NCMI: Institutions report 9.8% stake

National CineMedia, Inc. Schedule 13G/A amendment shows reporting persons Orbis Investment Management Ltd and Allan Gray Australia Pty Ltd together beneficially own 9,138,042 shares, equal to 9.8% of the class.

Rhea-AI Filing Summary

National CineMedia, Inc. Schedule 13G/A amendment shows reporting persons Orbis Investment Management Ltd and Allan Gray Australia Pty Ltd together beneficially own 9,138,042 shares, equal to 9.8% of the class. The filing lists Orbis with 9,048,142 shares of sole voting and dispositive power and Allan Gray with 89,900 shares (0.1%). The filing is signed on 05/15/2026 and identifies the reporting persons as non-U.S. institutions equivalent to an investment adviser.

Insights

Institutional Ownership Analyst

Large passive stake reported: 9.8% held by institutional filers.

The filing shows a combined 9,138,042 share position representing 9.8% of the class as reported by the two institutions. Orbis holds the vast majority with 9,048,142 shares of sole voting and dispositive power.

Investor implications depend on holder intent; subsequent filings would disclose any plan-driven changes in holdings or voting. Holdings are presented as of the schedules and signed 05/15/2026.

Regulatory Compliance Expert

Amendment clarifies classification and disclosure under Schedule 13G/A.

The report classifies both filers as Non-U.S. Institutions equivalent to an Investment Adviser and includes the statutory statements regarding ownership and rights to dividends or proceeds. The filing includes the required certification and signature by an attorney-in-fact.

Filing mechanics appear to comply with Schedule 13G/A disclosure requirements; any material change in holdings would require updated reporting under applicable rules.

Key Figures

Combined beneficial ownership: 9,138,042 shares Orbis sole voting/dispositive power: 9,048,142 shares Allan Gray ownership: 89,900 shares +2 more

5 metrics

Combined beneficial ownership 9,138,042 shares combined position reported in Item 4(a)

Orbis sole voting/dispositive power 9,048,142 shares Orbis reported sole voting and dispositive power in Item 4(c)(i)/(iii)

Allan Gray ownership 89,900 shares Allan Gray sole voting and dispositive power reported in Item 4(c)(i)/(iii)

Percent of class <percent>9.8%</percent> Combined percent of class reported in Item 4(b)

CUSIP 635309206 Security CUSIP listed on cover

Key Terms

Schedule 13G/A, Beneficially owned, Sole Dispositive Power, Non-U.S. Institution (FI) equivalent to an investment adviser (IA)

4 terms

Schedule 13G/A regulatory

"Item 1. Name of issuer: National CineMedia, Inc."

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

Beneficially owned regulatory

"Item 4. (a) Amount beneficially owned: 9,138,042"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Sole Dispositive Power regulatory

"Item 4. (c)(iii) Orbis - 9,048,142"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

Non-U.S. Institution (FI) equivalent to an investment adviser (IA) regulatory

"Item 8. Orbis Investment Management Ltd and Allan Gray classified as a Non-U.S. Institution (FI)"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake does Orbis Investment Management report in NCMI?

Orbis Investment Management reports beneficial ownership of 9,048,142 shares, listed as sole voting and dispositive power. The filing shows Orbis’ position as part of a combined 9,138,042 share beneficial holding totaling 9.8% of the class.

How many shares does Allan Gray Australia hold in NCMI?

Allan Gray Australia Pty Ltd reports beneficial ownership of 89,900 shares with sole voting and dispositive power. The filing lists this holding as approximately 0.1% of the class and includes it in the joint filing.

Does the Schedule 13G/A state who controls voting or sale proceeds?

The filing states Orbis holds sole voting and dispositive power over 9,048,142 shares and Allan Gray holds sole power over 89,900 shares. It also notes other persons have rights to dividends or proceeds as described in Item 6.

When was this Schedule 13G/A amendment signed?

The amendment is signed by an attorney-in-fact on 05/15/2026. The cover header shows a date of 03/31/2026, and the signature block records the certification and signature dates of 05/15/2026.

Are Orbis and Allan Gray filing as a group or independently?

The filing states the two reporting persons submitted the amendment together but do not represent they are a Section 13(d)(3) group; each disclaims beneficial ownership of shares held by the other and provides its own information.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/15/2026 - 01:08 PM EDT Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

National CineMedia, Inc.

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

635309206

(CUSIP Number)

03/31/2026

(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)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 635309206

1

Names of Reporting Persons

ORBIS INVESTMENT MANAGEMENT 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

BERMUDA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 9,048,142.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 9,048,142.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

9,048,142.00

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)

9.7 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

CUSIP Number(s): 635309206

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 89,900.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 89,900.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

89,900.00

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)

0.1 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

Item 1.
(a)	Name of issuer: National CineMedia, Inc.
(b)	Address of issuer's principal executive offices: 6300 S. SYRACUSE WAY, SUITE 300, CENTENNIAL, COLORADO 80111
Item 2.
(a)	Name of person filing: ORBIS INVESTMENT MANAGEMENT LTD Allan Gray Australia Pty Ltd
(b)	Address or principal business office or, if none, residence: ORBIS INVESTMENT MANAGEMENT LTD: Orbis House, 25 Front Street, Hamilton, Bermuda HM11 Allan Gray Australia Pty Ltd: Level 2, Challis House, 4 Martin Place, Sydney NSW2000, Australia
(c)	Citizenship: ORBIS INVESTMENT MANAGEMENT LTD - BERMUDA Allan Gray Australia Pty Ltd - AUSTRALIA
(d)	Title of class of securities: Common Stock, par value $0.01 per share
(e)	CUSIP No.: 635309206
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: 9,138,042
(b)	Percent of class: 9.8 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: ORBIS INVESTMENT MANAGEMENT LTD - 9,048,142 Allan Gray Australia Pty Ltd - 89,900
	(ii) Shared power to vote or to direct the vote: ORBIS INVESTMENT MANAGEMENT LTD - 0 Allan Gray Australia Pty Ltd - 0
	(iii) Sole power to dispose or to direct the disposition of: ORBIS INVESTMENT MANAGEMENT LTD - 9,048,142 Allan Gray Australia Pty Ltd - 89,900
	(iv) Shared power to dispose or to direct the disposition of: ORBIS INVESTMENT MANAGEMENT LTD - 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 Ltd. 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 Ltd 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 Ltd 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 Ltd 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 LTD

Signature:	Matthew Gaarder
Name/Title:	Attorney-in-Fact
Date:	05/15/2026

Allan Gray Australia Pty Ltd

Signature:	Matthew Gaarder
Name/Title:	Attorney-in-Fact
Date:	05/15/2026