Earnings call transcript: National CineMedia Q3 2025 sees revenue growth amid audience decline

National CineMedia (NCMI) reported its financial results for the third quarter of 2025, showing a modest increase in revenue despite a decline in audience numbers. The company’s stock experienced a slight decline, closing at $4.14, down 2.17%. The positive growth in national advertising revenue and operational efficiencies were key highlights, although local and regional advertising revenues saw a decrease.

Key Takeaways

• Total revenue increased by 2% year-over-year to $63.4 million.
• National advertising revenue rose by 6.6%, reaching $49.9 million.
• Operating expenses were reduced from $69.9 million to $65.2 million.
• Audience numbers fell by 11% compared to the previous year.
• Stock declined by 2.17% following the earnings announcement.

Company Performance

National CineMedia showed resilience in its third-quarter performance with a 2% increase in total revenue compared to the same period last year. This growth was primarily driven by a significant rise in national advertising revenue, which increased by 6.6%. However, the company faced challenges with a decline in audience numbers, which dropped by 11% year-over-year, impacting local and regional advertising revenues.

Financial Highlights

• Revenue: $63.4 million, up 2% year-over-year
• Adjusted EBITDA: $10.2 million, up from $8.8 million in the prior year
• National advertising revenue: $49.9 million, up 6.6%
• Local and regional advertising revenue: $9.6 million, down from $11.4 million
• Operating expenses: Reduced to $65.2 million from $69.9 million

Outlook & Guidance

Looking forward, National CineMedia provided guidance for the fourth quarter, projecting revenue between $91 million and $98 million and adjusted EBITDA between $30 million and $35 million. The company remains optimistic about the upcoming holiday film slate and anticipates continued confidence from advertisers. Additionally, the company expects box office growth to continue into 2026.

Executive Commentary

CEO Tom Lesinski expressed confidence in the company’s direction, stating, "The momentum from Q3 going into Q4, and we expect that to follow in through 2026." CFO Ronnie Ng highlighted the company’s success in attracting new advertisers, noting, "We’re literally reaching people who had never been cinema advertisers before."

Risks and Challenges

• Declining audience numbers could continue to impact advertising revenues.
• The competitive landscape in digital advertising poses ongoing challenges.
• Economic uncertainties may affect consumer spending on cinema experiences.
• The success of future film releases is crucial for revenue growth.
• Technological advancements require continuous investment and adaptation.

Q&A

During the earnings call, analysts inquired about the drivers behind the programmatic advertising growth and the potential impact of an extra week in the fourth quarter on revenue per attendee. The management expressed confidence in the company’s growth potential for 2026 and discussed ongoing share repurchases and the exploration of AI for efficiency and lead generation.

Full transcript - National CineMedia Inc (NCMI) Q3 2025:

Conference Operator: Today, and welcome to the National CineMedia Inc. Q3 2025 earnings conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today’s presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Chan Park, Senior Vice President of Finance. Please go ahead.

Chan Park, Senior Vice President of Finance, National CineMedia: Thank you, operator, and good afternoon. I’m joined today by our Chief Executive Officer, Tom Lesinski, and our Chief Financial Officer, Ronnie Ng. I would like to remind our listeners that this conference call contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts communicated during this conference call may constitute forward-looking statements. These forward-looking statements involve risks and uncertainties. Important factors that can cause actual results to differ materially from the company’s expectations are disclosed in the risk factors contained in the company’s filings with the SEC. All forward-looking statements are expressly qualified in their entirety by such factors. Further, our discussion today includes some non-GAAP measures.

In accordance with Regulation G, we have reconciled these amounts back to the closest GAAP basis measurement. These reconciliations can be found at the end of today’s earnings release or on the investor relations page of our website at ncm.com. Now, I’ll turn the call over to Tom.

Tom Lesinski, Chief Executive Officer, National CineMedia: Thank you, Chan. Hello, everyone, and thank you for joining our fiscal 2025 third-quarter earnings call. As we shared on our last call, advertiser sentiment stabilized through the summer as brands regained confidence navigating the broader economic landscape. We were encouraged to see that momentum carry into the third quarter, where we saw a clear rebound in demand across key advertising categories, including retail, automotive, wireless, and government, reflecting a return to normalized spending patterns after the tariff-related pullback earlier this year. Driven by July’s strong slate, including Jurassic World: Rebirth, Superman, and Fantastic Four: First Steps, we delivered results in line with our expectations, achieving top-line growth despite a softer late summer box office and industry-wide decline in attendance. NCM’s quarterly audience was 109 million across our network, down 11% compared with the third quarter of 2024, in line with the third-quarter box office.

While overall attendance was lower, 11 films in the quarter grossed more than $50 million domestically, up from nine titles last year, highlighting the strength and continued draw of tentpole releases, even in a slower market. The successes of July’s hit releases underscored the continued cultural relevance of cinema and reaffirmed the enduring power of our platform to connect brands with deeply engaged audiences. Importantly, attendance trends improved toward the back half of September, finishing on par with 2024’s strong performance, which was the highest level since 2019. As such, we remain optimistic that the strong holiday slate ahead, featuring several highly anticipated titles, will reignite theater attendance in the fourth quarter.

Despite the overall decline in both the domestic box office and attendance, NCM delivered year-over-year growth in the third quarter, with total revenue of $63.4 million and adjusted EBITDA of $10.2 million, both in line with our expectations and primarily driven by an increase in inventory utilization. This performance reflects the resilience of our business, one that continues to translate audience engagement into meaningful advertiser value, even in a weaker industry environment. Throughout the third quarter, we continued to advance our key growth initiatives, scaling our programmatic offering, expanding our self-serve platform, and strengthening our local sales organization. On the programmatic front, we continue to see strong year-over-year acceleration. This quarter, we delivered approximately four times the programmatic revenue compared to last year, achieving our strongest programmatic quarter ever.

With additional platforms coming online early next year, we will significantly expand our programmatic footprint and unlock an even larger addressable market. We anticipate the growth trajectory will continue as advertisers embrace our platform’s ability to deliver targeted, measurable campaigns at scale. In self-serve, we continue to gain traction with midsize and regional advertisers who value cinema’s attention environment and the ease of direct booking. Our self-serve platform continues to accelerate adoption, with third-quarter revenue up 23% quarter over quarter, driven by expanded business development outreach and CRM-based activation. Behind the scenes, predictive AI models now identify, score, and route high-value local leads powering scalable small and medium businesses and mid-market expansion, helping our teams engage advertisers more efficiently. Together, our programmatic and self-serve channels are broadening NCM’s reach, deepening relationships with brands, and positioning us to capture a greater share of the evolving advertising landscape.

Our local sales transformation is also progressing. We continue to work to enhance our team’s capabilities, adding senior talent with deep regional expertise, and refining our structure to align more closely with market opportunities. These changes are enabling a more data-informed, consultative approach to engaging high-value local and regional advertisers, helping us connect cinema scale and storytelling power with the precision of locally relevant campaigns. We believe this refined strategy positions us to reduce churn and attract new advertisers to our platform. Across our network, NCM’s valuable inventory, led by our premium Platinum spot, continues to stand out among advertisers who recognize the environment, reach, and measurement capabilities of NCM’s unique platform. Platinum continues to deliver exceptional results, achieving an impressive 89% ad recall in a recent tech advertisers campaign, surpassing industry benchmarks and driving strong gains across brand relevance, excitement, and preference.

These benchmarks reinforce its position as the most engaging and high-impact placement within the theatrical experience. Additionally, we enhanced our Platinum offering at select theaters by reducing added flexibility within the ad spot, which has driven higher utilization and improved advertiser satisfaction. Our 4DX format is also exceeding expectations, achieving approximately 85% ad recall in a recent automotive advertiser’s campaign and generating triple-digit lifts in awareness, reaffirming the power of immersive cinematic experiences in driving superior brand outcomes. Complementing this inventory is our NCMX data intelligence platform, which continues to enhance advertisers’ campaigns with data-driven targeting, insights, and digital extensions. Last quarter, we announced the launch of our Bullseye product, which is already seeing strong traction in the marketplace and demonstrating the power of localized data-driven storytelling.

A recent cellular campaign delivered more than 283,000 verified incremental store visits, representing a 110% lift, underscoring Bullseye’s ability to seamlessly integrate into our tech stack and enable scalable, high-impact local activations. Alongside Bullseye, our Boost solution leverages our proprietary movie-going data and new geo-triggered capabilities to target consumers near campaign-specific locations, connecting brands with verified audiences in high purchase intent moments to drive measurable offline actions. Together, these initiatives strengthen our differentiated position as a performance-driven media platform that combines the power of the movies with data-enabled precision. As we invest in our platform and innovation, we also remain focused on expanding NCM’s advertiser base. In the third quarter, we strengthened our full funnel attribution through our partnership with iSpot, a leading real-time TV and video ad measurement platform.

This integration incorporates theatrical exposure data into iSpot’s cross-screen measurement framework, enabling advertisers to quantify cinema’s incremental reach and conversion velocity alongside linear and streaming channels. Early results are very compelling. A recent travel industry advertiser’s campaign delivered three times faster conversion rates than linear TV, 95% efficiency at one-tenth the cost of TV, and more than 8.4 million incremental impressions among audiences unexposed to television. These results validate cinema’s role as a high-performing, cost-efficient channel within diversified media mixes and reinforce the measurable impact of the theatrical experience in driving both upper and lower funnel performance. We are optimistic about the months ahead as we enter what is historically NCM’s strongest period of the year. Upcoming tentpoles, including Wicked for Good, Avatar: Fire and Ash, and Zootopia 2, are already driving significant advertiser excitement and early commitments across multiple categories.

Demand for Wicked for Good has been exceptionally strong, with inventory approaching sellout levels a month ahead of the film’s upcoming release date. The robust lineup, coupled with steady improvements in pacing and demand, reinforces our confidence in a strong finish to the year. Importantly, we expect sustained momentum through year-end to further reinforce advertiser confidence in cinema as a high-performing media channel that delivers both attention and measurable impact. With increased advertiser demand, a healthy box office pipeline, and continued traction across our programmatic and self-serve platforms, we are well-positioned to capitalize on expected strong attendance in the fourth quarter and execute against our strategic priorities for long-term growth. With that, I’ll now turn the call over to Ronnie.

Ronnie Ng, Chief Financial Officer, National CineMedia: Thank you, Tom, and good afternoon, everyone. For the third quarter, NCM delivered results consistent with our expectations, reflecting the continued momentum we saw towards the end of the second quarter and stability in the demand for cinema advertising, which led to the highest third-quarter monetization in the last five years. As Tom noted, the tariff-driven uncertainty that weighed on earlier quarters subsided during the period, with brands showing renewed confidence navigating the current macro-economic environment. That stability translated into improved advertiser demand, particularly across several key categories, signaling progress from the pullback we experienced earlier in the year. NCM’s total revenue for the third quarter was $63.4 million, within our guidance range of $62 million to $67 million and up 2% year-over-year.

This increase was driven by stronger national advertising demand, improved inventory utilization, and continued traction across our programmatic and self-serve channels, partially offset by lower local and regional spending and softer beverage revenue. While the third-quarter box office underperformed versus industry expectations with inconsistent performance among new releases, the stabilization of advertiser demand drove higher monetization in July and August, offsetting some of the softness in attendance. National advertising revenue totaled $49.9 million, up 6.6% from $46.8 million in the prior year period. This was driven by strong scatter demand and improved utilization of inventory, as well as increased adoption of our digital buying platforms, partially offset by decline in CPMs and lower overall attendance.

Compared to the prior year, national CPMs held firm in the upfront marketplace but declined in the scatter market due to an increase in programmatic buying and improved demand in the seasonally slower September month when compared to historical periods. That said, the third quarter marks our strongest programmatic performance since its launch, growing 82% sequentially. Additionally, Platinum revenue was up 19% compared to the prior year, achieving the highest third-quarter Platinum sales in NCM’s history. Platinum monetization grew significantly, with revenue per attendee up 33% year-over-year, driven by strong growth in inventory utilization and a slight increase in CPMs, an encouraging sign that our amended AMC Theatres deal, which has been in effect for only a short three months, is already driving results.

Overall, national revenue per attendee was $0.46, up 20% year-over-year, and the highest third-quarter national ad revenue per attendee in the last five years, reflecting the success of our ongoing effort to optimize pricing and yield through our programmatic and self-serve capabilities. Local and regional advertising revenue was $9.6 million, compared to $11.4 million in the prior year period. While local markets continue to recover more gradually, we are encouraged by improving activity in government and travel categories, which partially offset lingering softness in healthcare and professional services. As Tom outlined, we remain focused on strengthening this channel by enhancing our sales talent, new coverage models, and data-driven insights that better connect local advertisers with NCM’s engaged audiences. Turning to our expenses, third-quarter total operating expenses were $65.2 million, down from $69.9 million in the same period last year.

Excluding one-time items, depreciation, amortization, and non-cash share-based compensation, our adjusted operating expenses were approximately $53.2 million, a slight decrease year-over-year, primarily attributable to lower attendance-driven costs. Due to our continued disciplined cost management efforts, SG&A expenses remained relatively flat in the third quarter, as we strategically offset important investment dollars elsewhere in the business. Personnel-related expenses were slightly lower compared to the prior year period, and theater access fees decreased year-over-year, reflecting lower attendance levels. Third-quarter adjusted EBITDA was $10.2 million, in line with our guidance range of $7.5 million to $11.5 million and exceeding $8.8 million in the same period last year, driven by the modest top-line growth.

Total and levered free cash flow for the quarter, as defined by cash flow from operations less capital expenditures, was negative $1.8 million compared to negative $2.4 million in the prior year period, driven by slight year-over-year increases in capital expenditures and system optimization costs offset by improved adjusted EBITDA. Year to date, NCM has generated total revenue of $150 million, compared to $154.5 million in the same period last year. National advertising revenues were flat, while local advertising revenues declined 22%, primarily reflecting macro-economic uncertainty in the second quarter and offset by the third-quarter stabilization in national advertising. Total adjusted EBITDA for the period was $1.9 million, compared to $10.7 million in the prior year, driven by the top-line headwinds offset by normalization following prior year cost reductions.

Turning to our consolidated balance sheet, at the end of the third quarter, the company had $32.9 million of cash, cash equivalents, restricted cash, and marketable securities compared to $40.3 million at the end of the second quarter of 2025. We had zero total debt outstanding at quarter end. Our capital allocation priorities remain focused on returning capital to our shareholders while investing in technology and talent to enhance our advertising platform. Specifically, we continue to invest in expanding inventory monetization tools, improving our self-serve and programmatic capabilities, and deepening advertiser relationships through new sales initiatives and training. Under the dividend program we reinstated this year, we announced a quarterly dividend of $0.03 per share today, amounting to $2.8 million. This quarter’s dividend will be paid on November 26, 2025, to stockholders of record as of November 10, 2025.

There were no share repurchases during the third quarter, as we had accelerated repurchases opportunistically in the first half of the year and managed liquidity through a seasonally higher use of cash for working capital. Year to date, through September 25, 2025, NCM has repurchased 3.3 million shares at an average price per share of $5.78, for a total of approximately $18.8 million. Since quarter end, we’ve repurchased over 100,000 additional shares at an average price per share of $4.08, reflecting our continued confidence in the business. We are optimistic that the advertising momentum from this quarter will continue heading into the fourth quarter. The remainder of the year includes a number of highly anticipated releases scheduled for the holiday release window. In particular, blockbuster events such as Wicked for Good, Avatar: Fire and Ash, and Zootopia 2 have each generated strong advertiser demand and upfront sponsorship commitments.

These releases are expected to drive both attendance and related revenues, positioning us for a strong close to the year. Turning to our guidance, for the fourth quarter, we expect revenue to be between $91 million and $98 million, and adjusted EBITDA to be between $30 million and $35 million. Notably, our fiscal fourth quarter includes an additional week compared to the prior year. As a result. We expect total attendance growth to outpace industry trends and lead to a correspondingly lower revenue per attendee. We anticipate a strong holiday box office slate, with optimism that greater consistency in film release cadence and performance will continue to attract advertisers to NCM’s platform for our differentiated offerings and unmatched reach with sought-after audiences. Advertisers are already showing heightened interest in the Thanksgiving to Christmas slate, continued recovery at the box office, and regaining advertiser confidence against the macro-economic backdrop.

We remain well-positioned to capture demand and deliver value for our shareholders. Operator, please open the line for questions.

Chan Park, Senior Vice President of Finance, National CineMedia: Thank you. We will now begin the question and answer session. If you wish to ask a question, you may press star then one on your telephone keypad. If you’re using a speakerphone, please pick up the handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. Your first question comes from Patrick Scholl from Barrington Research. Please go ahead.

Tom Lesinski, Chief Executive Officer, National CineMedia: Hi. I was wondering if you could talk a little bit more about the programmatic and the ad categories that are adopting that. I guess to the extent that you maybe talk about just if you’re seeing expanded budgets from existing partners or maybe just some of the ad categories that you’re seeing adopt that format.

Ronnie Ng, Chief Financial Officer, National CineMedia: Thank you, Patrick, for the question. We’re really happy with the performance of programmatic. We’ve been investing in it for over a year now. Our programmatic business was approximately four times higher than it was a year ago. I think, importantly, the vast majority of clients who are coming in from programmatic are new clients. The categories, I can tell you, are all over the map in terms of different segments. I think the most important thing is we’re literally reaching people who had never been cinema advertisers before. As programmatic grows as an industry-level phenomenon, as it continues to grow, we actually couldn’t be happier with our investment in programmatic and the growth we’re seeing, especially driving new client relationships.

Tom Lesinski, Chief Executive Officer, National CineMedia: Okay. On the guidance that you provided with EBITDA, with the revenue growth, is the renewal with AMC Theatres kind of the main driver of the maybe lower conversion of the revenue growth to profit growth? Could you maybe talk about what sort of revenue increases you kind of need to get that positive trend on EBITDA?

Ronnie Ng, Chief Financial Officer, National CineMedia: Yeah. Patrick, this is Ronnie here. Thanks for the question. As we noted in our prepared remarks, this quarter versus the prior year period, there is an extra week here. Our fiscal quarter year will end this year on January 1 versus last year it was December 26. What you have is this extra week between, essentially, Christmas and New Year’s that will have really high attendance. Because of that, we obviously would be paying more theater access fees versus the prior year, and thus the margins will reflect that. As comparison, if you look back at last year, if you were to add that extra week, the attendance would increase almost 14% when you look at last year’s fourth quarter.

Tom Lesinski, Chief Executive Officer, National CineMedia: Okay. All right. Thank you.

Chan Park, Senior Vice President of Finance, National CineMedia: Thank you. Your next question comes from Eric Wold from Texas Capital Securities. Please go ahead.

Eric Wold, Analyst, Texas Capital Securities: Thanks. A couple of questions. Real quick one, just to follow up on that last comment, Ronnie, on the incremental attendance and the extra week between Christmas and New Year. Obviously, typically a high attendance period of the year with people hitting movies and high attendance. Is the assumption that it’s just the mix of films and maybe the mix of attendance is just not as valuable of an advertising attendance? Yes, it’s high attendance, but maybe not as valuable to advertisers for you to advertise in front of. Is that the thought process there in terms of the impact on the quarter?

Ronnie Ng, Chief Financial Officer, National CineMedia: I think the way to think about it is that, obviously, the fourth quarter is very attractive to advertisers. That period really starts mid-November all the way up to Christmas, essentially, and that’s the high season. We have consistent sell-out demand, especially in Platinum. Post-show periods are mostly sold out. When you get past that Christmas holiday season, that demand tends to soften a little bit despite a lot of more attendance showing up because a lot of families take their kids to the movies. The demand is not, although still high, it’s just not anywhere near the same as the weeks leading up to the holidays.

Eric Wold, Analyst, Texas Capital Securities: Got it. Maybe a high-level question, but I guess there’s been obviously a lot of press, and this is obviously nothing new. There’s always been the question of known franchises versus new IP at the theater. Recently, there’s been a lot of press around smaller titles, new IP not doing well at the theater. Are you seeing any trend from advertisers? Obviously, the blockbuster films, you mentioned Wicked selling out almost a month ahead of time, and I assume that’s the case with most blockbuster films.

With the new IP, are you seeing any patterns from advertisers maybe waiting a little bit closer now to release date and tracking and getting a better sense of tracking, especially now that they have the ability to use programmatic to latch onto it before they want to maybe commit to a campaign to get a better sense of how that film is likely to do before they want to commit their advertising to it? If that is the case, how are you kind of planning around that?

Ronnie Ng, Chief Financial Officer, National CineMedia: I actually think, Eric, it’s really not the case. People generally are buying impressions, and they’re buying forecasts and estimates. People are not really being that specific when it comes to a small or independent release or a new IP and avoiding it. Generally speaking, people are buying the entire flight across a variety of movies. While obviously there’s overperformance on things like Wicked for Good and Avatar: Fire and Ash and Zootopia 2, there’s not a reverse effect on unknown IP. We’re not seeing that phenomenon. Yes, when a movie does really well that no one’s heard of, there is incremental buying happening on it the following week and weekend. Some of that’s programmatic or just bought in our regular scatter market.

Eric Wold, Analyst, Texas Capital Securities: Perfect. Thanks, guys. Appreciate it.

Ronnie Ng, Chief Financial Officer, National CineMedia: You’re welcome. Yep.

Chan Park, Senior Vice President of Finance, National CineMedia: Thank you. Once again, if you wish to ask a question, please press star then one. Your next question comes from Mike Hickey from The Benchmark Company. Please go ahead.

Mike Hickey, Analyst, The Benchmark Company: Yeah. Hey, Tom, Ronnie, Chan, thanks for taking our questions, guys. Just curious, Tom, when you look at, obviously, we’ve got a pretty good view of 2025 here. It’s been some opportunities and challenges for you guys. When you think about 2026, Tom, can you sort of paint us a picture? I think you’re probably optimistic on attendance, but I’m just curious how National CineMedia, from a growth perspective, fits into 2026, looking at national, local, your programmatic, and maybe the key catalyst that we should look forward to in terms of driving growth and leverage from your model. Thanks, guys.

Ronnie Ng, Chief Financial Officer, National CineMedia: What I would say is that first things first. The fourth quarter is pacing very well, up a fair amount from the prior year. I see the momentum from Q3 going into Q4, and the advertisers are back. Any of the tariff issues that we highlighted in Q2 have gone away. We’re looking at really good momentum from Q3 going into Q4, and we expect that to follow in through 2026. The box office estimates for next year look actually quite good. I think it’s been pretty well documented that it’s going to be another growth year in box office and attendance. Fortunately, the momentum is really good right now with the confidence we’re seeing from advertisers. The relationships are growing, especially with the addition of programmatic and self-serve. We’re pretty confident that local is going to rebound as well.

I think the third quarter and the fourth quarter are really setting up for momentum into next year, and we’re confident that 2026 is going to be a great year for us and for the box office.

Mike Hickey, Analyst, The Benchmark Company: Nice. Your decision to put back the dividend here versus maybe a more aggressive buyback or M&A, just curious, Ronnie, your view on capital allocation here and into 2026?

Ronnie Ng, Chief Financial Officer, National CineMedia: Yeah. On capital allocation, obviously, we’re committed to our dividend, and we continue to do that. This quarter, we believe that’s an important part of our capital allocation strategy and a way to reward our shareholders on a more consistent basis. In terms of the buybacks, like we always said, obviously, we’re opportunistic when it presents ourselves with that. We were doing that fairly aggressively in the first half of the year, buying up to nearly $19 million worth of stock. Obviously, we slowed down here, but that’s really in cadence with the negative unlevered free cash flow that we’re seeing in this period. We’re just mindful of the working capital needs of the company. In third quarter, especially in July and August, is typically where we see a lot of uses of cash due to working capital.

I’ll say that, though, like we said in our prepared remarks, post the third quarter, after September 25, we did pick up additional over 100,000 shares in the market. I think it’s really, we’ll continue to utilize and look at all of the options available to us in terms of capital allocation and also be mindful about the free cash flow nature seasonally throughout the year as well.

Mike Hickey, Analyst, The Benchmark Company: How are you guys thinking about your cost structure here? Obviously, you’ve taken it down a lot. Are you comfortable with where you’re at, or do you think there’s opportunities here, AI or otherwise, in terms of getting maybe some incremental cost savings into 2026?

Ronnie Ng, Chief Financial Officer, National CineMedia: Yeah, I think it’s a little early to really talk about 2026, but I do think we’ve taken a hard look at efficiencies in AI. Every year, I think we’ve done a good job of managing our expenses. We’ve been fairly engaged with AI opportunities, more on that soon. Clearly, there’s some opportunities for us, I think, not just for efficiencies, but also to generate more opportunity. AI is not just a cost-savings tool, it’s also a lead generation CRM tool that can enhance our ability to reach new clients. We’re looking at that, and we’ll be able to give you more update on that next quarter.

Mike Hickey, Analyst, The Benchmark Company: Nice. Thanks, guys. Good luck.

Ronnie Ng, Chief Financial Officer, National CineMedia: Yep.

Chan Park, Senior Vice President of Finance, National CineMedia: Thank you. There are no further questions at this time. I would now like to hand the call back over to management for any closing remarks.

Ronnie Ng, Chief Financial Officer, National CineMedia: I want to thank you guys all for joining us today. National CineMedia continues to attract top advertisers with our unmatched reach among the most sought-after audiences and our differentiated inventory, complemented by our industry-wide leading data capabilities. After navigating a challenging second quarter, our clear focus and discipline in our strategic execution enabled us to deliver solid results as the advertising market stabilized in the third quarter. Looking ahead, we’re well-positioned to capitalize on the exciting holiday film slate, and we’re very optimistic that we’ll carry positive momentum through the remainder of the year. We’re grateful for your support, and we look forward to seeing you all at the movies. Thank you.

Chan Park, Senior Vice President of Finance, National CineMedia: Thank you. The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.

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