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• It's like AMC Theatres, but a different major movie theater chain.
• A major movie theater operator, similar to AMC Theatres or Regal Cinemas.

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• Movie Screenings: Cinemark provides public showings of motion pictures across its network of theaters.
• Concessions: The company offers a variety of food, beverages, and snacks for purchase to enhance the movie-going experience.

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Cinemark Holdings, Inc. (CNK) operates movie theaters, and as such, primarily sells directly to individuals rather than other companies. Its major customers can be categorized into the following groups:

1. General Moviegoers: This is the broadest customer category, encompassing individuals, couples, families, and groups of friends who visit Cinemark theaters for entertainment, to watch current film releases, and enjoy concessions.
2. Families with Children: A significant demographic often targeted by specific film releases (e.g., animated features, family-friendly adventures). These customers seek out appropriate movie content and appreciate amenities catering to a family outing.
3. Frequent Moviegoers and Loyalty Program Members: This segment includes individuals who attend movies regularly and often subscribe to Cinemark's loyalty programs (such as the Cinemark Movie Club). These customers represent a valuable group due to their consistent patronage and engagement with the brand.

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• The Walt Disney Company (DIS)
• Sony Group Corporation (SONY)
• Comcast Corporation (CMCSA)
• Paramount Global (PARA)
• Warner Bros. Discovery, Inc. (WBD)

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Sean Gamble, President and Chief Executive Officer

Sean Gamble has served as Cinemark's President and Chief Executive Officer since January 2022. He previously held roles within the company as President, Chief Operating Officer, and Executive Vice President and Chief Financial Officer from 2014 to 2022. Prior to joining Cinemark, Mr. Gamble was the Executive Vice President and Chief Financial Officer of Universal Pictures within NBCUniversal (Comcast Corporation) from 2009 to 2014. He spent 15 years at General Electric Company in various senior leadership positions, including CFO of GE Oil & Gas' equipment business in Italy from 2007 to 2009. He joined GE in 1996 and was involved in supporting the acquisition of Universal by NBC.

Melissa Thomas, Executive Vice President and Chief Financial Officer

Melissa Thomas was appointed Cinemark's Chief Financial Officer in November 2021. Before her tenure at Cinemark, she served as Chief Financial Officer for Groupon starting in August 2019, and also held roles there as Chief Accounting Officer & Treasurer and Vice President of Commercial Finance. Her prior experience includes senior finance positions at Surgical Care Affiliates and Orbitz, and she began her career at PricewaterhouseCoopers.

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

Michael Cavalier has been with Cinemark for over 30 years. He has served as Executive Vice President-General Counsel since February 2014 and as Secretary since December 2003. He was General Counsel from July 1997 and Associate General Counsel from July 1993 to July 1997. Before joining Cinemark, Mr. Cavalier was an Associate Attorney at Akin, Gump, Strauss, Hauer & Feld LLP.

Valmir Fernandes, President of Cinemark International

Valmir Fernandes possesses nearly 30 years of experience with Cinemark. He has held the position of President of Cinemark International since March 2007, following 10 years as the General Manager of Cinemark Brazil. He has extensive operating experience and expertise in the Latin American theatrical exhibition landscape.

Wanda Gierhart Fearing, Chief Marketing & Content Officer

Wanda Gierhart Fearing joined Cinemark in 2018 and was promoted to Chief Marketing and Content Officer in July 2021. Her extensive background in retail marketing includes previous roles 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. Ms. Gierhart Fearing also serves as a board member for Cos Bar, a private equity-owned business.

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The key risks to Cinemark's business include intense competition from alternative entertainment options, the inherent dependence on a consistent supply of quality film content, and challenges associated with managing operational costs to maintain profitability.

1. Competition from Streaming Services and At-Home Entertainment: Cinemark faces significant competition from the increasing prevalence of streaming services and other forms of in-home entertainment. Consumers have a growing number of choices for content viewing, and the convenience and often lower cost of at-home options present a continuous challenge to traditional moviegoing.
2. Dependence on Film Content: The company's success is heavily reliant on the timing, quantity, and quality of film releases. A strong and consistent film slate, particularly of popular, wide-release films, is crucial for driving admissions and concession sales. Any downturn in the quality or appeal of movie offerings can directly impact Cinemark's revenue and profitability.
3. Operational Costs and Profitability Challenges: Cinemark navigates substantial operational costs, including film rentals, concession supplies, salaries, equipment depreciation, and labor expenses. Achieving and maintaining profitability is an ongoing challenge, especially as the company must continuously invest in enhancing the customer experience, such as premium amenities like recliner seating and advanced auditoriums, to differentiate itself and attract audiences in a competitive market.

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The clear emerging threat to Cinemark is the continued erosion of the exclusive theatrical release window, driven by major film studios' increasing focus on direct-to-consumer streaming services. This strategic shift allows studios to more frequently offer premium content simultaneously in theaters and on streaming platforms, or bypass theatrical releases entirely, directly impacting the availability of high-demand films for Cinemark's screens and reducing the incentive for audiences to visit cinemas.

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• United States: The United States movie theater market size was valued at approximately USD 16.88 billion in 2024 and is projected to reach USD 27.21 billion by 2033, growing at a compound annual growth rate (CAGR) of 5.41% between 2026 and 2033. Another estimate places the U.S. movie market at approximately USD 23.44 billion in 2024, expected to grow to about USD 34.64 billion by 2033.
• Latin America (South and Central America): The Latin America movie and entertainment market generated a revenue of USD 5.07 billion in 2023. Of this, movies (box office) represented the largest revenue-generating product, accounting for 75.8% of the market in 2023, implying an addressable movie market of approximately USD 3.845 billion in 2023. Specifically for South America, the movie theater market size was USD 3.18 billion in 2024 and is projected to expand at a CAGR of 4.4% from 2024 to 2031. Mexico, a key country in Latin America, led the region in box office revenue, reaching approximately USD 1.47 billion in 2023.

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Cinemark Holdings, Inc. (CNK) 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 Recovery: A robust and consistent lineup of compelling film releases is anticipated to drive increased moviegoer attendance and boost domestic box office revenue. Cinemark has consistently demonstrated its ability to outperform industry recovery benchmarks, indicating its capacity to capitalize on a healthier film slate.

2. Growth in Concession Sales and Per Capita Spending: Cinemark has achieved record-high concession sales and per capita spending, which are significant contributors to overall revenue. The company expects to sustain this growth through strategic pricing actions, higher incidence rates, and an expanded product mix that includes enhanced food offerings.

3. Expansion of Premium Amenities and Formats: Investments in enhancing the cinematic experience, such as the continued rollout of luxury recliners and the expansion of premium formats like Cinemark XD, D-BOX, IMAX, and ScreenX, are expected to attract more patrons and command higher ticket prices. These premium offerings are a significant driver of box office outperformance.

4. Strategic Pricing Opportunities: Management anticipates a modest increase in average ticket prices over the coming years. This growth will be fueled by strategic pricing opportunities across its offerings and the continued expansion of higher-priced premium viewing experiences.

5. Growth of the Cinemark Movie Club Subscription Program: The proprietary subscription service, Cinemark Movie Club (also referred to as Cinemark Plus), has shown substantial membership growth. This program fosters customer loyalty and provides a stable, recurring revenue stream by driving frequent visitation, with members accounting for a significant portion of total attendance.

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Share Repurchases

• Cinemark's Board of Directors authorized a new $300 million share repurchase program in November 2025.
• In March 2025, the company completed its first-ever stock buyback program, repurchasing $200 million of common stock, equating to 7.93 million shares at an average price of $25.22.
• The company completed a $75 million share repurchase in Q4 2025, representing nearly 3% of its outstanding shares.

Share Issuance

• Cinemark issued shares upon the maturity of convertible notes and warrant settlements in 2025.
• The company plans to issue shares for any incremental exposure above the strike price related to the settlement of its $460 million convertible notes in August 2025.

Capital Expenditures

• Cinemark expects capital expenditures to increase to $250 million in 2026, with approximately $50 million to $60 million allocated to international markets and the remainder to the U.S.
• Capital expenditures for fiscal year 2025 were projected at $225 million, a notable increase from $151 million in the prior fiscal year (2024).
• Over the three years ending in early 2026, Cinemark reinvested over $500 million in capital expenditures, focusing on new developments, theater upgrades, expanded deployment of laser projection systems, luxury recliners, advanced sound systems, and new builds in under-penetrated areas.