Six Flags Entertainment (FUN) investor relations material

Executive summary

• Leadership changes included a new interim finance lead, new Chief Marketing Officer, Chief Legal and Compliance Officer, and reintroduction of park presidents at major parks to align with strategic priorities.

• Strategic actions included sale of non-core assets, monetization of excess land, and refinancing to strengthen financial positioning.

• Year-over-year improvement in Q1 driven by higher attendance, increased guest spending, disciplined cost management, earlier Easter, and normalized California operations.

• Integration of ticketing platforms, digital enhancements, and operational improvements led to higher conversion rates and increased migration to higher-value Season Pass products.

• Active pass base grew 6% year-over-year through April, with positive early response to new pass and membership offerings.

Financial highlights

• Q1 2026 net revenues rose 12% year-over-year to $225.6 million, with attendance up 4% to 2.9 million visits and per capita spending up 6% to $69.26.

• Adjusted EBITDA improved by $48 million, with loss narrowing to $123 million from $171 million year-over-year.

• Admissions revenue increased to $113.5 million, and food, merchandise, and games revenue rose to $78.3 million.

• In-park product per capita spending up 10% to $30.44; admissions per capita up 3% to $38.82.

• Operating costs and expenses decreased by $50.4 million (12%) due to cost efficiencies, including lower wages and maintenance costs.

Outlook and guidance

• No formal earnings guidance or long-term targets provided; focus remains on execution and transparency around demand, spending, cost discipline, and liquidity.

• Q1 represents only 6%-8% of full-year attendance and revenues; caution advised against extrapolating Q1 results.

• Management expects to capitalize on operational improvements and new entertainment offerings to drive peak season demand.

• Early Q2 demand trends are encouraging, with continued growth in pass base and guest engagement.

• Cautions remain regarding macroeconomic factors, weather, holiday timing, and potential promotional pressures on admissions yield.