Q4 2025 Supplemental Materials Cautionary Statements This presentation contains "forward-looking statements" within the meaning of U.S. federal securities laws. All statements contained in this presentation other than statements of historical facts are forward-looking statements. You can identify forward-looking statements by the use of words such as "might," "will," "may," "should," "estimates," "expects," "continues," "contemplates," "anticipates," "projects," "plans," "potential," "predicts," "intends," ...

Six Flags Entertainment (NYSE:FUN) Q4 2025 Earnings call February 19, 2026 08:00 AM ET Company ParticipantsAdam Fox - Equity Research AssociateAnthony Berni - Senior Equity Research AssociateArpine Kocharyan - Managing DirectorBrian Witherow - CFOJohn Reilly - President and CEOMichael Russell - Corporate Director of Investor RelationsSteve Wieczynski - Managing DirectorThomas Yeh - Executive Director of Equity ResearchConference Call ParticipantsJames Hardiman - Director of Leisure and Travel AnalystOperato ...

Core Viewpoint - A class action lawsuit has been filed against Six Flags Entertainment Corp. by Berger Montague PC on behalf of investors who purchased shares during the Class Period from July 1, 2024, to November 5, 2025, related to the merger with Cedar Fair L.P. [1][3] Group 1: Lawsuit Details - The lawsuit alleges that the merger registration statement did not accurately reflect Six Flags' operational and capital needs, claiming that the company had suffered from years of underinvestment despite public claims of major investments [3] - The complaint states that undisclosed capital requirements were inconsistent with the rationale provided for the merger [3] Group 2: Stock Performance - Following the merger closure on July 1, 2024, Six Flags' stock initially traded above $55 per share but subsequently fell to as low as $20, representing a decline of nearly 64% [4]

Core Viewpoint - The article discusses a class action lawsuit against Six Flags Entertainment Corporation, alleging that the company and its executives misled investors regarding the financial health and operational needs of the company prior to its merger with Cedar Fair, L.P. [1][3] Group 1: Lawsuit Details - The class action lawsuit is titled "City of Livonia Employees' Retirement System v. Six Flags Entertainment Corporation" and was filed in the Northern District of Ohio [1]. - Purchasers of Six Flags common stock related to the merger have until January 5, 2026, to seek appointment as lead plaintiff [1]. - The lawsuit claims that the registration statement for the merger failed to disclose significant underinvestment in Legacy Six Flags, which required millions in additional capital to maintain operations [3]. Group 2: Financial Impact - On the merger closing date, July 1, 2024, Six Flags stock was trading above $55 per share, but subsequently fell to as low as $20 per share, representing a decline of nearly 64% [4]. - The lawsuit alleges that the company's operational competence and guest experience were degraded due to cost-cutting measures implemented by CEO Selim Bassoul, which further exacerbated the company's financial issues [3]. Group 3: Legal Representation - The plaintiffs are represented by Robbins Geller Rudman & Dowd LLP, a law firm known for its experience in prosecuting investor class actions and securities fraud cases [4][5]. - Robbins Geller has secured over $2.5 billion for investors in securities-related class action cases in 2024 alone, highlighting its significant role in investor protection [5].

Core Viewpoint - United Parks & Resorts Inc. (NYSE:PRKS) is currently viewed as a "deep value stock" despite a significant decline in stock price following its fiscal Q3 2025 results, with analysts maintaining a positive outlook for future growth [1][4]. Financial Performance - The company reported a 6.24% year-over-year decrease in revenue to $511.85 million for fiscal Q3, missing expectations by $26.4 million [2]. - Earnings per share (EPS) of $1.61 also fell short of consensus estimates by $0.65 [2]. Factors Affecting Performance - Management attributed the muted quarterly performance to unfavorable calendar shifts, poor weather during holiday seasons, and a decline in international visitation, resulting in a decrease of 252 thousand guests compared to the first nine months of fiscal 2024 [3]. - Attendance growth was resilient in Q2 but showed a decline of 3.4% in Q3, alongside a 6.3% drop in Admissions Per Cap [4]. Future Outlook - Despite recent challenges, the company remains optimistic about forward booking revenue trends into 2026, particularly supported by the Discovery Cove property and group business, both of which grew over 20% during the quarter [3]. Company Overview - United Parks & Resorts Inc. owns and operates several theme parks, including SeaWorld, Busch Gardens, Aquatica, Discovery Cove, Sesame Place, and Sea Rescue [5].

Core Viewpoint - The article discusses a class action lawsuit against Six Flags Entertainment Corporation, alleging that the company and its executives misled investors regarding the financial health and operational needs of the company prior to its merger with Cedar Fair, L.P. [1][3] Company Overview - Six Flags Entertainment Corporation, previously known as CopperSteel HoldCo, Inc., is an amusement park operator that has faced significant scrutiny following its merger with Cedar Fair, L.P. [2][3] Merger Details - The merger between Legacy Six Flags and Cedar Fair was completed on July 1, 2024, with Six Flags stock initially trading above $55 per share [4]. - Following the merger, the stock price plummeted to as low as $20 per share, representing a nearly 64% decline [4]. Allegations of Misrepresentation - The lawsuit claims that the registration statement for the merger failed to disclose critical information about Legacy Six Flags' financial struggles, including chronic underinvestment and the need for substantial capital to maintain operations [3]. - It is alleged that the company's executives misrepresented the state of the business, claiming successful investment initiatives while the reality was a significant operational decline [3]. Executive Actions - After becoming CEO in November 2021, Selim Bassoul implemented cost-cutting measures that included reducing employee headcount, which negatively impacted operational competence and guest experience [3]. Legal Proceedings - The class action lawsuit is titled "City of Livonia Employees' Retirement System v. Six Flags Entertainment Corporation" and is filed in the Northern District of Ohio [1]. - Investors who suffered losses are encouraged to seek appointment as lead plaintiff by January 5, 2026 [1].

Core Insights - The company is focused on executing its "Back to Basics" plan, aiming to enhance guest experience and operational results, which is expected to create significant value for both guests and shareholders [1][42]. Group 1: Back to Basics Plan - The company has made substantial progress on its "Back to Basics" plan, which includes improvements in marketing, food and beverage offerings, operations, and remodels [2][5]. - Sequential improvement in same-store sales was observed each month during the third quarter, with the final month showing a decline of only approximately 1% [2][18]. - The new menu launch contributed positively to same-store sales for food and beverage during the quarter [2][9]. Group 2: Marketing and Promotions - A reconstructed marketing strategy has been implemented, focusing on a simplified promotional calendar and data-driven decisions to enhance guest acquisition and sales performance [6][7]. - The "Eat & Play" combo promotion has seen a significant increase in guest engagement, with double-digit percentage growth in guest attachment since the beginning of the year [10]. Group 3: Food and Beverage Initiatives - The company has successfully revamped its food and beverage offerings, leading to higher average checks and increased traffic in dining areas [8][9]. - October same-store food sales were reported as the best month of the year, with continued positive trends into November [9][18]. Group 4: Operational Enhancements - Comprehensive training programs have been introduced to empower teams and improve guest experiences, resulting in reduced turnover and enhanced engagement [11][16]. - The company is focused on aligning marketing campaigns with high-impact game launches, with plans to introduce 10 new games in 2026 [12][13]. Group 5: Financial Performance - In the third quarter of fiscal 2025, the company reported revenue of $448 million, a net loss of $42 million, and an adjusted EBITDA of $59 million, resulting in an adjusted EBITDA margin of 13% [18][20]. - The company generated $58 million in operating cash flow during the third quarter, ending with $14 million in cash and $442 million in total liquidity [20][21]. Group 6: Growth and Expansion - The company opened 1 domestic D&B store and 3 new domestic Main Event stores in the third quarter, with plans for 11 new domestic store openings and 1 relocation in fiscal 2025 [22][23]. - International franchising is seen as a driver of efficient growth, with agreements for over 35 additional stores in the coming years [23].

Company Overview - Six Flags Entertainment Corporation is a leading operator of amusement and water parks, with a portfolio spanning 17 states and multiple countries in North America, leveraging well-known intellectual property to differentiate its attractions and drive guest engagement [4][9] - The company employs approximately 5,000 people and is headquartered in Charlotte, North Carolina [9] Recent Developments - Significant executive changes were announced, with executive chairman Selim Bassoul and lead independent director Daniel J. Hanrahan stepping down at year-end [6] - John Reilly, a seasoned executive in the recreation and amusement industry, was named the new CEO on November 24, 2025 [10] Financial Performance - As of September 30, 2025, Six Flags had a market capitalization of $1.48 billion and revenue of $3.14 billion, with a net income of -$1.75 billion [3] - The stock price was reported at $14.60 as of November 14, 2025, reflecting a 69% decline year-to-date [3][10] Investment Activity - Rush Island Management reduced its position in Six Flags by 3,306,963 shares during the third quarter, bringing its stake down to 487,121 shares valued at $11.07 million [2] - Following the sale, Six Flags represented only 0.76% of Rush Island's reportable assets under management (AUM), a significant decrease from the previous quarter's 7.5% [3]

Core Viewpoint - A class action lawsuit has been filed against Six Flags Entertainment Corp. on behalf of investors who purchased shares during the specified Class Period, alleging that the merger with Cedar Fair L.P. was misrepresented regarding the company's operational and capital needs [1][3]. Group 1: Lawsuit Details - The lawsuit claims that the registration statement for the merger did not accurately reflect Six Flags' true operational and capital requirements, despite public assertions of significant investments [3]. - The complaint highlights that undisclosed capital needs were inconsistent with the rationale provided for the merger [3]. Group 2: Stock Performance - Following the merger's closure on July 1, 2024, Six Flags' stock price initially traded above $55 per share but subsequently plummeted to as low as $20, marking a decline of nearly 64% [4]. Group 3: Investor Information - Investors who acquired Six Flags securities during the Class Period have until January 5, 2026, to seek appointment as lead plaintiff representatives [2].

Core Viewpoint - A class action lawsuit has been filed against Six Flags Entertainment Corporation, alleging that the company made false and misleading statements regarding its merger with Cedar Fair, L.P. and the financial health of Legacy Six Flags prior to the merger [1][3]. Group 1: Merger Details - The merger between Legacy Six Flags and Cedar Fair was approved by shareholders on March 12, 2024, and officially closed on July 1, 2024 [3]. - Following the merger, the new entity was named CopperSteel HoldCo, Inc., which later changed its name to Six Flags and began trading on the NYSE under the ticker symbol "FUN" [3]. Group 2: Allegations - The lawsuit claims that Legacy Six Flags had significantly underinvested in its parks and operations, neglecting essential maintenance and improvements for several years before the merger [3]. - It is alleged that Legacy Six Flags required millions of dollars in undisclosed capital and operational expenditures to maintain or grow its market share in the competitive amusement park industry [3]. - The complaint states that the financial projections presented to investors were unrealistic and not based on the actual conditions of the company at the time of the merger [3]. Group 3: Stock Performance - On the merger closing date, Six Flags stock was trading above $55 per share, but it subsequently plummeted to as low as $20 per share, representing a nearly 64% decline [4].