Full Year Results to 1 January 2026

28 April 2026

Everyman Media Group PLC

("Everyman" the "Company" or the "Group")

Full Year Results to 1 January 2026

Everyman Media Group plc (AIM: EMAN) today announces its audited financial results for the 52-week period ended 1 January 2026.

Highlights

Growth across all key metrics and increased market share

1 A reconciliation between Statutory and Adjusted results is included in the financial review. Statutory results for 2024 were for the 53‑week reporting period. Adjusted results for 2024 exclude Week 53.

2 Year-on-year percentages reported are against the comparable 52-week period metric which is the primary comparative for 2025 reporting. 

3 The YOY change %'s are calculated on unrounded numbers.

Operational progress in 2025

Growth trajectory pillars: looking ahead

Outlook

Farah Golant CBE, CEO, commented: "We enter 2026 with positive momentum and clearly defined priorities. The year ahead is about resetting to drive growth by building strong audience engagement, creating operational efficiencies, unlocking emerging new sources of income whilst reducing debt.

Through expert film curation, beautifully designed signature spaces and a differentiated hospitality offering in strategically located venues, the Everyman brand is well placed to meet the demand for premium cinema experience."

About Everyman Media Group PLC:

Everyman is a leading UK cinema and entertainment brand, redefining the premium theatrical experience. Everyman operates a growing estate of 49 venues with 171 screens nationally providing a first class cinema with a distinctive hospitality style.

Our competitive strengths are:

For more information visit http://investors.everymancinema.com/

Chairman's statement

Introduction

2025 again demonstrated the strength of Everyman's distinctive proposition and its enduring relevance to audiences across the UK. As a premium, experiential cinema brand, we continue to stand apart in a sector that is evolving rapidly. The performance delivered this year reflects both the resilience of our model and the commitment of our teams, whose focus on quality and creativity remains central to our success.

Review of the business

As previously announced softer trading was experienced by the wider industry in the fourth quarter and particularly in December. Despite this the Group delivered growth across its key financial and operational metrics during the year. Revenue and EBITDA both increased, supported by higher admissions, disciplined pricing, and strong Food & Beverage growth. Importantly, in a market where UK box office revenue grew 1% in 2025, Everyman grew its market share by 7%. We benefitted from our premium positioning and loyal guest base.

Operationally, we continued to strengthen the quality and reach of our estate. In the year, we opened two new venues, located in London, bringing the Everyman experience to two new communities. Alongside this, we delivered meaningful developments in guest experience, technology, and brand engagement. These improvements, together with robust Food and Beverage performance and growth in ancillary revenue, underline the breadth of opportunity within the existing estate.

Board changes

2025 was also a year of significant Board change. During the year and post period end, we have taken steps to strengthen the leadership team to support the next phase of our growth.

In December 2025, Alex Scrimgeour stepped down as Chief Executive and Will Worsdell later stepped down as Finance Director. The Board thanks them both for their commitment and contribution during a period of financial and operational progress, particularly as the business emerged from the pandemic.

We were pleased to appoint Farah Golant CBE to the Board in September and subsequently as Chief Executive; her experience, clarity of thought and focus on strategic and operational delivery make her well placed to guide the business through this next chapter. The appointment of Sheree Manning as Chief Financial Officer further strengthens our leadership team, bringing significant experience of financial and public markets discipline. We also welcomed the expanded role of Charles Dorfman as Interim Creative Director, adding further creative leadership to the Group.

On behalf of the Board, I would like to thank our teams for their dedication and contribution during the year. Their efforts continue to support the strength of the business and deliver high-quality guest service, giving us confidence as we look ahead.

Outlook

2026 will be a year of consolidation, focus and foundation building. The Board fully supports management's strategy to prioritise optimisation of the existing estate, deepen audience engagement, modernise technology, and strengthen operational discipline. These actions will position the Group for a return to measured expansion from 2027 onwards.

Our ambition remains to build on Everyman's strengths and deliver sustainable long-term value. With a refreshed leadership team, a loyal customer base, and a differentiated brand, the Group is well placed to navigate this phase. We enter the year ahead with a clear sense of purpose, a disciplined approach to execution, and a shared focus on realising the business's full potential.

Philip Jacobson Non-Executive Chairman28 April 2026

Chief Executive statement

Introduction

I assumed the Interim CEO role in January 2026 and have moved at pace to assess the business, the brand the community of 4.4 million guests we served across 49 venues. The results we are announcing today relate to a period prior to my appointment, and I want to acknowledge the efforts of the team who delivered them. Their commitment to driving the business has built a solid foundation from which we can now accelerate with greater focus and discipline.

For 2025 the Group report an operating loss of £2.9m (2024: £3.4m) mainly as a result of a net impairment charge of £2.9m (2023: £2.6m). The loss before tax was £10.2m (2024: £10.2m) due to additional interest charges on lease liabilities relating to the increased number of venues. These results are explained in more detail in the Financial Review. 

2025 performance reflects a year of meaningful progress, alongside a number of challenges. We achieved growth across all our key metrics including admissions, market share, spend per head, and membership. At the same time, 2025 played out against a varied market backdrop. Whilst total annual UK box office revenue reached £1.1 billion in 2025, representing 1% growth on the prior year and the strongest post-pandemic performance to date, we also saw weaker than expected UK Box Office revenue in Q4 FY25 which impacted the Group's financial performance relative to market expectations.

We are now refocusing our efforts with an eye on the immediate and medium-term future. I have spent my first 90 days engaging with our people, our guests, our venues and our partners. We have put in place several workstreams designed to drive key aspects of business growth. What is immediately clear is the distinctive position the Everyman brand holds as a pioneer in premium cinema experience for our audiences and staff alike. Aspirational brands such as Rolex, Emirates, Barclays and Range Rover partner with us, as do media brands such as Times+. Alongside its prestigious partnership with the Academy Museum, The Whiteley (which opened in August 2025) hosted a number of Q&As and special screenings in the lead up to the BAFTA Awards, in partnership with Netflix and MUBI.

We have strong ambition for the next phase of growth: elevating the Everyman experience, expanding our footprint with discipline, strengthening our brand relevance, and unlocking new avenues for audience engagement. The market continues to evolve, and Everyman is exceptionally well placed to lead that evolution. I look forward to working with the management team and the Board to deliver long-term, sustainable value for shareholders.

Financial Overview

2025 performance was shaped by mixed industry dynamics. Adjusted Revenue increased by 12.4% to £116.6m (FY24: £103.7m; FY24 (53 weeks) £107.2m1), supported by additional venues, higher admissions, improvements in average ticket pricing and an increase in Food & Beverage spend per head.

Adjusted EBITDA post-IFRS16 rose 10.6% to £17.0m (FY24: £15.4m; FY24 (53 weeks) £16.2m1), reflecting stable underlying performance. This delivery was notwithstanding the softer industry trading in the fourth quarter. The UK Box Office declined by 10% year-on-year in December, driven by several key franchise titles underperforming their predecessors, most notably Avatar: Fire and Ash and Wicked: For Good, both of which tracked below the Box Office performance of earlier films in their series. A combination of factors impacted performance in the final months of 2025, as previously announced, and this in turn has provided insights that will inform our approach in the year ahead.

We increased our market share to 5.8% (FY24: 5.4%), up 40 bps, and delivered growth across all our key revenue generating metrics.

At the period-end net debt was £21.6m (FY2024: £18.1m), reflecting normal investment cycles in the estate, working capital requirements and the acquisition of the Barnet long leasehold for £1.1m. As previously outlined, we remain focused on managing net debt and reducing leverage, while maintaining a disciplined approach to organic growth.

1 FY24 was a 53-week trading year. As a result, the comparable 52-week period metrics have been included above as the main comparative.

Operational progress

During the year, we opened a three-screen venue in Brentford, and a five-screen flagship at The Whiteley, Bayswater. Both sites reflect Everyman's differentiated and evolving design identity, with The Whiteley forming part of Norman Foster's major West London redevelopment. No new venue openings are planned for 2026. Beyond 2026, other venues are in advanced stages of negotiation; however, the Board remains mindful of measured expansion funded mainly through free cash flow.

At the end of the year, the Group operated 49 venues with 171 screens:

Operationally, 2025 saw upgrades to the Everyman mobile app including the launch of Food and Beverage self-ordering. This supported increased Food & Beverage Spend per Head, up 6% YoY, as did ongoing menu development. Food & Beverage is a major contributor of EBITDA, so continued innovation to improve our offering and in turn increase spend per head remains a focus.

In the year we have strengthened operational capability through the appointments of Rebecca Tooth as Operations Director and Leo Brend as Technology Director. Rebecca comes with over 20 years' experience in hospitality and Leo, with extensive cinema experience, is leading our data and technology transformation. Sheree Manning was appointed as Chief Financial Officer in February 2026. Sheree brings over two decades of experience in senior finance and public markets, that will guide the Group through this next phase. In March 2026, we welcomed Chris Green as Marketing Director, whose 20 years of industry experience scaling entertainment brands will further support our transformation initiatives. 

Brand-building activity in 2025 resulted in a significant year-on-year increase in membership, up 18.5% to 66,910 (FY24: 56,486). We

expanded our social media presence and at the period-end Everyman is the leading UK cinema circuit by number of Instagram followers at 133k, +29%. Other revenue streams, including private hire and events, also increased year on year providing more opportunities for pop-ups, bespoke screenings and distributor collaborations.

Growth trajectory - reset and reignite

Since my appointment, I have reviewed the business growth trajectory and how to unlock value from our existing estate while maintaining financial discipline. The company is prioritising optimisation - using data and local insight to refine our film curation and improve performance from newly redefined venue cohorts. A stronger emphasis is being placed on enhancing the guest experience, with tailored offerings for key segments such as families and students, alongside innovating in on- trend food & beverage offerings. Membership is a key area for development. Members visit at materially higher frequency than non-members and generate higher food & beverage spend per head, reinforcing their importance as a commercially valuable and engaged segment of the customer base.

We see opportunities to grow revenue beyond the core. Everyman aims to expand income from partnerships, events, community activities and corporate hire, supported by marketing and operational testing at a local level. At the same time, targeted investment in technology can create a more seamless online guest journey for ticketing and optional pre-ordering as well as develop a centralised data platform to enable better decision-making across the business.

The company is reinforcing its foundations through stronger operational discipline and leadership. A clearer focus on cost control, capital allocation, and venue profitability is intended to improve margins and reduce debt. This is complemented by a strengthened leadership team and continued investment in staff development to further differentiate our brand offering.

Outlook

We have entered 2026 with positive momentum. The global cinema market is projected to expand at an annual rate of approximately 2.9%, driven by ongoing demand for premium content and shared entertainment. Trading performance in Q1 2026 has started well. We are encouraged by a strong film slate scheduled across the year, with highlights including Hamnet, Wuthering Heights, Michael, The Devil Wears Prada 2, The Oydssey, Spider-Man: Brand New Day, Avengers: Doomsday and Dune: Part Three.

2026 is a year of reset and refocus on our distinctive position to meet the demand for premium cinema experience. We are building further capabilities that will define the next phase of our growth.

The uncertainty in the trading environment due to inflationary pressures, in particular utility and food prices, can be addressed by keeping our focus on what drives demand from experience-led cinema goers. There is a growing pattern of 'in-real-life' culture as audiences increasingly seek places to gather and connect beyond the home. With the rebound of the Box Office offering a strong and more consistent film slate; to the opportunity that extends beyond content to experience-led events, now more than ever Everyman can meet and build the demand from our engaged consumers. Through expert film curation, beautifully designed signature spaces, a distinctive hospitality offer and strategically located venues, we are positioned to succeed in a rapidly evolving sector.

Farah Golant CEO

28 April 2026 Strategic Report

The Directors present their strategic report for the Group for the 52 week period ended 01 January 2026 (comparative period: 53 week period ended 02 January 2025).

Review of the business

The Group report statutory revenue of £116.6m (FY24: £107.2m). The Group made a statutory loss after tax of £10.3m (FY24: £8.5m). Non-GAAP adjusted EBITDA (post IFRS-16) was £17.0m (FY24: £15.4m).

The Finance Director's Statement contains a detailed financial review. Further details are also shown in the Chief Executive's Statement and consolidated statement of profit and loss and other comprehensive income, together with the notes to the financial statements.

Principal risks and uncertainties

The Board has overall responsibility for risk management and internal controls and considers risk assessment to be important in achieving its strategic objectives. The Board evaluates the principal risks and uncertainties during the course of the year to consider the potential effects to our business model, which could adversely affect the revenue, profit, cash flow and assets of the Group and operations, or which may prevent the Group from achieving its strategic objectives. The Board has identified 9 principal risks which are set out below.

For 2025, inflation and consumer environment risks have been merged (risk 2) and three new risks have been added to the principal risks and uncertainties list being People and Compliance (risks 8-9).

Financial risks

The Board has overall responsibility for the determination of the Group's risk management objectives and policies. The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group's competitiveness and flexibility. The Group's operations expose it to a variety of financial risks including liquidity, interest rate and credit risks. The Group has controls in place to limit the impact of adverse effects of these risks on the Group. The Group takes out suitable insurance against property and operational risks where considered material to the anticipated revenue of the Group.

Liquidity risk

Financial resilience is central to our decision making and will remain key for the foreseeable future. We prepare short-term and long-term cash flows, Group adjusted EBITDA (pre and post IFRS 16) and covenant forecasts to ensure risks are identified early. The banking facility, with Barclays and Natwest, has quarterly covenant obligations which are set at level that the Group is forecasting to be within. The Board regularly reviews liquidity forecasts and these form a part of the monthly Board packs.

Interest rate risk

The Group has direct exposure to interest rate movements in relation to interest charges on bank borrowings, with a 1% increase in rates resulting in an increase in interest charges of £0.3m on current forecast borrowings over the next twelve months. The Board manages this risk by minimising bank borrowings and reviewing forecast borrowing positions.

Credit risk

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group's receivables from customers. The Group attempts to mitigate credit risk by assessing the credit rating of new customers prior to entering into contracts and by entering into contracts with customers with agreed credit terms.

Financial Review

Introduction

The financial information presented is as at and for the 52 week financial periods ended 1 January 2026 ("2025"). The comparative period is for the 53 week period ended 2 January 2025 ("2024"). Adjusted results for 2024 are presented on a 52 week basis.

Basis of presentation of results

The Group presents adjusted results to provide additional clarity and understanding of the Group's underlying trading. Adjusted results are before depreciation, amortisation, profit or loss on disposal of Property, Plant & Equipment, pre-opening expenses and certain exceptional items. 2024 Adjusted results exclude the additional week of trading ("Week 53").

The Group has presented Non-GAAP adjusted EBITDA on both a pre- and post-IFRS 16 basis. The post-IFRS 16 measure is stated before the deduction for rent paid in the period, and remains the key metric for internal decision-making, with the pre-IFRS 16 measure used for loan facility compliance.

All results within the Financial Review are adjusted results, unless specified. A reconciliation between Statutory and Adjusted results is shown at the end of this report. 

Financial highlights for the 52 weeks ended 1 January 20261

1 The YOY % change is calculated on unrounded numbers.

2 A reconciliation between Statutory and Adjusted results is shown at the end of this report. 

3 2024 Adjusted EBITDA post IFRS16, including Week 53 trading was £16,170,000

During the period, the Group has benefited from opening two new venues at Brentford and The Whiteley (Bayswater) and from the new venues opened in 2024 at Bury St Edmunds, Cambridge and Stratford International.

The Statutory operating loss was £2.9m (FY24: £3.4m) which includes a net impairment charge of £2.9m in the period (FY24: £2.7m). The Statutory loss after tax was £10.3m (FY24: £8.5m) due to additional interest charges on lease liabilities relating to the increased number of venues and a deferred tax charge of £0.2m (2024: £1.7m tax credit) which are further described below.

The Group report adjusted revenue of £116.6m and adjusted operating profit of £2.1m (FY24: £103.7m and £0.5m respectively). Adjusted EBITDA post IFRS-16 was £17.0m (FY24: £15.4m) reflecting an EBITDA margin of 14.6% (FY24: 14.8%). Group adjusted loss after tax of £6.4m (FY24: £5.4m) and basic loss per share of 6.97p (FY24: 5.92p).

Group net debt was £21.6m at the period-end (2024: £18.1m), with the increase utilised to support the Group's working capital requirements, venue expansion and purchase of long leasehold at Barnet.

Revenue

The Group delivered revenue of £116.6m, growth of 12.4% on Adjusted Revenues for 2024. Adjusted revenue for 2024 excludes £3.4m of revenue from Week 53 trading.

Film and entertainment revenue grew 11.0% period-on-period, compared to Adjusted Revenues for 2024, which exceeded UK box office revenue growth of 1% in 2025. Paid for Average Ticket Price of £12.51 (FY24: £11.99), was a 4.3% increase compared to the prior period. Admissions were 4.4m, an increase of 6.1% on the 52-week prior period comparative. 

Market share increased from 5.4% to 5.8% in 2025 (+7%) aided by two new venue openings in the period, as well as the benefit of prior period openings. Key films which exceeded market share in 2025 included Bridget Jones: Mad About the Boy, Wicked: For Good, F1 The Movie, Mission: Impossible - The Final Reckoning, Downtown Abbey: The Grand Finale, One Battle After Another, The Roses and A Complete Unknown.

Food & beverage revenue grew 12.4% period-on-period, when compared to adjusted revenues for 2024, with spend per head ("SPH") increasing by 5.9% to £11.32 (FY24: £10.69), compared to adjusted SPH for 2024. This growth was primarily supported by increased venues, admissions, and ongoing menu development.

Other revenue grew by 19.6% period-on-period, when compared to adjusted revenues for 2024. This included memberships which grew by 18.5%, reaching 66,910 members (2024: 56,486).

Gross profit

Gross profit is calculated as revenue less directly attributable cost of goods sold and does not include any employee costs. Gross profit was £76.8m, a 14.6% increase when compared to the adjusted Gross profit for 2024. 

Gross profit margin was 65.9% for 2025 (Adjusted Gross profit margin FY24: 64.6%), with the improvement due to continued strong cost control by our Film and Procurement teams.

Other income

Adjusted Other income of £0.7m (FY24: £0.5m) comprises landlord compensation. Statutory other income includes landlord compensation of £0.7m (FY24: £0.5m) and a £0.3m gain on the disposal of the Barnet occupational lease. During the period, the Group exited the Barnet occupational lease and acquired the long leasehold for £1.1m including associated acquisition costs. The derecognition of the occupational lease gave rise to a £0.3m exceptional gain in the period.

Adjusted administrative expenses excluding D&A were £60.5m (FY24: £52.1m), a 16.0% increase in the period, comprising of:

Statutory administrative costs include £5.3m of exceptional costs (FY24: £4.7m), which are further described below, and 2024 includes Week 53 administrative costs of £1.3m.

Exceptional costs include:

Total Administrative Expenses (Exceptional costs) includes a net impairment charge of £2.9m (FY24: £2.6) comprising:

Whilst an impairment has been recognised, the Board anticipates that the UK Box Office will continue to improve during 2026 and 2027 and will closely monitor the impact of this on any venues with carried forward impairment to Right-of-Use Assets and Property, Plant and Equipment, in the event that any charges previously incurred can be reversed.

Depreciation and amortisation

The depreciation and amortisation charge of £15.0m in the period (FY24: £14.9m) includes £9.9m charge for tangible assets (FY24: £10.0m), £4.3m Amortisation of right of use assets (ROUA) (FY24: £4.1m) and £0.8m amortisation of intangible assets (FY24: £0.8m).

Finance Expense

Financial expenses were £7.2m (FY24: £6.9m) relating mainly to interest charges on the Group's lease liabilities and banking facilities. £0.3m of the increase relates to the impact of new leases entered into during the period, £0.1m relates to the increased draw down on the Group's Revolving Credit Facility partly offset by the benefit of lower underlying interest rates and £0.1m lower bank loan arrangement fees.

Taxation

The Group has a statutory tax charge of £0.2m for the period (2024: £1.7m credit) comprising £1.5m increased Deferred tax liabilities associated with property, plant and equipment allowances partly offset by £1.2m increased tax losses recognised as a Deferred tax asset. 

The Group's statutory effective tax rate at the period-end is 1.6% due to deferred tax assets not recognised on structural building allowances and depreciation on fixed assets which did not qualify for capital allowances. In the prior period, the Group's effective tax rate of 16.5% is due to fixed assets which do not qualify for capital allowances, and a prior year adjustment.

The net deferred tax asset at the period-end of £4.3m includes £12.9m of tax losses (gross brought forward losses of £50.6m), £0.5m of IFRS16 deferred tax assets, offset by £9.1m of property, plant and equipment deferred tax liabilities, and £0.2m of other deferred tax liabilities. 

The Group continues to recognise the tax losses as a deferred tax asset due to increased certainty over future trading performance. The gross brought forward tax losses are expected to be utilised by the Group over the next five years. 

The Group has £6.7m of deferred tax assets that are unrecognised at the period-end.

The Group's adjusted tax charge of £1.2m for the period (FY24: £0.9m credit), is driven by non-qualifying depreciation and tax losses unrecognised. The prior year adjusted tax credit of £0.9m is driven by non-qualifying depreciation partially offset by a prior year adjustment.

The main difference between the 2025 statutory and adjusted tax is due to the impairment charge which gives rise to a £0.7m deferred tax credit.

Non-GAAP adjusted EBITDA

In addition to performance measures directly observable in the financial statements, the following additional performance measures are used internally by management to assess performance:

Management believes that these measures provide useful information to evaluate performance of the business as well as individual venues, to analyse trends in cash-based operating expenses, and to establish operational goals and allocate resources.

Non-GAAP adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortisation, profit or loss on disposal of Property, Plant & Equipment, impairment, share based payments, pre-opening expenses, exceptional costs and excludes Week 53, 2024.

Non-GAAP adjusted EBITDA post-IFRS16 was £17.0m (FY24: £15.4m, FY24 (Week 53): £16.2m). Non-GAAP adjusted pre-IFRS16 was £9.2m (2024: £8.3m).

The reconciliation between operating profit/(loss) and non-GAAP adjusted EBITDA is presented below:

1 2024 Adjusted EBITDA post IFRS16 including Week 53 trading was £16,170,000.

The Group has presented Non-GAAP adjusted EBITDA on both a pre- and post-IFRS 16 basis. The post-IFRS 16 measure, is before a deduction for rent paid in the period, and remains the key metric for internal decision-making, with the pre-IFRS 16 measure used for loan facility compliance.

Balance sheet

Net assets reduced by £9.8m from £36.5m to £26.7m reflecting the statutory loss after tax of £10.3m, offset by the share-based payment credit to reserves of £0.5m.

Non-current assets

Non-current assets reduced by £6.4m in the period, principally due to amortisation, depreciation and impairment charges on Right-of-use assets and Property, Plant Equipment which exceeded additions from new venues.

Current assets

Cash and cash equivalents of £8.4m (FY24: £9.9m) reduced by £1.5m in the period due to working capital requirements, venue expansion and purchase of the Barnet long leasehold.

Current liabilities

Trade and other payables of £27.5m (FY24: £28.1m) includes higher deferred revenue reflecting stronger membership at period-end.

Current right of use lease liabilities increased by £1.4m in the period, with the total lease liability of £106.4m reducing by £0.1m compared to the prior period. 

Non-current liabilities

Borrowings increased by £2.0m in the period, as the RCF was utilised to support the Group's working capital requirements and venue expansion. 

Non-current right of use lease liabilities decreased by £1.4m.

Cash Flow and Liquidity

The Group ended the period with cash and cash equivalents of £8.4m (FY24: £9.9m) and net banking debt of £21.6m (FY24: £18.1m). The increase in net debt was to support working capital requirements, venue expansion and Barnet long leasehold purchase. The Directors believe that the Balance Sheet remains well capitalised, with sufficient working capital to service ongoing requirements.

Net cash generated from operating activities was £15.5m (FY24: £21.6m) with a net cash outflow for the period of £1.5m (FY24: £3.2m inflow). Operating Cash Flow included a working capital inflow of £0.4m (2024: £6.6m outflow).

Cash flow used in investing activities was £13.0m (FY24: £16.1m) which includes £9.6m spend on expansionary capital expenditure before landlord contribution (FY24: £11.2m), £1.1m purchase of Barnet long leasehold and the remainder on maintenance capital expenditure. The expansionary capital expenditure was mainly for payments for the new venues Brentford and The Whiteley (Bayswater), and residual payments for new venues opened in 2024.

Cash flow used in financing activities was £3.5m (FY24: £2.3m). This includes £7.8m in capital and interest lease payments (FY24: £7.7m), £2.2m in interest payable on borrowings (FY24: £2.3m), offset by £2.0m net drawdown (FY24: £2.0m) and the receipt of £4.5m in landlord contributions (FY24: £5.7m) in relation to its new venues opened in the period.

Free Cash Flow Pre New Openings was £1.9m in the period (FY24: £6.5m). Free Cash Flow Pre New Openings is defined as operating cash flow less lease payments (excluding contributions from new openings), investing cash flow (excluding payments made for new openings/long leaseholds), and interest paid on borrowings.

Banking

The Group retains its £35.0m three-year loan facility with Barclays Bank Plc and National Westminster Bank Plc, which was agreed on 17 August 2023. The facility also includes an additional £5m accordion element, subject to lender consent. In December 2025, the Group agreed to extend the facility to 30 August 2027 to ensure that the Group had certainty over its banking facilities and ensure it was well positioned to take advantage of opportunities moving forwards.

Covenants on the loan facility are based on Adjusted Leverage and Fixed Charge Cover. The Group's current forecasts demonstrate that the Group will remain within these covenants for the foreseeable future.

At the end of the year, the Group had drawn down £30.0m (2024: £28.0m) on its facilities and held £8.4m in cash (2024: £9.9m). The undrawn facility was £5.0m (2024: £7.0m) and net banking debt £21.6m (2024: £18.1m).

Annual General Meeting

The Annual General Meeting of the Company will be held on 25 June 2026 at 9:30am at Everyman Cinema Hampstead, 5 Holly Bush Vale, London NW3 6TX.

Consolidated statement of profit and loss and other comprehensive income for the year ended 01 January 2026

These financial statements were approved by the Board of Directors and authorised for issue on 28 April 2026 and signed on its behalf by:

Sheree Manning

Chief Financial Officer

Consolidated statement of changes in equity for the year ended 01 January 2026

Consolidated cash flow statement for the year ended 01 January 2026

At the period-end, the Group had £5,000,000 of undrawn funds available of a £35,000,000 revolving credit facility (2024: £7,000,000 of a £35,000,000 revolving credit facility). Notes to the financial statements

1 General information

Everyman Media Group PLC and its subsidiaries (together, the Group) are engaged in the ownership and management of cinemas in the United Kingdom. Everyman Media Group PLC (the Company) is a public company limited by shares registered, domiciled and incorporated in England and Wales, in the United Kingdom (registered number 08684079). The address of its registered office is Studio 4, 2 Downshire Hill, London NW3 1NR. All trade takes place in the United Kingdom.

2 Basis of preparation and accounting policies

This final results announcement for the year ended 01 January 2026 has been prepared in accordance with the UK adopted International Accounting Standards. The accounting policies applied are consistent with those set out in the Everyman Media Group plc Annual Report and Accounts for the year ended 01 January 2026.

The financial information contained within this final results announcement for the year ended 01 January 2026 and the year ended 2 January 2025 is derived from but does not comprise statutory financial statements within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the year ended 2 January 2025 have been filed with the Registrar of Companies and those for the year ended 01 January 2026 will be filed following the Company's annual general meeting. The auditors' report on the statutory accounts for the year ended 01 January 2026 is unqualified, does not draw attention to any matters by way of emphasis and does not contain any statement under section 498 of the Companies Act 2006.

The consolidated financial statements of the Group have been prepared in accordance with UK adopted International Accounting Standards.

The financial statements are prepared on the historical cost basis.

The preparation of financial statements in compliance with UK adopted International Accounting Standards requires the use of certain critical accounting estimates, it also requires Group management to exercise judgements and estimates in preparing the financial statements. Their effects are disclosed in the notes below.

The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these Group financial statements. The Group prepares its financial statements on a 52/53 week basis. The year end date is determined by the 52nd Thursday in the year. A 53rd week is reported where the year end date is no longer aligned with 7 days either side of 31st December. The year ended 01 January 2026 is a 52-week period. The comparative period is a 53-week period.

These financial statements are presented in British pounds, which is the functional currency of all entities in the Group. All financial information has been rounded to the nearest thousand, unless otherwise stated.

Going concern

Current trading is in line with management expectations. Given the increased number of wide releases year-on-year, commitment to the theatrical window from distributors and new investment from streamers in content for cinema, management expect admissions to continue to recover towards pre-pandemic levels. Paid for Average Ticket Price and Spend per Head have continued to grow steadily despite well-publicised concerns over consumer spends.

Banking

The Group retains its £35.0m RCF facility with Barclays Bank and National Westminster Bank Plc, which was agreed on 17 August 2023. The facility also includes an additional £5m accordion element, subject to lender consent. In December 2025, the Group agreed to extend the facility to 30 August 2027 to ensure that the Group had certainty over its banking facilities and ensure it was well positioned to take advantage of opportunities moving forwards.

Covenants on the facility are based on Adjusted Leverage and Fixed Charge Cover. The Group has operated within these covenants all year and expects to continue to do so going forward.

At the period-end, the Group had drawn down £30.0m on its Revolving Credit Facility ("RCF") and held £8.4m in cash; therefore, the net banking debt was £21.6m and the undrawn RCF was £5m.

The Group's RCF has leverage and fixed charge cover covenants. The Board has reviewed forecast scenarios and is confident that the business can continue to operate with sufficient headroom. These forecasts include prudent assumptions around increased to admissions, as well as wage increases and inflation.

In light of this, the Board consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

Base case Scenario

The Directors assessed the prospects of the Group over a five-year period which reflects the projections for 2026 to 2031 in line with the planning cycle adopted by the Group. The assessment considers the Group's current financial position and the principal risks and uncertainties facing the Group including those that would threaten the business model, future performance, solvency and liquidity.

Sensitivity analysis is applied to the projections to determine the potential effects should the principal risks and uncertainties occur, individually or in combination. The Board also assessed the likely effectiveness of any proposed mitigating actions.

The Directors are satisfied that the Group will be able to operate with sufficient financial flexibility and headroom for the foreseeable future, which comprises the period of at least 12 months from the approval of the financial statements, up to 30 April 2027.

The forecast assumes that admissions grow as the film slate recovers towards pre-pandemic levels, as well as the full year benefit from the two venues opened mid-2025. The forecast also assumes the opening of a new venue in Lichfield in the first quarter of 2027. Corresponding capital investment has been included for all new openings.

In this scenario the Group maintains significant headroom in its banking facilities.

Stress testing

The Board considers assumptions on admissions to be realistic, particularly considering current trading and the stronger, more consistently-phased 2026 film slate. A reduction in admissions of 2.9% during 2026 and 2027 has been modelled. This scenario would not cause a breach in the Adjusted Leverage and Fixed Cover Charge covenants.

If such a scenario were to occur, where the covenants were at risk of breaching, Management would be able to temporarily reduce administrative expenditure to increase EBITDA and avoid a breach, without material impact to the Group's operations and the quality of the guest experience. The Group also has the ability to delay the deployment of capital expenditure.

The Directors believe that the Group is well-placed to manage its financing and other business risks satisfactorily and have a reasonable expectation that the Group will have adequate resources to continue in operation for at least 12 months from the signing date of these consolidated financial statements.

The Board considers that a 2.9% reduction in admissions is very unlikely, particularly in light of business performance in the first quarter of 2026. As a result, the Board does not believe this to represent a material uncertainty, and therefore consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

Use of non-GAAP profit and loss measures

The Group believes that along with operating loss, adjusted EBITDA provides additional guidance to the statutory measures of the performance of the business during the financial year. The reconciliation between operating loss and adjusted EBITDA is shown on page 46.

Adjusted EBITDA post IFRS16 is calculated by adding back depreciation, amortisation, profit or loss on disposal of Property, Plant & Equipment, pre-opening expenses, certain exceptional items and to remove Week 53, 2024 trading. Adjusted EBITDA post IFRS16 is an internal measure used by management as they believe it better reflects the underlying performance of the Group beyond generally accepted accounting principles.

Basis of consolidation

The consolidated financial statements include the results of the Company and all its subsidiary undertakings made up to the same accounting date.

Subsidiaries are entities controlled by the Group. Where the Group has power, either directly or indirectly so as to have the ability to affect the amount of the investor returns and has exposure or rights to variable returns from its involvement with the investee, it is classified as a subsidiary.

Intra-Group balances and transactions, and any unrealised income and expenses arising from intra-Group transactions, are eliminated. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.

Merger reserve

On 29 October 2013 the Company became the new holding company for the Group. This was put into effect through a share-for-share exchange of 1 Ordinary share of 10 pence in Everyman Media Group PLC for 1 Ordinary share of 10 pence in Everyman Media Holdings Limited (previously, Everyman Media Group Limited), the previous holding company for the Group. The value of 1 share in the Company was equivalent to the value of 1 share in Everyman Media Holdings Limited.

The accounting treatment for group reorganisations is presented under the scope of IFRS 3. The introduction of the new holding company was accounted for as a capital reorganisation using the principles of reverse acquisition accounting under IFRS 3. Therefore, the consolidated financial statements are presented as if Everyman Media Group PLC has always been the holding company for the Group. The Company was incorporated on 10 September 2013.

The use of merger accounting principles has resulted in a balance in Group capital and reserves which has been classified as a merger reserve and included in the Group's shareholders' funds.

The Company recognised the value of its investment in Everyman Media Holdings Limited at fair value based on the initial share placing price on admission to AIM. As permitted by s612 of the Companies Act 2006, the amount attributable to share premium was transferred to the merger reserve.

Revenue recognition

Revenue for the Group is measured at the fair value of the consideration received or receivable. The Group recognises revenue for services provided when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

Most of the Group's revenue is derived from the sale of tickets for film admissions and the sale of food and beverage, and therefore the amount of revenue earned is determined by reference to the prices of those items. The Group's revenues from film and entertainment activities are recognised on completion of the showing of the relevant film. The Group's revenues for food and beverages are recognised at the point of sale as this is the time the performance obligations have been met.

Private hire and event bookings, gift cards and similar income which are received in advance of the related performance are classified as deferred revenue and shown as a liability until completion of the performance obligation.

Contractual-based revenue from Everywhere (unlimited tickets) memberships is initially classified as deferred revenue and subsequently recognised on a straight-line basis over the year. Revenue from Everyman and EveryIcon memberships are classified as deferred revenue and subsequently recognised in line with ticket usage.

Advertising revenue is recognised at the point the advertisement is shown in the cinemas.

Fees charged for advanced ticket bookings are recognised at the point when the tickets are purchased. 

Goodwill and intangible assets

Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not amortised but is tested annually for impairment. Goodwill represents the excess of the costs of a business combination over the acquisition date fair values of the identifiable assets, liabilities and contingent liabilities acquired. Goodwill is capitalised as an intangible asset.

The recoverable amount of an asset or cash-generating unit (CGU) is the greater of its value-in-use and its fair value less costs to sell. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the CGU), this is usually an individual cinema venue. The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to CGUs. Subject to an operating segment ceiling test, for the purposes of goodwill impairment testing, CGUs to which goodwill has been allocated are aggregated so that the level at which impairment is tested reflects the lowest level at which goodwill is monitored for internal reporting purposes. Goodwill acquired in a business combination is allocated to groups of CGUs that are expected to benefit from the synergies of the combination.

An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognised in the profit and loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the units, and then to reduce the carrying amounts of the other assets in the unit/group of units on a pro-rata basis. Once goodwill has been impaired, the impairment cannot be reversed in future periods.

Impairment

The carrying amounts of the Group's assets are reviewed at each Balance Sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset's recoverable amount is estimated. For goodwill assets that have an indefinite useful economic life, the recoverable amount is estimated at each Balance Sheet date.

An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit ('CGU') exceeds its recoverable amount. Impairment losses are recognised in the Consolidated Statement of Profit or Loss.

Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to CGUs and then to reduce the carrying amount of the other assets in the unit on a pro-rata basis.

A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets and relates to an individual cinema venue.

Property, plant and equipment

Items of property, plant and equipment are recognised at cost less accumulated depreciation and accumulated impairment losses. As well as the purchase price, cost includes directly attributable costs.

Depreciation on assets under construction does not commence until they are complete and available for use. These assets represent fit-outs. Depreciation is provided on all other leasehold improvements and all other items of property, plant and equipment so as to write off their carrying value over the expected useful economic lives. The estimated useful lives are as follows:

Leasehold improvements - straight line on cost over the remaining life of the lease

Plant and machinery - 5 years

Fixtures and fittings - 8 years

Provisions

A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Lease dilapidation provisions are recognised when entering into a lease where an obligation is created. This obligation may be to return the leasehold property to its original state at the end of the lease in accordance with the lease terms. Leasehold dilapidations are recognised at the net present value and discounted over the remaining lease period.

Leases

At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The majority of leases entered into determine the lease commencement to be dependent on the date in which access to the property is provided by the landlord, at this point we assess the Group gains control.

To assess whether a contract conveys the right to control the use an identified asset, the Group assesses whether:

Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless this is not readily determinable, in which case the Group's incremental borrowing rate on commencement of the lease is used, the incremental borrowing rate is most commonly used in the Groups recognition of leases.

Right of use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for:

Subsequent to initial measurement lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amortised on a straight-line basis over the remaining term of the lease.

If the Group revises its estimate of the term of any lease it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted using a revised discount rate. An equivalent adjustment is made to the carrying value of the right-of-use asset, with the revised carrying amount being amortised over the remaining (revised) lease term. If the carrying amount of the right-of-use asset is adjusted to zero, any further reduction is recognised in profit or loss.

Taxation

Tax on the profit and loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.

Deferred tax assets and liabilities are recognised where the carrying amount of an asset or liability in the consolidated balance sheet differs from its tax base, except for differences arising on:

Recognition of deferred tax assets is restricted to those instances where it is probable that taxable profit will be available against which the difference can be utilised.

The amount of the asset or liability is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the deferred tax liabilities or assets are settled or recovered. Deferred tax balances are not discounted.

Deferred tax assets and liabilities are offset when the Group has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority on either:

Operating segments

The Board, the chief operating decision maker, considers that the Group's primary activity constitutes one reporting segment, as defined under IFRS8.

The total profit measures are operating profit and profit for the year, both disclosed on the face of the consolidated profit and loss. No differences exist between the basis of preparation of the performance measures used by management and the figures used in the Group financial information.

All of the revenues generated relate to cinema tickets, sale of food and beverages and ancillary income, an analysis of which appears in the notes below. All revenues are wholly generated within the UK. Accordingly, there are no additional disclosures provided to the financial information.

Pre-opening expenses

Overhead expenses incurred prior to a new site opening are expensed to the profit and loss in the year that they are incurred. Similarly, the costs of training new staff during the pre-opening phase are expensed as incurred. These expenses are included within administrative expenses, right-of-use depreciation and financing expenses.

Employee benefits

Defined contribution plans

A defined contribution plan is a post-employment benefit plan under which the company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss in the periods during which services are rendered by employees.

Share-based payments

Certain employees (including Directors and senior executives) of the Group receive remuneration in the form of equity-settled share-based payment transactions, whereby employees render services as consideration for equity instruments (equity-settled transactions, through the Growth Share Scheme, Approved and Unapproved Options Schemes). The cost of share-based payments is recharged by the Company to subsidiary undertakings in proportion to the services recognised.

Equity-settled share based schemes are measured at fair value, excluding the effect of non-market based vesting conditions, at the date on which they are granted. The fair value is determined by using an appropriate pricing model.

The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to the award

(the vesting date). The profit or loss charge or credit for a period represents the movement in cumulative expense recognised as at the beginning and end of that period.

No expense is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition, which are treated as vesting irrespective of whether or not the market condition has been satisfied, provided that all other performance and/or service conditions are satisfied. The dilutive effect of outstanding options is reflected as additional share dilution in the computation of earnings per share.

3 Financial Instruments

The Group is exposed through its operations to the following financial risks:

In common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group's objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements.

There have been no substantive changes in the Group's exposure to financial instrument risks, it's objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note.

The principal financial instruments used by the Group, from which financial instrument risk arises are as follows:

Financial assets

All the Group's financial assets are subsequently accounted for at amortised cost. These assets arise principally from the provision of goods and services to guests (e.g. trade receivables), but also incorporate other types of financial assets where the objective is to hold these assets in order to collect contractual cash flows and the contractual cash flows are solely payments of principal and interest. They are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment.

The Group recognises an allowance for expected credit losses (ECLs) on financial assets measured at amortised cost. The financial assets comprises trade and other receivables. Impairment provisions for trade receivables are recognised based on the simplified approach within IFRS 9 using a provision matrix in the determination of the lifetime expected credit losses. During this process the probability of the non-payment of the individual trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from default to determine the lifetime expected credit loss for the trade receivables. For trade receivables, which are reported net, such provisions are recorded in a separate provision account with the loss being recognised in profit or loss. On confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. At the year end, there are no provisions against trade receivables as the Group has limited exposure to ECLs due to its business model.

The Group's financial assets measured at amortised cost comprise trade and other receivables and cash and cash equivalents in the consolidated balance sheet.

Cash and cash equivalents comprise cash balances, deposits and cash amounts in transit due from credit cards which are settled within seven days from the date of the reporting period. Financial liabilities and equity

Financial instruments issued by the Group are treated as equity only to the extent that they meet the following conditions:

To the extent that this definition is not met, the proceeds of issue are classified as a financial liability and initially recognised at fair value net of any transaction costs directly attributable. Such interest-bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of financial position. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Credit risk

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is mainly exposed to credit risk from credit sales. It is Group policy, to assess the credit risk of new customers before entering material contracts.

Credit risk also arises from cash and cash equivalents and deposits with banks and financial institutions. For banks and financial institutions, only independently rated parties with minimum rating "A" are accepted.

Further disclosures regarding trade and other receivables, which are neither past due nor impaired, are provided in note 25.

Interest rate risk

The Group is exposed to cash flow interest rate risk from its revolving credit facility at variable rates. During 2025 and 2024, the Group's borrowings at variable rate were denominated in GBP.

The Group analyses the interest rate exposure on a monthly basis. A sensitivity analysis is performed by applying various reasonable expectations on rate changes to the expected facility drawdown.

Liquidity risk

Liquidity risk arises from the Group's management of working capital and the finance charges and principal repayments on its debt instruments. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due. The Group's policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they become due.

The Board receives rolling 12-month cash flow projections on a monthly basis as well as information regarding cash balances. At the end of the financial year, these projections indicated that the Group expected to have sufficient liquid resources to meet its obligations under all reasonably expected circumstances, through utilisation of its revolving credit facility.  4 Changes in accounting policies

New standards, interpretations and amendments adopted from 01 January 2026

There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective in future accounting periods that the Group has decided not to adopt early.

The following new standards and interpretations are effective for the year ended 1 January 2026, but have not had a material impact on the Group:

The following standards and interpretations, which have not been applied and when adopted are not expected to have a material impact on the Group, were in issue and will be effective from 1 January 2027 (which will apply to the Group's 2027 financial reporting), unless stated below:

5 Critical accounting estimates and judgements

The Group makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Impairment of cinemas (accounting estimate)

The Group determines whether its cinema asset and associated goodwill are impaired when impairment indicators exist or based on the annual impairment assessment. The annual assessment requires an estimate of the value in use of the CGUs to which the intangible and tangible fixed assets are allocated, which is at the individual cinema site level.

Estimating the value in use requires the Group to make an estimate of the expected future cash flows from each cinema and discount these to their net present value at an appropriate discount rate. All venues are located in the UK and therefore a single discount rate has been used for all CGUs. The resulting calculation is sensitive to the assumptions in respect of future cash flows and the discount rate applied. The Directors consider that the assumptions made represent their best estimate of the future cash flows generated by the CGUs and that the discount rates used are appropriate given the risks associated with the specific cash flows. A sensitivity analysis has been performed over the estimates (see Note 18)

Deferred tax assets (accounting estimate)

The Group recognizes deferred tax assets to the extent that it is probable that future taxable profits will be available against which temporary differences can be utilised. The recognition of deferred tax assets based on future taxable profits requires significant management judgment and estimation.

In assessing the probability of future taxable profits, management considers historical profitability, forecasts, and business plans. These assessments are based on various factors including, but not limited to, expected future market conditions, industry trends, regulatory environment, and specific operational strategies.

The Group reviewed its forecasts for a three year period based on management expectations and projections to assess the likelihood of future taxable profits and adjusts the recognition of Deferred Tax assets accordingly. However, actual results may differ from these forecasts due to changes in economic conditions, market dynamics, or other unforeseen events.

Incremental borrowing rate (accounting estimate)

The Group determines the incremental borrowing rates used to discount lease payments for the purpose of measuring the lease liability and right-of-use asset under IFRS 16, Leases. The determination of incremental borrowing rates involves significant judgment and estimation by management. Key factors considered are the nature and term of lease, market conditions and availability of comparable financing.6 Revenue

All trade takes place in the United Kingdom.

The following table provides information about opening and closing receivables, contract assets and liabilities from contracts with customers.

Deferred income relates to advanced consideration received from customers in respect of memberships, gift cards and advanced screenings. The movement in deferred income relates predominantly to increases in memberships, gift cards and advertising contracts.7 Loss before taxation

Loss before taxation is stated after charging / (crediting):

8 Staff numbers and employment costs

The average number of employees (including Directors) during the year, analysed by category, was as follows:

At the period end the number of employees (including Directors) was 1,940 (2024: 1,989). Management staff represent all full-time employees in the Group.

Wages and salaries include bonus costs. There were pension liabilities outstanding as at 01 January 2026 of £95,000 (02 January 2025: £89,000) which were settled on 12 January 2026. 9 Directors' remuneration

The remuneration of the Directors, who are the key management personnel of the Group, is set out below in aggregate for each of the categories specified in IAS24 Related Party Disclosures: