Cineplex Reports Fourth Quarter and Annual 2025 Results

TORONTO, Feb. 11, 2026 (GLOBE NEWSWIRE) — (TSX: CGX) – Today, Cineplex Inc. (“Cineplex” or the “Company”) released its financial results for the three months and year ended December 31, 2025. Unless otherwise specified, all amounts contained in this news release are in Canadian dollars.

2025 Highlights:

• Generated $91.6 million in Adjusted EBITDAaL compared to $89.9 million in the prior year
• Reported net loss of $36.9 million, an improvement of $67.3 million relative to the prior year net loss of $104.2 million
• Set annual records for Box Office Per Patron (“BPP”) at $13.29 and Concession Per Patron (“CPP”) at $9.72
• International film product contributed 11.2% of total box office revenues, the highest share in Cineplex’s history
• Premium experiences accounted for 43.2% of total box office revenues, the highest annual percentage since 2018
• Cinema Media revenue grew by 13.1% over prior year and delivered record cinema media per patron of $2.12
• Completed sale of Cineplex Digital Media (“CDM”) for gross proceeds of $70 million in cash
• Location-Based Entertainment segment EBITDAaL Margin increased to 15.9%, up from 15.4% in the prior year
• Renewed the Normal Course Issuer Bid (“NCIB”) Program and repurchased 636,602 common shares for cancellation

“Moviegoers continue to demonstrate that nothing compares to the shared experience of watching immersive content at our theaters, and the strength of our programming and experiences is what truly sets us apart”, said Ellis Jacob, President & CEO. “2025 continued to display the vital role that diverse content and premium experiences play in bringing guests to our theatres. International programming delivered its highest contribution on record and premium formats delivered their highest share of our box office since 2018, broadening audience reach and enriching the theatrical experience. These factors supported strong guest engagement throughout the year and contributed to record box office per patron and record concession per patron in 2025.

In a crowded advertising market, our media business continues to demonstrate the importance of a highly engaged and highly attentive audience. With extensive audience data and a full range of media offerings, we provide advertisers with a powerful platform to deliver targeted and impactful campaigns, contributing to record cinema media per patron results in 2025.

Our LBE business continues to contribute meaningfully to our overall results. While the broader industry faces macroeconomic pressures, our focus on optimizing operations has stabilized same store margins year over year.

This year we took further steps to strengthen our balance sheet, improve liquidity and return value to shareholders through the sale of CDM. Proceeds from the sale provided the funds to repurchase shares under our NCIB and going forward, offer flexibility to reduce leverage, pursue additional share repurchases subject to our debt agreements, and support broader corporate priorities.

While the 2025 film slate offered depth across genres, it lacked mega-blockbuster films. This will certainly change with the 2026 slate shaping up to be much stronger, with multiple major tentpoles and an even deeper lineup that will attract a broad base of Canadian moviegoers. This expanded slate signals the strength and opportunity within both the industry and our business, and we remain focused on leveraging this environment to advance our strategic priorities and deliver growth.”

ANNOUNCES RETIREMENT OF ROBERT BRUCE AND APPOINTMENT OF SEAN MCGUCKIN TO BOARD OF DIRECTORS

We extend our sincere appreciation to Robert Bruce for his many contributions and years of service on the Board. His guidance and steady leadership have been deeply valued, and we wish him well in his retirement. Moving forward, the Company is pleased to announce the appointment of Sean McGuckin to its Board of Directors, effective immediately. Mr. McGuckin was the former Group Head and CFO at Scotiabank, where he oversaw finance, taxation, investor relations, and strategic investments. His extensive experience will play a pivotal role in guiding the Company’s long-term strategic direction.

Fourth Quarter and Full Year Financial Results

January Box Office Results

The following table compares 2026 monthly box office revenues to 2025 monthly box office revenues:

KEY DEVELOPMENTS IN THE ANNUAL FINANCIAL STATEMENTS OF 2025

The following describes certain key business initiatives undertaken and results achieved during 2025 in each of Cineplex’s core business areas:

FILM ENTERTAINMENT AND CONTENT

Theatre Exhibition

• Reported annual box office revenues of $560.6 million, a decrease of $1.6 million or 0.3% from $562.2 million in the prior year. This decrease was primarily driven by an 1.8% decrease in attendance compared to the prior year.
• Reported an annual record BPP of $13.29, an increase of $0.20 or 1.5% compared to $13.09 in the prior year.
• Closed two locations as part of Cineplex’s portfolio optimization and rationalization strategy.
• The CineClub subscription program reached over 228,000 members, providing members with benefits accessible across Cineplex’s business nationwide, including Cineplex theatres and LBE venues.
• Cineplex introduced Monday Surprise Premieres, a new event featuring mystery screenings of major unreleased films at select theatres.
• Implemented various attendance-driving initiatives throughout the year including VIP tickets at regular admission prices, $5 Tuesdays, and a $5 Labour Day weekend.

Theatre Food Service

• Reported annual theatre food service revenues of $410.0 million, an increase of $3.2 million or 0.8% compared to the prior year.
• Reported annual record CPP of $9.72, an increase of $0.25 or 2.6% compared to $9.47 in the prior year, primarily due to an increase in purchase incidence and strategic pricing initiatives.

Alternative Programming and Distribution

• Cineplex Pictures (Cineplex’s distribution business) distributed Now You See Me: Now You Don’t, Ballerina, The Housemaid, and Jujutsu Kaisen: Execution during 2025.
• Continued a leadership position in alternative programming, with 11.1% of 2025 box office revenues coming from international films, compared to those films having a 5.7% North American share. Strong performing titles included Demon Slayer: Kimetsu No Yaiba Infinity Castle (Japanese), which became the highest-grossing foreign-language film of all time at both the domestic box office and in Cineplex history, Ne Zha 2 (Chinese), which was the highest grossing Mandarin film of all time for Cineplex, along with Dhurandhar (Hindi), Chainsaw Man – The Movie: Reze Arc (Japanese), and Sadaar Ji 3 (Punjabi).
• Event Cinema featured a diverse slate of successful initiatives throughout 2025, including concert experiences such as TAYLOR SWIFT | THE OFFICIAL RELEASE PARTY OF A SHOWGIRL, classic film titles like Princess Mononoke, the sing-along event of KPop Demon Hunters, and the theatrical releases of the popular television series finale The Chosen: Last Supper Part 1 through Part 3.

CINEMA MEDIA

• Reported annual cinema media revenues of $89.5 million, an increase of $10.4 million or 13.1% over the prior year.
• Continued to leverage expertise in data and analytics to drive revenues.
• Expanded representation through advertising sales provided to other theatre exhibitors, including Landmark Cinemas beginning in January 2026.

LOCATION-BASED ENTERTAINMENT

• Reported annual revenues of $141.9 million, an increase of $13.2 million or 10.3% compared to the prior year.
• Reported annual adjusted store level EBITDAaL of $29.0 million, a decrease of $1.0 million or 3.3% compared to the prior year due to the gradual ramp up of new locations that opened in the fourth quarter of 2024.
• In December 2025, Cineplex announced plans to open a new Playdium location in Vaughan, Ontario, with targeted completion for summer 2026.

LOYALTY

• Membership in the Scene+ loyalty program was over 15 million members as at December 31, 2025.

CORPORATE

• On November 7, 2025, CELP completed the sale of 100% of the issued and outstanding shares of DDC Group International Inc., which operated the digital place-based media division through its wholly owned subsidiary (CDM), for cash proceeds of $70.0 million, subject to customary post-closing adjustments. Cineplex recognized a gain of $3.3 million, net of income taxes, in connection with the sale of CDM during the fourth quarter of 2025.
• Cineplex repurchased for cancellation 636,602 common shares of Cineplex (“Common Shares”) for $7.0 million under its NCIB announced on August 22, 2024, which was subsequently renewed on August 22, 2025.
• During the second quarter, Cineplex implemented a cost reduction program including headcount reductions and efficiency improvements focused on leveraging technology investments and process optimization.
• Cineplex was deeply saddened by the passing of Nadir Mohamed, a valued member of Cineplex’s Board of Directors (the “Board”) since 2017. Mr. Mohamed’s strategic guidance and contributions made a meaningful and lasting impact on Cineplex.
• Departures from the Board: Joan Dea did not stand for re-election at Cineplex’s Annual and Special Meeting of Shareholders held on May 21, 2025 (the “Annual Meeting”). Robert Bruce resigned from the Board, effective December 15, 2025.
• New Board members: Rania Llewellyn was elected to the Board at the Annual Meeting. Kevin Johnson was appointed to the Board on November 5, 2025, and Sean McGuckin was appointed to the Board on February 10, 2026.
• Cineplex celebrated Community Day on November 15, 2025 with a morning of free, family-friendly movies, free gaming at XSCAPE Play card locations, and free non-redemption gaming at LBE venues, with select discounted concessions, where one dollar from every concession order of select items, and food and beverage orders were donated to BGC Canada (formerly known as Boys & Girls Clubs of Canada).
• Completed the sale of the Cineplex Store for nominal proceeds on January 1, 2025.

NON-GAAP AND OTHER FINANCIAL MEASURES

National Instrument 52-112, Non-GAAP and Other Financial Measures Disclosure (“NI 52-112”) imposes obligations regarding disclosure of non-GAAP financial measures, non-GAAP ratios, and other financial measures. Cineplex reports on certain non-GAAP measures, non-GAAP ratios, supplementary financial measures and total segment measures that are used by management to evaluate Cineplex’s performance. The following measures included in this news release do not have a standardized meaning under GAAP and may not be comparable to similar measures provided by other issuers. Cineplex includes these measures because management believes that they assist investors in assessing financial performance. These non-GAAP and other financial measures are used throughout this news release and are defined below.

NON-GAAP FINANCIAL MEASURES

A non-GAAP financial measure is defined in NI 52-112 as a financial measure disclosed that (a) depicts the historical or expected future financial performance, financial position or cash flow of an entity, (b) with respect to its composition, excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the entity, (c) is not disclosed in the financial statements of the entity, and (d) is not a ratio, fraction, percentage or similar representation.

NON-GAAP RATIOS

A non-GAAP ratio is defined in NI 52-112 as a financial measure disclosed that (a) is in the form of a ratio, fraction, percentage or similar representation, (b) has a non-GAAP financial measure as one or more of its components, and (c) is not disclosed in the financial statements.

Below are non-GAAP financial measures or non-GAAP ratios for continuing operations that are reported by Cineplex.

EBITDA, ADJUSTED EBITDA AND ADJUSTED EBITDAaL

Management defines EBITDA as earnings before interest income and expense, income taxes and depreciation and amortization expense. Adjusted EBITDA excludes the change in fair value of financial instrument, loss (gain) on disposal of assets, foreign exchange, and impairment, depreciation, amortization, interest and taxes of Cineplex’s other joint ventures and associates, and other items that do not in management’s view represent a factor relevant to the ongoing performance of the business such as the Competition Tribunal’s administrative monetary penalty. Adjusted EBITDAaL modifies adjusted EBITDA to deduct current period cash rent paid or payable related to lease obligations.

Subsequent to the adoption of IFRS 16, Leases, by Cineplex effective January 1, 2019, the calculation of EBITDA no longer includes a charge for amounts paid or payable with respect to leased property and equipment. Given the majority of Cineplex’s businesses are carried on in leased premises, Cineplex introduced the measure of adjusted EBITDAaL which includes a deduction for cash rent paid/payable related to lease obligations. Cineplex’s management believes that adjusted EBITDAaL is an important supplemental measure of Cineplex’s profitability at an operational level and provides analysts and investors with comparability in evaluating and valuing Cineplex’s performance period over period. EBITDA, adjusted for various unusual items, is also used to define certain financial covenants in Cineplex’s 2024 Credit Facility. Management calculates adjusted EBITDAaL margin by dividing adjusted EBITDAaL by total revenues.
EBITDA, adjusted EBITDA and adjusted EBITDAaL are non-GAAP measures generally used as an indicator of financial performance and they should not be seen as a measure of liquidity or a substitute for comparable metrics prepared in accordance with GAAP. Cineplex’s EBITDA, adjusted EBITDA and adjusted EBITDAaL may differ from similar calculations as reported by other entities and accordingly may not be comparable to EBITDA, adjusted EBITDA or adjusted EBITDAaL reported by other entities.

Adjusted Store Level EBITDAaL Metrics
Cineplex reviews and reports adjusted EBITDAaL at the location level for LBE which is calculated as total LBE revenues from all locations less total LBE operating expenses, which excludes pre-opening costs and overhead relating to the management of LBE.

Adjusted Store Level EBITDAaL Margin
Calculated as adjusted store level EBITDAaL divided by total revenues for LBE for the period.

SUPPLEMENTARY FINANCIAL MEASURES

Supplementary financial measures are financial measures that are not (a) presented in the financial statements and (b) are, or are intended to be, disclosed periodically to depict the historical or expected future financial performance, financial position or cash flow, that is not a non-GAAP financial measure or a non-GAAP ratio as defined in the instrument. Below are supplementary financial measures that Cineplex uses to depict its financial performance, financial position or cash flows.

Earnings (loss) per Share Metrics
Cineplex has presented basic and diluted earnings (loss) per share net of this item to provide a more comparable loss per share metric between the current periods and prior year periods. In the non-GAAP and other financial measures, earnings is defined as net income or net loss attributable to Cineplex excluding the change in fair value of financial instruments.

Per Patron Revenue Metrics
Cineplex reviews per patron metrics as they relate to box office revenue, theatre food service revenue and cinema media revenue such as BPP, CPP, BPP excluding premium priced product, concession margin per patron, and CMPP, as these are key measures used by investors to value and assess Cineplex’s performance, and are widely used in the theatre exhibition industry. Cineplex’s management defines these metrics as follows:

Theatre attendance: Theatre attendance is calculated as the total number of paying patrons that frequent Cineplex’s theatres during the period.

BPP: Calculated as total box office revenues divided by total paid theatre attendance for the period.

BPP excluding premium priced product: Calculated as total box office revenues for the period, less box office revenues from 3D, 4DX, UltraAVX, VIP, ScreenX and IMAX product; divided by total paid theatre attendance for the period, less paid theatre attendance for 3D, 4DX, UltraAVX, VIP, ScreenX and IMAX product.

CPP: Calculated as total theatre food service revenues divided by total paid theatre attendance for the period.

CMPP: Calculated as total cinema media revenues divided by total paid theatre attendance for the period.

Premium priced product: Defined as 3D, 4DX, UltraAVX, IMAX, ScreenX and VIP film product.

Theatre concession margin per patron: Calculated as total theatre food service revenues less total theatre food service cost, divided by theatre attendance for the period.

Same Theatre Analysis
Cineplex reviews and reports same theatre metrics relating to box office revenues, theatre food service revenues, theatre rent expense and theatre payroll expense, as these measures are widely used in the theatre exhibition industry as well as other retail industries.

Same theatre metrics are calculated by removing the results for all theatres that have been opened, acquired, closed or otherwise disposed of subsequent to the start of the prior year comparative period. For the three months ended December 31, 2025 and 2024, the impact of one location that was opened or acquired in 2024 and two locations that were closed or otherwise disposed of in 2025 have been excluded, resulting in 153 theatres being included in the same theatre metrics. For the years ended December 31, 2025 and 2024, the impact of one location that was opened or acquired in 2024, three locations that were closed or otherwise disposed of in 2024, and two locations that were closed or otherwise disposed of in the 2025 have been excluded, resulting in 153 theatres being included in the same theatre metrics.

Same LBE Analysis
Cineplex reviews and reports same store LBE metrics relating to food service revenues, amusement revenues, media and other revenues, as these measures are widely used by comparable businesses in the industry.

Same store LBE metrics are calculated by removing the results for all LBE venues that have been opened, acquired, closed or otherwise disposed of subsequent to the start of the prior year comparative period. For the three months ended December 31, 2025 and 2024, the impact of three locations that was opened or acquired in 2024 have been excluded, resulting in 13 LBE venues being included in the same LBE metrics. For the years ended December 31, 2025 and 2024, the impact of three locations that was opened or acquired in 2024 have been excluded, resulting in 13 LBE venues being included in the same theatre metrics.

Cost of sales percentages
Cineplex reviews and reports cost of sales percentages for its two largest revenue sources; box office revenues and food service revenues, as these measures are widely used in the theatre exhibition industry. These measures are reported as film cost percentage and concession cost percentage, respectively, and are calculated as follows:

Film cost percentage: Calculated as total film cost expense divided by total box office revenues for the period.

Theatre concession cost percentage: Calculated as total theatre food service costs divided by total theatre food service revenues for the period.

LBE food cost percentage: Calculated as total LBE food costs divided by total LBE food service revenues for the period.

Certain information included in this news release contains forward-looking statements within the meaning of applicable securities laws. These forward-looking statements include, among others, statements with respect to Cineplex’s objectives and goals, and the strategies to achieve those objectives and goals, as well as statements with respect to Cineplex’s beliefs, plans, objectives, expectations, anticipations, estimates and intentions. The words “may”, “will”, “could”, “should”, “would”, “suspect”, “outlook”, “believe”, “plan”, “anticipate”, “estimate”, “expect”, “intend”, “forecast”, “objective” and “continue” (or the negative thereof), and words and expressions of similar import, are intended to identify forward-looking statements.

By their very nature, forward-looking statements involve inherent risks and uncertainties, including those described in Cineplex’s Annual Information Form (“AIF”), Cineplex’s management’s discussion and analysis for the year ended December 31, 2025 (“Annual MD&A”) and in this news release, which is incorporated herein by reference and available on SEDAR+ (http://www.sedarplus.ca). These risks and uncertainties, both general and specific, give rise to the possibility that predictions, forecasts, projections and other forward-looking statements will not be achieved. Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. Cineplex cautions readers not to place undue reliance on these statements as a number of important factors, many of which are beyond Cineplex’s control, could cause actual results to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to, Cineplex’s expectations with respect to liquidity and capital expenditures, including its ability to meet its ongoing capital, operating and other obligations, and anticipated needs for, and sources of, funds; Cineplex’s ability to execute cost-cutting and revenue enhancement initiatives in response to adverse economic conditions; competition from alternative forms of entertainment and content delivery via streaming and other formats; the impacts of any pandemic, epidemic, natural disaster, governmental restrictions, strikes or the inability to procure materials and supplies; information concerning future purchases of Common Shares under Cineplex’s normal course issuer bid (“NCIB”); the outcome of the litigation with respect to Cineplex’s online booking fee (described in further detail in the Annual MD&A); and risks generally encountered in the relevant industry, competition, customer, legal, taxation and accounting matters.

The foregoing list of factors that may affect future results is not exhaustive. When reviewing Cineplex’s forward-looking statements, readers should carefully consider the foregoing factors and other uncertainties and potential events. Additional information about factors that may cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the “Risks and Uncertainties” section of Cineplex’s Annual MD&A.

Cineplex does not undertake to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable Canadian securities law. Additionally, Cineplex undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Cineplex, its financial or operating results or its securities. All forward-looking statements in this news release are made as of the date hereof and are qualified by these cautionary statements. Additional information, including Cineplex’s AIF and Annual MD&A, can be found on SEDAR+ at http://www.sedarplus.ca.

You are cordially invited to participate in a conference call with the management of Cineplex (TSX: CGX) to review our fourth quarter and year end 2025 results. Ellis Jacob, President and Chief Executive Officer and Gord Nelson, Chief Financial Officer, will host the call scheduled for:

Cineplex Inc. Q4/YE 2025 Earnings Webcast:

Please note, analysts who cover the Company should use the dial-in option to participate in the live question period. Click on the call link and register for your unique PIN: https://register-conf.media-server.com/register/BI715a02166f7145fd97c7fe99cd48e5c

All attendees should join the event 5-10 minutes prior to the scheduled start time. Media are welcome to join in listen-only mode.

About Cineplex

Cineplex (TSX:CGX) is a top-tier Canadian brand that operates in the Film Entertainment and Content, Amusement and Leisure, and Media sectors. Cineplex offers a unique escape from the everyday to millions of guests through its circuit of 170 movie theatres and location-based entertainment venues. In addition to being Canada’s largest and most innovative film exhibitor, the company operates Canada’s favourite destination for ‘Eats & Entertainment’ (The Rec Room), complexes specially designed for teens and families (Playdium), and an entertainment concept that brings movies, amusement gaming, dining, and live performances together under one roof (Cineplex Junxion). It also operates successful businesses in cinema media (Cineplex Media), alternative programming (Cineplex Events) and motion picture distribution (Cineplex Pictures). Providing even more value for its guests, Cineplex is a partner in Scene+, Canada’s largest entertainment and lifestyle loyalty program.

Proudly recognized as having one of the country’s Most Admired Corporate Cultures, Cineplex employs over 10,000 people in its offices and venues across Canada. To learn more, visit Cineplex.com.

For further information:

Investor Relations contact:
Rayhan Azmat
Vice President, Investor Relations, Corporate Development & Financial Planning and Analysis
InvestorRelations@Cineplex.com

Media Relations contact:
Michelle Saba
Vice President, Communications
PressRoom@Cineplex.com