IMAX (IMAX) J.P. Morgan 54th Annual Global Technology, Media and Communications Conference summary

Business trends and strategic focus

• Emphasis on increasing shareholder value, including a recent $12 million share buyback.

• Confidence in the upcoming movie slate, with guidance reiterated for $1.4 billion in box office.

• Efforts to fill the slate through 2028, with summer 2028 nearly booked and ongoing brand development.

• Box office performance is on par with last year, with major titles still to come.

• Dynamic management of film programming, swapping underperformers and maximizing box office through active scheduling.

Partnerships, content, and market expansion

• Strong relationships with top filmmakers and exclusive events drive brand prestige and content pipeline.

• Anticipation for major releases like The Odyssey, Dune Three, and Toy Story, with high pre-sales and strong marketing.

• Local language films now represent about 25% of box office, with significant growth in markets like China, Japan, and India.

• Alternative content, such as live sports and music events, supplements utilization and revenue.

• Hollywood's share of box office has declined to 65-70% as local and alternative content grows.

Technology, network growth, and financial outlook

• Investment in IMAX 70mm film technology, including new cameras and expanded theater capability, enhances brand differentiation.

• Network expansion continues, with 23 new exhibitor partners signed across 15 countries in the past year.

• Raised total addressable market (TAM) to 4,500 systems, with less than 40% global penetration.

• EBITDA margin guidance increased to 45%+ due to higher box office incrementality and cost efficiencies.

• Free cash flow conversion targeted at 50% in 2026 and expected to grow, supported by disciplined capital allocation and ongoing buybacks.