AMC ENTERTAINMENT HOLDINGS, INC.

Supply chain and procurement · Supplier operation and dependance

Supply chain disruptions, labor shortages, and inflation may negatively impact our operating results. We rely on a limited number of suppliers for certain products, supplies and services, including a single U.S. vendor for the warehousing and distribution of most of the products and supplies for our U.S. food and beverage operations. Shortages, delays, or interruptions in the availability of food and beverage items and other supplies to our theatres may be caused by commodity availability; public health crises or pandemics.

Human capital and workforce · Key personnel dependence and succession

We depend on key personnel for our current and future performance. Our current and future performance depends to a significant degree upon the retention of our senior management team and other key personnel. The loss or unavailability of any member of our senior management team or a key employee could have a material adverse effect on our business, financial condition, and results of operations.

Strategic execution · Strategic transformation and turnaround risks

In the event the Company's revenues do not increase to at least pre-COVID-19 levels, we would seek to negotiate with creditors changes to our balance sheet liabilities and continue to take steps to reach agreements with our landlords to reduce or abate our rent obligations. Ultimately, if revenues do not improve and we are unsuccessful in restructuring our liabilities, we would face the risk of a future liquidation or bankruptcy proceeding.

Market position and competition · Disruptive competitors and new market entrants

We also compete with other film and content delivery methods, including video streaming, network, syndicated cable and satellite television, as well as video-on-demand, pay-per-view services, subscription streaming services, and social media platforms. An increase in the popularity of these alternative film delivery methods and other forms of entertainment could reduce attendance at our theatres, limit the prices we can charge for admission and materially adversely affect our business and results of operations.

Customer and revenue · Revenue concentration in specific products or segments

Our results of operations will be impacted by shrinking theatrical exclusive release windows and other practices adopted by movie studies. Over the last decade, the average theatrical exclusive release window, which represents the time that elapses from the date of a film's theatrical release to the date a film is available to consumers in-home, has decreased from approximately four months to approximately one-and-one half months or less.

Customer and revenue · Changing customer preferences and behavior

Our business depends on motion picture production and performance and is subject to intense competition, including increases in alternative film delivery methods or other forms of entertainment. Significant impacts on our business caused by changes in the film exhibition industry include: (1) decreased attendance at our theatres, including due to changes in consumer behavior in favor of viewing feature-length movies at home on directly to video streaming or PVOD platforms or spending on alternative forms of entertainment.

Natural and catastrophic events · Pandemic and public health crises

Significant impacts on our business caused by changes in the film exhibition industry during the course of and after the COVID-19 pandemic include, and are likely to continue to include, among others: (1) decreased attendance at our theatres, including due to changes in consumer behavior in favor of viewing feature-length movies at home on directly to video streaming or PVOD platforms.

Natural and catastrophic events · Climate change and environmental impact

The risk of severe weather events or other events caused by climate change disrupting or limiting operations. With our busy season being around the winter holidays and in the summer, the risk is even greater for extended severe winter storms and increased hurricanes and tornadoes in the summer months.

Natural and catastrophic events · Natural disasters and extreme weather

Climate change, adverse weather conditions and natural disasters could adversely affect our theatre operations, sales or financial results. Climate change and natural disasters may adversely affect our ability to keep movie theatres open and operational in affected regions and consumer ability to travel to our theatres if they are open. Relative to normal weather conditions, extended severe weather as a result of climate change can close theatres for days due to pervasive power outages, flooding, or wildfires.

Geopolitical and trade · Trade policies tariffs and sanctions

The choice of distributors to release fewer feature-length films as a result of the additional financial burden imposed by tariffs. Exposure to anti-corruption laws, including the Foreign Corrupt Practices Act and the U.K. Bribery Act, and export-control regulations and economic sanctions regulations, including those promulgated by the Office of Foreign Assets Control.

Social and demographic · Stakeholder activism and pressure

Negative sentiment among AMC's retail stockholder base could have a material adverse impact on the market price of our Common Stock and your investment therein. While AMC and its management have actively sought to foster positive relationships with its significant retail stockholder base as the owners of AMC, there is no guarantee that AMC will be able to continue to benefit from support from its retail stockholder base in the future.

Market and investment · Interest rate and yield curve risk

We are exposed to fluctuations in interest rates because our term loans have variable rates of interest. Increases in market interest rates may cause potential investors to seek higher returns and therefore reduce demand for our Common Stock, which could result in a decline in the market price of our Common Stock.

Capital structure and performance · Debt management and refinancing

Our substantial level of indebtedness and our current liquidity constraints could adversely affect our financial condition and our ability to service our indebtedness, to pre-pay debt, and to refinance debt and to do so with comparable interest rates or other favorable terms. As of December 31, 2025, the carrying value of our corporate borrowings and finance lease liabilities were $4,038.5 million.

Capital structure and performance · Financial performance volatility

The market prices and trading volume of our shares of Common Stock have experienced, and may continue to experience, extreme volatility, which could cause purchasers of our Common Stock to incur substantial losses. For example, during 2025 through February 19, 2026, the market price of our Common Stock has fluctuated from an intra-day low on the New York Stock Exchange of $1.21 per share to an intra-day high of $4.13.

Credit and liquidity · Liquidity and cash flow constraints

In the absence of significant increases in revenues and attendance from current levels, or obtaining significant additional sources of liquidity, an investment in our Common Stock is highly speculative; holders of our Common Stock could suffer a total loss of their investment. To remain viable beyond the next twelve months, the Company is expected to require additional sources of liquidity and/or significant increases in revenues and attendance levels.

Market and investment · Asset valuation and impairment

We may incur future impairment charges to goodwill, other intangibles, or long-lived assets and future theatre and other closure charges. As of December 31, 2025, goodwill recorded on our consolidated balance sheet totaled $2,416.1 million. If the market price of our Common Stock declines, if the fair value of our debt declines, or if other events or circumstances change that would more likely than not reduce the fair value of our reporting units below their respective carrying value, all or a portion of our goodwill may be impaired in future periods.

Credit and liquidity · Debt service and covenant compliance

A failure to comply with our covenants or to make required payments under one debt instrument could trigger cross-default provisions under other debt agreements, potentially accelerating the repayment of a significant portion of our outstanding debt. Given current industry and economic conditions, our cash flow may not be sufficient to allow us to pay principal and interest on our debt and meet our other obligations.

Corporate governance · Shareholder rights and activism

There has been significant recent dilution and there may continue to be additional future dilution of our Common Stock, which could adversely affect the market price of shares of our Common Stock. From January 1, 2020 through February 18, 2026, the outstanding shares of our Common Stock have increased by 524,339,457 shares.

Reputation and brand · Social media and digital reputation

Information available in public media that is published by third parties, including blogs, articles, online forums, message boards and social and other media may include statements not attributable to the Company and may not be reliable or accurate. This includes coverage that is not attributable to statements made by our directors, officers or employees.

Cybersecurity and data protection · Data privacy and protection regulations

We, and others on our behalf, also store 'personally identifiable information' ('PII') with respect to employees, vendors, customers, and others. While we have implemented safeguards to protect the privacy of PII, there is still a risk of a material cybersecurity incident where hackers or others might obtain information, which could result in potentially costly remedial action, as well as potential fines, penalties, lawsuits, and reputational damage.