Here are 1-2 brief analogies for National CineMedia (NCMI):

• Lamar Advertising for movie theaters: Like Lamar Advertising sells ad space on billboards and other out-of-home displays, National CineMedia sells advertising on screens within movie theaters (pre-shows and lobby displays).
• Spotify for movie pre-show advertising: Similar to how Spotify sells ads that play before or during free music and podcasts, National CineMedia sells ads that run during its "Noovie" pre-show entertainment segment before movies and across its digital properties, reaching entertainment audiences.

• Noovie Cinema Advertising: Sells advertising slots displayed during the "Noovie" pre-show on movie screens within its cinema advertising network.
• Lobby Entertainment Network Advertising: Provides advertising opportunities on screens and other promotional spaces located in movie theater lobbies.
• Noovie Digital Advertising: Offers online and mobile advertising solutions through its "Noovie Audience Accelerator" product and a suite of Noovie digital entertainment properties.

National CineMedia (NCMI) sells primarily to other companies.

Its major customers are businesses that purchase advertising space and services across its cinema network, Lobby Entertainment Network, and digital properties. Based on the company description, these customers can be categorized as:

• National businesses: Large corporations and brands seeking to reach a broad audience across NCMI's advertising network throughout North America.
• Regional businesses: Companies operating within specific geographic regions that aim to target audiences in those areas through NCMI's advertising platforms.
• Local businesses: Smaller, community-based enterprises looking to reach local moviegoers and digital entertainment audiences within their immediate vicinities.

The provided company description does not name specific customer companies that purchase advertising from NCMI.

• AMC Entertainment Holdings, Inc. (Symbol: AMC)
• Cinemark Holdings, Inc. (Symbol: CNK)
• Cineworld Group plc (Symbol: CINE)

Thomas F. Lesinski, Chief Executive Officer

Thomas F. Lesinski was appointed Chief Executive Officer of National CineMedia in August 2019, having previously served as Chairman of the Board since August 2018 and an independent Director since December 2014. From 2015 to 2019, he was the CEO of Sonar Entertainment, a television production company, after serving as a Board Director since 2013. Mr. Lesinski also founded and served as CEO of Energi Entertainment. His extensive 25-year career in Hollywood includes leadership positions such as President of Digital Content & Distribution with Legendary Entertainment, President of Paramount Pictures Digital Entertainment, President of Worldwide Home Entertainment for Paramount, and Executive Vice President and General Manager of Home Entertainment, as well as Executive Vice President, Worldwide Marketing & Development at Warner Bros. He began his career in advertising, working at firms like BBDO, Foote, Cone & Belding, and Clairol Inc. Mr. Lesinski holds a bachelor's degree in Journalism and a master's degree in Advertising from Northwestern University.

Ronnie Ng, Chief Financial Officer

Ronnie Ng joined National CineMedia as Chief Financial Officer in September 2021. With two decades of experience in finance, investment banking, accounting, and management, Mr. Ng previously held the position of CFO and head of corporate development at Allen Media Group, LLC (AMG), a diversified media and entertainment company. At AMG, he was responsible for the company's finance organization and oversaw numerous large-scale acquisitions and the refinancing of its capital structure. Prior to AMG, Mr. Ng was a Vice President in the fixed income group for TCW Group, Inc., where he evaluated investments in the media and technology sectors, including corporate bonds, high-yield bonds, and leveraged loans. He also spent approximately 10 years as an investment banker, serving as an executive director in UBS Investment Bank's Global Media Group, where he managed and structured various financings and merger and acquisition transactions. His earlier experience includes roles at Deutsche Bank Securities Inc., Houlihan Lokey, Inc., and Arthur Andersen LLP. Mr. Ng earned a Bachelor of Science degree in finance from the University of Illinois at Urbana-Champaign.

Maria Woods, Executive Vice President, General Counsel and Secretary

Maria Woods rejoined National CineMedia as Executive Vice President and General Counsel in September 2021, having previously served in key leadership roles on NCM's legal team from 2010 to 2015, rising to EVP and General Counsel of National CineMedia, LLC. Before her return to NCM, she was General Counsel and Secretary at JumpCloud, Inc., providing strategic legal counsel for the company's SaaS identity management business, which encompassed corporate governance, merger and acquisition activities, financing, and commercial contracting. Ms. Woods also served as Vice President, General Counsel & Secretary at ONE Group Hospitality, Inc., General Counsel for Lucky's Market, Associate General Counsel at Einstein Noah Restaurant Group, Inc., and Assistant General Counsel at Sun Microsystems, Inc. She began her legal career as an associate at Holme Roberts & Owen (now Bryan Cave), working on public and private equity offerings. Notably, her experience includes completing several securities offerings during her previous tenure at NCM and supporting the 2013 sale of the Fathom business division. She holds a Bachelor of Arts in Communications Studies from the University of Iowa and a Juris Doctorate from the University of Denver Sturm College of Law.

Mike Rosen, Chief Revenue Officer

Mike Rosen serves as the Chief Revenue Officer of National CineMedia.

Adam Johnson, Senior Vice President, Operations And Technology

Adam Johnson holds the position of Senior Vice President, Operations And Technology at National CineMedia.

Key Risks to National CineMedia (NCMI)

1. Declining Movie Theater Attendance: National CineMedia's core business is selling advertising primarily within movie theaters. A sustained decline in movie theater attendance directly reduces the reach and value of their advertising network, impacting their ability to attract advertisers and generate revenue. Factors such as competition from streaming services, rising ticket prices, and economic downturns can contribute to reduced patronage.

2. Increased Competition from Digital Advertising and Shifting Media Consumption: The advertising landscape is highly competitive, with a significant shift towards digital platforms offering highly targeted and measurable advertising solutions. As consumers increasingly engage with content on streaming services, social media, and other digital channels, advertisers may reallocate their budgets away from traditional cinema advertising towards these platforms, challenging NCMI's market share and pricing power.

3. Changes in Film Release Strategies: A fundamental shift in how major studios release films, such as shorter theatrical windows or more direct-to-streaming premieres, could further erode the exclusivity and event nature of the cinema experience. This could accelerate declines in movie theater attendance and diminish the perceived value of cinema as a premier advertising medium for businesses targeting entertainment audiences.

The clear emerging threat to National CineMedia is the ongoing and accelerating shift in media consumption habits, particularly the rise of streaming services and alternative film distribution models that diminish the exclusivity and importance of the theatrical experience. This trend directly impacts cinema attendance, thereby reducing the audience reach and value of NCMI's core cinema advertising network and its Lobby Entertainment Network.

National CineMedia's addressable markets for its main products and services are sized as follows:

• Cinema Advertising Network (Noovie pre-show on movie screens): The global cinema advertising market is valued at approximately $4.9 billion in 2025. While a specific North American cinema advertising market size for 2025 was not explicitly available, North America is noted for sustaining high revenue levels within the overall cinema market through upgrades and premium formats.

• Lobby Entertainment Network (strategically-placed screens in movie theater lobbies): Null

• Online and mobile advertising (Noovie Audience Accelerator, Noovie digital properties): The addressable market for online and mobile advertising targeting entertainment audiences in North America is estimated to be approximately $33.68 billion in 2025. This is derived from the North American online advertising market, which is projected to be around $129.56 billion in 2025 (approximately 36% of the global online advertising market of $359.88 billion), with the Media & Entertainment sector accounting for about 26% of that market share.

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

1. Increased Monetization of Advertising Inventory and Premium Placements: National CineMedia is focused on optimizing its existing advertising inventory, as evidenced by a 10% increase in national revenue per attendee in Q4 2025. This growth is driven by robust advertiser demand and expanded utilization of premium and post-show placements. The company's strategies aim to enhance monetization per attendee.
2. Expansion of Programmatic and Self-Serve Advertising Platforms: The company is seeing significant growth in programmatic advertising, with revenue doubling year-over-year in Q4 2025 and the number of programmatic advertisers increasing 2.4 times. Similarly, self-serve platform revenue grew by 64% year-over-year, supported by investments in generative AI-enabled creative tools that enhance accessibility and turnaround for advertisers. This makes cinema advertising easier to access and is a key driver for both national and local demand.
3. Strategic Acquisitions and Network Expansion: Acquisitions, such as the Spotlight acquisition in 2025, are contributing to revenue growth by broadening NCM's reach with new high-end luxury networks. This strategy diversifies the company's appeal to new advertisers.
4. Rebounding Cinema Attendance and Strong Film Slates: Future revenue growth is also anticipated from a strong upcoming film slate and a rebound in cinema attendance. Increased attendance directly correlates with higher advertiser interest and engagement, which is fundamental for a cinema advertising platform.

Share Repurchases

• National CineMedia authorized a new share repurchase program in March 2024, permitting the purchase of up to $100 million of its common stock through April 1, 2027. The company also plans to accelerate share repurchases under this program.
• In 2025, National CineMedia repurchased 4.1 million shares for approximately $22.3 million at an average price of $5.41 per share.
• As of February 2026, a total of 6.6 million shares have been bought back and retired under the $100 million authorization.

Share Issuance

• As part of its Chapter 11 bankruptcy restructuring, which concluded in August 2023, National CineMedia, Inc. issued 83,421,135 shares to secured creditors with a fair value of $245.3 million.
• A one-for-ten reverse stock split of its common stock was effected on August 3, 2023.

Outbound Investments

• National CineMedia acquired Spotlight Cinema Networks on November 14, 2025, for $8.4 million. This acquisition included $7.1 million in cash and a $1.3 million contingent payment.
• The acquisition of Spotlight Cinema Networks is expected to enhance NCMI's platform with high-end luxury screens, increasing its national market share by approximately 6% and expanding its theater presence by 30% in key markets.

Capital Expenditures

• National CineMedia's capital expenditures were -$5.6 million for the fiscal year ending January 1, 2026 (fiscal year 2025), -$5.8 million in 2024, and -$3.3 million in 2023.
• Capital expenditures primarily focus on digital applications, capitalized software development for systems like audience targeting, data management, and cinema advertising, as well as equipment for content production and office improvements.
• The company continues to invest capital to grow its advertising network through strategic initiatives, including new innovations such as programmatic and self-serve offerings.