Form 8-K

8-K — MARCUS CORP

Accession: 0000062234-26-000024

Filed: 2026-04-30

Period: 2026-04-30

CIK: 0000062234

SIC: 7830 (SERVICES-MOTION PICTURE THEATERS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — mcs-20260430.htm (Primary)

EX-99.1 (mcs-2026430xex991.htm)

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8-K

8-K (Primary)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report

(Date of earliest

event reported): April 30, 2026

THE MARCUS CORPORATION

(Exact name of registrant as

specified in its charter)

Wisconsin 1-12604 39-1139844

(State or other

jurisdiction of

incorporation)

(Commission File

Number)

(IRS Employer

Identification No.)

111 East Kilbourn Avenue, Suite 1200, Milwaukee, Wisconsin 53202-4125

(Address of principal executive offices, including zip code)

(414) 905-1000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17-CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17-CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol Name of each exchange on which registered

Common Stock, $1.00 par value MCS New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02.Results of Operations and Financial Condition.

On April 30, 2026, The Marcus Corporation issued a press release announcing its financial results for its first quarter ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Item 9.01.Financial Statements and Exhibits.

(a)Not applicable.

(b)Not applicable.

(c)Not applicable.

(d)Exhibits. The following exhibit is being furnished herewith:

Exhibit

Number

99.1

Press Release of The Marcus Corporation, dated April 30, 2026, regarding its financial results for its first quarter ended March 31, 2026.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

THE MARCUS CORPORATION

Date: April 30, 2026

By: /s/ Chad M. Paris

Chad M. Paris

Chief Financial Officer and Treasurer

EX-99.1

Filename: mcs-2026430xex991.htm · Sequence: 2

Document

Exhibit 99.1

MARCUS CORPORATION REPORTS FIRST QUARTER FISCAL 2026 RESULTS

Marcus Theatres and Marcus Hotels & Resorts both significantly outperform their respective industries

Milwaukee, April 30, 2026 … The Marcus Corporation (NYSE: MCS) today reported results for the first quarter fiscal 2026 ended March 31, 2026.

“Both Marcus Theatres and Marcus Hotels & Resorts significantly outperformed their respective industries during the first quarter of fiscal 2026,” said Gregory S. Marcus, chief executive officer of Marcus Corporation. “Fueled by a robust film slate that included Project Hail Mary, the first tentpole success of the year, as well as strong carry-over of holiday films and new family-friendly films that played well in our markets, Marcus Theatres started the year strong. The string of hit films continued into April with the blockbuster The Super Mario Galaxy Movie and the success of Michael. As typically is the case, travel was seasonally slower over the winter months, yet Marcus Hotels & Resorts continued to outperform its competitive sets, with especially strong performance from newly renovated assets. Momentum is building for both divisions as we head into the spring and summer, with growing excitement for the coming slate of new highly anticipated films – including several franchise favorites – and the return of the busy summer travel season.”

The first quarter of fiscal 2026 was comprised of five fewer operating days than the first quarter of fiscal 2025 due to the transition in the Company’s fiscal year in the prior year first quarter. See Fiscal Year Change section below for further discussion. Year-over-year comparisons herein are on an as-reported basis and include the impact of the five fewer operating days unless otherwise noted.

First Quarter Fiscal 2026 Highlights

•Total revenues for the first quarter of fiscal 2026 were $154.4 million, a 3.8% increase from total revenues of $148.8 million for the first quarter of fiscal 2025.

•Operating loss was $19.3 million for the first quarter of fiscal 2026, a 5.6% improvement from operating loss of $20.4 million for the first quarter of fiscal 2025.

•Net loss was $15.4 million for the first quarter of fiscal 2026, compared to net loss of $16.8 million for the first quarter of fiscal 2025.

•Net loss per diluted common share was $0.51 for the first quarter of fiscal 2026, compared to net loss per diluted common share of $0.54 for the first quarter of fiscal 2025.

•Adjusted EBITDA was $2.6 million for the first quarter of fiscal 2026, an increase from Adjusted EBITDA loss of $0.3 million for first quarter of fiscal 2025.

Marcus Theatres®

Total Theatre revenues were $92.9 million for the first quarter of fiscal 2026, a 6.4% increase over the first quarter of fiscal 2025 (despite five less operating days during fiscal 2026). Division operating loss was $2.8 million for the first quarter of fiscal 2026, a $3.5 million improvement compared to the first quarter of fiscal 2025. Adjusted EBITDA was $8.0 million for the first quarter of fiscal 2026, a 117.1% increase over the first quarter of fiscal 2025.

Same store admission revenues for the first quarter of fiscal 2026 increased 9.8% compared to the prior year quarter, which outperformed the industry by 4.8 percentage points, according to data received from Comscore. On a calendar quarter basis, same store admission revenues increased 29.0% over the comparable calendar quarter of fiscal 2025, outperforming the industry by 7.6 percentage points.

Same store attendance increased 1.9% in the first quarter of fiscal 2026 compared to the reported first quarter of fiscal 2025. On a calendar quarter basis, same store attendance increased 19.1% over the comparable calendar quarter of fiscal 2025. Average ticket prices increased 7.8% compared to the prior year quarter due to strategic price changes designed to optimize peak demand periods, a higher percentage of sales coming from premium large format screens, and a more favorable film mix. Average concession revenues per person increased 2.4% during the first quarter of fiscal 2026 compared to the prior year quarter, resulting from increased movie-themed merchandise sales, concession menu price increases, and a higher number of transactions per person.

“While the galactic success of Project Hail Mary led the way during the first quarter of fiscal 2026, moviegoers’ excitement for several other films, including family-friendly hits like Hoppers, Zootopia 2, Goat, and the continuing success of Avatar: Fire and Ash, also meaningfully contributed to our results,” said Jeffry F. Tomachek, incoming president of Marcus Theatres. “Strong box office momentum carried over into the second quarter of fiscal 2026 with the epic debut of The Super Mario Galaxy Movie contributing to our highest grossing five-day Easter weekend since 2019. That film’s continued performance, along with last weekend’s record-breaking opening of Michael, which was the top domestic opening for a music biopic, and strong pre-sales for tomorrow’s opening of The Devil Wears Prada 2, give us even more confidence as we head deeper into what is shaping up to be an exciting year at Marcus Theatres. Looking ahead to the summer movie season, we expect strong audience turnouts for family favorites and beloved franchises including Spider Man: Brand New Day, Star Wars: The Mandalorian and Grogu, Toy Story 5 and Minions & Monsters, appealing spectacles like Masters of the Universe and The Odyssey, and thrillers like Disclosure Day and Verity. As always, our team is ready to deliver memorable movie moments with enticing promotions, hot off the shelf merchandise, and of course the industry’s leading food, beverages and amenities.”

During the first quarter of fiscal 2026, Marcus Theatres’ top five highest-performing films were Project Hail Mary, Hoppers, Avatar: Fire and Ash, Scream 7 and Zootopia 2. The second quarter of fiscal 2026 kicked off with the blockbuster success of The Super Mario Galaxy Movie and the record-breaking opening weekend of Michael, with a strong film slate scheduled for the remainder of the year, including The Devil Wears Prada 2, Mortal Kombat II, Star Wars: The Mandalorian & Grogu, Masters of the Universe, Scary Movie, Disclosure Day, Toy Story 5, Supergirl, Jackass: Best and Last, Minions & Monsters, Moana, The Odyssey, Spider-Man: Brand New Day, Super Troopers 3, Paw Patrol: The Dino Movie, Insidious: Out of the Further, Practical Magic 2, Resident Evil, Forgotten Island, Digger, Verity, Other Mommy, The Social Reckoning, Street Fighter, The Cat in the Hat, Godzilla minus Zero, Hunger Games: Sunrise on the Reaping, Hexed, Focker-In-Law, Dune: Part Three, Avengers: Doomsday, The Angry Birds Movie 3 and Jumanji: Open World.

On April 7, the company announced that Jeffry F. Tomachek, chief financial officer of Marcus Theatres, will be promoted to president of the division. Tomachek succeeds Mark A. Gramz, who will retire from the company May 1, 2026. Tomachek began his career at Marcus Theatres in 1998 as division controller. Over nearly three decades with the company, Tomachek was promoted into various roles with increasing leadership responsibility in areas such as accounting, finance, design, construction, real estate, food and beverage strategy, and marketing. In 2020, he was named executive vice president and division chief financial officer.

Marcus® Hotels & Resorts

During the first quarter of fiscal 2026, Marcus Hotels & Resorts reported total revenues before cost reimbursements of $51.7 million, a 1.1% decrease from the first quarter of fiscal 2025, which included five more operating days than in the first quarter of fiscal 2026.

Division operating loss of $7.9 million during the first quarter of fiscal 2026 was negatively impacted by fewer operating days, an increase in depreciation expense of $0.4 million due to hotel renovations completed during fiscal 2025, and higher labor costs. Adjusted EBITDA loss was $0.3 million in the first quarter of fiscal 2026, which was also negatively impacted by five fewer operating days and unfavorable ski conditions at Grand Geneva Resort & Spa in Lake Geneva, Wisconsin.

Revenue per available room, or RevPAR, increased 13.7% in the first quarter of fiscal 2026 compared to the prior year period. During the first quarter of fiscal 2026, Marcus Hotels & Resorts outperformed the industry by 9.8 percentage points and significantly outperformed its competitive sets by 16.6 percentage points, which includes the favorable impact of Hilton Milwaukee being fully operational during the first quarter of fiscal 2026 compared to the first quarter of fiscal 2025 when the hotel was under renovation. Excluding the estimated impact of the Hilton Milwaukee renovation on the prior year period, Marcus Hotels & Resorts outperformed its competitive sets by 11.5 percentage points during the first quarter of fiscal 2026.

“Despite the winter months being our slowest season, the Marcus Hotels & Resorts team nevertheless delivered strong revenue results,” said Michael R. Evans, president of Marcus Hotels & Resorts. “Our hotels significantly outperformed their competitive sets during the first quarter of fiscal 2026, even after adjusting for the impact of the Hilton Milwaukee renovation on the prior year period. As we approach the busier spring and summer travel seasons, our unwavering focus on driving operational performance and unmatched commitment to the guest experience positions us well to continue capturing strong group bookings and leisure demand, especially at our newly renovated properties.”

Earlier this year Marcus Hotels & Resorts opened The Marc Hotel, a new 175-room independent hotel adjacent to the Baird Center in Milwaukee. This May, Grand Geneva Resort & Spa will open its new short-course golf course, Wee Nip. The 11-hole course is designed to cater to golfers of all skill levels and add another experience to Grand Geneva’s already established golf offerings, which include two championship courses, Brute and Highlands.

Fiscal Year Change

The first quarter of fiscal 2026 was comprised of five fewer operating days than the first quarter of fiscal 2025 due to the transition in the Company’s fiscal year in the prior year first quarter. During 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, with quarterly results for three-month periods ending March 31, June 30, September 30 and December 31. The first quarter of fiscal 2025 consisted of the three month period beginning December 27, 2024 and ended on March 31, 2025 (comprised of five operating days between December 27-31, 2024, plus 90 operating days in the calendar first quarter of 2025).

Conference Call and Webcast

Marcus Corporation management will hold a conference call today, Thursday, April 30, 2026, at 10:00 a.m. Central/11:00 a.m. Eastern time. Interested parties may listen to the call live on the internet through the investor relations section of the company's website: investors.marcuscorp.com or dialing 1-646-307-1963 and entering the passcode 8761289. Listeners should dial in to the call at least 5-10 minutes prior to the start of the call or should go to the website at least 15 minutes prior to the call to download and install any necessary audio software.

A telephone replay of the conference call will be available through Thursday, May 7, 2026, by dialing 1-800-770-2030 and entering passcode 8761289. The webcast will be archived on the company’s website until its next earnings release.

For additional information, contact:

Investors: Chad Paris

(414) 905-1100

investors@marcuscorp.com

Media: Megan Hakes

Megan.Hakes@hprstrategies.com

Non-GAAP Financial Measure

Adjusted EBITDA has been presented in this press release 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 before investment income or loss, interest expense, other expense, gain or loss on disposition of property, equipment and other assets, equity earnings or losses from unconsolidated joint ventures, net earnings or losses attributable to noncontrolling interests, income taxes, depreciation and amortization and non-cash share-based compensation expense, adjusted to eliminate the impact of certain items that the company does not consider indicative of its core operating performance. A reconciliation of this measure to the equivalent measure under GAAP, along with reconciliations of this measure for each of our operating segments, are set forth in the attached table.

Adjusted EBITDA is a key measure used by management and the company’s board of directors to assess the company’s financial performance and enterprise value. The company believes that Adjusted EBITDA is a useful measure, as it eliminates certain expenses and gains that are not indicative of the company’s core operating performance and facilitates a comparison of the company’s core operating performance on a consistent basis from period to period. The company also uses Adjusted EBITDA as a basis to determine certain annual cash bonuses and long-term incentive awards, to supplement GAAP measures of performance to evaluate the effectiveness of its business strategies, to make budgeting decisions, and to compare its performance against that of other peer companies using similar measures. Adjusted EBITDA is also used by analysts, investors and other interested parties as a performance measure to evaluate industry competitors.

Adjusted EBITDA is a non-GAAP measure of the company’s financial performance and should not be considered as an alternative to net earnings (loss) as a measure of financial performance, or any other performance measure derived in accordance with GAAP and it should not be construed as an inference that the company’s future results will be unaffected by unusual or non-recurring items. Additionally, Adjusted EBITDA is not intended to be a measure of liquidity or free cash flow for management’s discretionary use. In addition, this non-GAAP measure excludes certain non-recurring and other charges and has its limitations as an analytical tool. You should not consider Adjusted EBITDA in isolation or as a substitute for analysis of the company’s results as reported under GAAP. In evaluating Adjusted EBITDA, you should be aware that in the future the company will incur expenses that are the same as or similar to some of the items eliminated in the adjustments made to determine Adjusted EBITDA, such as acquisition expenses, preopening expenses, accelerated depreciation, impairment charges and other adjustments. The company’s presentation of Adjusted EBITDA should not be construed to imply that the company’s future results will be unaffected by any such adjustments. Definitions and calculations of Adjusted EBITDA differ among companies in our industries, and therefore Adjusted EBITDA disclosed by the company may not be comparable to the measures disclosed by other companies.

About The Marcus Corporation

Headquartered in Milwaukee, Marcus Corporation is a leader in the entertainment and hospitality industries, with significant company-owned real estate assets. Marcus Corporation’s theatre division, Marcus Theatres®, is the fourth largest theatre circuit in the U.S. and currently owns or operates 975 screens at 77 locations in 17 states under the Marcus Theatres, Movie Tavern® by Marcus and BistroPlex® brands. The company’s hospitality division, Marcus® Hotels & Resorts, owns and/or manages 17 hotels, resorts and other properties in eight states. For more information, please visit the company’s website at www.marcuscorp.com.

Certain matters discussed in this press release 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 because the context of such statements include words such as we “believe,” “anticipate,” “expect” or words of similar import. Similarly, statements that describe our future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties which may cause results to differ materially from those expected, including, but not limited to, the following: (1) the adverse effects future pandemics or epidemics may have on our theatre and hotels and resorts businesses, results of operations, liquidity, cash flows, financial condition, access to credit markets and ability to service our existing and future indebtedness; (2) the availability, in terms of both quantity and audience appeal, of motion pictures for our theatre division (including disruptions in the production of films due to events such as tariffs or a strike by actors, writers or directors or future pandemics); (3) the effects of theatre industry dynamics such as the maintenance of a suitable window between the date such motion pictures are released in theatres and the date they are released to other distribution channels; (4) the effects of adverse economic conditions in our markets; (5) the effects of adverse economic conditions on our ability to obtain financing on reasonable and acceptable terms, if at all; (6) the effects on our occupancy and room rates caused by the relative industry supply of available rooms at comparable lodging facilities in our markets; (7) the effects of competitive conditions in our markets; (8) our ability to achieve expected benefits and performance from our strategic initiatives and acquisitions; (9) the effects of increasing depreciation expenses, reduced operating profits during major property renovations, impairment losses, and preopening and start-up costs due to the capital intensive nature of our business; (10) the effects of changes in the availability of and cost of labor and other supplies essential to the operation of our business; (11) the effects of tariffs that are implemented or merely threatened on our costs; (12) the effects of weather conditions, particularly during the winter in the Midwest and in our other markets; (13) our ability to identify properties to acquire, develop and/or manage and the continuing availability of funds for such development; (14) the adverse impact on business and consumer spending on travel, leisure and entertainment resulting from terrorist attacks in the United States or other incidents of violence in public venues such as hotels and movie theatres; and (15) a disruption in our business and reputational and economic risks associated with civil securities claims brought by shareholders. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Our forward-looking statements are based upon our assumptions, which are based upon currently available information. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

THE MARCUS CORPORATION

Consolidated Statements of Operations

(Unaudited)

(in thousands, except per share data)

Three Months Ended

March 31,

2026 March 31,

2025

Revenues:

Theatre admissions $ 44,825 $ 40,931

Rooms 20,462 19,275

Theatre concessions 39,565 38,000

Food and beverage 17,460 17,829

Other revenues 21,694 22,874

144,006 138,909

Cost reimbursements 10,398 9,857

Total revenues 154,404 148,766

Costs and expenses:

Theatre operations 50,729 49,670

Rooms 10,318 9,906

Theatre concessions 17,170 17,451

Food and beverage 15,056 14,629

Advertising and marketing 5,735 5,244

Administrative 25,311 24,716

Depreciation and amortization 17,835 17,838

Rent 6,187 6,217

Property taxes 4,282 4,409

Other operating expenses 10,563 10,606

(Gain) loss on disposition of property, equipment and other assets 81 (1,365)

Reimbursed costs 10,398 9,857

Total costs and expenses 173,665 169,178

Operating income (19,261) (20,412)

Other income (expense):

Investment income 20 74

Interest expense (2,630) (2,822)

Other income (expense) (447) (444)

Equity earnings (losses) from unconsolidated joint ventures (674) (570)

(3,731) (3,762)

Earnings (loss) before income taxes (22,992) (24,174)

Income tax expense (7,639) (7,358)

Net earnings (loss) (15,353) (16,816)

Net earnings (loss) per common share - diluted $ (0.51) $ (0.54)

Weighted average shares outstanding - diluted 30,681 31,596

THE MARCUS CORPORATION

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands)

March 31,

2026 December 31,

2025

Assets:

Cash and cash equivalents $ 11,229 $ 23,448

Restricted cash 3,125 3,134

Accounts receivable 16,594 19,082

Other current assets 19,481 18,912

Property and equipment, net 689,841 697,712

Operating lease right-of-use assets 142,826 142,115

Other assets 108,962 110,129

Total Assets $ 992,058 $ 1,014,532

Liabilities and Shareholders' Equity:

Accounts payable $ 31,687 $ 44,523

Income taxes 594 —

Taxes other than income taxes 14,967 18,482

Other current liabilities 79,016 81,390

Current portion of finance lease obligations 2,618 2,827

Current portion of operating lease obligations 16,320 16,219

Finance lease obligations 8,008 8,452

Operating lease obligations 148,894 148,977

Long-term debt 174,062 159,007

Deferred income taxes 27,205 30,905

Other long-term obligations 47,520 46,372

Equity 441,167 457,378

Total Liabilities and Shareholders' Equity $ 992,058 $ 1,014,532

THE MARCUS CORPORATION

Business Segment Information

(Unaudited)

(In thousands)

Theatres Hotels/

Resorts Corporate

Items Total

Three Months Ended March 31, 2026

Revenues $ 92,928 $ 61,403 $ 73 $ 154,404

Operating income (loss) (2,810) (7,931) (8,520) (19,261)

Depreciation and amortization 10,263 7,188 384 17,835

Adjusted EBITDA 8,018 (283) (5,139) 2,596

Three Months Ended March 31, 2025

Revenues $ 87,357 $ 61,322 $ 87 $ 148,766

Operating income (loss) (6,281) (6,044) (8,087) (20,412)

Depreciation and amortization 10,706 6,736 396 17,838

Adjusted EBITDA 3,694 1,011 (4,964) (259)

Corporate items include amounts not allocable to the business segments. Corporate revenues consist principally of rent and the corporate operating loss includes general corporate expenses. Corporate information technology costs and accounting shared services costs are allocated to the business segments based upon several factors, including actual usage and segment revenues.

Supplemental Data

(Unaudited)

(In thousands)

Three Months Ended

Consolidated March 31,

2026 March 31,

2025

Net cash flow provided by (used in) operating activities $ (15,221) $ (35,329)

Net cash flow provided by (used in) investing activities (6,629) (22,779)

Net cash flow provided by (used in) financing activities 9,622 29,252

Capital expenditures (6,648) (23,005)

THE MARCUS CORPORATION

Reconciliation of Net Earnings (Loss) to Adjusted EBITDA

(Unaudited)

(In thousands)

Three Months Ended

March 31,

2026 March 31,

2025

Net earnings (loss) $ (15,353) $ (16,816)

Add (deduct):

Investment (income) loss (20) (74)

Interest expense 2,630 2,822

Other expense (income) 447 444

(Gain) Loss on disposition of property, equipment and other assets 81 (1,365)

Equity earnings (losses) from unconsolidated joint ventures 674 570

Income tax benefit (7,639) (7,358)

Depreciation and amortization 17,835 17,838

Share-based compensation (a) 3,824 3,545

Theatre exit costs (b) — 135

Other non-recurring (c) 117 —

Adjusted EBITDA $ 2,596 $ (259)

Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Reportable Segment

(Unaudited)

(In thousands)

Three Months Ended March 31, 2026

Theatres Hotels & Resorts Corp. Items Total

Operating income (loss) $ (2,810) $ (7,931) $ (8,520) $ (19,261)

Depreciation and amortization 10,263 7,188 384 17,835

(Gain) loss on disposition of property, equipment and other assets 76 5 — 81

Share-based compensation (a) 489 338 2,997 3,824

Other non-recurring (c) — 117 — 117

Adjusted EBITDA $ 8,018 $ (283) $ (5,139) $ 2,596

Three Months Ended March 31, 2025

Theatres Hotels & Resorts Corp. Items Total

Operating income (loss) $ (6,281) $ (6,044) $ (8,087) $ (20,412)

Depreciation and amortization 10,706 6,736 396 17,838

(Gain) loss on disposition of property, equipment and other assets (1,362) (3) — (1,365)

Share-based compensation (a) 496 322 2,727 3,545

Theatre exit costs (b) 135 — — 135

Adjusted EBITDA $ 3,694 $ 1,011 $ (4,964) $ (259)

(a)Non-cash expense related to share-based compensation programs.

(b)Reflects non-recurring costs related to the closure and exit of one theatre location in the first quarter of fiscal 2025.

(c)Other non-recurring includes professional fees related to the sale of historic tax credits resulting from the renovation at Hilton Milwaukee.

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xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 2 such as Street or Suite number

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine2

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

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No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

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Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

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Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

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- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

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Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

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- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

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No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

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Data Type:

xbrli:normalizedStringItemType

Balance Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

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Namespace Prefix:

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Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

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Namespace Prefix:

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Data Type:

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Balance Type:

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- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

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