AMC Entertainment (NYSE:AMC) shares gained 2.8% on Thursday after the cinema operator said it had reached an agreement with lenders that gives it greater flexibility to refinance portions of its existing debt.
The deal, struck with certain holders of AMC’s Muvico, LLC Senior Secured Notes due 2029, allows the company to pursue refinancing of its current term loan credit facility as well as the 12.75% Odeon Senior Secured Notes maturing in 2027. AMC said any refinancing is expected to push out debt maturities and lower interest costs.
Alongside the announcement, AMC released preliminary figures for the fourth quarter and full year 2025. Fourth-quarter revenue is expected to come in at around $1.29 billion, slightly below the $1.31 billion recorded in the same period a year earlier. For full-year 2025, revenue is projected at approximately $4.85 billion, representing a 4.6% increase from $4.64 billion in 2024.
The company expects a net loss of roughly $127.4 million in the fourth quarter, narrowing from a loss of $135.6 million in the prior-year quarter. However, the full-year net loss for 2025 is forecast to widen to about $632.4 million, compared with $352.6 million in 2024.
Adjusted EBITDA for the fourth quarter is expected to be about $134.1 million, down from $164.8 million a year earlier. On a full-year basis, adjusted EBITDA is projected to rise nearly 13% to $387.5 million, up from $343.9 million in 2024.
AMC noted that the North American box office grew by roughly 1.5% in 2025, while the company outperformed the industry with revenue growth of 4.6%. It ended the year with $428.5 million in cash and cash equivalents, excluding restricted cash of $48.8 million.
The company is scheduled to report its final fourth-quarter and full-year 2025 results after market close on February 24, 2026.