Cineplex (CGX) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenues rose 30.5% to $361.8M, with theatre attendance up 32.7% to 11.6M, driven by a strong film slate, premium experiences, and record per-patron metrics.

• Premium formats accounted for 46.2% of box office revenue, up from 41.4% last year, reflecting increased demand for immersive experiences.

• Adjusted EBITDAaL reached $33.4M, up from $0.9M in Q2 2024, with margin improving to 9.2% from 0.3%.

• CineClub membership surpassed 200,000, and Scene+ loyalty program exceeded 15M members.

• Net loss from continuing operations narrowed to $2.2M from $21.3M in Q2 2024.

Financial highlights

• Total Q2 revenue was $361.8M, up 30.5% year-over-year.

• Box office revenue rose 38.4% to $158.5M, with box office per patron at a record $13.68 and concession per patron at $10.04, both up from prior year.

• Media revenues increased 9.1% to $31.8M, with digital place-based media up 17.8%.

• Location-Based Entertainment (LBE) revenue grew 13% to $33.2M, with adjusted store-level EBITDAaL up 21.8%.

• Cash provided by operating activities was $55.8M, up from $1.0M last year; adjusted free cash flow improved to $15.4M from negative $13.0M.

Outlook and guidance

• Management expects continued strong box office performance and momentum into Q3, supported by a robust film slate and demand for premium experiences.

• Digital media segment growth is anticipated, bolstered by a new 10-year agreement with the North Carolina Education Lottery.

• Expects full-year net capital expenditures in the range of $40M–$50M.

• Same-store LBE revenue is expected to decline 3%-5% year-over-year, but operating discipline is expected to support margins.

• No dividends are expected until liquidity improves and leverage targets are met.