Orbis, Allan Gray disclose 9.6% IMAX (IMAX) stake on Schedule 13G/A

Rhea-AI Filing Summary

Orbis Investment Management Limited and Allan Gray Australia Pty Ltd report beneficial ownership of 5,151,721 IMAX Corp common shares, representing 9.6% of the class as of December 31, 2025.

Orbis holds 5,131,901 shares and Allan Gray 19,820 shares, each with sole voting and dispositive power over its block. Other persons have rights to receive dividends and sale proceeds on these securities. Both firms state the shares were acquired and are held in the ordinary course of business, not to change or influence control of IMAX. They are classified as non‑U.S. institutions equivalent to investment advisers and certify their foreign regulatory regimes are substantially comparable to U.S. standards.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 5)

IMAX CORP

(Name of Issuer)

Common Stock, no par value

(Title of Class of Securities)

45245E109

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 45245E109

1

Names of Reporting Persons

Orbis Investment Management Limited

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

BERMUDA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,131,901.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,131,901.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,131,901.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.5 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

CUSIP No. 45245E109

1

Names of Reporting Persons

Allan Gray Australia Pty Ltd

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

AUSTRALIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 19,820.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 19,820.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

19,820.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.0 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

Item 1.
(a)	Name of issuer: IMAX CORP
(b)	Address of issuer's principal executive offices: 2525 SPEAKMAN DRIVE, MISSISSAUGA, ONTARIO, CANADA L5K 1B1
Item 2.
(a)	Name of person filing: Orbis Investment Management Limited Allan Gray Australia Pty Ltd
(b)	Address or principal business office or, if none, residence: Orbis Investment Management Limited 25 Front Street Hamilton HM11, Bermuda Allan Gray Australia Pty Ltd Level 2, Challis House, 4 Martin Place Sydney NSW2000, Australia
(c)	Citizenship: Orbis Investment Management Limited - BERMUDA Allan Gray Australia Pty Ltd - AUSTRALIA
(d)	Title of class of securities: Common Stock, no par value
(e)	CUSIP No.: 45245E109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
	Equivalent to IA.
Item 4.	Ownership
(a)	Amount beneficially owned: 5,151,721
(b)	Percent of class: 9.6 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Orbis Investment Management Limited - 5,131,901 Allan Gray Australia Pty Ltd - 19,820
	(ii) Shared power to vote or to direct the vote: Orbis Investment Management Limited - 0 Allan Gray Australia Pty Ltd - 0
	(iii) Sole power to dispose or to direct the disposition of: Orbis Investment Management Limited - 5,131,901 Allan Gray Australia Pty Ltd - 19,820
	(iv) Shared power to dispose or to direct the disposition of: Orbis Investment Management Limited - 0 Allan Gray Australia Pty Ltd - 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Other persons have the right to receive dividends from, the power to direct the receipt of dividends from, or the right to receive the proceeds from the sale of, the securities of the issuer identified in Item 4(a) that are beneficially owned by Orbis Investment Management Limited. Another person has the right to receive dividends from, the power to direct the receipt of dividends from, or the right to receive the proceeds from the sale of, the securities of the issuer identified in Item 4(a) that are beneficially owned by Allan Gray Australia Pty Ltd.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. Information with respect to each of Orbis Investment Management Limited and Allan Gray Australia Pty Ltd (collectively, the "Reporting Persons") is given solely by each such Reporting Person and no Reporting Person has responsibility for the accuracy or completeness of information supplied by any other Reporting Person. Orbis Investment Management Limited and Allan Gray Australia Pty Ltd are classified as a Non-U.S. Institution (FI) that is equivalent to an Investment Adviser (IA). Notwithstanding that the Reporting Persons are making this filing together, none of the Reporting Persons represents that it is a member of a group for the purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended. Each Reporting Person disclaims beneficial ownership of any shares beneficially owned by any other Reporting Person as specified in Item 4(a).
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to Orbis Investment Management Limited and Allan Gray Australia Pty Ltd is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Orbis Investment Management Limited

Signature:	Matthew Gaarder
Name/Title:	Attorney-in-Fact
Date:	02/17/2026

Allan Gray Australia Pty Ltd

Signature:	Matthew Gaarder
Name/Title:	Attorney-in-Fact
Date:	02/17/2026

FAQ

How many IMAX (IMAX) shares do Orbis and Allan Gray report owning?

They report beneficial ownership of 5,151,721 IMAX common shares, combining 5,131,901 shares for Orbis and 19,820 shares for Allan Gray. This total represents a significant disclosed stake in IMAX Corp’s outstanding common stock as of December 31, 2025.

What percentage of IMAX (IMAX) does Orbis and Allan Gray’s stake represent?

Their combined beneficial ownership represents 9.6% of IMAX’s common stock. This places the firms among IMAX’s larger shareholders, requiring public disclosure on a Schedule 13G/A as of the event date December 31, 2025.

Is Orbis’s and Allan Gray’s IMAX (IMAX) position passive or activist?

They certify the IMAX shares were acquired and are held in the ordinary course of business, not to change or influence control. The filing is on Schedule 13G/A, which is typically used for passive ownership rather than activist intent.

Who has voting and dispositive power over the IMAX (IMAX) shares?

Orbis has sole voting and dispositive power over 5,131,901 IMAX shares, and Allan Gray has sole voting and dispositive power over 19,820 shares. Neither reports any shared voting or shared dispositive power over IMAX common stock.

Do other investors benefit from Orbis and Allan Gray’s IMAX (IMAX) holdings?

Yes. The filing states that other persons have rights to receive dividends and sale proceeds from the IMAX shares beneficially owned by Orbis and Allan Gray. These rights reflect underlying clients or beneficiaries of the investment firms.

How are Orbis and Allan Gray classified in this IMAX (IMAX) ownership filing?

They are classified as non-U.S. institutions equivalent to investment advisers. The firms certify that their foreign regulatory schemes are substantially comparable to the U.S. regime for functionally similar institutions, supporting their eligibility to report on Schedule 13G.

What is the event date for Orbis and Allan Gray’s IMAX (IMAX) ownership disclosure?

The event date that triggered this disclosure is December 31, 2025. As of this date, their combined beneficial ownership of IMAX common stock reached 5,151,721 shares, or 9.6% of the outstanding class, requiring an amended Schedule 13G filing.