Six Flags Entertainment Corporation · NYSE:FUN
Six Flags Entertainment — Six Flags Entertainment Corporation Common Stock New — Q3 2025 Earnings Presentation
13 slides from Six Flags Entertainment's earnings presentation, Nov 7, 2025
Slide 1: 2025 Third Quarter Earnings Call Presentation
NYSE: FUN 2025 Third Quarter Earnings Call Presentation November 7, 2025
Slide 2: Safe Harbor
Safe Harbor Some of the statements contained in this presentation that are not historical in nature are forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 193
Slide 3: Q3-2025 performance driven by largest and most profitable parks
Q3-2025 performance driven by largest and most profitable parks In-Park Per Operating Costs Modified Attendance Net Revenues Capita Spending1 and Expenses EBITDA 1 21.1M guests $59.08 $1.32B $772M $580M up 1% down 4% down 2% down 14% down 1% (138K visits) ($2.19) ($31M) ($122M) ($3M) 1) Non-GAAP mea
Slide 4: 2025 Challenging But Laid Foundation for Future Growth
2025 Challenging But Laid Foundation for Future Growth Majority of park-level EBITDA (~70% of YTD) is healthy and growing despite severe Q2 weather impact To drive long-term EBITDA growth, aggressively invested in operating costs and capital expenditures while adjusting pricing and promotional strat
Slide 5: Majority of our EBITDA is healthy and growing
Majority of our EBITDA is healthy and growing Key Takeaways YTD Modified Park-Level EBITDA1 Margin • Outperforming parks are generally our % of park- largest parks that have level ~60% ~70% ~40% ~30% benefitted from Modified consistent and EBITDA compelling investment 41% 42% • Underperforming 34% p
Slide 6: Q3-2025 results improved with stronger performance from both groups
Q3-2025 results improved with stronger performance from both groups Q3-2025 Modified Park-Level EBITDA1 Margin Key Takeaways • Q3-2025 shows a clearer picture of underlying % YoY +5% (5%) performance absent the Attendance impact of Q2 weather 51% 54% • Outperforming parks broadly in-line with 43% ex
Slide 7: Divergent performance across parks reflects investment ahead of attendance growth
Divergent performance across parks reflects investment ahead of attendance growth Year-over-year EBITDA changes were driven by pricing and investment decisions we made Actual Outperforming Park Actual Underperforming Park ~43% Margin 1 ~47% Margin 1 ~44% Margin 1 ~29% Margin 1 Cost Attendance Attend
Slide 8: We remain excited about the long-term opportunity for our underperforming parks
We remain excited about the long-term opportunity for our underperforming parks We see long-term runway for attendance growth at the largest parks within our portfolio with substantial margin opportunity Penetration of Local Population 2 2024 Modified EBITDA 1 $ per Guest Underperforming Parks Outpe
Slide 9: Reinvesting in the park operating structures of the underperforming parks
Reinvesting in the park operating structures of the underperforming parks contributed to EBITDA declines, but leading indicators are improving Guest Ride up-time Transaction Demand for Active satisfaction improving – up efficiency premium membership improving – year over year improving – experiences
Slide 10: Appendix – Non-GAAP Reconciliations
Appendix – Non-GAAP Reconciliations MODIFIED EBITDA AND MODIFIED EBITDA MARGIN RECONCILIATIONS FOR THE NINE MONTHS Presented on a Pro Forma Basis (5) Nine Months Ended September 28, 2025 Nine Months Ended September 29, 2024 Outperform Underperform Shared Outperform Underperform Shared (in millions)
Slide 11: Appendix – Non-GAAP Reconciliations (continued)
Appendix – Non-GAAP Reconciliations (continued) MODIFIED EBITDA AND MODIFIED EBITDA MARGIN RECONCILIATIONS FOR THE THREE MONTHS Three Months Ended September 28, 2025 Three Months Ended September 29, 2024 Outperform Underperform Shared Outperform Underperform Shared (in millions) parks parks services
Slide 12: Appendix – Non-GAAP Reconciliations (continued)
Appendix – Non-GAAP Reconciliations (continued) MODIFIED EBITDA AND MODIFIED EBITDA MARGIN RECONCILIATIONS Modified EBITDA represents earnings before interest, taxes, depreciation, amortization, other non-cash items, and adjustments as defined in the Combined Company's credit agreement. Adjusted EBI
Slide 13: Appendix – Non-GAAP Reconciliations (continued)
Appendix – Non-GAAP Reconciliations (continued) IN-PARK REVENUE AND IN-PARK PER CAPITA SPENDING RECONCILIATION In-park per capita spending is calculated as revenues generated within the Combined Company's amusement parks and separately gated outdoor water parks along with related parking revenues an
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