Eastman Kodak Company (KODK) investor relations material

Executive summary

• Achieved strong Q4 and full year 2025 results, with consolidated revenues up 9% in Q4 and 2% for the year, driven by strategic investments, operational streamlining, and innovation.

• Completed a major pension reversion/termination, strengthening the balance sheet, reducing debt, and enabling sharper operational focus.

• Year-end cash balance increased by $136 million to $337 million, supporting a net positive cash position.

• Continued deleveraging, reducing annual interest expense by $40 million and maintaining a strong balance sheet.

• Focus remains on growth, innovation, and customer-centric operations.

Financial highlights

• Q4 2025 revenue: $290 million (up 9% year-over-year); full year: $1.069 billion (up 2%).

• Q4 gross profit: $67 million (23% margin, up 31%); full year gross profit: $234 million (22% margin, up 14%).

• Q4 operational EBITDA: $22 million (up 144%); full year operational EBITDA: $62 million (up 138%).

• Q4 GAAP net loss: $108 million (driven by non-recurring pension excise tax and debt extinguishment); adjusted net loss: $12 million.

• Ended 2025 with $337 million in unrestricted cash, up from $201 million at end of 2024.

Outlook and guidance

• Positioned for growth with a strong balance sheet, reduced debt, and ongoing investments in new products and infrastructure.

• Continued focus on free cash flow, operational efficiency, and innovation.