Six Flags Entertainment Corporation · NYSE:FUN
Six Flags Entertainment — Six Flags Entertainment Corporation/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
2025 Third Quarter Earnings Call Presentation November 7, 2025 NYSE: FUN Exhibit 99.2
Slide 2: Safe Harbor
Safe Harbor 2 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 1
Slide 3: Q3-2025 performance driven by largest and most profitable parks
Q3-2025 performance driven by largest and most profitable parks 3 In-Park Per Capita Spending1 Net Revenues Operating Costs and Expenses Modified EBITDA1 Attendance $1.32B down 2% ($31M) 1) Non-GAAP measures are reconciled within the Appendix. $59.08 down 4% ($2.19) 21.1M guests up 1% (138K visits)
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
41% 42% 34% 23% YTD 2024 YTD 2025 YTD 2024 YTD 2025 Majority of our EBITDA is healthy and growing Underperforming Parks 5 YTD Modified Park-Level EBITDA1 Margin Key Takeaways • Outperforming parks are generally our largest parks that have benefitted from consistent and compelling investment • Underp
Slide 6: Q3-2025 results improved with stronger performance from both groups
Q3-2025 results improved with stronger performance from both groups Underperforming Parks 6 Q3-2025 Modified Park-Level EBITDA1 Margin Key Takeaways • Q3-2025 shows a clearer picture of underlying performance absent the impact of Q2 weather • Outperforming parks broadly in-line with expectations emb
Slide 7: Divergent performance across parks reflects investment ahead of attendance growth
Divergent performance across parks reflects investment ahead of attendance growth Attendance Per Cap / Pricing Cost Reductions YTD 2024 Modified EBITDA1 YTD 2025 Modified EBITDA1 7 Actual Outperforming Park • Our Playbook: Consistent park investment drives guest satisfaction scores which support reg
Slide 8: We remain excited about the long-term opportunity for our underperforming parks
Underperforming Parks Outperforming Parks We remain excited about the long-term opportunity for our underperforming parks 8 Penetration of Local Population 2 We see long-term runway for attendance growth at the largest parks within our portfolio with substantial margin opportunity 2024 Modified EBIT
Slide 9: Reinvesting in underperforming parks contributed to EBITDA declines, but leading indicators are improving
Reinvesting in the park operating structures of the underperforming parks contributed to EBITDA declines, but leading indicators are improving 9 Ride up-time improving – up year over year and more in line with operating standards Guest satisfaction improving – guest satisfaction scores up year over
Slide 10: Appendix – Non-GAAP Reconciliations
Appendix – Non-GAAP Reconciliations 10 MODIFIED EBITDA AND MODIFIED EBITDA MARGIN RECONCILIATIONS FOR THE NINE MONTHS (in millions) Outperform parks Underperform parks Shared services Total Outperform parks Underperform parks Shared services Total Net (loss) income 331$ (1,309)$ (479)$ (1,457)$ 389$
Slide 11: Appendix – Non-GAAP Reconciliations (continued)
Appendix – Non-GAAP Reconciliations (continued) 11 MODIFIED EBITDA AND MODIFIED EBITDA MARGIN RECONCILIATIONS FOR THE THREE MONTHS (in millions) Outperform parks Underperform parks Shared services Total Outperform parks Underperform parks Shared services Total Net (loss) income 257$ (1,136)$ (284)$
Slide 12: Appendix – Non-GAAP Reconciliations (continued)
Appendix – Non-GAAP Reconciliations (continued) 12 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
Slide 13: Appendix – In-Park Revenue and Per Capita Spending Reconciliation
Appendix – Non-GAAP Reconciliations (continued) 13 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
Six Flags Entertainment Corporation/NEW — Q3 2025 Earnings Presentation on 6ix