Cineplex Reports Second Quarter 2025 Results

Executive Summary

• Cineplex Inc. reported its financial results for the second quarter and six months ended June 30, 2025, showing significant year-over-year growth in revenues and profitability.
• Total revenues increased 30.5% to $361.8 million in Q2, driven by a 32.7% increase in theatre attendance to 11.6 million guests.
• The company set all-time quarterly records for Box Office per Patron ($13.68) and Concession per Patron ($10.04), with premium experiences accounting for 46.2% of total box office revenue.

Key Details

• Total Revenues: $361.8 million for Q2 2025, a 30.5% increase from $277.3 million in Q2 2024. Year-to-date revenues were $626.1 million, up 9.4%.
• Profitability:
  • Adjusted EBITDAaL was $33.4 million in Q2 2025, compared to $0.9 million in the prior year.
  • Adjusted EBITDA was $76.5 million in Q2 2025, an 80.1% increase from $42.5 million in Q2 2024.
  • Net loss from continuing operations was $2.2 million in Q2 2025, a significant improvement from a $21.3 million loss in Q2 2024.
• Theatre Attendance: 11.6 million guests attended theatres in Q2 2025, a 32.7% increase over the prior year. Year-to-date attendance was 19.98 million, up 7.7%.
• Per Patron Metrics:
  • Box Office per Patron (BPP): $13.68 (Q2 2025), an all-time quarterly record, up 4.3% from $13.11 in Q2 2024.
  • Concession per Patron (CPP): $10.04 (Q2 2025), an all-time quarterly record, up 5.0% from $9.56 in Q2 2024.
• Segment Performance:
  • Film Entertainment: Box office revenues reached $158.5 million in Q2, up 38.4% year-over-year. Premium experiences drove 46.2% of total box office revenue.
  • Media: Total media revenues were $31.8 million in Q2, up 9.1%. Cinema media revenues grew 4.1% to $19.3 million. Digital place-based media revenues grew 17.8% to $12.5 million.
  • Location-Based Entertainment (LBE): Revenues hit a quarterly record of $33.2 million, up 13.0%, driven by three new locations opened in Q4 2024. Adjusted store-level EBITDAaL was $5.8 million, up 21.8%.
• Monthly Box Office Trends:
  • April 2025 box office was $51.4 million (176% of April 2024).
  • May 2025 box office was $55.3 million (163% of May 2024).
  • June 2025 box office was $51.8 million (101% of June 2024).
  • July 2025 box office was $72.7 million (100% of July 2024).
• Key Developments:
  • Leadership: President and CEO Ellis Jacob announced his retirement effective December 31, 2026.
  • Board Changes: Rania Llewellyn was elected to the Board of Directors; Joan Dea did not stand for re-election.
  • Digital Media Agreement: Cineplex Digital Media signed a 10-year agreement with the North Carolina Education Lottery to deploy a digital signage network across 1,500 retail locations and claim centers.
  • Asset Disposition: Cineplex closed the sale of Famous Players Prince Rupert Cinemas for proceeds of $0.9 million on July 3, 2025.
  • Cost Reduction: Implemented a cost reduction program including headcount reductions and efficiency improvements.
  • Loyalty: Scene+ loyalty program membership exceeded 15 million members as of June 30, 2025.
• Non-GAAP Measures:
  • Adjusted Free Cash Flow was $15.4 million in Q2 2025, compared to a loss of $13.0 million in Q2 2024.
  • Adjusted Free Cash Flow per share was $0.242 in Q2 2025, compared to $(0.205) in Q2 2024.

Notable Quotes

• "The strong second quarter results demonstrated the powerful combination of consistent, high-quality content and the consumer appetite for premium experiences," said Ellis Jacob, President and CEO, Cineplex. "Guests responded enthusiastically to a diverse slate of family, action, horror and adventure films, driving the significant attendance increase over the prior year."
• "Our cinema media business continues to demonstrate why it remains a premier platform for advertisers seeking to reach highly attentive audiences. Amid broader softness in the advertising market, cinema media revenue grew year-over-year – highlighting the unique value of the theatrical environment."