AMC secures refinancing deal and posts preliminary full-year revenue growth

AMC Entertainment has reached an agreement with certain holders of its Muvico, LLC Senior Secured Notes due 2029, granting the company flexibility to refinance existing debt and extend maturities, while lowering interest costs.

The agreement is expected to allow AMC to refinance its term loan credit facility and 12.75% Odeon Senior Secured Notes due 2027 with new secured and guaranteed debt, backed by AMC and its Muvico and Odeon subsidiaries.

“Thanks to the ongoing support of our lenders, we have enhanced our flexibility to streamline and simplify our capital structure, reduce our cost of capital, improve our liquidity and efficiently address upcoming debt maturities,” said Adam Aron, AMC chairman and chief executive.

“This collaborative agreement with our supportive noteholders is yet another step to ensure that AMC is best positioned to capitalise on the industry’s anticipated recovery trajectory.”

The company also released preliminary, unaudited financial results for the three months and full year ended December 31, 2025.

Fourth-quarter revenue fell slightly to $1.29 billion from $1.31 billion a year earlier. Net loss narrowed to $127.4 million from $135.6 million. Adjusted earnings before interest, tax, depreciation and amortisation declined to $134.1 million from $164.8 million.

Cash and cash equivalents at the end of the year were $428.5 million, excluding $48.8 million in restricted cash.

Full-year revenue rose 4.6% to $4.85 billion, up from $4.64 billion in 2024. Net loss widened to $632.4 million from $352.6 million, while adjusted EBITDA increased nearly 13% to $387.5 million.

The company said its 2025 performance was achieved in a North American industry box office of approximately $8.9 billion and European industry attendance of around 397 million. Reconciliations to the nearest GAAP measures were included in the release.

“2025 marked another important step forward for both AMC and the theatrical exhibition industry,” said Aron. “Albeit not the industry growth we anticipated, the box office improved modestly year-over-year, rising approximately 1.5%, while AMC once again outperformed.”

Aron added that total revenue and EBITDA growth reflected operating improvements, portfolio optimisation and continued investment in premium formats, food and beverage offerings, and loyalty initiatives.

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Looking ahead, AMC said the year-to-date box office for the first quarter of 2026 was approximately 9% ahead of the same period in 2025. Aron pointed to a strong upcoming film slate including Spider-Man: Brand New Day, Avengers: Doomsday, Moana, Dune: Part Three and The Odyssey.

Final audited results will be released on 24 February.The Recap

• Agreement gives AMC flexibility to refinance existing secured notes.
• Preliminary full year revenue about $4,848.9 million reported.
• Full results will be reported after market close on 24 February.