Imax Corporation · NYSE:IMAX
Imax — Q2 2025 Earnings Presentation
34 slides from Imax's earnings presentation, Jul 24, 2025
Slide 1: Investor Presentation
I N V E S TO R P R E S E N TAT I O N J U LY 2025 ® IMAX Corp.
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation contains forward looking statements that are based on IMAX Corporation (the volatility of the Company’s share price; risks related to currency fluctuations and foreign exchange “Company”) management’s assumptions and existing information and involve certa
Slide 3: Strategic Update
Strategic Update Richard Gelfond Chief Executive Officer
Slide 4: Unique IMAX Platform Drives Strong Profitability and Long-Term Growth Opportunities
INVESTMENT HIGHLIGHTS Unique IMAX Platform Drives Strong Profitability and Long-Term Growth Opportunities IMAX is the Unrivaled premium Unmatched global Significant growth Strong operating Attractive capital future of moviegoing luxury brand network scale potential leverage position 4 5 6 +40% >50%
Slide 5: IMAX Is in a Strong Industry Position
IMAX IS IN A STRONG INDUSTRY POSITION IMAX is a Consistent Winner in the Dynamic Media and Entertainment Landscape IMAX Benefits From Strong Secular Tailwinds Record 23+ Filmed for IMAX titles expected in 2025 & 2026 Growing Demand for IMAX Amongst Filmmakers and +40% growth in IMAX Global Studios B
Slide 6: End-to-End Technology Powers Creativity from Creation to Delivery
End-to-End Technology Powers Creativity from Creation to Delivery THE IMAX EXPERIENCE SHOT WITH IMAX VIEWED IN THE MOST AMPLIFIED BY IMAX EXTENDING TO THE OPTIMIZED BY IMAX CAMERAS IMMERSIVE FORMAT HOME Lightyear Movies shot with IMAX certified IMAX’s proprietary digital IMAX’s comprehensive solutio
Slide 7: Robust Growth Across Financial Metrics Since Pandemic
STRONG OPERATING LEVERAGE DRIVES ACCELERATED PROFIT GROWTH Robust Growth Across Financial Metrics Since Pandemic $ in millions $ in millions REVENUE T O TA L A D J U S T E D E B I T D A & M A R G I N % (1)(2) +11% CAGR +16% CAGR $375 $352 $301 $144 $139 $255 $89 $96 38.4% 39.4% 34.8% 31.8% 2021 2022
Slide 8: Full-Year 2025 Guidance
FULL-YEAR 2025 GUIDANCE IMAX Box Office Total Adjusted Installations EBITDA Margin %(1) 2025 $1.2B+ 150-160(2) Low 40’s increased from 145-160 increased from 40%+ Guidance 2024 $901M 146 39.4% Actuals 2023 $1.06B 128 38.4% Actuals IMAX INVESTOR PRESENTATION 8 (1) Total Consolidated Adjusted EBITDA M
Slide 9: A Truly Global Premium Entertainment Platform
A TRULY GLOBAL PREMIUM ENTERTAINMENT PLATFORM W E S T E R N E U R O P E 1,750 C A N A D A 44 142 Commercial Multiplex Locations 89 Countries & Territories U N I T E D S T A T E S 375 G R E A T E R C H I N A IMAX network 796 100+ accounts for >50% of 1-99 L A T I N total global premium None A M E R I
Slide 10: IMAX Worldwide Target Market
IMAX WORLDWIDE TARGET MARKET Significant Rest of World Expansion Opportunity – Less Than 40% Penetrated 3,619 1,488 1,414 1513 42% 421 30% 826 56% 356 10% 197 14% Unpenetrated Market 717 IMAX New System Backlog 127 9% IMAX Network 266 38% 48% 32 4% 1750 796 56% 535 36% 419 58% Domestic Greater China
Slide 11: Strong Share of Global Box Office
STRONG MARKET SHARE ACROSS GLOBAL BOX OFFICE Strong Share of Global Box Office on Less than 1% of Screens I M A X B OX O F F I C E M A R K E T S H A R E 12 6.0% 5.5% 5.0% 4.8% 4.7% 4.4% 4.5% 4.4% 4.2% 3.8% 3.9% 3.8% 4.0% 3.7% 3.7% 3.3% 3.0% 3.3% 3.2% 3.6% 3.2% 3.1% 3.0% 3.0% 2.6% 2.5% 2.2% 2.3% 2.3%
Slide 12: Growing IMAX Fandom Fueling Demand
Growing IMAX Fandom Fueling Demand for IMAX by Filmmakers, Consumers, Exhibitors and Studios Increasing IMAX Blockbuster Market Share1 Driving demand by Filmmakers and Studios to work with IMAX Top 10 Grossing IMAX Titles – Domestic Opening Weekend Global Number of Titles per Year in Filmed For IMAX
Slide 13: Exceptional Slate Expected in 2H 2025
E X P E C T E D 2 H 2 0 2 5 S L A T E Exceptional Slate Expected in 2H 2025 – Record Number of Filmed for IMAX titles J U L Y J U L Y A U G U S T A U G U S T A U G U S T A U G U S T S E P T E M B E R S E P T E M B E R S E P T E M B E R O C T O B E R N O V E M B E R N O V E M B E R O C T O B E R O C
Slide 14: Good Visibility Into Local Language Slate
E X P E C T E D 2 H 2 0 2 5 L O C A L L A N G U A G E S L A T E In Addition to Hollywood, Good Visibility Into Local Language Slate CURIOUS TALES OF A THE LYCHEE DEAD TO RIGHTS TOKYO MER 2 WAR II DAS KANU DES MANITU TEMPLE ROAD DEMON SLAYER THE PROPHET NOBODY DONGJI RESCUE THE SHADOW’S EDGE TEE YOD
Slide 15: Exceptional Slate Continues in 2026
E X P E C T E D 2 0 2 6 S L A T E Exceptional Slate Continues in 2026 Including The Odyssey as well as Star Wars & Avengers Films AVATAR: THE SUPER THE MANDALORIAN PROJECT HAIL UNTITLED FIRE AND MERCY THE BRIDE! MARIO BROS. AND GROGU TOY STORY 5 MARY SPIELBERG ASH MOVIE SEQUEL Avatar carry-over from
Slide 16: IMAX Blockbuster Slate Filling Out for 2027
E X P E C T E D 2 0 2 7 S L A T E IMAX Blockbuster Slate Filling Out for 2027 with Major Franchises Headlining Schedule CHILDREN OF BLOOD THE THOMAS CROWN HOW TO TRAIN YOUR AVENGERS: THE BATMAN 2 FROZEN 3 AND BONE AFFAIR DRAGON 2 SECRET WARS GODZILLA X KONG: STAR WARS: SPIDER-MAN: LORD OF THE RINGS:
Slide 17: Partnering with Streaming Platforms
IMAX is Partnering with Streaming Platforms to Eventize and Launch Content Greta Gerwig's Narnia in 2026 • Two-week IMAX exclusive run over Thanksgiving of 2026 • Theatrical window of four weeks • Committed marketing D O C U M E N TA R Y S A L E T O IMAX VISION PRO APP 2 0 2 4 D O C U M E N TA R Y "
Slide 18: IMAX Is Widening the Content Aperture
CONTENT STRATEGY IMAX is Widening the Content Aperture ICONIC LOCAL LANGUAGE SPORTS CONCERTS LAUNCH EVENTS D O C U M E N TA R I E S RE-RELEASES IMAX INVESTOR PRESENTATION 18
Slide 19: Local Language Content Drives Box Office
Local Language (LL) Content Drives Box Office Incrementality and System Demand in Growth Markets REGIONAL HIGHLIGHTS First Half 2025 IMAX LL box office already over 50% higher than FY 2024 China: • LL averaged ~50% of IMAX China box office past 3 years • Record 2025 Chinese New Year with CNY titles
Slide 20: Financial Review
Financial Review Natasha Fernandes Chief Financial Officer
Slide 21: Track Record of Delivering on Guidance
FINANCIAL GUIDANCE AND PERFORMANCE Track Record of Delivering on Guidance 2023 2023 2024 2024 Guidance Results Guidance Results IMAX Global Domestic near-record despite impact of Set numerous Box Office Records, Similar to ~$1.1B improved 25% YoY $1.06B Hollywood strikes, weaker China box office $90
Slide 22: Second Quarter 2025 Financial Performance
SECOND QUARTER 2025 FINANCIAL PERFORMANCE IMAX Reports Strong Box Office, Installations, and Profitability Entering into 2H25 $ IN MILLIONS except for per share information Q2 2025 Q2 2024 1H 2025 1H 2024 FIRST HALF 2025 HIGHLIGHTS Global Box Office (excl. China Booking $277 $196 $558 $457 Fee) Glob
Slide 23: Total Adjusted EBITDA Margin and Box Office Correlation
Strong Operating Leverage – Higher Levels of Box Office Have Predictably Driven Higher Adjusted EBITDA Margin %(1)(2) IMAX Quarterly Box Office correlation to Quarterly Total Adjusted EBITDA Margin %(1)(2)(3) 60% 50% Total Adjusted EBITDA Margin % 40% 2025 Target: Low 40’s 30% Correlation Coefficien
Slide 24: Systems Installations Growth Accelerating
SYSTEMS NETWORK GROWTH DRIVERS Systems Installations Growth Accelerating with Second Quarter Installations up 50% Year-Over-Year 1H25 SIGNINGS SIGNINGS BY QUARTER BACKLOG PIPELINE 95 87 Sale 28% 501 JRSA 28 72% 16 19 440 8 145 89 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 123 TOTAL SIGNINGS 104 108 Upgrades 1 H2
Slide 25: Low Leverage Model With Strong Liquidity
Low Leverage Model with Improving Cash Flow and Strong Liquidity OP E R AT I N G C ASH F LOW ( $ IN MILLIO NS ) DE BT M AT UR I T Y LA DDE R ($ I N M I LLI ON S) $250 $60 $200 $71 $150 $30 $59 $231 $100 $17 $- $6 $50 $(23) $48 $- $(30) 2026 2027 2020 2021 2022 2023 2024 CASH & LIQUIDITY POSITION LEV
Slide 26: IMAX Repurchased 19% of Shares Outstanding Since 2020
DELIVERING VALUE THROUGH SHARE REPURCHASE IMAX Repurchased $175M, 19% of Shares Outstanding Since 2020 Increased Share Repurchase Authorization in June 2025, $251 Million Available Under Program YEAR-END SHARES SHARES REPURCHASED AVERAGE OUTSTANDING PAST 5 YEARS1 REPURCHASE PRICE ( I N T H O U S A N
Slide 27: First Half 2025 Cash Flow
ATTRACTIVE CASH FLOW MODEL First Half 2025 Cash Flow Reflects Strengthening Position FIRST HALF 2025 FIRST HALF 2024 ($ IN MILLIONS) ($ IN MILLIONS) $35 $35 $30.2 $30 $30 $25 $22.8 $24.1 $25 $20 $20 $18.2 $14.7 $15 $15 $9.8 $10 $8.1 $10 $8.4 $4.0 $3.4 $5 $5 $2.7 $3.2 $- $- 1H25 PP&E Acquisition of F
Slide 28: Appendix
A P P E N D I X IMAX INVESTOR PRESENTATION
Slide 29: The Business of IMAX
The Business of IMAX – the Most Premium, Innovative Platform for Cinema • IMAX is a global entertainment, technology, and distribution company known for its innovative, patented technology that transforms a movie into an experience. • IMAX is also a Hollywood insider, partnering with the world’s mos
Slide 30: How IMAX Makes Money
Appendix: How IMAX Makes Money Segment Customer Revenue Streams 2024 Revenue Comments IMAX earns a percentage of box office from studios for remastering and distribution of films in the IMAX network. Film Remastering & $101M Revenue is recognized as box office is earned. Content Solutions Studios an
Slide 31: Use of Non-GAAP Financial Measures
USE OF NON -GAAP FINANCIAL MEASURES In this presentation, the Company presents adjusted net income attributable to common shareholders and additional information with respect to the Company’s compliance with its Credit Agreement requirements, when adjusted net income attributable to common sharehold
Slide 32: Adjusted Net Income Reconciliation
NON-GAAP FINANCIAL RECONCILIATION — ADJUSTED NET INCOME 3 MONTHS ENDED JUNE 3 MONTHS ENDED JUNE 6 MONTHS ENDED JUNE 6 MONTHS ENDED JUNE 30, 2025 30, 2024 30, 2025 30, 2024 Per Per Per $ IN THOUSANDS, EXCEPT Net Income Diluted Net Income Diluted Net Income Diluted Net Income Per Share EPS DATA Share
Slide 33: Adjusted EBITDA Reconciliation
NON-GAAP FINANCIAL RECONCILIATION — ADJ. EBITDA $ IN THOUSANDS 3 MONTHS ENDED 3 MONTHS ENDED 6 MONTHS ENDED 6 MONTHS ENDED JUNE 30, 2025 JUNE 30, 2024 JUNE 30, 2025 JUNE 30, 2024 Revenues $ 91,684 $ 88,961 $ 178,351 $ 168,084 Reported Net Income $ 12,235 $ 5,073 $ 20,385 $ 10,493 Add (Subtract): Inc
Slide 34: Free Cash Flow Reconciliation
NON-GAAP FINANCIAL RECONCILIATION — FREE CASH FLOW 6 MONTHS ENDED JUNE 30, 2025 6 MONTHS ENDED JUNE 30, 2024 $ IN THOUSANDS Net Cash Provided by Operating Activities $ 30,181 $ 24,070 Purchase of Property, Plant and Equipment (4,006) (2,690) Acquisition of Other Intangible Assets (3,376) (3,191) Fre