IMAX China (1970) Investor Presentation summary

Strategic positioning and growth drivers

• Premium brand with a global network in 89 countries, accounting for over 50% of global premium cinema locations.

• IMAX box office market share grew 40% from 2018 to Q1 2025, with strong secular tailwinds and rising demand from filmmakers and studios.

• System footprint reached 1,738 with a contracted backlog of 516, and more than 50% of the target market remains addressable.

• Flexible, asset-light business model with high incremental margins and long-tailed cash flows.

• Recession-resistant business with stable domestic theatrical market despite industry disruptions.

Technology and content innovation

• End-to-end technology powers creativity from IMAX cameras to immersive theaters and home streaming solutions.

• Proprietary digital remastering and advanced projection, sound, and monitoring systems deliver a differentiated experience.

• Expanding content portfolio includes record numbers of Filmed for IMAX titles and partnerships with major studios and streaming platforms.

• Local language content and alternative programming (concerts, sports, documentaries) drive incremental box office and system demand.

• Next-gen AI software and IMAX Enhanced elevate home viewing and address streaming quality challenges.

Financial performance and guidance

• Revenue grew at an 11% CAGR since 2021, reaching $352M in 2024; gross profit margin exceeded 52% in 2024.

• Adjusted EBITDA margin reached 39.4% in 2024, with a Q1 2025 margin of 42.7% and 2025 guidance of 40%+.

• Q1 2025 global box office grew 12% year-over-year to $298M, with 68% from local language content.

• System installations up 40% year-over-year in Q1 2025; 95 new system signings in the quarter.

• Low leverage model with $97.1M in cash, $401.5M in total liquidity, and net debt/TTM Adjusted EBITDA at 1.28x as of March 31, 2025.