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

• NCMI is like Clear Channel Outdoor or Lamar Advertising for movie screens, selling ad space before films.
• NCMI is like NBC or Fox's ad sales but for movie theaters nationwide.

National CineMedia (NCMI) primarily offers the following services:

• Cinema Advertising: Sells advertising time on movie screens to national, regional, and local brands during the pre-show segment before feature films.
• Digital Out-of-Home Advertising: Provides advertising opportunities on digital screens located in movie theater lobbies and common areas.
• Experiential Marketing: Facilitates customized brand activations and events within cinema environments for advertisers to engage with audiences.

National CineMedia (NCMI) sells primarily to other companies. Its major customers are a diverse group of advertisers and their representing agencies.

Given the nature of the advertising business, NCMI's customer base is highly fragmented, with revenue generated from a broad range of national, regional, and local advertisers across various industries. As such, NCMI does not typically disclose specific "major customers" by name that consistently account for a significant portion of its revenue in its public filings, as advertising clients often rotate and their spending fluctuates.

However, the companies that are NCMI's customers generally fall into two categories:

• Advertising Agencies: These firms purchase advertising time and services on behalf of their brand clients. Major global advertising holding companies, which represent a vast array of brands across all sectors, are significant buyers of cinema advertising. Examples of such public companies include:
  • Omnicom Group (Symbol: OMC)
  • WPP plc (Symbol: WPP)
  • The Interpublic Group of Companies, Inc. (Symbol: IPG)
  • Publicis Groupe S.A. (Symbol: PUB.PA)

  (Note: While these holding companies are listed, NCMI's direct customers are often their specific agencies or media-buying units rather than the parent company itself, but they operate under these umbrellas.)

• Direct Advertisers/Brands: Numerous companies from diverse industries (e.g., automotive, consumer packaged goods, telecommunications, entertainment, financial services, quick-service restaurants) that buy advertising space directly from NCMI, or whose agencies purchase it on their behalf. Due to the vast number and varied nature of these brands, it is not feasible to list specific major customer companies by name without specific proprietary data from NCMI, which is not publicly disclosed.

• AMC Entertainment Holdings, Inc. (AMC)
• Cinemark Holdings, Inc. (CNK)

Thomas F. Lesinski Chief Executive Officer

Thomas F. (“Tom”) Lesinski was appointed CEO of National CineMedia (NCMI) in August 2019, having previously served as an Independent Director since 2014 and Chairman of the Board since 2018. His career spans over 25 years in the entertainment, digital media, sales, marketing, and advertising industries. Prior to NCMI, he served as CEO of Sonar Entertainment, a TV production company, from 2015, and was a Board Director there since 2013. Lesinski's extensive experience includes leadership roles such as CEO and founder of Energi Entertainment, President of Digital Content & Distribution with Legendary Entertainment, President of Paramount Pictures Digital Entertainment, President of Worldwide Home Entertainment for Paramount, and both Executive Vice President and General Manager of Home Entertainment and Executive Vice President, Worldwide Marketing & Development at Warner Bros. He began his career in advertising at firms like BBDO, Foote, Cone & Belding, and Clairol Inc. He holds bachelor's and master's degrees from Northwestern University.

Ronnie Y. Ng Chief Financial Officer

Ronnie Y. Ng became Chief Financial Officer of National CineMedia in September 2021. He brings 20 years of experience in finance, investment banking, accounting, and management. Before joining NCM, Ng was the CFO and head of corporate development at Allen Media Group, LLC (AMG), where he managed the finance organization and oversaw significant acquisitions and capital structure refinancing. Prior to AMG, he served as Vice President in the fixed income group for TCW Group, Inc., where he evaluated investments in the media and technology sectors, including high-yield bonds and leveraged loans. Ng also spent about 10 years as an investment banker, notably as Executive Director of UBS Investment Bank’s Global Media Group, and held positions at Deutsche Bank Securities Inc., Houlihan Lokey, Inc., and Arthur Andersen LLP. His contract was extended until September 2027 in September 2024. He earned a Bachelor of Science degree in finance from the University of Illinois at Urbana-Champaign.

Catherine Sullivan President, Sales, Marketing & Partnerships

Catherine Sullivan joined National CineMedia as President, Sales, Marketing & Partnerships in May 2024. In this role, she is responsible for the company's sales and marketing strategy and initiatives to drive momentum. Before NCM, Sullivan held several prominent positions in the media industry. She was President of Peacock, NBCUniversal's streaming service, from November 2021 to March 2025. Prior to that, she was President of Hulu from February 2020 to October 2021 and served as Chief Marketing Officer of Hulu from August 2017 to February 2020. From 2005 to 2017, Sullivan worked at Google, holding various roles across the Google Ads and Google Cloud businesses.

Maria Woods Executive Vice President and General Counsel

Maria Woods serves as the Executive Vice President and General Counsel for National CineMedia, having rejoined the company in this capacity. She previously held several key leadership roles within NCM’s legal team from 2010 through 2015, eventually rising to the position of Executive Vice President and General Counsel of National CineMedia, LLC.

The continued and accelerating shift in consumer entertainment consumption habits towards high-quality, abundant, and accessible streaming content at home, which reduces the frequency and necessity of movie theater attendance and thus erodes the captive audience that National CineMedia sells to advertisers.

The ongoing and increasing competition for advertising budgets from highly targeted, measurable, and often more cost-effective digital advertising platforms (e.g., connected TV, social media, streaming service ads), which offer capabilities that traditional cinema advertising cannot match and incentivize advertisers to reallocate spending.

National CineMedia (NCMI) primarily operates in the cinema advertising market, offering various products and services to advertisers.

Main Products and Services:

• Cinema Advertising (Noovie pre-show): NCMI's core business involves selling advertising slots within its "Noovie" pre-show, displayed on movie screens in theaters across North America.
• Lobby Entertainment Network (LEN): The company also sells advertising on screens located in movie theater lobbies.
• Digital Advertising: This includes offerings like NCM Boost, Boomerang, the Noovie Trivia app, and integrated marketing programs that extend campaigns to entertainment-related websites and mobile applications. NCMI has also introduced programmatic and self-serve buying options for its cinema ad inventory.

Addressable Market Sizes:

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

• Global Cinema Advertising Market: This market was valued at approximately $4.9 billion in 2025. It is projected to reach $7.8 billion by 2033, growing from $4.2 billion in 2024.
• North American Cinema Advertising Market: North America holds a significant share, accounting for over 35% of the global cinema advertising market in 2024. Based on the 2024 global market size of $4.2 billion, this translates to an addressable market of approximately $1.47 billion for the North American region.
• Lobby Entertainment Network (LEN) and Digital Advertising (NCM Boost, Boomerang, Noovie Trivia app, web/mobile applications): A specific, segregated addressable market size for these particular NCMI products is currently null. These services fall under broader digital and out-of-home (OOH) advertising categories, for which distinct market sizes directly attributable to NCMI's specific offerings are not readily available in the provided information.

Expected Drivers of Future Revenue Growth for National CineMedia (NCMI)

National CineMedia (NCMI) is poised for future revenue growth over the next 2-3 years, driven by several key initiatives and market trends:

• Growth in Programmatic and Self-Serve Advertising: NCM has demonstrated significant success with its programmatic sales, experiencing a fourfold increase year-over-year and an 82% sequential increase in a recent quarter, marking its strongest programmatic performance to date. The company's self-serve platform also saw a substantial 23% quarter-over-quarter revenue increase, indicating strong adoption by regional and middle-sized advertisers. Analysts anticipate that programmatic and self-serve advertising volume on NCM's platform will triple by year-end, maximizing revenue per screen.
• Increased National Advertising Demand and Inventory Utilization: The company has observed a stabilization and rebound in advertiser demand across key categories such as retail, automotive, wireless, and government. This has translated into stronger national advertising revenue, which rose by 6.6% year-over-year in Q3 2025. NCM has also highlighted improved inventory utilization as a significant contributor to its revenue growth, achieving its highest third-quarter national advertising revenue per attendee in the last five years.
• Strong Box Office Performance and Audience Re-engagement: NCM is optimistic about a strong holiday film slate and expects box office growth to continue into 2026, which is anticipated to reignite theater attendance. The company projects total attendance growth to outpace industry trends in the fourth quarter due to an additional week in its fiscal calendar and a consistent cadence of film releases. This increased attendance is crucial for attracting advertisers to NCM's platform.
• Success of Platinum Spot Product: NCM's "Platinum Spot" product has shown impressive results, with a 19% revenue increase compared to the prior year and achieving the highest third-quarter Platinum sales in the company's history. This product boasts an 89% ad recall, underscoring its effectiveness in engaging audiences and driving monetization.

Share Repurchases

• In March 2024, National CineMedia's Board of Directors authorized a new share repurchase program of up to $100 million of its common stock through April 1, 2027.
• This repurchase program is intended to be funded by operating cash flow distributions from NCM LLC.
• As of September 25, 2025, NCM had repurchased approximately 3.3 million shares for about $18.8 million, with additional repurchases occurring after the quarter end.

Share Issuance

• National CineMedia, LLC, the company's operating subsidiary, filed for Chapter 11 bankruptcy in April 2023. Upon its emergence on August 7, 2023, the funded debt was converted into equity, resulting in secured lenders becoming the new owners.
• As part of the reorganization, National CineMedia, Inc. (NCMI) retained approximately a 13.8% ownership stake in the reorganized NCM LLC after contributing $15 million cash and executing a 1-for-10 reverse stock split on August 4, 2023.
• As of October 31, 2024, there were 94,915,077 shares of common stock outstanding, and 93.83 million shares outstanding as of October 30, 2025.

Inbound Investments

• Upon emerging from Chapter 11 bankruptcy on August 7, 2023, NCM LLC's secured lenders converted all of the company's debt into equity, effectively recapitalizing the company and establishing new ownership.
• NCM Inc. made a $15 million cash contribution to secure its 13.8% equity interest in the reorganized NCM LLC.
• The company secured an approximately $55 million exit financing facility upon emergence from bankruptcy to support operations and future growth initiatives, which later evolved into a new $45 million credit facility in January 2025.

Capital Expenditures

• National CineMedia prioritizes capital allocation towards investments in technology and talent to enhance its advertising platform.
• The focus of these investments includes expanding inventory monetization tools, improving self-serve and programmatic capabilities, and strengthening advertiser relationships.
• For the 12 months leading up to the fiscal third quarter of 2025, capital expenditures amounted to -$5.80 million. Year-to-date through September 25, 2025, capital expenditures showed a slight increase year-over-year.