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Cineplex Reports Fourth Quarter and Annual 2023 Results

Press Release

TORONTO, Canada, February 8, 2024 (TSX: CGX) – Today, Cineplex Inc. (“Cineplex” or the “Company”) released its financial results for the three months and year ended December 31, 2023. Unless otherwise specified, all amounts are in Canadian dollars.

2023 Highlights (continuing operations):

  • Strong year-over-year revenue growth of 25.9%, raising revenues to $1.4 billion
  • Adjusted EBITDAaL increased 190.3% to $157.4 million as compared to $54.2 million in the prior year
  • Adjusted EBITDAaL margin significantly improved to 11.3% in 2023 compared to 4.9% in 2022
  • All time annual record BPP of $12.53 and CPP of $8.90
  • All time annual record revenues of $132.4 million in the Location-Based Entertainment (LBE) business
  • 2023 marked Cineplex’s biggest year for international programming, delivering 10% of Cineplex’s annual box office revenues
  • Achieved strong box office growth of 30.1% and outpaced the North American box office relative to 2022 by an impressive 785 basis points
  • Announced the sale of Player One Amusement Group (P1AG) for gross proceeds of $155 million in cash (transaction closed on February 1, 2024), providing additional liquidity to strengthen the balance sheet

“Cineplex continues to demonstrate its position as a North American entertainment and media leader,” said Ellis Jacob, President and CEO, Cineplex.

“Reflecting on this past year, the strength of our results can be attributed to our diversification strategy, our team’s skilled and tenured operating discipline, and our ability to understand our guests’ behaviours through leading data management and analytics. These initiatives translated into Cineplex generating excellent year-over-year revenue growth of 25.9% in 2023 and nearly tripling its adjusted EBITDAaL.”

“Despite the content supply challenges our industry faced last year, we once again outperformed the North American box office relative to 2022 by a sizable 785 basis points. Our alternative programming, premium theatrical offerings, enhanced guest experiences and ability to attract and convert guests through our Scene+ loyalty program, allowed us to achieve strong box office revenue growth of 30.1% in 2023.”

“This past year we focused on strengthening our capital base and with the successful sale of P1AG, paired with strong EBITDAaL results, it allowed us to significantly de-leverage and de-risk the balance sheet. As outlined in the comprehensive refinancing plans announced earlier today, we are focused on optimizing our capital structure.”

“As we re-accelerate our growth in 2024, we have proven strategies that set us apart from our peers. Movie-going is back, and we are well positioned to anticipate and adjust as content supply returns following the now resolved writers’ and actors’ strikes. Our diversified lines of business will further contribute to our bottom line. By solidifying the balance sheet and executing against our financing plans, we are excited about Cineplex’s future and what it will mean for our investors.”

For further information:

Investor Relations contact:

Mahsa Rejali

Vice President, Corporate Development & Investor Relations

Media Relations contact:

Michelle Saba

Vice President, Communications

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