24 September 2025

Everyman Media Group PLC

("Everyman" or the "Group")

Interim Results

Strong increases across all metrics, with financial performance on track for the full year

Everyman Media Group PLC, the independent, premium cinema group, reports its unaudited interim results for the 26 weeks ended 03 July 2025.

Summary of financial performance

Commercial and strategic highlights

Confidence for the full year

¹ Adjusted for pre-opening costs, exceptional items and share-based payments.

² Current market forecasts for the year ended 1 January 2026 are revenue of £121.6m and Adjusted EBITDA of £20.0m.

Alex Scrimgeour, Chief Executive of Everyman Media Group Plc, said:

"We are pleased to report a strong trading performance in the first half, underpinned by healthy admissions growth, continued momentum across our revenue streams and further gains in market share. We are delighted with the positive progress of recent operational priorities, including the strengthening of our Senior Leadership team, the continued success of our membership model and customer service enhancements which drive both user experience and our financial performance.

Everyman's unique brand of hospitality continues to resonate with our customer base. As such, we move into the second half of the year in a strong position - bolstered by a compelling customer offering, reduced leverage and a strong film slate, with major H2 releases including Downton Abbey: The Grand Finale, Wicked: For Good, and Avatar: Fire and Ash."

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended) ("UK MAR").

About Everyman Media Group PLC:

Everyman is the fourth largest cinema business in the UK by number of venues, and is a premium, high growth leisure brand. Everyman operates a growing estate of venues across the UK, with an emphasis on providing first class cinema and hospitality.

Everyman is redefining cinema. It focuses on venue and experience as key competitive strengths, with a unique proposition:

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

Chief Executive's Statement

Trading in the first half of 2025 was in line with management expectations, with revenue of £56.5m (H1 2024: £46.9m) and EBITDA of £8.2m (H1 2024: £6.2m).

The 21% increase in revenue and 33% increase in EBITDA reflected a more consistent film slate in 2025, with content in the first half of last year significantly impacted by the WGA and SAG-AFTRA strikes of 2023.

Franchise titles such as Bridget Jones: Mad About the Boy - our biggest opening weekend ever with a record 11.8% market share on a major release¹ - and Mission: Impossible - The Final Reckoning were complemented by strong original content such as A Complete Unknown and Ryan Coogler's Sinners, which resonated particularly well with the Everyman audience.

In H1 2025, the Group grew its market share to 5.8% (H1 2024: 5.6%), demonstrating the continued strength of the differentiated Everyman proposition. Despite the hottest UK summer on record and a continuing challenging economic environment, the Group is currently trading in line with market expectations for the full year. As in previous years, we expect a second-half weighting to the film slate.

Strategic and Operational Progress

During the period, we launched our new in-house customer contact centre, replacing an outsourced solution. As part of the transition, we introduced several initiatives aimed at improving customer experience and reducing contact volumes. These included the use of AI to automate responses to frequently asked questions and the addition of a "Help" search bar on our website, which leverages historical data to address customer queries. These enhancements have led to a 36% reduction in customer contact and will continue to result in shorter wait times, lower operational costs, and a more streamlined experience for our guests.

We are also pleased to announce the appointment of two new members of the Senior Leadership Team in the first half of the year. Rebecca Tooth joined Everyman in May as Operations Director, bringing over 20 years of experience in the hospitality sector, most recently as Managing Director of Coppa Club and, prior to that, Chief Operating Officer of Bill's Restaurants.

Also in May, we welcomed Leo Brend as Technology Director, bringing 13 years' experience as Technology Director at Curzon Cinemas. One of Leo's first initiatives will be the launch of food and beverage self-ordering via Everyman's iOS and Android app, set to go live in the fourth quarter of 2025. This will complement our existing at-seat service and QR code-based ordering, with the aim of increasing transactions per customer, driving higher spend per head and improving guest experience. Leo will also lead the Group's ongoing digital transformation, AI strategy, cyber security and the launch of new digital products.

As ever, we remain focused on enhancing the Everyman brand. In H1 2025, our efforts centred on expanding social media presence and driving brand engagement. Compared to H1 2024, our combined social following grew by 5.6%, with Instagram leading at 110,112 followers - an 11.6% increase - maintaining our position as the largest Instagram channel in UK cinema. Facebook followers rose by 4.4%, and TikTok grew by 5.9%.

Reducing leverage

As previously announced, the Group remains committed to managing net debt and reducing leverage whilst continuing its measured organic expansion. In line with this strategy, no further venues will open in 2025, with two openings planned for 2026 and a further two in 2027. Year end net debt is therefore expected to be lower than the £24.2m reported at interim period end, with further material reductions expected in 2026 and beyond. 

Everyman currently operates 49 cinemas with 171 screens. During the period, the Group opened a three-screen venue in Brentford. Post period-end, a five-screen flagship opened at The Whiteley, Bayswater. Both venues embody Everyman's distinctive and evolving design identity, with The Whiteley forming part of Norman Foster's transformative West London redevelopment, which also includes luxury residences and the UK's first Six Senses hotel.

Performance review

The Group uses the key performance indicators of Admissions, Paid-for Average Ticket Price and Food & Beverage Spend per Head to monitor the progress of the Group's activities.

Admissions

Admissions in H1 2025 totalled 2.2 million, an increase from 1.9 million in the prior year period. The uplift reflects a more consistent film slate, with key contributors including Bridget Jones: Mad About the Boy, Mission: Impossible - The Final Reckoning, A Complete Unknown and A Minecraft Movie. Unlike H1 2024, the current period was unaffected by industry disruption, with the prior year comparatives impacted by the WGA and SAG-AFTRA strikes.

Membership remains an important performance driver. Period-end membership reached approximately 67,000, representing a 46% year-on-year increase. Members demonstrate visit frequency over five times that of non-members, exhibit higher food and beverage spend per head, and continue to act as our strongest brand advocates.

Food & Beverage Spend per Head and Average Ticket Price

Food and Beverage spend per head increased to £11.09 (H1 2024: £10.47), an increase of 5.9%. The growth was driven by continued menu development, the higher spend profile of members, the addition of venues in premium locations, and selective pricing adjustments implemented to mitigate cost increases, including rises in the National Living Wage and National Insurance.

Paid-for average ticket price increased to £12.46 (H1 2024: £11.76), an increase of 6.0%. The increase reflects new venue openings in higher-priced locations, pricing actions to offset cost inflation, and a release schedule more heavily weighted towards blockbuster titles, which typically carry a price premium on opening.

Outlook

We remain optimistic about the future, underpinned by a strong first-half performance, with revenue, operational cash generation and market share all demonstrating meaningful growth.

Our strategy continues to focus on reducing leverage, supported by a measured and disciplined approach to new venue openings. Following the successful launches of Brentford and The Whiteley in 2025, two further venues are planned for 2026, with another two to follow in 2027.

Looking ahead, we anticipate a strong second half, with major releases including Downton Abbey: The Grand Finale in September, Wicked: For Good in November, and Avatar: Fire and Ash in December. Further ahead, the 2026 slate is equally promising, featuring - amongst many others -The Devil Wears Prada 2, Toy Story 5, The Mandalorian & Grogu (a Star Wars title), Christopher Nolan's The Odyssey, and an untitled Steven Spielberg film.

As audiences are met with an expanding stream of high-quality content, Everyman's premium and differentiated model leaves it uniquely positioned to benefit going forward.

Alex Scrimgeour
Chief Executive
24 September 2025

¹ Major release defined as grossing at least £15m at the UK Box Office.

Finance Director's Statement

*Adjusted EBITDA refers to Operating Profit adjusted for the removal of depreciation, amortisation, profit / loss on disposal of fixed assets, pe-opening expenses, lease termination costs, impairment charges and share-based payment expenses.

Revenue and operating profit

Group Revenue for H1 2025 increased to £56.5m (H1 2024: £46.9m). This growth was driven by stronger admissions, rising to 2.2m (H1 2024: 1.9m), supported by a compelling film slate. The standout title was Bridget Jones: Mad About the Boy, which delivered our second-highest week of admissions ever, with other strong performers including Mission: Impossible - The Final Reckoning, the Bob Dylan biopic A Complete Unknown, and Ryan Coogler's horror release Sinners. Admissions were further boosted by the opening of three new venues across the second half of 2024 and first half of 2025.

Revenue growth was compounded by increases to Food & Beverage Spend per Head and Average Ticket Price. Food & Beverage Spend per Head rose 5.9% to £11.09 (H1 2024: £10.47), while Average Ticket Price increased 6.0% to £12.46 (H1 2024: £11.76). The uplift in F&B was driven by continued menu innovation, including new items like the Double Smash Burger and Salt Beef Dog, alongside new drinks such as the Hibiscus Strawberry Daiquiri and Matcha Latte. Ticket price growth reflected a higher proportion of blockbuster releases, which typically command premium pricing. We also implemented modest price increases across both F&B and tickets to help offset the significant rises in National Living Wage and Employer's National Insurance Contributions announced in the 2024 Autumn Statement.

Gross Profit Margin declined slightly to 65.7% (H1 2024: 66.5%), primarily due to higher Film Hire costs associated with the increased number of blockbuster titles.

Administrative Expenses rose to £37.3m (H1 2024: £33.2m), reflecting the expansion of our estate from 45 venues at the end of H1 2024 to 48 at the end of H1 2025. This growth brought associated increases in fixed costs, depreciation, and pre-opening expenses.

Labour was the Group's largest cost increase, rising by approximately £3m year-on-year. This was driven by the 9.7% National Living Wage increase in April 2024 and a further 6.7% rise in April 2025, alongside higher Employer's National Insurance Contributions. Labour costs also rose due to the increased number of venues and higher admissions compared to the prior year.

Despite these cost pressures, the Group improved its post-IFRS 16 EBITDA margin to 14.5% (H1 2024: 13.2%). This was supported by savings in credit card fees, a new utilities contract, and successful challenges to our 2023 Business Rates Revaluations. As a result, post-IFRS 16 EBITDA rose to £8.2m (H1 2024: £6.2m).

Net finance costs

The Group's finance charge included £2.4m (H1 2024 £2.1m) representing interest charges relating to the unwinding of the IFRS 16 lease liability during the period and £1.1m of bank interest (H1 2024: £1.1m). The increase is due predominantly due to the number of new venues opened in the second half of 2024 and first half of 2025.

Taxation

The Group's tax credit was £0.4m (H1 2024: £1.2m) and relates to the recognition of an increase in the Group's deferred tax asset as a result of further unrelieved carried forward taxable losses. The recognition of the deferred tax asset is supported by sufficient forecast future taxable profits.

Share based payments

The share-based payment expense for the period was £0.3m (H1 2024: £0.6m) reflecting share option incentives provided to the Group's management and employees.

Cash flows

Cash held at the end of the period was £4.8m (H1 2024: £2.2m).

Net cash generated from operating activities was £4.7m (H1 2024: £3.3m). The current year figure includes a £3.6m working capital outflow, relating to a decrease in trade and other payables. This reflects the timing of Film Hire payments relating to the busy winter trading period last year, most of which fell due in the early months of 2025.

Net cash used in investing activities was £9.0m (H1 2024: £5.3m). This primarily reflects investment in the new Brentford venue, which opened in February 2025, as well as final payments for the Cambridge and Stratford sites, which opened in November and December 2024 respectively. It also includes initial payments for The Whiteley, which opened in August 2025.

Net cash used in financing activities was £0.7m (H1 2024: £2.4m). The lower balance is predominantly driven by higher landlord contributions received during the period.

As a result of the above, the net cash outflow for the period was £5.0m (H1 2024: £4.5m outflow).

The Board does not recommend the payment of a dividend at this stage in the Group's development.

Net Debt

Net debt at the end of the period was £24.2m (H1 2024: £25.8m), compared to £18.1m at the end of 2024. The increase reflects the timing of capital expenditure - particularly with The Whiteley under construction at the end of H1 - and the £1m acquisition of the beneficial long leasehold interest in our Barnet venue in March. As in previous years, film content is forecast to be weighted towards the second half. As a result, the Group expects a reduction in both net debt and leverage by the end of 2025.

Will Worsdell

Finance Director
24 September 2025

Consolidated statement of profit and loss and other comprehensive income for the period ended 03 July 2025 (unaudited)

Consolidated balance sheet at 03 July 2025 (unaudited)

Consolidated statement of changes in equity for the period ended 03 July 2025 (unaudited)

Consolidated cash flow statement for the period ended 03 July 2025 (unaudited)

Notes to the financial statements

In the 26-week period ended 03 July 2025, £0.2m Other Operating Income was received (H1 2024: £0.2m). This consisted mainly of landlord compensation payments.