IMAX CORP (IMAX)

OVERVIEW

IMAX is a premier global technology platform for entertainment and events. Through its proprietary software, auditorium architecture, patented intellectual property, and specialized equipment, IMAX offers a unique end-to-end solution to create superior, awe-inspiring immersive content experiences for which the IMAX® brand is globally renowned. Top filmmakers, movie studios, artists, and creators utilize the cutting-edge visual and sound technology of IMAX to connect with audiences in innovative ways. As a

41

Table of Contents

result, IMAX is among the most important and successful global distribution platforms for domestic and international tentpole films. The Company’s global content portfolio includes blockbuster films, both from Hollywood and local language film industries worldwide; IMAX documentaries, both original and acquired (“IMAX Documentaries”); and IMAX events and experiences in emerging verticals, including music, gaming, and sports.

The Company leverages its proprietary technology and engineering in its business, which principally consists of the digital remastering of films and other content into the IMAX format for distribution across the IMAX network (“IMAX Film Remastering”) and the sale or lease of premium IMAX theater systems (“IMAX System(s)”).

IMAX Systems are based on proprietary and patented image, audio and other technology developed over the course of the Company’s history. The customers for IMAX Systems are principally exhibitors that operate commercial multiplex theaters, and, to a much lesser extent, institutional locations, including museums and science centers, and destination entertainment sites. The Company does not own the locations in the IMAX network, except for one, and is not an exhibitor, but instead sells or leases the IMAX System to exhibitor customers along with licenses to use its trademarks and ongoing maintenance services for which there are annual payments by the exhibitors to IMAX.

IMAX has the largest global premium format network, more than double the size of its nearest competitor. As of June 30, 2026, there were 1,876 IMAX Systems operating in locations in 91 countries and territories, including 1,809 commercial multiplexes, 10 commercial destinations, and 57 institutional locations in the Company’s global network. This compares to 1,821 IMAX Systems operating in locations in 89 countries and territories as of June 30, 2025, including 1,750 commercial multiplexes, 11 commercial destinations, and 60 institutional locations in the Company’s global network. (Refer to the table under “IMAX Network and Backlog” for additional information on the composition of the IMAX network.)

IMAX Systems provide the Company’s exhibitor customers with a combination of the following benefits:

•the ability to exhibit content that has been enhanced through the IMAX Film Remastering process, which results in higher image and sound fidelity than conventional cinema experiences;

•advanced, high-resolution projectors with specialized equipment and automated theater control systems, which generate significantly more contrast and brightness than conventional theater systems;

•large screens and proprietary auditorium geometry, which result in a substantially larger field of view than conventional theater systems so that the screen extends to the edge of a viewer’s peripheral vision and creates more realistic images;

•advanced sound system components, which deliver more expansive sound imagery than conventional theater systems and pinpointed origination of sound to any specific spot in an auditorium equipped with an IMAX System;

•specialized theater acoustics, which result in a four-fold reduction in background noise compared to conventional cinema experiences;

•ongoing maintenance and extended warranty services to ensure a consistent image and sound quality presentation across the IMAX global network; and

•a license to the globally recognized IMAX brand, as well as benefits from IMAX marketing of films being shown in its network and IMAX’s growing social media followership.

The Company believes that the benefits related to the enhanced and differentiated image quality and film aspect ratio enable audiences in IMAX locations to feel as if they are a part of the on-screen action, creating a more intense, immersive, and awe-inspiring experience than a conventional cinematic format. For additional discussion, see section titled “Sources of Revenue—IMAX Film Remastering and Distribution” below.

As a result of the engineering and scientific achievements that are a hallmark of The IMAX Experience®, the Company’s exhibitor customers typically charge a premium for films released in IMAX’s format versus films exhibited in their other auditoriums. The premium pricing, combined with the higher attendance levels associated with IMAX films, generates incremental box office receipts (“global box office”) for the Company’s exhibitor customers and for the movie studios releasing their films to the IMAX network. IMAX has become a key premium distribution and marketing platform for Hollywood and local language films driven by IMAX’s leading global network footprint and scale, the incremental global box office generated by IMAX films and the growing demand by moviegoers for the differentiated quality of The IMAX Experience.

42

Table of Contents

The Company achieved global box office of $544.5 million in the first half of 2026. The Company’s first half global box office was derived from 63 new pieces of content distributed across its global network. The first half was highlighted by the performance of the Filmed For IMAX® title Project Hail Mary, in which IMAX captured 20% of the opening weekend global box office, despite IMAX representing less than 1% of screens worldwide. Global box office in the first half of 2026 also included carry-over of Avatar: Fire and Ash and the break-out biopic music centered film title Michael. The Company continues to expand its local language strategy with 34 releases across 11 countries and territories, including first time releases in Brazil and Taiwan, China. The total first half local language box office was $81 million (or 15% of global box office), led by the Chinese film, Pegasus 3. Despite increasing competition for consumer attention across both out‑of‑home and in‑home entertainment, demand for The IMAX Experience continues to strengthen among theatergoers. During the first half of 2026, the Company’s trailing twelve month domestic box office market share was 5.2% and global market share was 3.7%. See “Results of Operations” below for a discussion of the Company’s 2026 three and six months results as compared to the prior year periods.

SOURCES OF REVENUE

The Company has organized its operating segments into the following two reportable segments: (i) Content Solutions, which principally includes content enhancement and distribution services, and (ii) Technology Products and Services, which principally includes the sale, lease, and maintenance of IMAX Systems. The Company’s activities that do not meet the criteria to be considered a reportable segment are disclosed within All Other (See Note 13 of Notes to Condensed Consolidated Financial Statements in Part I, Item 1).

Content Solutions

The Content Solutions segment earns revenue from IMAX Film Remastering, including the distribution of this content across the IMAX global network. To a lesser extent, the Content Solutions segment also earns revenue from the distribution of large-format documentary films and IMAX events and experiences, including music, gaming, and sports to commercial IMAX theaters, as well as the provision of film post-production services.

Content Solutions segment results are influenced by the level of commercial success and global box office performance of the films and other content released to the IMAX network, as well as other factors, including the timing of the releases, the timing of documentary downstream sales, the length of play across the IMAX network, the global box office share take rates under the Company’s Film Remastering and distribution arrangements, the level of marketing spend associated with the releases in the year, and fluctuations in the value of foreign currencies versus the U.S. Dollar.

Film Remastering and Distribution

IMAX Film Remastering is a proprietary technology that digitally remasters films and other content into IMAX formats for distribution across the IMAX network. In a typical IMAX Film Remastering and distribution arrangement, the Company receives a percentage of the global box office from a studio in exchange for converting a commercial film into the IMAX format and distributing it through the IMAX network. The fee earned by the Company in a typical IMAX Film Remastering and distribution arrangement averages approximately 12.5% of box office on a gross basis before sales taxes except within Greater China, where the Company often receives a lower percentage of net box office due to an incremental importation fee paid by the studios. All of the Company’s box office results in this Form 10-Q are inclusive of China booking fees to be consistent with market reporting of global box office.

IMAX Film Remastering digitally enhances the image quality and/or resolution for projection on IMAX screens while maintaining or enhancing the visual clarity and sound quality to levels for which The IMAX Experience is known. IMAX Film Remastering is completed for the image of films released to the IMAX network, creating a unique IMAX version that is optimized for IMAX’s proprietary digital projection systems and format. In addition, the original soundtrack of a film to be exhibited across the IMAX locations is remastered into a unique IMAX digital audio format. IMAX sound systems use proprietary loudspeaker systems, designs and proprietary surround sound configurations to ensure every seat in an auditorium is an optimal listening position.

IMAX films also benefit from enhancements made by individual filmmakers exclusively for the IMAX release of the film. Collectively, the Company refers to these enhancements as “IMAX DNA.” Filmmakers and movie studios increasingly seek to infuse more IMAX DNA in theatrical releases to realize a filmmaker’s creative vision more fully, while generating interest and excitement among moviegoers. Such enhancements include shooting films with IMAX cameras to increase the audience’s immersion in the film and to take advantage of the unique dimensions of the IMAX screen by projecting the film in a larger aspect ratio that delivers up to 26% more image onto a standard IMAX movie screen versus a conventional screen. In select IMAX locations worldwide, movies filmed with IMAX cameras have an IMAX-exclusive 1.43 film aspect ratio, delivering up to 67% more image onto a standard conventional movie screen.

43

Table of Contents

Filmed For IMAX is IMAX’s filmmaker partnership program. Filmmakers who participate in the program leverage IMAX technology throughout the production process to deliver a movie that is meant to be seen in an IMAX location. From pre-production through to release, the Company works closely with filmmakers to maximize The IMAX Experience for audiences. Filmed For IMAX movies are shot using either an IMAX certified digital camera or an IMAX film camera, with the IMAX Post-Production team working closely with the filmmaker from camera testing before the shoot begins, to on-set support, to test screenings, and post-production. Most Filmed For IMAX movies leverage IMAX’s exclusive expanded aspect ratio for select sequences and, occasionally, the entire film, and benefit from unique marketing support. The global box office metrics have demonstrated audiences respond extremely favorably to Filmed For IMAX titles, resulting in a higher market share for IMAX. In the first half of 2026, Filmed For IMAX titles on average indexed approximately 10% higher than titles with no

[Excerpt truncated for page length; source filing is linked above.]

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Presented below is Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) for IMAX for the twelve months ended December 31, 2025 and 2024. This MD&A should be read in conjunction with the accompanying Consolidated Financial Statements and related notes and the discussion under Item 8 of the Company’s 2025 Annual Report on Form 10-K (this “Form 10-K”) and contains forward-looking statements that involve risks and uncertainties. Readers of this MD&A should review the sections titled “Special Note Regarding Forward-Looking Information”, “Risk Factors”, and “Quantitative and Qualitative Disclosures about Market Risk” for a discussion of forward-looking statements and factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements in the MD&A. For a discussion of results and comparisons for the twelve month ended December 31, 2023, see “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s 2024 Annual Report on Form 10-K.

OVERVIEW

IMAX Corporation (“IMAX”) is a premier global technology platform for entertainment and events. Through its proprietary software, auditorium architecture, patented intellectual property, and specialized equipment, IMAX offers a unique end-to-end solution to create superior, awe-inspiring immersive content experiences for which the IMAX® brand is globally renowned. Top filmmakers, movie studios, artists, and creators utilize the cutting-edge visual and sound technology of IMAX to connect with audiences in innovative ways. As a result, IMAX is among the most important and successful global distribution platforms for domestic and international tentpole films. The Company’s global content portfolio includes blockbuster films, both from Hollywood and local language film industries worldwide; IMAX documentaries, both original and acquired (“IMAX Documentaries”); and IMAX events and experiences in emerging verticals, including music, gaming, and sports.

The Company leverages its proprietary technology and engineering in its business, which principally consists of the digital remastering of films and other content into the IMAX format for distribution across the IMAX network (“IMAX Film Remastering”) and the sale or lease of premium IMAX theater systems (“IMAX System(s)”).

IMAX Systems are based on proprietary and patented image, audio and other technology developed over the course of the Company’s history. The customers for IMAX Systems are principally exhibitors that operate commercial multiplex theaters, and, to a much lesser extent, institutional locations, including museums and science centers, and destination entertainment sites. The Company does not own the locations in the IMAX network, except for one, and is not an exhibitor, but instead sells or leases the IMAX System to exhibitor customers along with licenses to use its trademarks and ongoing maintenance services for which there are annual payments by the exhibitors to IMAX.

IMAX has the largest global premium format network, more than double the size of its nearest competitor. As of December 31, 2025, there were 1,864 IMAX Systems operating in locations in 91 countries and territories, including 1,796 commercial multiplexes, 10 commercial destinations, and 58 institutional locations in the Company’s global network. This compares to 1,807 IMAX Systems operating in 90 countries and territories as of December 31, 2024, including 1,735 commercial multiplexes, 11 commercial destinations, and 61 institutional locations in the Company’s global network. Additional information on the composition of the IMAX network is provided in the discussion of “Marketing and Customers” in Part I, Item 1.

IMAX Systems provide the Company’s exhibitor customers with a combination of the following benefits:

•the ability to exhibit content that has been enhanced through the IMAX Film Remastering process, which results in higher image and sound fidelity than conventional cinema experiences;

•advanced, high-resolution projectors with specialized equipment and automated theater control systems, which generate significantly more contrast and brightness than conventional theater systems;

•large screens and proprietary auditorium geometry, which result in a substantially larger field of view than conventional theater systems so that the screen extends to the edge of a viewer’s peripheral vision and creates more realistic images;

•advanced sound system components, which deliver more expansive sound imagery than conventional theater systems and pinpointed origination of sound to any specific spot in an auditorium equipped with an IMAX System;

•specialized theater acoustics, which result in a four-fold reduction in background noise compared to conventional cinema experiences;

•ongoing maintenance and extended warranty services to ensure a consistent image and sound quality presentation across the IMAX global network ; and

35

Table of Contents

•a license to the globally recognized IMAX brand, as well as benefits from IMAX marketing of films being shown in its network and IMAX’s growing social media followership.

The Company believes that the benefits related to the enhanced and differentiated image quality and film aspect ratio enable audiences in IMAX locations to feel as if they are a part of the on-screen action, creating a more intense, immersive, and awe-inspiring experience than a conventional cinematic format.

As a result of the engineering and scientific achievements that are a hallmark of The IMAX Experience®, the Company’s exhibitor customers typically charge a premium for films released in IMAX’s format versus films exhibited in their other auditoriums. The premium pricing, combined with the higher attendance levels associated with IMAX films, generates incremental box office receipts (“global box office”) for the Company’s exhibitor customers and for the movie studios releasing their films to the IMAX network. The incremental global box office generated by IMAX films combined with IMAX’s leading global network footprint and scale has helped establish IMAX as a key premium distribution and marketing platform for Hollywood and foreign local language movie studios.

In 2025, the Company’s diversified global programming and marketing strategy resulted in a global box office record of $1.28 billion, surpassing its previous record of $1.13 billion in 2019 by 13% and a 40% increase over the prior year comparative period. The Company achieved its highest grossing year at the domestic (United States and Canada) box office in 2025. Additionally, the Company had record box office in over 30 countries and territories worldwide in 2025, including China, Japan, Germany, India, Australia and Vietnam. The Company’s 2025 film slate was the largest in history, with 122 new films and other content released during the year, including a record 67 local language films. The top grossing titles released in 2025 included the Chinese film Ne Zha 2, which became the highest grossing IMAX release of all time in China and contributed to the highest grossing Chinese New Year in the Company’s history; Avatar: Fire and Ash, the Company’s highest grossing Hollywood release of the year, achieving 15% of the film’s total domestic opening weekend box office; F1: The Movie, Mission: Impossible - The Final Reckoning, and the Japanese film Demon Slayer: Infinity Castle. Local language content in 2025 generated $405.4 million in global box office for the Company or 32% of its total global box office, surpassing its previous record of $243.5 million set in 2023 by 66%. Throughout the year, the Company continually optimized its global IMAX network by taking a heavily diversified programming approach, playing multiple titles contemporaneously, and maintaining maximum scheduling flexibility.

In 2025, the Company released several films shot with IMAX proprietary cameras under the Filmed For IMAX® program, that generated more than $40.0 million in global IMAX box office on a per-title basis. IMAX captured at least 20% of the domestic opening weekend box office on each of Sinners, Mission: Impossible – The Final Reckoning, F1: The Movie, and Tron: Ares. Despite increasing competition for consumer attention across both out‑of‑home and in‑home entertainment, demand for premium large‑format experiences continued to strengthen. The Filmed For IMAX program helped drive the Company’s domestic box office market share to a record 5.2% and to a record global market share of 3.8%, up from 4.5% and 3.1%, respectively, in the prior year, even though IMAX represents only approximately 1% of domestic screens and less than 1% of screens worldwide.

In 2025, the Company partnered to release exclusive concert films and limited-run theatrical events, including Becoming Led Zeppelin with Sony Pictures, Prince - Sign O’ The Times and Rolling Stones - At The Max with Mercury Studios, Pink Floyd at Pompeii - MCMLXXII, Depeche Mode: M, and j-hope Tour ‘Hope on Stage’ The Movie with Trafalgar Releasing, One to One: John & Yoko with Magnolia Pictures, Springsteen: Deliver Me From Nowhere with 20th Century Studios, and G-Dragon in Cinema [Übermensch] with CJ CGV Co. Ltd. The Company also partnered with Bleecker Street for the release of Spinal Tap II: The End Continues, including a live Q&A event.

The Company also continued its partnership with A24 to present one-night-only IMAX releases of classic A24 titles, including Talk to Me, Moonlight, and Spring Breakers.

In addition, the Company released several event-based and live screenings in 2025, including Dead & Company Live in IMAX from Golden Gate Park with Los Muertos, The Grateful Dead Movie 2025 Meet-Up, and David Gilmour Live at the Circus Maximus, Rome with Trafalgar Releasing, and Girl Climber with Red Bull Studios. In collaboration with Runway AI, Inc, Runway’s 2025 AI Film Festival was released across ten North American IMAX locations. The Company further expanded its live content offerings through partnerships with NBC Universal for the SNL50: The Homecoming Concert in select IMAX North American locations, DAZN for the PSG v Marseille Le Classique Match in select IMAX locations across France, Wanda Film for the F1 Spanish Grand Prix screening across six IMAX locations in China, Major League Baseball for a live streaming of a World Series game across two IMAX locations in Japan and with multiple exhibitor partners in China the League of Legends Video Games 2025 finals across over 100 IMAX China locations. Furthermore, in 2025, the Company partnered with Netflix for release of Frankenstein across select IMAX locations.

The Company will continue to expand its partnerships and the scope and diversity of content it releases across its platform. Already announced for 2026 are the following concert films and events, many of which have exclusive IMAX windows: Stray Kids: The dominATE Experience, Eric Church: Evangeline vs. The Machine Comes Alive, Twenty One Pilots: More Than We Ever Imagined,

36

Table of Contents

and EPiC: Elvis Presley in Concert. In addition, IMAX is working with Apple TV to bring the 2026 FIA Formula One World Championship live to select IMAX locations across the United States for the first time ever. Five of the most iconic Grands Prix in F1 — Miami, Monaco, Silverstone, Monza, and Austin — will be available across at least 50 IMAX locations nationwide.

The Company strives to remain at the forefront of advancements in technology. The Company offers a suite of laser-based digital projection systems (“IMAX Laser Systems”), which deliver increased resolution, sharper and brighter images, deeper contrast, and the widest range of colors available to filmmakers today. The Company further believes that its suite of IMAX Laser Syst

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]