Cineplex (CGX) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was $264.3 million, down 10.3% year-over-year, with 8.4 million guests and a softer box office offset by strong media and LBE growth.

• Box office revenue fell 18.5% to $101.9 million, with premium formats at 35.6% of box office and international programming accounting for 14.7%.

• Record Q1 concession per patron of $9.13, but box office per patron declined 4.7% to $12.14.

• Media revenues surged 32.9% and LBE revenue grew 10.5%, with Scene+ loyalty membership surpassing 15 million.

• Adjusted EBITDAAL was negative $10.8 million, down from $4.6 million in Q1 2024, reflecting weaker film slate and higher costs.

Financial highlights

• Total Q1 revenue was $264.3 million, down from $295 million in Q1 2024.

• Net loss from continuing operations improved to $36.6 million from $63.0 million in Q1 2024.

• Adjusted EBITDA was $31.7 million, down 32.1% year-over-year; Adjusted EBITDAAL margin was -4.1%.

• Box office per patron was $12.14, down 4.7%; concession per patron reached $9.13, up 2%.

• Theatre attendance dropped 14.5% to 8.4 million.

Outlook and guidance

• April 2025 box office rebounded, reaching 176% of prior year, with May continuing strong momentum.

• A robust film slate and diversified revenue streams are expected to drive recovery and profitability for the rest of 2025.

• LBE and media businesses are projected to continue growth, supported by new locations and expanded digital offerings.

• CapEx guidance for 2025 is $40–50 million, with spend deferred amid economic uncertainty.

• Target leverage ratio is 2.5x–3.0% before considering dividend reintroduction.