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I N V E S T O R P R E S E N T A T I O N F E B R U A R Y 2 0 2 6 ® 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 affect our future results and cause those results or other outcomes 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 “accelerate,” “anticipate,” “believe,” “continue,” “could,” “expand,” “expect,” “future,” “goal,” “grow,” “guidance,” “intend,” “look forward to,” “may,” “plan,” “potential,” “promising,” “momentum,” “positioned,” “prospects,” “runway,” “subject to,” “target,” “will” or the negative or other variations thereon or comparable terminology. These forward-looking statements include, but are not limited to statements regarding: the Company’s business and technology strategies and measures to implement such strategies, including with respect to its brand extensions and new business initiatives; the Company’s belief and expectations regarding its competitive strengths, differentiation, goals, market opportunity and penetration, including opportunities in and expected growth from international markets, momentum and runway for evolution, expansion and growth of business, networks, operations and technology; future cash flow and revenue realization; capital allocation, including the amount and nature of future capital expenditures and the sufficiency of capital and liquidity to fund the Company’s anticipated operating needs; the Company’s capital structure, including the incurrence and repayment of debt and the impact of its restrictive debt covenants to operating and financial flexibility; the Company’s belief in its ability to exceed its record metrics; the Company’s technological capabilities and the differentiation thereof; the Company’s ability to enhance its brand equity and brand awareness and the benefits thereof; industry prospects and shifts in consumer behavior; future industry developments and films and other content released to the IMAX network, including expected releases, the timing of such releases, the anticipated box office revenues, and other effects thereof; and plans and references to the future success of the Company and expectations regarding its future operating, financial and technological results, including its box office and financial guidance for 2026. 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 the Company’s investments, operations, and future expansion in foreign jurisdictions, including the impact of economic, political and regulatory policies and laws of the United States, Canada, and China, tariffs and other trade regulations, and economic and trade tensions, trade wars, and geopolitical conflicts; risks related to the Company’s growth and operations in China, including the impact of industry conditions to both the Company and its partners; the performance of IMAX remastered films and other films released to the IMAX network; conditions, changes and developments in the commercial exhibition industry; the Company’s ability to enter into new sales, IMAX theater system agreements, and lease agreements and the effects thereof to revenue; fluctuations in operating results and cash flow and the resulting volatility of the Company’s share price; the potential impact of increased competition in the markets within which the Company operates, including competitive actions by other companies; the ability of the Company to respond to change and advancements in technology, including success in enhancing the Company’s artificial intelligence (“AI”) products while responding to competition from AI-generated content; the potential impacts of consolidation among commercial exhibitors and studios; success of brand extensions and new business initiatives; conditions and competition in the in-home (including streaming) and out-of-home entertainment industries; the Company’s ability to identify and pursue new business opportunities (or lack thereof); breaches to cybersecurity and data privacy; the Company’s ability to protect its intellectual property and to avoid infringing, misappropriating, or violating the intellectual property rights of others; effects of environmental laws and regulations; weather conditions and natural disasters that may disrupt or harm the Company’s business; effects of the Company’s indebtedness on its cash flow and business activities and the Company’s ability to comply with its debt agreements; general economic, market or business conditions; sustained inflationary pressure; political, economic and social instability; the Company’s ability to convert system backlog into revenue and cash flows; 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 annual report 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 may be updated in filings the Company makes from time to time with the SEC, including the Company’s Quarterly Reports on Form 10 -Q. The forward-looking statements herein are made only as of the date hereof and 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 Entertainment 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 91 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 +50% Growth in IMAX Global Box Office market share from 2018 through 2025 1,796 system footprint in the IMAX commercial network 434 IMAX systems in contracted backlog 45% 2025 Total Adjusted EBITDA margin(2) $127m Record operating cash flow in 2025 IMAX is the future of moviegoing Unmatched global network scale Long runway for platform growth Significant operating leverage as scale Strong capital structure & cash generation (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 – 12+ Filmed For IMAX® titles expected in 2026 >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 Grows1 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 12+ Filmed for IMAX titles expected 2026 8% network growth in International (excl. China) markets in 2025 Since 2018, IMAX share up 50%+ *2019 through December 31, 2025 *2018 through December 31, 2025 (1) From 2010 to 2019, top 10 films represented an average of 30% of the total domestic box office annually. Post-pandemic, the average percentage that the top 10 films represent of the total annual domestic box office is 44%
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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 IMAX Streaming and Consumer Technology offering • Built on proprietary VisionScience technology to deliver The IMAX Experience to users across streaming platforms and consumer devices. • Extension of the IMAX brand and technology into live streaming for connected theaters and live and on-demand streaming home entertainment experiences 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 • Take a glimpse into IMAX’s end- to-end technological solution here 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 $1.45 * 2021 2022 2023 2024 2025 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 *Represents a company record Source: Company Data $255 $301 $375 $352 $410 * 2021 2022 2023 2024 2025 R E V E N U E $134 $156 $214 $190 $246 * 2021 2022 2023 2024 2025 G R O S S P R O F I T & M A R G I N % T O T A L A D J U S T E D E B I T D A & M A R G I N % ( 1 ) ( 2 )$ in millions +$1.60 ~13% CAGR +16% CAGR $89 $96 $144 $139 $185 * 2021 2022 2023 2024 2025 +20% 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% 45.1% 60.0%
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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 IMAX network accounts for >50% of total global premium locations1 1,796 Commercial Multiplex Locations 91 Countries & Territories C A N A D A 45 U N I T E D S T A T E S 385 L A T I N A M E R I C A 64 W E S T E R N E U R O P E 152 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 ) 201 G R E A T E R C H I N A 797 R E S T O F T H E W O R L D 152 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 December 31, 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 1796 303 2,367 TOTAL 40% 53% 430 797 569 29 183 91 484 654 1229 Domestic Greater China RoW 7% 5% 11% 3% 51% 45% 9 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 – only 30% Penetrated Substantial Network growth opportunity: 434 systems in backlog (303 New Systems and 131 Upgrades) & 2,367 open zones Source: Company Data as of December 31, 2025 1 , 8 8 9 1 , 6 3 4 9 4 3 4 , 4 6 6 Unpenetrated Market IMAX New System Backlog IMAX Network 40% 49% 65% 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 10 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 1Market share is calculated including China booking fees in both IMAX Box Office and Total Industry Gross Box Office, which includes titles that are not distributed across the IMAX platform 2Source: Box Office Mojo, Gower Street & Company Data 3.0% 3.2% 2.2% 4.4% 4.8% 4.4% 4.5% 5.2% 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% 2.5%2.5% 2.6% 2.3% 3.0% 3.3% 3.2% 3.1% 3.8% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 2018 2019 2020 2021 2022 2023 2024 2025 Domestic Market Share China Market Share International ex. China Market Share Global Market Share
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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% 14.4% 15.0% 2017 2018 2019 2020 2021 2022 2023 2024 2025 2025 Growing IMAX Fandom Fueling Demand for IMAX by Filmmakers, Consumers, Exhibitors and Studios 11 Top 10 Grossing IMAX Titles – Domestic Opening Weekend Market Share 1Source: Box Office Mojo & Company Data 2Within 2025 top ten Hollywood titles, 8 were Filmed For IMAX (FFI) 3All Hollywood FFI titles 4Source: NRG, IMAX’s Net Promoter Score over-indexes among younger moviegoers (age 13-17) (2) 41 32 40 30 19 59 61 672 7 17 25 Avg. 2016-2019 2023 2024 2025 Hollywood Local Language Alt Content 13-17 19% 14% Overindexing vs. gen pop & active moviegoers4 Anime indexing in 2025 Horror indexing in 2025 R E S U L T S D R I V E N B Y S T R O N G M A R K E T S H A R E A N D F A N E N G A G E M E N T D I V E R S I F I E D & E X P A N D I N G C O N T E N T O F F E R I N G I N C R E A S I N G I M A X B L O C K B U S T E R M A R K E T S H A R E 1 IMAX Net Promoter Score rivals the biggest brands in entertainment, tech and apparel 60% 60% 55% 55%55% I M A X F A N S A R E P A S S I O N A T E A D V O C A T E S 62 98 118 122 E M E R G I N G A R E A S O F A U D I E N C E G R O W T H (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 12 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 13 Exceptional Upcoming Slate in 2026 Including The Odyssey , Star Wars , and Dune Films E X P E C T E D U P C O M I N G 2 0 2 6 S L A T E S U P E R G I R L 1Currently only in select international markets *Release slate reflects current studio scheduling as of 2/25/2026 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 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 S T R E E T F I G H T E RD I G G E R R E S I D E N T E V I L H U N G E R G A M E S : S U N R I S E O N T H E R E A P I N G A V E N G E R S : D O O M S D A Y 1 T H E G R E A T B E Y O N D S P I D E R - M A N : B R A N D N E W D A Y 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 14 IMAX Blockbuster Slate Filling Out for 2027 with Major Franchises A V E N G E R S : S E C R E T W A R SB A T M A N M O V I E 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 2/25/2026 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 E X P E C T E D 2 0 2 7 S L A T E M I A M I V I C EM I N E C R A F T S E Q U E L M A N O F T O M O R R O W L E G E N D O F Z E L D A S T A R W A R S 5 0 TH A N N I V E R S A R Y P A N I C C A R E F U L L Y S H R E K 5
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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 In Addition to Hollywood, Good Visibility Into Local Language Slate *Release slate reflects expected studio film releases as of 2/25/2026 and is not necessarily in order of release date with some titles pending announcement for release in 2026 **Does not reflect fully confirmed and complete listing of all titles planned to be played across the IMAX network in select markets E X P E C T E D L O C A L L A N G U A G E S L A T E B L A D E S O F T H E G U A R D I A N SS C A R E O U TP E G A S U S 3 R A M A Y A N A p t . 1 T O X I C 2 D I E 4 T H E W A R O F L I G H T P E N G H U C R E A T I O N S O F T H E G O D S 3M A D E I N Y I W U 2 C H I N A C H I N AC H I N A J A P A N C H I N A B R A Z I L T H A I L A N D C H I N A C H I N A C H I N A I N D I A I N D I A K I K I ’ S D E L I V E R Y S E R V I C E A T H O S G O L D E N K A M U Y 2 G H O S T B O A R D J A P A N F R A N C E C H I N A O N C E U P O N A T I M E I N T H E M I D D L E E A 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 16 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 7 5 T I T L E S E X P E C T E D I N 2 0 2 6 14 10 22 15 28 25 251 3 9 8 11 14 11 3 4 1 13 20 22 31 – 10 20 30 40 50 60 70 80 2019 2020 2021 2022 2023 2024 2025 2026E China Japan Rest of World To Be Released 24% CAGR 2 0 1 9 - 2 0 2 5 18 17 32 36 R E G I O N A L H I G H L I G H T S 2025 IMAX LL box office of $405M, 66% above previous full year record China: • 6 out the top-10 Chinese IMAX titles in 2025 were LL • Record 2025 Chinese New Year with CNY titles grossingover $180M in IMAX box office Japan • 5 out the top-10 IMAX Japanese titles in 2025 were LL • Diverse content mix of Hollywood and Japanese films drives high box office (2025 PSA of $XXm) • LL helping propel network growth: almost 20% network growth in 2025 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 • 68 countries with a LL title in the top 10 IMAX releases in 2025 • First IMAX Local Language releases in Vietnam, Saudi Arabia, Egypt, Germany, Poland and Turkey in 2025 59 61 67 75
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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* 2 0 2 6 T i t l e s I n c l u d e : M e r c y , T h e B r i d e ! 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 5 L i m i t e d R e l e a s e o f F r a n k e n s t e i n • L i v e D i r e c t o r Q & A f r o m I M A X T C L 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 " *Release slate reflects current studio scheduling as of 2/25/2026 and is not necessarily in order of release date. E x c l u s i v e d e a l w i t h A p p l e t o l i v e s t r e a m F o r m u l a 1 r a c e s i n 2 0 2 6 • F i v e g r a n d p r i x r a c e s a c r o s s a t l e a s t 5 0 l o c a t i o n s n a t i o n w i d e • B u i l d s o n s u c c e s s f u l p a r t n e r s h i p o n F 1 : T h e M o v i e w h e r e I M A X c o n t r i b u t e d n e a r l y $ 1 0 0 m o f t h e I M A X b o x o f f i c e , ~ 1 6 % o f f i l m ’ s t o t a l
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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 System Installations $1.06B 36.7% 128 Mid-30’s 110 - 130 ~$1.1B 1Global Box Office Excluding China Booking Fee for 2023 and 2024. 2025 Global Box Office guidance and results include the 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. 39.4% 146 High-30’s 120 - 150 Similar to 2023 $901M 2024 Guidance 2024 Results 45.1% 160 Low-40’s 145 – 160 >$1.2B 2025 Guidance 2025 Results $1.28B
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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 20 F U L L - Y E A R 2 0 2 6 G U I D A N C E Exceptional Slate and Network Growth Position IMAX for Another Record Year 2026 GUIDANCE ~$1.4B Mid - 40s (Floor of 45%) 160 - 175 1 2024 ACTUALS 2025 ACTUALS IMAX BOX OFFICE SYSTEM INSTALLATIONS TOTAL ADJUSTED EBITDA MARGIN % 2 $1.28B 160 45.1% 146 $920M 39.4% (1) Expect for FY 2026 an approximate 45%/55% Sale/JRSA mix and an approximate 60%/40% new/upgrade mix. (2) Total Consolidated Adjusted EBITDA Margin before non-controlling interest. See appendix for reconciliation and definition of non-GAAP financial 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 21 L O N G - T E R M G U I D A N C E Three-Year Financial Targets Highlight Sustainable Growth and Margin Expansion ADJUSTED EBITDA MARGIN % ADJUSTED EPS GROWTH FREE CASH FLOW CONVERSION REVENUE CONVERSION High Single to Low Double Digit CAGR OVER 50% by 2028 TWICE The Rate of Revenue ~50% By 2026 and Growing *Developed using a base year of 2025 to project 2026 through 2028.
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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 2 0 2 5 H I G H L I G H T S Global Box Office(1) $336 $208 $1,283 $920 Revenues $125.2 $92.7 $410.2 $352.2 Gross Margin ($) $72.1 $48.4 $246.2 $190.2 Gross Profit Margin (%) 57.6% 52.2% 60.0% 54.0% GAAP Net Income $2.5 $6.9 $45.5 $32.7 GAAP Attributable Net Income(2) $0.6 $5.3 $34.9 $26.1 EPS(2) $0.01 $0.10 $0.63 $0.48 Adjusted Net Income(2)(4) $32.6 $14.5 $80.6 $51.0 Adjusted EPS(2)(4) $0.58 $0.27 $1.45 $0.95 Total Adjusted EBITDA ($)(3)(4) $57.1 $37.2 $184.9 $138.9 Total Adjusted EBITDA Margin (%) (3)(4) 45.6% 40.1% 45.1% 39.4% Average Fully Diluted Shares Outstanding 56.3M 54.7M 55.5M 53.9M $ I N M I L L I O N S except for per share information (1) Includes China Booking Fee (2) Attributable to common shareholders. (3) Total Adjusted EBITDA before non-controlling interest. (4) See appendix for reconciliation and definition of non-GAAP financial results. Strong Performance to Close Out 2025 with Stellar 2026 Film Slate Ahead F O U R T H Q U A R T E R & F U L L Y E A 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 $1.28B Growth of 40% y/y ~36% from Local Language 160 System Installations Growth of ~10% y/y Driving network growth of 3.5% 166 System Signings Growth of 28% y/y 45.1% Total Adj. EBITDA Margin(2)(3) ~570 bps higher y/y Q 4 2 0 2 5 Q 4 2 0 2 4 2 0 2 5 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 88% 2026 Target: Mid 40’s Floor of 45% (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 Q4 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 120 153 92 94 91 108 131 85 YE 2025 YE 2024 434 440 Upgrades Joint Revenue Sharing Hybrid JRSA Sales B A C K L O G P I P E L I N E 2025 Systems Installations and Signings Outperformed 2024 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 52% JRSA 48% 2 0 2 5 I N S T A L L S Sale 43% JRSA 57% 2 0 2 5 S I G N I N G S 15 24 49 58 21 36 38 65 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 I N S T A L L S B Y Q U A R T E R 8 87 16 19 95 28 19 24 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 S I G N I N G S B Y Q U A R T E R 1 6 6 T O T A L S I G N I N G S 1 6 0 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 ) 1 2 / 3 1 / 2 5 1 2 / 3 1 / 2 4 Cash1 $151.2 $100.6 Liquidity Total Credit Facilities $430.5 $354.3 Less Amount Utilized $(37.0) $(37.0) Net Credit Available $393.5 $317.3 Total Liquidity $544.7 $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 ) 1 2 / 3 1 / 2 5 1 2 / 3 1 / 2 4 Convertible Senior Notes2 $250.7 $230.0 Credit Facilities Used / Other Debt $37.9 $38.8 Total Debt $288.7 $268.8 Net Debt $137.5 $168.2 Net Debt / TTM Total Adj EBITDA 0.74x 1.21x 1As of December 31, 2025, cash and cash equivalents held outside of Canada was $137.4 million (December 31, 2024 —$85.4 million), of which $97.2 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 0.750% per annum on the principal of $250.0 million, payable semi-annually in arrears on May 15 and November 15 of each year, beginning on May 15, 2026. The Convertible Notes will mature on November 15, 2030, 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 $57.1025 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 $127 $(30) $- $30 $60 $90 $120 2020 2021 2022 2023 2024 2025 $2 $0 $0 $0 $287 $- $50 $100 $150 $200 $250 $300 2026 2027 2028 2029 2030
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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 53,922 2019 2020 2021 2022 2023 2024 2025 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 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 $127.1 $8.2 $5.3 $113.6 $28.4 $85.2 $- $20 $40 $60 $80 $100 $120 $140 2025 Operating Cash Flow PP&E Acquisition of Other Intangible Assets FCF Before Growth Investment Investments In JRSA Lease Equipment 2025 Free Cash Flow Maintenance CAPEX Growth CAPEX $70.8 $8.4 $8.4 $54.0 $24.3 $29.6 $- $20 $40 $60 $80 $100 $120 2024 Operating Cash Flow PP&E Acquisition of Other Intangible Assets FCF Before Growth Investment Investments In JRSA Lease Equipment 3Q24 YTD Free Cash Flow 2 0 2 5 ( $ I N M I L L I O N S ) 2 0 2 4 ( $ I N M I L L I O N S ) Maintenance CAPEX Growth CAPEX 46% Free Cash Flow conversion in 2025 21% Free Cash Flow conversion in 2024
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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 Content Solutions 36.9% All Other 1.9% Technology Products & Services 61.3% Domestic 38.1% Greater China 24.9% Rest of World 36.9% 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 5 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 5 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 $410M 2 0 2 5 R e v e n u e $185M 2 0 2 5 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
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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 2025 Revenue Comments Content Solutions (37% of 2025 total IMAX Revenue at a 66% gross margin) Studios and Other Content Creators Film Remastering & Distribution $142M (11% 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 $9M Includes revenue and costs associated with documentaries and alternative content as well as miscellaneous post-production work. Technology Products & Services (61% of 2025 total IMAX Revenue at a 57% gross margin) Global Exhibitors (Master contract by exhibitor, individual system contract length is typically 10 to 12 years) System Sales $94M 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 $81M (6% 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 $64M Annual maintenance fees are included in all exhibitor contracts. Finance Income $12M Finance Income is recognized over time based on the embedded interest rate within our sales arrangements. All Other (2% of 2025 total IMAX Revenue at a 42% gross margin) Primarily Streaming and Consumer Technology customers All Other $8M 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, Adjusted EBITDA margin and free cash flow 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) goodwill impairments (iv) restructuring charges and other impairments; (v) employee retention credits; and (vi) induced conversion expense on settlement of convertible notes; 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 well as “Adjusted EBITDA margin.” 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 and Adjusted EBITDA margin present 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) realized and unrealized investment losses or gains; (iii) restructuring and other charges; (iv) write-downs, net of recoveries, including asset impairments and credit loss reversal and (v) induced conversion expense on settlement of convertible notes. 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 charges and other impairments; (iv) write-downs, net of recoveries, including goodwill, asset impairments and credit loss expense or reversal and (v) induced conversion expense on settlement of convertible notes. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenue. A reconciliation of net income (loss) attributable to common shareholders, which is the most directly comparable GAAP measure, to EBITDA, Adjusted EBITDA per Credit Facility and Adjusted EBITDA Margin 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 D E C E M B E R 3 1 , 2 0 2 5 3 M O N T H S E N D E D D E C E M B E R 3 1 , 2 0 2 4 1 2 M O N T H S E N D E D D E C E M B E R 3 1 , 2 0 2 5 1 2 M O N T H S E N D E D D E C E M B E R 3 1 , 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 Diluted Share Net Income Attributable to Common Shareholders $ 637 $ 0.01 $ 5,306 $ 0.10 $ 34,876 $ 0.63 $ 26,059 $ 0.48 Adjustments: Share-Based Compensation 7,599 0.14 5,768 0.10 26,133 0.47 22,454 0.42 Unrealized Investment Losses (Gains) 966 0.02 (33) - 867 0.02 (127) - Goodwill Impairment 7,000 0.12 - - 7,000 0.13 - - Restructuring Charges and Other Impairments 1,604 0.03 3,749 0.07 2,447 0.04 3,749 0.07 Employee Retention Credits - - - - (3,971) (0.07) - - Induced Conversion Expense on Settlement of Convertible Notes 15,264 0.27 - - 15,264 0.27 - - Tax Impact on Items Listed Above (511) (0.01) (322) (0.01) (2,032) (0.04) (1,125) (0.02) Adjusted Net Income $ 32,559 $ 0.58 $ 14,468 $ 0.27 $80,584 $ 1.45 $ 51,010 $ 0.95 Weighted Average Basic Shares Outstanding 53,859 52,770 53,636 52,650 Weighted Average Diluted Shares Outstanding 56,272 54,706 55,544 53,864 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 D E C E M B E R 3 1 , 2 0 2 5 3 M O N T H S E N D E D D E C E M B E R 3 1 , 2 0 2 4 1 2 M O N T H S E N D E D D E C E M B E R 3 1 , 2 0 2 5 1 2 M O N T H S E N D E D D E C E M B E R 3 1 , 2 0 2 4 Revenues $ 125,207 $ 92,672 $ 410,212 $ 352,208 Reported Net Income $ 2,525 $ 6,866 $ 45,526 $ 32,702 Add (Subtract): Income Tax Expense 4,079 1,458 17,767 4,996 Interest Expense, Net of Interest Income 721 665 2,578 3,936 Depreciation and Amortization, Including Film Asset Amortization 16,026 16,601 62,446 65,503 Amortization of Deferred Financing Costs 492 492 1,984 1,969 EBITDA $ 23,843 $ 26,082 $ 130,301 $ 109,106 Share-based and Other Non-Cash Compensation 7,774 5,948 26,824 23,209 Unrealized Investment Losses (Gains) 966 (33) 867 (127) Restructuring Charges and Other Impairments 1,635 3,749 2,478 3,749 Write-downs, Including Goodwill, Asset Impairments and Credit Loss Expense 7,621 1,452 9,211 2,999 Induced Conversion Expense on Settlement of Convertible Notes 15,264 - 15,264 - Total Adjusted EBITDA $ 57,103 $ 37,198 $ 184,945 $ 138,936 Less: Non-Controlling Interest $ (4,045) $ (2,990) $ (19,193) $ (14,191) Adjusted EBITDA Per Credit Facility – Attributable to Common Shareholders $ 53,058 $ 34,208 $ 165,752 $ 124,745 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 1 2 M O N T H S E N D E D D E C E M B E R 3 1 , 2 0 2 5 1 2 M O N T H S E N D E D D E C E M B E R 3 1 , 2 0 2 4 $ I N T H O U S A N D S Net Cash Provided by Operating Activities $ 127,068 $ 70,837 Purchase of Property, Plant and Equipment (8,167) (8,428) Acquisition of Other Intangible Assets (5,324) (8,447) Free Cash Flow Before Growth CAPEX $ 113,577 $ 53,962 Investment in Equipment for Joint Revenue Sharing Arrangements (28,425) (24,341) Free Cash Flow $ 85,152 $ 29,621 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