Q1 Slight Miss; Better Film Release Consistency in 2026

研报英文原文证据摘录

Q1 Slight Miss; Better Film Release Consistency in 2026

May 11, 2026 | 19:11 ET~

Cineplex

CGX-TSX Rating Price: May-11 Target Total Rtn Telecom/Media/Cable

Market Perform $10.77 $12.00 11%

Tim Casey, CFA Analyst

tim.casey@bmo.com (647) 284-4792

Drew J. Reichert, CPA Senior Associate

Q1 Slight Miss; Better Film Release Consistency in drew.reichert@bmo.com (647) 302-3669

Legal Entity: BMO Nesbitt Burns Inc.2026

2YR Price Volume Chart

Bottom Line: 14

Q1 revenues, EBITDAaL, and EPS missed. Q2/26 box office performance has been solid 13 12

with consistent releases targeting diverse audiences. Q2 y/y comps appear beatable. 11

Momentum should be maintained through 2026 and into 2027 through a steady release 10 3

9 2schedule. Cineplex closed one theatre and is opening one Playdium in June. LBE same- 8

store sales revenues remain soft. Many studios confirmed theatrical commitments, but 7 1

consolidation has typically lowered premium film supply. 6 Nov May Nov May0

LHS: Price (C$) / RHS: Volume (mm) Source: FactSet

Key Points Company Data in C$

Dividend $0.00 Shares O/S (mm) 63.0Q1 slight miss. Q1 revenues and adjusted EBITDAaL were below expectations.

Revenues were up 10% to $291mm (consensus $294mm), adjusted EBITDAaL was Yield 0.0% Market Cap (mm) $679

positive at $4mm (consensus $9.8mm), and EPS (continuing) was -$0.36 vs. -$0.56 last AD Vol. (mm) 1.13 Net Debt (mm) $668

year (Street -$0.29). Amusement and Cinema Media were below expectations. BMO Estimates in C$

Q2 North American box office tracking in line y/y with better film consistency; (FY-Dec.) 2024A 2025A 2026E 2027E

CGX overindexing. Q2 performance has been solid to date with strong opening Revenue $1,330 $1,285 $1,402 $1,420↓

weekends from The Super Mario Galaxy Movie, Michael, and The Devil Wears Prada 2.