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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________________________________________________________________________

Form 10-Q

____________________________________________________________________________________________________


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission File No.: 001-42635

_______________________________________________________

Lionsgate Studios Corp.

(Exact name of registrant as specified in its charter)

____________________________________________________________________________________________________


British Columbia, Canada						N/A
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

250 Howe Street, 20th Floor

Vancouver, British Columbia V6C 3R8

and

2700 Colorado Avenue

Santa Monica, California 90404

(Address of principal executive offices)

____________________________________________________________________________________________________

(877) 848-3866

(Registrant’s telephone number, including area code)

____________________________________________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Shares, no par value per share

LION

New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.


Title of Each Class						Outstanding at February 2, 2026
Common Shares, no par value per share						290,187,242 shares


	LIONSGATE STUDIOS CORP.
	FORM 10-Q
	For the Quarterly Period Ended December 31, 2025

	TABLE OF CONTENTS
		Page

	PART I — FINANCIAL INFORMATION

Item 1.	Unaudited Financial Statements	5

	Condensed Consolidated Balance Sheets at December 31 , 2025 and March 31, 2025	5

	Condensed Consolidated Statements of Operations for the Three and Nine Months Ended December 31 , 2025 and 2024	6

	Condensed Consolidated Statements of Comprehensive Loss for the Three and Nine Months Ended December 31 , 2025 and 2024	7

	Condensed Consolidated Statements of Equity (Deficit) for the Three and Nine Months Ended December 31 , 2025 and 2024	8

	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended December 31 , 2025 and 2024	10

	Notes to Condensed Consolidated Financial Statements	12

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	50

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	85

Item 4.	Controls and Procedures	87

	PART II — OTHER INFORMATION

Item 1.	Legal Proceedings	88

Item 1A.	Risk Factors	88

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	88

Item 3.	Defaults Upon Senior Securities	88

Item 4.	Mine Safety Disclosures	88

Item 5.	Other Information	88

Item 6.	Exhibits	89

Signatures		90

Table of Contents

FORWARD-LOOKING STATEMENTS

This report includes statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “anticipates,” “believes,” “continue,” “could,” “estimates,” “expects,” “forecasts,” “intends,” “may,” “might,” “plans,” “possible,” “potential,” “predicts,” “projects,” “seek,” “should,” “targets,” “will,” “would” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this report and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which we operate.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are based on management’s current expectations and assumptions regarding future events, many of which are outside of our control and difficult to predict, and which may prove to be incorrect. We believe that these risks and uncertainties include, but are not limited to, those discussed under Part I, Item 1A. “Risk Factors” found in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on May 30, 2025, which risk factors are incorporated herein by reference, as updated by any update to the risk factors found under Part II, Item 1A. “Risk Factors” herein. These risk factors should not be construed as exhaustive and should be read with the other cautionary statements and information in our Form 10-K, and this report.

We caution you that forward-looking statements made in this report or anywhere else are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate may differ materially and adversely from those made in or suggested by the forward-looking statements contained in this report as a result of various important factors, including, but not limited to: changes in our business strategy; the substantial investment of capital required to produce and market films and television series; budget overruns; limitations imposed by our credit facilities and notes; unpredictability of the commercial success of our motion pictures and television programming; risks related to acquisition and integration of acquired businesses; the effects of dispositions of businesses or assets, including individual films or libraries; the cost of defending our intellectual property; technological changes and other trends affecting the entertainment industry; potential adverse reactions or changes to business or employee relationships; weakness in the global economy and financial markets, including a recession, bank failures and general economic uncertainty; wars, terrorism and multiple international conflicts that could cause significant economic disruption and political and social instability; labor disruption or strikes; the volatility of currency exchange rates; our ability to manage growth; the effects of competition on our future business; the impact of and changes in governmental regulations or the enforcement thereof, tax laws and rates, accounting guidance and similar matters in regions in which we operate or will operate in the future; international, national or local economic, social or political conditions that could adversely affect our business; the effectiveness of our internal controls and our corporate policies and procedures; changes in personnel and availability of qualified personnel; the volatility of the market price and liquidity of our common shares; and the other risks and uncertainties discussed under “Risk Factors” found under Part II, Item 1A. “Risk Factors” herein. In addition, even if our results of operations, financial condition and liquidity, and the development of the industry in which we operate are consistent with the forward-looking statements contained in this report, those results or developments may not be indicative of results or developments in subsequent periods.

Any forward-looking statements which we make in this report speak only as of the date of such statement and we undertake no obligation to update such statements. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.

This Quarterly Report on Form 10-Q may contain references to our trademarks and to trademarks belonging to other entities. Solely for convenience, trademarks and trade names referred to in this Quarterly Report on Form 10-Q, including logos, artwork and other visual displays, may appear without the ® or TM symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these trademarks and trade names. We do not intend our use or display of other companies’ trade names or trademarks to imply a relationship with, or endorsement or sponsorship of us, by, any other company.

Unless otherwise indicated or the context requires, all references to the “Company,” “Lionsgate,” “we,” “us,” and “our” refer to Lionsgate Studios Corp., a corporation organized under the laws of the province of British Columbia, Canada, and its direct and indirect subsidiaries.

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WHERE YOU CAN FIND ADDITIONAL INFORMATION

We intend to announce material information to the public through filings with the SEC, the investor relations page on our website, which is located at investors.lionsgate.com, press releases, public conference calls, and public webcasts. The information disclosed through the foregoing channels could be deemed to be material information. As such, we encourage investors, the media, and others to follow the channels listed above and to review the information disclosed through such channels.

The information we post through these channels is not a part of this Quarterly Report on Form 10-Q. Any updates to the list of disclosure channels through which we will announce information will be posted on the investor relations page on our website.

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PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

LIONSGATE STUDIOS CORP.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions)


	December 31, 2025		March 31, 2025
ASSETS
Cash and cash equivalents	$	182.4	$	212.5
Accounts receivable, net	772.2		585.6
Other current assets	364.9		362.1
Assets of discontinued operations - current	—		75.8
Total current assets	1,319.5		1,236.0
Investment in films and television programs, net	2,223.3		1,994.2
Property and equipment, net	34.4		34.1
Investments	36.3		77.8
Intangible assets, net	27.0		20.8
Goodwill	846.8		808.5
Other noncurrent assets	756.9		827.1
Assets of discontinued operations - noncurrent	—		1,823.6
Total assets	$	5,244.2	$	6,822.1
LIABILITIES
Accounts payable	$	258.6	$	256.5
Content related payables - current	20.6		35.2
Accrued expenses and other current liabilities	199.6		228.8
Participations and residuals	601.6		642.5
Film related obligations - current	1,214.0		1,617.8
Debt - current	159.0		134.0
Deferred revenue - current	415.3		201.7
Liabilities of discontinued operations - current	—		350.8
Total current liabilities	2,868.7		3,467.3
Debt - noncurrent	1,763.8		1,838.9
Participations and residuals	420.8		409.3
Film related obligations - noncurrent	838.5		365.1
Other noncurrent liabilities	392.1		417.3
Deferred revenue	79.7		169.1
Deferred tax liabilities	12.1		12.9
Liabilities of discontinued operations - noncurrent	—		401.2
Total liabilities	6,375.7		7,081.1

Commitments and contingencies (Note 17)

Redeemable noncontrolling interests	113.7		93.7

EQUITY (DEFICIT)
Common shares, no par value, unlimited shares authorized, 290.1 shares issued (March 31, 2025 - nil)	2,474.2		—
Old Lionsgate Class A voting common shares, no par value (March 31, 2025 - 83.7 shares issued)	—		674.7
Old Lionsgate Class B non-voting common shares, no par value (March 31, 2025 - 156.8 shares issued)	—		2,522.1
Accumulated deficit	(3,803.0)		(3,534.1)
Accumulated other comprehensive income	52.4		72.6
Total Lionsgate Studios Corp. shareholders' equity (deficit)	(1,276.4)		(264.7)
Noncontrolling interests	31.2		(88.0)
Total equity (deficit)	(1,245.2)		(352.7)
Total liabilities, redeemable noncontrolling interests and equity (deficit)	$	5,244.2	$	6,822.1

See accompanying notes.

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LIONSGATE STUDIOS CORP.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share amounts)


	Three Months Ended				Nine Months Ended
	December 31,				December 31,
	2025		2024		2025		2024
Revenues	$	724.3	$	628.2	$	1,725.3	$	1,719.1
Expenses
Direct operating	427.3		397.7		1,066.6		1,159.1
Distribution and marketing	153.2		80.2		373.9		308.2
General and administration	94.1		85.7		252.3		269.3
Depreciation and amortization	4.4		4.4		13.2		13.2
Restructuring and other	9.3		32.5		39.8		64.9
Total expenses	688.3		600.5		1,745.8		1,814.7
Operating income (loss)	36.0		27.7		(20.5)		(95.6)
Interest expense	(65.0)		(63.7)		(200.9)		(195.1)
Interest and other income	4.0		3.1		11.8		11.5
Other income (loss), net	(7.6)		10.2		(21.5)		(5.2)
Loss on extinguishment of debt	—		(0.3)		(2.2)		(4.5)
Gain on investments, net	—		—		8.8		—
Equity interests income (loss)	(5.1)		7.6		(8.2)		8.5
Loss from continuing operations before income taxes	(37.7)		(15.4)		(232.7)		(280.4)
Income tax provision	(6.7)		(4.3)		(14.9)		(13.8)
Net loss from continuing operations, net of income taxes	(44.4)		(19.7)		(247.6)		(294.2)
Net income (loss) from discontinued operations, net of income taxes	—		1.2		(16.5)		34.7
Net loss	(44.4)		(18.5)		(264.1)		(259.5)
Net (income) loss attributable to noncontrolling interests	(1.8)		(3.4)		(4.4)		14.8
Net loss attributable to Lionsgate Studios Corp. shareholders	$	(46.2)	$	(21.9)	$	(268.5)	$	(244.7)

Amounts attributable to Lionsgate Studios Corp. shareholders:
Net loss from continuing operations	$	(46.2)	$	(23.1)	$	(252.0)	$	(279.4)
Net income (loss) from discontinued operations, net of tax	—		1.2		(16.5)		34.7
Net loss attributable to Lionsgate Studios Corp. shareholders	$	(46.2)	$	(21.9)	$	(268.5)	$	(244.7)

Per share information attributable to Lionsgate Studios Corp. shareholders:
Basic net loss per common share - continuing operations	$	(0.16)	$	(0.09)	$	(0.89)	$	(1.13)
Basic net income (loss) per common share - discontinued operations	—		—		(0.06)		0.14
Basic net loss per common share	$	(0.16)	$	(0.09)	$	(0.95)	$	(0.99)

Diluted net loss per common share - continuing operations	$	(0.16)	$	(0.09)	$	(0.89)	$	(1.13)
Diluted net income (loss) per common share - discontinued operations	—		—		(0.06)		0.14
Diluted net loss per common share	$	(0.16)	$	(0.09)	$	(0.95)	$	(0.99)

Weighted average number of common shares outstanding:
Basic	290.0		250.2		283.9		248.4
Diluted	290.0		250.2		283.9		248.4

See accompanying notes.

Table of Contents

LIONSGATE STUDIOS CORP.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(in millions)


	Three Months Ended				Nine Months Ended
	December 31,				December 31,
	2025		2024		2025		2024
Net loss from continuing operations, net of income taxes	$	(44.4)	$	(19.7)	$	(247.6)	$	(294.2)
Foreign currency translation adjustments, net of tax	5.9		(24.4)		18.3		(12.7)
Net unrealized gain (loss) on cash flow hedges, net of tax	(6.9)		0.7		(27.1)		(19.1)
Comprehensive loss from continuing operations	(45.4)		(43.4)		(256.4)		(326.0)
Net income (loss) from discontinued operations, net of income taxes	—		1.2		(16.5)		34.7
Comprehensive loss	(45.4)		(42.2)		(272.9)		(291.3)
Net (income) loss attributable to noncontrolling interests	(1.8)		(3.4)		(4.4)		14.8
Comprehensive loss attributable to Lionsgate Studios Corp. shareholders	$	(47.2)	$	(45.6)	$	(277.3)	$	(276.5)

See accompanying notes.

Table of Contents

LIONSGATE STUDIOS CORP.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT)

(in millions)


	Three Months Ended
	Lionsgate			Old Lionsgate Class A Voting			Old Lionsgate Class B Non-Voting			Accumulated Deficit		Accumulated Other Comprehensive Income		Total Shareholders' Equity (Deficit)		Noncontrolling Interests (a)		Total Equity (Deficit)
	Common Shares			Common Shares			Common Shares
	Number	Amount		Number	Amount		Number	Amount
Balance at September 30, 2025	289.6	2,442.1		—	$	—	—	$	—	$	(3,756.9)	$	53.4	$	(1,261.4)	$	30.6	$	(1,230.8)
Issuance of Lionsgate common shares to holders of Old Lionsgate Class A Voting and Class B Non-Voting Common Shares and spin off of the Starz Business	—	4.6		—	—		—	—		—		—		4.6		—		4.6
Exercise of stock options	—	0.1		—	—		—	—		—		—		0.1		—		0.1
Share-based compensation post Starz separation, net of share cancellations for taxes	0.4	27.0		—	—		—	—		—		—		27.0		—		27.0
Issuance of common shares related to acquisitions and other	0.1	0.4		—	—		—	—		—		—		0.4		—		0.4
Distributions to noncontrolling interests	—	—		—	—		—	—		—		—		—		(0.9)		(0.9)
Net income (loss)	—	—		—	—		—	—		(46.2)		—		(46.2)		1.5		(44.7)
Other comprehensive income (loss)	—	—		—	—		—	—		0.1		(1.0)		(0.9)		—		(0.9)
Balance at December 31, 2025	290.1	$	2,474.2	—	$	—	—	$	—	$	(3,803.0)	$	52.4	$	(1,276.4)	$	31.2	$	(1,245.2)

Balance at September 30, 2024	—	—		83.6	$	674.0	156.4	$	2,483.7	$	(3,396.4)	$	96.6	$	(142.1)	$	(82.5)	$	(224.6)
Exercise of stock options	—	—		—	—		—	0.4		—		—		0.4		—		0.4
Issuance of common shares related to acquisitions and other	—	—		—	0.2		—	0.2		—		—		0.4		—		0.4
Share-based compensation, net of share cancellations for taxes	—	—		0.1	0.3		0.2	19.2		—		—		19.5		—		19.5
Noncontrolling interest reclassification	—	—		—	—		—	—		(4.0)		—		(4.0)		0.6		(3.4)
Distributions to noncontrolling interests	—	—		—	—		—	—		—		—		—		(6.1)		(6.1)
Net income (loss)	—	—		—	—		—	—		(21.9)		—		(21.9)		3.7		(18.2)
Other comprehensive loss	—	—		—	—		—	—		—		(20.2)		(20.2)		(3.5)		(23.7)
Redeemable noncontrolling interests adjustments	—	—		—	—		—	—		(0.4)		—		(0.4)		—		(0.4)
Balance at December 31, 2024	—	$	—	83.7	$	674.5	156.6	$	2,503.5	$	(3,422.7)	$	76.4	$	(168.3)	$	(87.8)	$	(256.1)

Table of Contents

LIONSGATE STUDIOS CORP.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT)

(in millions)


	Nine Months Ended
	Lionsgate			Old Lionsgate Class A Voting			Old Lionsgate Class B Non-Voting			Accumulated Deficit		Accumulated Other Comprehensive Income		Total Shareholders' Equity (Deficit)		Noncontrolling Interests (a)		Total Equity (Deficit)
	Common Shares			Common Shares			Common Shares
	Number	Amount		Number	Amount		Number	Amount
Balance at March 31, 2025	—	$	—	83.7	$	674.7	156.8	$	2,522.1	$	(3,534.1)	$	72.6	$	(264.7)	$	(88.0)	$	(352.7)

Share-based compensation prior to Starz separation, net of share cancellations for taxes	—	—		—	0.1		0.1	6.8		—		—		6.9		—		6.9
Issuance of common shares related to acquisitions and other prior to Starz separation	—	—		—	0.2		—	0.2		—		—		0.4		—		0.4
Issuance of Lionsgate common shares to holders of Old Lionsgate Class A Voting and Class B Non-Voting Common Shares and spin off of the Starz Business	250.8	2,564.1		(83.7)	(675.0)		(156.9)	(2,529.1)		—		(19.2)		(659.2)		—		(659.2)
Issuance of Lionsgate common shares for LG Studios Flip and acquisition of noncontrolling interest in Lionsgate Studios	34.9	(124.6)		—	—		—	—		—		7.8		(116.8)		116.8		—
Exercise of stock options, post Starz separation	—	0.1		—	—		—	—		—		—		0.1		—		0.1
Share-based compensation post Starz separation, net of share cancellations for taxes	4.3	34.2		—	—		—	—		—		—		34.2		—		34.2
Issuance of common shares related to acquisitions and other, post Starz separation	0.1	0.4		—	—		—	—		—		—		0.4		—		0.4
Distributions to noncontrolling interest	—	—		—	—		—	—		—		—		—		(1.7)		(1.7)
Net income (loss)	—	—		—	—		—	—		(268.5)		—		(268.5)		4.1		(264.4)
Other comprehensive loss	—	—		—	—		—	—		—		(8.8)		(8.8)		—		(8.8)
Redeemable noncontrolling interests adjustments	—	—		—	—		—	—		(0.4)		—		(0.4)		—		(0.4)
Balance at December 31, 2025	290.1	$	2,474.2	—	$	—	—	$	—	$	(3,803.0)	$	52.4	$	(1,276.4)	$	31.2	$	(1,245.2)

Balance at March 31, 2024	—	$	—	83.6	$	673.6	151.7	$	2,474.4	$	(3,576.7)	$	116.0	$	(312.7)	$	2.2	$	(310.5)
Exercise of stock options	—	—		—	—		0.1	0.7		—		—		0.7		—		0.7
Share-based compensation, net of share cancellations for taxes	—	—		0.1	0.7		4.8	28.2		—		—		28.9		—		28.9
Issuance of common shares related to acquisitions and other	—	—		—	0.2		—	0.2		—		—		0.4		—		0.4
Distributions to noncontrolling interest	—	—		—	—		—	—		—		—		—		(6.7)		(6.7)
Sale of noncontrolling interest in Legacy Lionsgate Studios Corp.	—	—		—	—		—	—		389.7		(11.3)		378.4		(100.2)		278.2
Noncontrolling interests	—	—		—	—		—	—		—		—		—		33.6		33.6
Net loss	—	—		—	—		—	—		(244.7)		—		(244.7)		(13.2)		(257.9)
Other comprehensive loss	—	—		—	—		—	—		—		(28.3)		(28.3)		(3.5)		(31.8)
Redeemable noncontrolling interests adjustments	—	—		—	—		—	—		9.0		—		9.0		—		9.0
Balance at December 31, 2024	—	$	—	83.7	$	674.5	156.6	$	2,503.5	$	(3,422.7)	$	76.4	$	(168.3)	$	(87.8)	$	(256.1)

_________________________________

(a)Excludes redeemable noncontrolling interests, which are reflected in temporary equity (see Note 10).

See accompanying notes.

Table of Contents

LIONSGATE STUDIOS CORP.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)


	Nine Months Ended
	December 31,
	2025		2024
Operating Activities:
Net loss	$	(264.1)	$	(259.5)
Less: Net income (loss) from discontinued operations, net of tax	(16.5)		34.7
Net loss from continuing operations, net of tax	(247.6)		(294.2)
Adjustments to reconcile net loss from continuing operations, net of tax to net cash used in operating activities:
Depreciation and amortization	13.2		13.2
Amortization of films and television programs	679.7		772.1
Amortization of debt financing costs and other non-cash interest	7.0		23.3
Non-cash share-based compensation	50.9		46.0
Other non-cash items	50.6		25.5
Content and other impairments	14.8		25.8
Loss on extinguishment of debt	2.2		4.5
Equity interests (income) loss	8.2		(8.5)
Gain on investments, net	(8.8)		—
Deferred income taxes	0.8		11.8
Changes in operating assets and liabilities:
Accounts receivable, net	44.0		318.5
Investment in films and television programs, net	(932.1)		(1,262.6)
Other assets	61.3		(26.4)
Accounts payable and accrued liabilities	(100.0)		(163.8)
Participations and residuals	(32.8)		(83.8)
Content related payables	(20.1)		(9.6)
Deferred revenue	87.0		262.6
Net Cash Flows Used In Operating Activities - Continuing Operations	(321.7)		(345.6)
Net Cash Flows Provided By (Used In) Operating Activities - Discontinued Operations	77.8		(14.1)
Net Cash Flows Used In Operating Activities	(243.9)		(359.7)
Investing Activities:
Acquisition of businesses, net of cash acquired (see Note 3)	(29.4)		—
Net proceeds from purchase price adjustments for eOne acquisition	—		12.0
Proceeds from the sale of equity method and other investments	34.0		1.5
Acquisition of assets (film library and related assets)	—		(35.0)
Investment in equity method investees and other	(2.3)		(2.0)
Distributions from equity method investees and other	0.3		—
Capital expenditures	(9.7)		(9.9)
Repayment of loans receivable	—		0.8
Net Cash Flows Used In Investing Activities - Continuing Operations	(7.1)		(32.6)
Net Cash Flows Used In Investing Activities - Discontinued Operations	(1.5)		(13.7)
Net Cash Flows Used In Investing Activities	(8.6)		(46.3)
Financing Activities:
Debt - borrowings, net of debt issuance and redemption costs	2,331.6		3,557.7
Debt - repurchases and repayments	(2,396.3)		(3,493.0)
Film related obligations - borrowings	2,085.2		1,494.9

Table of Contents

LIONSGATE STUDIOS CORP.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)


	Nine Months Ended
	December 31,
	2025		2024
Film related obligations - repayments	(2,033.9)		(1,582.4)
Cash settlement in connection with Starz Separation refinancing (see Note 7)	262.8		—
Sale of noncontrolling interest in Legacy Lionsgate Studios Corp. (see Note 3)	(3.5)		281.7
Purchase of noncontrolling interest	—		(7.4)
Distributions to noncontrolling interest	(3.7)		(6.7)
Exercise of stock options	0.1		0.7
Tax withholding required on equity awards	(13.4)		(28.7)
Net Cash Flows Provided By Financing Activities - Continuing Operations	228.9		216.8
Net Cash Flows Provided By (Used In) Financing Activities - Discontinued Operations	(22.3)		75.6
Net Cash Flows Provided By Financing Activities	206.6		292.4
Net Change In Cash, Cash Equivalents and Restricted Cash	(45.9)		(113.6)
Foreign Exchange Effects on Cash, Cash Equivalents and Restricted Cash	2.3		(3.7)
Cash, Cash Equivalents and Restricted Cash - Beginning Of Period	291.6		371.4
Cash, Cash Equivalents and Restricted Cash - End Of Period	$	248.0	$	254.1

See accompanying notes.

Table of Contents

LIONSGATE STUDIOS CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. General

Nature of Operations

Lionsgate Studios Corp. (NYSE: LION) (the “Company,” “Lionsgate,” “New Lionsgate,” “we,” “us” or “our”) is one of the world’s leading standalone, pure play content companies. It brings together diversified motion picture and television production and distribution businesses, a world-class portfolio of valuable brands and franchises, a talent management and production powerhouse and a more than 20,000-title film and television library, all driven by Lionsgate’s bold and entrepreneurial culture.

Prior to the Starz Separation, as further discussed below, Lions Gate Entertainment Corp. (formerly listed on the New York Stock Exchange (“NYSE”): LGF.A, LGF.B) (“Old Lionsgate”) encompassed the motion picture and television studio operations (formerly referred to as the “Studio Business”) and following the Studio Separation, as discussed in Note 3, Lionsgate Studios Corp. (formerly listed on the NASDAQ Global Select Market (“NASDAQ”): LION) (“Legacy Lionsgate Studios”), and the STARZ premium global subscription platform.

The continuing operations of Lionsgate consists of the Motion Picture and Television Production reportable segments. Motion Picture consists of the development and production of feature films, acquisition of North American and worldwide distribution rights, North American theatrical, home entertainment and television distribution of feature films produced and acquired, and worldwide licensing of distribution rights to feature films produced and acquired. Television Production consists of the development, production and worldwide distribution of television productions including television series, television movies and mini-series, and non-fiction programming. Television Production includes the domestic and international licensing of Starz original productions to Starz Entertainment Corp. (“Starz” and formerly the “Starz Business” of Old Lionsgate), and the ancillary market distribution of Starz original productions and licensed product. Additionally, the Television Production segment includes the results of operations of 3 Arts Entertainment, a talent management company.

Starz Separation

On May 6, 2025, through a series of transactions contemplated by a certain arrangement agreement, dated as of January 29, 2025, as amended by an amending agreement, dated as of March 12, 2025 (collectively, the “Arrangement Agreement”), the separation of the businesses of Legacy Lionsgate Studios, of which Old Lionsgate owned approximately 87.8%, and the Starz Business (the “Starz Separation”) was completed. As a result of the Arrangement Agreement, the pre-transaction shareholders of Old Lionsgate own shares in two separately traded public companies: (1) New Lionsgate, which was renamed “Lionsgate Studios Corp.” and holds, directly and through subsidiaries, the Studio Business previously held by Old Lionsgate, and is owned by Old Lionsgate shareholders and Legacy Lionsgate Studios shareholders, and (2) Old Lionsgate, which was renamed “Starz Entertainment Corp.” and holds, directly and through subsidiaries, the Starz Business that was previously held by Old Lionsgate (see Note 2).

Notwithstanding the legal form of the Starz Separation, for accounting and financial reporting purposes, in accordance with United States generally accepted accounting principles (“U.S. GAAP”), due to the relative significance of the Studio Business as compared to the Starz Business and the continued involvement of Old Lionsgate’s senior management with the Company following the completion of the Starz Separation, Old Lionsgate is considered the accounting spinnor or divesting entity and Starz is considered the accounting spinnee or divested entity. As a result, Old Lionsgate is the accounting predecessor to the Company, and the pro rata distribution of the Starz Business has been recorded through equity with no gain or loss recorded. The Starz Business is reflected as discontinued operations in the financial statements following the completion of the Starz Separation. See Note 2 for further information.

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LIONSGATE STUDIOS CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

In connection with the completion of the Starz Separation and related transactions, pre-transaction Old Lionsgate shareholders holding Class A voting shares (“Old Lionsgate Class A Shares”) received one and twelve one-hundredths (1.12) Lionsgate new common shares (“Lionsgate Common Shares”) and one and twelve one-hundredths (1.12) Starz Entertainment Corp. common shares (“Starz Common Shares”) per Class A voting share held and pre-transaction Old Lionsgate shareholders holding Class B non-voting shares (“Old Lionsgate Class B Shares”) received one Lionsgate Common Share and one Starz Common Share per Class B non-voting share held. Pre-transaction Legacy Lionsgate Studios shareholders, other than Old Lionsgate, received, in exchange for each Legacy Lionsgate Studios common share, without par value (“Legacy Lionsgate Studios Common Shares”), they held, a number of Lionsgate Common Shares equal to the product of the Lionsgate Studios Consideration Shares (as defined below) divided by the total number of Legacy Lionsgate Studios Common Shares issued and outstanding immediately prior to the Starz Separation and held by Legacy Lionsgate Studios shareholders other than Old Lionsgate (such shares, the “LG Studios Flip Shares” and such ratio, the “LG Studios Reorganization Ratio”). The LG Studios Consideration Shares equals the aggregate number of Legacy Lionsgate Studios Common Shares obtained when the LG Studios Flip Percentage (as defined below) is multiplied by the quotient of (a) the aggregate number of Lionsgate Common Shares issued to Lionsgate shareholders divided by (b) 1 minus the LG Studios Flip Percentage. The LG Studios Flip Percentage equals the quotient, expressed as a percentage, of (1) the LG Studios Flip Shares divided by (2) the total number of Legacy Lionsgate Studios Common Shares issued and outstanding immediately prior to the Starz Separation. Such transactions by Legacy Lionsgate Studios shareholders are collectively referred to as the “LG Studios Flip.”

Each of Lionsgate and Starz Entertainment Corp. have a single class of “one share, one vote” common shares.

Following completion of the Starz Separation, Lionsgate Common Shares began trading under the symbol “LION” on the NYSE and Starz Common Shares began trading under the symbol “STRZ” on NASDAQ. Old Lionsgate Class A Shares and Old Lionsgate Class B Shares were withdrawn from listing on NYSE and Legacy Lionsgate Studios Common Shares were withdrawn from listing on NASDAQ.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements include the accounts of Lionsgate and all of its majority-owned and controlled subsidiaries.

The unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and the instructions to quarterly report on Form 10-Q under the Securities Exchange Act of 1934, as amended, and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of the Company’s management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been reflected in these unaudited condensed consolidated financial statements. Operating results for the three and nine months ended December 31, 2025 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2026. The balance sheet as of March 31, 2025 has been derived from the audited financial statements of Old Lionsgate, at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The accompanying unaudited condensed consolidated financial statements should be read together with the audited consolidated financial statements and related notes included as Exhibit 99.1 to the Legacy Lionsgate Studios Annual Report on Form 10-K for the fiscal year ended March 31, 2025, filed with the Securities and Exchange Commission (the “SEC”) on May 30, 2025 (the “Form 10-K”).

Certain amounts presented in prior periods have been reclassified to conform to the current period presentation.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. The most significant estimates made by management in the preparation of the financial statements relate to ultimate revenue and costs used for the amortization of investment in films and television programs; fair value of equity-based compensation; fair value of assets and liabilities for allocation of the purchase price of companies and assets acquired; income taxes including the assessment of valuation allowances for deferred tax assets; accruals for contingent liabilities; and impairment assessments for investment in films and television programs and goodwill. Actual results could differ from such estimates.

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LIONSGATE STUDIOS CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Segment Information

The Company has two reportable segments. The Company’s reportable segments have been determined based on the distinct nature of their operations, the Company’s internal management structure, and the financial information that is evaluated regularly by the Company’s chief operating decision maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s Chief Executive Officer (“CEO”) is the CODM. The CODM uses a measure of segment profit to evaluate the operating performance of the Company’s segments, to make decisions regarding the allocation of resources and to assess both current performance and future operating plans.

The measure of segment profit used by the CODM is consistent with the measure disclosed in Note 16 and excludes corporate overhead, share‑based compensation, restructuring charges and other items not allocated to the segments.

Significant Accounting Policies

There have been no material changes to the Company’s significant accounting policies as described in its consolidated financial statements as of March 31, 2025 and 2024 and for each of the three years in the period ended March 31, 2025 included as Exhibit 99.1 to Legacy Lionsgate Studios Annual Report on Form 10-K for the fiscal year ended March 31, 2025.

Recent Accounting Pronouncements Not Yet Adopted

Income Taxes: In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, requiring public business entities, on an annual basis, to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. Additionally, the guidance requires all entities to disaggregate disclosures by jurisdiction on the amount of income taxes paid (net of refunds received), income or loss from continuing operations before income tax expense (or benefit) and income tax expense (or benefit) from continuing operations. This guidance is effective for annual reporting periods beginning after December 15, 2024, and therefore will be effective beginning with the Company’s financial statements issued for the fiscal year ending March 31, 2026. The disclosures required under the ASU can be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all periods presented in the financial statements. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements and disclosures.

Financial Instruments: In July 2025, the FASB issued ASU 2025-05, Financial Instruments-Credit Losses (Topic 326)-Measurement of Credit Losses for Accounts Receivable and Contract Assets, providing all entities with a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. The practical expedient allows entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset when developing reasonable and supportable forecasts as part of estimating expected credit losses. In addition, it allows entities to consider collection activity after the balance sheet date when developing estimates of expected credit losses. The provisions differ from current U.S. GAAP as current guidance requires an entity to consider adjustments to historical credit loss experience to reflect the extent to which management expects current conditions to differ from the conditions that existed for the period over which historical information was evaluated. This ASU is effective for interim periods within annual reporting periods beginning after December 15, 2025, and therefore will be effective beginning with the Company’s financial statements issued for the fiscal 2027 interim reporting periods, with early adoption permitted. Entities should apply the practical expedient, if elected, prospectively to financial statements issued for reporting periods after the effective date. The Company will adopt this guidance for the interim periods within its fiscal year beginning April 1, 2026, and is currently evaluating the impact of electing the practical expedient and the impact it may have on its consolidated financial statements and disclosures.

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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Income Statement: In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (Subtopic 220-40), requiring public business entities to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, and therefore will be effective beginning with the Company’s financial statements issued for the fiscal year ending March 31, 2028 and interim reporting periods beginning in fiscal 2029, with early adoption permitted. The disclosures required under the ASU can be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all periods presented in the financial statements. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements and disclosures.

Business Combinations: In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (“VIE”). This standard clarifies the guidance in determining the acquirer in an acquisition transaction effected primarily by exchanging equity interests when the legal acquiree is a VIE that meets the definition of a business. The amendments require that an entity consider the same factors that are currently required for determining which entity is the accounting acquirer in other acquisition transactions. This ASU is effective for interim periods within annual reporting periods beginning after December 15, 2026, and therefore will be effective beginning with the Company’s financial statements issued for the fiscal 2028 interim reporting periods, with early adoption permitted. ASU 2025-03 requires that an entity apply the new guidance prospectively to any acquisition that occurs after the initial application date. The Company will adopt this guidance for the interim periods within its fiscal year beginning April 1, 2027, and the Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements and disclosures.

Interim Reporting: In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) Narrow-Scope Improvements. The update provides clarifications intended to improve the consistency and usability of interim disclosure requirements, including a comprehensive listing of required interim disclosures and a new disclosure principle for reporting material events occurring after the most recent annual period. The amendments do not change the underlying objectives of interim reporting but are designed to enhance clarity in application. This update is effective for interim periods within annual reporting periods beginning after December 15, 2027, and therefore will be effective beginning with the Company’s financial statements issued for the fiscal 2029 interim reporting periods, with early adoption permitted. The Company will adopt this guidance for the interim periods within its fiscal year beginning April 1, 2028, and does not expect it to have a material effect on its condensed consolidated financial statements and disclosures.

Government Grants: In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which establishes authoritative guidance on the recognition, measurement, presentation, and disclosure of government grants. Under ASU 2025-10, government grants are recognized when it is probable that the entity will both comply with the conditions of the grant and the grant will be received. The ASU provides specific accounting models for grants related to assets and grants related to income, including options to recognize government grants as deferred income or as a reduction of the asset’s cost basis. The ASU also requires enhanced disclosures regarding the nature of government grants, significant terms and conditions, accounting policies applied, and amounts recognized in the financial statements. ASU 2025-10 is effective for fiscal years beginning after December 15, 2028, and therefore will be effective beginning with the Company’s financial statements issued for the fiscal 2030 interim reporting periods, with early adoption permitted. The Company will adopt this guidance for the interim periods within its fiscal year beginning April 1, 2029. The Company is currently evaluating the impact of adopting ASU 2025-10.

2. Discontinued Operations

As described in Note 1, on May 6, 2025, the Starz Separation was completed. The Starz Business, previously presented as the Media Networks segment of Old Lionsgate, is presented as discontinued operations within these unaudited condensed consolidated financial statements.

Income (loss) from discontinued operations of the Starz Business consists of the following:

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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)


	Three Months Ended		Nine Months Ended
	December 31,		December 31,
	2024		2025		2024
	(Amounts in millions)
Revenues	$	342.3	$	127.3	$	1,034.7
Expenses:
Direct operating	169.6		71.7		480.6
Distribution and marketing	94.3		26.3		297.8
General and administration	20.2		10.0		65.6
Depreciation and amortization	39.4		19.6		122.2
Restructuring and other	10.8		15.1		7.0
Total expenses	334.3		142.7		973.2
Operating income (loss)	8.0		(15.4)		61.5
Interest expense	(5.4)		(0.4)		(17.1)
Interest and other income	—		—		0.1
Other expenses	(1.7)		(0.6)		(5.4)
Loss on extinguishment of debt	—		—		(2.2)
Income (loss) from discontinued operations before income taxes	0.9		(16.4)		36.9
Income tax benefit (provision)	0.3		(0.1)		(2.2)
Net income (loss) from discontinued operations, net of income taxes	$	1.2	$	(16.5)	$	34.7

Financial results of the Starz Business for the nine months ended December 31, 2025 are through the date of the Starz Separation, May 6, 2025.

General and administrative corporate overhead costs previously allocated to the Starz Business in the three and nine months ended December 31, 2024, of $2.5 million and $9.3 million, respectively, do not meet the criteria to be presented as discontinued operations and are therefore excluded from amounts presented above. Expenses incurred directly attributable to the Starz Separation, including legal, accounting and tax advisory services, are reflected as discontinued operations, including nil and $10.1 million for the three months ended December 31, 2025 and 2024, respectively, and $7.9 million and $13.7 million for the nine months ended December 31, 2025 and 2024, respectively.

Discontinued operations include only interest and related expenses associated with debt obligations that were directly attributable to the Starz Business or remained with Starz following the completion of the Starz Separation. This includes the Existing Notes which were issued by a Starz entity, and to the extent not exchanged for Senior Notes, as further described in Note 7, remained with Starz, along with any other film related and other obligations directly related to the Starz Business. No other interest expense was allocated to discontinued operations.

Lionsgate has separately reported the assets and liabilities of the discontinued operations of the Starz Business in its unaudited condensed consolidated balance sheet as of March 31, 2025. These assets and liabilities consist of the following:

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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)


	March 31, 2025
	(Amounts in millions)
ASSETS
Cash and cash equivalents	$	11.2
Accounts receivable, net	50.9
Other current assets	13.7
Total current assets - discontinued operations	75.8
Investment in films and television programs and program rights, net	918.9
Property and equipment, net	48.6
Intangible assets, net	816.0
Other assets	40.1
Total assets - discontinued operations	$	1,899.4

LIABILITIES
Accounts payable	$	53.6
Content related payables	99.3
Other accrued liabilities	40.9
Residuals	27.7
Film related obligations	90.9
Deferred revenue	38.4
Total current liabilities - discontinued operations	350.8
Debt	318.3
Other liabilities	75.7
Deferred tax liabilities	7.2
Total liabilities - discontinued operations	$	752.0

Continuing involvement with Starz Entertainment Corp.

Transition Services Agreement. In connection with the Starz Separation, the Company and Starz entered into a transition services agreement pursuant to which the Company and Starz provide to each other, on an interim, transitional basis, various services, such as services related to production (such as music creative/supervision), finance, accounting, legal, information technology, human resources, investor relations, employee benefits and other services, for periods generally up to thirteen (13) months following the completion of the Starz Separation. During the three and nine months ended December 31, 2025, the Company recognized $0.3 million and $0.8 million, respectively, of transition services agreement reimbursement as a reduction to general and administration expense within these unaudited condensed consolidated financial statements.

Content Licensing. Following the Starz Separation, the Company and Starz will continue to be parties to certain commercial agreements, including: (i) master originals content licensing agreements that will license subscription video on demand ("SVOD") and pay television rights to Starz for certain of the Company’s owned first-run original series for the U.S. and Canada; (ii) library license agreements that will license SVOD and pay television rights to Starz for certain of the Company’s owned library series and film content for the U.S. and Canada; (iii) a multiyear pay-one television output arrangement, granting Starz an exclusive U.S. pay television/SVOD license for Lionsgate- or Summit-branded films theatrically released in the U.S.; and (iv) a distribution agreement authorizing the Company to globally distribute on an exclusive basis off-platform linear, on-demand, and transactional rights to certain original series owned by Starz (subject to holdbacks to preserve periods of exclusivity for Starz’s platforms). The agreements have varying terms, with certain library license agreements currently extending through at least 2028 and the pay television/SVOD license for Lionsgate- or Summit-branded films theatrically released in the U.S. running through at least 2036. The Company’s net loss from continuing operations for the three and nine months ended December 31, 2025 includes $24.1 million and $140.2 million, respectively, of revenue from licensing agreements with Starz. Following the Starz Separation, the Company received $59.5 million and $224.2 million, respectively, from Starz related to the licensing agreements during the three and nine months ended December 31, 2025.

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LIONSGATE STUDIOS CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

3. Acquisitions

A & A Acquisition

On May 30, 2025, 3 Arts Entertainment LLC, (“3 Arts”), the Company’s talent management and television/film production company, purchased a 51% ownership in A & A Management Group LLC, (“A & A”), a full service sports and entertainment management company for $24.5 million of cash consideration and up to $6.8 million of additional consideration based on specified EBITDA thresholds through the fiscal year ending March 31, 2027. The acquisition was accounted for under the acquisition method of accounting, with the results of A & A included in the Company’s consolidated results from May 30, 2025. During the nine months ended December 31, 2025, based upon management's estimates, the Company finalized the valuation of the acquisition and allocated $31.0 million to goodwill, with the remainder primarily allocated to the fair values of intangible assets, cash and cash equivalents, accounts receivables and other liabilities, and $19.6 million was recorded as a redeemable noncontrolling interest, representing the noncontrolling interest holders’ 49% equity interest in A & A (see Note 10). The goodwill recorded as part of this acquisition arises from the key relationships in the sports and entertainment industry and is included in the Television Production segment (see Note 6). The goodwill will not be amortized for financial reporting purposes but will be deductible for federal tax purposes.

Acquired Library

On June 5, 2024, the Company invested approximately $35.0 million for a 51% members' interest in a newly formed limited liability company, CP LG Library Holdings, LLC (“CP LG”), with the Company designated as the managing member of CP LG. CP LG used the funds received from the Company, along with funds invested by the 49% member, to acquire a library of 46 films for approximately $68.6 million. Also on June 5, 2024, the Company entered into a distribution agreement with CP LG to distribute the titles in the acquired library. CP LG’s purchase included the film library (of which $48.3 million of the purchase price was allocated to investment in film and television programs for the film library), accounts receivable and certain liabilities associated with the film library, most notably participations and residuals liabilities.

The Company determined that CP LG is a variable interest entity (“VIE”) for which it is the primary beneficiary and is consolidated under the applicable accounting guidance as the Company has the power to direct the significant activities and the right to receive benefits and obligation to absorb losses of CP LG. The Company concluded that the acquired library and related assets and liabilities was not a business and therefore, accounted for the acquisition as an initial consolidation of a VIE that is not a business under the applicable accounting guidance. There was no gain or loss recognized upon initial consolidation of the VIE as the sum of the fair value of the consideration paid and noncontrolling interest equaled the fair value of the net assets on the acquisition date. See Note 10 for the noncontrolling interest recorded related to CP LG.

As of December 31, 2025, the unaudited condensed consolidated balance sheet includes assets and liabilities of CP LG totaling $63.0 million (which is primarily comprised of investment in film and television programs) and $4.3 million, respectively. The assets and liabilities of CP LG primarily consist of accounts receivable, investment in film and television programs, and participations and residuals.

Prior Period Business Combination Agreement

On May 13, 2024, Old Lionsgate consummated the business combination agreement (the “Business Combination Agreement”) with Screaming Eagle Acquisition Corp., a Cayman Islands exempted company (“SEAC”), SEAC II Corp., a Cayman Islands exempted company and a wholly-owned subsidiary of SEAC (“New SEAC”), LG Sirius Holdings ULC, a British Columbia unlimited liability company and a wholly-owned subsidiary of Old Lionsgate (“Studio HoldCo”), LG Orion Holdings ULC, a British Columbia unlimited liability company and a wholly-owned subsidiary of Old Lionsgate (“StudioCo”) and other affiliates of SEAC (the “Closing”). Pursuant to the terms and conditions of the Business Combination Agreement, the Studio Business was combined with SEAC through a series of transactions, including an amalgamation of StudioCo and New SEAC under a Canadian plan of arrangement (the “Business Combination”). In connection with the closing of the Business Combination, New SEAC changed its name to “Lionsgate Studios Corp.” (referred to as “Legacy Lionsgate Studios”) and continued the existing business operations of StudioCo, which consisted of the Studio Business of Old Lionsgate. The “Studio Business” consists of the businesses of Old Lionsgate’s Motion Picture and Television Production segments, together with substantially all of Old Lionsgate’s corporate general and administrative functions and costs. Legacy Lionsgate Studios became a separate publicly-traded company, and its common shares commenced trading on NASDAQ under the symbol “LION” on May 14, 2024.

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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

In connection with and prior to the Business Combination, Old Lionsgate and StudioCo entered into a separation agreement pursuant to which the assets and liabilities of the Studio Business were transferred to StudioCo such that StudioCo held, directly or indirectly, all of the assets and liabilities of the Studio Business (the “Studio Separation”).

Immediately following the Business Combination through immediately prior to the Starz Separation, approximately 87.8% of the total shares of Legacy Lionsgate Studios were held by Old Lionsgate, while 12.2% were owned by former SEAC public shareholders, SEAC founders and common equity financing investors. In addition to establishing Legacy Lionsgate Studios as a standalone publicly-traded entity, the transaction resulted in approximately $330.0 million of gross proceeds to Old Lionsgate. Net proceeds of $278.2 million, inclusive of transaction costs that remained accrued at March 31, 2025 and which were paid during the nine months ended December 31, 2025 totaling $3.5 million, were used to partially pay down amounts outstanding under Old Lionsgate's corporate debt. See Note 7 for further detail.

The Business Combination was accounted for as a reverse recapitalization in accordance with U.S. GAAP. Under this method of accounting, SEAC was treated as the acquired company and the Studio Business was treated as the acquirer for financial reporting purposes. Accordingly, for accounting purposes, the financial statements of Legacy Lionsgate Studios represented a continuation of the financial statements of the Studio Business, with the Business Combination treated as the equivalent of the Studio Business issuing stock for the historical net assets of SEAC, substantially consisting of cash held in the trust account, accompanied by a recapitalization of the Studio Business equity. The historical net assets of SEAC were stated at fair value, which approximated historical cost, with no goodwill or other intangible assets recorded. Prior to the Starz Separation, the Studio Business was a consolidated subsidiary of Old Lionsgate.

The Company recorded a reduction of noncontrolling interest in shareholders’ equity (deficit) and a reduction of accumulated other comprehensive income for the issuance of the Legacy Lionsgate Studios common shares, which was based upon the 12.2% ownership interest in the carrying value of Legacy Lionsgate Studios. The reduction in noncontrolling interest was due to the negative carrying value of Legacy Lionsgate Studios as of May 13, 2024, partially offset by an amount allocated to certain options described below. The difference between the net cash proceeds and the amounts recorded as noncontrolling interest and accumulated other comprehensive income was reflected as a reduction of accumulated deficit in the consolidated statement of shareholders’ equity (deficit). As described in Note 1, in connection with the Starz Separation, the LG Studios Flip occurred, resulting in the pre-transaction shareholders of Legacy Lionsgate Studios Common Shares, other than Old Lionsgate, receiving, in exchange for each Legacy Lionsgate Studios Common Share they held, a number of Lionsgate Common Shares, and therefore the noncontrolling interest in Legacy Lionsgate Studios was eliminated, see Note 10.

In connection with the Business Combination, 2,200,000 options (the “Sponsor Options”) to receive Legacy Lionsgate Studios common shares, were issued to certain noncontrolling interest holders, with an exercise price of $0.0001 per share. The Sponsor Options would become exercisable (i) on or after the date on which the trading price of Legacy Lionsgate Studios common shares (as adjusted for share splits, share dividends, reorganizations, recapitalizations and the like) equals or exceeds $16.05 per share or (ii) if a Change of Control (as defined in the sponsor option agreement) occurs, subject to certain conditions. The Company recorded the Sponsor Options as part of the noncontrolling interest.

In connection with the Starz Separation, Legacy Lionsgate Studios amended the sponsor option agreement to include the Company as a party to the agreement and converted the Sponsor Options into options to purchase the Company’s common shares, see Note 13.

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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

4. Investment in Films and Television Programs

The predominant monetization strategy for all of the Company’s investments in films and television programs is on an individual film basis. Total investment in films and television programs is as follows:


	December 31, 2025		March 31, 2025
	(Amounts in millions)
Investment in Films and Television Programs:
Released, net of accumulated amortization	$	1,108.8	$	992.4
Completed and not released	211.9		135.1
In progress	805.4		779.5
In development	97.2		87.2
Investment in films and television programs	$	2,223.3	$	1,994.2

At December 31, 2025, acquired film and television libraries have remaining unamortized costs of $215.7 million, which are monetized individually and are being amortized on a straight-line basis or the individual-film-forecast method over a weighted-average remaining period of approximately 12.7 years (March 31, 2025 - unamortized costs were $235.7 million).

Amortization of investment in film and television programs was $267.1 million and $679.7 million for the three and nine months ended December 31, 2025, respectively, and was included in direct operating expense in the unaudited condensed consolidated statements of operations (three and nine months ended December 31, 2024 - amortization was $277.8 million and $772.1 million, respectively).

Impairments. Investment in films and television programs include write-downs to fair value. Impairments that are recorded to direct operating expense are included in amortization expense. The following table sets forth impairments by segment and the line item on the unaudited condensed consolidated statement of operations for the three and nine months ended December 31, 2025 and 2024:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2025		2024		2025		2024
	(Amounts in millions)
Impairments by segment:
Included in direct operating expense(1):
Motion Picture	$	—	$	0.2	$	—	$	18.8
Television Production	—		0.4		1.5		0.4
Impairments not included in segment operating results(2):

Included in restructuring and other	2.3		7.3		10.9		6.8
	$	2.3	$	7.9	$	12.4	$	26.0

________________

(1) Impairments included in direct operating expense are included in the amortization expense amounts as disclosed above.

(2) Impairments included in restructuring and other represents write-downs in connection with the restructuring of the Motion Picture and Television Production businesses. See Note 15 for further information.

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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

5. Investments

The Company’s investments consisted of the following:


	December 31, 2025		March 31, 2025
	(Amounts in millions)
Investments in equity method investees	$	26.6	$	68.1
Other investments(1)	9.7		9.7
	$	36.3	$	77.8

________________

(1) Other investments represent equity investments without readily determinable fair values.

Equity Method Investments:

The Company has investments in various equity method investees with ownership percentages ranging from approximately 6% to 49%. These investments include:

•Roadside Attractions. Roadside Attractions is an independent theatrical distribution company.

•Pantelion Films. Pantelion Films is a joint venture with Videocine, an affiliate of Televisa, which produces, acquires and distributes a slate of English and Spanish language feature films that target Hispanic moviegoers in the U.S.

•42. 42 is a fully integrated management and production company, producing film, television and content, representing actors, writers, directors, comedians, presenters, producers, casting directors and media book rights; with offices in London and Los Angeles.

•STARZPLAY Arabia. STARZPLAY Arabia (Playco Holdings Limited) offers a STARZ-branded online subscription video-on-demand service in the Middle East and North Africa.

•Other. In addition to the equity method investments discussed above, the Company holds ownership interests in other immaterial equity method investees.

Sale of Equity Method Investment:

On April 17, 2025, the Company sold its equity method ownership interest in Spyglass, a global premium content company, for $31.9 million, resulting in a $3.1 million gain recorded within gain on investments on the Company's unaudited condensed consolidated statement of operations during the nine months ended December 31, 2025. The Company received proceeds of $28.9 million upon closing on May 17, 2025, with the remaining amount due to the Company on the first anniversary of the closing date.

6. Goodwill

Changes in the carrying value of goodwill by reportable segment were as follows:


	Motion Picture		Television Production		Total
	(Amounts in millions)
Balance as of March 31, 2025	$	396.9	$	411.6	$	808.5
Business acquisitions(1)	—		35.6		35.6
Measurement period adjustments(2)	—		2.7		2.7
Balance as of December 31, 2025	$	396.9	$	449.9	$	846.8

________________

(1) In addition to the acquisition of A & A (see Note 3), during the nine months ended December 31, 2025, the Company acquired a controlling equity interest in OManagement, a talent agent firm, resulting in a $7.3 million allocation to goodwill.

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LIONSGATE STUDIOS CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(2) Measurement period adjustments for the acquisition of A & A reflect an increase to goodwill of $2.7 million resulting from a net decrease in the estimated fair value of the net assets acquired.

7. Debt

Total debt of the Company, excluding film related obligations, as of December 31, 2025 and March 31, 2025 was as follows:


	December 31, 2025		March 31, 2025
	(Amounts in millions)
Corporate debt:
Term Loan A(1)	$	—	$	314.4
Revolving Credit Facility	30.0		—
Senior Notes	389.9		389.9
eOne IP Credit Facility	294.9		323.0
LG IP Credit Facility	1,218.8		978.8
3 Arts Credit Facility	30.6		—
Total corporate debt	1,964.2		2,006.1
Unamortized debt issuance costs	(41.4)		(33.2)
Total debt, net	1,922.8		1,972.9
Less current portion	(159.0)		(134.0)
Noncurrent portion of debt	$	1,763.8	$	1,838.9

_______________________

(1)As further described below and in Note 1, in connection with the Starz Separation, all outstanding principal, interest and fees under the Old Lionsgate Credit Agreement (comprised of the previous Revolving Credit Facility and Term Loan A) were repaid in full.

Starz Separation:

On May 6, 2025, in connection with the Starz Separation, the Company fully repaid all outstanding principal, interest and fees under the credit and guarantee agreement dated December 8, 2016, as amended (the “Old Lionsgate Credit Agreement”). This included the repayment of $314.4 million in principal under Term Loan A and $255.0 million in principal under the previous revolving credit facility. All commitments thereunder were terminated. These repayments were made in part using net proceeds from a new Starz credit agreement that was entered into by Starz just prior to the closing of the Starz Separation.

In addition, the Company entered into a new credit agreement (the “Lionsgate Credit Agreement”) with Lions Gate Television Inc. (“LGTV”), as borrower, the guarantors referred to therein, the lenders referred to therein, and JPMorgan Chase Bank, N.A., as administrative agent. See Lionsgate Credit Agreement (Revolving Credit Facility) below for further information. Further, LGTV assumed senior notes by way of supplemental indenture (the “Supplemental Indenture”). See Senior Notes below for further information.

Lionsgate Credit Agreement (Revolving Credit Facility)

Revolving Credit Facility Availability of Funds & Commitment Fee. The Lionsgate Credit Agreement provides for an $800.0 million senior secured revolving credit facility, which may be increased up to $1,200.0 million, subject to the terms and conditions set forth therein. Borrowing availability is limited by a borrowing base. As of December 31, 2025, $770.0 million of borrowing capacity was available. LGTV is required to pay a commitment fee of 0.375% per annum on the unused portion of the revolving facility.

Maturity Date. The Lionsgate Credit Agreement and commitments thereunder will mature on May 6, 2030.

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LIONSGATE STUDIOS CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Interest. Borrowings under the Lionsgate Credit Agreement bear interest at LGTV’s option, at either (i) Term SOFR (subject to a 0.00% floor) or (ii) a base rate, in each case plus a margin. The applicable margin is 2.50% for SOFR loans and 1.50% for base rate loans. As of December 31, 2025, the effective interest rate on outstanding borrowings was 6.19% before the impact of interest rate swaps. See Note 18 for interest rate swap detail.

Security and Guarantees. LGTV’s obligations under the Lionsgate Credit Agreement are guaranteed by the Company and substantially all of its wholly-owned restricted subsidiaries and secured by substantially all assets of LGTV and the guarantors, in each case subject to certain customary exceptions.

Covenants. The Lionsgate Credit Agreement contains customary affirmative and negative covenants that, subject to certain significant exceptions, limit the ability of the Company and its restricted subsidiaries to incur additional indebtedness or liens, make investments, engage in mergers, consolidations, asset sales or acquisitions, pay dividends or other restricted payments and enter into certain affiliate transactions. In addition, the Lionsgate Credit Agreement requires the Company to maintain a Liquidity Ratio (as defined in the Lionsgate Credit Agreement) of no less than 1.10 to 1.00 as of the last day of each fiscal quarter. As of December 31, 2025, the Company was in compliance with all applicable covenants.

Events of Default. The Lionsgate Credit Agreement includes customary events of default, including a change in control. Upon an event of default, lenders may terminate any remaining commitments and declare all outstanding principal and accrued interest immediately due and payable. In addition, the administrative agent may require the Company to provide cash collateral, equal to the full amount available under any letters of credit, regardless of whether any draws or other demands for payment have been made.

Senior Notes

On May 8, 2024, an indirect, wholly-owned subsidiary of Old Lionsgate issued $389.9 million aggregate principal amount of 5.5% senior notes due on April 15, 2029 (the “Senior Notes”) in exchange for an equivalent principal amount of the existing 5.5% senior notes due 2029 (the “Existing Notes”).

In connection with the completion of the Starz Separation, LGTV assumed the Senior Notes pursuant to a Supplemental Indenture. Under the Supplemental Indenture, LGTV became the primary obligor under the Senior Notes and assumed all obligations of the original issuer. The initial issuer was released and discharged from all obligations under the Senior Notes.

Certain Existing Notes that were not exchanged having an aggregate principal amount of $325.1 million as of March 31, 2025 remained with Starz following the Starz Separation and are therefore presented as discontinued operations. See Note 2.

Maturity Date. Following completion of the Starz Separation, the Senior Notes mature on April 15, 2030.

Interest. Following completion of the Starz Separation, the Senior Notes bear interest at 6.00% per annum payable semi-annually.

Security. LGTV’s obligations under the original and Supplemental Indenture are guaranteed by the Company and affiliated grantors. The Company and grantors have pledged substantially all existing and future owned assets, in each case subject to certain customary exceptions.

Covenants. The Senior Notes contain covenants that, subject to specified exceptions, restrict the Company’s ability to incur additional indebtedness, declare dividends or repurchase its common shares, make certain loans or investments, and dispose of certain assets, among other limitations. As of December 31, 2025, the Company was in compliance with all applicable covenants.

Optional Redemption. The Company may redeem the Senior Notes, in whole or in part, at any time at the applicable redemption price plus accrued and unpaid interest, if any, to the redemption date. The redemption prices (expressed as a percentage of the principal amount) are as follows: (i) prior to the first anniversary of the Separation Closing Date - 103.0%; (ii) on or after the first anniversary and prior to the second anniversary - 102.0%; (iii) on or after the second anniversary and prior to the third anniversary- 101.0%; (iv) on or after the third anniversary - 100%.

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LIONSGATE STUDIOS CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Change in Control. A change of control constitutes a triggering event requiring the Company to offer to purchase all outstanding Senior Notes, at 101% of the principal amount, plus accrued and unpaid interest, if any, to the purchase date. In addition, certain asset dispositions may require the Company to apply excess proceeds to an offer to purchase the Senior Notes at 100% of the principal amount, plus accrued and unpaid interest, if any.

Capacity to Pay Dividends. As of December 31, 2025, the capacity to pay dividends under the Lionsgate Credit Agreement and the Senior Notes significantly exceeded the Company’s accumulated deficit balance or net loss from continuing operations. Accordingly, the Company’s net loss from continuing operations, net of income tax for the nine months ended December 31, 2025 of $247.6 million and accumulated deficit as of December 31, 2025 of $3,803.0 million did not impose restrictions on its ability to pay dividends as of December 31, 2025.

eOne IP Credit Facility:

In July 2024, certain subsidiaries of the Company entered into a senior secured amortizing term credit facility (the “eOne IP Credit Facility”) based on and secured by the Company’s intellectual property rights primarily associated with certain titles acquired as part of the eOne acquisition. The maximum principal amount of the eOne IP Credit Facility is $340.0 million, subject to the amount of collateral available, which is based on the valuation of unsold rights from the libraries. The eOne IP Credit Facility is subject to quarterly required principal payments of $8.5 million, beginning November 14, 2024, with the balance payable at maturity. Advances under the eOne IP Credit Facility bear interest at a rate equal to Term SOFR plus 2.25% per annum (effective interest rate of 5.94% as of December 31, 2025, before the impact of interest rate swaps, see Note 18). As of December 31, 2025, there was no available borrowing capacity under the eOne IP Credit Facility. The eOne IP Credit Facility matures on July 3, 2029.

LG IP Credit Facility:

In September 2024, certain subsidiaries of the Company entered into a $455.0 million senior secured amortizing term credit facility (the “LG IP Credit Facility”) based on and secured by the Company’s intellectual property rights primarily associated with certain titles. In November 2024 and December 2024, the Company closed amendments which increased the maximum principal amount of the LG IP Credit Facility to $850.0 million, and in March 2025, the Company closed an amendment which increased the maximum principal amount of the LG IP Credit Facility to $1.0 billion. On September 26, 2025, the Company closed an amendment which increased the maximum principal amount of the LG IP Credit Facility to $1.25 billion, which continues to be subject to the amount of collateral available, which is based on the valuation of unsold rights from the libraries.

The Company is subject to quarterly required principal payments of 2.5% of the applicable aggregate outstanding principal amount, with the balance payable at maturity. Advances under the LG IP Credit Facility bear interest at a rate equal to Term SOFR plus 2.25% per annum (effective interest rate of 5.94% as of December 31, 2025, before the impact of interest rate swaps, see Note 18). As of December 31, 2025, there was no available borrowing capacity under the LG IP Credit Facility. A portion of the proceeds were used to fully repay and terminate the Film Library Facility (see Note 8). The LG IP Credit Facility matures on September 30, 2029.

3 Arts Credit Facility:

On May 29, 2025 in preparation for the A & A purchase (see Note 3), 3 Arts entered into a $50.0 million senior secured credit facility (the “3 Arts Credit Facility”) based on and secured by a security interest in substantially all of the assets of 3 Arts and guarantors as defined in the 3 Arts Credit Facility, subject to certain exceptions. The 3 Arts Credit Facility also contains certain customary affirmative and negative covenants that are customary for similar financings. Payable at maturity, advances under the 3 Arts Credit Facility bear interest at a rate per annum equal to, at the borrower’s option, either Term SOFR or a base rate, in each case plus a margin of 2.50% for SOFR loans and 1.50% for base rate loans (effective interest rate of 6.19% as of December 31, 2025, before the impact of interest rate swaps, see Note 18 for interest rate swaps). The borrower will pay a commitment fee equal to 0.35% per annum in respect of unutilized commitments thereunder. As of December 31, 2025, there was $19.4 million of borrowing capacity available under the 3 Arts Credit Facility. The 3 Arts Credit Facility matures on May 29, 2029.

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LIONSGATE STUDIOS CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Other Prior Period Debt Transactions:

During the nine months ended December 31, 2024, the Company used proceeds from the Business Combination to prepay $84.9 million of Term Loan A and $214.1 million of Term Loan B principal amounts, including accrued and unpaid interest on both loans. In addition, the Company used the proceeds from the LG IP Credit Facility to pay the remaining LGTV Term Loan B outstanding principal and unpaid interest balance of $605.1 million.

Loss on Extinguishment of Debt:

During the three and nine months ended December 31, 2025 and 2024, the Company recorded a loss on extinguishment of debt related to the transactions described above as summarized in the table below:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2025		2024		2025		2024
	(Amounts in millions)
Loss on Extinguishment of Debt:
Senior Notes exchange(1)	$	—	$	—	$	—	$	(2.7)
Term Loan A and B prepayments(2)	—		(0.3)		—		(1.8)
Revolving Credit Facility(3)	—		—		(1.0)		—
Film Related Obligations prepayment(4)	—		—		(1.2)		—
	$	—	$	(0.3)	$	(2.2)	$	(4.5)

________________

(1)The 5.5% Senior Notes exchange that occurred during the nine months ended December 31, 2024 was considered a modification of terms since the present value of the cash flows after the amendment differed by less than a 10% change from the present value of the cash flows on a creditor-by-creditor basis prior to the amendment. Accordingly, the unamortized debt issuance costs are being amortized over the applicable term of the debt and the third-party costs attributable to continuing operations of $2.7 million were expensed as a loss on extinguishment of debt in the nine months ended December 31, 2024. As discussed in Note 2, discontinued operations include interest and other related expenses associated with debt positions that remained with Starz following the completion of the Starz Separation, specifically the Existing Notes that were not exchanged for Senior Notes.

(2)The prepayments during the three and nine months ended December 31, 2024 were voluntary prepayments, allowable under the agreement with no penalty. The repayments were treated as extinguishments and all unamortized debt issuance costs were written off as losses on extinguishment.

(3)As discussed above, in connection with the Starz Separation, the previous revolving credit facility under the Old Lionsgate Credit Agreement was terminated and a new revolving credit facility was entered into under the Lionsgate Credit Agreement. The associated costs were accounted for as follows: (i) if the borrowing capacity (measured as the amount available under the revolving credit facility multiplied by the remaining term) was less than it was prior to the termination and issuance, measured on a creditor-by-creditor basis, the unamortized debt issuance costs were written off as a loss on extinguishment of debt in proportion to the decrease in borrowing capacity, and (ii) all fees paid to third-parties (i.e., new debt issuance costs) are being amortized over the term of the new revolving credit facility under the Lionsgate Credit Agreement.

(4)Represents issuance costs written off in connection with the early prepayment and termination of the Film Library Facility (see Note 8).

8. Film Related Obligations

Total film related obligations as of December 31, 2025 and March 31, 2025 were as follows:

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LIONSGATE STUDIOS CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)


	December 31, 2025		March 31, 2025
	(Amounts in millions)
Film related obligations:
Production Loans	$	1,471.9	$	1,395.4
Production Tax Credit Facility	333.1		280.0
Backlog Facility and Other	258.4		238.9
Film Library Facility	—		75.9
Total film related obligations	2,063.4		1,990.2
Unamortized issuance costs	(10.9)		(7.3)
Total film related obligations, net	2,052.5		1,982.9
Less current portion	(1,214.0)		(1,617.8)
Total film related obligations - noncurrent	$	838.5	$	365.1

Production Loans:

Production loans represent individual and multi-title loans for the production of film and television programs that the Company produces. The majority of the Company’s production loans have contractual repayment dates either at or near the expected completion or release dates, with the exception of certain loans containing repayment dates on a longer term basis, and incur primarily SOFR-based interest at a weighted average rate of 5.48% (before the impact of interest rate swaps, see Note 18 for interest rate swaps). Production loans amounting to $1,256.6 million are secured by collateral which consist of the underlying rights related to the intellectual property (i.e., film or television show), and $215.3 million are unsecured as of December 31, 2025.

Production Tax Credit Facility:

In January 2021, as amended in May 2025, the Company entered into a non-recourse senior secured revolving credit facility (the “Production Tax Credit Facility”) which is collateralized solely by certain of the Company’s tax credit receivables. As of December 31, 2025, the Production Tax Credit Facility had a maximum principal amount of $380.0 million, subject to the availability of eligible collateral. Collateral eligibility is determined based on specified percentages of amounts payable to the Company by governmental authorities under tax incentive laws in certain jurisdictions related to the production or exploitation of motion pictures and television programming in such jurisdictions. Cash collections from the tax credit receivables are used to repay outstanding borrowings under the facility. As of December 31, 2025, $402.2 million in tax credit receivables served as collateral and $46.9 million remained available for borrowing. Advances under the facility bear interest at either (i) SOFR plus 0.10% plus 1.50% per annum, or (ii) the base rate plus 0.50% per annum, resulting in an effective interest rate of 5.29% as of December 31, 2025. The Production Tax Credit Facility matures on January 27, 2028.

Film Library Facility:

In July 2021, as amended in September 2022, certain subsidiaries of the Company entered into a senior secured amortizing term credit facility (the “Film Library Facility”). The facility was collateralized exclusively by the Company’s rights in certain acquired film library titles. The maximum principal amount available under the Film Library Facility was $161.9 million, subject to the valuation of eligible collateral, which was based on projected cash flows from the libraries. Repayment of the facility was funded through cash flows generated from the exploitation of these rights, and was subject to cumulative minimum guaranteed payment amounts. During September 2025, the remaining outstanding balance of $59.7 million was fully repaid and all commitments were terminated.

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LIONSGATE STUDIOS CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Backlog Facility and Other:

Backlog Facility. In March 2022, as amended in June 2025, certain subsidiaries of the Company entered into a committed secured revolving credit facility (the “Backlog Facility”) based on and secured by collateral consisting solely of certain of the Company’s fixed fee or minimum guarantee contracts where cash will be received in the future. The maximum principal amount of the Backlog Facility as of December 31, 2025 is $175.0 million, subject to the amount of eligible collateral contributed to the facility. Advances under the Backlog Facility bear interest at a rate equal to Term SOFR plus 0.10% to 0.25% depending on the SOFR term (i.e., one, three or six months), plus an applicable margin amounting to 1.15% per annum. The applicable margin is subject to a potential increase to either 1.25% or 1.50% based on the weighted average credit quality rating of the collateral contributed to the facility (effective interest rate of 4.94% at December 31, 2025). The Backlog Facility revolving period ends on May 30, 2028, at which point cash collections from the underlying collateral is used to repay the facility. The facility maturity date is up to 2 years, 90 days after the revolving period ends, currently August 28, 2030. As of December 31, 2025, there was $146.9 million outstanding under the Backlog Facility, resulting in $28.1 million available borrowing capacity under the Backlog Facility (as of March 31, 2025, $135.7 million was outstanding).

Other. The Company has other loans, which are secured by accounts receivable and contracted receivables which are not yet recognized as revenue under certain licensing agreements. Outstanding loan balances under these “other” loans must be repaid with any cash collections from the underlying collateral if and when received by the Company and may be voluntarily repaid at any time without prepayment penalty fees. As of December 31, 2025, there was $111.5 million outstanding (as of March 31, 2025, $103.2 million was outstanding) under the “other” loans, incurring SOFR-based interest at a weighted average rate of 5.24%, with remaining contractual repayment dates in April 2026, July 2026 and December 2027. As of December 31, 2025, accounts receivable amounting to $67.0 million and contracted receivables not yet reflected as accounts receivable on the balance sheet as of December 31, 2025 amounting to $60.4 million represented collateral related to the “other” loans.

9. Fair Value Measurements

Fair Value

Accounting guidance and standards about fair value define fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Fair Value Hierarchy

Fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The accounting guidance and standards establish three levels of inputs that may be used to measure fair value:

•Level 1 — Quoted prices in active markets for identical assets or liabilities.

•Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities.

•Level 3 — Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities.

The following table sets forth the assets and liabilities required to be carried at fair value on a recurring basis as of December 31, 2025 and March 31, 2025:

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LIONSGATE STUDIOS CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)


	December 31, 2025						March 31, 2025
	Level 1		Level 2		Total		Level 1		Level 2		Total
Assets:	(Amounts in millions)
Forward exchange contracts (see Note 18)	$	—	$	—	$	—	$	—	$	1.8	$	1.8

Liabilities:
Forward exchange contracts (see Note 18)	—		4.0		4.0		—		—		—
Interest rate swaps (see Note 18)	—		4.4		4.4		—		3.1		3.1

The following table sets forth the carrying values and fair values of the Company’s outstanding debt and film related obligations at December 31, 2025 and March 31, 2025:


	December 31, 2025				March 31, 2025
	(Amounts in millions)
	Carrying Value		Fair Value(1)		Carrying Value		Fair Value(1)
			(Level 2)				(Level 2)
Term Loan A	$	—	$	—	$	313.4	$	312.9
Revolving Credit Facility	17.1		30.0		—		—
Senior Notes	382.8		368.4		381.6		360.9
eOne IP Credit Facility	290.2		294.9		317.6		323.0
LG IP Credit Facility	1,202.7		1,218.8		962.9		978.8
3 Arts Credit Facility	30.1		30.6		—		—
Production Loans	1,467.2		1,471.9		1,393.9		1,395.4
Production Tax Credit Facility	329.4		333.1		276.2		280.0
Backlog Facility and Other	256.1		258.4		238.4		238.9
Film Library Facility	—		—		74.4		75.9

________________

(1)The Company measures the fair value of its outstanding debt using discounted cash flow techniques that use observable market inputs, such as SOFR-based yield curves and credit ratings (Level 2 measurements).

The Company’s financial instruments also include cash and cash equivalents, accounts receivable, accounts payable, content related payables, other accrued liabilities, and other liabilities. The carrying values of these financial instruments approximate their fair values as of December 31, 2025 and March 31, 2025.

10. Noncontrolling Interests

Redeemable Noncontrolling Interests

Redeemable noncontrolling interests as of December 31, 2025 and March 31, 2025 (included in temporary equity on the consolidated balance sheets) primarily relate to 3 Arts Entertainment. In addition, redeemable noncontrolling interests included Pilgrim Media Group prior to the purchase of additional interest in July 2024 and includes A & A after the acquisition in May 2025. See further information below.

Redeemable noncontrolling interests are measured at the greater of (i) the redemption amount that would be paid if settlement occurred at the balance sheet date less the amount attributed to unamortized noncontrolling interest discount if applicable, or (ii) the historical value resulting from the original acquisition date value plus or minus any earnings or loss attribution, plus the amount of amortized noncontrolling interest discount, less the amount of cash distributions that are not accounted for as compensation, if any. The amount of the redemption value in excess of the historical values of the noncontrolling interest, if any, is recognized as an increase to redeemable noncontrolling interest and a charge to retained earnings or accumulated deficit.

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LIONSGATE STUDIOS CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The table below presents the reconciliation of changes in redeemable noncontrolling interests:


	Nine Months Ended
	December 31,
	2025		2024
	(Amounts in millions)
Beginning balance	$	93.7	$	123.3
Net income (loss) attributable to redeemable noncontrolling interests	0.3		(1.6)
Adjustments to redemption value	0.3		0.9
Cash (distributions) contributions	(2.0)		0.5
Acquisition of noncontrolling interests	21.4		—
Purchase of additional interest	—		(23.4)
Ending balance	$	113.7	$	99.7

3 Arts Entertainment. The Company has a noncontrolling interest in 3 Arts Entertainment, of which a portion is reflected as a redeemable noncontrolling interest, and a portion is reflected as a liability as “other noncurrent liabilities” in the unaudited condensed consolidated balance sheets.

•Redeemable noncontrolling interest: The redeemable noncontrolling interest balance related to 3 Arts Entertainment of $87.5 million as of December 31, 2025 reflects the fully vested equity portion of the noncontrolling interest, which is classified as redeemable noncontrolling interest outside of shareholders’ equity on the Company’s consolidated balance sheets due to the purchase and sale rights beginning in 2027 which were determined to be embedded in the noncontrolling interest, and are outside the control of the Company. The redeemable noncontrolling interest is being adjusted to its redemption value through accumulated deficit through the sale or purchase right date in January 2027. The noncontrolling interest holders have the right to sell to the Company and the Company has the right to purchase the noncontrolling interest holders remaining (24%) interest beginning in January 2027.

Changes in the carrying value of the redeemable noncontrolling interest are reflected in the calculation of basic and diluted net income or loss per common share attributable to Lionsgate Studios Corp. shareholders, if dilutive, or to the extent the adjustments represent recoveries of amounts previously reflected in the computation of basic and diluted net income or loss per common share attributable to Lionsgate Studios Corp. shareholders (see Note 12).

•Noncontrolling interest reflected as a liability: A portion of the 3 Arts Entertainment noncontrolling interest is considered compensatory, as it is subject to forfeiture provisions upon termination of employment under certain circumstances. The noncontrolling interest holders’ right to sell their interest to the Company, and the Company’s right to purchase the noncontrolling interest, are formula-based amounts (i.e., a fixed EBITDA multiple), subject to a minimum purchase price, rather than being based on fair value. Since the redemption features described above are based on a formula using a fixed multiple, the compensatory portion of the noncontrolling interest is considered a liability award and remeasured at each reporting period, with any changes in estimated redemption value recognized as a charge or benefit in general and administrative expense in the consolidated statements of operations over the vesting period (i.e., the period from January 2, 2024 to the sale or purchase right date in January 2027).

As of December 31, 2025, approximately $89.4 million is reflected as “other noncurrent liabilities” in the unaudited condensed consolidated balance sheet based on the estimated redemption amount recalculated at the current quarter end.

Earned distributions are accounted for as compensation since such amounts are allocated to the holders based on performance and are being expensed within general and administrative expense as incurred.

A & A. On May 30, 2025, 3 Arts acquired a 51% ownership in A & A (see Note 3 for additional details). The noncontrolling interest balance of $19.6 million reflects the fully vested equity portion of the remaining 49% equity interest in A & A, and is presented as a redeemable noncontrolling interest outside of shareholders’ equity on the Company’s unaudited condensed consolidated balance sheet, due to put option rights embedded in the noncontrolling interest that are determined to be outside of the Company's control.

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LIONSGATE STUDIOS CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Other. The Company has other immaterial redeemable noncontrolling interests.

Prior Period Redeemable Noncontrolling Interest

Pilgrim Media Group. In July 2024, the Company purchased the noncontrolling interest holder’s remaining 12.5% of Pilgrim Media Group for approximately $13.5 million, and recorded a reduction to redeemable noncontrolling interest of $23.4 million, representing the carrying value of the noncontrolling interest purchased, with the difference between the carrying value of the noncontrolling interest purchased and the cash paid for the remaining interest recorded as a reduction to accumulated deficit of $9.9 million. Prior to the Company’s purchase of the remaining interest, the noncontrolling interest was presented as a redeemable noncontrolling interest outside of shareholders’ equity on the Company’s consolidated balance sheets, due to put option rights embedded in the noncontrolling interest that were determined to be outside of the Company's control.

Non-Redeemable Noncontrolling Interests

The Company has other noncontrolling interests that are not redeemable and classified in shareholders’ equity on the Company’s unaudited condensed consolidated balance sheets. These noncontrolling interests include:

Legacy Lionsgate Studios. In connection with the Business Combination discussed in Note 3, on May 13, 2024, the Company recorded a noncontrolling interest representing approximately 12.2% of Legacy Lionsgate Studios amounting to a reduction of noncontrolling interest in shareholders’ equity (deficit), due to the negative carrying value of Legacy Lionsgate Studios at May 13, 2024, partially offset by an amount allocated to certain options. See Note 3 for further information.

As described in Note 1, in connection with the Starz Separation, the LG Studios Flip occurred, resulting in the pre-transaction shareholders of Legacy Lionsgate Studios Common Shares, other than Old Lionsgate, receiving, in exchange for each Legacy Lionsgate Studios Common Share they held, a number of Lionsgate Common Shares, and therefore the noncontrolling interest in Legacy Lionsgate Studios was eliminated.

Other. In connection with the Company’s investment in CP LG and acquisition of the acquired library and related assets and liabilities discussed in Note 3, on June 5, 2024, the Company recorded a noncontrolling interest representing approximately 49% of CP LG amounting to $33.6 million ($30.0 million at December 31, 2025). See Note 3 for further information.

In addition, the Company has other immaterial noncontrolling interests that are not redeemable.

11. Revenue

The Company’s Motion Picture and Television Production segments generate revenue principally from the licensing of content in domestic theatrical exhibition, home entertainment (e.g., digital media and packaged media), television and international marketplaces.

Revenue by Segment, Market or Product Line

The table below presents revenue by segment, market or product line for the three and nine months ended December 31, 2025 and 2024:

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LIONSGATE STUDIOS CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)


	Three Months Ended				Nine Months Ended
	December 31,				December 31,
	2025		2024		2025		2024
	(Amounts in millions)
Revenue by Type:
Motion Picture
Theatrical	$	70.7	$	35.0	$	117.9	$	91.1
Home Entertainment
Digital Media	155.1		145.7		387.5		400.3
Packaged Media	14.1		16.0		32.4		37.8
Total Home Entertainment	169.2		161.7		419.9		438.1
Television	43.1		38.3		117.0		235.0
International(1)	120.6		70.4		278.3		291.1
Other	17.6		6.0		31.8		14.8
Total Motion Picture revenues	$	421.2	$	311.4	$	964.9	$	1,070.1

Television Production
Television	134.2		259.9		410.7		733.1
International	85.4		59.3		162.1		144.8
Home Entertainment
Digital Media	58.0		55.5		148.6		108.7
Packaged Media	1.2		1.7		2.8		3.0
Total Home Entertainment	59.2		57.2		151.4		111.7
Other	24.3		28.2		66.1		72.9
Total Television Production revenues	303.1		404.6		790.3		1,062.5
Intersegment eliminations(2)	—		(87.8)		(29.9)		(413.5)
Total revenues	$	724.3	$	628.2	$	1,725.3	$	1,719.1

______________________

(2)Amounts reflect the impact of intersegment revenue from the Motion Picture and Television Production segments’ licensing motion pictures or television programming to the former Media Networks segment prior to the Starz separation on May 6, 2025. Following the Starz Separation, the Company and Starz will continue to be parties to certain commercial agreements. As a result, the impacts of licensing motion pictures or television programming to Starz following the Starz Separation are not eliminated in consolidation and are reflected in the consolidated results from continuing operations, see Note 2.

Remaining performance obligations represent deferred revenue on the balance sheet plus fixed fee or minimum guarantee contracts where the revenue will be recognized, and the cash received in the future (i.e., backlog). Revenues expected to be recognized in the future related to performance obligations that are unsatisfied at December 31, 2025 are as follows:


	Rest of Year Ending March 31, 2026		Year Ending March 31,
			2027		2028		Thereafter		Total
	(Amounts in millions)
Remaining Performance Obligations	$	547.0	$	1,107.6	$	214.8	$	117.3	$	1,986.7

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LIONSGATE STUDIOS CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The above table does not include estimates of variable consideration for transactions involving sales or usage-based royalties in exchange for licenses of intellectual property. The revenues included in the above table include all fixed fee contracts regardless of duration.

Revenues of $77.9 million and $243.6 million, including variable and fixed fee arrangements, were recognized during the three and nine months ended December 31, 2025, respectively, from performance obligations satisfied prior to March 31, 2025. These revenues were primarily associated with the distribution of television and theatrical product in electronic sell-through and video-on-demand formats, and to a lesser extent, the distribution of theatrical product in the domestic and international markets related to films initially released in prior periods.

Accounts Receivable, Contract Assets and Deferred Revenue

The timing of revenue recognition, billings and cash collections affects the recognition of accounts receivable, contract assets and deferred revenue. See the unaudited condensed consolidated balance sheets or Note 19 for accounts receivable, contract assets and deferred revenue balances as of December 31, 2025 and March 31, 2025.

Accounts Receivable. Accounts receivable are presented net of estimated credit losses. The Company estimates credit losses for accounts receivable based on historical experience for the respective risk categories and current and future expected economic conditions. To assess collectability, the Company analyzes market trends, economic conditions, the aging of receivables and customer specific risks, and records an allowance for estimated credit losses expected over the lifetime of the receivables in direct operating expense.

The Company performs ongoing credit evaluations and monitors its credit exposure through active review of customers’ financial condition, aging of receivable balances, historical collection trends, and expectations about relevant future events that may significantly affect collectability. The Company generally does not require collateral for its trade accounts receivable.

Changes in the allowance for accounts receivable consisted of the following:


	March 31, 2025		Provision for doubtful accounts		December 31, 2025
	(Amounts in millions)
Provision for credit losses	$	5.6	$	2.3	$	7.9

Contract Assets. Contract assets relate to the Company’s conditional right to consideration for completed performance under the contract (e.g., unbilled receivables). Amounts relate primarily to contractual payment holdbacks in cases in which the Company is required to deliver additional episodes or seasons of television content in order to receive payment, complete certain administrative activities, such as guild filings, or allow the Company’s customers' audit rights to expire. See Note 19 for contract assets as of December 31, 2025 and March 31, 2025.

Deferred Revenue. Deferred revenue relates primarily to customer cash advances or deposits received prior to when the Company satisfies the corresponding performance obligation. Deferred revenue as of December 31, 2025 increased as compared to March 31, 2025 due to the receipt of customers’ payments for certain motion pictures and television programs prior to the Company satisfying the corresponding performance obligation (i.e., completion and delivery of the motion pictures and television programs, and the start of the customers’ exploitation rights). Revenues of $38.4 million and $137.3 million, respectively, were recognized during the three and nine months ended December 31, 2025, related to the balance of deferred revenue as of March 31, 2025.

12. Net Loss Per Share

Basic net income (loss) per share is calculated based on the weighted average common shares outstanding for the period. As a result of the Starz Separation, weighted average common shares outstanding, basic and dilutive, for all periods prior to the Starz Separation, reflect pre-transaction Old Lionsgate Class A Shares multiplied by one and twelve one-hundredths (1.12) and pre-transaction Old Lionsgate Class B Shares. The LG Studios Flip is reflected as of close of the Starz Separation, May 6, 2025. Basic and diluted net income (loss) per share for the three and nine months ended December 31, 2025 and 2024 is presented below:

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LIONSGATE STUDIOS CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)


	Three Months Ended				Nine Months Ended
	December 31,				December 31,
	2025		2024		2025		2024
	(Amounts in millions, except per share amounts)
Basic and Diluted Net Income (Loss) Per Common Share:
Numerator:
Net loss from continuing operations	$	(46.2)	$	(23.1)	$	(252.0)	$	(279.4)
Less: Accretion of redeemable noncontrolling interest	—		(0.3)		(0.3)		(1.0)
Net loss from continuing operations after accretion of redeemable noncontrolling interest	(46.2)		(23.4)		(252.3)		(280.4)
Net income (loss) from discontinued operations	—		1.2		(16.5)		34.7
Net loss attributable to Lionsgate Studios Corp. shareholders after accretion of redeemable noncontrolling interest	$	(46.2)	$	(22.2)	$	(268.8)	$	(245.7)
Denominator:
Weighted average common shares outstanding	290.0		250.2		283.9		248.4

Basic and diluted net loss per common share - continuing operations	$	(0.16)	$	(0.09)	$	(0.89)	$	(1.13)
Basic and diluted net income (loss) per common share - discontinued operations	—		$	—	(0.06)		0.14
Basic and diluted net loss per common share	$	(0.16)	$	(0.09)	$	(0.95)	$	(0.99)

As a result of the net loss from continuing operations in the three and nine months ended December 31, 2025 and 2024, the dilutive effect of the share purchase options, RSUs, and contingently issuable shares were considered anti-dilutive and, therefore, excluded from diluted net loss per share. The weighted average anti-dilutive shares excluded from the calculation due to the net loss for the three and nine months ended December 31, 2025 totaled 4.0 million and 2.7 million, respectively (three and nine months ended December 31, 2024 - 1.1 million and 2.5 million, respectively).

Additionally, for the three and nine months ended December 31, 2025 and 2024, the outstanding issuable common shares presented below were excluded from diluted net loss per common share because their inclusion would have had an anti-dilutive effect regardless of net income or loss in the period:


	Three Months Ended		Nine Months Ended
	December 31,		December 31,
	2025	2024	2025	2024
	(Amounts in millions)
Anti-dilutive shares issuable
Share purchase options	16.9	18.5	17.0	16.7
Restricted share units	0.1	5.2	1.3	3.9
Other issuable shares	4.0	4.7	3.8	4.1
Total weighted average anti-dilutive shares issuable excluded from diluted net loss per common share	21.0	28.4	22.1	24.7

13. Capital Stock

(a) Common Shares

Subsequent to the Starz Separation, the Company has an unlimited number of authorized shares to issue.

The table below outlines common shares reserved for future issuance:

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LIONSGATE STUDIOS CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)


			December 31, 2025
			(Amounts in millions)
Stock options and share appreciation rights (SARs) outstanding			16.9
Restricted share units — unvested			16.3
Common shares available for future issuance			16.1
Shares reserved for future issuance			49.3

As described in Note 1, in connection with the completion of the Starz Separation and related transactions, pre-transaction Old Lionsgate Class A Shares received one and twelve one-hundredths (1.12) Lionsgate Common Shares for each Class A share held and pre-transaction Old Lionsgate Class B Shares received one Lionsgate Common Share for each Class B Share held. Pre-transaction Legacy Lionsgate Studios shareholders, other than Old Lionsgate, received, in exchange for each Legacy Lionsgate Studios Common Share they held, LG Studios Flip Shares.

As of March 31, 2025, the Company had 500 million authorized Class A voting shares of which 83.7 million had been issued and 500 million authorized Class B non-voting shares of which 156.8 million had been issued.

(b) Preferred Shares

The Company has authorized 200 million shares of preferred stock with no par value. No shares have been issued as of December 31, 2025.

On May 6, 2025, the Company’s Board of Directors declared a dividend of one common share purchase right (a “Right”) for each outstanding Lionsgate Common Share, and adopted a shareholder rights plan, as set forth in the Shareholder Rights Agreement dated as of May 7, 2025 (the “Rights Agreement”), by and between the Company and Computershare Investor Services, Inc., as rights agent. The Rights may be exercised only when a holder has acquired 15% or more of the Company’s outstanding common shares (referred to as “Beneficial Ownership”). Each Right entitles the holder to purchase one common share at an exercise price of $32.00. All Rights will expire on May 7, 2026. The Board of Directors may redeem the Rights at any time, before the Rights are exercisable or expired, for $0.001 per Right. As of December 31, 2025, no rights have been exercised or redeemed.

(d) Share-based Compensation

Starz Separation - Incentive Plans. On May 6, 2025, the Company assumed the Lions Gate Entertainment Corp. 2023 Performance Incentive Plan, and the plan was amended and restated as the Lionsgate Studios Corp. 2025 Performance Incentive Plan (the “Lionsgate 2025 Plan”), and became effective, with respect to 58 million Lionsgate Common Shares. On May 6, 2025, the Company became the sponsor of the Lionsgate 2025 Plan. All awards outstanding immediately prior to the completion of the Starz Separation under the equity plans of Old Lionsgate and held by employees or directors who became employees or directors of Lionsgate after the Starz Separation, or by former employees (regardless of the division in which such former employee served), were converted into awards of the Company under the Lionsgate 2025 Plan, except that awards of individuals who will be serving as non-employee directors of both the Company and Starz were only partially converted into awards under the Lionsgate 2025 Plan.

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LIONSGATE STUDIOS CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The Company recognized the following share-based compensation expense during the three and nine months ended December 31, 2025 and 2024:


	Three Months Ended				Nine Months Ended
	December 31,				December 31,
	2025		2024		2025		2024
	(Amounts in millions)
Share-Based Compensation Expense:
Stock options	$	0.7	$	0.2	$	0.9	$	0.6
Restricted share units and other share-based compensation	24.3		13.9		47.9		40.2
Share appreciation rights	0.1		0.2		0.4		0.5
	25.1		14.3		49.2		41.3
Impact of accelerated vesting on equity awards(1)	0.9		—		1.7		4.7
Total share-based compensation expense	$	26.0	$	14.3	$	50.9	$	46.0

___________________

(1)Represents the impact of the acceleration of vesting schedules for equity awards pursuant to certain severance arrangements.

Share-based compensation expense, by expense category, consisted of the following:


	Three Months Ended				Nine Months Ended
	December 31,				December 31,
	2025		2024		2025		2024
	(Amounts in millions)
Share-Based Compensation Expense:
General and administration	$	25.1	$	14.3	$	49.2	$	41.3
Restructuring and other	0.9		—		1.7		4.7
	$	26.0	$	14.3	$	50.9	$	46.0

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LIONSGATE STUDIOS CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The following table sets forth the stock option, SARs and restricted share unit activity during the nine months ended December 31, 2025:


	Stock Options and SARs
	Old Lionsgate Class A Voting Shares				Old Lionsgate Class B Non-Voting Shares				Lionsgate
	Number of Shares		Weighted-Average Exercise Price		Number of Shares		Weighted-Average Exercise Price		Number of Shares		Weighted- Average Exercise Price
	(Number of shares in millions)
Outstanding at March 31, 2025	2.3		$	23.10	14.8		$	13.86	—		$	—
Granted	—		$	—	—		$	—	—		$	—
Options exercised	—		$	—	—	(1)	$	7.13	—		$	—
Forfeited or expired	—	(1)	$	7.70	—	(1)	$	11.29	—		$	—
Outstanding at May 6, 2025	2.3		$	23.09	14.8		$	13.86	—		$	—
Conversion	(2.3)		$	—	(14.8)		$	—	17.1		$	15.09
Granted	—		$	—	—		$	—	0.2		$	8.38
Options exercised	—		$	—	—		$	—	—	(1)	$	7.64
Forfeited or expired	—		$	—	—		$	—	(0.4)		$	30.51
Outstanding at December 31, 2025	—		$	—	—		$	—	16.9		$	14.66


	Restricted Share Units
	Old Lionsgate Class A Voting Shares				Old Lionsgate Class B Non-Voting Shares				Lionsgate
	Number of Shares		Weighted-Average Grant-Date Fair Value		Number of Shares		Weighted-Average Grant-Date Fair Value		Number of Shares		Weighted-Average Grant-Date Fair Value
	(Number of shares in millions)
Outstanding at March 31, 2025	0.1		$	8.39	11.1		$	8.17	—		$	—
Granted	—		$	—	0.1		$	7.29	—		$	—
RSUs vested	—	(1)	$	8.41	—	(1)	$	7.55	—		$	—
Forfeited or expired	—		$	—	—	(1)	$	7.97	—		$	—
Outstanding at May 6, 2025	0.1		$	8.39	11.2		$	8.16	—		$	—
Conversion	(0.1)		$	—	(11.2)		$	—	11.0		$	8.16
Granted	—		$	—	—		$	—	13.6		$	6.47
RSUs vested	—		$	—	—		$	—	(6.5)		$	8.14
Forfeited or expired	—		$	—	—		$	—	(1.8)		$	7.42
Outstanding at December 31, 2025	—		$	—	—		$	—	16.3		$	6.83

__________________

(1)Represents less than 0.1 million shares.

(e) Share Repurchases

During the three and nine months ended December 31, 2025 and 2024, the Company did not repurchase any common shares. To date, approximately $288.1 million common shares have been repurchased, leaving approximately $179.9 million of authorized potential repurchases.

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LIONSGATE STUDIOS CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(f) SEAC Sponsor Options

In connection with the Business Combination, the Sponsor Options to receive Legacy Lionsgate Studios common shares were issued to certain noncontrolling interest holders, with an exercise price of $0.0001 per share. The Sponsor Options would become exercisable (i) on or after the date on which the trading price of Legacy Lionsgate Studios common shares (as adjusted for share splits, share dividends, reorganizations, recapitalizations and the like) equals or exceeds $16.05 per share or (ii) if a Change of Control (as defined in the sponsor option agreement) occurs, subject to certain conditions. The Company recorded the Sponsor Options as part of the noncontrolling interest.

In connection with the Starz Separation, Legacy Lionsgate Studios amended the sponsor option agreement to include the Company as a party to the agreement and convert the Sponsor Options into options to purchase the Company’s common shares.

14. Income Taxes

The income tax provision for the three and nine months ended December 31, 2025 and 2024 is calculated by estimating the Company’s annual effective tax rate (estimated annual tax provision divided by estimated annual income before income taxes), and then applying the effective tax rate to income (loss) before income taxes for the period, plus or minus the tax effects of items that relate discretely to the period, if any.

The Company’s income tax provision differs from the federal statutory income tax rate applied to income (loss) before taxes due to the mix of earnings generated across the various jurisdictions in which operations are conducted. The Company’s income tax provision for the three and nine months ended December 31, 2025 and 2024 was impacted by changes in the valuation allowances against certain U.S. and foreign deferred tax assets, certain minimum taxes and foreign withholding taxes.

The Company’s income tax provision can be affected by many factors, including the overall level of pre-tax income, the mix of pre-tax income generated across the various jurisdictions in which the Company operates, changes in tax laws and regulations in those jurisdictions, changes in uncertain tax positions, changes in valuation allowances on its deferred tax assets, tax planning strategies available to the Company, and other discrete items.

On July 4, 2025, H.R. 1, commonly referred to as the One Big Beautiful Bill Act, was enacted in the U.S. H.R. 1 includes significant provisions, including the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act of 2017, modifications to the U.S. international tax framework, and the restoration of favorable tax treatment for certain business provisions. This legislation has multiple effective dates, with certain provisions becoming effective beginning in 2025 and others implemented through 2027. The legislation’s enactment does not materially impact the Company’s effective tax rate or cash flows from income taxes in the current fiscal year.

15. Restructuring and Other

Restructuring and other primarily consists of restructuring and severance costs, as well as certain transaction and other costs, when applicable. During the three and nine months ended December 31, 2025 and 2024, the Company also incurred certain other charges or benefits that are not indicative of normal ongoing operations. These amounts are included in direct operating expense in the condensed consolidated statements of operations and are described below:

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LIONSGATE STUDIOS CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)


	Three Months Ended				Nine Months Ended
	December 31,				December 31,
	2025		2024		2025		2024
	(Amounts in millions)
Restructuring and other:
Content and other impairments(1)	$	5.0	$	7.3	$	14.9	$	25.8
Severance(2)	5.1		20.4		19.8		24.6
Transaction and other costs(3)	(0.8)		4.8		5.1		14.5
Total Restructuring and Other	9.3		32.5		39.8		64.9

Other unusual charges not included in restructuring and other or the Company’s operating segments:
COVID-19 related expense (benefit) included in direct operating expense(4)	—		—		1.0		(2.1)
Unallocated rent cost included in direct operating expense(5)	7.9		4.1		19.4		14.6
Total restructuring and other and other unusual charges not included in restructuring and other	$	17.2	$	36.6	$	60.2	$	77.4

_______________________

(1)Content and other impairments primarily reflect $2.3 million and $10.9 million in content impairment charges and development cost write-offs recorded during the three and nine months ended December 31, 2025, respectively, in connection with the restructuring of the Motion Picture and Television Production businesses. Amounts in the three and nine months ended December 31, 2024 include content impairments of $7.3 million related to the Motion Picture and Television Production segments associated with exiting local production in certain international territories. In addition, the amounts in the three and nine months ended December 31, 2025 and 2024 include impairment charges related to certain operating lease right-of-use assets and leasehold improvements within the Television Production segment. These impairments are recognized as a result of facilities that are no longer expected to be utilized by the Company, primarily related to the integration of eOne.

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LIONSGATE STUDIOS CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(2)Severance costs were primarily related to workforce reduction actions undertaken in connection with restructuring and acquisition integration activities, as well as other cost-reduction initiatives.

(3)Transaction and other costs primarily relate to transaction, integration and legal costs incurred in connection with certain strategic transactions and restructuring activities, as well as costs associated with certain legal matters. For the nine months ended December 31, 2025, transaction costs associated with the Starz Separation are excluded, as such amounts are classified within discontinued operations. In addition, the three and nine months ended December 31, 2025 include a gain of $2.6 million from the sale of the Company’s streaming platform in India that was not a part of the disposal group of the Starz Business.

(4)Amounts in the nine months ended December 31, 2024 include insurance recoveries recognized in connection with certain COVID-19-related circumstances.

(5)Amounts represent rent cost for production facilities that were unutilized due to lower demand following the industry strikes and, as such, were not allocated to the Company’s segments.

Changes in the restructuring and other severance liability during the nine months ended December 31, 2025 and 2024 were as follows:


	December 31,
	2025		2024
	(Amounts in millions)
Severance liability
Beginning balance	$	23.6	$	19.4
Accruals	18.1		19.9
Severance payments	(28.6)		(16.0)
Ending balance(1)	$	13.1	$	23.3

_______________________

(1)As of December 31, 2025, the remaining severance liability of approximately $13.1 million is expected to be paid in the next 12 months.

16. Segment Information

The Company’s reportable segments have been determined based on the distinct nature of their operations, the Company’s internal management structure, and the financial information that is evaluated regularly by the Company’s CODM in deciding how to allocate resources to an individual segment and in assessing performance. The Company's Chief Executive Officer (“CEO”) is the CODM.

Following the Starz Separation, the Company no longer reports the Media Networks segment and currently has two reportable business segments: (1) Motion Picture and (2) Television Production.

(1) Motion Picture. Motion Picture consists of the development and production of feature films, acquisition of North American and worldwide distribution rights, North American theatrical, home entertainment and television distribution of feature films produced and acquired, and worldwide licensing of distribution rights to feature films produced and acquired.

(2) Television Production. Television Production consists of the development, production and worldwide distribution of television productions including television series, television movies and mini-series and non-fiction programming. Television Production includes the licensing of Starz original series productions to Starz, and the ancillary market distribution of Starz original productions and licensed product (prior to the Starz Separation, licensing to the former Media Networks segment). Additionally, the Television Production segment includes the results of operations of 3 Arts Entertainment.

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LIONSGATE STUDIOS CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

In the ordinary course of business, the Company's reportable segments enter into transactions with one another. The most common types of intersegment transactions, prior to the Starz Separation, included licensing motion pictures or television programming (including Starz original productions) from the Motion Picture and Television Production segments to the former Media Networks segment. While intersegment transactions, prior to the Starz Separation, were treated like third-party transactions to determine segment performance, the revenues (and corresponding expenses) were eliminated in consolidation and, therefore, did not affect consolidated results from operations. Following the Starz Separation, the Company and Starz will continue to be parties to certain commercial agreements. As a result, the impacts of licensing motion pictures or television programming to Starz following the Starz Separation are not eliminated in consolidation and are reflected in the consolidated results from continuing operations, see Note 2.

Segment information for the three and nine months ended December 31, 2025 and 2024 is presented below:


	Three Months Ended				Nine Months Ended
	December 31,				December 31,
	2025		2024		2025		2024
	(Amounts in millions)
Segment revenues
Studio Business:
Motion Picture(1)	$	421.2	$	311.4	$	964.9	$	1,070.1
Television Production	303.1		404.6		790.3		1,062.5
Total Studio Business	724.3		716.0		1,755.2		2,132.6
Intersegment eliminations	—		(87.8)		(29.9)		(413.5)
	$	724.3	$	628.2	$	1,725.3	$	1,719.1
Intersegment revenues
Studio Business:
Motion Picture(1)	—		9.9		3.1		146.2
Television Production	—		77.9		26.8		267.3
Intersegment eliminations	—		87.8		29.9		413.5

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LIONSGATE STUDIOS CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)



Segment direct operating expenses
Studio Business:
Motion Picture(1)	197.6		134.2		467.9		543.7
Television Production	221.8		320.4		620.9		889.9
Total Studio Business	419.4		454.6		1,088.8		1,433.6
Intersegment eliminations	—		(61.0)		(42.6)		(287.1)
	419.4		393.6		1,046.2		1,146.5
Segment distribution and marketing
Studio Business:
Motion Picture(1)	140.2		71.4		334.7		280.9
Television Production	13.0		8.8		39.2		27.3
Total Studio Business	153.2		80.2		373.9		308.2

Gross contribution
Studio Business:
Motion Picture(1)	83.4		105.8		162.3		245.5
Television Production	68.3		75.4		130.2		145.3
Total Studio Business	151.7		181.2		292.5		390.8
Intersegment eliminations	—		(26.8)		12.7		(126.4)
	151.7		154.4		305.2		264.4
Segment general and administration
Studio Business:
Motion Picture(1)	24.9		23.1		70.6		75.7
Television Production	12.6		14.5		36.0		49.3
Total Studio Business	37.5		37.6		106.6		125.0

Segment profit
Studio Business:
Motion Picture(1)	58.5		82.7		91.7		169.8
Television Production	55.7		60.9		94.2		96.0
Total Studio Business	114.2		143.6		185.9		265.8
Intersegment eliminations	—		(26.8)		12.7		(126.4)
	$	114.2	$	116.8	$	198.6	$	139.4

___________________

(1)During the first quarter of fiscal 2026, the Company began reflecting the results of operations of its streaming platform in India within the Motion Picture segment as such operations are not a part of the disposal group of the Starz Business. Accordingly, the following amounts were reclassified from the former Media Networks segment to the Motion Picture segment in the three and nine months ended December 31, 2024 to conform to the current period presentation: (i) revenue of $2.2 million and $6.8 million, respectively; (ii) direct operating expense of $1.6 million and $5.2 million, respectively; (iii) distribution and marketing expense of $0.8 million and $2.2 million, respectively; and (iv) general and administration expense of $0.7 million and $2.1 million, respectively, which resulted in gross contribution loss of $0.2 million and $0.6 million, respectively and segment loss of $0.9 million and $2.7 million, respectively.

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LIONSGATE STUDIOS CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The Company's primary measure of segment performance is its Studio Business segment profit. Segment profit is defined as gross contribution (segment revenues, less segment direct operating and segment distribution and marketing expense) less segment general and administration expenses. Segment profit excludes, when applicable, corporate general and administrative expense, restructuring and other costs, share-based compensation, certain content charges as a result of changes in management and/or content strategy, certain benefits or expenses related to the COVID-19 global pandemic, unallocated rent cost and purchase accounting and related adjustments. The Company believes the presentation of Studio Business segment profit is relevant and useful for investors because it allows investors to view segment performance in a manner similar to the primary method used by the Company’s management, including the CODM, and enables them to understand the fundamental performance of the Company’s businesses. The CODM uses the Studio Business segment profit to evaluate the operating performance of the Company’s segments, to inform decisions for planning and forecasting, and for the allocation of resources.

The reconciliation of the total segment profit to the Company’s loss from continuing operations before income taxes is as follows:


	Three Months Ended				Nine Months Ended
	December 31,				December 31,
	2025		2024		2025		2024
	(Amounts in millions)
Total segment profit	$	114.2	$	116.8	$	198.6	$	139.4
Corporate general and administrative expenses(1)	(28.9)		(30.9)		(90.0)		(96.3)
Adjusted depreciation and amortization(2)	(3.4)		(3.3)		(10.2)		(10.1)
Restructuring and other	(9.3)		(32.5)		(39.8)		(64.9)
COVID-19 related (expense) benefit included in direct operating expense(3)	—		—		(1.0)		2.1
Unallocated rent cost included in direct operating expense(4)	(7.9)		(4.1)		(19.4)		(14.6)
Adjusted share-based compensation expense(5)	(25.1)		(14.3)		(49.2)		(41.3)
Purchase accounting and related adjustments(6)	(3.6)		(4.0)		(9.5)		(9.9)
Operating income (loss)	36.0		27.7		(20.5)		(95.6)
Interest expense	(65.0)		(63.7)		(200.9)		(195.1)
Interest and other income	4.0		3.1		11.8		11.5
Other income (loss), net	(7.6)		10.2		(21.5)		(5.2)
Loss on extinguishment of debt	—		(0.3)		(2.2)		(4.5)
Gain on investments, net	—		—		8.8		—
Equity interests income (loss)	(5.1)		7.6		(8.2)		8.5
Loss from continuing operations before income taxes	$	(37.7)	$	(15.4)	$	(232.7)	$	(280.4)

___________________

(1)Corporate general and administrative expenses include certain corporate executive expense (such as salaries and wages for the office of the Chief Executive Officer, Chief Financial Officer, General Counsel and other corporate officers), investor relations costs, costs of maintaining corporate facilities, and other unallocated common administrative support functions, including corporate accounting, finance and financial reporting, internal and external audit and tax costs, corporate and other legal support functions, and certain information technology and human resources expense. Corporate general and administrative expenses also include costs that were previously incurred in support of the Media Networks segment but are not directly attributable to it and thus were not recorded in discontinued operations, see Note 2.

(2)Adjusted depreciation and amortization represent depreciation and amortization as presented on our unaudited condensed consolidated statements of operations less the depreciation and amortization related to the non-cash fair value adjustments to property and equipment and intangible assets acquired in acquisitions which are included in the purchase accounting and related adjustments line item above, as shown in the table below:

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LIONSGATE STUDIOS CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)


	Three Months Ended				Nine Months Ended
	December 31,				December 31,
	2025		2024		2025		2024
	(Amounts in millions)
Depreciation and amortization	$	4.4	$	4.4	$	13.2	$	13.2
Less: Amount included in purchase accounting and related adjustments	(1.0)		(1.1)		(3.0)		(3.1)
Adjusted depreciation and amortization	$	3.4	$	3.3	$	10.2	$	10.1

(3)Amounts in the nine months ended December 31, 2024 include insurance recoveries recognized in connection with certain COVID-19-related circumstances (see Note 15). These charges and benefits are excluded from segment operating results.

(4)Amounts represent rent cost for production facilities that were unutilized due to lower demand following the industry strikes and, as such, are not allocated to the Company’s segments.

(5)The following table reconciles total share-based compensation expense to adjusted share-based compensation expense:


	Three Months Ended				Nine Months Ended
	December 31,				December 31,
	2025		2024		2025		2024
	(Amounts in millions)
Total share-based compensation expense	$	26.0	$	14.3	$	50.9	$	46.0
Less:
Amount included in restructuring and other(i)	(0.9)		—		(1.7)		(4.7)
Adjusted share-based compensation	$	25.1	$	14.3	$	49.2	$	41.3

_________________

(i)Amounts represent share-based compensation expense recorded within restructuring and other expenses, attributable to the accelerated vesting of equity awards pursuant to certain severance arrangements.

(6)Purchase accounting and related adjustments primarily consist of the amortization of non-cash fair value adjustments to certain assets acquired in acquisitions. The table below presents the amounts included in each financial statement line item:


	Three Months Ended				Nine Months Ended
	December 31,				December 31,
	2025		2024		2025		2024
	(Amounts in millions)
Purchase accounting and related adjustments:
General and administrative expense(i)	$	2.6	$	2.9	$	6.5	$	6.8
Depreciation and amortization	1.0		1.1		3.0		3.1
	$	3.6	$	4.0	$	9.5	$	9.9

_________________

(i)Amounts represent compensation expense associated with the noncontrolling equity interests in the distributable earnings of 3 Arts Entertainment. Due to the link to continued employment performance, these amounts are classified as general and administrative expense instead of noncontrolling interest in the consolidated statements of operations.

See Note 11 for revenues by media or product line as broken down by segment for the three and nine months ended December 31, 2025 and 2024.

The following table reconciles segment general and administration expense to the Company’s total consolidated general and administration expense:

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LIONSGATE STUDIOS CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)


	Three Months Ended				Nine Months Ended
	December 31,				December 31,
	2025		2024		2025		2024
	(Amounts in millions)
General and administration
Segment general and administrative expenses	$	37.5	$	37.6	$	106.6	$	125.0
Corporate general and administrative expenses	28.9		30.9		90.0		96.3
Share-based compensation expense included in general and administrative expense	25.1		14.3		49.2		41.2
Purchase accounting and related adjustments	2.6		2.9		6.5		6.8
	$	94.1	$	85.7	$	252.3	$	269.3

The reconciliation of total segment assets to the Company’s total consolidated assets is as follows:


	December 31, 2025		March 31, 2025
	(Amounts in millions)
Assets
Motion Picture	$	2,193.5	$	1,865.8
Television Production	2,402.2		2,279.3
Other unallocated assets(1)	648.5		777.6
Assets of discontinued operations	—		1,899.4
	$	5,244.2	$	6,822.1

___________________

(1)Other unallocated assets primarily consist of cash, other assets and investments.

17. Commitments and Contingencies

Commitments

During the three and nine months ended December 31, 2025, the Company did not have any material changes in its non-cancellable contractual obligations (other than activities in the ordinary course of business).

Contingencies

From time to time, the Company is involved in certain claims and legal proceedings arising in the normal course of business.

The Company establishes an accrued liability for claims and legal proceedings when the Company determines that a loss is both probable and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted from time to time, as appropriate, in light of additional information. The amount of any loss ultimately incurred in relation to matters for which an accrual has been established may be higher or lower than the amounts accrued for such matters.

As of December 31, 2025, the Company is not a party to any material pending claims or legal proceeding and is not aware of any other claims that it currently expects will, individually or in the aggregate, have a material adverse effect on the Company’s financial position, results of operations or cash flows.

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LIONSGATE STUDIOS CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

18. Derivative Instruments and Hedging Activities

Forward Foreign Exchange Contracts

The Company enters into forward foreign exchange contracts to hedge its foreign currency exposures on future production expenses and tax credit receivables denominated in various foreign currencies (i.e., cash flow hedges). The Company also enters into forward foreign exchange contracts that economically hedge certain of its foreign currency risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. The Company monitors its positions with, and the credit quality of, the financial institutions that are party to its financial transactions. Changes in the fair value of the foreign exchange contracts that are designated as hedges are reflected in accumulated other comprehensive income (loss), and changes in the fair value of foreign exchange contracts that are not designated as hedges and do not qualify for hedge accounting are recorded in direct operating expense. Gains and losses realized upon settlement of the foreign exchange contracts that are designated as hedges are amortized to direct operating expense on the same basis as the production expenses being hedged.

As of December 31, 2025, the Company had the following outstanding forward foreign exchange contracts (all outstanding contracts have maturities of less than 24 months from December 31, 2025):

December 31, 2025

Foreign Currency

Foreign Currency Amount

US Dollar Amount

Weighted Average Exchange Rate Per $1 USD

(Amounts in millions)

Euro

181.1 EUR

in exchange for

212.1 USD

0.85 EUR

Australian Dollar

3.6 AUD

in exchange for

2.3 USD

1.55 AUD

Canadian Dollar

34.0 CAD

Lionsgate Studios Corp. 10-Q