Core Viewpoint - Marcus Corporation will participate in the 38th Annual ROTH Conference on March 23, 2026, showcasing its leadership in the entertainment and hospitality industries [1][2]. Company Overview - Marcus Corporation is headquartered in Milwaukee and is a leader in the entertainment and hospitality sectors, with significant company-owned real estate assets [3]. - The theatre division, Marcus Theatres®, is the fourth largest theatre circuit in the U.S., operating 985 screens across 78 locations in 17 states under various brands [3]. - The hospitality division, Marcus® Hotels & Resorts, owns and/or manages 17 hotels, resorts, and other properties in eight states [3]. Recent Financial Performance - The company reported that both divisions outperformed their industries in the fourth quarter of fiscal 2025, with Marcus Theatres leading in box office growth due to price optimization strategies and a favorable film slate [5]. - Marcus Hotels & Resorts delivered strong results in the fourth quarter, contributing to a record year for the division [5]. Dividend Declaration - The Board of Directors declared a regular quarterly cash dividend of $0.08 per share of common stock, to be paid on March 16, 2026, to shareholders of record on February 25, 2026 [7]. - Additionally, a dividend of $0.073 per share on Class B common stock was also declared, with the same payment date [7].

INVESTOR PRESENTATION MARCH 2026 FORWARD LOOKING STATEMENT Certain matters discussed in this presentation are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may generally be identified as such because the context of such statements include words such as we "believe," "anticipate," "expect" or words of similar import. Similarly, statements that describe our future plans, ...

Core Insights - The Marcus Corporation reported solid fourth-quarter results for fiscal 2025, with both Theatres and Hotels & Resorts divisions showing year-over-year revenue and earnings growth, outperforming their respective industries [4] Theatres Division - Fourth-quarter revenue reached $123.8 million, a 2.2% increase year over year, aided by a fiscal calendar shift that contributed significantly to admissions and attendance revenue growth [1] - Comparable theatre admission revenue increased by 6.1% year over year, attributed to a favorable mix of family films, while average admission price rose by 12.7% [5] - Theatres Adjusted EBITDA was $24.1 million, up just under 2% year over year [7] Hotels & Resorts Division - The Hotels & Resorts division achieved fourth-quarter revenues of $60.4 million, a 5% increase year over year, with RevPAR rising by 3.5% [8][9] - The division outperformed industry benchmarks, with a RevPAR increase of 2.7 percentage points compared to comparable upper upscale hotels nationally [10] - Hotels Adjusted EBITDA was $7.3 million, up 3.4% year over year, driven by higher revenue [11] Financial Performance - For the full year of fiscal 2025, consolidated revenue increased by just over 3%, while operating income was reported at $17.1 million [2] - Consolidated Adjusted EBITDA for the fourth quarter was $26.8 million, reflecting a 3.6% year-over-year increase [3] - The company reported fourth-quarter operating cash flow of $48.8 million, down from $52.6 million a year earlier [14] Capital Allocation - Capital expenditures for the fourth quarter totaled $22.4 million, with expectations for a significant reduction in capital expenditures in fiscal 2026 [15][16] - The company repurchased approximately 118,000 shares for $1.8 million in the quarter, with total repurchases for fiscal 2025 exceeding 1.1 million shares [15][18] Strategic Initiatives - The company is focusing on enhancing customer experience through technology and loyalty programs, including a redesigned digital ticketing experience and various customer retention initiatives [19][20] - Management expressed optimism about the 2026 film slate, anticipating a stronger mix of tent-pole films and family content [21]

Financial Data and Key Metrics Changes - Consolidated revenues for Q4 fiscal 2025 were $193.5 million, a 2.8% increase year-over-year, with revenue growth in both divisions [5] - Q4 operating income was $1.7 million, negatively impacted by $5.2 million in non-cash impairment charges in the theater division; excluding these charges, operating income grew 5.2% to $6.9 million [5][7] - Consolidated Adjusted EBITDA for Q4 was $26.8 million, a 3.6% increase compared to the prior year [6] - Full-year consolidated revenues increased just over 3%, with operating income of $17.1 million; excluding impairment charges, operating income was $22.2 million, down from $25.9 million in fiscal 2024 [7][8] - Full-year Adjusted EBITDA decreased 3.1% to $99.3 million [8] Business Line Data and Key Metrics Changes Theatres Division - Q4 revenue for the theaters division was $123.8 million, a 2.2% increase year-over-year [8] - Comparable theater admission revenue increased 6.1% over Q4 fiscal 2024, while attendance decreased 5.7% [9] - Average admission price increased 12.7% due to strategic pricing actions [10] - Theater Division Adjusted EBITDA was $24.1 million, just under a 2% increase compared to the prior year quarter [12] Hotels and Resorts Division - Q4 revenue before cost reimbursements was $60.4 million, a 5% increase year-over-year [12] - RevPAR for owned hotels grew 3.5% during Q4, despite a 1.2 percentage point decrease in occupancy rate [13] - Average daily rates increased 5.6% compared to the prior year [13] - Hotels' Q4 Adjusted EBITDA was $7.3 million, an increase of 3.4% compared to the prior year quarter [16] Market Data and Key Metrics Changes - Theaters outperformed the U.S. box office, which decreased 1.5% in Q4 fiscal 2025 compared to the previous year [10] - Hotels outperformed the upper upscale segment, which saw a RevPAR increase of 0.8% in Q4 [14] Company Strategy and Development Direction - The company plans to decrease capital expenditures significantly in 2026, expecting total capital expenditures of $50 million-$55 million [20] - Focus on maintaining high-quality assets and enhancing customer experience in both theaters and hotels [20] - The company is committed to returning capital to shareholders, having returned over $45 million through share repurchases and dividends in the last two fiscal years [18][21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth opportunities in 2026, particularly in the theaters division due to a strong film slate [24][36] - The hotel division is expected to see low single-digit RevPAR growth, driven by group business and steady leisure travel [43] - Management acknowledged the mixed demand environment but emphasized the strength of their renovated properties [40] Other Important Information - The company ended Q4 with over $23 million in cash and $230 million in total liquidity, with a debt-to-capitalization ratio of 26% [19] - The Hilton Milwaukee renovation was completed, enhancing the property and expected to drive future demand [41] Q&A Session Summary Question: Insights on theater pricing strategy for 2026 - Management indicated that the focus will be on the anniversary of price changes made in mid-2025, with an emphasis on driving per capita sales in food and beverage [49] Question: Leisure vs. business travel bookings outlook - Management noted that group demand remains healthy, with renovated properties performing well; however, leisure demand is mixed [52] Question: Expectations for top-line growth in 2026 - Management expressed hope for growth, citing a stronger film slate and the potential for better box office performance compared to 2025 [59] Question: M&A activity and market conditions - Management acknowledged a slow hotel transaction market but remains open to opportunities; they are also exploring adjacencies for growth [70][72] Question: Updates on capital allocation and divestitures - Management stated that while no major divestitures are planned, they continuously evaluate their assets for potential changes [80][81]

Financial Data and Key Metrics Changes - Consolidated revenues for Q4 of fiscal 2025 were $193.5 million, a 2.8% increase year-over-year, with revenue growth in both divisions [5] - Fourth quarter operating income was $1.7 million, negatively impacted by $5.2 million of non-cash impairment charges in the theater division; adjusted operating income was $6.9 million, a 5.2% increase from the previous year [5][7] - Consolidated adjusted EBITDA for Q4 was $26.8 million, a 3.6% increase compared to the prior year [6] - For the full year, consolidated revenues increased just over 3%, while adjusted EBITDA decreased 3.1% to $99.3 million [7][8] Business Line Data and Key Metrics Changes Theatres Division - Q4 revenue for the theatres division was $123.8 million, a 2.2% increase year-over-year, with a favorable shift in the fiscal calendar contributing to revenue growth [8][9] - Comparable theater admission revenue increased 6.1% over the prior year, while attendance decreased 5.7% [9][10] - Average admission price increased by 12.7% due to strategic pricing actions [10] - Adjusted EBITDA for the theatre division was $24.1 million, just under a 2 percentage point increase compared to the prior year [12] Hotels and Resorts Division - Q4 revenue before cost reimbursements was $60.4 million, a 5% increase year-over-year [12] - RevPAR for owned hotels grew 3.5% during Q4, despite a 1.2 percentage point decrease in occupancy rate [13][14] - Adjusted EBITDA for the hotels division was $7.3 million, an increase of 3.4% compared to the prior year [16] Market Data and Key Metrics Changes - Theatres outperformed the U.S. box office, which decreased by 1.5% during Q4, indicating a 7.6 percentage point outperformance [10] - Hotels outperformed the upper upscale segment, which saw a RevPAR increase of 0.8% [14][15] Company Strategy and Development Direction - The company plans to decrease capital expenditures significantly in 2026, focusing on maintenance and ROI investments in hotels and enhancing customer experience in theatres [19][20] - The company aims to return capital to shareholders while seeking growth opportunities [20][21] - The 2026 film slate is expected to include several strong titles, which could enhance box office performance [36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth opportunities in 2026, particularly in the theatres division due to a favorable film slate [24][36] - The company noted that the demand environment for hotels was mixed, but upper upscale properties performed well [40] - Management highlighted the importance of maintaining a steady product supply in theatres to support attendance [27] Other Important Information - The company ended Q4 with over $23 million in cash and $230 million in total liquidity, with a debt-to-capitalization ratio of 26% [19] - Share repurchases totaled approximately 1.1 million shares for $18 million in cash during fiscal 2025 [18] Q&A Session Summary Question: What should be expected regarding pricing strategy in the theatre segment for 2026? - Management indicated that the focus will be on the anniversary of price changes made in mid-2025, with an emphasis on driving per capita sales in food and beverage [48][49] Question: What is the outlook for leisure versus business travel bookings in hotels for 2026? - Management noted that group bookings remain healthy, with leisure demand performing well, particularly in renovated properties [50][52] Question: What are the company's thoughts on M&A activity? - Management acknowledged the slow hotel transaction market but indicated a willingness to explore opportunities in both hotels and theatres [69][72] Question: How does the company view its asset portfolio and potential divestitures? - Management stated that they continuously evaluate their assets and are open to divestitures if it aligns with long-term strategy [80][81]

Core Insights - The Marcus Corporation reported strong performance in both divisions for the fourth quarter and fiscal year 2025, with Marcus Theatres leading the industry in box office growth and Marcus Hotels & Resorts achieving record results [1] Group 1: Theatres Division - Marcus Theatres outperformed the industry in box office growth due to effective price optimization strategies and a favorable film slate [1] Group 2: Hotels & Resorts Division - Marcus Hotels & Resorts delivered strong results in the fourth quarter, contributing to a record year for the division [1]

Core Insights - AMC Entertainment reported $1.29 billion in revenue for the quarter ended December 2025, reflecting a year-over-year decline of 1.4% [1] - The earnings per share (EPS) for the same period was -$0.18, consistent with the previous year, and exceeded the consensus EPS estimate of -$0.20 by 7.69% [1] Revenue Breakdown - Food and beverage revenue was $436.5 million, surpassing the average estimate of $428.73 million, but showing a year-over-year decline of 2.2% [4] - Other theatre revenue reached $150.2 million, exceeding the estimated $136.63 million, marking an 8.2% increase compared to the previous year [4] - Admissions revenue totaled $701.6 million, slightly below the estimated $706.53 million, with a year-over-year decrease of 2.7% [4] Stock Performance - AMC Entertainment's shares have declined by 23.1% over the past month, contrasting with a 1.8% increase in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Core Insights - Helix Partners Management LP has acquired a new position in Cinemark Holdings, purchasing 300,000 shares valued at approximately $6.97 million [2][8] - Cinemark Holdings reported a revenue of $3.15 billion and a net income of $154.80 million for the trailing twelve months [4] - The company has a dividend yield of 1.33% and its stock price was $24.86 as of February 12, 2026, reflecting a 21.1% decline over the past year [4][8] Company Overview - Cinemark Holdings is a leading motion picture exhibitor with a significant presence in the Americas, generating revenue through box office sales, concessions, and advertising [6][9] - The company operates a large theatre network, leveraging its scale and geographic footprint to maintain competitive advantages in the entertainment industry [6] Financial Performance - In Q3, Cinemark reported $858 million in revenue, $51 million in net income, and $178 million in adjusted EBITDA, achieving a margin of 20.7% [7] - The company has eliminated its remaining pandemic-related debt and authorized a $300 million share repurchase program while increasing its dividend by 12.5% [7] Market Position - Cinemark's shares have underperformed the S&P 500 by 34.01 percentage points over the past year, with attendance reaching 54.2 million patrons in Q3 and record concession revenue per cap of $8.20 domestically [8][10] - The investment by Helix Partners suggests a belief in a potential turnaround for Cinemark, despite current stock performance [7][10]

Core Insights - Regal is launching a virtual movie theatre on Roblox to celebrate National Popcorn Day, bridging the physical and digital worlds for movie fans [1][2] - The initiative targets Gen Z by allowing them to engage in a custom "endless runner" game within the virtual theatre, offering rewards for participation [2][3] Company Strategy - Regal aims to enhance engagement by integrating immersive experiences that connect virtual play with real-world rewards, such as free popcorn for players [5][6] - The collaboration with Super League is designed to create a scalable model that refreshes with new film releases, transforming the theatre lobby into an interactive space [4][5] Market Position - Regal operates one of the largest theatre circuits in the U.S., with 5,441 screens across 399 theatres in 41 states, focusing on delivering premium moviegoing experiences [9] - The partnership with Super League allows Regal to leverage technology to engage audiences and drive measurable impact in the attention-driven economy [8]

Core Viewpoint - Marcus Theatres, the fourth largest theatre circuit in the U.S., is promoting National Popcorn Day by offering free large popcorn to moviegoers who purchase a ticket on January 19, 2026, at any of its 78 locations nationwide [1]. Group 1 - Marcus Theatres is a division of Marcus Corporation, which is publicly traded on the NYSE under the ticker MCS [1]. - The initiative is part of a celebration for National Popcorn Day, an unofficial holiday that is highly anticipated by the company [1].