National CineMedia (NCMI) Q2 2026 earnings summary

Executive summary

• Announced definitive agreement to acquire Captivate Holdings for $275 million, expanding digital video elevator and lobby advertising footprint, with expected close in H2 2026.

• Q2 2026 revenue increased 12.7% year-over-year to $58.4 million, driven by higher national and local/regional advertising sales and a 19.3% increase in theater attendance.

• Operational transformation initiatives delivered $2.7 million in year-to-date cost savings, targeting $11 million annualized, and improved efficiency.

• Adjusted OIBDA for Q2 2026 was $2.1 million, up from $0.7 million in Q2 2025, with margin improvement.

• Net loss for Q2 2026 was $9.9 million, or $0.11 per share, an improvement from $10.7 million in Q2 2025.

Financial highlights

• Q2 2026 revenue: $58.4 million (+12.7% YoY); YTD 2026 revenue: $92.4 million (+6.7% YoY).

• National advertising revenue: $44.9 million (+9% YoY); local/regional: $9.5 million (+48.4% YoY).

• Adjusted OIBDA: $2.1 million (Q2 2026), margin 3.6%; operating loss: $12.8 million.

• Unlevered free cash flow: -$2.1 million, a 70% improvement YoY.

• Cash and equivalents as of July 2, 2026: $46.1 million; borrowings: $334.3 million.

Outlook and guidance

• No forward outlook provided due to pending Captivate transaction and potential partial period reporting.

• Management expects full run-rate synergies from Captivate in the first year post-close and will focus on revenue growth, cost discipline, and leveraging expanded digital and out-of-home capabilities.