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I N V E S T O R P R E S E N T A T I O N J U L Y 2 0 2 5 ® IMAX Corp.
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I M A X I N V E S T O R P R E S E N T A T I O N 2 F O R W A R D - L O O K I N G S T A T E M E N T S This presentation contains forward looking statements that are based on IMAX Corporation (the “Company”) management’s assumptions and existing information and involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied by such forward looking statements. In some cases, you can identify these statements by forward-looking words such as “believe,” “continue,” “expect,” “may,” “project,” “momentum,” “on track,” “prospects,” “runway,” “will” or the negative or other variations thereon or comparable terminology. These forward-looking statements include, but are not limited to, statements regarding business and technology strategies and measures to implement strategies, statements about the Company’s belief and expectations, competitive strengths, goals, market opportunity and penetration, including opportunities in and expected growth from international markets, momentum and runway for expansion and growth of business, network, operations and technology, future capital expenditures (including the amount and nature thereof), the Company’s technological capabilities and the differentiation thereof, brand equity and brand awareness and the benefits thereof, industry prospects and consumer behavior, future industry developments, including expected releases and the timing and effects thereof, plans and references to the future success of the Company and expectations regarding its future operating, financial and technological results, including its box office guidance for 2025. These forward-looking statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. However, whether actual results and developments will conform with the expectations and predictions of the Company is subject to a number of risks and uncertainties, including, but not limited to, risks associated with investments and operations in foreign jurisdictions and any future international expansion, including those related to economic, political and regulatory policies of local governments and laws and policies of the United States, Canada, and China, including with respect to escalating and uncertain tariffs and other trade regulations, as well as economic and trade tensions, trade wars, and geopolitical conflicts and the effects thereof; risks related to the Company’s growth and operations in China; industry conditions in China affecting both the Company and its partners; risks related to the failure of the Company’s exhibitors being able to fulfill their contractual payment obligations; risks related to the Company’s failure to attract and retain its employee population; the performance of IMAX remastered films and other films released to the IMAX network; the signing of IMAX System agreements; conditions, changes and developments in the commercial exhibition industry; risks related to the Company’s inability to enter into new sales and lease agreements adversely affecting revenue; risks related to the Company’s operating results and cash flow increasing the volatility of the Company’s share price; risks related to currency fluctuations and foreign exchange controls; the potential impact of increased competition in the markets within which the Company operates, including competitive actions by other companies; the failure to respond to change and advancements in technology; risks relating to consolidation among commercial exhibitors and studios; risks related to brand extensions and new business initiatives; conditions in the in -home and out-of- home entertainment industries; the opportunities (or lack thereof) that may be presented to and pursued by the Company; risks related to cybersecurity and data privacy; risks related to the Company’s inability to protect its intellectual property and to avoid infringing, misappropriating, or violating the intellectual property rights of others; risks associated with the Company’s use of artificial intelligence (“AI”) and exploration of additional use cases of AI; risks related to climate change; risks related to weather conditions and natural disasters that may disrupt or harm the Company’s business; risks related to the Company’s indebtedness and compliance with its debt agreements; general economic, market or business conditions; risks related to sustained inflationary pressure; risks related to political, economic and social instability; the failure to convert system backlog into revenue and cash flows; changes in laws or regulations; any statements of belief and any statements of assumptions underlying any of the foregoing; other factors and risks outlined in the Company’s periodic filings with the United States Securities and Exchange Commission (the “SEC”) or in Canada, the System for Electronic Data Analysis and Retrieval (“SEDAR+”); and other factors, many of which are beyond the control of the Company. Consequently, all of the forward-looking statements made in this presentation are qualified by these cautionary statements, and actual results or anticipated developments by the Company may not be realized, and even if substantially realized, may not have the expected consequences to, or effects on, the Company. These factors, other risks and uncertainties and financial details are discussed in the Company’s most recent Annual Report on Form 10 -K, as supplemented by those discussed in the Company’s Quarterly Report on Form 10 -Q. The Company undertakes no obligation to update publicly or otherwise revise any forward -looking statements, whether as a result of new information, future events or otherwise.
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Richard Gelfond Chief Executive Officer Strategic Update
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I M A X I N V E S T O R P R E S E N T A T I O N 4 Unique IMAX Platform Drives Strong Profitability and Long-Term Growth Opportunities I N V E S T M E N T H I G H L I G H T S 4 5 6 The only worldwide premium network in 89 countries and territories More than 50% of IMAX target market remains addressable, supported by robust system backlog Flexible, asset-lite business with high incremental margins Long-tailed cash flows, low debt with strong track record of returning capital to shareholders Consumers demanding premium experiences and IMAX expanding and diversifying its content portfolio +40% Growth in IMAX Global Box Office market share from 2018 through 2Q25 1,750 system footprint in the IMAX commercial network 501 IMAX systems in contracted backlog 43% 1H25 Total Adjusted EBITDA margin(2) 19% of shares outstanding repurchased since 2020 IMAX is the future of moviegoing Unmatched global network scale Significant growth potential Strong operating leverage Attractive capital position (1) Source: OMDIA (2) Non-GAAP financial measure. See appendix for reconciliation and definition of non-GAAP financial results* Unrivaled premium luxury brand Studios & filmmakers increasing IMAX collaboration – record 14+ Filmed For IMAX® titles expected in 2025 >50% share of global premium formats(1)
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I M A X I N V E S T O R P R E S E N T A T I O N 5 IMAX is a Consistent Winner in the Dynamic Media and Entertainment Landscape Growing Demand for IMAX Amongst Filmmakers and Studios Blockbusters Taking Market Share as Box Office Grows Premium Entertainment Platform Gaining Global Popularity IMAX Benefits From Strong Secular Tailwinds I M A X I S I N A S T R O N G I N D U S T R Y P O S I T I O N Record 23+ Filmed for IMAX titles expected in 2025 & 2026 Over 28% network growth in International (excl. China) markets since 2019 +40% growth in IMAX Global Box Office market share since 2018 *2019 through June 30, 2025 *2018 through June 30, 2025
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I M A X I N V E S T O R P R E S E N T A T I O N 6 Movies shot with IMAX certified digital and IMAX Film cameras maximize IMAX DNA throughout the entire production process • Delivers expanded aspect ratio with up to 26% more image • Continuous innovation cycle - recently completed development of latest generation of film cameras Launched Streaming and Consumer Technology offerings for the home • Next gen AI software designed to address streamers’ quality and profitability challenges • IMAX Enhanced elevates end-to- end experiences with best-in-class certified devices Lightyear IMAX’s comprehensive solution delivers most immersive theater experience, includes: • Advanced, high-resolution projectors, incl 4K laser • Large screens + proprietary theater geometry • Advanced 12-channel sound + pinpointed origination of sound • 24/7 monitoring of system performance and quality with 99% uptime E X T E N D I N G T O T H E H O M E S H O T W I T H I M A X C A M E R A S IMAX’s proprietary digital remastering technology enables full creative control for filmmakers • IMAX format = elevated quality • Delivers filmmakers ultimate image and sound fidelity • AI enabled and cloud optimized for local language content O P T I M I Z E D B Y I M A X End-to-End Technology Powers Creativity from Creation to Delivery T H E I M A X E X P E R I E N C E A M P L I F I E D B Y I M A X Loyal and growing IMAX fanbase seeks out The IMAX Experience • Filmed for IMAX® (FFI) program supports most ambitious filmmakers to optimize The IMAX Experience • Record number of FFI films in production • IMAX elevates FFI films with incremental and bespoke marketing V I E W E D I N T H E M O S T I M M E R S I V E F O R M A T
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I M A X I N V E S T O R P R E S E N T A T I O N 7 -$0.14 $0.06 $0.94 $0.95 2021 2022 2023 2024 A D J U S T E D E P S ( 2 ) (1) Total Adjusted EBITDA before subtracting non-controlling interest. (2) Non-GAAP financial measure. See appendix for reconciliation and definition of non-GAAP financial results Source: Company Data $255 $301 $375 $352 2021 2022 2023 2024 R E V E N U E $134 $156 $214 $190 2021 2022 2023 2024 G R O S S P R O F I T & M A R G I N % T O T A L A D J U S T E D E B I T D A & M A R G I N % ( 1 ) ( 2 )$ in millions +$1.09 +11% CAGR +12% CAGR $89 $96 $144 $139 2021 2022 2023 2024 +16% CAGR S T R O N G O P E R A T I N G L E V E R A G E D R I V E S A C C E L E R A T E D P R O F I T G R O W T H Robust Growth Across Financial Metrics Since Pandemic $ in millions $ in millions 39.4% 34.8% 31.8% 38.4% 54.0% 52.7% 52.0% 57.2%
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I M A X I N V E S T O R P R E S E N T A T I O N 8 FULL-YEAR 2025 GUIDANCE IMAX Box Office $1.2B+ Installations 146 Total Adjusted EBITDA Margin %(1) Low 40’s increased from 40%+ 2025 Guidance 2023 Actuals $1.06B 128 38.4% (1) Total Consolidated Adjusted EBITDA Margin before non-controlling interest. See appendix for reconciliation and definition of non-GAAP financial results (2) Expect for full year 2025 an approximate 40%/60% Sale/JRSA mix and an approximate 60%/40% new/upgrade mix 2024 Actuals $901M 39.4% 150-160(2) increased from 145-160
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I M A X I N V E S T O R P R E S E N T A T I O N 9 IMAX network accounts for >50% of total global premium locations1 1,750 Commercial Multiplex Locations 89 Countries & Territories C A N A D A 44 U N I T E D S T A T E S 375 L A T I N A M E R I C A 62 W E S T E R N E U R O P E 142 A S I A ( E X C L U D I N G G R E A T E R C H I N A ) 187 G R E A T E R C H I N A 796 R E S T O F T H E W O R L D 144 A T R U L Y G L O B A L P R E M I U M E N T E R T A I N M E N T P L A T F O R M 100+ 1-99 None *By country 1Source: OMIDIA as of Year End 2022 & Company Data as of June 30, 2025
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I M A X I N V E S T O R P R E S E N T A T I O N 419 796 535 32 197 127266 421 826 Domestic Greater China RoW 1750 356 1513 TOTAL 48% 42% 10% 9% 14% 4% 38% 58% 10 I M A X W O R L D W I D E T A R G E T M A R K E T Significant Rest of World Expansion Opportunity – Less Than 40% Penetrated Substantial Network growth opportunity: 501 systems in backlog (356 New Systems and 145 Upgrades) & 1,513 open zones Source: Company Data as of June 30, 2025 1 , 4 8 8 1 , 4 1 4 7 1 7 3 , 6 1 9 Unpenetrated Market IMAX New System Backlog IMAX Network 30% 56% 56% 36%
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I M A X I N V E S T O R P R E S E N T A T I O N 11 I M A X B O X O F F I C E M A R K E T S H A R E 1 2 Strong Share of Global Box Office on Less than 1% of Screens S T R O N G M A R K E T S H A R E A C R O S S G L O B A L B O X O F F I C E 3.0% 3.2% 2.2% 4.4% 4.8% 4.4% 4.5% 4.7% 3.8% 3.9% 3.7% 3.3% 3.7% 4.2% 3.8% 5.5% 1.6% 1.7% 1.7% 2.1% 2.3% 2.1% 2.0% 2.0% 2.5% 2.6% 2.3% 3.0% 3.3% 3.2% 3.1% 3.6% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 2018 2019 2020 2021 2022 2023 2024 1H25 Domestic Market Share China Market Share International ex. China Market Share Global Market Share 1Market share is calculated including China booking fees in both IMAX Box Office and Total Gross Box Office 2Source: Box Office Mojo, Gower Street & Company Data
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I M A X I N V E S T O R P R E S E N T A T I O N 9.8% 9.9% 8.2% 6.2% 9.6% 9.8% 12.0% 10.0% 13.0% 14.3% -1% 1% 3% 5% 7% 9% 11% 13% 15% 2017 2018 2019 2020 2021 2022 2023 2024 1H25 1H25 FFI Top 10 Grossing IMAX Titles – Domestic Opening Weekend Market Share Growing IMAX Fandom Fueling Demand for IMAX by Filmmakers, Consumers, Exhibitors and Studios 8 8 7 7 Record 14+ 2021 2022 2023 2024 2025E Global Number of Titles per Year in Filmed For IMAX Program Increasing IMAX Blockbuster Market Share1 Driving demand by Filmmakers and Studios to work with IMAX 12 IMAX represents ~1% of screens domestically 1Source: Box Office Mojo & Company Data 2Within 1H25 top ten titles, 8 were Filmed For IMAX (FFI) (2)
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I M A X I N V E S T O R P R E S E N T A T I O N 13 Exceptional Slate Expected in 2H 2025 – Record Number of Filmed for IMAX titles E X P E C T E D 2 H 2 0 2 5 S L A T E *Release slate reflects current studio scheduling as of 7/24/2025 and is not necessarily in order of release date. **Does not reflect complete listing of all titles planned to be played across the IMAX global network J U L Y O C T O B E R J U L Y N O V E M B E R N O V E M B E R D E C E M B E R O C T O B E R A V A T A R : F I R E A N D A S H S E P T E M B E RS E P T E M B E R A U G U S T S E P T E M B E R N O V E M B E R N O V E M B E R A U G U S T A U G U S T O C T O B E R A U G U S T
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I M A X I N V E S T O R P R E S E N T A T I O N 14 In Addition to Hollywood, Good Visibility Into Local Language Slate *Release slate reflects current studio scheduling as of 7/24/2025 and is not necessarily in order of release date. **Does not reflect fully confirmed and complete listing of all titles planned to be played across the IMAX network in select markets D O N G J I R E S C U E T H E L Y C H E E R O A D E X P E C T E D 2 H 2 0 2 5 L O C A L L A N G U A G E S L A T E D E M O N S L A Y E R I N F I N I T Y C A S T L E D A S K A N U D E S M A N I T UW A R I ID E A D T O R I G H T S T H E P R O P H E T T E E Y O D 3 T O K Y O M E R 2C U R I O U S T A L E S O F A T E M P L E N O B O D Y T H E S H A D O W ’ S E D G E
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I M A X I N V E S T O R P R E S E N T A T I O N 15 Exceptional Slate Continues in 2026 Including The Odyssey as well as Star Wars & Avengers Films E X P E C T E D 2 0 2 6 S L A T E A v a t a r c a r r y - o v e r f r o m 2 0 2 5 i n t o 2 0 2 6 P R O J E C T H A I L M A R Y A V E N G E R S : D O O M S D A Y T H E S U P E R M A R I O B R O S . M O V I E S E Q U E L S U P E R G I R L W O M A N O F T O M O R R O W T O Y S T O R Y 5 M I N I O N S 3 T H E M A N D A L O R I A N A N D G R O G U A V A T A R : F I R E A N D A S H C H R I S T O P H E R N O L A N ’ S T H E O D Y S S E Y *Release slate reflects current studio scheduling as of 7/24/2025 and is not necessarily in order of release date. **Does not reflect fully confirmed or complete listing of all titles planned to be played across the IMAX global network M O A N A T H E B R I D E ! N A R N I A F L O W E R V A L E S T R E E T D U N E : P A R T T H R E E R A M A Y A N A P T . I M E R C Y U N T I T L E D S P I E L B E R G
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I M A X I N V E S T O R P R E S E N T A T I O N 16 IMAX Blockbuster Slate Filling Out for 2027 with Major Franchises Headlining Schedule A V E N G E R S : S E C R E T W A R S R A M A Y A N A P T . I I T H E B A T M A N 2 S T A R W A R S : S T A R F I G H T E R F R O Z E N 3 *Release slate reflects current studio scheduling as of 7/24/2025 and is not necessarily in order of release date. **Does not reflect fully confirmed and complete listing of all titles planned to be played across the IMAX global network G O D Z I L L A X K O N G : S U P E R N O V A C H I L D R E N O F B L O O D A N D B O N E H O W T O T R A I N Y O U R D R A G O N 2 S P I D E R - M A N : B E Y O N D T H E S P I D E R - V E R S E T H E T H O M A S C R O W N A F F A I R L O R D O F T H E R I N G S : T H E H U N T F O R G O L L U M E X P E C T E D 2 0 2 7 S L A T E
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I M A X I N V E S T O R P R E S E N T A T I O N 17 IMAX is Partnering with Streaming Platforms to Eventize and Launch Content D O C U M E N T A R Y S A L E T O P R I M E V I D E O G r e t a G e r w i g ' s N a r n i a i n 2 0 2 6 • T w o - w e e k I M A X e x c l u s i v e r u n o v e r T h a n k s g i v i n g o f 2 0 2 6 • T h e a t r i c a l w i n d o w o f f o u r w e e k s • C o m m i t t e d m a r k e t i n g 2 0 2 4 D O C U M E N T A R Y " S K Y W A L K E R S "I M A X V I S I O N P R O A P P
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I M A X I N V E S T O R P R E S E N T A T I O N 18 IMAX is Widening the Content Aperture C O N T E N T S T R A T E G Y L O C A L L A N G U A G E L A U N C H E V E N T SC O N C E R T SS P O R T S D O C U M E N T A R I E S I C O N I C RE - R E L E A S E S
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I M A X I N V E S T O R P R E S E N T A T I O N 19 Local Language (LL) Content Drives Box Office Incrementality and System Demand in Growth Markets L O C A L L A N G U A G E T I T L E G R O W T H 6 0 + T I T L E S E X P E C T E D I N 2 0 2 5 14 10 22 15 28 251 3 9 8 11 14 3 4 1 13 20 22 – 10 20 30 40 50 60 2019 2020 2021 2022 2023 2024 China Japan Rest of World 27% CAGR 2 0 1 9 - 2 0 2 4 18 17 32 36 R E G I O N A L H I G H L I G H T S First Half 2025 IMAX LL box office already over 50% higher than FY 2024 China: • LL averaged ~50% of IMAX China box office past 3 years • Record 2025 Chinese New Year with CNY titles grossing to-date over $180M in IMAX box office – more than triple previous record Japan • Diverse content mix of Hollywood and Japanese films drives high box office (>$1.3M avg PSA last 3 years) • LL helping propel network growth: over 55 locations, up from 36 in 2019 South Korea • Record IMAX South Korean LL box office in 2024 (+56% from prior record) in part from strong demand for music genre (IM Hero, K-Pop) India • Growing partnerships to increase number of LL films shown in IMAX as ~90% of overall Indian box office is LL Other Markets • First IMAX Local Language releases in Vietnam, Saudi Arabia, Egypt, Germany, and Brazil films in 2025 59 61
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Natasha Fernandes Chief Financial Officer Financial Review
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I M A X I N V E S T O R P R E S E N T A T I O N Track Record of Delivering on Guidance F I N A N C I A L G U I D A N C E A N D P E R F O R M A N C E 2023 Guidance 2023 Results IMAX Global Box Office1 Adjusted EBITDA Margin2 Installations $1.06B 36.7% 128 Mid-30’s 110 - 130 ~$1.1B 1Global Box Office Excluding China Booking Fee 2Adjusted EBITDA Margin guidance for 2023 was for Attributable Adjusted EBITDA and 2024 Adjusted EBITDA Margin Guidance was for Total Adjusted EBITDA Margin (before non-controlling interest). See appendix for reconciliation and definition of non-GAAP financial results. Accelerating demand for IMAX systems drove 39% improvement YoY Strong operating leverage drove 650 bps improvement YoY Set numerous Box Office Records, improved 25% YoY 39.4% 146 High-30’s 120 - 150 Similar to 2023 Accelerating demand for IMAX systems drove 14% improvement YoY Strong cost discipline drove 100 bps improvement YoY Domestic near-record despite impact of Hollywood strikes, weaker China box office due to fewer local language blockbusters $901M 2024 Guidance 2024 Results
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I M A X I N V E S T O R P R E S E N T A T I O N x 22Source: Company Data F I R S T H A L F 2 0 2 5 H I G H L I G H T S Global Box Office (excl. China Booking Fee) $277 $196 $558 $457 Global Box Office (incl. China Booking Fee) $281 $200 $579 $467 Revenues $91.7 $89.0 $178.4 $168.1 Gross Margin ($) $53.6 $43.9 $106.8 $90.8 Gross Profit Margin (%) 58.5% 49.4% 59.9% 54.0% GAAP Net Income $12.2 $5.1 $20.4 $10.5 GAAP Attributable Net Income(1) $11.3 $3.6 $13.6 $6.9 EPS(1) $0.20 $0.07 $0.25 $0.13 Adjusted Net Income(1)(3) $14.6 $9.7 $21.8 $17.7 Adjusted EPS(1)(3) $0.26 $0.18 $0.40 $0.33 Total Adjusted EBITDA ($)(2)(3) $39.1 $31.0 $76.0 $63.1 Total Adjusted EBITDA Margin (%) (2)(3)(4) 42.6% 34.8% 42.6% 37.5% Average Fully Diluted Shares Outstanding 55.2M 53.4M 55.1M 53.4M $ I N M I L L I O N S except for per share information (1) Attributable to common shareholders. (2) Total Adjusted EBITDA before non-controlling interest. (3) See appendix for reconciliation and definition of non-GAAP financial results. IMAX Reports Strong Box Office, Installations, and Profitability Entering into 2H25 S E C O N D Q U A R T E R 2 0 2 5 F I N A N C I A L P E R F O R M A N C E IMAX GBO of $579M Growth of 24% y/y ~38% from Local Language 57 System Installations Growth of 46% y/y FY25 guidance of 160-160 123 System Signings Growth of 29% systems y/y 42.6% Total Adj. EBITDA Margin(2)(3) Compares to low 40’s FY 2025 Guidance Q 2 2 0 2 5 Q 2 2 0 2 4 1 H 2 0 2 5 1 H 2 0 2 4
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I M A X I N V E S T O R P R E S E N T A T I O N 0% 10% 20% 30% 40% 50% 60% $0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 Total Adjusted EBITDA Margin % Quarterly Total IMAX Box Office IMAX Quarterly Box Office correlation to Quarterly Total Adjusted EBITDA Margin %(1)(2)(3) 23 Strong Operating Leverage – Higher Levels of Box Office Have Predictably Driven Higher Adjusted EBITDA Margin %(1)(2) Correlation Coefficient 87% 2025 Target: Low 40’s (1) Total Adjusted EBITDA before non-controlling interest. (2) See appendix for reconciliation and definition of non-GAAP financial results. (3) Chart plots quarterly IMAX box office/Total Adjusted EBITDA Margin from 2018 to Q2 2025 excluding the quarters from 2020 (main covid impacted year)
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I M A X I N V E S T O R P R E S E N T A T I O N 24 Source: Company Data 158 149 94 94 104 108 145 89 June 30, 2025 YE 2024 501 440 Upgrades Joint Revenue Sharing Hybrid JRSA Sales B A C K L O G P I P E L I N E Systems Installations Growth Accelerating with Second Quarter Installations up50% Year-Over-Year S Y S T E M S N E T W O R K G R O W T H D R I V E R S Sale 46%JRSA 54% 1 H 2 5 I N S T A L L S Sale 28% JRSA 72% 1 H 2 5 S I G N I N G S 15 24 49 58 21 36 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 I N S T A L L S B Y Q U A R T E R 8 87 16 19 95 28 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 S I G N I N G S B Y Q U A R T E R 1 2 3 T O T A L S I G N I N G S 5 7 T O T A L I N S T A L L S
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I M A X I N V E S T O R P R E S E N T A T I O N 25 O P E R A T I N G C A S H F L O W ( $ I N M I L L I O N S ) C A S H & L I Q U I D I T Y P O S I T I O N ( $ I N M I L L I O N S ) 6 / 3 0 / 2 5 1 2 / 3 1 / 2 4 Cash1 $109.3 $100.6 Liquidity Total Credit Facilities $354.4 $354.3 Less Amount Utilized $(48.0) $(37.0) Net Credit Available $306.4 $317.3 Total Liquidity $415.7 $417.9 D E B T M A T U R I T Y L A D D E R ( $ I N M I L L I O N S ) 6 / 3 0 / 2 5 1 2 / 3 1 / 2 4 Convertible Senior Notes2 $230.0 $230.0 Credit Facilities Used / Other Debt $49.6 $38.8 Total Debt $279.6 $268.8 Net Debt $170.3 $168.2 Net Debt / TTM Total Adj EBITDA 1.12x 1.21x 1As of June 30, 2025, cash and cash equivalents held outside of Canada was $100.9 million (December 31, 2024 —$85.4 million), of which $61.5 million was held in the People’s Republic of China (the “PRC”) (December 31, 2024 — $47.5 million) 2The Convertible Senior Notes bear interest at a rate of 0.500% per annum on the principal of $230.0 million, payable semi-annually in arrears on April 1 and October 1 of each year. The Convertible Notes will mature on April 1, 2026, unless earlier repurchased , redeemed or converted. In connection with the pricing of the Convertible Notes, the Company entered into privately negotiated capped call transactions with an initial cap price of $37.2750 per share of the Company’s common shares. Low Leverage Model with Improving Cash Flow and Strong Liquidity L E V E R A G E P O S I T I O N ( $ I N M I L L I O N S ) $(23) $6 $17 $59 $71 $(30) $- $30 $60 2020 2021 2022 2023 2024 $231 $48 $- $50 $100 $150 $200 $250 2026 2027
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I M A X I N V E S T O R P R E S E N T A T I O N 26 Y E A R - E N D S H A R E S O U T S T A N D I N G ( I N T H O U S A N D S ) IMAX Repurchased $175M, 19% of Shares Outstanding Since 2020 Increased Share Repurchase Authorization in June 2025, $251 Million Available Under Program D E L I V E R I N G V A L U E T H R O U G H S H A R E R E P U R C H A S E S H A R E S R E P U R C H A S E D P A S T 5 Y E A R S 1 ( I N T H O U S A N D S ) $36.6M $13.9M $82.0M $26.4M $16.3M A V E R A G E R E P U R C H A S E P R I C E 61,176 58,921 58,654 54,149 53,260 52,946 2019 2020 2021 2022 2023 2024 2,484 841 5,402 1,604 1,166 4% 5% 14% 17% 19% 0% 5% 10% 15% 20% 25% 0 1,000 2,000 3,000 4,000 5,000 6,000 2020 2021 2022 2023 2024 Shares Repurchased % Repurchased (Cume) $15.24 2020- 2024 Avg. Repurchase Price 1As of 12/31/2024 Repurchase $’s
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I M A X I N V E S T O R P R E S E N T A T I O N 27 First Half 2025 Cash Flow Reflects Strengthening Position A T T R A C T I V E C A S H F L O W M O D E L $30.2 $4.0 $3.4 $22.8 $14.7 $8.1 $- $5 $10 $15 $20 $25 $30 $35 1H25 Operating Cash Flow PP&E Acquisition of Other Intangible Assets FCF Before Growth Investment Investments In JRSA Lease Equipment 1H25 Free Cash Flow Maintenance CAPEX Growth CAPEX $24.1 $2.7 $3.2 $18.2 $9.8 $8.4 $- $5 $10 $15 $20 $25 $30 $35 1H24 Operating Cash Flow PP&E Acquisition of Other Intangible Assets FCF Before Growth Investment Investments In JRSA Lease Equipment 1H24 Free Cash Flow F I R S T H A L F 2 0 2 5 ( $ I N M I L L I O N S ) F I R S T H A L F 2 0 2 4 ( $ I N M I L L I O N S ) Maintenance CAPEX Growth CAPEX
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A P P E N D I X I M A X I N V E S T O R P R E S E N T A T I O N
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I M A X I N V E S T O R P R E S E N T A T I O N Domestic 41.8% Greater China 23.0% Rest of World 35.2% 29 The Business of IMAX – the Most Premium, Innovative Platform for Cinema • IMAX is a global entertainment, technology, and distribution company known for its innovative, patented technology that transforms a movie into an experience. • IMAX is also a Hollywood insider, partnering with the world’s most celebrated filmmakers to enhance their biggest blockbusters and documentaries. • IMAX’s primary sources of revenue consist of: (1) sale/lease of IMAX systems, which includes the provision of annual recurring maintenance fees; and (2) a share of box office receipts from studios for the remastering and distribution of films across the IMAX network. 2 0 2 4 S e g m e n t R e v e n u e B r e a k d o w n 2 0 2 4 G e o g r a p h i c R e v e n u e B r e a k d o w n $352M 2 0 2 4 R e v e n u e $139M 2 0 2 4 To t a l A d j . E B I T D A( 1 ) (1) Non-GAAP financial measure. See appendix for reconciliation and definition of non-GAAP financial results Content Solutions 35.4% All Other 3.2% Technology Products & Services 61.3%
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I M A X I N V E S T O R P R E S E N T A T I O N 30 Segment Customer Revenue Streams 2024 Revenue Comments Content Solutions (35.4% of 2024 total IMAX Revenue at a 53% gross margin) Studios and Other Content Creators Film Remastering & Distribution $101M (11.2% of IMAX Box Office) IMAX earns a percentage of box office from studios for remastering and distribution of films in the IMAX network. Revenue is recognized as box office is earned. Film remastering costs are capitalized and depreciated over the IMAX run. Marketing costs are expensed as incurred. Other Content Solutions $24M Includes revenue and costs associated with documentaries and alternative content as well as miscellaneous post-production work. Technology Products & Services (61.3% of 2024 total IMAX Revenue at a 53% gross margin) Global Exhibitors (Master contract by exhibitor, individual system contract length is typically 10 to 12 years) System Sales $82M Includes revenue and costs recognized in the period of sale from sales and hybrid sales contracts. For hybrid sales contracts as well as for renewals, contingent consideration is estimated based on future estimated box office receipts. This stream also includes sales of IMAX system parts and 3D glasses. System Rentals $62M (6.9% of IMAX Box Office) Includes rental revenue and costs from joint revenue sharing (JRSA) and hybrid JRSA contracts. System rental revenue is based on a contractual share of box office from the exhibitor. Costs reflects depreciation of the system assets (IMAX Capex) over the life of the contract. Maintenance $62M Annual maintenance fees are included in all exhibitor contracts. Finance Income $10M Finance Income is recognized over time based on the embedded interest rate within our sales arrangements. All Other (3.2% of 2024 total IMAX Revenue at a 71% gross margin) Primarily Streaming and Consumer Technology customers All Other $11M Includes revenues from businesses that do not meet criteria to be a reportable segment. Primarily includes revenues from IMAX’s Streaming & Consumer technology business which includes licensing arrangements with equipment manufacturers and software that help optimize the bandwidth required and cost associated with streaming and broadcasting content. Appendix: How IMAX Makes Money 30
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I M A X I N V E S T O R P R E S E N T A T I O N 31 In this presentation, the Company presents adjusted net income attributable to common shareholders and adjusted net income attributable to common shareholders per basic and diluted share, EBITDA, Adjusted EBITDA per Credit Facility, and Adjusted EBITDA margin as supplemental measures of the Company’s performance, which are not recognized under U.S. GAAP. A reconciliation from net income (loss) attributable to common shareholders and the associated per share amounts to adjusted net income attributable to common shareholders and adjusted net income attributable to common shareholders per diluted share is presented in the table below. Net income (loss) attributable to common shareholders and the associated per share amounts are the most directly comparable U.S. GAAP measures because they reflect the earnings relevant to the Company’s shareholders, rather than the earnings attributable to non-controlling interests. Adjusted net income or loss attributable to common shareholders and adjusted net income or loss attributable to common shareholders per basic and diluted share exclude, where applicable: (i) share-based compensation; (ii) realized and unrealized investment gains or losses; (iii) restructuring and other charges; and (iv) employee retention credits, and as well as the related tax impact of these adjustments. The Company believes that these non-GAAP financial measures are important supplemental measures that allow management and users of the Company’s financial statements to view operating trends and analyze controllable operating performance on a comparable basis between periods without the after-tax impact of share-based compensation and certain unusual items included in net income attributable to common shareholders. Although share-based compensation is an important aspect of the Company’s employee and executive compensation packages, it is a non-cash expense and is excluded from certain internal business performance measures. In addition to the non-GAAP financial measures discussed above, management also uses “EBITDA,” as such term is defined in the Credit Agreement, and which is referred to herein as “Adjusted EBITDA per Credit Facility.” As defined in the Credit Agreement, Adjusted EBITDA per Credit Facility includes adjustments in addition to the exclusion of interest, taxes, depreciation and amortization. Accordingly, this non-GAAP financial measure is presented to allow a more comprehensive analysis of the Company’s operating performance and to provide additional information with respect to the Company’s compliance with its Credit Agreement requirements, when applicable. In addition, the Company believes that Adjusted EBITDA per Credit Facility presents relevant and useful information widely used by analysts, investors and other interested parties in the Company’s industry to evaluate, assess and benchmark the Company’s results. EBITDA is defined as net income or loss excluding: (i) income tax expense or benefit; (ii) interest expense, net of interest income; (iii) depreciation and amortization, including film asset amortization; and (iv) amortization of deferred financing costs. Total Adjusted EBITDA is defined as EBITDA excluding: (i) share-based and other non- cash compensation expense; (ii) unrealized investment losses or gains; (iii) restructuring and other charges; and i(v) write-downs, including asset impairments and credit loss reversal. Adjusted EBITDA per Credit Facility is defined as EBITDA excluding: (i) share-based and other non-cash compensation; (ii) realized and unrealized investment gains or losses; (iii) restructuring and other charges; and (iv) write-downs, net of recoveries, including asset impairments and credit loss expense or reversal. A reconciliation of net income (loss) attributable to common shareholders, which is the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA per Credit Facility is presented in the table below. Net income (loss) attributable to common shareholders is the most directly comparable U.S. GAAP measure because it reflects the earnings relevant to the Company’s shareholders, rather than the earnings attributable to non- controlling interests. In this presentation, the Company also presents free cash flow, which is not recognized under U.S. GAAP, as a supplemental measure of the Company’s liquidity. The Company definition of free cash flow deducts only normal recurring capital expenditures, including the Company’s investment in joint revenue sharing arrangements, the purchase of property, plant and equipment and the acquisition of other intangible assets (from the Consolidated Statements of Cash Flows), from net cash provided by or used in operating activities. Management believes that free cash flow is a supplemental measure of the cash flow available to reduce debt, add to cash balances, and fund other financing activities. Free cash flow does not represent residual cash flow available for discretionary expenditures. A reconciliation of cash provided by operating activities to free cash flow is presented below. U S E O F N O N - G A A P F I N A N C I A L M E A S U R E S
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I M A X I N V E S T O R P R E S E N T A T I O N 32 3 M O N T H S E N D E D J U N E 3 0 , 2 0 2 5 3 M O N T H S E N D E D J U N E 3 0 , 2 0 2 4 6 M O N T H S E N D E D J U N E 3 0 , 202 5 6 M O N T H S E N D E D J U N E 3 0 , 2 0 2 4 $ I N T H O U S A N D S , E X C E P T E P S D A T A Net Income Per Diluted Share Net Income Per Diluted Share Net Income Per Diluted Share Net Income Per Share Net Income Attributable to Common Shareholders $ 11,255 $ 0.20 $ 3,583 $ 0.07 $ 13,582 $ 0.25 $ 6,857 $ 0.13 Adjustments: Share-Based Compensation 7,128 0.13 6,647 0.12 12,340 0.22 11,354 0.21 Unrealized Investment Gains (33) - (32) - (65) - (62) - Restructuring and Other Charges 786 0.01 - - 843 0.02 - - Employee Retention Credits (3,827) (0.07) - - (3,827) (0.07) - - Tax Impact on Items Listed Above (702) (0.01) (452) (0.01) (1,088) (0.02) (462) (0.01) Adjusted Net Income Attributable to Common Shareholders $ 14,607 $ 0.26 $ 9,746 $ 0.18 $21,785 $ 0.40 $ 17,688 $ 0.33 Weighted Average Basic Shares Outstanding 53,751 52,633 53,448 52,568 Weighted Average Diluted Shares Outstanding 55,161 53,428 55,064 53,386 NON - G A A P F I N A N C I A L R E C O N C I L I A T I O N — A D J U S T E D N E T I N C O M E
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I M A X I N V E S T O R P R E S E N T A T I O N 33 $ I N T H O U S A N D S 3 M O N T H S E N D E D J U N E 3 0 , 2 0 2 5 3 M O N T H S E N D E D J U N E 3 0 , 2 0 2 4 6 M O N T H S E N D E D J U N E 3 0 , 2 0 2 5 6 M O N T H S E N D E D J U N E 3 0 , 2 0 2 4 Revenues $ 91,684 $ 88,961 $ 178,351 $ 168,084 Reported Net Income $ 12,235 $ 5,073 $ 20,385 $ 10,493 Add (Subtract): Income Tax Expense (Recovery) 1,198 (3,997) 8,483 1,162 Interest Expense, Net of Interest Income 321 1,229 1,090 2,148 Depreciation and Amortization, Including Film Asset Amortization 15,896 18,838 30,809 34,002 Amortization of Deferred Financing Costs 492 492 984 984 EBITDA $ 30,142 $ 21,635 $ 61,751 $ 48,789 Share-based and Other Non-Cash Compensation 7,492 6,970 12,767 11,753 Unrealized Investment Gains (33) (32) (65) (62) Write-downs, Including Asset Impairments and Credit Loss Reversal 671 2,428 737 2,572 Restructuring and Other Charges 786 - 843 - Total Adjusted EBITDA $ 39,058 $ 31,001 $ 76,033 $ 63,052 Total Adjusted EBITDA Margin 42.6% 34.8% 42.6% 37.5% Less: Non-Controlling Interest $ (2,372) $ (4,151) $ (11,298) $ (8,085) Adjusted EBITDA Per Credit Facility – Attributable to Common Shareholders $ 36,686 $ 26,850 $ 64,735 $ 54,967 NON - G A A P F I N A N C I A L R E C O N C I L I A T I O N — A D J . E B I T D A
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I M A X I N V E S T O R P R E S E N T A T I O N 34 6 M O N T H S E N D E D J U N E 3 0 , 2 0 2 5 6 M O N T H S E N D E D J U N E 3 0 , 2 0 2 4 $ I N T H O U S A N D S Net Cash Provided by Operating Activities $ 30,181 $ 24,070 Purchase of Property, Plant and Equipment (4,006) (2,690) Acquisition of Other Intangible Assets (3,376) (3,191) Free Cash Flow Before Growth CAPEX $ 22,799 $ 18,189 Investment in Equipment for Joint Revenue Sharing Arrangements (14,666) (9,757) Free Cash Flow $ 8,133 $ 8,432 NON - G A A P F I N A N C I A L R E C O N C I L I A T I O N — F R E E C A S H F L O W