Six Flags Entertainment Corporation · NYSE:FUN
Six Flags Entertainment — Investor Day (May 2025)
88 slides from Six Flags Entertainment's investor day presentation, May 20, 2025
Slide 1: Investor Day
Six Flags Entertainment Corporation NYSE: FUN Investor Day May 20, 2025
Slide 2: Introduction
Michael Russell, Corporate Director Investor Relations Introduction 2
Slide 3: Our Location Today
Our Location Today Hotel Breakers Cedar Point 3
Slide 4: Today's Presenters
Today’s Presenters Richard A. Zimmerman Brian Witherow Christian Dieckmann President & Chief Executive Officer Chief Financial Officer Chief Commercial Officer 4
Slide 5: Investor Day Agenda
Investor Day Agenda 9:00 – 9:05 Introduction Michael Russell, Corporate Director, Investor Relations 9:05 – 9:30 The New Six Flags: Driving Profitable Growth Richard Zimmerman, CEO 9:30 – 9:55 The Path to Sustainable Revenue Growth Christian Dieckmann, CSO 9:55 – 10:25 Q&A 10:25 – 10:35 Break 10:35
Slide 6: 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 7: The New Six Flags: Driving Profitable Growth
Richard Zimmerman, CEO The New Six Flags: Driving Profitable Growth 7
Slide 8: Issues We Know Are on the Minds of Investors
Issues We Know Are on the Minds of Investors 1. Integration Post-merger integration and synergy realization 2. Growth Plans to drive attendance growth 3. Capital Debt reduction plans and capital allocation priorities allocation 4. Margin Delivering significant margin expansion expansion 5. Outlook L
Slide 9: Why Six Flags is Different Now
Why Six Flags is Different Now Proven Synergy Execution Underway ~$180M in synergies with tangible progress building confidence in execution. Real Attendance Recovery Potential ~10M visit recovery driven by new rides, better marketing, and unified season pass strategy. Reinvented Guest Experie
Slide 10: We Are Well Underway Executing on our Business Model
We Are Well Underway Executing on our Business Model Targets to Achieve Success in 2028 Sustainable revenue growth ‒ ~6% CAGR from 2025 to 2028 1 2 Laser focus on cost management ‒ $180M savings by end of 2026 Reduced Net Total Leverage (D) ‒ <4.0x by end of 2026 5 3 Impressive Modified EBITDA Margi
Slide 11: This is What Success Will Look Like
This is What Success Will Look Like…… Cash Operating 2028 Net Total 2028 2028 Modified Net Revenue Costs (G) Leverage (D) Attendance (2025-2028 CAGR) EBITDA (E) (Year-end 2026) ~58M ~$3.8B ~1-2% ~$1.5B <4.0X Adj EBITDA (D), (E), (G) – See exhibits for definitions and additional information 11
Slide 12: Agenda: The New Six Flags
Agenda: The New Six Flags – Leveraging Effective Strategies for Profitable Growth Building on a strong foundation Market leader with unique positioning Integration execution update Our strategy to drive sustained growth 12
Slide 13: Six Flags Today – Market Leader with Growth Ahead
AT A G L A N C E : Six Flags Today – Market Leader with Growth Ahead #1 42 50M 250M Largest regional Parks and Guests People amusement park 9 hotels / resort entertained live within operator in properties in in 2024 on a 100 miles of North America 31 markets Combined Basis (C) our parks (C) – See ex
Slide 14: Our Proven Strategies for Success Support our Confidence
Our Proven Strategies for Success Support our Confidence 1 2 3 4 5 6 Focus on Guest Smart Advance Optimize In-Park Embrace Satisfaction: Investment: Purchase Product: Attendance: Offerings: Technology: • Delivering • Ensures long-term • Provides reliable, • Increase guest • High-quality food • Impro
Slide 15: New Major Thrill Rides have Consistently Driven Growth
New Major Thrill Rides have Consistently Driven Growth Impact in Debut Year of New Thrill Rides Added from 2008 to 2019 Average Park-Level Returns in Year 1 ~30%+ ~20%+ ~10%+ ~15%+ Attendance Revenue Adjusted C ash-on-C ash EBITDA (E) ROI (F) Note: Data based on major coasters at legacy Cedar Fair p
Slide 16: Agenda: The New Six Flags
Agenda: The New Six Flags – Leveraging Effective Strategies for Profitable Growth Building on a strong foundation Market leader with unique positioning Integration execution update Our strategy to drive sustained growth 16
Slide 17: Market Leader with Unique Positioning
Market Leader with Unique Positioning 1 Regional parks with steady growth 1 2 Resilient and stable business model 32 Irreplaceable, iconic parks in growing markets creates high barrier to entry Opportunity to expand penetration rates and 4 market share 3 Unmatched scale with geographic 5 diversity 1
Slide 18: U.S. Amusement and Theme Park Industry: A Consistently Growing Market
1. U.S. Amusement and Theme Park Industry: A Consistently Growing Market (2024-2029) Market Value ($B) $40B 3.5% CAGR $30B $20B $10B $0B 2024 2025 2026 2027 2028 2029 Source: Mordor Intelligence 18
Slide 19: Resiliency of Model Built on Advance Purchase Channels
2. Resiliency of Model Built on Strong and Growing Advance Purchase Channels Attendance Mix Recurring, sticky nature of General Admission Season Pass the season pass programs and 30% 60% ~70% group business help mitigate Group weather-related and other Business visitation disruption events 10% 19
Slide 20: Strong Value Proposition vs. Other Entertainment Choices
2. Strong Value Proposition vs. Other Entertainment Choices Based on Entertainment Cost Per Hour $84 $66 $31 $30 $19 $10 $10 $8 Sporting Broadway Ski Resorts Destination Indoor IMAX Museums Regional Events Shows Theme Parks Entertainment Theme Parks Source: Guggenheim Research 20
Slide 21: Well Positioned to Face Near-Term Recessionary Challenges
2. Well Positioned to Face Near-Term Recessionary Challenges Regional Strong Flexible-spend Flexibility Minimum debt amusement recurring areas – of capital commitments park model regional guest over half of program for the balance performs well base cost structure, of the year in typical including h
Slide 22: Dominant North American Footprint
3. Dominant North American Footprint Population of Top 10 Metro Areas (2025) 1 Six Flags Park Map Mexico City New York City Los Angeles Chicago Toronto Washington, D.C. San Francisco Boston Dallas Philadelphia 0 10 20 30 Millions Source: 1. CityPopulation and Demographia 22
Slide 23: Under Penetrated Parks Represent Significant Upside
4. Under Penetrated Parks Represent Significant Upside Market Penetration (Parks >1M attendance) 50% 40% Expanding low penetration parks to half 30% Near-term goal of high penetration parks 20% level would yield 10M in new attendance 10% 0% High penetration parks Low penetration parks 23
Slide 24: Unmatched Scale and Geographic Diversification De-Risk the Business Model
5. Unmatched Scale and Geographic Diversification De-Risk the Business Model No Region Is >50% <17% >30% 2025 Adj. EBITDA guidance from less seasonal south and west 2025 Adj. EBITDA guidance from 2025 Adj. EBITDA guidance (E) regions any one park Northeast 17% Midwest 29% South 27% West 27% (E) – Se
Slide 25: Agenda: The New Six Flags
Agenda: The New Six Flags – Leveraging Effective Strategies for Profitable Growth Building on a strong foundation Market leader with unique positioning Integration execution update Our strategy to drive sustained growth 25
Slide 26: Integration Efforts Delivering Solid Early Results
Integration Efforts Delivering Solid Early Results Cost savings achieved – on track for more Guest satisfaction trending higher Attendance and guest spending improving Revenue strengthening Portfolio optimization progressing 26
Slide 27: Portfolio Optimization Supports Strategic Objectives
Portfolio Optimization Supports Strategic Objectives 1 Simplify operations Portfolio 2 Strengthen the business Optimization 3 Reduce portfolio risk 4 Focus on high-growth parks 27
Slide 28: Agenda: The New Six Flags
Agenda: The New Six Flags – Leveraging Effective Strategies for Profitable Growth Building on a strong foundation Market leader with unique positioning Integration execution update Our strategy to drive sustained growth 28
Slide 29: Our Five Pillars for Profitable Growth
Our Five Pillars for Profitable Growth 01 02 03 04 05 Drive Leverage Increase Optimize Maximize demand pricing transaction cost structure operating higher power counts and leverage and guest margins spending 29
Slide 30: The Path to Sustainable Revenue Growth
Christian Dieckmann, Chief Commercial Officer The Path to Sustainable Revenue Growth 30
Slide 31: Key Drivers of Revenue Growth
Key Drivers of Revenue Growth ~6% CAGR ~$3.8B ~$3.2B Grow Expand in-park attendance revenue 1 2025 (H) 2028 (H) – Excludes operations from Six Flags America / Hurricane Harbor and California’s Great America, who’s land lease currently expires during 2028, before renewals 31
Slide 32: Expand Attendance
Expand Attendance 1. The opportunity 2. Proven strategies 3. Marketing & CRM 4. All-Park and Regional Passport 5. Compelling capital line-up 32
Slide 33: Regain The Attendance Lost Since The Pandemic
1. THE OPPORTUNITY Regain The Attendance Lost Since The Pandemic Combined Attendance (C) 61M ~10M 47M 49M 50M Goal: Regain 10M Guests 2019 2022 2023 2024 (C) – See exhibits for definitions and additional information 33
Slide 34: Underpenetrated Parks Present Significant Upside
1. THE OPPORTUNITY Underpenetrated Parks Present Significant Upside Parks with Greater than 1M in Attendance Expanding penetration to second quartile average Penetration Rate Top quartile avg. = ~45% will yield 10M visits Second quartile avg. = ~25% 34
Slide 35: Improving Guest Experience will Drive Attendance at Underpenetrated Parks
1. THE OPPORTUNITY Improving Guest Experience will Drive Attendance at Underpenetrated Parks 2024 Penetration Rate Relative to Guest Satisfaction Scores Market (C) (Bubble size = Relative Combined Attendance ) penetration rates highest at parks with the Penetration Rate best guest satisfaction score
Slide 36: We Know How to Improve the Guest Experience
2 . P R OV E N S T R AT E G I E S We Know How to Improve the Guest Experience Guest Service Excellence Compelling Capital Seasons of FUN • Expand rides per guest • Thrill, family and water rotation • Evergreen annual events • Enhance quality and availability • Area development • Urgency driver of in
Slide 37: Case Study: Knott's Berry Farm Delivers Compelling Growth
2 . P R OV E N S T R AT E G I E S Case Study: Knott’s Berry Farm Delivers Compelling Growth Outcomes (2012 - 2016) Attendance growth CAGR ~6% Revenue growth CAGR ~10% Adjusted EBITDA(E) CAGR ~20% Modified EBITDA Margin(A) improvement >1000 bps 37
Slide 38: Case Study: Magic Mountain
2 . P R OV E N S T R AT E G I E S Case Study: Magic Mountain Tremendous Potential with Multi-Year Capital Plan and Thrill Investments Attendance Comparison Opportunity at Magic Mountain Knott’s Berry Farm Market penetration 2X Attendance vs. 2019 levels +1M Full potential attendance +2M Six Flags Ma
Slide 39: Guest Satisfaction Scores Improving at High Opportunity Parks
2 . P R OV E N S T R AT E G I E S Guest Satisfaction Scores Improving at High Opportunity Parks Guest Satisfaction Scores 8.0 High High penetration parks opportunity parks 7.6 7.2 6.8 6.4 Pre-merger Fall season Pre-merger Fall season 39
Slide 40: Targeted Engagement Drives Visitation
3. MARKETING & C RM Targeted Engagement Drives Visitation Awareness Rnbh` k�* �O` hc �L dc h` Interest D, l ` hk+�RL R+�Ot r g L na hkd�bgdbj nt sr+ Action o qnl nr Rd` rnm�O` rr Loyalty ` bshu` shnm+�qdmdv ` k� Impact • Cddo dq�t o rdkk�o dmdsq` shn m • Hmbqd` rdr�hm�uhrhsr�o dq�o` rr • Qdc t bdc �
Slide 41: National Footprint Offers Compelling Guest Value
4. A LL-PA RK AND REGIONA L PA S S PORT National Footprint Offers Compelling Guest Value 14 Pairs of FUN Parks Within Driving Distance of Each Other – Combined Map Park La Ronde, Canada’s Montréal QC Wonderland & Splash Works, Vaughan, ON Six Flags Great Escape Resort & Hurricane Harbor, NY Valleyfa
Slide 42: Compelling CAPEX Program Including Major Attractions in 2025
5. C OMPELLING C APITAL Compelling CAPEX Program Including Major Attractions at 11 of Our Largest Parks in 2025 – Will Drive Attendance Six Flags Carowinds: Cedar Point: Canada’s Great America: Family ride expansion: Siren’s Curse and Wonderland: Wrath of Rakshasa, a Snoopy’s Racing Railway reopenin
Slide 43: Key Drivers of Revenue Growth
Key Drivers of Revenue Growth ~6% CAGR ~$3.8B ~$3.2B Grow Expand in-park attendance revenue 2 2025 (H) 2028 (H) – Excludes operations from Six Flags America / Hurricane Harbor and California’s Great America, who’s land lease currently expires during 2028, before renewals 43
Slide 44: Elevated In-Park Revenue Offerings Drive Revenue
Elevated In-Park Revenue Offerings Drive Revenue 1 2 Food & Beverage (F&B) Merch., Games & Extra-charge Improved quality, Revitalized retail experiences and speed of service and convenience premium, VIP offerings 44
Slide 45: F&B Strategy Success At Legacy Cedar Fair Parks
1 F&B Strategy Success At Legacy Cedar Fair Parks Strategies Outcomes Achieved • Raised the quality of the food • Guest satisfaction +10% • Increased efficiency so that guests can buy things easily • Transactions per guest +15% • Increased the availability of adult beverages • Avg. transaction value
Slide 46: Adult Beverages a Key Component of the F&B Growth
1 Adult Beverages a Key Component of the F&B Growth Outcomes Achieved • Penetration over past five years Up ~2X • Growth in adult beverage revenue >100% • Incremental adult beverage revenue >$20M Note: Outcomes achieved above are based on results from 2019 through 2024 at Legacy Cedar Fair parks. 46
Slide 47: Substantial Opportunity To Improve F&B Performance
1 Substantial Opportunity To Improve F&B Performance Transactions per Guest Moving high opportunity Optimized Parks High Opportunity Parks parks to optimal penetration levels will drive transactions and revenue 2015 2024 Goal 47
Slide 48: F&B Renovations Offer Higher, More Labor-Efficient Revenue
1 F&B Renovations Offer Higher, More Labor-Efficient Revenue Top Performing Renovations Six Flags Over Texas – JB’s Barbeque Transactions growth 2X Average transaction value +6% Labor as percent revenue +800 bps 48
Slide 49: We Are Seeing Major Improvements in Beverage Penetration
1 We Are Seeing Major Improvements in Beverage Penetration • Beverage refresh stations • Access control points • Souvenir bottles • Drink wristbands 49
Slide 50: Elevated In-Park Revenue Offerings Drive Revenue
Elevated In-Park Revenue Offerings Drive Revenue 1 2 Food & Beverage (F&B) Merch., Games & Extra-charge Improved quality, Revitalized retail experiences and speed of service and convenience premium, VIP offerings 50
Slide 51: We Are Raising the Bar on Experiential Retail
2 We Are Raising the Bar on Experiential Retail Merchandise and Games • Investment in retail locations • Centralized product development • Unique, park-specific merchandise • Merchandise bundles Drive transactions and average transaction value 51
Slide 52: Premium Products Deliver High Margin at a Compelling ROI
2 Premium Products Deliver High Margin at a Compelling ROI Extra-Charge Offerings • Fast Lane / Flash Pass • Cabanas • VIP Lounges Provide more value when the park is busy 52
Slide 53: Here's Why We'll Win
IN SUMMARY: Here’s Why We’ll Win Activating centralized marketing, CRM and pricing Regaining 10M guests Elevating the in-park experience Capturing more value and high-margin revenue 53
Slide 54: Q&A
Q&A 54
Slide 55: Driving Sustainable Profitability and Higher Shareholder Returns
Brian Witherow, Chief Financial Officer Driving Sustainable Profitability and Higher Shareholder Returns 55
Slide 56: Agenda: Driving Sustainable Profitability and Higher Shareholder Returns
Agenda: Driving Sustainable Profitability and Higher Shareholder Returns Proven business model Growing predictable attendance Focused on margin expansion Path to net leverage reduction Clear roadmap to value creation 56
Slide 57: Track Record of Sustainable, Resilient Consumer Demand
Track Record of Sustainable, Resilient Consumer Demand… Combined Attendance(C) M 60 ~3% CAGR 45 30 15 0 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 (C) – See exhibits for definitions and additional information 57
Slide 58: Top-Line Revenue Growth Outpacing Attendance Growth
…With Top-Line Revenue Growth Outpacing Attendance Growth Combined Net Revenues(C) $B $3.5 $3.0 ~5% $2.5 CAGR $2.0 $1.5 $1.0 $0.5 $0.0 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 (C) – See exhibits for definitions and additional information 58
Slide 59: Agenda: Driving Sustainable Profitability and Higher Shareholder Returns
Agenda: Driving Sustainable Profitability and Higher Shareholder Returns Proven business model Growing predictable revenue Focused on margin expansion Path to net leverage reduction Clear roadmap to value creation 59
Slide 60: Multiple Initiatives to Drive Revenue Growth
Multiple Initiatives to Drive Revenue Growth ~6% CAGR ~$3.8B ~$3.2B Grow Expand in-park attendance revenue Driving Predictability 2025 (H) 2028 (H) – Excludes operations from Six Flags America / Hurricane Harbor and California’s Great America, who’s land lease currently expires during 2028, before r
Slide 61: Major Opportunity to Regain Attendance Lost Since the Pandemic
Major Opportunity to Regain Attendance Lost Since the Pandemic Combined Attendance(C) 61M ~10M 47M 49M 50M Goal: Regain 10M Guests 2019 2022 2023 2024 (C) – See exhibits for definitions and additional information 61
Slide 62: Focused on Shifting Attendance to Advance Commitment Channels
Focused on Shifting Attendance(C) to Advance Commitment Channels 30% General 50% Admission Increase of Season 70% 2000 bps Pass + 50% since 2015 Group 2015 2024 (C) – See exhibits for definitions and additional information 62
Slide 63: Season Pass Drives Overall Revenue Growth
Season Pass Drives Overall Revenue Growth Illustrative Example of In-Park Per Cap(I) – Includes Admission and In-Park Spend Based on a Top-5 Park in the System Single-Day Compared to Single But Total Season Visitors Have Visit by Season Pass Revenue from Season Higher Per Cap… Holder… Pass Holders i
Slide 64: Season Pass / Membership Driving Volume Growth
Season Pass / Membership Driving Volume Growth 10M Lift in Attendance by Source Existing Season Pass / Membership Base Larger Season Pass / Membership Base Group and General Demand 64
Slide 65: Agenda: Driving Sustainable Profitability and Higher Shareholder Returns
Agenda: Driving Sustainable Profitability and Higher Shareholder Returns Proven business model Growing predictable revenue Focused on margin expansion Path to net leverage reduction Clear roadmap to value creation 65
Slide 66: Clear Path to 20% Revenue Lift
Clear Path to 20% Revenue Lift Incremental Opportunity Area Revenue 1 Improved guest spending on food & beverage ~$260M+ $600M+ 2 Growth in Season Pass / Membership base ~$160M+ incremental revenue 3 Increases in other in-park guest spending ~$110M+ opportunity 4 (2025 thru 2028) Growth in Group and
Slide 67: Focused on Delivering $180M in Cost Savings
Focused on Delivering $180M in Cost Savings Targeted +$60M Cost Savings by end of 2026 Non-Headcount / Labor Headcount / Reductions $180M Labor Targeted Reductions Cost Savings by ~$30M end of 2025 Expanded ~$30M Target Non-Headcount / Labor Reductions $120M Headcount / Labor Reductions ~$45M Origin
Slide 68: Committed to Achieving a ~40% Modified EBITDA Margin
Committed to Achieving a ~40% Modified EBITDA Margin(A) ~40% ~34% Right-sized cost structure Attendance and guest spending growth 2025 2028 (A) – See exhibits for definitions and additional information 68
Slide 69: Agenda: Driving Sustainable Profitability and Higher Shareholder Returns
Agenda: Driving Sustainable Profitability and Higher Shareholder Returns Proven business model Growing predictable revenue Focused on margin expansion Path to net leverage reduction Clear roadmap to value creation 69
Slide 70: Path to Net Total Leverage Reduction
Path to Net Total Leverage(D) Reduction 1 2 3 4 5 Meaningful Strong Disciplined Improved Strategic Net Total Revenue Cost Adjusted Capital Leverage(D) Growth Management EBITDA (E) Allocation Reduction (D), (E) – See exhibits for definitions and additional information 70
Slide 71: Strong Revenue Growth – Key Drivers
1 Strong Revenue Growth – Key Drivers ~6% CAGR ~$3.8B ~$3.2B Grow Expand in-park attendance revenue 2025 (H) 2028 (H) – Excludes operations from Six Flags America / Hurricane Harbor and California’s Great America, who’s land lease currently expires during 2028, before renewals 71
Slide 72: Cash Operating Costs
Disciplined Cost Management Leads to Significant 2 Long-Term Savings Growth $2,600 with Inflation $2,400 Cost Cash Operating Costs(G) savings $2,200 Targeting $2,000 Sub-Inflation Cost Growth $1,800 (1-2% CAGR) $1,600 2025 (H) 2028 (G) – See exhibits for definitions and additional information (H) –
Slide 73: Clear Path to Adjusted EBITDA Growth
3 Clear Path to Adjusted EBITDA(E) Growth >10% ~$1,500M CAGR Right-sized cost ~$1,100M Increased structure guest Attendance spending growth 2025(H) 2028 Targeting ~600 bps of Modified EBITDA Margin (A) improvement from 2025 to 2028 (A), (E) – See exhibits for definitions and additional information (
Slide 74: Clear Capital Allocation Priorities
4 Clear Capital Allocation Priorities Capital Investments Debt Portfolio Drive Organic Growth Reduction Optimization Capital allocation flexibility once Net Total Leverage (D) is below 4.0x (D) – See exhibits for definitions and additional information 74
Slide 75: Strategic Investments in High Return Projects
4 Strategic Investments in High Return Projects Infrastructure / Technology • Targeting an annual CAPEX budget of 36% ~12-13% of net revenues Marketable • High ROIC projects 54% Product expected to exceed FUN’s WACC 10% F&B / Retail 75
Slide 76: Compelling Free Cash Flow Growth
5 Compelling Free Cash Flow(B) Growth $M 2025 2028 Adjusted EBITDA(E) $1,100 $1,500 Capex $475 - $500 $475 - $500 Cash tax payments $95 - $105 $105 - $115 Interest payments $305 - $315 $290 - $300 Free Cash Flow $180 - $225 $585 - $630 FCF Growth Annual CAGR over 3-year period of �~44% (at midpoint
Slide 77: Building a Stronger Balance Sheet
5 Building a Stronger Balance Sheet ~5.0x ~1.0x reduction <4.0x End of 2024 End of 2026 Targeting Net Total Leverage (D) below 4.0x in less than 3 years following merger (D) – See exhibits for definitions and additional information 77
Slide 78: Agenda: Driving Sustainable Profitability and Higher Shareholder Returns
Agenda: Driving Sustainable Profitability and Higher Shareholder Returns Proven business model Growing predictable revenue Focused on margin expansion Path to net leverage reduction Clear roadmap to value creation 78
Slide 79: How We Will Measure Success
How We Will Measure Success…… 2028 2028 2028 Net Total Modified Free Cash Flow (B) Attendance Net Revenues Leverage(D) EBITDA (E) ~6% CAGR ~6% CAGR ~10% CAGR ~$400M <4.0x Adj. EBITDA(E) Free Cash Flow ~58M guests ~$3.8B ~$1.5B Lift from 2025 by the end of 2026 CAGR’s based on 2025 guidance (B), (D),
Slide 80: Here's What Success Looks Like
IN SUMMARY: Here’s What Success Looks Like Achieving 10M lift in annual attendance Leveraging demand to drive admissions pricing Growing in-park guest spending Capturing $180M in cost savings and flattening the cost curve Optimizing allocation of free cash flow to reduce net leverage 80
Slide 81: Q&A
Q&A 81
Slide 82: Feedback on Today's Event
Feedback on Today’s Event Thank you for joining us for our 2025 Investor Day. We hope you found it informative. Your feedback is important to us, so we would appreciate it if you could fill out a quick survey - it should take only 2-3 minutes. The answers are all anonymous. This survey will be onlin
Slide 83: Final Comments
Richard Zimmerman, CEO Final Comments 83
Slide 84: What's Different at Six Flags; Everything That Matters
I N S U M M A R Y : W H AT Y O U H AV E H E A R D TO D AY What’s Different at Six Flags; Everything That Matters 1 Six Flags is Different Now 2 Strategies for Success 3 Unmatched growth opportunities, 4 Clear Roadmap Ahead execution on track • World’s largest regional • Reinventing guest • $180M of
Slide 85: Thank You
Thank You 85
Slide 86: Exhibits
Exhibits A. Modified EBITDA Margin is calculated as Modified EBITDA divided by net revenues. See Footnote E for additional information regarding Modified EBITDA, including how we define and use the measure. Modified EBITDA margin is not a measurement computed in accordance with generally accepted ac
Slide 87: Exhibits (Continued)
Exhibits (Continued) D. Net Total Leverage is calculated as long-term debt, including current maturities, plus finance leases less cash and cash equivalents divided by Adjusted EBITDA. See Footnote E for additional information regarding Adjusted EBITDA, including how we define and use the measure. N
Slide 88: Exhibits (Continued)
Exhibits (Continued) E. Modified EBITDA represents earnings before interest, taxes, depreciation, amortization, other non-cash items, and adjustments as defined in our credit agreement. Adjusted EBITDA represents Modified EBITDA less net income attributable to non-controlling interests. Adjusted EBI