Imax Corp Goldman Sachs Communacopia + Technology Conference 2026

Thanks for having us, Steven.

I think our differentiated model is stronger than ever. It's all about the power of our platform. Our opportunity is increasingly about converting demand into capacity and capacity into earnings. When you look at our priorities, of course, expanding the network. We're highly under-penetrated. We're in 1,800 locations, 91 countries, but our TAM is 4,500. We're less than 50% penetrated. A lot of opportunity to keep growing and in really high performing markets. I think we're really excited about how do we expand into new markets and whether that is using our capital or just signing new deals out of all the momentum that's coming out of The Odyssey and the conversations there. I think there's a lot of opportunity. Deepening our content partnerships. I think filmmakers and studios, as they're designing their releases, I'm sure they've taken note as to how The Odyssey was released and how Nolan graciously sort of leaned into the IMAX of it all, and how it has been proven to be such a success out of that.

I think that that's a great kind of model for filmmakers and studios to take note of and to involve IMAX earlier in the process for releasing a film. Investing in technology is one of our other priorities. It's technology and that technological moat and the differentiated IMAX experience that really creates the brand awareness and the consumer demand for IMAX. Without a differentiated experience, there would not be a reason that filmmakers, studios, and consumers all want IMAX. Keeping that strong and building on it and improving is really important.

Importantly, I think the growth comes overall from just all of that together being leveraged in our model and our earnings model. As you know, our operating leverage in the model, it's all creating higher level of earnings, which has a high flow-through down to our bottom line. I think all of that really is what is leading us into the next 3 to 5 years. We feel so excited about where we're going in the future. We had our best year ever last year, and we're going to have a new best this year as we look at achieving our guidance that we put out for the year and looking at growth for years beyond. I think it's an exciting time to be in the IMAX business for sure.

I think it's definitely strengthened our confidence in 2026. More importantly, I think it's definitely shown us what our long-term growth model is as well. The Odyssey is not just about one big title. It's a proof point about our business and about the future of our business. Near term, yes, it's a box office hit and 100% we're capitalizing on that. It's going to run through our financials and it's going to help us achieve our goals for 2026. But when you look at the earnings opportunity for future years, in the long term, you're strengthening several parts of the algorithm along the way. You're looking at more demand from consumers for IMAX screens, and that demand from consumers for IMAX screens then makes exhibitors want more demand for growing their network because they want to deliver for the consumer what the consumer wants.

Once you start growing the network even more, like our global platform is what is highly desired from filmmakers and studios. So the more you grow the platform globally, then more studios and filmmakers will want that too, because that's more reach, right? All of that put together, you'll get more pricing power because you're going to lead to more higher utilization rates, more revenue per screen. So it all works in a nice virtuous cycle, but mostly working towards long term. Of course, the Odyssey is helping us achieve our 2026 goals, but definitely setting us up for strength in the future.

Well, I think with "The Odyssey," it was clearly both, right? We had an amazing film by an amazing filmmaker that really envisioned how to maximize that experience in the IMAX screens. Our dedicated fan base obviously showed up and was very excited about that opportunity. We also saw new fans coming to IMAX. We discovered last year in our own research that our biggest growth area, which is now widely reported for all of theatrical, is Gen Z, ages 13 to 17, that wanted to come to IMAX and want that great experience in the theater. Our fan base broadly, to your question, has been growing. We're up over 12 million fans following us on various platforms globally.