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Here are 1-3 brief analogies for Cinemark:

• It's like AMC Theatres, but a different major movie theater chain.
• It's the physical, big-screen version of Netflix.
• It's like Dave & Busters, but for watching movies instead of playing games.

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• Movie Ticket Sales: Revenue generated from selling admission to film screenings in its theaters.
• Concessions Sales: Revenue from selling food, beverages, and merchandise, primarily popcorn, soft drinks, and candy, to moviegoers.
• Private Event & Auditorium Rentals: Providing theater spaces for private screenings, corporate events, meetings, and other special gatherings.
• On-screen Advertising & Sponsorships: Generating revenue by displaying advertisements before feature films and through other promotional partnerships within its venues.

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Cinemark (CNK) Major Customers

Cinemark Holdings, Inc. (CNK) operates as one of the largest motion picture exhibitors globally. Its primary business model involves selling tickets, concessions, and other related services directly to individuals attending its movie theaters.

Given that Cinemark primarily serves individuals, its major customer categories are:

• 1. General Public / Individual Moviegoers

  This is the broadest and largest customer segment, encompassing individuals of all ages who purchase tickets for regular film screenings. This includes young adults seeking out new releases, adults on date nights, seniors attending matinées, and casual moviegoers looking for entertainment. Their motivations range from staying current with popular culture to seeking an immersive entertainment experience outside the home.

• 2. Families with Children

  A significant portion of Cinemark's audience comprises families attending child-friendly and animated films. These customers often make group ticket purchases, frequent matinée showtimes, and are typically high consumers of concessions like popcorn, candy, and soft drinks. Cinemark theaters often cater to this segment with amenities like booster seats and family-friendly programming.

• 3. Groups and Private Events

  While a smaller segment compared to individual ticket sales, Cinemark also serves groups that rent theaters for private events. This can include corporate gatherings, school outings, birthday parties, church groups, or organizations hosting private screenings. These customers typically engage in block bookings or full theater rentals for a specific time slot or event, often with catering or special presentation needs.

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• Film Studios / Distributors:
  • The Walt Disney Company (DIS)
  • Warner Bros. Discovery (WBD)
  • Comcast (CMCSA) - (for Universal Pictures)
  • Paramount Global (PARA) - (for Paramount Pictures)
  • Sony Group Corporation (SONY) - (for Sony Pictures)
  • Lions Gate Entertainment Corp. (LGF.A)
  • Amazon (AMZN) - (for Amazon MGM Studios)
• Beverage Suppliers:
  • The Coca-Cola Company (KO)
  • PepsiCo, Inc. (PEP)
• Sound Technology:
  • Dolby Laboratories, Inc. (DLB)

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Sean Gamble, President and Chief Executive Officer

Mr. Gamble has served as Cinemark's President and Chief Executive Officer since January 2022. He previously held roles within Cinemark as President, Chief Operating Officer, and Executive Vice President and Chief Financial Officer from August 2014 until he became CEO in 2022. Prior to joining Cinemark, he was the Executive Vice President and Chief Financial Officer of Universal Pictures within NBCUniversal from February 2009 to April 2014. Before his time at Comcast, Mr. Gamble spent 15 years at the General Electric Company, holding multiple senior leadership positions, including CFO of GE Oil & Gas' equipment business in Florence, Italy, from May 2007 to January 2009.

Melissa Thomas, Chief Financial Officer

Ms. Thomas has served as Cinemark's Chief Financial Officer since November 2021. Before joining Cinemark, she was the Chief Financial Officer for Groupon from August 2019 to October 2021. Her tenure at Groupon also included roles as Chief Accounting Officer & Treasurer and Vice President of Commercial Finance. Prior to Groupon, Ms. Thomas held various senior finance positions at Surgical Care Affiliates and Orbitz, and began her career at PricewaterhouseCoopers in assurance and business advisory.

Michael Cavalier, Executive Vice President, General Counsel & Business Affairs, Secretary

Mr. Cavalier has served as Executive Vice President-General Counsel since February 2014. He has been the General Counsel since July 1997 and joined Cinemark in July 1993 as Associate General Counsel. He has been instrumental in guiding the company through various transactions, including M&A, its IPO, and numerous lending agreements.

Wanda Gierhart Fearing, Executive Vice President, Chief Marketing & Content Officer

Ms. Gierhart Fearing was named Executive Vice President and Global Chief Marketing & Content Officer in July 2021, having previously served as EVP and Global CMO since 2018. She has been with Cinemark since January 2018. Her prior experience includes serving as Chief Marketing Officer for Neiman Marcus Group, President and CEO of TravelSmith, Executive Vice President of Merchandising and Marketing of Design Within Reach, and Executive Vice President and Chief Marketing Officer of Limited Brands. She also serves as a board member for Cos Bar, a private equity-owned business.

Valmir Fernandes, President of International

Mr. Fernandes has nearly 30 years of experience with Cinemark, serving as President of International for the past 16 years. Before this, he spent 10 years as the General Manager of Cinemark Brazil. He possesses significant operating experience and expertise in navigating the unique Latin American theatrical exhibition landscape.

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The key risks to Cinemark's business are primarily centered around content availability and competition from alternative viewing platforms, its financial leverage, and the broader volatility of film production.

1. Film Slate Volatility and Competition from At-Home Entertainment: The most significant external risk for Cinemark is the inconsistent supply of popular, wide-release films and the ongoing competition from over-the-top (OTT) streaming services. The theatrical exhibition business's recovery is heavily reliant on a steady stream of desirable films; when the slate disappoints, admissions and concession sales are directly impacted. Streaming platforms fundamentally alter the entertainment landscape, potentially leading studios to shorten or bypass theatrical release windows, directly pressuring Cinemark's core business model.
2. High Debt Load and Leverage: Cinemark is characterized as a highly leveraged company with a substantial total debt load, which is typical for a capital-intensive industry like theatrical exhibition. As of September 2025, the company had a high Debt-to-Equity (D/E) ratio of 5.33, significantly above the healthy range and the industry average. While Cinemark is actively working to reduce its net leverage, the substantial debt remains a key financial risk.
3. Overall Volatility of the Film Industry and Production Challenges: The broader film industry faces challenges from factors such as labor strikes (e.g., WGA, SAG-AFTRA strikes) and subsequent decreases in content spending by major media companies, which can lead to production irregularities and a reduction in the volume of green-lit projects. These disruptions directly impact the availability of films for theatrical release, thereby affecting Cinemark's attendance and revenue generation.

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The ongoing strategic shift by major film studios to prioritize their direct-to-consumer streaming platforms, leading to significantly shortened theatrical exclusivity windows and, in some cases, bypassing theatrical releases altogether for certain films, poses a clear emerging threat to Cinemark's traditional exhibition business model.

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Global Movie Theater Market

North American Movie Theater Market

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Cinemark (CNK) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies:

1. Robust Film Slate and Industry Recovery: A strong and steady pipeline of new movie releases, including highly anticipated blockbusters and franchise continuations, is expected to be a primary catalyst for increased attendance and, consequently, admissions and concession revenue. The film slate for the second half of 2025 and throughout 2026, featuring titles like Superman, Avatar 3, Jurassic World, Captain America, Avengers: Doomsday, and Toy Story 5, is projected to generate solid revenues and strong performance, helping the industry recover to near pre-pandemic levels.

2. Enhancement of In-Theater Experience and Premium Amenities: Cinemark is focusing on elevating the moviegoing experience to attract and retain customers. This includes expanding premium formats such as XD, DBOX haptic seating, and ScreenX, with plans to introduce 20 new ScreenX theaters globally by 2026 (18 in the U.S. and some in Latin America), and over 70 new D-BOX screens. Additionally, offerings like Luxury Lounger recliner seats contribute to a more attractive cinema environment.

3. Growth in Concession Sales: The company continues to achieve strong performance in its high-margin food and beverage sales, setting domestic concession per cap records. Continued focus on enhancing concession offerings and driving per-patron spending is expected to be a significant contributor to overall revenue and profitability.

4. Expansion of Loyalty Programs and Customer Engagement: Programs like Cinemark Movie Club are crucial for increasing customer retention and driving consistent attendance. Membership in the Movie Club has been expanding, with these programs now contributing significantly to domestic box office revenue. Leveraging marketing capabilities to enhance consumer engagement also positions the company for future growth.

5. International Market Growth: Management anticipates continued growth in the international segment. Strategic initiatives aimed at enhancing the customer experience and expanding market presence in its international territories (across 13 countries in South and Central America) are expected to contribute to future revenue growth.

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Share Repurchases

• In March 2025, Cinemark executed its first-ever stock buyback program, repurchasing $200 million worth of shares, which reduced outstanding shares by 6.5%.
• In November 2025, the Board authorized a new $300 million stock repurchase program, commencing November 7, 2025, aimed at opportunistic buybacks and mitigating dilution.
• From 2022 to 2024, minor repurchases of forfeited restricted shares were made to satisfy employee tax withholding obligations, with the cost of treasury stock increasing from $91.1 million at January 1, 2022, to $103.2 million at December 31, 2024.

Share Issuance

• In November 2025, shares were issued as part of the settlement of outstanding warrants related to convertible notes, though the company noted no net dilution when accounting for the March 2025 share repurchase.
• The number of issued shares increased from 128,700,226 at December 31, 2024, to 129,994,061 at June 30, 2025.

Capital Expenditures

• Cinemark's capital expenditures were $95.5 million in 2021, $110.7 million in 2022, and $149.5 million in 2023.
• The company targets $225 million in capital expenditures for the full year 2025, with a potential increase anticipated for 2026.
• The primary focus of these expenditures includes reinvesting in existing theaters, building new ones, and enhancing the guest experience through amenities like Luxury Lounger recliners, D-BOX motion seats, and expanded food and beverage offerings.