• AMC is like GameStop for movies.
• AMC is like Starbucks for movies.

• Movie Exhibition: The primary service of providing access to film screenings in its theater venues for a ticket price.
• Concessions: The sale of food and beverages, including popcorn, candy, soda, and sometimes alcoholic drinks, within its movie theaters.
• Subscription and Loyalty Programs: Services like AMC Stubs A-List, offering tiered membership benefits such as discounted tickets, free upgrades, and concession perks.
• In-Theater Advertising: The sale of pre-show advertising slots to third-party companies, displayed on screens before movie features begin.
• Private Venue Rentals: Offering theaters for rent to individuals or groups for private screenings, corporate events, or parties.

AMC Entertainment (symbol: AMC) primarily sells its services and products directly to individual consumers rather than other businesses. Its major customers can be categorized as follows:

• General Moviegoers: This is the largest category, encompassing the broad public who purchase tickets to view movies, as well as concessions (popcorn, drinks, candy) at AMC theaters. This group includes individuals, couples, and friends across various age groups and demographics attending for general entertainment.

• AMC Stubs A-List Members: This category consists of subscribers to AMC's premium loyalty program, "AMC Stubs A-List." These customers pay a recurring monthly fee for the ability to see multiple movies per week at no additional cost per ticket. They represent a frequent and high-value customer segment, often also purchasing concessions.

• Families and Group Viewers: While overlapping with general moviegoers, this category specifically focuses on groups, often families, attending movies together. These customers typically purchase multiple tickets and are significant consumers of concessions, driving higher average transaction values per visit compared to single moviegoers.

• The Walt Disney Company (NYSE: DIS)
• Warner Bros. Discovery (NASDAQ: WBD)
• Comcast (NASDAQ: CMCSA)
• Sony Group Corporation (NYSE: SONY)
• Paramount Global (NASDAQ: PARA)
• Lionsgate Entertainment (NYSE: LGF.A)
• The Coca-Cola Company (NYSE: KO)
• The Hershey Company (NYSE: HSY)
• Dolby Laboratories (NYSE: DLB)

Adam M. Aron, Chairman and Chief Executive Officer

Mr. Aron has served as Chief Executive Officer, President, and a director of AMC Entertainment Holdings, Inc. since January 2016, and as Chairman of the Board since 2021. He previously served as Chief Executive Officer of Starwood Hotels and Resorts Worldwide, Inc. from February 2015 to December 2015. Since 2006, Mr. Aron has been Chairman and Chief Executive Officer of World Leisure Partners, Inc., a personal consultancy he founded focusing on travel and tourism, high-end real estate development, and professional sports. His career also includes roles as President and CEO of Norwegian Cruise Line (1993-1996), Chairman and CEO of Vail Resorts (1996-2006), and CEO and co-owner of the NBA's Philadelphia 76ers (2011-2013). He also held Chief Marketing Officer positions at United Airlines (1990-1993) and Hyatt Hotels & Resorts (1987-1990). Notably, from 2006 to 2015, he was a Senior Operating Partner of Apollo Management L.P., which was part of an investor group that owned AMC Theatres when it was a privately-held company. Mr. Aron holds a Bachelor of Arts cum laude from Harvard College and an MBA with distinction from Harvard Business School.

Sean D. Goodman, Executive Vice President and Chief Financial Officer

Mr. Goodman joined AMC as Executive Vice President and Chief Financial Officer in February 2020. Prior to his role at AMC, he served as Senior Vice President and Chief Financial Officer of Asbury Automotive Group, Inc. From January 2016 to June 2017, he was the Chief Financial Officer and Chief Accounting Officer of Unifi, Inc. He also served as Senior Vice President & Chief Financial Officer of the Americas for Landis+Gyr Group AG from April 2011 to January 2016. Before that, from 2006 to 2011, Mr. Goodman held various strategy and finance positions at The Home Depot, Inc. He began his career in corporate finance and mergers & acquisitions at Morgan Stanley and in accounting and auditing at Deloitte. Mr. Goodman is a Certified Public Accountant and holds a Bachelor of Business Science from the University of Cape Town and an M.B.A. from Harvard Business School.

Elizabeth Frank, Executive Vice President, Worldwide Programming & Chief Content Officer

Ms. Frank has served as Executive Vice President, Worldwide Programming & Chief Content Officer for AMC since July 2012. From August 2010 to July 2012, she was Senior Vice President, Strategy and Strategic Partnerships at AMC, where she was responsible for developing and managing partnerships, setting strategic frameworks, and supported the company's private equity owners. Before joining AMC, Ms. Frank was Senior Vice President, Global Programs for AmeriCares, and prior to that, Vice President, Corporate Strategic Planning for Time Warner Inc. She spent nine years as a partner at McKinsey & Company, advising media and consumer clients. Ms. Frank earned her Bachelor's Degree from Lehigh University and her Master of Business Administration from Harvard University.

Dan Ellis, Executive Vice President, Chief Operations & Development Officer

Mr. Ellis serves as AMC's Executive Vice President, Chief Operations & Development Officer, overseeing Development, U.S. Theatre Operations, Design & Construction, Facilities Sight & Sound, and certain Analytics efforts. He joined AMC in 2017 as the head of Domestic Development. Prior to AMC, Mr. Ellis was Senior Vice President, General Counsel & Secretary of Carmike Cinemas, Inc. from 2011 until its acquisition by AMC in 2016. From 1999 to 2011, he held various positions at Lodgian, Inc., a publicly-traded hotel owner and operator, including President & Chief Executive Officer.

Ellen Copaken, Senior Vice President, Marketing

Ms. Copaken has been Senior Vice President, Marketing for AMC since August 2023. Prior to this role, from February 2022 to August 2023, she served as Vice President, Growth Strategy and spearheaded the successful launch of AMC Perfectly Popcorn home popcorn. Before joining AMC, Ms. Copaken was a Partner at Sterling Rice Group, a global innovation consulting firm, where she managed client relationships and led growth strategy engagements across the foodservice, retail, consumer package goods, and hospitality industries.

The key risks to AMC Entertainment Holdings, Inc. (AMC) primarily revolve around its substantial debt burden, the volatile nature of the theatrical exhibition industry, and the ongoing impact of shareholder dilution.

1. Significant Debt Burden and Liquidity Issues

AMC Entertainment faces a formidable challenge with its substantial debt load, which stood at approximately $8.2 billion as of the third quarter of 2025. This massive figure includes both long-term and short-term obligations, resulting in a deeply concerning debt-to-equity ratio of -4.61, a clear indicator of high financial risk. The company's liquidity position is constrained, with low current and quick ratios (0.39 in Q3 2025), suggesting it lacks sufficient short-term assets to easily cover its immediate liabilities. While AMC has undertaken refinancing efforts to push out debt maturities, for instance, extending some from 2026 to 2029 and 2030, its ability to service this debt and maintain operations continues to rely heavily on financing activities and equity issuances. The substantial interest expense on its debt significantly impacts profitability, often pushing the company's operating profit into a net loss.

2. Volatility of the Box Office and Competition from Streaming

The success of AMC's business is inherently tied to the unpredictable performance of the box office. The North American box office experienced an industry-wide decline of approximately 11% in the third quarter of 2025 compared to a strong previous year. This volatility directly impacts AMC's revenue and profitability. A significant external headwind is the persistent shift in consumer preferences towards alternative film delivery methods, particularly streaming services, which continues to divert audiences away from traditional cinemas. The impact of Hollywood strikes has also been noted to affect film production schedules and delay movie releases, leading to fewer blockbuster films that are crucial for drawing large audiences to theaters. While there's an ongoing industry effort to re-emphasize theatrical releases, the competition from streaming platforms remains a formidable and enduring challenge for AMC.

3. Shareholder Dilution and Stock Price Volatility

To manage its liquidity and debt, AMC has frequently resorted to issuing new equity, which has led to substantial shareholder dilution. For example, for the nine months ended September 30, 2025, the company raised significant capital, including $243.0 million in net proceeds from equity issuances. This strategy, while providing a lifeline, has significantly increased the total share count and negatively impacted the value for existing shareholders, with dilution percentages considered beyond reasonableness by some analyses. Furthermore, AMC's common stock has experienced, and continues to experience, extreme volatility in market prices and trading volumes, leading to substantial losses for investors. This extreme volatility and negative sentiment can further complicate future efforts to raise capital through equity offerings.

The lingering impact of the 2023 Hollywood writers' and actors' strikes is causing a significantly reduced and less consistent supply of major theatrical films. This directly threatens AMC's ability to attract audiences and generate revenue, as fewer blockbuster movies are available for exhibition, leading to lighter release schedules and weaker box office performance in the short to medium term. Studios are also evaluating and potentially reducing their overall film output, focusing on fewer, high-quality projects, which could further limit the pool of tentpole films essential for driving attendance at multiplexes.

AMC Entertainment's main product and service is movie exhibition, which involves operating movie theaters globally. The addressable markets for this primary service are as follows:

• Global Movie Theater Market: The global movie theater market was valued at USD 62.86 billion in 2024 and is projected to reach USD 68.37 billion in 2025. It is expected to grow to USD 95.66 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 4.92% over the forecast period of 2025-2032.
• U.S. Movie Theater Market: The market size of Movie Theaters in the U.S. is estimated at USD 16.0 billion in 2025. The U.S. market is also anticipated to stand at USD 18.94 billion in 2025.

For other products and services offered by AMC Entertainment, such as food and beverage, subscription services (e.g., AMC Stubs A-List), premium experiences (IMAX, Dolby Cinema), on-demand streaming (AMC Theatres On Demand), and AMC Theatres Distribution for concert films, specific addressable market sizes are not clearly quantifiable from the available information.

AMC Entertainment (NYSE: AMC) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Stronger Film Slate and Box Office Rebound: The company anticipates a robust lineup of films in late 2025 and throughout 2026, which is projected to lead to increased moviegoer attendance and a significantly larger overall box office compared to previous years. Management expects the fourth quarter of 2025 to be the highest-grossing fourth quarter in six years, with 2026's box office dramatically exceeding 2025.
2. Increased Revenue Per Patron: AMC has demonstrated consistent growth in both admissions revenue per patron and food and beverage revenue per patron, achieving record or near-record highs. This growth is attributed to strategic pricing, innovative food and beverage offerings, and the success of loyalty programs.
3. Expansion of Premium Experiences: The company is actively expanding its premium large-format (PLF) and extra-large (XL) screen offerings, with plans to nearly double XL screens. These premium formats command higher ticket prices, contributing to an increase in revenue per patron and overall revenue growth.
4. Diversification into Live Events and New Content Partnerships: AMC is investing in the technical capabilities to broadcast live concerts and sports, and is pursuing deeper partnerships with content creators such as Netflix. These initiatives aim to diversify revenue streams beyond traditional movie releases.
5. Continued Market Share Gains: AMC has been successful in increasing its domestic market share, reaching approximately 24% of the U.S. box office. This expansion of market share, outpacing competitors, is expected to contribute to revenue growth even amidst broader industry fluctuations.

Share Repurchases

• In February 2020, AMC Entertainment authorized a $200 million share repurchase program for Class A common stock over the next three years.

Share Issuance

• In May 2021, AMC completed an at-the-market (ATM) equity offering of 43 million shares, raising approximately $428 million.
• In December 2023, the company completed a $350 million ATM equity offering, selling approximately 48.0 million shares at an average price of about $7.29 per share.
• In January 2025, AMC completed an ATM equity offering, selling all 50 million shares made available and garnering approximately $183.8 million in gross proceeds.

Outbound Investments

• As of November 2025, AMC's CEO indicated that the company currently lacks the cash reserves and share equity to pursue mergers and acquisitions, despite finding the market attractive for potential acquisitions.

Capital Expenditures

• AMC's capital expenditures averaged $193.9 million annually from fiscal years 2020 to 2024.
• Capital expenditures decreased in 2020 ($173.8 million) and 2021 ($100.6 million), then increased in 2022 ($219.8 million), 2023 ($229.6 million), and 2024 ($245.5 million).
• Expected capital expenditures for the full-year 2025, net of lease incentives, are projected to be in the range of $175 million to $225 million, with a focus on premium formats like IMAX and Dolby Cinema, as well as theater portfolio optimization.