Cineplex Hold Rating: Balancing Strong Attendance with Uncertain Free Cash Flow GrowthCineplex reported its Q2/25 results this morning, with revenue in line with our expectations, and adj. EBITDAaL a touch lighter due to the Rec Room, lower than expected Cinema Media results and higher film costs. On the other hand, ‘other revenues’ were stronger due to higher online booking fees and higher distribution fees. Importantly, Q2 attendance was up a solid 32.7% y/y (recall box office sales were pre-released) owing to a strong slate, and a soft base last year, which was affected by the writer’s strike. Looking ahead, we expect Q3 to be down in terms of box office before recovering in Q4. We believe the key catalyst for the stock could be more robust returns in a possible dividend announcement (likely in 2026).