National CineMedia, Inc. (NASDAQ: NCMI) (the “Company” or “NCM”), the managing member of National CineMedia, LLC (NCM LLC), the operator of the largest cinema advertising platform in the U.S., today announced its consolidated results for the fiscal second quarter ended July 2, 2026.

“NCM delivered another quarter of meaningful growth alongside the strong domestic box office,” said Tom Lesinski, Chief Executive Officer of National CineMedia, Inc. “We navigated a competitive advertising environment while executing against our strategic priorities, including continuing to strengthen our local business and driving efficiencies across the business through our operational transformation initiative. As we look to the future, we have taken a transformative next step in advancing our growth strategy through our agreement to acquire Captivate, the leading operator of digital video elevator and lobby advertising in North America, expanding and diversifying our premium platform to reach complementary, highly sought-after attentive audiences. Together, NCM and Captivate will create the leading premium video and digital out-of-home platform across theaters, office buildings and residential properties, enabling advertisers to reach consumers in high attention locations, with a single premium media partner.”

Q2 2026 Results
Total revenue for the second quarter ended July 2, 2026 increased 12.7% to $58.4 million as compared to $51.8 million for the second quarter of 2025. Operating loss increased to $12.8 million for the second quarter of 2026 from $12.0 million for the second quarter of 2025. Net loss decreased to $9.9 million, or $0.11 net loss per diluted share, for the second quarter of 2026 from net loss of $10.7 million, or $0.11 net loss per diluted share, for the second quarter of 2025. Adjusted OIBDA, a non-GAAP measure, increased to $2.1 million for the second quarter of 2026 from $0.7 million for the second quarter of 2025, as adjusted to exclude depreciation, amortization, non-cash share-based payment costs, workforce and system transformation costs, satellite transition costs, Spotlight acquisition and integration costs and advisor fees related to involvement in Regal’s Chapter 11 case (the “Cineworld Proceeding”) and NCM LLC’s Chapter 11 case (“Chapter 11 Case”), each as previously reported and described in the Company’s public filings made with the U.S. Securities and Exchange Commission (the “SEC”). As adjusted to exclude the aforementioned items and gain on remeasurement of the payable to ESA Parties under the tax receivable agreement, net loss per diluted share for the quarter ended July 2, 2026 is $0.10 compared to net loss per diluted share for the quarter ended June 26, 2025 of $0.11. Adjusted OIBDA, adjusted net loss and adjusted net loss per share are non-GAAP measures. See the tables at the end of this release for the reconciliations to the closest GAAP basis measurements.

Total revenue for the six months ended July 2, 2026 increased 6.7% to $92.4 million as compared to $86.6 million for the six months ended June 26, 2025. Operating loss increased to $39.7 million for the six months ended July 2, 2026 from $35.9 million for the six months ended June 26, 2025. Net loss decreased to $38.6 million, or $0.41 net loss per diluted share, for the six months ended July 2, 2026 from $41.4 million, or $0.44 net loss per diluted share, for the six months ended June 26, 2025. Adjusted OIBDA, a non-GAAP measure, increased to negative $8.5 million for the six months ended July 2, 2026 from negative $8.3 million for the six months ended June 26, 2025, as adjusted to exclude depreciation, amortization, non-cash share-based payment costs, workforce and system transformation costs, satellite transition costs, Spotlight acquisition and integration costs and advisor fees related to involvement in the Cineworld Proceeding and the Chapter 11 Case, each as previously reported and described in the Company’s public filings made with the SEC. As adjusted to exclude the aforementioned items and (gain) loss on remeasurement of the payable to ESA Parties under the tax receivable agreement, net loss per diluted share for the six months ended July 2, 2026 is $0.33 compared to net loss per diluted share for the six months ended June 26, 2025 of $0.37. Adjusted OIBDA, adjusted net loss and adjusted net loss per share are non-GAAP measures. See the tables at the end of this release for the reconciliations to the closest GAAP basis measurements.

Acquisition of Captivate
On August 10, 2026, NCM entered into a definitive agreement to acquire Captivate Holdings, LLC (“Captivate”), the leading operator of digital video elevator and lobby advertising in North America, at an enterprise value of $275.0 million. The transaction will be funded with $275.0 million of new committed term debt, with available cash used to refinance the Company’s existing revolving credit facility and fund transaction expenses.

NCM expects to generate more than $3.5 million of annual run-rate cost synergies within the first year following close of the acquisition, primarily through the elimination of duplicative corporate overhead and the consolidation of executive and administrative functions.

The transaction is expected to close during the second half of 2026, subject to customary closing conditions and regulatory approvals. Until closing, NCM and Captivate will continue to operate independently in the ordinary course. Additional details are available in the Company’s press release dated August 11, 2026.

Dividend
In connection with the proposed acquisition of Captivate and expected leverage at closing, NCM has paused its quarterly dividend program.

Outlook
In connection with the expected timing of the pending transaction, NCM is not providing a forward outlook at this time. This does not reflect any change in the Company’s view of the underlying business.

About National CineMedia, Inc.
National CineMedia, Inc. (NCM, NASDAQ:NCMI) is the largest cinema advertising platform in the U.S. With unparalleled reach and scale, NCM connects brands to sought-after young, diverse audiences through the power of movies and pop culture. A premium video, full-funnel marketing solution for advertisers, NCM enhances marketers’ ability to measure and drive results. NCM’s Noovie Show is presented exclusively in 44 leading national and regional theater circuits including the only three national chains, AMC Entertainment Inc. (NYSE:AMC), Cinemark Holdings, Inc. (NYSE:CNK) and Regal Entertainment Group (a subsidiary of Cineworld Group PLC). NCM’s cinema advertising platform, including Spotlight, consists of approximately 22,000 total theater and lobby screens in over 1,750 theaters in 183 Designated Market Areas (98 of the top 100). NCM is the managing member and owner of 100% of National CineMedia, LLC (NCM LLC). For more information, visit www.ncm.com.