Eastman Kodak Company · NYSE:KODK
Eastman Kodak — Q4 2025 Earnings Presentation
22 slides from Eastman Kodak's earnings presentation, Mar 12, 2026
Slide 1: Fourth Quarter and Full Year 2025 Earnings Call
Fourth Quarter and Full Year 2025 Earnings Call March 12, 2026
Slide 2: Cautionary Statement Regarding Forward-looking Statements
Cautionary Statement Regarding Forward-looking Statements Pursuant to Safe Harbor Provisions of The Private Securities Litigation Reform Act of 1995 Cautionary Statement Regarding Forward-Looking Statements This presentation includes “forward-looking statements” as that term is defined under the Pri
Slide 3: Cautionary Statement Regarding Forward-looking Statements (continued)
Cautionary Statement Regarding Forward-looking Statements Pursuant to Safe Harbor Provisions of The Private Securities Litigation Reform Act of 1995 Cautionary Statement Regarding Forward-Looking Statements (continued) medical epidemics and Kodak’s ability to effectively mitigate or recoup the assoc
Slide 4: Agenda
Agenda Introduction Anthony Redding, Chief Compliance - Officer First line bullet point First line bullet point - Second line bullet point First line bullet point - CEO Third Perspective line Jim Continenza, Executive Chairman bullet point First line bullet point - Fourth line bullet point First
Slide 5: CEO Perspective
CEO Perspective • Kodak’s long-term plan continues to be on track and finished 2025 with a strong fourth quarter and full year. Long term investments made are starting to pay off. • Completing the pension reversion allows Kodak to focus more clearly on financial reporting and operations. • Kodak has
Slide 6: CEO Perspective
CEO Perspective • AM&C: • Continued to invest in core competencies and starting to see the results pay off. • Revenue for AM&C increased 25% from the prior year quarter. • Launched owned direct distribution brand of still films to stabilize market and provide distributors, retailers and consumers wi
Slide 7: Fourth Quarter 2025 Results
Fourth Quarter 2025 Results Improvement Improvement ($ millions) Q4 2025 Q4 2024 (Decline) - $ (Decline) - % Consolidated Revenue $ 290 $ 266 $ 24 9% Impact of Foreign Exchange 2 (5) Adjusted Consolidated Revenue $ 285 $ 266 $ 19 7% Gross Profit $ 67 $ 51 $ 16 31% Impact of Foreign Exchange 2 - Adju
Slide 8: 2025 Fourth Quarter Cash Flow
2025 Fourth Quarter Cash Flow Three Months Ended December 31, ($ Millions) 2025 2024 $ Change Primary Drivers of Cash: Cash Flow from Operations: Net (loss) income $ (108) $ 26 $ (134) Depreciation and amortization 8 7 1 $151M Year- Pension and other postretirement income (1) (44) 43 Over-Year Gain
Slide 9: Full Year 2025 Results
Full Year 2025 Results Improvement Improvement ($ millions) FY 2025 FY 2024 (Decline) - $ (Decline) - % Consolidated Revenue $ 1,069 $ 1,043 $ 26 2% Impact of Foreign Exchange 2 (11) Adjusted Consolidated Revenue $ 1,058 $ 1,043 $ 15 1% Gross Profit $ 232 $ 203 $ 29 14% Impact of Foreign Exchange 2
Slide 10: Full Year 2025 Cash Flow
Full Year 2025 Cash Flow Twelve Months Ended December 31, ($ Millions) 2025 2024 $ Change Primary Drivers of Cash: Cash Flow from Operations: Net (loss) income $ (128) $ 102 $ (230) Depreciation and amortization 29 28 1 Pension and other postretirement income (43) (155) 112 $122M Year- Gain on settl
Slide 11: Non-GAAP Measures
Non-GAAP Measures In this earnings presentation, reference is made to the following non-GAAP financial measures: • Revenues, gross profit and Operational EBITDA on a constant currency basis; • Net (loss) Income excluding non-cash changes in workers’ compensation and other employee benefit reserves,
Slide 12: Non-GAAP Measures
Non-GAAP Measures The following tables reconcile the most directly comparable GAAP measure of Net (Loss) Income to Adjusted Net (Loss) Income for the three and twelve months ended December 31, 2025 and 2024, respectively: (in millions) Q4 2025 Q4 2024 $ Change % Change Net (Loss) Income $ (108) $ 26
Slide 13: Non-GAAP Measures
Non-GAAP Measures The following table reconciles the most directly comparable GAAP measure of Net (Loss) Income to Operational EBITDA and Adjusted Operational EBITDA for the three months ended December 31, 2025 and 2024, respectively: (in millions) Q4 2025 Q4 2024 $ Change % Change Net (Loss) Income
Slide 14: Non-GAAP Measures
Non-GAAP Measures The following table reconciles the most directly comparable GAAP measure of Net (Loss) Income to Operational EBITDA, Operational EBITDA on a constant currency basis and Adjusted Operational EBITDA for the twelve months ended December 31, 2025 and 2024, respectively: (in millions) F
Slide 15: Non-GAAP Measures
Non-GAAP Measures The following table reconciles the most directly comparable GAAP measure of Net cash provided by (used in) operating activities to Adjusted net cash provided by (used in) operating activities for the three and twelve months ended December 31, 2025 and 2024, respectively Twelve Mont
Slide 16: Non-GAAP Measures
Non-GAAP Measures The following table reconciles the most directly comparable GAAP measure of Net increase (decrease) in cash, cash equivalents and restricted cash to Adjusted net increase (decrease) in cash and cash equivalents for the three months ended December 31, 2025 and 2024, respectively Thr
Slide 17: Non-GAAP Measures
Non-GAAP Measures The following table reconciles the most directly comparable GAAP measure of Net increase (decrease) in cash, cash equivalents and restricted cash to Adjusted net decrease in cash and cash equivalents for the twelve months ended December 31, 2025 and 2024, respectively Twelve Months
Slide 18: Non-GAAP Measures
Non-GAAP Measures Footnote Explanations: (1) Consulting and other costs are primarily professional services and internal costs associated with certain corporate strategic initiatives and litigation. Consulting and other costs included $1 million of income in the year ended December 31, 2025, represe
Slide 19: Appendix
APPENDIX 19
Slide 20: Fourth Quarter 2025 Financial Summary by Reportable Segment
Fourth Quarter 2025 Financial Summary by Reportable Segment ($ millions) Advanced Q4 2025 Actuals Print Materials & Brand Total Chemicals Revenue $ 195 $ 85 $ 7 $ 287 (1) Operational EBITDA $ 8 $ 8 $ 6 $ 22 Advanced Q4 2024 Actuals Print Materials & Brand Total Chemicals Revenue $ 187 $ 68 $ 7 $ 262
Slide 21: Full Year 2025 Financial Summary by Reportable Segment
Full Year 2025 Financial Summary by Reportable Segment ($ millions) Advanced FY 2025 Actuals Print Materials & Brand Total Chemicals Revenue $ 715 $ 316 $ 23 $ 1,054 Operational EBITDA (1) $ 3 $ 39 $ 20 $ 62 Advanced FY 2024 Actuals Print Materials & Brand Total Chemicals Revenue $ 737 $ 271 $ 20 $
Slide 22: Thank You
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Eastman Kodak Company — Q4 2025 Earnings Presentation on 6ix