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Cineplex (CGX) investor relations material
Cineplex Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 saw 12.1 million guests and record per-patron spend, but attendance and revenue declined year-over-year due to tough comparisons with last year's record film slate.
Premium experiences accounted for nearly 45% of Q3 box office, and international films reached a record 13.6% share, driving audience engagement and diversified programming.
Adjusted EBITDAaL was $33.3 million (margin 9.6%), down from $47.9 million, while standardized free cash flow rose to $22.2 million from $3.8 million.
The sale of Cineplex Digital Media for $70 million will strengthen the balance sheet, support share buybacks, debt reduction, and other corporate purposes.
The company remains optimistic for Q4 and 2026, citing a robust upcoming film slate and increased interest from streaming platforms for exclusive theatrical releases.
Financial highlights
Q3 2025 total revenue was $348.9 million, down 8.7% year-over-year; box office revenue was $159.5 million, and theatre food service revenue was $116.3 million.
Adjusted EBITDAaL margin was 9.6%, down from 12.5% in Q3 2024.
Box office per patron (BPP) was $13.23, a record for Q3; concession per patron (CPP) was $9.65, down 2% year-over-year.
Cinema media revenue grew 6.1% to $19.2 million; location-based entertainment (LBE) revenue rose 11.3% to $34.6 million, driven by new venues.
Net income from continuing operations was $1.4 million, compared to a loss of $22.9 million in the prior year.
Outlook and guidance
Q4 is expected to be strong, with a robust slate of anticipated titles and increased group/event activity.
2026 is projected to be a strong year, with a more balanced film slate and significant releases from Amazon and other studios.
Path to exceed pre-pandemic profitability with a target run-rate EBITDAaL of $244 million at 80% of 2019 attendance levels.
Free cash flow expected to exceed $100 million, with FCF yields between 13.7% and 20.3%.
Full-year net capital expenditures are expected to be $40–50 million.
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