AMC ENTERTAINMENT HOLDINGS, INC.

Previous wording

Our theatrical exhibition revenues are generated primarily from box office admissions and food and beverage sales. The balance of our revenues is generated from ancillary sources, including online ticketing fees, on-screen advertising, income from gift card and exchange ticket sales, rental of theatre auditoriums, retail popcorn and merchandise sales, fees earned from our customer loyalty programs, and theatrical distribution. As of March 31, 2026, we owned, operated or had interests in 852 theatres and 9,607 screens.

Current wording

Our theatrical exhibition revenues are generated primarily from box office admissions and food and beverage sales. The balance of our revenues is generated from ancillary sources, including online ticketing fees, on-screen advertising, income from gift card and exchange ticket sales, rental of theatre auditoriums, retail popcorn and merchandise sales, fees earned from our customer loyalty programs, and theatrical distribution. As of June 30, 2026, we owned, operated or had interests in 845 theatres and 9,530 screens.

Previous wording

As of March 31, 2026, we had a combined total of approximately 39.4 million member households enrolled in our AMC Stubs® A-List, AMC Stubs Premiere™, AMC Stubs PremiereGO!,* *and AMC Stubs Insider™ programs (collectively, “AMC Stubs”). During the three months ended March 31, 2026, our AMC Stubs members represented approximately 51.5% of AMC U.S. markets attendance.

Current wording

As of June 30, 2026, we had a combined total of approximately 40.7 million member households enrolled in our AMC Stubs® A-List, AMC Stubs Premiere™, AMC Stubs PremiereGO!,* *and AMC Stubs Insider™ programs (collectively, “AMC Stubs”). During the six months ended June 30, 2026, our AMC Stubs members represented approximately 51.6% of AMC U.S. markets attendance.

Previous wording

We currently have approximately 20 million total members in our various international loyalty & subscription programs.

Current wording

We currently have approximately 20.8 million total members in our various International loyalty & subscription programs.

Previous wording

As of March 31, 2026, there were 605,223,095 shares of our Common Stock outstanding. Of those outstanding shares, approximately 2.7 million shares (or 0.4%) were held by 13,934 registered holders with our transfer agent and approximately 602.5 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 wording

As of June 30, 2026, there were 892,604,638 shares of our Common Stock outstanding. Of those outstanding shares, approximately 2.2 million shares (or 0.25%) were held by 13,720 registered holders with our transfer agent and approximately 890.4 million (or 99.75%) were held by Cede & Co on behalf of the Depository Trust & Clearing Corporation, commonly referred to as held in “street name” for beneficial holders owning shares through bank or brokerage accounts.

Previous wording

For a discussion of our critical accounting policies and the means by which we develop estimates therefore, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2025.

Current wording

For a discussion of our critical accounting policies and the means by which we develop estimates, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2025.

Previous wording

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

Current wording

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

Previous wording

On April 17, 2026, Odeon Finco, a wholly-owned direct subsidiary of OCGL and an indirect subsidiary of Holdings, entered into the Odeon Credit Agreement, by and among Odeon Finco, as borrower, OCGL, as the company, the lenders party thereto and U.S. Bank Trust Company, National Association, as administrative agent and security agent, pursuant to which Odeon Finco borrowed $425,000,000 of Odeon Term Loans due 2031. The proceeds from the Odeon Term Loans due 2031 and approximately $38.2 million of cash from the balance sheet were used to fund the Odeon Notes Redemption of Odeon Finco’s outstanding Odeon Notes due 2027 and to pay related fees, costs, premiums and expenses, including approximately $23.5 million of interest due on the Odeon Notes due 2027. In connection with the Odeon Notes Redemption, the Odeon Notes due 2027 have been delisted from the Official List of The International Stock Exchange. See Note 11—Subsequent Events in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.

Current wording

The proceeds from the Odeon Term Loans due 2031 and approximately $38.2 million of cash from the balance sheet were used to fund the Odeon Notes Redemption of Odeon Finco’s outstanding Odeon Notes due 2027 and to pay related fees, costs, premiums and expenses, including approximately $23.5 million of interest due on the Odeon Notes due 2027. In connection with the Odeon Notes Redemption, the Odeon Notes due 2027 have been delisted from the Official List of The International Stock Exchange. We treated the Odeon Notes Redemption as an extinguishment of debt and recorded a $30.1 million loss on extinguishment. See Note 5—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.

Previous wording

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

Current wording

During the six months ended June 30, 2026, we issued shares through an “at-the-market offering”. The below table summarizes the activity of the “at-the-market” offering.

Previous wording

Hycroft. On February 5, 2026, the Company exercised its remaining warrants to purchase 1,000,824 common shares of Hycroft on a cashless basis and received 765,440 common shares of Hycroft. During the three months ended March 31, 2026, we sold 700,000 common shares of Hycroft for $29.7 million. As of March 31, 2026, we held 129,478 remaining common shares of Hycroft. We recorded realized and unrealized gains related to our investments in Hycroft in investment income of $(18.0) million during the three months ended March 31, 2026.

Current wording

Hycroft. On February 5, 2026, the Company exercised its remaining warrants to purchase 1,000,824 common shares of Hycroft on a cashless basis and received 765,440 common shares of Hycroft. During the six months ended June 30, 2026, we sold 700,000 common shares of Hycroft for $29.7 million. As of June 30, 2026, we held 129,478 remaining common shares of Hycroft. We recorded realized and unrealized gains related to our investments in Hycroft in investment income of $(16.5) million during the six months ended June 30, 2026.

Previous wording

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

Current wording

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

Previous wording

**Share Issuances.**During the three months ended March 31, 2025, we were paid $108.7 million as initial gross cash proceeds associated with the establishment of forward positions for 30.0 million shares of Common Stock. The valuation period related to the forward positions ended on March 17, 2025 with no additional payment owed to the Company.

Current wording

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

Previous wording

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

Current wording

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

Previous wording

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

Current wording

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

Previous wording

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

Current wording

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

Previous wording

**Interest expense.**Interest expense increased $20.2 million to $122.9 million for the three months ended March 31, 2026 compared to $102.7 million during the three months ended March 31, 2025 primarily due to increased interest expense of $30.9 million on the New 2029 Notes issued on July 24, 2025, $9.6 million related to higher discount rates on the significant financing component of the Amended ESA and $3.6 million on the New Exchangeable Notes issued on July 1, 2025, partially offset by declines in interest expense of $11.4 million on the Existing 7.5% Notes due to redemptions of $590.0 million aggregate principal amount on July 24, 2025, $7.7 million on the Existing Exchangeable Notes issued on July 22, 2024 due to redemptions of $337.4 million aggregate principal amount on July 24, 2025, $2.2 million on the New Term Loans due to lower interest rates, $1.5 million on the Second Lien Notes due to redemptions of the remaining principal balances, $0.7 million on the Senior Subordinated Notes due 2026 due to redemptions of the remaining principal balances, and $0.6 million on the Senior Subordinated Notes due 2025 due to redemptions of the remaining principal balances. See Note 3—Revenue Recognition in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the Amended ESA and Note 5—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about our indebtedness.

Current wording

**Interest expense.**Interest expense increased $6.4 million to $136.0 million for the three months ended June 30, 2026 compared to $129.6 million during the three months ended June 30, 2025 primarily due to increased interest expense of $31.3 million on the New 2029 Notes issued on July 24, 2025 and $1.4 million on the New Exchangeable Notes issued on July 1, 2025, partially offset by declines in interest expense of $11.4 million on the Existing 7.5% Notes due to redemptions of $590.0 million aggregate principal amount on July 24, 2025, $7.8 million on the Existing Exchangeable Notes issued on July 22, 2024 due to redemptions of $337.4 million aggregate principal amount on July 24, 2025, $2.4 million on the Muvico Term Loans due to lower interest rates, $2.2 million related to the refinancing of the Odeon Notes due 2027, $1.4 million on the Second Lien Notes due to redemptions of the remaining principal balances, $0.7 million on the Senior Subordinated Notes due 2026 due to redemptions of the remaining principal balances, and $0.5 million on the Senior Subordinated Notes due 2025 due to redemptions of the remaining principal balances. See Note 5—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about our indebtedness.

Previous wording

Operating expense increased by $10.4 million, or 9.9%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The increase in operating expense was primarily due to the increase in foreign currency translation rates and the increase in attendance. As a percentage of revenues, operating expense was 37.8% for the three months ended March 31, 2026, compared to 42.7% for the three months ended March 31, 2025. The decrease in operating expense as a percentage of revenues is primarily due to the operating leverage gained as attendance increases. Rent expense increased $6.2 million, or 11.2%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to increases in foreign currency translation rates, partially offset by a decrease in average screens of 0.4%.

Current wording

**Operating costs and expenses.**Operating costs and expenses increased $36.7 million, or 3.7%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025. Film exhibition costs increased $36.4 million, or 11.2%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to the increase in admissions revenue due to the factors discussed above, partially offset by the decrease in film exhibition cost percentage. As a percentage of admissions revenues, film exhibition costs were 54.3% for the three months ended June 30, 2026, compared to 54.4% for the three months ended June 30, 2025.

Previous wording

Operating expense increased by $3.7 million, or 1.3%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The increase in operating expense was primarily due to the increase in attendance. As a percentage of revenues, operating expense was 39.4% for the three months ended March 31, 2026, compared to 46.7% for the three months ended March 31, 2025. The decrease in operating expense as a percentage of revenues is primarily due to the operating leverage gained as attendance increases. Rent expense decreased $0.2 million, or 0.1%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to a decrease in average screens of 1.6%.

Current wording

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

Previous wording

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

Current wording

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

Previous wording

**Revenues.**Total revenues increased $182.9 million, or 21.2%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025. Admissions revenues increased $104.9 million, or 22.2%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to an increase in attendance of 13.6% from 41.9 million patrons to 47.6 million patrons and a 7.5% increase in average ticket price. The increase in average ticket price was primarily due to increased ticket prices for all formats, increases in attendance for 3D, IMAX and other PLF screens and increases in foreign currency translation rates. Attendance increased in U.S. and International markets due to the popularity of film product compared to the prior year.

Current wording

**Revenues.**Total revenues increased $381.7 million, or 16.9%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025. Admissions revenues increased $205.4 million, or 16.6%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to an increase in attendance of 13.6% from 104.7 million patrons to 118.9 million patrons and a 2.7% increase in average ticket price. The increase in average ticket price was primarily due to increased ticket prices for all formats, increases in attendance for PLF and XL screens and increases in foreign currency translation rates, partially offset by decreases in attendance for 3D and IMAX screens and increased frequency for our A-list subscription members. Attendance increased in U.S. and International markets due to the popularity of film product compared to the prior year.

Previous wording

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

Current wording

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

Previous wording

Total other theatre revenues increased $14.1 million, or 13.4%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to increases in income from ticket fees due to the increase in the number of guests paying ticket fees and increases in the price of ticket fees, increases in advertising income and increases in foreign currency translation rates, partially offset by decreases in income from expirations of package tickets and gift cards in our International markets. As a result of our Amended ESA, advertising income increased from the prior year by $5.2 million due to an increase in discount rates related to the significant financing component of the Amended ESA, partially offset by lower amortization of deferred revenues due to an increase in the term of the Amended ESA. 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 wording

Total other theatre revenues increased $35.9 million, or 14.9%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to increases in income from ticket fees due to the increase in attendance, the number of guests paying ticket fees and increases in the price of ticket fees, increases in advertising income and increases in foreign currency translation rates, partially offset by decreases in income from expirations of package tickets and gift cards in our International markets. As a result of our Amended ESA, advertising income increased from the prior year by $5.2 million due to an increase in discount rates related to the significant financing component of the Amended ESA, partially offset by lower amortization of deferred revenues due to an increase in the term of the Amended ESA. 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 wording

Operating expense increased by $14.1 million, or 3.6%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The increase in operating expense was primarily due to the increase in attendance and foreign currency translation rates. As a percentage of revenues, operating expense was 39.0% for the three months ended March 31, 2026, compared to 45.6% for the three months ended March 31, 2025. The decrease in operating expense as a percentage of revenues is primarily due to the operating leverage gained as attendance increases. Rent expense increased $6.0 million, or 2.8%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to increases in foreign currency translation rates, partially offset by a decrease in average screens of 1.3%.

Current wording

Operating expense increased by $14.1 million, or 1.7%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025. As a percentage of revenues, operating expense was 32.8% for the six months ended June 30, 2026, compared to 37.7% for the six months ended June 30, 2025. The decrease in operating expense as a percentage of revenues is primarily due to the operating leverage gained as attendance increases. Rent expense increased $7.2 million, or 1.6%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to increases in foreign currency translation rates, partially offset by a decrease in average screens of 1.4%.

Previous wording

**Merger, acquisition, and other costs.**Merger, acquisition, and other costs were $0.9 million during the three months ended March 31, 2026, compared to $3.0 million during the three months ended March 31, 2025. The prior year expense relates to severance costs in U.S. markets.

Current wording

**Merger, acquisition, and other costs.**Merger, acquisition, and other costs were $1.4 million during the six months ended June 30, 2026, compared to $3.1 million during the six months ended June 30, 2025. The prior year expense relates to severance costs in U.S. markets.

Previous wording

**Interest expense.**Interest expense increased $20.8 million to $139.9 million for the three months ended March 31, 2026 compared to $119.1 million during the three months ended March 31, 2025 primarily due to increased interest expense of $30.9 million on the New 2029 Notes issued on July 24, 2025, $9.6 million related to higher discount rates on the significant financing component of the Amended ESA and $3.6 million on the New Exchangeable Notes issued on July 1, 2025, partially offset by declines in interest expense of $11.4 million on the Existing 7.5% Notes due to redemptions of $590.0 million aggregate principal amount on July 24, 2025, $7.7 million on the Existing Exchangeable Notes issued on July 22, 2024 due to redemptions of $337.4 million aggregate principal amount on July 24, 2025, $2.2 million on the New Term Loans due to lower interest rates, $1.5 million on the Second Lien Notes due to redemptions of the remaining principal balances, $0.7 million on the Senior Subordinated Notes due 2026 due to redemptions of the remaining principal balances, and $0.6 million on the Senior Subordinated Notes due 2025 due to redemptions of the remaining principal balances. See Note 3—Revenue Recognition in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the Amended ESA and Note 5—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about our indebtedness.

Current wording

Interest expense. Interest expense increased $27.2 million to $275.9 million for the six months ended June 30, 2026 compared to $248.7 million during the six months ended June 30, 2025 primarily due to increased interest expense of $62.2 million on the New 2029 Notes issued on July 24, 2025, $9.4 million related to higher discount rates on the significant financing component of the Amended ESA and $5.0 million on the New Exchangeable Notes issued on July 1, 2025, partially offset by declines in interest expense of $22.8 million on the Existing 7.5% Notes due to redemptions of $590.0 million aggregate principal amount on July 24, 2025, $15.6 million on the Existing Exchangeable Notes issued on July 22, 2024 due to redemptions of $337.4 million aggregate principal amount on July 24, 2025, $4.5 million on the Muvico Term Loans due to lower interest rates, $2.9 million on the Second Lien Notes due to redemptions of the remaining principal balances, $1.8 million related to the refinancing of the Odeon Notes due 2027, $1.3 million on the Senior Subordinated Notes due 2026 due to redemptions of the remaining principal balances, and $1.2 million on the Senior Subordinated Notes due 2025 due to redemptions of the remaining principal balances. See Note 3—Revenue Recognition in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the Amended ESA and Note 5—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about our indebtedness.

Previous wording

**Investment income.**Investment income was $(18.3) million for the three months ended March 31, 2026, compared to investment income of $(5.7) million for the three months ended March 31, 2025. Investment income in the current year includes $(18.0) million of realized and unrealized gains on our investments in common shares in Hycroft, and interest income of $(0.3) million. Investment income in the prior year includes interest income of $(2.9) million and $(2.8) million of unrealized gains on our investments in common shares and warrants to purchase common shares in Hycroft. See Note 1—Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about our investments in Hycroft.

Current wording

Investment income. Investment income was $(17.8) million for the six months ended June 30, 2026, compared to investment income of $(7.1) million for the six months ended June 30, 2025. Investment income in the current year includes $(16.5) million of realized and unrealized gains on our investments in common shares in Hycroft, and interest income of $(1.3) million. Investment income in the prior year includes interest income of $(4.6) million and $(2.5) million of unrealized gains on our investments in common shares and warrants to purchase common shares in Hycroft. See Note 1—Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about our investments in Hycroft.

Previous wording

**Net loss.**Net loss was $117.1 million and $202.1 million during the three months ended March 31, 2026, and March 31, 2025, respectively. Net loss during the three months ended March 31, 2026 compared to net loss for the three months ended March 31, 2025 was positively impacted by the increase in attendance as a result of the popularity of new film releases compared to the prior year, decreases in depreciation and amortization and increases in investment income, partially offset by increases in rent, general and administrative expenses, decreases in other income, increases in interest expense, increases in income tax provision and increases in foreign currency translation rates.

Current wording

Net loss. Net loss was $128.5 million and $206.8 million during the six months ended June 30, 2026, and June 30, 2025, respectively. Net loss during the six months ended June 30, 2026 compared to net loss for the six months ended June 30, 2025 was positively impacted by the increase in attendance as a result of the popularity of new film releases compared to the prior year, decreases in depreciation and amortization, decreases in general and administrative expenses and the increase in investment income, partially offset by the decrease in other income, the increase in interest expense, the increase in rent expense, the increase in income tax provision and the increase in foreign currency translation rates.

Previous wording

Total other theatre revenues increased $16.5 million, or 24.0%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to increases in income from ticket fees due to the increase in the number of guests paying ticket fees and increases in the price of ticket fees and increases in advertising income. As a result of our Amended ESA, advertising income increased from the prior year by $5.2 million due to an increase in discount rates related to the significant financing component of the Amended ESA, partially offset by lower amortization of deferred revenues due to an increase in the term of the Amended ESA. 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 wording

Total other theatre revenues increased $33.9 million, or 19.6%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to increases in income from ticket fees due to the increase in attendance, the number of guests paying ticket fees and increases in the price of ticket fees and increases in advertising income. As a result of our Amended ESA, advertising income increased from the prior year by $5.2 million due to an increase in discount rates related to the significant financing component of the Amended ESA, partially offset by lower amortization of deferred revenues due to an increase in the term of the Amended ESA. 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 wording

Food and beverage costs increased $3.3 million, or 8.0%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The increase in food and beverage costs was primarily due to the increase in food and beverage revenues due to the factors discussed above, partially offset by a decrease in food and beverage cost as a percentage of food and beverage revenues. As a percentage of food and beverage revenues, food and beverage costs were 17.1% for the three months ended March 31, 2026, compared to 18.9% for the three months ended March 31, 2025.

Current wording

Food and beverage costs increased $10.2 million, or 9.0%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025. The increase in food and beverage costs was primarily due to the increase in food and beverage revenues due to the factors discussed above, partially offset by a decrease in food and beverage cost as a percentage of food and beverage revenues. As a percentage of food and beverage revenues, food and beverage costs were 17.0% for the six months ended June 30, 2026, compared to 18.1% for the six months ended June 30, 2025.

Previous wording

months ended March 31, 2026, compared to $3.0 million during the three months ended March 31, 2025. The prior year expense relates to severance costs in U.S. markets.

Current wording

**Merger, acquisition, and other costs.**Merger, acquisition, and other costs were $1.2 million during the six months ended June 30, 2026, compared to $3.1 million during the six months ended June 30, 2025. The prior year expense relates to severance costs in U.S. markets.

Previous wording

**Other income.**Other income of $(61.5) million during the three months ended March 31, 2026 was primarily due to $(52.4) million of income related to the decrease in fair value of the derivative liability for the embedded derivative features in the New Exchangeable Notes, $(7.1) million of income related to the decrease in fair value of the derivative liability for the embedded derivative features in the Existing Exchangeable Notes and $(2.6) million in equity in earnings related to non-consolidated entities. Other income of $(45.4) million during the three months ended March 31, 2025 was primarily due to $(45.1) million of income related to the decrease in fair value of the derivative liability for the embedded conversion feature in the Existing Exchangeable Notes and $(0.7) million in equity in earnings related to non-consolidated entities. 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.

Current wording

Other expense (income). Other expense of $19.8 million during the six months ended June 30, 2026 was primarily due to $33.0 million loss on extinguishment of the New Exchangeable Notes and $2.7 million of expense related to the increase in fair value of the derivative liability for the embedded derivative features in the Existing Exchangeable Notes, partially offset by $(11.1) million of income related to the increase in fair value of the derivative liability for the embedded derivative features in the New Exchangeable Notes, and $(6.0) million in equity in earnings related to non-consolidated entities. Other income of $(43.1) million during the six months ended June 30, 2025 was primarily due to $(41.2) million of income related to the decrease in fair value of the derivative liability for the embedded conversion feature in the Existing Exchangeable Notes and $(2.7) million of equity in earnings of non-consolidated entities. 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).

Previous wording

**Investment income.**Investment income was $(18.2) million for the three months ended March 31, 2026, compared to investment income of $(5.5) million for the three months ended March 31, 2025. Investment income in the current year includes $(18.0) million of realized and unrealized gains on our investments in common shares in Hycroft, and interest income of $(0.2) million. Investment income in the prior year includes interest income of $(2.7) million and $(2.8) million of unrealized gains on our investments in common shares and warrants to purchase common shares in Hycroft. See Note 1—Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about our investments in Hycroft.

Current wording

**Investment income.**Investment income was $(17.4) million for the six months ended June 30, 2026, compared to investment income of $(6.9) million for the six months ended June 30, 2025. Investment income in the current year includes $(16.5) million of realized and unrealized gains on our investments in common shares in Hycroft, and interest income of $(0.9) million. Investment income in the prior year includes interest income of $(4.4) million and $(2.5) million of unrealized gains on our investments in common shares and warrants to purchase common shares in Hycroft. See Note 1—Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about our investments in Hycroft.

Previous wording

**Income tax provision.The income tax provision was $2.2 million and $1.6 million for the three months ended March 31, 2026 and March 31, 2025, respectively. See Note 7—**Income Taxes in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.

Current wording

Income tax provision. The income tax provision was $2.2 million and $1.4 million for the six months ended June 30, 2026 and June 30, 2025, respectively. See Note 7—Income Taxes in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.

Previous wording

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

Current wording

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

Previous wording

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

Current wording

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

Previous wording

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

Current wording

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

Previous wording

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

Current wording

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

Previous wording

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

Current wording

Investment income. Investment income was $(0.4) million for the six months ended June 30, 2026, compared to investment income of $(0.2) million for the six months ended June 30, 2025. Investment income is comprised of interest income in the current and prior periods.

Previous wording

During the first quarter of 2026, we changed our definition of Adjusted EBITDA to adjust for net periodic pension cost. Net periodic pension cost is a recurring expense that includes several components such as service cost, interest cost, expected return on plan assets, amortization of prior service cost, and amortization of actuarial gains/losses. Additionally, we also include infrequent gains and losses from benefit curtailments and settlements of pension obligations in net periodic pension cost. We no longer believe that net periodic pension cost should be included in Adjusted EBITDA as the pension plans are frozen, service cost is zero, and the remaining components are not indicative of ongoing operating performance as they are not driven by current operating decisions and largely depend on actuarial assumptions. While not the basis for this change, the revised definition further aligns our definition of Adjusted EBITDA with the definition used in our debt agreements. The adjustment for net periodic pension cost is included in the caption titled “other income” in the condensed consolidated statement of operations and in the reconciliation of net loss to Adjusted EBITDA further below. See the components of other income table in Note 1—Basis of Presentation for net periodic pension cost recorded in each period presented. All comparative period information for Adjusted EBITDA has been re-cast to conform with the current definition. The impact of this change on previously reported negative Adjusted EBITDA for the three months ended March 31, 2025 was an improvement of $0.3 million.

Current wording

During the first quarter of 2026, we changed our definition of Adjusted EBITDA to adjust for net periodic pension cost. Net periodic pension cost is a recurring expense that includes several components such as service cost, interest cost, expected return on plan assets, amortization of prior service cost, and amortization of actuarial gains/losses. Additionally, we also include infrequent gains and losses from benefit curtailments and settlements of pension obligations in net periodic pension cost. We no longer believe that net periodic pension cost should be included in Adjusted EBITDA as the pension plans are frozen, service cost is zero, and the remaining components are not indicative of ongoing operating performance as they are not driven by current operating decisions and largely depend on actuarial assumptions. While not the basis for this change, the revised definition further aligns our definition of Adjusted EBITDA with the definition used in our debt agreements. The adjustment for net periodic pension cost is included in the caption titled “other expense (income)” in the condensed consolidated statement of operations and in the reconciliation of net loss to Adjusted EBITDA further below. See the components of other expense (income) table in Note 1—Basis of Presentation for net periodic pension cost recorded in each period presented. All comparative period information for Adjusted EBITDA has been re-cast to conform with the current definition. The impact of this change on previously reported Adjusted EBITDA for the three and six months ended June 30, 2025 was an improvement of $0.3 million and $0.6 million, respectively.

Previous wording

During the three months ended March 31, 2026, Adjusted EBITDA in the U.S. markets was $21.9 million compared to $(57.1) million during the three months ended March 31, 2025. The year-over-year increase was primarily driven by an increase in attendance due to the popularity of film releases compared to the prior year, an increase in average ticket price, an increase in food and beverage per patron, and an increase in advertising income in other revenues related to an increase in discount rates for the significant financing component of the Amended ESA, partially offset by lower amortization of deferred revenues due to an increase in the term of the Amended ESA. During the three months ended March 31, 2026, Adjusted EBITDA in the International markets was $16.4 million compared to $(0.6) million during the three months ended March 31, 2025. The year-over-year increase was primarily driven by an increase in attendance due to the popularity of film releases compared to the prior year, an increase in average ticket price, an increase in food and beverage per patron and the increase in foreign currency translation rates, partially offset by decreases in income from expirations of package tickets and gift cards. During the three months ended March 31, 2026, Adjusted EBITDA in the U.S. markets and International markets was $38.3 million compared to $(57.7) million during the three months ended March 31, 2025, driven by the aforementioned factors impacting Adjusted EBITDA.

Current wording

During the six months ended June 30, 2026, Adjusted EBITDA in the U.S. markets was $307.5 million compared to $124.2 million during the six months ended June 30, 2025. The year-over-year increase was primarily driven by an increase in attendance due to the popularity of film releases compared to the prior year, an increase in average ticket price and food and beverage per patron and an increase in advertising income in other revenues related to an increase in discount rates for the significant financing component of the Amended ESA. During the six months ended June 30, 2026, Adjusted EBITDA in the International markets was $52.2 million compared to $7.6 million during the six months ended June 30, 2025. The year-over-year increase was primarily driven by an increase in attendance due to the popularity of film releases compared to the prior year, an increase in average ticket price and food and beverage per patron and the increase in foreign currency translation rates, partially offset by lower amounts of governmental assistance and decreases in income from expirations of package tickets and gift cards. During the six months ended June 30, 2026, Adjusted EBITDA in the U.S. markets and International markets was $359.7 million compared to $131.8 million during the six months ended June 30, 2025, driven by the aforementioned factors impacting Adjusted EBITDA.

Previous wording

Our consolidated revenues are primarily collected in cash, principally through admissions and food and beverage sales. We have an operating “float” which partially finances our operations and which generally permits us to maintain a smaller amount of working capital capacity. This float exists because admissions revenues are received in cash, while exhibition costs (primarily film rentals) are ordinarily paid to distributors from 20 to 45 days following receipt of admissions revenues. Film distributors generally release the films which they anticipate will be the most successful during the summer and year-end holiday seasons. Consequently, we typically generate higher revenues during such periods and experience higher working capital requirements following such periods.

Current wording

cash, while exhibition costs (primarily film rentals) are ordinarily paid to distributors from 14 to 49 days following receipt of admissions revenues. Film distributors generally release the films which they anticipate will be the most successful during the summer and year-end holiday seasons. Consequently, we typically generate higher revenues during such periods and experience higher working capital requirements following such periods.