Marcus Corporation (the) · NYSE:MCS
Marcus Corporation (the) — Q3 2026 Earnings Presentation
40 slides from Marcus Corporation (the)'s earnings presentation, Oct 29, 2026
Slide 1: Investor Presentation
INVESTOR PRESENTATION AUGUST 2026
Slide 2: Forward Looking Statement
FORWARD LOOKING STATEMENT Certain matters discussed in this presentation are “forward-looking statements” intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may generally be identified as such
Slide 3: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES Adjusted EBITDA has been presented in this presentation as a supplemental measure of financial performance that is not required by, or presented in accordance with, GAAP. The company defines Adjusted EBITDA as net earnings (loss) attributable to The Marcus Corporation bef
Slide 4: Legacy of Leadership in Entertainment and Hospitality
LEGACY OF LEADERSHIP IN ENTERTAINMENT AND HOSPITALITY Founded in 1935 | Headquartered in Milwaukee FOURTH LARGEST US PORTFOLIO OF 17 EXHIBITOR DISTINCTIVE PROPERTIES LTM BY DIVISIONS LTM REVENUES LTM ADJUSTED EBITDA $789.8M $116.0M (1) 33% 38% Adjusted Revenues* EBITDA 62% 26% 67% MARKET CAP LTM ADJ
Slide 5: Long-Term Value Proposition
LONG-TERM VALUE PROPOSITION 1. 2. 3. Significant competitive Experienced History of advantages operators outperformance 4. 5. 6. Favorable growth Strong balance sheet Shareholder value potential and access to capital creation 5
Slide 6: Significant Competitive Advantages
SIGNIFICANT COMPETITIVE ADVANTAGES
Slide 7: Diversified Platform
DIVERSIFIED PLATFORM 975 77 17 Company-owned 8 9 Managed properties Screens Locations States properties for other owners Full screen preview Marcus Theatres by Location(1) Marcus Theatres by Screen(1) Full screen preview Full screen preview ND ND 2 MN 24 MN 7 93 NY OVER 60 YEARS OF HOTEL NY BRANDED
Slide 8: Significant Real Estate Ownership
SIGNIFICANT REAL ESTATE OWNERSHIP Theatre Real Estate • Own 62% of movie theatres and eight 100% hotels • Reduces our monthly fixed lease 38% payments and enhances free cash flow 75% • Provides significant underlying credit support 50% 94% • Surplus real estate may be monetized if opportunities aris
Slide 9: High Quality Assets
HIGH QUALITY ASSETS Invested $581 million in our assets over the past decade Modernizing the movie-going experience with DreamLounger Reinvesting in existing award-winning properties to maintain and seating, PLF screens, expanded F&B offerings and more enhance their value while delivering memorable
Slide 10: Experienced Operators
EXPERIENCED OPERATORS
Slide 11: Proven Leadership Team
PROVEN LEADERSHIP TEAM GREGORY S. MARCUS THOMAS F. KISSINGER CHAD M. PARIS Chairman, President and Senior Executive Vice Chief Financial Officer Chief Executive Officer President, General Counsel & Treasurer Joined March 1992 and Secretary Joined October 2021 Joined August 1993 JEFFRY F. TOMACHEK MI
Slide 12: 90+ Years of Entrepreneurship & Innovation
90+ YEARS OF ENTREPRENEURSHIP & INNOVATION Founded by Ben Marcus in 1935 with an opening of a single movie Over more than 60 years, Marcus Hotels & Resorts has grown into a leading theatre in Ripon, Wisconsin. Today, Marcus Theatres’ facilities are nationwide hotel management company with deep exper
Slide 13: History of Outperformance
HISTORY OF OUTPERFORMANCE
Slide 14: Reinventing the Moviegoing Experience
REINVENTING THE MOVIEGOING EXPERIENCE Invested $340 million in new and existing assets over the last decade* LUXURY RECLINER COMPELLING NEW VIEWING PLF SCREENS TECHNOLOGY SEATING FOOD & BEVERAGE EXPERIENCES • 87% of company-owned • 84% of company-owned • 70% of company-owned • Enhanced mobile ticket
Slide 15: Historically Strong Performance
HISTORICALLY STRONG PERFORMANCE Our investments in amenities and implementation of innovative operating and marketing strategies historically results in strong performance Concessions Revenue per person Ticket Revenue per person YoY Growth YoY Growth 30.0% 12.0% 27.6% 11.1% 10.9% 25.0% 10.0% 20.0% 8
Slide 16: Delivering the Best in Hospitality
DELIVERING THE BEST IN HOSPITALITY Invested $241 million to further enhance our properties over the last decade MARQUEE UNIQUE MEMORABLE OPERATIONAL RECOGNIZED PROPERTIES FOOD & BEVERAGE EXPERIENCES EXCELLENCE EXPERTISE • Develop our own F&B • Develop our own • Focus on creating superior • Own/manag
Slide 17: Historically Strong Performance
HISTORICALLY STRONG PERFORMANCE Marcus Owned Market Share(1) 140.0 135.9 135.0 130.0 125.0 120.0 108.1 122.1 115.0 113.1 110.3 108.5 110.0 106.5 111.3 105.0 105.3 105.2 106.2 107.9 110.0 105.0 106.2 104.5 105.1 103.6 100.0 101.7 100.6 99.9 101.5 100.3 99.6 95.0 90.0 (2) (3) 2019 2020 2021 2022 2023
Slide 18: Favorable Growth Potential
FAVORABLE GROWTH POTENTIAL
Slide 19: Strong Demand for Out-of-Home Entertainment by All Generations
STRONG DEMAND FOR OUT-OF-HOME ENTERTAINMENT BY ALL GENERATIONS of Americans 12-74 saw at 77% least one movie in the theatre in 2025.(1) AVERAGING Among all age groups, Gen Z went to the movies more frequently. (1) 6.1 VISITS IN 2025 8% Growth of habitual moviegoers (those who see at least six movies
Slide 20: Robust Slate of Family-Friendly & Franchise Films in 2026
ROBUST SLATE OF FAMILY-FRIENDLY & FRANCHISE FILMS IN 2026 THIRD QUARTER FOURTH QUARTER 20 * Film slate subject to change
Slide 21: Strong Slate of Must-See Movies Continues into 2027
STRONG SLATE OF MUST-SEE MOVIES CONTINUES INTO 2027 2027 * Film slate subject to change 21
Slide 22: Strategic Growth Priorities
STRATEGIC GROWTH PRIORITIES MAXIMIZE ASSETS • Leverage insights from Marcus Movie Rewards loyalty program • Optimize pricing strategies • Further monetize lobby, screens, website and mobile app • Regularly upgrade and remodel theatres REINVENT MOVIEGOING EXPERIENCE • Growing membership programs (Mar
Slide 23: Group Travel Demand Remains Strong
GROUP TRAVEL DEMAND REMAINS STRONG Upper Upscale hotel segment 91% of Americans plan to 68.5% occupancy June 2026 YTD; in- line with luxury and upscale hotel segments and surpassing lower- travel in 2026.(1) 0.9 percentage points tier hotels.(3) Occupancy growth across all segments.(3) (3) Millennia
Slide 24: Active Portfolio Management
ACTIVE PORTFOLIO MANAGEMENT The Lofton Hotel JV Acquisition The Pfister Hotel Renovation • Acquired Loews Minneapolis Hotel • $20 million extensive, state-of-the-art, through joint venture multi-phase renovation • Assumed management and rebranded as • Full revitalization of the ballrooms and The Lof
Slide 25: Strategic Priorities
STRATEGIC PRIORITIES COMMITMENT TO EXCELLENCE • Outperform in our markets • Capture growing group demand and grow ancillary revenues • Leverage F&B expertise to further distinguish from competition • Invest in HR and technology to drive labor efficiency • Improve customer interactions and service wi
Slide 26: Strong Balance Sheet and Access to Capital
STRONG BALANCE SHEET AND ACCESS TO CAPITAL
Slide 27: 90+ Year History of Prudent Balance Sheet and Liquidity Management
90+ YEAR HISTORY OF PRUDENT BALANCE SHEET AND LIQUIDITY MANAGEMENT • Approach has been and will remain Debt Ratios 50% 10 thoughtful, opportunistic and focused Debt/Capitalization % Net Debt to Adjusted EBITDA Ratio long-term 9 40% 8 • Match our debt portfolio to our asset 37% 37% base – fixed and l
Slide 28: Shareholder Value Creation
SHAREHOLDER VALUE CREATION
Slide 29: Delivering Shareholder Value
DELIVERING SHAREHOLDER VALUE CAPITAL MANAGEMENT DIVESTITURE • Strong Free Cash Flow Generation EXPANSION • Sale of Selected Hotels (may • Share Repurchases REINVESTMENT retain management) THEATRES • Growing Dividend • Selected Theatre OPERATIONAL • Hotel Renovations • Acquisitions/New Builds Replace
Slide 30: Returning Capital to Shareholders
RETURNING CAPITAL TO SHAREHOLDERS DIVIDENDS • First major theatre company to reinstate dividend post-pandemic; 45 years of consecutive dividends pre-COVID Annual Cash Dividends • Quarterly cash dividend increased 14% to $0.08 in Q3 2025 and increased 12.5% to $0.09 in $0.7 Q3 2026 $0.60 $0.64 $0.6 P
Slide 31: Historical Results & Additional Information
HISTORICAL RESULTS & ADDITIONAL INFORMATION
Slide 32: Fiscal Year Change
FISCAL YEAR CHANGE • Beginning in fiscal 2025, the Company’s fiscal year changed from a 52-53 week fiscal year ending on the last Thursday of each year to a fiscal year ending on December 31 of each year. • Accordingly, fiscal 2025 was a 370 operating day fiscal year that began on December 27, 2024
Slide 33: First Half Fiscal 2026 Highlights (Theatres)
FIRST HALF FISCAL 2026 HIGHLIGHTS • Marcus Theatres significantly outperformed the industry by 4.9 percentage points • Same store admission revenues up 13.9% and up 21.0% on comparable calendar basis • Average ticket price up 6.2% Revenues (1) Operating Income Adjusted EBITDA and average concession
Slide 34: First Half Fiscal 2026 Highlights (Hotels)
FIRST HALF FISCAL 2026 HIGHLIGHTS • Record second quarter revenue and Adjusted EBITDA • RevPAR up 14.7% at comparable company- owned hotels • Significantly outperformed Revenues(1) Operating Loss (2) Adjusted EBITDA the industry by 9.9 percentage points and outperformed competitive sets by 9.4 perce
Slide 35: Second Quarter & First Half Fiscal 2026 Results
SECOND QUARTER & FIRST HALF FISCAL 2026 RESULTS Revenues(1) Operating Income (Loss)(2) Net Earnings (Loss) Adjusted EBITDA(3) (in millions) (in millions) (in millions) (in millions) $450 $20 $60 $35 $400 $386.1 $27.1 $15.8 $354.8 $350 $15 $48.8 $25 $50 $46.2 $300 $231.7 $15 $13.0 $10 $250 $40 $206.0
Slide 36: Historical Financial Performance
HISTORICAL FINANCIAL PERFORMANCE (5) Revenues Operating Income (Loss) Adjusted EBITDA (in millions) (in millions) (in millions) Operating Income % of Revenues Adjusted EBITDA Adjusted EBITDA Margin % $900 $789.8 $40 25% $140 20% $800 $758.5 $33.9 $32.3 $729.6 $735.6 18% $30 4.6% 4.1% $116.0 $677.4 1
Slide 37: Historical Results by Segment (in Millions)
HISTORICAL RESULTS BY SEGMENT (IN MILLIONS) Revenues(1) (in millions) Operating Income (Loss) (in millions) $800 $80 $60 $600 $263 $15 $233 $248 $258 $40 $18 $236 $18 $14 $400 $20 $19 $36 $44 $168 $22 $29 $0 $6 $8 $200 $408 $458 $446 $460 $484 -$28 $271 -$20 $0 -$40 2021 2022 2023 2024 2025 (2) Q2 2
Slide 38: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Reconciliation of Net Earnings (Loss) to Adjusted EBITDA (Unaudited) (In thousands) Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2026 2025 2026 2025 Net earnings (loss) $ 15,844 $ 7,321 $ 491 $ (9,495) Add (deduct): Investment (income) loss (66) (40
Slide 39: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Reportable Segment (Unaudited) (In thousands) Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 Hotels & Corp. Hotels & Corp. Theatres Resorts Items Total Theatres Resorts Items Total Operating inco
Slide 40: Investor Presentation
INVESTOR PRESENTATION AUGUST 2026
Marcus Corporation (The) — Q3 2026 Earnings Presentation on 6ix