Operator: Good day, and welcome to the National CineMedia First Quarter 2026 Earnings Conference Call. Today’s conference is being recorded. At this time, I would like to turn the conference over to Chan Park, Senior Vice President of Finance. Please go ahead.

Park Chan: Thank you, operator, and good afternoon. I’m joined today by our Chief Executive Officer, Tom Lesinski, and our Chief Financial Officer, Ronnie Ng. I would like to remind our listeners that this conference call contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts communicated during this conference call may constitute forward-looking statements. These forward-looking statements involve risks and uncertainties. Important factors that can cause actual results to differ materially from the company’s expectations are disclosed in the risk factors contained in the company’s filings with the SEC.

All forward-looking statements are expressly qualified in their entirety by such factors. Further, our discussion today includes some non-GAAP measures. In accordance with Regulation G, we have reconciled these amounts back to the closest GAAP basis measurement. These reconciliations can be found at the end of today’s earnings release or on the Investor Relations page of our website at ncm.com. Now I’ll turn the call over to Tom.

Thomas Lesinski: Thank you, Chan, and good afternoon, everyone. We appreciate you joining us for our first quarter 2026 earnings call. We entered the year with strong momentum from the holiday period, both in attendance and advertiser demand, and our first quarter played out largely as we anticipated. Our results reflected typical seasonality, heightened competition tied to the Winter Olympics, and the impact of the 1-week shift in the fiscal calendar that we highlighted last quarter. Adjusting for that timing difference, revenue would have increased modestly year-over-year, driven by moviegoer enthusiasm for box office hits at both ends of the quarter. On a reported basis, NCM delivered total revenue of $34 million and adjusted OIBDA of negative $10.5 million, both within the guidance ranges we provided last quarter.

In terms of the first quarter, the domestic box office grew approximately 25% year-over-year, with attendance across our network reaching 83 million, up 15% versus the prior year. The gap to the broader box office primarily reflects the 1-week calendar shift in our fiscal period and the impact of the Winter Olympics, neither of which impacted the first quarter of last year. Adjusting for that shift and including Spotlight in the prior year, attendance would have been up approximately 18% on a comparable basis. Within the quarter, performance was anchored by carryover strength from fourth quarter tentpoles, including the new Avatar and SpongeBob movies, before picking up in the final 2 weekends, powered by Project Hail Mary and early contributions from the Super Mario Galaxy Movie.

The late quarter acceleration reinforces our view that 2026 is shaping up to be a more consistent and durable year for theatrical exhibition and positions us well as we enter into the second quarter. That momentum carried into our advertising results. Demand remained healthy, with 6 advertisers spending at or above the $1 million mark on cinema campaigns in the quarter. Total advertising revenue was $31.9 million, approximately in line with the prior year, driven by strength in insurance, media, automotive, and the pharmaceutical categories. This level of advertiser engagement is a testament to the value of NCM’s industry-leading inventory and our demonstrated ability to deliver measurable, impactful outcomes for brands. We remain focused on strategically expanding the breadth and quality of our inventory, unlocking new opportunities to deepen our engagement with advertisers.

In April, we announced a partnership to deploy large digital displays in high-impact lobby placements across 77% of AMC theaters nationwide, focusing on its highest traffic locations. Theater lobbies are a valuable, high-dwell-time environment and represent a natural opportunity for brands to extend their engagement with receptive audiences further across the moviegoing journey. The new lobby format complements our existing networks and expands our access to digital out-of-home advertiser budgets alongside our core premium video business. This digital lobby expansion presents a meaningful opportunity to deepen exhibitor and advertiser relationships and further strengthen our value proposition across the full moviegoing journey. We are continuing to develop our programmatic capabilities as well, and we continue to see the growing advertiser adoption and deeper engagement across our client base.

In the first quarter, we saw approximately 2x more programmatic orders than in the prior-year period, reflecting the effectiveness of the just-in-time nature of this buying channel. However, due to a small number of larger advertisers not returning as they focused their budgets on the Winter Olympics, programmatic revenue was softer versus the prior-year first quarter. This variability is characteristic of a channel that’s still maturing, where deal concentration and timing can have an outsized impact on any given period. That said, second quarter programmatic revenue is pacing ahead of the prior year, and the underlying trends give us confidence that we’re building programmatic in the right direction for growth in 2026. Local advertising revenue was $4.4 million in the first quarter.

As we outlined on our last call, we are continuing to rebuild a stronger foundation for growth in our local business as we remain focused on the targeted investments in talent, structure, and execution underway to improve performance. While results will take time to reflect these efforts, we are encouraged by the progress we are making, as second quarter booked revenue is already ahead of last year’s second quarter, and we remain confident in the long-term opportunity for local. Turning to NCMx, our proprietary data platform. We continue to enhance targeting, planning, and measurement capabilities for advertisers. During the quarter, we announced a new partnership with VideoAmp, further integrating cinema into a unified cross-platform planning premium video ecosystem.

This marks the first time advertisers and agencies can plan cinema alongside linear TV, CTV, and digital video within a single view. We also extended NCMx coverage to our recently acquired Spotlight inventory, an important step in unlocking the full value of that high-end inventory and deepening our appeal to premium and luxury advertisers. Alongside these continued investments, we’ve taken proactive steps to better align our operating model with the evolving needs of the business. During the first quarter, we implemented an operational transformation to streamline the organization and accelerate our adoption of AI where it creates the most leverage. These efforts are concentrated in areas that enhance efficiency across our supporting infrastructure while preserving the strength and momentum of our revenue-generating teams and commercial initiatives.

Collectively, these actions are expected to generate approximately $11 million in annualized cost savings on a run-rate basis, positioning us for more agile and efficient execution and create capacity to continue reinvesting in the platform for future growth. Ronnie will provide additional details on this in a few moments. While we continue to evolve the business, our core value proposition remains unchanged, connecting advertisers with highly engaged, sought-after audience demographics in a premium environment on the biggest screens in America at scale. Looking ahead, we remain encouraged by a compelling 2026 film slate designed to reach diverse audience segments. This year’s box office performance is expected to be weighted toward the back half of the year, supported by a mix of beloved franchise installments and reimagined classics with built-in audience appeal alongside a broader range of highly anticipated new IP titles.

This robust slate, including such films as Toy Story 5, The Devil Wears Prada 2, The Mandalorian and Grogu, and Moana, is expected to draw a broad range of audience cohorts, further supporting advertiser demand. Further, we are encouraged by strong exhibition industry sentiment at this year’s CinemaCon in April, where each of the major studios voiced concerted support for the theatrical business, underscoring the importance of the big screen with the broader entertainment ecosystem. Notably, Amazon reconfirmed its commitment to at least 15 theatrical releases per year, while Paramount and Warner Bros. Discovery reiterated plans to release approximately 30 films theatrically, reinforcing confidence in a consistent cadence of future releases.

Taken together, this year’s CinemaCon commentary supports a positive outlook for the exhibition landscape. With strong industry tailwinds and continued focus on operational optimization, NCM is well positioned to capitalize on box office strength in the quarters ahead. Now I’ll turn the call over to Ronnie to provide you with more details on our operating results and outlook.

Ronnie Ng: Thank you, Tom, and good afternoon, everyone. As Tom noted, first quarter performance was shaped by typical seasonal softness, increased competition for advertising spend driven by the Winter Olympics, and the 1-week shift in the fiscal period that we discussed on our last earnings call. Each of these factors was expected, and the quarter was broadly consistent with what we projected entering the year. Total revenue for the first quarter was $34 million, within our guidance range and reflecting the anticipated factors I just outlined. First quarter total advertising revenue was $31.9 million, compared with $32.3 million in the prior-year period. On a comparable basis, when adjusted for the calendar shift and pro forma for the inclusion of Spotlight in the first quarter of 2025, total advertising revenue was approximately flat year-over-year, with national being more affected by the Winter Olympics and local exhibiting strong growth.

National advertising revenue was $27.5 million, approximately flat versus the prior year, with strength in the insurance, automotive, and pharmaceutical categories. Adjusting for the shifted fiscal period and pro forma to include Spotlight in the prior period, national revenue would have been down by approximately 2%. This was primarily due to certain deals within the Spotlight network not returning this quarter. Conversely, NCM’s legacy network grew national revenue by 2% compared to the prior year, with utilization increasing over 20%, offset by a decline in CPMs. While pricing for national was positive in the first 2 months of the year, March experienced pricing declines due to budgets that were already allocated to the Winter Olympics, limiting demand at the end of the quarter.

Demand for our Platinum inventory remains strong, reflecting the continued benefit of standardizing our preshow format across the major exhibitor networks last year. On a calendar-adjusted basis, Platinum was up 83% versus the prior year, and revenue per attendee was up over 54% for the same period. Local advertising revenue totaled $4.4 million, down versus the prior year, primarily due to the calendar differences as discussed previously. However, adjusting for the shifted fiscal period and pro forma for the inclusion of Spotlight, local advertising revenue would have been up 12% in the comparable period, and revenue per attendee would have only declined approximately 4%. Looking at the categories within local, we saw strength within travel and wireless, offset by reduced activity within government, education, and health care.

As Tom noted, we are focused on rebuilding this business through a more structured and targeted approach. While this will take time, we believe we are taking the right actions to position local for more sustainable growth over the long term. And we are further encouraged by second quarter bookings, which are already ahead of last year’s second quarter local revenue. Operating expenses for the first quarter were $60.9 million versus $58.8 million in the prior-year period. The year-over-year increase was primarily driven by an increase in attendance-related exhibitor fees and approximately $3.6 million of onetime costs related to our operational transformation. On an adjusted basis, operating expenses were $44.5 million, primarily driven by a 13% year-over-year increase in exhibitor fees related to the increase in attendance, and offset by a 10% year-over-year reduction in SG&A.

To provide a bit more detail on the operational transformation, these efforts are focused on aligning our cost structure with the current needs of the business and creating capacity to continue investing in our highest return priorities. We are targeting the initiative to generate approximately $11 million in annualized cost savings, including synergies from our acquisition of Spotlight. This is measured against our 2025 adjusted SG&A of $89.5 million, pro forma for a full year of combined operations with Spotlight. Given the timing of the program’s launch, the complete run rate benefit will be fully reflected in our results beginning in 2027. In the meantime, execution is well underway, and we have already actioned $3 million of the annualized savings to date and the remainder on track to be completed by mid-summer.

As a result, we expect to realize up to $6 million of savings in full year 2026. Operating loss for the first quarter was $26.9 million, reflecting the top line and operating expense drivers I just outlined. Adjusted OIBDA was negative $10.5 million, at the better end of our guidance range. Year-over-year performance reflects higher exhibitor fees driven by attendance growth, partially offset by disciplined cost management and early benefits from our operational transformation. Turning to cash flow. First quarter unlevered free cash flow was $18.1 million, compared with $5.5 million in the prior-year period, supported by a normalization in working capital from the fourth quarter. At the end of the first quarter, NCM had $51.6 million in cash, cash equivalents, restricted cash, and marketable securities.

Our total debt position at quarter end remained at $12 million. Turning to shareholder returns, beginning with our dividend program. We announced a quarterly dividend of $0.03 per share today, amounting to $2.8 million. This quarter’s dividend will be paid on June 4, 2026, to stockholders of record as of May 22, 2026. Turning to share repurchases. NCM repurchased approximately 210,000 shares in the first quarter for a total of approximately $820,000 at an average price of $3.93 per share. Share repurchases have historically been an important tool for returning capital to shareholders, and we are proud of the progress we have made. As we look ahead, our priorities are evolving in a way we believe is firmly aligned with shareholders’ best interest as we continue to take a disciplined, returns-focused approach to capital allocation.

We are seeing a compelling set of investment opportunities within the business, including rebuilding our local business, enhancing our programmatic and self-serve capabilities, and strengthening inventory across our network, where the return profile compares favorably to repurchases at current levels. As such, we intend to allocate capital accordingly. Now turning to our guidance. For the second quarter, we expect revenue to be between $57 million and $63 million, and adjusted OIBDA to be between $1 million and $5 million. Our guidance reflects the strong outlook in the overall slate for the second quarter, which is expected to drive a year-over-year increase in attendance and higher theater exhibition fees. Additionally, we anticipate improved monetization in the quarter, driven by our unified Platinum network and stronger local performance.

With an improving industry backdrop, a robust slate, and sustained advertiser demand, we remain optimistic about the year ahead. As we move through the year, we will remain focused on driving efficiency through disciplined execution and thoughtful capital allocation, positioning NCM to benefit from the stronger release slate and a more favorable demand environment. Operator, please open the line for questions.

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Operator: [Operator Instructions] The first question is from Patrick Sholl with Barrington Research.

Patrick Sholl: Just maybe just a quick question first on your revenue outlook for Q2 and I guess maybe any commentary on the end of the second half of the year. Just any impact you’re seeing just on the macro environment and how that’s impacting advertisers on specific categories, especially comparing against the tariffs this past year and the Middle East conflict this year as to how that’s shaping up the macro environment.

Thomas Lesinski: Let me start in more general response, and then Ronnie can be more specific. In terms of macro things like tariffs and/or what’s happening with oil prices, I don’t think we’re seeing a significant impact from that so far, although we’re, I would say, cautiously optimistic that it won’t have an impact for the rest of the year. There are certainly some parts of our business that would be more affected by a sustained petroleum cost increase. So from a macro point of view, we haven’t really seen it just yet, and we don’t expect we’re going to see anything material in the second half. But this conflict’s only been going on for a short period of time. But I’ll turn it to Ronnie on any more specific comments he might have about Q2.

Ronnie Ng: Yes. Patrick, thanks for the question. So I think if you look at the 2 different markets that we’re in, both in national and local, I’ll start with local first. The local business in the first quarter was quite strong, like we said in the call. First quarter was up 12% year-on-year. The second quarter, we’re continuously pacing — continuing that momentum. And our expectation is the second quarter will do much better than last year. So in terms of the local market, we’re seeing strong demand, great execution. In terms of the national market, again, the NCM network for the first quarter for national was up actually 2% when you adjust for the right calendar periods. And I think right now what we’re seeing in terms of pacing in national, it is pacing well. It’s pacing ahead of last year. And even though right now, we’re not seeing much impact, obviously, we’re keeping a close eye on what’s going on with the rest of the world.

Patrick Sholl: Okay. And then on the in-lobby boards, can you maybe just talk about the ad formats those would be in, if it would be video or more static type of displays, or maybe just how you’re maybe positioning that or selling that as part of the broader ad buy for the people utilizing the big screen?

Thomas Lesinski: Yes. So, Patrick, you’re talking about the AMC initiative, which we’re really excited about. It’s going to be rolling out pretty soon. It’s going to be in nearly 80% of AMC’s theaters. In terms of the format, it is going to be primarily video. That’s the business that we’re in today on the big screen. We suspect that it will be largely video, and it will follow typically what people are currently doing either in digital out-of-home formats today or in traditional video premium formats. So there may be some new creative done specifically for these big screens. But as we roll it out, we expect this to be completed by the end of the year. We expect there’ll be a lot of experimenting with different kinds of creative, including using interactive things like QR codes to link ads back to sponsor websites.

Operator: The next question is from Eric Wold with Texas Capital.

Eric Wold: A couple of questions. I guess I’ll start with a follow-up on the lobby initiative the last question was on. How should we think about that as an ability to unlock additional budgets? Is it — do you expect it to be completely separate from the budgets that are on the theater screen? And then does this indicate a broader desire to diversify away from theaters eventually? And if you did that, would that need to be done by M&A or something that can be done organically?

Thomas Lesinski: So when we look at the lobby, we look at it as a new incremental business. Historically, it’s been somewhat of an afterthought for movie theaters and for movie theater advertising companies. With this investment in the size of the screens and in the highest-traffic ones, we see it primarily as an incremental piece. While some will get sold with the big screen, much of it is going to be sold programmatically through digital out-of-home platforms, which will allow us to control literally pricing as well as the actual source in terms of the advertiser. So to answer your question, I would say, it’s going to be largely incremental and separate. Your second question as it relates to diversification, this was designed ultimately as a high-growth medium that’s really adjacent to cinema.

The lobby is different. It’s a high-dwell-time area that we believe can be monetized. Yes, it’s cinema goers, but it’s cinema goers before and after the movie, often near a restaurant or a bar that might even be in the venue. So this is what I would call an adjacent diversification. And as it relates to M&A types of discussions, obviously, we’re always looking at things, but we’re not going to be commenting about any M&A specifics on the earnings call.

Eric Wold: And then maybe update us on your thoughts of the ability to be involved with political ad spending, especially talking about the local market heading into the midterms. Any sense of what percentage of the network would be open to political ads? How much control the theaters are going to need to have in terms of what ads are shown on the screens politically versus the normal input they have? And maybe just give us general thoughts on if you think that could be a driver.

Thomas Lesinski: Yes. So it’s an important opportunity for us. It truly varies by exhibitor in terms of who allows what type of political advertising. There’s certainly been an openness that’s more substantial than it has been in the past. It is very specific to certain markets. There’s probably maybe a couple of dozen local markets that are truly desiring a saturation level of advertising. And fortunately, we’re in most of those markets with our theaters. I can’t really size the opportunity for you just yet. We’re making a big push right now with a completely really different type of advertiser. This is not like going to your typical agency on Madison Avenue or a client. But we’ve been rapidly seeking out the lobbying-type agencies that actually control a lot of these budgets.

So it’s an area we care a lot about. We know that there’s significant money being poured into the local elections. And we think cinema advertising, especially when it’s done in a tasteful way politically, will be a great opportunity for us and for the exhibitors.

Operator: The next question is from Mike Hickey with StoneX.

Michael Hickey: On, I guess, the topic of CinemaCon, a lot of industry focus and excitement this year from attendance strength from the younger audiences, Gen Z, Gen Alpha. I think you guys have talked about that before, but it seems like growth-wise, it’s elevating here. So just curious how important you think that broader shift is for your business and if you think it’s fully resonated with media buyers yet.

Thomas Lesinski: Yes. So we’ve always been a very attractive medium demographically with our core demo, really the youngest of almost any type of medium at just over 30 years of age. The addition of Gen Alpha, which is the even younger demographic, is a really positive trend. Many of these people were affected by COVID and by staying at home during that time. And that resurgence is even going to lower our average demographic, which makes them even all the more valuable. So we’re already talking to advertisers about it. It’s a relatively new phenomenon. This new information is only, I would say, 3 to 6 months old in terms of quantifying it. But it’s a really great trend for our business because the younger the advertiser in terms of going to cinemas, the more valuable they are. And we know there’ll be a lot of active responses from our agencies and client partners for this new enhanced younger demographic.

Michael Hickey: 2 questions on guidance. Your revenue growth, very strong, mid-teens for Q2. I think the debate, maybe, Tom, on this, is whether or not the box office grows in Q2. I think I heard you say that you’re expecting attendance to grow year-over-year in Q2. If that, in fact, does disappoint, how would that impact your view for Q2? It seems like it could cut both ways, a positive or a negative, depending on how it breaks at the end of the quarter.

Thomas Lesinski: I’ll respond to that generally, and Ronnie can do it more specifically. Attendance is obviously critical to driving overall impressions in our platform. Getting the attendance forecasted correctly and matching it with advertiser demand is really the secret sauce for our ability to monetize and to drive EBITDA. The attendance in Q2 right now, based on all of the different sources, appears to be really strong. And you never know for sure how these things are going to play out. I’ve been doing this for a long time in the movie business, and it’s tricky to get it right. So I don’t know, Ronnie, do you want to add anything more about…

Ronnie Ng: Yes, I would say, like you said, Mike, on our call, we did say that our expectations for the second quarter is that attendance will be up versus the prior year. I think you see in our guidance. The range is, I would say, wide enough that if it falls short, it will be in the lower end of our guide. So we have considered different scenarios within the attendance. But currently, right now, our base case is that we expect increases in the second quarter.

Michael Hickey: Okay. Last question from us on guidance again, focusing this time on margin. If you look at a comparable level of business on revenue, Ronnie, you’d look back to Q3 ’25, you did about $63 million in revenue and delivered $10 million in EBITDA, 16% margin. When you look at the high end of your Q2 guide, you’re at a similar revenue range, but $5 million in EBITDA, 8% margin. So can you just walk us through what’s structurally different in the business today and driving that margin delta?

Thomas Lesinski: Yes. I think one of the differences you have to consider is really the number of attendees. That’s really by far the largest driver of expenses. So the implication, while you look back in the third quarter of last year, one of the nuances was that September was actually relatively strong versus prior years, which definitely helped in terms of revenue per attendee for the quarter. And as you know, September is typically like a lower attendance month. So you’ve got the benefit of that in terms of margin in the third quarter of last year. I think here in the second quarter, even though the revenue levels might seem similar, the attendance levels are different.

Operator: The next question is from Alicia Reese with Wedbush Securities.

Alicia Reese: I was wondering if you could talk a little bit about the expected impact of World Cup advertisers focusing on that and compare that to what you saw with the Olympics. And just what’s embedded in guidance? And then if you could talk a little bit about the NCMx, the NCM Boost, Boomerang, Bullseye, Blueprint, all of the progress that you’ve made so far, where you see progress yet to be made over the course of the year? And then I have one follow-up, if there’s time.

Thomas Lesinski: Okay. So on the World Cup front, inevitably, cultural moments like the Olympics or the World Cup do affect advertising budgets. And I don’t think anyone is kind of immune to money that would ordinarily be spread across a lot of media platforms spreading more into things that are World Cup-related. We actually have a World Cup content in our preshow. So we’re doing what we can to help monetize that. But I would say that the World Cup will have some impact on it. It’s accounted for in what we believe is the existing forecast. Do you want to add anything more, Ronnie, about the World Cup?

Ronnie Ng: I think in terms of the World Cup, any potential impact is also baked in within our guidance range for the second quarter. So I think right now, in terms of what we’re seeing in the overall marketplace, the World Cup has definitely been talked about. But again, we’re still continuing to pace strongly. And the impact, again, is more on national versus local. So in terms of the national business, we’re pacing ahead of where we are at this point last year.

Thomas Lesinski: So on the NCMx front, I think we’ve been doing a pretty good job documenting the growth every quarter in this business. So literally, the last thing we just announced in today’s earnings call was the new partnership with VideoAmp, which is going to further integrate cinema into another unified cross-platform ecosystem. We are currently way ahead of the curve to any of our competitors in this space as it relates to all of the digital products that we’re offering that help validate the effectiveness of advertising as a full-funnel solution. So I look at this, we’ve also added the Spotlight inventory into our NCM mix. So NCMx is really an important initiative that we’ve been working on for almost 2 years now to really allow people to know that not only is cinema one of the best ways to get attention, it’s also one of the best ways to create outcomes for advertisers.

So we’re really proud of it, and it’s certainly drawing a lot of attention to cinema as a full-funnel solution.

Alicia Reese: Perfect. And to that point, anything to report back on this year’s upfronts?

Thomas Lesinski: Yes. So the upfronts literally for the major networks start this week. We’ve already been talking ahead of this, going back almost 3 months. We’ve been already talking to advertisers about planning for cinema for the upfront market. It’s way too early to get any sense of what’s going on in the marketplace. Literally, the upfronts started on Monday for the big television advertisers and some of the big digital guys. But we’ll provide an update in the next earnings call as to any feedback that we see in the upfront. We’re expecting the upfront to be strong, and we have already gotten ahead of the curve on it. So we’re optimistic about our share of the upfront growing year-on-year.

Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Tom Lesinski for any closing remarks.

Thomas Lesinski: Okay. Thank you so much for joining us today, and we appreciate your continued support of National CineMedia. The first quarter reflects meaningful progress on our clear 2026 priorities: growing attendance, monetization, deepening our value to advertisers, and building a more efficient and scalable operating foundation. Underlying demand remains healthy, and we’re confident that the steps we’re taking will strengthen NCM’s ability to capitalize on the opportunities that lie ahead. Looking ahead, we’re entering the balance of the year with a strong and diverse film slate, healthy advertiser demand, and a more efficient and productive organization. The actions we are taking today across utilization, inventory expansion, and cost structure are designed to position NCM to capture the opportunity more effectively and translate it into sustainable long-term growth.

We remain confident in our strategy and in our ability to deliver increasing value for our exhibitor partners, our advertising clients, and our shareholders over time. Lastly, thank you to the NCM team for their continued hard work and commitment, and we’ll see you at the movies. Thank you.

Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.

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