared to 32.8% for the three months ended September 30, 2024. The deterioration in operating expense as a percentage of revenues is primarily due to the operating leverage lost as attendance decreases. Rent expense increased $2.7 million, or 1.7%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024.

Current report

**Other.**Other general and administrative expense decreased $1.0 million, or 2.9%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily due to lower insurance costs and professional and consulting expense and, partially offset by increases in bonus expense as a result of higher than expected annual performance compared to annual targets in the current year compared to the prior year and higher legal costs.

Current report

**Depreciation and amortization.**Depreciation and amortization decreased $2.0 million, or 3.2%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily due to theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2024.

Current report

**Other expense (income).**Other expense of $186.2 million during the three months ended September 30, 2025 was primarily due to a $103.3 million loss on extinguishment of $337.4 million aggregate principal amount of our Existing Exchangeable Notes, a $99.0 million loss on extinguishment of $590.0 million aggregate principal amount of our Existing 7.5% Notes, and $2.1 million in term loan modification third party fees, partially offset by $(9.5) million of income related to the decrease in fair value of the derivative liability for the embedded derivative features in the New Exchangeable Notes, $(6.6) million of gain on the extinguishment of our Second Lien Notes due 2026 and $(1.4) million of income related to the decrease in the fair value of the derivative liability for the embedded conversion feature in the Existing Exchangeable Notes. Other income of $(0.2) million during the three months ended September 30, 2024 was primarily due to $(73.5) million of income related to the decrease in fair value of the derivative liability for the embedded conversion feature in the Existing Exchangeable Notes, $(14.9) million of recoveries related to the Shareholder Litigation, $(4.5) million in equity in earnings related to non-consolidated entities, gain on extinguishment of debt of $(1.3) million related to the redemption of $9.57 million aggregate principal amount of the Senior Subordinated Notes due 2026, and gain on extinguishment of debt of $(0.5) million related to the redemption of $15.6 million aggregate principal amount of Senior Subordinated Notes due 2025, partially offset by a loss on extinguishment of debt of $52.6 million related to the redemption of $613.65 million aggregate principal amount of the Second Lien Notes and $41.0 million of third party costs related to the modification of the Existing Term Loans. See Note 1—Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the components of other expense (income).

Current report

**Interest expense.**Interest expense increased $19.0 million to $122.5 million for the three months ended September 30, 2025, compared to $103.5 million during the three months ended September 30, 2024, primarily due to increased interest expense of $21.8 million on the New First Lien Notes issued on July 24, 2025, $9.6 million related to higher discount rates on the significant financing component of the Amended ESA, $4.3 million on the New Exchangeable Notes issued on July 1, 2025 and $2.2 million on the New Term Loans compared to the Existing Term Loans, partially offset by declines in interest expense of $8.5 million on the Existing First Lien Notes due 2029 due to redemptions of $590.0 million aggregate principal amount on July 24, 2025, $5.0 million on the Existing Exchangeable Notes issued on July 22, 2024 due to $337.4 million aggregate principal amount redemptions on July 1, 2025, $3.8 million on the Second Lien Notes due to redemptions of the remaining principal balances, $1.4 million on the Senior Subordinated Notes due 2025 due to redemptions of the remaining principal balances and $0.5 million on the Senior Subordinated Notes due 2026 due to redemptions of the remaining principal balances. See Note 6—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about our indebtedness.

Current report

**Investment income.**Investment income was $(1.0) million for the three months ended September 30, 2025, compared to income of $(3.0) million for the three months ended September 30, 2024. Investment income in the current year includes $(7.3) million of increase in estimated fair value of our investment in common shares of Hycroft and $(2.0) million of increase in estimated fair value of our investment in warrants to purchase common shares of Hycroft

Current report

and interest income of $(2.0) million, partially offset by an impairment charge of $10.3 million related to our investment in an equity security without a readily determinable fair value measured at cost less impairments. Investment income in the prior year includes $(4.4) million of interest income, $(0.3) million of increase in estimated fair value of our investment in common shares of Hycroft, partially offset by $1.7 million of decrease in estimated fair value of our investment in warrants to purchase common shares of Hycroft.

Current report

**Income tax provision (benefit).**The income tax provision was $0.9 million, compared to a benefit of $(1.9) million, for the three months ended September 30, 2025, and September 30, 2024, respectively. See Note 8—Income Taxes in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.

Current report

**Net loss.**Net loss was $262.9 million and $23.9 million during the three months ended September 30, 2025, and September 30, 2024, respectively. Net loss during the three months ended September 30, 2025 compared to net loss for the three months ended September 30, 2024 was negatively impacted by decreases in other income due primarily to losses on extinguishment of corporate borrowings during the current period, increases in interest expense, the decrease in attendance as a result of the popularity of new film releases compared to the prior year, increases in rent expense, decreases in investment income and increases in income tax provision, partially offset by decreases in general and administrative expense and depreciation and amortization expense.

Current report

**Revenues.**Total revenues increased $0.8 million, or 0.3%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024. Admissions revenues decreased $0.7 million, or 0.4%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily due to a decrease in attendance of 11.4% from 18.2 million patrons to 16.1 million patrons, partially offset by a 12.4% increase in average ticket price. Attendance decreased due to the popularity of film product compared to the prior year. The increase in average ticket price was primarily due to increases in ticket prices and increases in foreign currency translation rates.

Current report

Food and beverage revenues decreased $1.7 million, or 1.8%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily due to the decrease in attendance, partially offset by the increase in food and beverage per patron. Food and beverage per patron increased 10.7% from $5.07 to $5.61 primarily due to increases in foreign currency translation rates, increases in average prices, and the percentage of guests making transactions.

Previous report

on the market price of our Common Stock and our capital structure of any litigation or claims of default that might arise in connection with the 2025 Refinancing Transactions or 2024 Refinancing Transactions;

Previous report

In March 2025, we signed a letter of intent with CJ 4DPLEX to open 40 4DX and an additional 25 SCREENX locations worldwide. The majority of the premium screens will be deployed in U.S. markets. The first auditoriums with SCREENX and 4DX screens are expected to open in 2025 with the full roll out expected to be completed by 2027.

Previous report

As of June 30, 2025, approximately 1.8 million shares of our Common Stock were directly registered with our transfer agent by 14,554 stockholders. The balance of our outstanding Common Stock was held in “street name” through bank or brokerage accounts.

Previous report

Revenues. Total revenues increased $367.3 million, or 35.6%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024. Admissions revenues increased $198.2 million, or 35.1%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to an increase in attendance of 25.6% from 50.0 million patrons to 62.8 million patrons and a 7.5% increase in average ticket price. Attendance increased due to the popularity of film product compared to the prior year. The availability and popularity of film product released during the three months ended June 30, 2024, was negatively impacted by the Writers Guild of America and the Screen Actors Guild – American Federation of Television and Radio Artists strikes during 2023. The increase in average ticket price was primarily due to increased ticket prices for all formats, increases in attendance for 3D and IMAX screen volumes and increases in foreign currency translation rates.

Previous report

**Operating costs and expenses.**Operating costs and expenses increased $227.3 million, or 21.1%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024. Film exhibition costs increased $119.8 million, or 44.0%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to the increase in admissions revenues and higher film rental terms. As a percentage of admissions revenues, film exhibition costs were 51.4% for the three months ended June 30, 2025, compared to 48.2% for the three months ended June 30, 2024. The increase in film exhibition cost percentage is primarily due to the concentration of box office revenues in higher grossing films in the current year, which typically results in higher film exhibition costs.

Previous report

Food and beverage costs increased $26.2 million, or 37.5%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The increase in food and beverage costs was primarily due to the increase in food and beverage revenues. As a percentage of food and beverage revenues, food and beverage costs were 19.2% for the three months ended June 30, 2025, compared to 19.0% for the three months ended June 30, 2024.

Previous report

Operating expense increased by $68.9 million, or 17.7%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The increase in operating expense was primarily due to increases in attendance and the increase in foreign currency translation rates. As a percentage of revenues, operating expense was 32.8% for the three months ended June 30, 2025, compared to 37.8% for the three months ended June 30, 2024. The improvement in operating expense as a percentage of revenues is primarily due to the operating leverage gained as attendance increases. Rent expense increased $4.2 million, or 1.9%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to increases in foreign currency translation rates.

Previous report

**Other.**Other general and administrative expense increased $9.2 million, or 18.8%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to increases in bonus expense as a result of higher than expected annual performance compared to annual targets in the current year compared to the prior year and increases in foreign currency translation rates, partially offset by lower insurance costs and legal fees.

Previous report

**Depreciation and amortization.**Depreciation and amortization decreased $1.0 million, or 1.3%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2024, partially offset by the increase in foreign currency translation rates.

Previous report

**Other income.**Other income of $(32.1) million during the three months ended June 30, 2025 was primarily due to $(23.9) million in foreign currency transaction gains, $(10.3) million of governmental assistance, and $(2.1) million of equity in earnings of non-consolidated entities, partially offset by $3.9 million of expense related to the increase in fair value of the derivative liability for the embedded conversion feature in the Existing Exchangeable Notes. Other income of $(108.2) million during the three months ended June 30, 2024 was primarily due to a gain on the extinguishment of debt of $(85.3) million related to the redemption of $173.9 million aggregate principal amount of the Second Lien Notes due 2026, $(19.1) million of recoveries related to the Shareholder Litigation, and $(2.6) million of other settlement proceeds. See Note 1—Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the components of other income.

Previous report

**Interest expense.**Interest expense increased $30.6 million to $129.6 million for the three months ended June 30, 2025, compared to $99.0 million during the three months ended June 30, 2024, primarily due to increased interest expense of $19.0 million on the New Term Loans (as defined herein) compared to the Existing Term Loans (as defined herein), interest expense of $10.9 million on the Existing Exchangeable Notes issued on July 22, 2024 and an increase in interest expense of $9.4 million related to higher discount rates on the significant financing component of the Amended ESA, partially offset by declines in interest expense of $8.5 million on the Second Lien Notes due to redemptions of principal balances, declines in interest expense related to the revolving credit facility of $0.1 million and declines in interest expense on the Senior Subordinated Notes due 2025 of $0.9 million due to redemptions of principal balances. See Note 3—Revenue Recognition in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the Amended ESA. See Note 6—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about our indebtedness.

Previous report

**Investment income.**Investment income was $(1.4) million for the three months ended June 30, 2025, compared to income of $(6.1) million for the three months ended June 30, 2024. Investment income in the current year includes interest income of $(1.7) million, partially offset by $0.1 million of decrease in estimated fair value of our investment in common shares of Hycroft and $0.2 million of decrease in estimated fair value of our investment in warrants to purchase common shares of Hycroft. Investment income in the prior year includes interest income of $(5.4) million, $(0.4) million of increase in estimated fair value of our investment in common shares of Hycroft and $(0.3) million of increase in estimated fair value of our investment in warrants to purchase common shares of Hycroft.

Previous report

**Net loss.**Net loss was $4.7 million and $32.8 million during the three months ended June 30, 2025, and June 30, 2024, respectively. Net loss during the three months ended June 30, 2025 compared to net loss for the three months ended June 30, 2024 was positively impacted by the increase in attendance as a result of the popularity of new film releases compared to the prior year and decreases in depreciation and amortization, partially offset by increases in rent expense, general and administrative expenses, decreases in other income, increases in interest expense, decreases in investment income and increases in income tax provision.

Previous report

**Revenues.**Total revenues increased $298.3 million, or 36.6%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024. Admissions revenues increased $160.3 million, or 36.6%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to an increase in attendance of 28.5% from 36.5 million patrons to 46.9 million patrons and a 6.3% increase in average ticket price. Attendance increased due to the popularity of film product compared to the prior year. The availability and popularity of film product released during the three months ended June 30, 2024, was negatively impacted by the Writers Guild of America and the Screen Actors Guild – American Federation of Television and Radio Artists strikes during 2023. The increase in average ticket price was primarily due to increases in ticket prices for all formats and increases in attendance for 3D and IMAX screen volumes.

Previous report

Food and beverage revenues increased $107.2 million, or 35.2%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to the increase in attendance and an increase in food and beverage per patron. Food and beverage per patron increased 5.2% from $8.34 to $8.77 primarily due to an increase in average prices and the percentage of guests making transactions, partially offset by lower units per transaction by guests and more frequent attendance from our AMC Stubs members.

Previous report

Total other theatre revenues increased $30.8 million, or 42.0%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to increases in income from ticket fees due to the increase in attendance and advertising income. As a result of our Amended ESA, advertising income increased from the prior year by $5.2 million due to an increase in discount rates related to the significant financing component of the Amended ESA, partially offset by lower amortization of deferred revenue due to an increase in the term of the Amended ESA. See Note 3—Revenue Recognition in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the Amended ESA.

Previous report

Food and beverage costs increased $19.0 million, or 35.3%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The increase in food and beverage costs was primarily due to the increase in food and beverage revenues. As a percentage of food and beverage revenues, food and beverage costs were 17.7% for the three months ended June 30, 2025, compared to 17.7% for the three months ended June 30, 2024.

Previous report

**Depreciation and amortization.**Depreciation and amortization decreased $2.3 million, or 3.7%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2024.

Previous report

**Other expense (income).**Other expense of $2.3 million during the three months ended June 30, 2025 was primarily due to $3.9 million of expense related to the increase in fair value of the derivative liability for the embedded conversion feature in the Existing Exchangeable Notes, partially offset by $(2.1) million of equity in earnings of non-consolidated entities. Other income of $(108.8) million during the three months ended June 30, 2024 was primarily due to a gain on extinguishment of debt of $(85.3) million related to the redemption of $173.9 million aggregate principal amount of the Second Lien Notes due 2026, $(19.1) million of recoveries related to the Shareholder Litigation and $(2.6) million of other settlement proceeds. See Note 1—Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the components of other income.

Previous report

**Interest expense.**Interest expense increased $29.5 million to $113.0 million for the three months ended June 30, 2025, compared to $83.5 million during the three months ended June 30, 2024, primarily due to increased interest expense of $19.0 million on the New Term Loans compared to the Existing Term Loans, interest expense of $10.9 million on the Existing Exchangeable Notes issued on July 22, 2024 and an increase in interest expense of $9.4 million related to higher discount rates on the significant financing component of the Amended ESA, partially offset by declines in interest expense of $8.5 million on the Second Lien Notes due to redemptions of principal balances, declines in interest expense related to the revolving credit facility of $0.1 million, and declines in interest expense on the Senior Subordinated Notes due 2025 of $0.9 million due to redemptions of principal balances. See Note 3—Revenue Recognition in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the Amended ESA. See Note 6—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about our indebtedness.

Previous report

**Investment income.**Investment income was $(1.4) million for the three months ended June 30, 2025, compared to income of $(5.5) million for the three months ended June 30, 2024. Investment income in the current year includes interest income of $(1.7) million offset by $0.1 million of decrease in estimated fair value of our investment in common shares of Hycroft and $0.2 million of decrease in estimated fair value of our investment in warrants to purchase common shares of Hycroft. Investment income in the prior year includes $(4.8) million of interest income, $(0.4) million of increase in estimated fair value of our investment in common shares of Hycroft, and $(0.3) million of increase in estimated fair value of our investment in warrants to purchase common shares of Hycroft.

Previous report

**Income tax provision.**The income tax provision was $0.5 million, compared to a provision of $0.6 million, for the three months ended June 30, 2025, and June 30, 2024, respectively. See Note 8—Income Taxes in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.

Previous report

**Revenues.**Total revenues increased $69.0 million, or 32.1%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024. Admissions revenues increased $37.9 million, or 30.1%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to an increase in attendance of 17.7% from 13.5 million patrons to 15.9 million patrons and a 10.5% increase in average ticket price. Attendance increased due to the popularity of film product compared to the prior year. The increase in average ticket price was primarily due to increases in foreign currency translation rates and increases in ticket prices.

Previous report

Food and beverage revenues increased $25.3 million, or 40.2%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to the increase in attendance and an increase in food and beverage per patron. Food and beverage per patron increased 19.1% from $4.65 to $5.54 primarily due to an increase in average prices, the percentage of guests making transactions and increases in foreign currency translation rates.

Previous report

Total other theatre revenues increased $5.8 million, or 22.5%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to increases in income from ticket fees due to the increase in attendance, advertising income, and increases in foreign currency translation rates.

Previous report

**Operating costs and expenses.**Operating costs and expenses increased $57.4 million, or 23.0%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024. Film exhibition costs increased $18.8 million, or 39.4%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to the increase in admissions revenues and higher film rental terms. As a percentage of admissions revenues, film exhibition costs were 40.6% for the three months ended June 30, 2025, compared to 37.9% for the three months ended June 30, 2024. The increase in film exhibition cost percentage is primarily due to the concentration of box office revenues in higher grossing films in the current year, which typically results in higher film exhibition costs.

Previous report

Food and beverage costs increased $7.2 million, or 44.7%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The increase in food and beverage costs was primarily due to the increase in food and beverage revenues. As a percentage of food and beverage revenues, food and beverage costs were 26.4% for the three months ended June 30, 2025, compared to 25.6% for the three months ended June 30, 2024.

Previous report

Operating expense increased by $19.3 million, or 20.1%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The increase in operating expense was primarily due to increases in attendance and the increase in foreign currency translation rates. As a percentage of revenues, operating expense was 40.6% for the three months ended June 30, 2025, compared to 44.7% for the three months ended June 30, 2024. The improvement in operating expense as a percentage of revenues is primarily due to the operating leverage gained as attendance increases. Rent expense increased $4.1 million, or 7.3%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to increases in foreign currency translation rates.

Previous report

**Other.**Other general and administrative expense increased $6.7 million, or 40.4%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to increases in bonus expense as a result of higher than expected annual performance compared to annual targets in the current year compared to the prior year and increases in foreign currency translation rates.

Previous report

**Depreciation and amortization.**Depreciation and amortization increased $1.3 million, or 7.5%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to the increase in foreign currency translation rates.

Previous report

**Other expense (income).**Other income of $(34.4) million during the three months ended June 30, 2025 was primarily due to $(23.9) million in foreign currency transaction gains and $(10.3) million of governmental assistance. Other expense of $0.6 million during the three months ended June 30, 2024 was primarily due to equity in losses of non-consolidated entities of $1.1 million, partially offset by foreign currency transaction gains of $(0.5) million. See Note 1—Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the components of other income.

Previous report

**Income tax provision.**The income tax provision was $0.7 million and $0.1 million for the three months ended June 30, 2025, and June 30, 2024, respectively. See Note 8—Income Taxes in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.

Previous report

**Net loss.**Net loss was $6.2 million and $50.5 million during the three months ended June 30, 2025, and June 30, 2024, respectively. Net loss during the three months ended June 30, 2025 compared to net loss for the three months ended June 30, 2024 was positively impacted by the increase in attendance as a result of the popularity of new film releases compared to the prior year and increases in other income, partially offset by increases in rent expense, general

Previous report

and administrative expenses, depreciation and amortization expense, increases in interest expense, decreases in investment income and increases in income tax provision.

Previous report

Results of Operations—For the Six Months ended June 30, 2025 Compared to the Six Months ended June 30, 2024

Previous report

Revenues. Total revenues increased $278.4 million, or 14.0%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024. Admissions revenues increased $141.2 million, or 12.9%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily due to an increase in attendance of 8.3% from 96.6 million patrons to 104.7 million patrons and a 4.1% increase in average ticket price. Attendance increased due to the popularity of film product compared to the prior year. The availability and popularity of film product released during the six months ended June 30, 2024, was negatively impacted by the Writers Guild of America and the Screen Actors Guild – American Federation of Television and Radio Artists strikes during 2023. The increase in average ticket price was primarily due to increased ticket prices for all formats, increases in attendance for 3D screen volumes and increases in foreign currency translation rates.

Previous report

Food and beverage revenues increased $94.7 million, or 13.8%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024, due to the increase in attendance and an increase in food and beverage per patron. Food and beverage per patron increased 5.1% from $7.12 to $7.48 primarily due to an increase in average prices and the percentage of guests making transactions and increases in foreign currency translation rates, partially offset by lower units per transaction by guests and more frequent attendance from our AMC Stubs members.

Previous report

Operating costs and expenses. Operating costs and expenses increased $175.9 million, or 8.2%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024. Film exhibition costs increased $85.3 million, or 16.7%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily due to the increase in admissions revenues and higher film rental terms. As a percentage of admissions revenues, film exhibition costs were 48.3% for the six months ended June 30, 2025, compared to 46.7% for the six months ended June 30, 2024. The increase in film exhibition cost percentage is primarily due to the concentration of box office revenues in higher grossing films in the current year, which typically results in higher film exhibition costs.

Previous report

Operating expense increased by $68.3 million, or 8.7%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024. The increase in operating expense was primarily due to increases in attendance and the increase in foreign currency translation rates. As a percentage of revenues, operating expense was 37.7% for the six months ended June 30, 2025, compared to 39.5% for the six months ended June 30, 2024. The improvement in operating expense as a percentage of revenues is primarily due to the operating leverage gained as attendance increases. Rent expense decreased $2.2 million, or 0.5%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily due to a decrease in average screens of 2.5%, partially offset by increases in foreign currency translation rates.

Previous report

**Other.**Other general and administrative expense increased $7.5 million, or 7.0%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily due to increases in bonus expense as a result of higher than expected annual performance compared to annual targets in the current year compared to the prior year and increases in foreign currency translation rates, partially offset by lower insurance costs and legal fees.

Current report — wording carried from elsewhere

On July 24 2025, Muvico issued $857.0 million aggregate principal amount of New 2029 Notes in exchange for $590.0 million aggregate principal amount of Existing 7.5% Notes and $244.4 million of incremental, new money financing. On the same day, Muvico also issued $194.4 million aggregate principal amount of New Exchangeable Notes in exchange for $194.4 million aggregate principal amount of Existing Exchangeable Notes. The New

Current report — wording carried from elsewhere

Cash flows provided by financing activities during the nine months ended September 30, 2024, were primarily due to net proceeds from equity issuances of $243.0 million and proceeds from the issuance of New Term Loans of $27.0 million, partially offset by the repurchase of Second Lien Notes of $83.2 million, deferred debt issuance costs of $45.7 million, principal payments under Existing Term Loans of $27.0 million, the repurchase of Senior Subordinated Notes due 2025 of $12.9 million, the repurchase of Senior Subordinated Notes due 2026 of $6.0 million, principal payments under term loan borrowings of $15.1 million, and taxes paid for restricted unit withholdings of $2.2 million.

Current report — wording carried from elsewhere

of its retained theatres and entered into a management agreement for Multi-Cinema to operate the theatres transferred to Muvico. Muvico and Centertainment (collectively, the “Muvico Group”) are unrestricted subsidiaries under the indenture governing Holdings’ Existing 7.5% Notes.

Previous report — wording carried elsewhere

Item****2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Previous report — wording carried elsewhere

outflows from investing activities include capital expenditures of $96.5 million and $95.1 million during the six months ended June 30, 2025, and June 30, 2024, respectively.

Previous report — wording carried elsewhere

Cash flows provided by financing activities during the six months ended June 30, 2024, were primarily due to net proceeds from equity issuances of $243.0 million, partially offset by scheduled principal payments under term loan borrowings of $10.0 million and taxes paid for restricted unit withholdings of $2.2 million.