National Cinemedia, Inc. · NASDAQ:NCMI
National Cinemedia — Merger or Acquisition (August 2026)
14 slides from National Cinemedia's merger presentation, Aug 11, 2026
Slide 1: National CineMedia to Acquire Captivate
August 11, 2026 National CineMedia to Acquire Captivate
Slide 2: Forward-Looking Statements
This presentation contains various forward-looking statements that reflect management’s current expectations or beliefs regarding future events, including statements regarding the Company’s anticipated future financial performance and any projections or expectations regarding the Company’s proposed
Slide 3: Creates the Leading Premium Video and Digital Out-of-Home Advertising Platform
1 Creates the Leading Premium Video and Digital Out-of-Home Advertising Platform Expands the combined company to more than 48,000 screens across theaters, Class A office buildings, and residential properties in 185 DMAs, including all of the top 100 2 Broadens Reach Across Complementary Audiences Un
Slide 4: Enhanced Financial Profile
FY2025 FY2025 Pro Forma Including synergies and targeted savings Net Revenue $243 million $64 million $307 million Adj. EBITDA2 / OIBDA2 $39 million $19 million $73 million1 Adj. EBITDA2 / OIBDA Margin2 16% 30% 24% Screen Count3 ~22,000 26,000+ 48,000+ Enhanced Financial Profile 1 Pro Forma Adjusted
Slide 5: Transaction Overview
Transaction Overview Captivate Highlights Transaction Value Capital Structure Closing Conditions Purchase price represents an enterprise value of $275.0 million, reflecting approximately 10x Captivate’s pro forma Adjusted EBITDA1 $275.0 million of new committed term debt; available cash refinances e
Slide 6: Creates the Leading Premium Video and Digital Out-of-Home Advertising Platform
Creates the Leading Premium Video and Digital Out-of-Home Advertising Platform 1,750 theaters ~22,000 theater & lobby screens 11,000+ buildings 26,000+ digital video screens 185 DMAs including all of the top 100 48,000+ premium video screens Combined Platform + = Footprint & History More than 170 DM
Slide 7: Diversifies NCM's Revenue Base and Strengthens Financial Profile
Diversifies NCM’s Revenue Base and Strengthens Financial Profile Captivate Historical Financials ($M)1 Business Highlights Adjusted EBITDA1 margins of 30% with limited variable cost on incremental advertising revenue ~$3M of annual capex – minimal capital requirements Strong free cash flow and meani
Slide 8: Broadens Reach Across Complementary Audiences
Broadens Reach Across Complementary Audiences CINEMA OFFICE $120K+ median household income 30 median age $120K+ median household income 1,000+ Fortune 2000 company offices 62% multicultural Three premium high-value audiences RESIDENTIAL 500+ enterprise business offices 3
Slide 9: Expands Advertiser Appeal and Unlocks Growth Opportunities
Expands Advertiser Appeal and Unlocks Growth Opportunities Commercial Opportunities Introduce a new dynamic advertising solution to retarget audiences from buildings to theaters in key DMAs Cross-sell business-to-business and business-to-consumer across a combined national, local and programmatic ad
Slide 10: Enhances Technology and Programmatic Capabilities
Enhances Technology and Programmatic Capabilities Programmatic transaction rails Established and deployed programmatic platform SSP relationships covering 90% of the programmatic DOOH market Audience data & measurement Tenant-level targeting; ROI attribution across brand lift, foot traffic, site act
Slide 11: Capital Allocation
Capital Allocation Leverage and Priorities Inclusive of the transaction, incurrence of the new term debt, expected synergies, and savings from NCM’s operational transformation initiative, NCM expects net leverage at close to be approximately 3.9x Primary use of free cash flow following close will be
Slide 12: Appendix
Appendix
Slide 13: NCM Non-GAAP Reconciliations
NCM Non-GAAP Reconciliations National CineMedia, Inc. Reconciliation of Operating Income to Adjusted OIBDA (dollars in millions, unaudited) FY 2025 Operating Loss $ (13.9) Depreciation expense 4.6) Amortization expense 33.3) Share-based compensation costs (1) 9.3) Workforce and system optimization c
Slide 14: Captivate Non-GAAP Reconciliations
Captivate Non-GAAP Reconciliations Captivate Holdings, LLC Reconciliation of Net Income to Proforma Adjusted EBITDA (dollars in millions, unaudited) FY 2025 FY 2024 FY 2023 Net income $ 7.3) $ 1.2) $ 1.5) Income tax expense 0.3) -) ) 0.3) Interest expense, net 5.5) 5.3) 5.5) Depreciation and amortiz
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