CNK Q3: EPS $0.40, cash $461.3M after $460M note repayment

Rhea-AI Filing Summary

Cinemark Holdings (CNK) reported Q3 2025 results. Revenue was $857.5 million, down from $921.8 million a year ago. Operating income was $114.4 million. Net income attributable to Cinemark was $49.5 million, or diluted EPS of $0.40, compared with $187.8 million and $1.19 in the prior-year quarter.

For the first nine months of 2025, revenue reached $2,338.7 million and net income attributable to Cinemark was $104.1 million. The quarter included a $54.5 million loss on warrants within other expense. Cash and cash equivalents were $461.3 million at September 30, 2025, versus $1,057.3 million at December 31, 2024, reflecting financing actions and working capital.

Cinemark repaid $460.0 million of 4.50% Senior Convertible Notes, repurchased $200.0 million of common stock year-to-date, issued shares upon maturity of the convertibles and warrant settlements, and paid quarterly dividends of $0.08 per share. Long-term debt was $1,869.6 million, with $6.4 million current. Shares outstanding were 116,507,174 at September 30, 2025; as of October 31, 2025, 117,475,902 shares were outstanding.

Insights

Equity analyst

Q3 revenue fell YoY; earnings pressured by warrant-related loss.

Cinemark posted Q3 revenue of $857.5M versus $921.8M last year. Operating income was $114.4M, but other expense included a warrant-related loss of $54.5M, reducing bottom-line results to $49.5M net income and diluted EPS of $0.40.

Cash declined to $461.3M as the company repaid $460.0M of 4.50% Convertible Notes, repurchased $200.0M of stock, and paid dividends. Long-term debt remained near prior levels at $1,869.6M, with a new warrant liability of $132.6M on the balance sheet.

Key items to watch include subsequent disclosures about warrant settlements and balance sheet positioning after September 30, 2025 actions. Segment performance and release slates will continue to influence admissions and concessions revenue.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Commission File Number	Exact Name of Registrant as Specified in its Charter, Principal Executive Office Address and Telephone Number	State of Incorporation	I.R.S. Employer Identification No.
001-33401	Cinemark Holdings, Inc. 3900 Dallas Parkway Plano, Texas 75093        (972) 665-1000	Delaware	20-5490327
33-47040	Cinemark USA, Inc. 3900 Dallas Parkway Plano, Texas 75093        (972) 665-1000	Texas	75-2206284

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

	Title of Each Class	Trading Symbol(s)	Name of each exchange on which registered
Cinemark Holdings, Inc. ("Holdings")	Common stock, par value $0.001 per share	CNK	New York Stock Exchange
Cinemark Holdings, Inc.	Common stock, par value $0.001 per share	CNK	New York Stock Exchange Texas

Cinemark USA, Inc. ("CUSA") None None None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Cinemark Holdings, Inc. Yes ☒ No ☐

Cinemark USA, Inc. Yes ☐ No ☒

(Note: As a voluntary filer, Cinemark USA, Inc. is not subject to the filing requirements of Section 13 or 15(d) of the Exchange Act. Cinemark USA, Inc. has filed all reports pursuant to Section 13 or 15(d) of the Exchange Act during the preceding 12 months as if it was subject to such filing requirements.)

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Cinemark Holdings, Inc. Yes ☒ No ☐

Cinemark USA, Inc. Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Cinemark Holdings, Inc.

Large accelerated filer		☒		Accelerated filer		☐
Non-accelerated filer		☐		Smaller reporting company		☐
				Emerging growth company		☐

Cinemark USA, Inc.

Large accelerated filer		☐		Accelerated filer		☐
Non-accelerated filer		☒		Smaller reporting company		☐
				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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Cinemark Holdings, Inc. Yes ☐ No ☒

Cinemark USA, Inc. Yes ☐ No ☒

As of October 31, 2025, 117,475,902 shares of common stock, $0.001 par value per share, of Cinemark Holdings, Inc. were issued and outstanding.

As of October 31, 2025, 1,500 shares of Class A common stock, $0.01 par value per share, and 182,648 shares of Class B common stock, no par value per share, of Cinemark USA, Inc. were outstanding and held by Cinemark Holdings, Inc.

Cinemark USA, Inc. meetS the conditions set forth in General Instructions (H)(1)(a) and (b) of Form 10-Q and IS therefore filing this form with reduced disclosure format pursuant to General Instructions (H)(2).

This combined Form 10-Q is separately filed by Holdings and CUSA. Information contained herein relating to any individual registrant is filed by such registrant on its own behalf. Each registrant makes no representation as to information relating to the other registrant. When this Form 10-Q is incorporated by reference into any filings with the SEC made by Holdings or CUSA, as a registrant, the portions of this Form 10-Q that relate to the other registrant are not incorporated by reference therein.

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES

CINEMARK USA, INC. AND SUBSIDIARIES

TABLE OF CONTENTS

				Page
PART I. FINANCIAL INFORMATION
	Item 1.	Cinemark Holdings, Inc. and Subsidiaries Financial Statements (unaudited)
		Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024		3
		Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2025 and 2024		4
		Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2025 and 2024		5
		Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2025 and 2024		6
		Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024		8
		Cinemark USA, Inc. and Subsidiaries Financial Statements (unaudited)
		Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024		9
		Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2025 and 2024		10
		Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2025 and 2024		11
		Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2025 and 2024		12
		Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024		14
		Cinemark Holdings, Inc. and Cinemark USA, Inc. Notes to Condensed Consolidated Financial Statements		15
	Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations		38
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk		54
	Item 4.	Controls and Procedures		54
PART II. OTHER INFORMATION
	Item 1.	Legal Proceedings		55
	Item 1A.	Risk Factors		55
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		55
	Item 5.	Other Information		56
	Item 6.	Exhibits		62
SIGNATURES				63

1

Cautionary Statement Regarding Forward-Looking Statements

Certain matters within this Quarterly Report on Form 10-Q include “forward–looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The “forward-looking statements” include our current expectations, assumptions, estimates and projections about the respective business and industry of Holdings and CUSA. They include statements relating to:

•future revenue, expenses and profitability;

•currency exchange rate and inflationary impacts;

•general economic conditions in the United States and internationally;

•the future development and expected growth of our business;

•projected capital expenditures;

•access to capital resources;

•attendance at movies generally or in any of the markets in which we operate;

•the number and diversity of popular movies released, the length of exclusive theatrical release windows and our ability to successfully license and exhibit popular films;

•national and international growth in our industry;

•competition from other exhibitors, alternative forms of entertainment and content delivery via streaming and other formats;

•changes in legislation, government regulations or policies that affect our operations;

•determinations in lawsuits in which we are a party; and

•extraordinary events beyond our control, such as conflicts, wars, natural disasters, public health crises, labor strikes, or terrorist acts.

You can identify forward-looking statements by the use of words such as “may,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “anticipates,” “believes,” “plans,” “expects,” “future” and “intends” and similar expressions. These statements are neither historical facts nor guarantees of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions and are, therefore, subject to risks, inherent uncertainties and other factors, some of which are beyond our control and difficult to predict. Such risks and uncertainties could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. For a description of our risk factors, please review the “Risk Factors” section or other sections of, or incorporated by reference to, the Company’s Annual Report on Form 10-K filed February 19, 2025. All forward-looking statements attributable to either Holdings or CUSA or persons acting on our behalf, are expressly qualified in their entirety by such risk factors. Forward-looking statements contained in this Form 10-Q reflect the views of Holdings and CUSA only as of the date of this Form 10-Q. Neither Holdings nor CUSA undertake any obligation, other than as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Unless the context otherwise requires, all references to “we,” “our,” “us,” “the Company” or “Cinemark” relate to Cinemark Holdings, Inc. and its consolidated subsidiaries, and all references to CUSA relate to Cinemark USA, Inc. and its consolidated subsidiaries. All references to Latin America relate to Brazil, Argentina, Chile, Colombia, Peru, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala, Bolivia and Paraguay.

2

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except share and per share data, unaudited)

		September 30,				December 31,
		2025				2024
Assets
Current assets
Cash and cash equivalents		$	461.3			$	1,057.3
Inventories			30.0				31.0
Accounts receivable			82.0				104.6
Current income tax receivable			60.0				56.7
Prepaid expenses and other			47.6				48.7
Total current assets			680.9				1,298.3
Theater properties and equipment, net			1,126.2				1,145.1
Operating lease right-of-use assets, net			915.5				930.4
Other long-term assets
Goodwill			1,246.5				1,239.6
Intangible assets, net			300.4				300.5
Investment in NCMI			19.7				29.0
Investments in affiliates			23.3				26.2
Long-term deferred tax asset			97.5				69.5
Deferred charges and other assets			25.6				28.4
Total other long-term assets			1,713.0				1,693.2
Total assets		$	4,435.6			$	5,067.0
Liabilities and equity
Current liabilities
Current portion of long-term debt		$	6.4			$	464.3
Current portion of operating lease obligations			215.5				212.1
Current portion of finance lease obligations			16.2				15.4
Current income tax payable			6.1				5.6
Liability for warrants			132.6				—
Accounts payable and accrued expenses			521.3				584.3
Total current liabilities			898.1				1,281.7
Long-term liabilities
Long-term debt, less current portion			1,869.6				1,870.4
Operating lease obligations, less current portion			758.0				784.0
Finance lease obligations, less current portion			97.9				109.9
Long-term deferred tax liability			4.7				3.2
Long-term liability for uncertain tax positions			55.8				51.5
NCM screen advertising advances			310.1				318.5
Other long-term liabilities			49.0				44.4
Total long-term liabilities			3,145.1				3,181.9
Equity
Cinemark Holdings, Inc.'s stockholders' equity:
Common stock, $0.001 par value: 300,000,000 shares authorized, 147,717,029 shares issued and 116,507,174 shares outstanding at September 30, 2025 and 128,700,226 shares issued and 122,321,734 shares outstanding at December 31, 2024			0.1				0.1
Additional paid-in-capital			1,328.3				1,276.9
Treasury stock, 31,209,855 and 6,378,492 shares, at cost, at September 30, 2025 and December 31, 2024, respectively			(464.1	)			(103.2	)
Accumulated deficit			(87.6	)			(162.7	)
Accumulated other comprehensive loss			(393.3	)			(416.7	)
Total Cinemark Holdings, Inc.'s stockholders' equity			383.4				594.4
Noncontrolling interests			9.0				9.0
Total equity			392.4				603.4
Total liabilities and equity		$	4,435.6			$	5,067.0

The accompanying notes, as they relate to Cinemark Holdings, Inc., are an integral part of the condensed consolidated financial statements.

3

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in millions, except per share data, unaudited)

		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Revenue
Admissions		$	429.7			$	460.4			$	1,160.9			$	1,116.0
Concession			336.7				367.3				924.8				884.4
Other			91.1				94.1				253.0				234.8
Total revenue		$	857.5			$	921.8			$	2,338.7			$	2,235.2
Cost of operations
Film rentals and advertising			245.5				265.6				657.7				623.9
Concession supplies			65.6				64.5				183.0				165.1
Salaries and wages			106.3				109.9				306.0				294.1
Facility lease expense			81.9				85.9				243.1				244.7
Utilities and other			127.4				127.0				357.8				332.1
General and administrative expenses			61.9				56.4				170.5				161.0
Depreciation and amortization			50.9				49.1				149.8				148.3
Impairment of long-lived and other assets			0.6				—				2.2				—
Loss (gain) on disposal of assets and other			3.0				(0.1	)			(0.1	)			2.0
Total cost of operations			743.1				758.3				2,070.0				1,971.2
Operating income			114.4				163.5				268.7				264.0
Other income (expense)
Interest expense			(32.2	)			(36.7	)			(110.1	)			(109.0	)
Interest income			10.1				14.2				33.3				40.3
Loss on debt amendments and extinguishments			—				(3.0	)			(1.5	)			(5.5	)
Loss on warrants			(54.5	)			—				(54.5	)			—
Foreign currency exchange and other related loss			(5.2	)			(3.0	)			(5.7	)			(7.9	)
Distributions from NCMI/NCM			0.2				—				1.6				—
Interest expense - NCM			(5.3	)			(5.4	)			(16.0	)			(16.5	)
Equity in income of affiliates			1.6				5.0				5.1				11.3
Net (loss) gain on investment in NCMI			(1.5	)			11.6				(9.4	)			12.8
Total other expense			(86.8	)			(17.3	)			(157.2	)			(74.5	)
Income before income taxes			27.6				146.2				111.5				189.5
Income tax (benefit) expense			(22.9	)			(42.7	)			4.9				(71.3	)
Net income		$	50.5			$	188.9			$	106.6			$	260.8
Less: Net income attributable to noncontrolling interests			1.0				1.1				2.5				2.4
Net income attributable to Cinemark Holdings, Inc.		$	49.5			$	187.8			$	104.1			$	258.4
Weighted average shares outstanding
Basic			113.8				120.0				115.5				119.8
Diluted			123.8				158.2				139.4				153.7
Income per share attributable to Cinemark Holdings, Inc.'s common stockholders
Basic		$	0.43			$	1.54			$	0.88			$	2.11
Diluted		$	0.40			$	1.19			$	0.77			$	1.73

The accompanying notes, as they relate to Cinemark Holdings, Inc., are an integral part of the condensed consolidated financial statements.

4

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions, unaudited)

		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Net income		$	50.5			$	188.9			$	106.6			$	260.8
Other comprehensive income (loss), net of tax
Unrealized loss due to fair value adjustments on interest rate swap agreements, net of taxes and settlements			(1.0	)			(7.8	)			(6.1	)			(4.0	)
Foreign currency translation adjustments			2.3				8.5				26.8				(14.4	)
Total other comprehensive income (loss), net of tax		$	1.3			$	0.7			$	20.7			$	(18.4	)
Total comprehensive income, net of tax			51.8				189.6				127.3				242.4
Comprehensive income attributable to noncontrolling interests			(1.0	)			(1.1	)			(2.5	)			(2.4	)
Comprehensive income attributable to Cinemark Holdings, Inc.		$	50.8			$	188.5			$	124.8			$	240.0

The accompanying notes, as they relate to Cinemark Holdings, Inc., are an integral part of the condensed consolidated financial statements.

5

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(in millions, unaudited)

																														Total
																										Accumulated				Cinemark
		Common Stock								Treasury Stock								Additional								Other				Holdings, Inc.'s
		Shares								Shares								Paid-in-				Accumulated				Comprehensive				Stockholders’				Noncontrolling				Total
		Issued				Amount				Acquired				Amount				Capital				Deficit				Loss				Equity				Interests				Equity
Balance at January 1, 2025			128.7			$	0.1				(6.4	)		$	(103.2	)		$	1,276.9			$	(162.7	)		$	(416.7	)		$	594.4			$	9.0			$	603.4
Repurchases of common stock under share repurchase program (see Note 9)			—				—				(7.9	)			(201.6	)			—				—				—				(201.6	)			—				(201.6	)
Restricted stock forfeitures and stock withholdings related to share-based awards that vested during the three months ended March 31, 2025			—				—				(0.6	)			(17.1	)			—				—				—				(17.1	)			—				(17.1	)
Issuance of stock upon vesting of performance stock units			0.8				—				—				—				—				—				—				—				—				—
Issuance of share-based awards and share-based awards compensation expense			0.5			—					—			—					8.8				—				—				8.8				—				8.8
Dividends paid to stockholders, $0.08 per common share (see Note 6)			—			—					—			—					—				(10.1	)			—				(10.1	)			—				(10.1	)
Net (loss) income			—			—					—			—					—				(38.9	)			—				(38.9	)			0.3				(38.6	)
Distributions to noncontrolling interests			—				—				—				—				—				—				—				—				(0.9	)			(0.9	)
Amortization of accumulated losses for amended swap agreements			—			—					—			—					—				—				0.9				0.9				—				0.9
Other comprehensive income			—			—					—			—					—				—				12.8				12.8				—				12.8
Balance at March 31, 2025			130.0			$	0.1				(14.9	)		$	(321.9	)		$	1,285.7			$	(211.7	)		$	(403.0	)		$	349.2			$	8.4			$	357.6
Restricted stock forfeitures and stock withholdings related to share-based awards that vested during the three months ended June 30, 2025			—				—				—				(0.3	)			—				—				—				(0.3	)			—				(0.3	)
Issuance of share-based awards and share-based awards compensation expense			—				—				—				—				7.3				—				—				7.3				—				7.3
Dividends paid to stockholders, $0.08 per common share (see Note 6)			—			—					—			—					—				(9.4	)			—				(9.4	)			—				(9.4	)
Net income			—				—				—				—				—				93.5				—				93.5				1.2				94.7
Distributions to noncontrolling interests			—				—				—				—				—				—				—				—				(0.4	)			(0.4	)
Amortization of accumulated losses for amended swap agreements			—				—				—				—				—				—				0.9				0.9				—				0.9
Other comprehensive income			—				—				—				—				—				—				6.6				6.6				—				6.6
Balance at June 30, 2025			130.0			$	0.1				(14.9	)		$	(322.2	)		$	1,293.0			$	(127.6	)		$	(395.5	)		$	447.8			$	9.2			$	457.0
Issuance of common stock related to maturity of 4.50% Convertible Senior Notes (see Note 7)			16.2			—					—				—				—				—				—				—				—				—
Receipt of shares related to maturity of 4.50% Convertible Senior Note hedge transactions (see Note 7)			—			—					(16.2	)			(142.1	)			142.1				—				—				—				—				—
Reclassification of warrants to liability (see Note 7)			—				—				—				—				(156.5	)			—				—				(156.5	)			—				(156.5	)
Issuance of common stock related to settlements of warrants (see Note 7)			1.4				—				—				—				39.2				—				—				39.2				—				39.2
Adjustment to excise tax estimate related to repurchase of common stock under share repurchase program (see Note 9)			—				—				—				0.4				—				—				—				0.4				—				0.4
Restricted stock forfeitures and stock withholdings related to share-based awards that vested during the three months ended September 30, 2025			—				—				(0.1	)			(0.2	)			—				—				—				(0.2	)			—				(0.2	)
Issuance of share-based awards and share-based awards compensation expense			0.1			—					—				—				10.5				—				—				10.5				—				10.5
Dividends paid to stockholders, $0.08 per common share (see Note 6)			—			—					—				—				—				(9.5	)			—				(9.5	)			—				(9.5	)
Net income			—			—					—				—				—				49.5				—				49.5				1.0				50.5
Distributions to noncontrolling interests			—			—					—				—				—				—				—				—				(1.2	)			(1.2	)
Amortization of accumulated losses for amended swap agreements			—				—				—				—				—				—				0.9				0.9				—				0.9
Other comprehensive income			—				—				—				—				—				—				1.3				1.3				—				1.3
Balance at September 30, 2025			147.7			$	0.1				(31.2	)		$	(464.1	)		$	1,328.3			$	(87.6	)		$	(393.3	)		$	383.4			$	9.0			$	392.4

6

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY, CONTINUED

(in millions, unaudited)

																														Total
																										Accumulated				Cinemark
		Common Stock								Treasury Stock								Additional								Other				Holdings, Inc's
		Shares								Shares								Paid-in-				Accumulated				Comprehensive				Stockholders’				Noncontrolling				Total
		Issued				Amount				Acquired				Amount				Capital				Deficit				Loss				Equity				Interests				Equity
Balance at January 1, 2024			127.6			$	0.1				(6.0	)		$	(98.3	)		$	1,244.3			$	(472.4	)		$	(363.9	)		$	309.8			$	9.0			$	318.8
Restricted stock forfeitures and stock withholdings related to share-based awards that vested during the three months ended March 31, 2024			—				—				(0.3	)			(4.2	)			—				—				—				(4.2	)			—				(4.2	)
Issuance of stock upon vesting of performance stock units			0.1				—				—				—				—				—				—				—				—				—
Issuance of share-based awards and share-based awards compensation expense			0.9				—				—				—				6.4				—				—				6.4				—				6.4
Net income			—				—				—				—				—				24.8				—				24.8				0.5				25.3
Distributions to noncontrolling interests			—				—				—				—				—				—				—				—				(0.5	)			(0.5	)
Amortization of accumulated gains for amended swap agreements			—				—				—				—				—				—				(3.1	)			(3.1	)			—				(3.1	)
Other comprehensive loss			—				—				—				—				—				—				(7.3	)			(7.3	)			—				(7.3	)
Balance at March 31, 2024			128.6			$	0.1				(6.3	)		$	(102.5	)		$	1,250.7			$	(447.6	)		$	(374.3	)		$	326.4			$	9.0			$	335.4
Restricted stock forfeitures and stock withholdings related to share-based awards that vested during the three months ended June 30, 2024			—				—				—				(0.2	)			—				—				—				(0.2	)			—				(0.2	)
Issuance of share-based awards and share-based awards compensation expense			0.1				—				—				—				9.3				—				—				9.3				—				9.3
Net income			—				—				—				—				—				45.8				—				45.8				0.8				46.6
Distributions to noncontrolling interests			—				—				—				—				—				—				—				—				(0.6	)			(0.6	)
Amortization of accumulated gains for amended swap agreements			—				—				—				—				—				—				(3.7	)			(3.7	)			—				(3.7	)
Other comprehensive loss			—				—				—				—				—				—				(11.8	)			(11.8	)			—				(11.8	)
Balance at June 30, 2024			128.7			$	0.1				(6.3	)		$	(102.7	)		$	1,260.0			$	(401.8	)		$	(389.8	)		$	365.8			$	9.2			$	375.0
Restricted stock forfeitures and stock withholdings related to share-based awards that vested during the three months ended September 30, 2024			—				—				—				—				—				—				—				—				—				—
Issuance of share-based awards and share-based awards compensation expense			—				—				—				—				7.8				—				—				7.8				—				7.8
Net income			—				—				—				—				—				187.8				—				187.8				1.1				188.9
Distributions to noncontrolling interests			—				—				—				—				—				—				—				—				(0.8	)			(0.8	)
Amortization of accumulated gains for amended swap agreements			—				—				—				—				—				—				(3.7	)			(3.7	)			—				(3.7	)
Other comprehensive income			—				—				—				—				—				—				0.7				0.7				—				0.7
Balance at September 30, 2024			128.7			$	0.1				(6.3	)		$	(102.7	)		$	1,267.8			$	(214.0	)		$	(392.8	)		$	558.4			$	9.5			$	567.9

The accompanying notes, as they relate to Cinemark Holdings, Inc., are an integral part of the condensed consolidated financial statements.

7

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions, unaudited)

		Nine Months Ended September 30,
		2025				2024
Operating activities
Net income		$	106.6			$	260.8
Adjustments to reconcile net income to cash and cash equivalents
Depreciation			149.3				146.7
Amortization of intangible and other assets			0.5				1.6
Loss on debt amendments and extinguishments			1.5				5.5
Loss on warrants			54.5				—
Amortization of original issue discount and debt issuance costs			5.9				6.9
Interest accrued on NCM screen advertising advances			16.0				16.5
Amortization of NCM screen advertising advances			(24.4	)			(24.3	)
Amortization of accumulated losses (gains) for amended swap agreements			2.7				(10.5	)
Impairment of long-lived and other assets			2.2				—
Share-based awards compensation expense			26.1				24.1
(Gain) loss on disposal of assets and other			(0.1	)			2.0
Net loss (gain) on investment in NCMI			9.3				(12.8	)
Non-cash rent expense			(8.5	)			(10.2	)
Equity in income of affiliates			(5.1	)			(11.3	)
Deferred income tax benefit			(23.1	)			(104.1	)
Distributions from equity investees			8.0				5.1
Changes in assets and liabilities and other			(73.1	)			(26.4	)
Net cash provided by operating activities			248.3				269.6
Investing activities
Additions to theater properties and equipment			(105.6	)			(90.2	)
Proceeds from sale of theater properties and equipment and other			7.0				0.5
Proceeds from redemption of common units of NCM			—				0.6
Net cash used for investing activities			(98.6	)			(89.1	)
Financing activities
Dividends paid to stockholders			(28.3	)			—
Repurchases of common stock under share repurchase program			(200.0	)			—
Repayment of 4.50% Senior Convertible Notes			(460.0	)			—
Settlements related to warrant unwind agreements			(39.2	)			—
Proceeds from issuance of 7.00% Senior Notes			—				500.0
Redemption of 8.75% Secured Notes			—				(150.0	)
Redemption of 5.875% Senior Notes			—				(405.0	)
Payment of debt issuance costs			(1.2	)			(9.5	)
Payment of fees to amend senior secured credit facility and satisfy and discharge the 5.875% Senior Notes			(0.2	)			(1.3	)
Other repayments of long-term debt			(4.8	)			(11.0	)
Restricted stock withholdings for payroll taxes			(17.6	)			(4.4	)
Payments on finance leases			(11.5	)			(11.4	)
Other financing activities			1.0				(2.1	)
Net cash used for financing activities			(761.8	)			(94.7	)
Effect of exchange rate changes on cash and cash equivalents			16.1				(6.6	)
(Decrease) increase in cash and cash equivalents			(596.0	)			79.2
Cash and cash equivalents:
Beginning of period			1,057.3				849.1
End of period		$	461.3			$	928.3

The accompanying notes, as they relate to Cinemark Holdings, Inc., are an integral part of the condensed consolidated financial statements.
* * * * * * * *

8

CINEMARK USA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except share and per share data, unaudited)

		September 30,				December 31,
		2025				2024
Assets
Current assets
Cash and cash equivalents		$	460.9			$	827.4
Inventories			30.0				31.0
Accounts receivable			82.0				103.9
Current income tax receivable			54.4				52.3
Prepaid expenses and other			47.5				48.8
Accounts receivable from parent			91.3				65.5
Total current assets			766.1				1,128.9
Theater properties and equipment, net			1,126.2				1,145.1
Operating lease right-of-use assets, net			915.5				930.4
Other long-term assets
Goodwill			1,246.5				1,239.6
Intangible assets, net			300.4				300.5
Investment in NCMI			19.7				29.0
Investments in affiliates			23.3				26.2
Long-term deferred tax asset			48.7				67.7
Deferred charges and other assets, net			25.6				28.4
Total other long-term assets			1,664.2				1,691.4
Total assets		$	4,472.0			$	4,895.8
Liabilities and equity
Current liabilities
Current portion of long-term debt		$	6.4			$	6.4
Current portion of operating lease obligations			215.5				212.1
Current portion of finance lease obligations			16.2				15.4
Current income tax payable			2.9				2.4
Accounts payable and accrued expenses			519.5				576.0
Total current liabilities			760.5				812.3
Long-term liabilities
Long-term debt, less current portion			1,869.6				1,870.4
Operating lease obligations, less current portion			758.0				784.0
Finance lease obligations, less current portion			97.9				109.9
Long-term deferred tax liability			6.6				5.1
Long-term liability for uncertain tax positions			55.8				51.5
NCM screen advertising advances			310.1				318.5
Other long-term liabilities			48.6				44.4
Total long-term liabilities			3,146.6				3,183.8
Equity
Cinemark USA, Inc.'s stockholder's equity:
Class A common stock, $0.01 par value: 10,000,000 shares authorized, 1,500 shares issued and outstanding			—				—
Class B common stock, no par value: 1,000,000 shares authorized, 239,893 shares issued and 182,648 shares outstanding			49.5				49.5
Treasury stock, 57,245 Class B shares at cost			(24.2	)			(24.2	)
Additional paid-in-capital			1,560.1				1,534.6
Accumulated deficit			(633.4	)			(249.7	)
Accumulated other comprehensive loss			(396.1	)			(419.5	)
Total Cinemark USA, Inc.'s stockholder's equity			555.9				890.7
Noncontrolling interests			9.0				9.0
Total equity			564.9				899.7
Total liabilities and equity		$	4,472.0			$	4,895.8

The accompanying notes, as they relate to Cinemark USA, Inc., are an integral part of the condensed consolidated financial statements.

9

CINEMARK USA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in millions, unaudited)

		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Revenue
Admissions		$	429.7			$	460.4			$	1,160.9			$	1,116.0
Concession			336.7				367.3				924.8				884.4
Other			91.1				94.1				253.0				234.8
Total revenue		$	857.5			$	921.8			$	2,338.7			$	2,235.2
Cost of operations
Film rentals and advertising			245.5				265.6				657.7				623.9
Concession supplies			65.6				64.5				183.0				165.1
Salaries and wages			106.3				109.9				306.0				294.1
Facility lease expense			81.9				85.9				243.1				244.7
Utilities and other			127.4				127.0				357.8				332.1
General and administrative expenses			61.1				55.5				167.9				158.2
Depreciation and amortization			50.9				49.1				149.8				148.3
Impairment of long-lived and other assets			0.6				—				2.2				—
Loss (gain) on disposal of assets and other			3.0				(0.1	)			(0.1	)			2.0
Total cost of operations			742.3				757.4				2,067.4				1,968.4
Operating income			115.2				164.4				271.3				266.8
Other income (expense)
Interest expense			(29.3	)			(30.6	)			(95.1	)			(90.8	)
Interest income			9.9				11.1				30.8				30.8
Loss on debt amendments and extinguishments			—				(3.0	)			(1.5	)			(5.5	)
Foreign currency exchange and other related loss			(5.2	)			(3.0	)			(5.7	)			(7.9	)
Distributions from NCMI/NCM			0.2				—				1.6				—
Interest expense - NCM			(5.3	)			(5.4	)			(16.0	)			(16.5	)
Equity in income of affiliates			1.6				5.0				5.1				11.3
Net (loss) gain on investment in NCMI			(1.5	)			11.6				(9.4	)			12.8
Total other expense			(29.6	)			(14.3	)			(90.2	)			(65.8	)
Income before income taxes			85.6				150.1				181.1				201.0
Income tax expense (benefit)			23.8				(39.7	)			53.2				(67.6	)
Net income		$	61.8			$	189.8			$	127.9			$	268.6
Less: Net income attributable to noncontrolling interests			1.0				1.1				2.5				2.4
Net income attributable to Cinemark USA, Inc.		$	60.8			$	188.7			$	125.4			$	266.2

The accompanying notes, as they relate to Cinemark USA, Inc., are an integral part of the condensed consolidated financial statements.

10

CINEMARK USA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions, unaudited)

		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Net income		$	61.8			$	189.8			$	127.9			$	268.6
Other comprehensive income (loss), net of tax
Unrealized loss due to fair value adjustments on interest rate swap agreements, net of taxes and settlements			(1.0	)			(7.8	)			(6.1	)			(4.0	)
Foreign currency translation adjustments			2.3				8.5				26.8				(14.4	)
Total other comprehensive income (loss), net of tax		$	1.3			$	0.7			$	20.7			$	(18.4	)
Total comprehensive income, net of tax			63.1				190.5				148.6				250.2
Comprehensive income attributable to noncontrolling interests			(1.0	)			(1.1	)			(2.5	)			(2.4	)
Comprehensive income attributable to Cinemark USA, Inc.		$	62.1			$	189.4			$	146.1			$	247.8

The accompanying notes, as they relate to Cinemark USA, Inc., are an integral part of the condensed consolidated financial statements.

11

CINEMARK USA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(in millions, unaudited)

																																		Total
		Class A								Class B																				Accumulated				Cinemark
		Common Stock								Common Stock												Additional								Other				USA, Inc's
		Shares								Shares								Treasury				Paid-in-				Accumulated				Comprehensive				Stockholder's				Noncontrolling				Total
		Issued				Amount				Issued				Amount				Stock				Capital				Deficit				Loss				Equity				Interests				Equity
Balance at January 1, 2025			—			$	—			0.2				$	49.5			$	(24.2	)		$	1,534.6			$	(249.7	)		$	(419.5	)		$	890.7			$	9.0			$	899.7
Share-based awards compensation expense			—				—				—				—				—				8.5				—				—				8.5				—				8.5
Net (loss) income			—				—				—				—				—				—				(34.6	)			—				(34.6	)			0.3				(34.3	)
Distributions to noncontrolling interests			—				—				—				—				—				—				—				—				—				(0.9	)			(0.9	)
Amortization of accumulated losses for amended swap agreements			—				—				—				—				—				—				—				0.9				0.9				—				0.9
Other comprehensive income			—				—				—				—				—				—				—				12.8				12.8				—				12.8
Balance at March 31, 2025			—			$	—				0.2			$	49.5			$	(24.2	)		$	1,543.1			$	(284.3	)		$	(405.8	)		$	878.3			$	8.4			$	886.7
Share-based awards compensation expense			—				—				—				—				—				6.9				—				—				6.9				—				6.9
Net income			—				—				—				—				—				—				99.2				—				99.2				1.2				100.4
Distributions to noncontrolling interests			—				—				—				—				—				—				—				—				—				(0.4	)			(0.4	)
Amortization of accumulated losses for amended swap agreements			—				—				—				—				—				—				—				0.9				0.9				—				0.9
Other comprehensive income			—				—				—				—				—				—				—				6.6				6.6				—				6.6
Balance at June 30, 2025			—			$	—				0.2			$	49.5			$	(24.2	)		$	1,550.0			$	(185.1	)		$	(398.3	)		$	991.9			$	9.2			$	1,001.1
Share-based awards compensation expense			—				—				—				—				—				10.1				—				—				10.1				—				10.1
Distributions to parent (see Note 16)			—				—				—				—				—				—				(509.1	)			—				(509.1	)			—				(509.1	)
Net income			—				—				—				—				—				—				60.8				—				60.8				1.0				61.8
Distributions to noncontrolling interests			—				—				—				—				—				—				—				—				—				(1.2	)			(1.2	)
Amortization of accumulated gains for amended swap agreements			—				—				—				—				—				—				—				0.9				0.9				—				0.9
Other comprehensive income			—				—				—				—				—				—				—				1.3				1.3				—				1.3
Balance at September 30, 2025			—			$	—				0.2			$	49.5			$	(24.2	)		$	1,560.1			$	(633.4	)		$	(396.1	)		$	555.9			$	9.0			$	564.9

12

CINEMARK USA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY, CONTINUED

(in millions, unaudited)

																																		Total
		Class A								Class B																				Accumulated				Cinemark
		Common Stock								Common Stock												Additional								Other				USA, Inc's
		Shares								Shares								Treasury				Paid-in-				Accumulated				Comprehensive				Stockholder's				Noncontrolling				Total
		Issued				Amount				Issued				Amount				Stock				Capital				Deficit				Loss				Equity				Interests				Equity
Balance at January 1, 2024			—			$	—			0.2				$	49.5			$	(24.2	)		$	1,503.3			$	(570.6	)		$	(366.7	)		$	591.3			$	9.0			$	600.3
Share-based awards compensation expense			—				—				—				—				—				6.0				—				—				6.0				—				6.0
Net income			—				—				—				—				—				—				27.4				—				27.4				0.5				27.9
Distributions to noncontrolling interests			—				—				—				—				—				—				—				—				—				(0.5	)			(0.5	)
Amortization of accumulated gains for amended swap agreements			—				—				—				—				—				—				—				(3.1	)			(3.1	)			—				(3.1	)
Other comprehensive loss			—				—				—				—				—				—				—				(7.3	)			(7.3	)			—				(7.3	)
Balance at March 31, 2024			—			$	—				0.2			$	49.5			$	(24.2	)		$	1,509.3			$	(543.2	)		$	(377.1	)		$	614.3			$	9.0			$	623.3
Share-based awards compensation expense			—				—				—				—				—				9.0				—				—				9.0				—				9.0
Net income			—				—				—				—				—				—				50.1				—				50.1				0.8				50.9
Distributions to noncontrolling interests			—				—				—				—				—				—				—				—				—				(0.6	)			(0.6	)
Amortization of accumulated gains for amended swap agreements			—				—				—				—				—				—				—				(3.7	)			(3.7	)			—				(3.7	)
Other comprehensive loss			—				—				—				—				—				—				—				(11.8	)			(11.8	)			—				(11.8	)
Balance at June 30, 2024			—			$	—				0.2			$	49.5			$	(24.2	)		$	1,518.3			$	(493.1	)		$	(392.6	)		$	657.9			$	9.2			$	667.1
Share-based awards compensation expense			—				—				—				—				—				7.5				—				—				7.5				—				7.5
Net income			—				—				—				—				—				—				188.7				—				188.7				1.1				189.8
Distributions to noncontrolling interests			—				—				—				—				—				—				—				—				—				(0.8	)			(0.8	)
Amortization of accumulated gains for amended swap agreements			—				—				—				—				—				—				—				(3.7	)			(3.7	)			—				(3.7	)
Other comprehensive income			—				—				—				—				—				—				—				0.7				0.7				—				0.7
Balance at September 30, 2024			—			$	—				0.2			$	49.5			$	(24.2	)		$	1,525.8			$	(304.4	)		$	(395.6	)		$	851.1			$	9.5			$	860.6

The accompanying notes, as they relate to Cinemark USA, Inc., are an integral part of the condensed consolidated financial statements.

13

CINEMARK USA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions, unaudited)

		Nine Months Ended September 30,
		2025				2024
Operating activities
Net income		$	127.9			$	268.6
Adjustments to reconcile net income to cash and cash equivalents
Depreciation			149.3				146.7
Amortization of intangible and other assets			0.5				1.6
Loss on debt amendments and extinguishments			1.5				5.5
Amortization of original issue discount and debt issuance costs			3.8				4.3
Interest accrued on NCM screen advertising advances			16.0				16.5
Amortization of NCM screen advertising advances			(24.4	)			(24.3	)
Amortization of accumulated losses (gains) for amended swap agreements			2.7				(10.5	)
Impairment of long-lived and other assets			2.2				—
Share-based awards compensation expense			25.1				23.1
(Gain) loss on disposal of assets and other			(0.1	)			2.0
Net loss (gain) on investment in NCMI			9.3				(12.8	)
Non-cash rent expense			(8.5	)			(10.2	)
Equity in income of affiliates			(5.1	)			(11.3	)
Deferred income tax expense (benefit)			23.9				(99.1	)
Distributions from equity investees			8.0				5.1
Changes in assets and liabilities and other			(72.0	)			(25.7	)
Net cash provided by operating activities			260.1				279.5
Investing activities
Additions to theater properties and equipment			(105.6	)			(90.2	)
Proceeds from sale of theater properties and equipment and other			7.0				0.5
Proceeds from redemption of common units of NCM			—				0.6
Net cash used for investing activities			(98.6	)			(89.1	)
Financing activities
Distributions paid to parent			(509.1	)			—
Proceeds from issuance of 7.00% Senior Notes			—				500.0
Redemption of 8.75% Secured Notes			—				(150.0	)
Repayment of 5.875% Senior Notes			—				(405.0	)
Payment of debt issuance costs			(1.2	)			(9.5	)
Payment of fees to amend senior secured credit facility and satisfy and discharge the 5.875% Senior Notes			(0.2	)			(1.3	)
Other repayments of long-term debt			(4.8	)			(11.0	)
Restricted stock withholdings for payroll taxes			(17.6	)			(4.4	)
Payments on finance leases			(11.5	)			(11.4	)
Other financing activities			0.3				(2.1	)
Net cash used for financing activities			(544.1	)			(94.7	)
Effect of exchange rate changes on cash and cash equivalents			16.1				(6.6	)
(Decrease) increase in cash and cash equivalents			(366.5	)			89.1
Cash and cash equivalents:
Beginning of period			827.4				612.4
End of period		$	460.9			$	701.5

The accompanying notes, as they relate to Cinemark USA, Inc., are an integral part of the condensed consolidated financial statements.

14

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES AND

CINEMARK USA, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(in millions, except per share data, unaudited)

1.The Company and Basis of Presentation

Cinemark Holdings, Inc. (“Holdings”) is a holding company and its wholly-owned subsidiary is Cinemark USA, Inc. Holdings consolidates Cinemark USA, Inc. and its subsidiaries, or “CUSA”, for financial statement purposes, and CUSA’s operating revenue and operating expenses comprise nearly 100% of Holdings’ revenue and operating expenses. As such, the following Notes to Condensed Consolidated Financial Statements relate to Holdings and CUSA and their respective consolidated subsidiaries in all material respects, unless otherwise noted. Where it is important to distinguish between Holdings and CUSA, specific reference is made to either Holdings or CUSA. Otherwise, all references to “we,” “our,” “us,” and “the Company” relate to Cinemark Holdings, Inc. and its consolidated subsidiaries. We operate in the theatrical exhibition industry, with theaters in the United States (“U.S.”) and in 13 countries in Latin America as of September 30, 2025.

The accompanying condensed consolidated balance sheets of Holdings and CUSA as of December 31, 2024, each of which were derived from audited financial statements, and the unaudited condensed consolidated financial statements of Holdings and CUSA, respectively, have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation have been included. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ from these estimates.

These condensed consolidated financial statements of Holdings and CUSA should be read in conjunction with the audited annual consolidated financial statements of Holdings and CUSA and the notes thereto for the year ended December 31, 2024, included in the Company’s Annual Report on Form 10-K filed with the SEC on February 19, 2025. Operating results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results to be achieved for the full year.

2.New Accounting Pronouncements

ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). The purpose of ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures in order to provide information to better assess how an entity’s operations and related tax risks, tax planning, and operational opportunities affect its tax rate and prospects for future cash flows. The amendments in ASU 2023-09 require that public entities, on an annual basis, (i) disclose specific categories in the income tax rate reconciliation and (ii) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pre-tax income or loss by the applicable statutory income tax rate). The amendments in ASU 2023-09 are effective for annual reporting periods beginning after December 15, 2024. The Company will adopt ASU 2023-09 for the year ending December 31, 2025. The disclosure requirements of ASU 2023-09 will be applied to the annual income tax disclosures on a prospective basis with the option to apply the standard retrospectively. The impact of adopting the additional disclosure requirements of ASU 2023-09 will not have an impact on the Company’s financial condition or results of operations.

ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). The purpose of ASU 2024-03 is to enhance the disclosures about a public business entity’s expenses by requiring more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation and amortization) included within income statement expense captions. The amendments in ASU 2024-03 are effective for all public companies for annual reporting periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is in the process of evaluating the impact of adopting the additional disclosure requirements of ASU 2024-03 on its consolidated financial statement disclosures.

ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). The purpose of ASU 2025-06 is to modernize the accounting for software costs that are accounted for under Subtopic 350-40, Intangibles - Goodwill and Other - Internal-Use Software (“ASC 350-40”) to better align the accounting guidance with the software development approaches currently used. Specifically, software is not always developed in a linear manner, which is an underlying tenet of the existing internal-use software capitalization framework. To clarify how the guidance applies to both linear and nonlinear software development, ASU 2025-06 removes all references to prescriptive and sequential software development stages throughout ASC 350-40. Under ASU 2025-06, an entity is required to start capitalizing software costs when both of the following occur: (i) management has committed to funding the software project; and (ii) it is probable that the project will be completed and the software will be used to perform the function intended (referred to as the “probable-to-complete recognition threshold”). Furthermore, the amendments in ASU 2025-06 supersede the current website development costs guidance and incorporate the recognition requirements for website-specific development costs from ASC 350-50 into ASC 350-40. The amendments in ASU

15

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES AND

CINEMARK USA, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(in millions, except per share data, unaudited)

2025-06 are effective for all public companies for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual periods. Early adoption is permitted as of the beginning of an annual reporting period. The Company is in the process of evaluating the impact of adopting the accounting provisions of ASU 2025-06 on its consolidated financial statements.

3.Lease Accounting

The following table represents the Company’s aggregate lease costs, by lease classification, for the periods presented.

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
Lease Cost	Classification	2025				2024				2025				2024
Operating lease costs
Equipment (1)	Utilities and other, General and administrative	$	1.0			$	1.2			$	3.1			$	2.8
Real Estate (1)	Facility lease expense, General and administrative		84.3				87.9				249.0				252.5
Total operating lease costs		$	85.3			$	89.1			$	252.1			$	255.3
Finance lease costs
Amortization of leased assets	Depreciation and amortization	$	3.6			$	3.5			$	10.8			$	10.0
Interest on lease liabilities	Interest expense		1.6				1.3				5.0				4.2
Total finance lease costs		$	5.2			$	4.8			$	15.8			$	14.2

(1)Includes short-term lease payments, variable lease payments and office and equipment lease payments reflected in general and administrative expense as set forth in the following table for the periods presented:

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
Lease Cost	Classification	2025				2024				2025				2024
Operating lease costs
Equipment - Short-term and variable lease payments	Utilities and other	$	1.0			$	1.1			$	2.9			$	2.5
Real Estate - Variable lease payments (1)	Facility lease expense	$	15.6			$	20.4			$	45.1			$	49.1
Office and equipment leases	General and administrative	$	0.4			$	0.5			$	1.1			$	1.1

(1) Represents lease payments that are based on a change in index, such as CPI or inflation, variable payments based on revenue or attendance and variable common area maintenance costs.

The following table represents the minimum cash lease payments as included in the measurement of lease liabilities and the non-cash addition of lease right-of-use assets for the periods presented.

		Nine Months Ended
		September 30,
Other Information		2025				2024
Cash paid for amounts included in the measurement of lease liabilities:
Cash outflows for operating leases		$	204.2			$	203.7
Cash outflows for finance leases - operating activities		$	5.0			$	4.2
Cash outflows for finance leases - financing activities		$	11.5			$	11.4
Non-cash amount of right-of-use assets obtained in exchange for:
Operating lease liability additions, net		$	124.1			$	135.6
Finance lease liability additions, net		$	0.3			$	34.2

As of September 30, 2025, the Company had signed lease agreements with total non-cancelable lease payments of approximately $43.4 related to theater and facility leases that had not yet commenced. The timing of lease commencement is dependent on the completion of construction of the related facility. Additionally, these amounts are based on estimated square footage and costs to construct each facility and may be subject to adjustment upon final completion of each construction project. In accordance with ASC

16

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES AND

CINEMARK USA, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(in millions, except per share data, unaudited)

Topic 842, Leases, fixed minimum lease payments related to these facilities are not included in the right-of-use assets and lease liabilities as of September 30, 2025.

4.Revenue Recognition

The Company’s patrons have the option to purchase movie tickets well in advance of a movie showtime, right before the movie showtime, or at any point in between those two timeframes depending on seat availability. The Company recognizes such admissions revenue when the showtime for a purchased movie ticket has passed. Concession revenue is recognized when products are sold to the consumer at the theater, or if purchased online in advance, either through the Company’s website, its mobile application, or through a third-party delivery service, once the consumer’s order is fulfilled. Other revenue primarily consists of screen advertising, screen rental revenue, gaming revenue, promotional income, studio trailer placements and transactional fees. Except for National CineMedia, LLC (“NCM”) screen advertising advances discussed in Note 8, these revenues are generally recognized when the Company has fulfilled its performance obligations by providing the services specified in each contract.

The Company sells gift cards and discount ticket vouchers, the proceeds from which are recorded as deferred revenue. Deferred revenue for gift cards and discount ticket vouchers is recognized when they are redeemed for concession items, or if redeemed for movie tickets, when the movie showtime has passed. The Company generally records breakage revenue on unredeemed gift cards and discount ticket vouchers based on redemption activity and historical experience associated with unused balances.

The Company offers a subscription program in the U.S., whereby patrons can pay a monthly or annual fee to receive a monthly credit for use towards a future movie ticket purchase. The Company offers similar subscription fee programs in several of its international locations where customers can pay a monthly or annual fee to receive benefits such as a free monthly movie ticket. The Company records subscription program fees as deferred revenue and records admissions revenue when the showtime for a movie ticket purchased with a credit has passed. The Company records breakage revenue for unused credits based upon redemption of subscription credits and historical experience with unused credits.

The Company has loyalty programs in the U.S. and many of its international locations that either have a prepaid annual fee or award points to customers as purchases are made. For those loyalty programs that have a prepaid annual fee, the Company recognizes the fee collected as other revenue on a straight-line basis over the annual membership period. For those loyalty programs that award points to customers based on their purchases, the Company records a portion of the original transaction proceeds as deferred revenue based on the number of reward points issued to customers and recognizes the deferred revenue when the customer redeems such points. The value of loyalty points issued is based on the estimated fair value of the rewards offered. The Company records breakage revenue for unredeemed loyalty points based upon redemption of loyalty points and historical experience with the expiration of unused points.

Accounts receivable as of September 30, 2025 and December 31, 2024 included approximately $27.8 and $29.8, respectively, of receivables related to contracts with customers. The Company did not record any assets related to the costs to obtain or fulfill a contract with customers during the nine months ended September 30, 2025.

Disaggregation of Revenue

The following tables present revenue for the periods indicated, disaggregated based on major type of good or service and by reportable segment.

		Three Months Ended												Nine Months Ended
		September 30, 2025												September 30, 2025
		U.S.				International								U.S.				International
		Reportable				Reportable								Reportable				Reportable
		Segment (1)				Segment				Consolidated				Segment (1)				Segment				Consolidated
Admissions revenue		$	348.5			$	81.2			$	429.7			$	939.5			$	221.4			$	1,160.9
Concession revenue			272.4				64.3				336.7				744.4				180.4				924.8
Screen advertising, screen rental and promotional revenue (2)			24.4				15.4				39.8				69.9				41.4				111.3
Other revenue			38.3				13.0				51.3				106.2				35.5				141.7
Total revenue		$	683.6			$	173.9			$	857.5			$	1,860.0			$	478.7			$	2,338.7

17

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES AND

CINEMARK USA, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(in millions, except per share data, unaudited)

		Three Months Ended												Nine Months Ended
		September 30, 2024												September 30, 2024
		U.S.				International								U.S.				International
		Reportable				Reportable								Reportable				Reportable
		Segment (1)				Segment				Consolidated				Segment (1)				Segment				Consolidated
Admissions revenue		$	375.2			$	85.2			$	460.4			$	894.4			$	221.6			$	1,116.0
Concession revenue			299.6				67.7				367.3				709.6				174.8				884.4
Screen advertising, screen rental and promotional revenue (2)			24.4				15.3				39.7				67.7				38.7				106.4
Other revenue			42.2				12.2				54.4				98.7				29.7				128.4
Total revenue		$	741.4			$	180.4			$	921.8			$	1,770.4			$	464.8			$	2,235.2

(1)U.S. segment revenue excludes intercompany transactions with the international reportable segment. See Note 15 for the amount of intercompany eliminations for the periods presented.

(2)Amount includes amortization of NCM screen advertising advances. See NCM Screen Advertising Advances and Other Deferred Revenue below.

The following tables present revenue for the periods indicated, disaggregated based on timing of recognition (as discussed above) and by reportable segment.

		Three Months Ended												Nine Months Ended
		September 30, 2025												September 30, 2025
		U.S.				International								U.S.				International
		Reportable				Reportable								Reportable				Reportable
		Segment (1)				Segment				Consolidated				Segment (1)				Segment				Consolidated
Goods and services transferred at a point in time		$	656.2			$	154.6			$	810.8			$	1,781.6			$	424.9			$	2,206.5
Goods and services transferred over time (2)			27.4				19.3				46.7				78.4				53.8				132.2
Total		$	683.6			$	173.9			$	857.5			$	1,860.0			$	478.7			$	2,338.7

		Three Months Ended												Nine Months Ended
		September 30, 2024												September 30, 2024
		U.S.				International								U.S.				International
		Reportable				Reportable								Reportable				Reportable
		Segment (1)				Segment				Consolidated				Segment (1)				Segment				Consolidated
Goods and services transferred at a point in time		$	714.6			$	159.5			$	874.1			$	1,696.1			$	417.1			$	2,113.2
Goods and services transferred over time (2)			26.8				20.9				47.7				74.3				47.7				122.0
Total		$	741.4			$	180.4			$	921.8			$	1,770.4			$	464.8			$	2,235.2

(1)U.S. segment revenue excludes intercompany transactions with the international reportable segment. See Note 15 for the amount of intercompany eliminations for the periods presented.

(2)Amount includes amortization of NCM screen advertising advances. See NCM Screen Advertising Advances and Other Deferred Revenue below.

18

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES AND

CINEMARK USA, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(in millions, except per share data, unaudited)

NCM Screen Advertising Advances and Other Deferred Revenue

The following table presents changes in the Company’s deferred revenue for the nine months ended September 30, 2025.

		NCM screen advertising advances				Other deferred revenue (1)
Balance at January 1, 2025		$	318.5			$	250.8
Amounts recognized as accounts receivable			—				2.7
Cash received from customers in advance			—				278.4
Interest accrued related to significant financing component			16.0				—
Revenue recognized during period			(24.4	)			(283.1	)
Foreign currency translation adjustments			—				(0.1	)
Balance at September 30, 2025		$	310.1			$	248.7

(1)Includes liabilities associated with outstanding gift cards and discount ticket vouchers, points, credits or rebates outstanding under the Company’s loyalty and subscription programs and revenue collected in advance for screen advertising and other promotional activities. Amounts are classified as accounts payable and accrued expenses or other long-term liabilities on the condensed consolidated balance sheet.

The table below summarizes the aggregate amount of the performance obligations that are unsatisfied as of September 30, 2025 and when the Company expects to recognize this deferred revenue.

			Twelve Months Ended September 30,
			2026				2027				2028				2029				2030				Thereafter				Total
NCM screen advertising advances (1)			$	11.8			$	12.6			$	13.5			$	14.4			$	15.4			$	242.4			$	310.1
Other deferred revenue				219.9				28.8				—				—				—				—				248.7
Total			$	231.7			$	41.4			$	13.5			$	14.4			$	15.4			$	242.4			$	558.8

(1)The NCM screen advertising advances are recognized on a straight-line basis over the term of the ESA through February 2041. Amounts are net of the estimated interest to be accrued for the periods presented. See Note 8 for further discussion of the NCM screen advertising advances.

19

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES AND

CINEMARK USA, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(in millions, except per share data, unaudited)

5.Earnings Per Share

The following table presents computations of basic and diluted earnings per share for Holdings:

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2025				2024				2025				2024
Numerator:
Net income attributable to Cinemark Holdings, Inc.		$	49.5			$	187.8			$	104.1			$	258.4
Income allocated to participating share-based awards (1)			(0.6	)			(3.6	)			(1.3	)			(5.0	)
Basic net income attributable to common stockholders		$	48.9			$	184.2			$	102.8			$	253.4
Add: Interest expense on convertible notes, net of tax			—				3.9				4.6				12.3
Add: Loss on warrants (2)			—				—				—				—
Diluted net income attributable to common stockholders		$	48.9			$	188.1			$	107.4			$	265.7
Denominator:
Basic weighted average shares outstanding			113.8				120.0				115.5				119.8
Common equivalent shares for performance stock units			2.1				2.0				2.2				1.9
Common equivalent shares for restricted stock units			0.1				—				0.1				—
Common equivalent shares for convertible notes (3)			7.8				32.0				21.6				32.0
Common equivalent shares for warrants (2),(4)			—				4.2				—				—
Diluted weighted average shares outstanding			123.8				158.2				139.4				153.7
Basic earnings per share attributable to common stockholders		$	0.43			$	1.54			$	0.88			$	2.11
Diluted earnings per share attributable to common stockholders		$	0.40			$	1.19			$	0.77			$	1.73

(1)For the three months ended September 30, 2025 and 2024, a weighted average of approximately 1.50 shares and 2.38 shares of restricted stock, respectively, were considered participating securities. For the nine months ended September 30, 2025 and 2024, a weighted average of approximately 1.37 shares and 2.38 shares of restricted stock, respectively, were considered participating securities.

(2)For the three and nine months ended September 30, 2025, diluted earnings per share excludes the warrants, as they would be anti-dilutive when adjusting the basic net income attributable to common shareholders for the loss on warrants recorded during each respective period.

(3)For the three and nine months ended September 30, 2024, the diluted earnings per share excludes the convertible note hedge transactions, as they would be anti-dilutive. See Convertible notes, hedges and warrants below for discussion of the convertible note hedge transactions as they relate to basic and diluted earnings per share for the three and nine months ended September 30, 2025.

(4)For the nine months ended September 30, 2024, diluted earnings per share excludes the warrants, as they would be anti-dilutive since the strike price exceeded the average price of Holdings’ common stock during the relevant period.

Share-based awards

Holdings considers its unvested restricted stock awards, which contain non-forfeitable rights to dividends, participating securities and includes such participating securities in its computation of earnings per share pursuant to the two-class method. Basic earnings per share for the two classes of stock (common stock and unvested restricted stock) is calculated by dividing net income by the weighted average number of shares of common stock and unvested restricted stock outstanding during the reporting period. Diluted earnings per share is calculated using the weighted average number of shares of common stock plus the potentially dilutive effect of common equivalent shares outstanding determined under both the two-class method and the treasury stock method. For the three and nine months ended September 30, 2025 and 2024, diluted earnings per share using the treasury stock method was less dilutive than the two-class method; as such, only the two-class method has been included above.

Convertible notes, hedges and warrants

The 4.50% Convertible Senior Notes, discussed further in Note 13 of the Company’s Annual Report on Form 10-K filed February 19, 2025, were dilutive in periods in which Holdings had net income through their August 15, 2025 maturity date. The impact of such dilution on earnings per share is calculated under the if-converted method, which requires that all of the shares of Holdings’ common stock issuable upon conversion of the 4.50% Convertible Senior Notes be included in the calculation of diluted earnings per share assuming conversion at the beginning of the reporting period. The if-converted value of the 4.50% Convertible Senior Notes is based on the weighted average closing price of Holdings’ common stock for the relevant reporting period. For the three and nine months ended September 30, 2025, diluted earnings per share includes the if-converted number of shares related to the convertible notes through May 15, 2025, the date the Company provided irrevocable notice to the holders of the 4.50% Convertible Senior Notes of its election to settle the $460.0 principal amount of the 4.50% Convertible Senior Notes in cash and any amounts above the $460.0 principal amount in

20

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES AND

CINEMARK USA, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(in millions, except per share data, unaudited)

shares. After May 15, 2025 the diluted earnings per share calculation reflects an estimated number of shares to be issued for the amount owed above the $460.0 principal amount outstanding based on a volume-weighted average share price for the period from May 15, 2025 through August 15, 2025.

Holdings entered into hedge transactions with counterparties in connection with the issuance of the 4.50% Convertible Senior Notes. The convertible note hedge transactions covered, subject to anti-dilution adjustments substantially similar to those applicable to the 4.50% Convertible Senior Notes, the number of shares of Holdings’ common stock underlying the 4.50% Convertible Notes, which gave Holdings the option to purchase approximately 32.0 shares of its common stock at a price of $14.35 per share, which was adjusted to approximately 32.2 shares of its common stock at a price of $14.27 per share as a result of the dividends paid to stockholders on March 19, 2025 and June 12, 2025. This adjustment was implemented effective June 17, 2025, which was the first day of the observation period for settlements of conversion of the 4.50% Convertible Senior Notes at maturity. The hedge transactions matured and were settled on August 15, 2025. The Company received 16.2 shares of Holdings common stock related to the maturity of the hedge transactions, which are reflected as Treasury stock in Holdings’ condensed consolidated balance sheet at September 30, 2025.

Concurrently with entering into the convertible note hedge transactions, Holdings also entered into warrant transactions whereby Holdings sold warrants to purchase, subject to customary anti-dilution adjustments, up to the same number of shares of Holdings' common stock, which gave counterparties the option to purchase approximately 32.0 shares at a price of $22.08 per share, adjusted to approximately 32.2 shares at a price of $21.95 per share as a result of the dividends paid to stockholders on March 19, 2025 and June 12, 2025. The economic effect of these transactions is to effectively raise the strike price of the 4.50% Convertible Senior Notes to approximately $21.95 per share of Holdings’ common stock.

After August 15, 2025, the basic weighted average shares outstanding reflects the issuance of shares to settle the amount above the $460.0 principal amount of the 4.50% Convertible Senior Notes, fully offset by the shares received from the hedge counterparties related to the maturity of the hedge transactions discussed above. The basic weighted average shares outstanding after August 15, 2025 also reflects shares issued related to the settlement of warrants through September 30, 2025. See Note 7 for further discussion of the settlement of the hedge and warrant transactions.

6.Dividends

During the first quarter of 2025, Holdings’ Board of Directors approved a reinstatement of the Company’s dividend at $0.32 per common share per annum, payable quarterly. Below is a summary of dividends paid to stockholders and accrued on unvested performance and restricted stock unit awards during the nine months ended September 30, 2025:

Declaration Date		Record Date		Payable Date		Amount per Share of Common Stock				Total (1)
2/18/2025		3/5/2025		3/19/2025		$	0.08			$	10.1
5/15/2025		5/29/2025		6/12/2025			0.08				9.4
8/13/2025		8/27/2025		9/10/2025			0.08				9.5
				Total		$	0.24			$	29.0

(1)Of the total dividends recorded during the three and nine months ended September 30, 2025, $0.3 and $0.7, respectively, were related to outstanding performance and restricted stock units and will not be paid until such units vest. See Note 9.

See Note 19 for additional discussion of our dividend.

21

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES AND

CINEMARK USA, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(in millions, except per share data, unaudited)

7.Long-Term Debt

Long-term debt consisted of the following for the periods presented:

	September 30,				December 31,
	2025				2024
Cinemark Holdings, Inc. 4.50% convertible senior notes due August 2025	$	—			$	460.0
Cinemark USA, Inc. term loan due May 2030		633.9				638.7
Cinemark USA, Inc. 5.25% senior notes due July 2028		765.0				765.0
Cinemark USA, Inc. 7.00% senior notes due August 2032		500.0				500.0
Total long-term debt carrying value (1)	$	1,898.9			$	2,363.7
Less: Current portion, net of unamortized debt issuance costs		6.4				464.3
Less: Debt issuance costs and original issue discount, net of accumulated amortization		22.9				29.0
Long-term debt, less current portion, net of unamortized debt issuance costs and original issue discount	$	1,869.6			$	1,870.4

(1)As of December 31, 2024, the only differences between the long-term debt for Holdings, as presented above, and the long-term debt for CUSA were the $460.0 4.50% Convertible Senior Notes that matured on August 15, 2025 and the related debt issuance costs. The following table sets forth, as of December 31, 2024, the total long-term debt carrying value, current portion of long-term debt and debt issuance costs, net of amortization, for CUSA.

	December 31,
	2024
Total long-term debt carrying value	$	1,903.7
Less: Current portion		6.4
Less: Debt issuance costs and original issue discount, net of accumulated amortization		26.9
Long-term debt, less current portion, net of unamortized debt issuance costs and original issue discount	$	1,870.4

4.50% Convertible Senior Notes

On May 15, 2025, as required by the indenture to the 4.50% Convertible Senior Notes, the Company provided irrevocable notice to the holders of the 4.50% Convertible Senior Notes of its election to settle all conversion obligations with respect to any 4.50% Convertible Senior Notes that are converted on or after May 15, 2025 by means of Combination Settlement as defined in the indenture to the 4.50% Convertible Senior Notes. On the August 15, 2025 maturity date of the 4.50% Convertible Senior Notes, the Company settled the $460.0 outstanding principal amount of the 4.50% Convertible Senior Notes in cash and issued approximately 16.2 shares of Holdings' common stock for the $472.0 owed above the $460.0 principal amount.

Additionally, on May 15, 2025, the Company provided notice to the 4.50% Convertible Senior Notes hedge counterparties of its election to settle the hedges by Net Share Settlement, as defined in the call option confirmations. Therefore, concurrently with its issuance of shares to the convertible noteholders, the Company received 16.2 shares of Holdings’ common stock from the hedge counterparties. As of September 30, 2025, there were no 4.50% Convertible Senior Notes or convertible note hedges outstanding.

On August 15, 2025, Holdings entered into irrevocable warrant unwind and termination agreements with each of the warrant counterparties to settle the warrant transactions the Company had entered into in connection with the issuance of the 4.50% Convertible Senior Notes (the “Warrant Early Termination Agreements”). Pursuant to the Warrant Early Termination Agreements, the Company will deliver approximately equal amounts of cash and shares to each counterparty, the amount of which varies based upon the volume-weighted average price per share of the Company’s common stock during the observation period from August 18, 2025 through November 3, 2025, as specified in the Warrant Early Termination Agreements. Since a portion of the warrants are settled in cash under the Warrant Early Termination Agreements, the warrants were required to be accounted for as a liability, at fair value, effective August 15, 2025. The estimated fair value of the liability was derived using a Monte Carlo simulation model. The estimated fair value of the warrants under the terms of the Warrant Early Termination Agreements exceeded the estimated fair value of the previously existing warrants by $15.1, and therefore the Company recognized a loss for that amount on August 15, 2025. During the period from August 15, 2025 through September 30, 2025, the Company paid approximately $39.2 in cash and issued 1.4 shares of Holdings’ common stock with a value of approximately $39.2 to settle a portion of the warrant transactions. The estimated fair value of the liability for the remaining warrants at September 30, 2025 was $132.6 and is reflected in “Liability for warrants” in Holdings’ condensed consolidated balance sheet at September 30, 2025. The Company recognized a loss of $39.4 related to the fair value adjustment of the warrant liability between August 15, 2025 and September 30, 2025. The losses related to the warrants are collectively reflected as “Loss on warrants” in

22

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES AND

CINEMARK USA, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(in millions, except per share data, unaudited)

the Company’s condensed consolidated statements of income for the three and nine months ended September 30, 2025. Subsequent to September 30, 2025, the Company paid approximately $58.7 in cash and issued 2.2 shares of Holdings’ common stock with a value of approximately $58.7 to settle the remaining warrant transactions in accordance with the Warrant Early Termination Agreements, with the final settlement to occur on November 5, 2025.

Senior Secured Credit Facility

On June 30, 2025, CUSA amended and restated its senior secured credit facility (the “Credit Agreement”) to reduce the rate at which the term loan bears interest by 0.50% and reset the 101% soft call for another six months. CUSA incurred a total of approximately $1.0 in debt issuance costs in connection with the amendment, which are reflected in the condensed consolidated financial statements as follows: (i) $0.8 in debt issuance costs were capitalized and are reflected as a reduction of “Long-term debt, less current portion” on the Company’s condensed consolidated balance sheet, and (ii) $0.2 of legal and other fees are included in “Loss on debt amendments and extinguishments” in the Company’s condensed consolidated statement of income for the three and nine months ended September 30, 2025. As a result of the amendment, CUSA also wrote-off $1.3 of unamortized debt issuance costs and original issue discount associated with exiting lenders of the amended Credit Agreement, which is reflected in “Loss on debt amendments and extinguishments” in the Company’s condensed consolidated statement of income for the three and nine months ended September 30, 2025.

On September 5, 2025, CUSA amended and restated its Credit Agreement to increase the revolving credit facility to $225.0 and reduce the range of rates at which the revolving credit loans bear interest. Pursuant to the amendment of the revolving credit facility, interest on revolving credit loans now accrues, at CUSA's option, at either (i) the Term SOFR Rate plus an applicable margin that ranges from 1.75% to 2.00% per annum, or (ii) the Alternate Base Rate, subject, in the case of this clause (ii) to a floor of 1.00% per annum, plus, in the case of this clause (ii), an applicable margin that ranges from 0.75% to 1.00%. CUSA incurred a total of approximately $0.4 in debt issuance costs in connection with the amendment, which were capitalized and are reflected as a reduction of “Long-term debt, less current portion” on the Company’s condensed consolidated balance sheet. In addition, the rate at which CUSA is required to pay a commitment fee on the revolving line of credit now ranges from 0.25% to 0.375%.

As of September 30, 2025, there was $633.9 outstanding under the term loan and no borrowings were outstanding under the revolving credit facility. Under the Credit Agreement, quarterly principal payments of $1.6 are due on the term loan through March 31, 2030, with a final principal payment of the remaining unpaid principal due on May 24, 2030. The average interest rate on outstanding term loan borrowings under the Credit Agreement as of September 30, 2025 was approximately 5.7% per annum, after giving effect to the interest rate swap agreements discussed below.

Interest Rate Swap Agreements

The Company’s interest rate swap agreements are used to hedge a portion of the interest rate risk associated with the variable interest rates on the Company’s term loan and qualify for cash flow hedge accounting.

Effective April 30, 2025, the Company amended and extended its $175.0 notional amount interest rate swap and one of its $137.5 notional amount interest rate swap agreements to amend the pay rate and extend the maturity date of each respective swap agreement to December 31, 2027. Upon amending its interest rate swap agreements, the Company determined that the interest payments hedged with the agreements are still probable to occur, therefore the $1.0 of aggregate gains that accumulated on the swaps prior to the amendments are being amortized to interest expense through the maturity date of the swap.

23

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES AND

CINEMARK USA, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(in millions, except per share data, unaudited)

Below is a summary of the Company's interest rate swap agreements, which are designated as cash flow hedges, as of September 30, 2025:

Notional										Estimated
Amount				Pay Rate		Receive Rate		Expiration Date		Fair Value (1)
$	137.5			3.23%		1-Month Term SOFR		December 31, 2027		$	0.4
$	137.5			3.17%		1-Month Term SOFR		December 31, 2027			0.5
$	175.0			3.23%		1-Month Term SOFR		December 31, 2027			0.5
								Total		$	1.4

(1)Approximately $1.7 of the total is included in “Prepaid expenses and other” and $0.3 is included in “Other long-term liabilities” on the condensed consolidated balance sheet as of September 30, 2025.

The fair values of the interest rate swaps are recorded on Holdings’ and CUSA’s condensed consolidated balance sheets as an asset or liability with the related gains or losses reported as a component of accumulated other comprehensive loss. The changes in fair value are reclassified from accumulated other comprehensive loss into earnings in the same period that the hedged items affect earnings. The valuation technique used to determine fair value is the income approach and under this approach, the Company uses projected future interest rates as provided by counterparties to the interest rate swap agreements and the fixed rates that the Company is obligated to pay under the agreement. Therefore, the Company's measurements are based on observable market data, which fall in Level 2 of the U.S. GAAP hierarchy as defined by FASB ASC Topic 820-10-35.

Fair Value of Long-Term Debt and Warrants

The Company estimates the fair value of its long-term debt primarily based on observable market prices, which fall under Level 2 of the U.S. GAAP fair value hierarchy as defined by FASB ASC 820-10-35, Fair Value Measurement. The table below presents the fair value of the Company's long-term debt as of the periods presented:

		As of
		September 30, 2025				December 31, 2024
Holdings fair value (1)		$	1,921.0			$	2,903.7
CUSA fair value		$	1,921.0			$	1,902.1

(1)The fair value of the 4.50% Convertible Senior Notes was $1,001.6 as of December 31, 2024. The 4.50% Convertible Senior Notes matured on August 15, 2025.

The fair value of the Company’s outstanding warrants at September 30, 2025 of $132.6, was estimated based on a Monte Carlo simulation model, which falls under Level 3 of the U.S. GAAP fair value hierarchy as defined by FASB ASC 820-10-35, Fair Value Measurement.

24

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES AND

CINEMARK USA, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(in millions, except per share data, unaudited)

8.Investments in National CineMedia Inc. and Other Affiliates

Investment in National CineMedia Inc.

NCM operates a digital in-theater network in the U.S. for providing cinema advertising. The Company has an investment in NCM’s parent National CineMedia, Inc. (“NCMI”). Below is a summary of the changes to the Company’s investment in NCMI and NCM screen advertising advances for the nine months ended September 30, 2025:

		Investment in NCMI			NCM Screen Advertising Advances (1)
Balance at January 1, 2025		$	29.0		$	(318.5	)
Interest accrued related to significant financing component			—			(16.0	)
Unrealized loss on fair market value adjustment of investment in NCMI			(9.3	)		—
Amortization of screen advertising advances			—			24.4
Balance at September 30, 2025		$	19.7		$	(310.1	)

(1)See “NCM Screen Advertising Advances and Other Deferred Revenue” in Note 4 for the remaining maturity of NCM screen advertising advances as of September 30, 2025.

As discussed in Note 8 to the Company’s Annual Report on Form 10-K filed February 19, 2025, the Company accounts for its investment in NCMI under the fair value method. The Company recognized unrealized losses of $1.5 and $9.3 on its investment in NCMI in the Company’s condensed consolidated statements of income for the three and nine months ended September 30, 2025, respectively. The Company recognized an unrealized gain of $11.6 and $12.7 on its investment in NCMI in the Company’s condensed consolidated statements of income for the three and nine months ended September 30, 2024, respectively.

The Company is a party to an Exhibitor Services Agreement (“ESA”) with NCM, pursuant to which NCM primarily provides screen advertising to the Company’s theaters through its branded “Noovie” pre-show entertainment program and also handles lobby promotions and displays for the Company’s theaters. The Company receives a monthly theater access fee for participation in the NCM network and also earns screen advertising or screen rental revenue on a per patron basis. During the nine months ended September 30, 2025 and 2024, the Company recognized screen rental revenue under the ESA of $16.2 and $16.3, respectively, which includes the per patron and per digital screen theater access fees, net of amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire of approximately $6.7 and $6.4, respectively. As of September 30, 2025 and December 31, 2024, the Company had a receivable from NCM of $1.6 and $2.1, respectively.

Exhibitor Services Agreement

As discussed in Note 8 to the Company’s Annual Report on Form 10-K filed February 19, 2025, the Company’s ESA with NCM includes an implied significant financing component associated with the NCM screen advertising advances included above. The amortization of the screen advertising advances is recorded in “Other revenue” in the Company’s condensed consolidated statements of income. As a result of the significant financing component, the Company recognized incremental screen rental revenue and interest expense of $24.4 and $16.0, respectively, during the nine months ended September 30, 2025 and incremental screen rental revenue and interest expense of $24.3 and $16.5, respectively, during the nine months ended September 30, 2024.

Investments in and Transactions with Other Affiliates

Below is a summary of the activity for each of the Company’s investments in other affiliates for the nine months ended September 30, 2025. See Note 9 to the consolidated financial statements in the Company’s Annual Report on Form 10-K filed February 19, 2025 for a further discussion of these investments.

		AC JV, LLC			DCDC			FE Concepts			Total
Balance at January 1, 2025		$	4.1		$	2.6			19.5		$	26.2
Equity income			3.4			0.6			1.1			5.1
Cash distributions received			(4.0	)		—			(4.0	)		(8.0	)
Balance at September 30, 2025		$	3.5		$	3.2		$	16.6		$	23.3

25

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES AND

CINEMARK USA, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(in millions, except per share data, unaudited)

Transactions with Affiliates

Below is a summary of transactions with each of the Company’s other affiliates for the three and nine months ended September 30, 2025 and 2024:

		Three Months Ended								Nine Months Ended
Investee	Transactions	September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
AC JV, LLC	Event fees paid (1)	$	3.1			$	10.0			$	14.8			$	21.5
DCDC	Content delivery fees paid (1)	$	0.1			$	0.1			$	0.4			$	0.4

(1)Included in film rentals and advertising costs on the condensed consolidated statements of income.

9.Treasury Stock and Share-Based Awards

Treasury Stock - Holdings

Treasury stock represents shares of common stock repurchased by Holdings and not yet retired. The Company has applied the cost method in recording its treasury shares. Below is a summary of Holdings’ treasury stock activity for the nine months ended September 30, 2025:

		Number of
		Treasury
		Shares				Cost
Balance at January 1, 2025			6.38			$	103.2
Repurchases of common stock (1)			7.93				201.6
Receipt of shares related to maturity of hedge transactions (2)			16.23				142.1
Adjustment to excise tax accrual related to repurchases of common stock (1)			—				(0.4	)
Restricted stock withholdings (3)			0.61				17.6
Restricted stock forfeitures (4)			0.06				—
Balance at September 30, 2025			31.21			$	464.1

(1)Holdings repurchased outstanding common shares under a share repurchase program. See Share Repurchase Program below.

(2)Holdings received common shares upon maturity of hedges. See Note 5 and Note 7 for further information on the hedge transactions.

(3)Holdings withheld shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting of restricted stock and performance stock units with shares. Holdings determined the number of shares to be withheld based upon market values of Holdings’ common stock on the vesting dates, which ranged from $24.38 to $33.06 per share.

(4)Holdings repurchased forfeited restricted shares at a cost of $0.001 per share in accordance with its Long-Term Incentive Plan.

As of September 30, 2025, Holdings had no plans to retire any shares of treasury stock.

Share Repurchase Program

On March 6, 2025, Holdings’ Board of Directors approved a share repurchase program (the “Program”). Under the Program, Holdings was authorized to repurchase up to $200.0 of its outstanding stock, before direct costs. This Program commenced on March 11, 2025 and continued until the authorized repurchase amount was reached on March 27, 2025. Repurchases under the Program were funded using cash on hand. The cost of shares repurchased, as reflected above, differs from the repurchase cost reflected on the condensed consolidated statement of cash flows due to direct costs, including estimated excise taxes, associated with the share repurchases for the nine months ended September 30, 2025.

26

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES AND

CINEMARK USA, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(in millions, except per share data, unaudited)

Restricted Stock

Below is a summary of restricted stock activity for the nine months ended September 30, 2025:

		Shares of				Weighted Average
		Restricted				Grant Date
		Stock				Fair Value
Outstanding at January 1, 2025			2.30			$	15.91
Granted			0.59				27.71
Vested			(1.31	)			16.65
Forfeited			(0.05	)			17.14
Outstanding and unvested at September 30, 2025			1.53			$	19.82

During the nine months ended September 30, 2025, Holdings granted 0.59 shares of its restricted stock to its directors and certain CUSA employees. The fair value of the restricted stock granted was determined based on the market value of Holdings' common stock on the grant dates, which ranged from $26.18 to $32.65 per share. The Company assumed forfeiture rates ranging from 0.0% to 7.5% for the restricted stock awards granted during the nine months ended September 30, 2025. The restricted stock granted to employees vests over periods ranging from one to three years based on continued service. The recipients of restricted stock are entitled to receive non-forfeitable dividends and to vote their respective shares, however, the sale and transfer of the restricted shares is prohibited during the restriction period.

Below is a summary of restricted stock award activity recorded for the periods indicated.

		Nine Months Ended September 30,
		2025				2024
Compensation expense recognized during the period:
CUSA employees (1)		$	11.6			$	12.3
Holdings directors			1.0				1.0
Total recognized by Holdings		$	12.6			$	13.3
Fair value of restricted stock that vested during the period:
CUSA employees		$	36.8			$	13.4
Holdings directors			2.4				1.4
Holdings total		$	39.2			$	14.8
Income tax benefit related to vested restricted stock:
CUSA employees		$	6.5			$	1.8
Holdings directors			0.5				0.3
Holdings total income tax benefit		$	7.0			$	2.1

(1)Compensation expense for the nine months ended September 30, 2025 and 2024 includes approximately $0.9 and $0.6, respectively, related to a portion of the short-term field incentive compensation plan for 2025 and 2024, respectively, to be settled in restricted stock.

As of September 30, 2025, the estimated remaining unrecognized compensation expense related to unvested restricted stock awards was as follows:

		Estimated
		Remaining
		Expense
CUSA employees (1)		$	18.6
Holdings directors			0.9
Total remaining - Holdings (1)		$	19.5

(1)The weighted average period over which this remaining compensation expense will be recognized by both Holdings and CUSA is approximately 1.3 years.

27

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES AND

CINEMARK USA, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(in millions, except per share data, unaudited)

Restricted Stock Units

During the nine months ended September 30, 2025, Holdings granted stock awards to certain CUSA employees in the form of restricted stock units (“RSUs”). Each RSU that vests will result in the issuance of one share of Holdings’ common stock. The maximum number of shares issuable under the restricted stock units granted during 2025 is approximately 0.13 shares of Holdings’ common stock. The grant date fair value was $27.45 per share. The Company assumed forfeiture rates that ranged from 0.0% to 7.5% for the restricted stock units granted during 2025. The restricted stock units vest over periods ranging from one to three years based on continued service. Restricted stock unit participants are eligible to receive dividend equivalent payments if and at the time the restricted stock unit awards vest.

During the nine months ended September 30, 2025, the Company recognized compensation expense of $1.0 related to restricted stock units. As of September 30, 2025, the estimated remaining unrecognized compensation expense related to outstanding restricted stock units was $1.9. The weighted average period over which this remaining compensation expense will be recognized is approximately 1.4 years. As of September 30, 2025, Holdings had RSUs outstanding that represented a total of approximately 0.13 hypothetical shares of common stock, net of estimated forfeitures.

Performance Stock Units

During the nine months ended September 30, 2025, Holdings granted performance awards to certain CUSA employees in the form of performance stock units (“PSUs”). The maximum number of shares issuable under the performance awards granted during 2025 is approximately 0.71 shares of Holdings' common stock. The grant date fair value was $27.45 per share. The Company assumed a 2.5% forfeiture rate for the performance units granted in 2025. The performance metrics for these performance awards are based upon cumulative three-year Adjusted EBITDA and cash flows, with a performance measurement period of the three-year period ended December 31, 2027. The service period ends on the third anniversary of the grant date of the awards, or February 21, 2028. Performance stock unit participants are eligible to receive dividend equivalent payments if and at the time the performance stock unit awards vest. Below is a summary of the performance stock units at each specified performance achievement level for these performance awards:

Stock units that vest if performance metrics meet the threshold level (50% of target)		0.18 PSUs
Stock units that vest if performance metrics meet the target level		0.35 PSUs
Stock units that vest if performance metrics meet the maximum level (200% of target)		0.71 PSUs

Below is a summary of all performance stock unit activity for the periods presented:

		Nine Months Ended September 30,
		2025				2024
Number of performance stock units that vested during the period			0.8				0.1
Fair value of performance stock units that vested during the period		$	20.6			$	2.1
Accumulated dividends paid upon vesting of performance stock units		$	—			$	0.1
Compensation expense recognized during the period (1)		$	12.5			$	10.8
Income tax benefit (expense) related to performance stock units		$	2.5			$	(1.2	)

(1)Compensation expense for the nine months ended September 30, 2025 includes approximately $2.4 related to a change in the most likely performance metrics outcome estimated to be achieved for the 2024 grants. Compensation expense for the nine months ended September 30, 2024 includes approximately $2.8 related to a change in the most likely performance metrics outcome estimated to be achieved for the 2023 and 2024 grants.

As of September 30, 2025, the estimated remaining unrecognized compensation expense related to outstanding performance stock units was $18.0. The weighted average period over which this remaining compensation expense will be recognized is approximately 1.1 years. As of September 30, 2025, Holdings had performance stock units outstanding that represented a total of approximately 2.76 hypothetical shares of common stock, net of estimated forfeitures, reflecting an estimated performance level at the maximum level for the performance units granted in 2023 and 2024, and an estimated performance level at the target level for the performance units granted in 2025.

28

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES AND

CINEMARK USA, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(in millions, except per share data, unaudited)

10.Goodwill and Other Intangible Assets

A summary of the Company's goodwill is as follows:

		U.S. Operating Segment				International Operating Segment				Total
Balance at January 1, 2025 (1)		$	1,182.9			$	56.7			$	1,239.6
Foreign currency translation adjustments			—				6.9				6.9
Balance at September 30, 2025 (1)		$	1,182.9			$	63.6			$	1,246.5

(1)Balances are presented net of accumulated impairment losses of $214.0 for the U.S. reportable segment and $43.8 for the international reportable segment. See discussion of the qualitative impairment analysis performed by the Company as of September 30, 2025 at Note 11.

A summary of the Company's intangible assets is as follows:

		Balance at January 1, 2025			Amortization			Foreign Currency Translation Adjustments			Balance at September 30, 2025
Intangible assets with finite lives:
Gross carrying amount		$	77.7		$	—		$	—		$	77.7
Accumulated amortization			(77.3	)		(0.4	)		—			(77.7	)
Total net intangible assets with finite lives		$	0.4		$	(0.4	)	$	—		$	—
Intangible assets with indefinite lives:
Tradename and other			300.1			—			0.3			300.4
Total intangible assets, net		$	300.5		$	(0.4	)	$	0.3		$	300.4

29

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES AND

CINEMARK USA, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(in millions, except per share data, unaudited)

11.Impairment of Long-Lived Assets

The Company performed a qualitative impairment analysis on its goodwill and tradename intangible assets as of September 30, 2025. As a result of the qualitative assessment, the Company noted no impairment indicators related to these assets as of September 30, 2025.

The qualitative impairment analysis, by asset class, is described below:

•Goodwill – Considers economic and market conditions, industry trading multiples and the impact of recent developments that would impact the estimated fair values as determined in the most recent quantitative assessment.

•Tradename Intangible Assets – Considers industry and market conditions and recent developments that may impact the revenue forecasts and other estimates as compared with the most recent quantitative assessment.

The Company also performed a qualitative impairment analysis on its other long-lived assets, including theater properties and right-of-use assets, as of September 30, 2025 to determine whether indicators of potential impairment existed at the theater level, which is the level at which the Company tests its other long-lived assets. The qualitative analysis considers relevant industry, economic and market conditions, industry trading multiples and recent developments that would impact the Company’s estimates of future cash flows, which are the primary estimate of fair market value at the theater level. The Company then performed a quantitative impairment analysis for those theaters for which indicators of potential impairment were identified.

See Note 1 and Note 11 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed February 19, 2025, for further discussion of the Company’s impairment policy and a description of the qualitative and quantitative impairment assessments performed.

The following table summarizes the Company’s impairment charges for the three and nine months ended September 30, 2025. There were no impairment charges recorded for long-lived assets, goodwill and intangible assets for the three and nine months ended September 30, 2024.

		Three Months Ended September 30, 2025				Nine Months Ended September 30, 2025
U.S. Segment
Theater properties		$	0.1			$	0.1
U.S. total			0.1				0.1
International segment
Theater properties			0.3				0.7
Theater operating lease right-of-use assets			0.2				1.4
International total			0.5				2.1
Total Impairment		$	0.6			$	2.2

The impairment charges for the three and nine months ended September 30, 2025 were related to theaters that were underperforming compared with the rest of our theater circuit.

30

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES AND

CINEMARK USA, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(in millions, except per share data, unaudited)

12.Fair Value Measurements

The Company determines fair value measurements in accordance with ASC Topic 820, which establishes a fair value hierarchy under which an asset or liability is categorized based on the lowest level of input significant to its fair value measurement. The levels of input defined by ASC Topic 820 are as follows:

Level 1 – quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date;

Level 2 – other than quoted market prices included in Level 1 that are observable for the asset or liability, either directly or indirectly; and

Level 3 – unobservable and should be used to measure fair value to the extent that observable inputs are not available.

See Note 7 for information about the fair value measurement of the outstanding liability-classified warrants as of September 30, 2025. Below is a summary of assets and liabilities measured at fair value on a recurring basis under FASB ASC Topic 820 as of September 30, 2025 and December 31, 2024.

				Carrying				Fair Value Hierarchy
Description		As of		Value				Level 1				Level 2				Level 3
Interest rate swap assets (1)		September 30, 2025		$	1.4			$	—			$	1.4			$	—
Investment in NCMI (2)		September 30, 2025		$	19.7			$	19.7			$	—			$	—
Interest rate swap assets (1)		December 31, 2024		$	8.5			$	—			$	8.5			$	—
Investment in NCMI (2)		December 31, 2024		$	29.0			$	29.0			$	—			$	—

(1)See further discussion of interest rate swaps at Note 7.

(2)See further discussion of investment in NCMI at Note 8.

See additional explanation of fair value measurement techniques used for long-lived assets, goodwill and intangible assets in Note 1 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed February 19, 2025. There were no changes in valuation techniques during the nine months ended September 30, 2025.

13.Foreign Currency Translation

The accumulated other comprehensive loss account in Holdings’ stockholders’ equity of $393.3 and $416.7 and CUSA’s stockholder's equity of $396.1 and $419.5 as of September 30, 2025 and December 31, 2024, respectively, primarily includes cumulative net foreign currency losses of $398.3 and $425.1 as of September 30, 2025 and December 31, 2024, respectively, from translating the financial statements of the Company's international subsidiaries and the cumulative changes in fair value of the interest rate swap agreements that are designated as hedges.

As of September 30, 2025, all foreign countries where the Company has operations are non-highly inflationary, other than Argentina. In non-highly inflationary countries, the local currency is the same as the functional currency and any fluctuation in the currency results in a cumulative foreign currency translation adjustment recorded to accumulated other comprehensive loss. The Company deemed Argentina to be highly inflationary beginning July 1, 2018. A highly inflationary economy is defined as an economy with a cumulative inflation rate of 100 percent or more over a three-year period. If a country’s economy is classified as highly inflationary, the financial statements of the foreign entity operating in that country must be remeasured to the functional currency of the reporting entity. The financial information of the Company’s Argentina subsidiaries was remeasured in U.S. dollars in accordance with ASC Topic 830, Foreign Currency Matters, effective July 1, 2018.

During the nine months ended September 30, 2025 and 2024, the Company entered into Blue Chip Swap transactions that resulted in losses of approximately $0.7 and $0.9, which are reflected in “Foreign currency exchange and other related loss” in the Company’s consolidated statements of income for the nine months ended September 30, 2025 and 2024, respectively. The Blue Chip Swap rate is the implicit exchange rate resulting from transactions where an entity buys U.S. dollar denominated securities in Argentina using Argentine pesos, and subsequently sells the securities for U.S. dollars, in Argentina (“Blue Chip Swap transactions”). The Blue Chip Swap rate can diverge significantly from Argentina’s official exchange rate.

31

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES AND

CINEMARK USA, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(in millions, except per share data, unaudited)

Below is a summary of the impact of translating the September 30, 2025 and September 30, 2024 financial statements of the Company’s international subsidiaries:

										Other comprehensive income (loss), for the
		Exchange Rate as of								nine months ended
Country		September 30, 2025				December 31, 2024				September 30, 2025			September 30, 2024
Brazil			5.32				6.19			$	19.9		$	(12.1	)
Chile			964.64				994.69				2.4			(1.4	)
Colombia			3,923.34				4,409.99				2.4			(1.4	)
All other											2.1			0.5
										$	26.8		$	(14.4	)

As noted above, beginning July 1, 2018, Argentina was deemed highly inflationary. For the nine months ended September 30, 2025 and 2024, the Company recorded foreign currency exchange losses of $9.4 and $3.1, excluding the impact of Blue Chip Swap transactions noted above, respectively, due to the translation of Argentina's financial results to U.S. dollars.

14.Supplemental Cash Flow Information

The following is provided as supplemental information to the condensed consolidated statements of cash flows:

		Nine Months Ended
		September 30,
		2025				2024
Cash paid for interest by Holdings (1)		$	132.1			$	129.2
Cash paid for interest by CUSA		$	111.4			$	108.5
Cash paid for income taxes, net		$	26.5			$	17.1
Noncash operating activities:
Interest expense - NCM (see Note 8)		$	(16.0	)		$	(16.5	)
Noncash investing activities:
Change in accounts payable and accrued expenses for the acquisition of theater properties and equipment (2)		$	19.9			$	(3.5	)
Theater properties and other assets acquired under finance leases		$	1.3			$	31.3
Investment in NCMI – receipt of common units in NCM (see Note 8)		$	—			$	0.5
Dividends accrued on unvested performance and restricted stock unit awards		$	0.7			$	—

(1)Includes the cash interest paid by CUSA.

(2)Additions to theater properties and equipment included in accounts payable as of September 30, 2025 and December 31, 2024 were $26.8 and $6.9, respectively.

32

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES AND

CINEMARK USA, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(in millions, except per share data, unaudited)

15.Segments - Holdings

The international market and U.S. market are managed as separate reportable segments, with the international segment consisting of operations in Brazil, Argentina, Chile, Colombia, Peru, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala, Bolivia, and Paraguay. Each segment’s revenue is derived from admissions and concession sales and other ancillary revenue. Holdings uses Adjusted EBITDA, as shown in the tables below, as the primary measure of segment profit and loss to evaluate performance and allocate its resources.

The Company’s chief operating decision makers are the chief executive officer and the chief financial officer (together the CODM). The CODM uses Adjusted EBITDA for each segment in the annual budget and forecasting process. The CODM considers actual Adjusted EBITDA with comparisons to budget, forecast and trends when making decisions about the allocation of operating and capital resources to each segment. The CODM also uses Adjusted EBITDA to assess the performance of each segment and in determining the incentive compensation under its short-term incentive plan and evaluating performance metrics for certain equity awards.

The Company does not report total assets by segment because that information is not used to evaluate the performance of, or allocate resources between, segments.

The following tables set forth a breakdown of selected financial information by reportable segment for Holdings for the periods presented, and include a reconciliation to Adjusted EBITDA.

		Three Months Ended September 30, 2025												Nine Months Ended September 30, 2025
		U.S. Reportable Segment				International Reportable Segment				Consolidated				U.S. Reportable Segment				International Reportable Segment				Consolidated
Revenue		$	687.0			$	173.9			$	860.9			$	1,869.2			$	478.7			$	2,347.9
Elimination of intersegment revenue			(3.4	)			—				(3.4	)			(9.2	)			—				(9.2	)
Total Revenue			683.6				173.9				857.5				1,860.0				478.7				2,338.7
Less:
Film rentals and advertising			203.4				42.1				245.5				544.3				113.4				657.7
Concession supplies			51.1				14.5				65.6				141.9				41.1				183.0
Salaries and wages			88.7				17.6				106.3				254.2				51.8				306.0
Facility lease expense			61.0				20.9				81.9				183.4				59.7				243.1
Utilities and other (1)			99.0				28.4				127.4				278.5				79.3				357.8
General and administrative			49.0				12.9				61.9				135.1				35.4				170.5
Other segment items (2)			(8.8	)			0.1				(8.7	)			(25.7	)			0.1				(25.6	)
Adjusted EBITDA (3)		$	140.2			$	37.4			$	177.6			$	348.3			$	97.9			$	446.2

33

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES AND

CINEMARK USA, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(in millions, except per share data, unaudited)

		Three Months Ended September 30, 2024												Nine Months Ended September 30, 2024
		U.S. Reportable Segment				International Reportable Segment				Consolidated				U.S. Reportable Segment				International Reportable Segment				Consolidated
Revenue		$	744.8			$	180.4			$	925.2			$	1,779.0			$	464.8			$	2,243.8
Elimination of intersegment revenue			(3.4	)			—				(3.4	)			(8.6	)			—				(8.6	)
Total Revenue			741.4				180.4				921.8				1,770.4				464.8				2,235.2
Less:
Film rentals and advertising			222.3				43.3				265.6				513.2				110.7				623.9
Concession supplies			49.3				15.2				64.5				126.8				38.3				165.1
Salaries and wages			91.1				18.8				109.9				244.4				49.7				294.1
Facility lease expense			63.5				22.4				85.9				184.0				60.7				244.7
Utilities and other (1)			97.3				29.7				127.0				255.7				76.4				332.1
General and administrative			44.8				11.6				56.4				125.7				35.3				161.0
Other segment items (2)			(7.6	)			(0.4	)			(8.0	)			(18.0	)			(1.0	)			(19.0	)
Adjusted EBITDA (3)		$	180.7			$	39.8			$	220.5			$	338.6			$	94.7			$	433.3

(1)Utilities and other for the International reportable segment is shown net of intersegment expenses of $3.4 and $3.4 for the three months ended September 30, 2025 and 2024, respectively. Utilities and other for the International reportable segment is shown net of intersegment expenses of $9.2 and $8.6 for the nine months ended September 30, 2025 and 2024, respectively.

(2)Other segment items for each reportable segment includes non-cash rent, share-based compensation expense and cash distributions from equity investees (reported entirely within the U.S. reportable segment).

(3)See the table below for a reconciliation of net income to Adjusted EBITDA.

The following table sets forth a reconciliation of net income to Adjusted EBITDA for Holdings:

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2025				2024				2025				2024
Net income		$	50.5			$	188.9			$	106.6			$	260.8
Add (deduct):
Income tax (benefit) expense			(22.9	)			(42.7	)			4.9				(71.3	)
Interest expense ⁽¹⁾			32.2				36.7				110.1				109.0
Other loss (income), net ⁽²⁾			0.1				(22.4	)			(8.9	)			(40.0	)
Cash distributions from equity investees ⁽³⁾			1.3				2.2				8.0				5.1
Depreciation and amortization			50.9				49.1				149.8				148.3
Impairment of long-lived and other assets			0.6				—				2.2				—
Loss (gain) on disposal of assets and other			3.0				(0.1	)			(0.1	)			2.0
Loss on debt amendments and extinguishments			—				3.0				1.5				5.5
Loss on warrants			54.5				—				54.5				—
Non-cash rent expense			(2.9	)			(2.6	)			(8.5	)			(10.2	)
Share-based awards compensation expense			10.3				8.4				26.1				24.1
Adjusted EBITDA		$	177.6			$	220.5			$	446.2			$	433.3

(1)Includes amortization of debt issuance costs, amortization of original issue discount, and amortization of accumulated (losses) gains for amended swap agreements.

(2)Includes interest income, foreign currency exchange and other related loss, interest expense - NCM, equity in income of affiliates, net (loss) gain on investment in NCMI and distributions from NCMI/NCM.

(3)Reflects cash distributions received from equity investees that were recorded as a reduction of the respective investment balances. These distributions are reported entirely within the U.S. reportable segment.

34

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES AND

CINEMARK USA, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(in millions, except per share data, unaudited)

Capital Expenditures by Reportable Segment

The following table is a breakdown of capital expenditures by reportable segment for Holdings:

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2025				2024				2025				2024
Capital expenditures
U.S.		$	42.3			$	33.5			$	84.2			$	67.7
International			11.1				9.5				21.4				22.5
Total capital expenditures		$	53.4			$	43.0			$	105.6			$	90.2

Financial Information About Geographic Areas

Below is a breakdown of selected financial information by geographic area:

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
Revenue		2025				2024				2025				2024
U.S.		$	687.0			$	744.8			$	1,869.2			$	1,779.0
Brazil			55.6				70.9				164.5				183.8
Other international countries			118.3				109.5				314.2				281.0
Eliminations			(3.4	)			(3.4	)			(9.2	)			(8.6	)
Total		$	857.5			$	921.8			$	2,338.7			$	2,235.2

		As of				As of
Theater properties and equipment, net		September 30, 2025				December 31, 2024
U.S.		$	969.2			$	996.1
Brazil			53.2				47.2
Other international countries			103.8				101.8
Total		$	1,126.2			$	1,145.1

16.