Group 1: Theater Portfolio Optimization - The theater portfolio was optimized by closing 21 underperforming locations and selectively acquiring high-potential 'spot' locations, resulting in a net 15% reduction in footprint since 2020 to improve asset productivity [1] Group 2: Strategic Outperformance in the U.S. - Strategic outperformance in the U.S. was driven by a 140 basis point lead over industry growth, supported by a dominant 25% market share and a preference for premium large-format (PLF) screens [2] - The company achieved record-setting per-patron metrics in admissions, food and beverage, and total revenue, with domestic contribution margins now 56% higher than pre-pandemic 2019 levels [2] Group 3: Financial Performance and Future Outlook - Despite a 2.1% decline in global attendance for the full year, adjusted EBITDA grew by 12.7%, reflecting a deliberate shift toward higher-margin per-patron revenue and operational efficiency [3] - Management expects the 2026 industry box office to grow by $500 million to over $1 billion compared to 2025, driven by a 'parade of juggernauts' from major studios and increased volume from streamers [3] - Strategic initiatives for 2026 include doubling the count of 'XL' extra-large format screens and introducing 'Premier Seating' to reserve the best house seats for top-tier loyalty members [3] - Capital expenditure for 2026 is projected between $175 million and $225 million, focusing on 'capital-light' upgrades like laser projection and the new 'Club Rocker' seating rather than expensive full renovations [3] - Guidance assumes continued recovery in the European market, which is currently outperforming the U.S. recovery pace in the early weeks of 2026 [3]