AMC Entertainment said it reached an agreement with certain holders of its Muvico senior secured notes due 2029 that gives the theater chain room to refinance near-term borrowings tied to its U.S. term loan and its Odeon senior secured notes carrying a 12.75% coupon and coming due in 2027. The company said any refinancing it pursues under the new flexibility would aim to push maturities out and trim interest expense, a key pressure point as AMC carries heavy debt from the pandemic era.
The company paired the lender update with an unaudited preview of fourth-quarter and full-year 2025 results ahead of its scheduled earnings report. AMC said it expects fourth-quarter revenue of about $1.29 billion, down from $1.31 billion a year earlier, with a net loss of about $127.4 million versus a $135.6 million loss in the prior-year quarter. Adjusted EBITDA is expected to fall to roughly $134.1 million from $164.8 million. Cash and cash equivalents ended 2025 at $428.5 million, excluding $48.8 million of restricted cash, AMC said.
For the full year, AMC expects revenue of about $4.85 billion, up from $4.64 billion in 2024, and adjusted EBITDA of about $387.5 million, up from $343.9 million. The net loss is projected to widen to about $632.4 million from $352.6 million, underscoring how financing costs and other charges can overwhelm operating gains even as attendance improves. AMC pegged the 2025 North American box office at about $8.9 billion and European attendance in Odeon markets at about 397 million.
Chief executive Adam Aron tied the refinancing effort to the company’s push to “streamline and simplify” its capital structure and prepare for a heavier film calendar. He said early 2026 box office results ran about 9% ahead of the same stretch last year, and he pointed to major studio releases later this year as the kind of volume AMC needs to translate premium formats and concessions into stronger cash generation. AMC will report final fourth-quarter results after the market closes Feb. 24 and host a webcast the same day.
