Cautious Outlook for Six Flags Entertainment: Hold Rating Amid Execution Risks and Macroeconomic ChallengesWe continue to believe that Six Flags can rebuild towards a higher earnings base, relative to where EBITDA is now landing for 2025 (down ~20% YoY). However, we are expressing greater caution on the path of recovery, given worsening macro factors (specifically incremental signs of consumer softness for lower income households), as well as execution risks more specific to Corporation (FUN.N) Corporation | North America The Risks – Downgrade to EW We still believe there is opportunity for higher earnings and strategic value to be unlocked at FUN.