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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________________________________________________________________________

Form 10-K

~~____________________________________________________________________________________________________~~☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

☒For ~~ANNUAL~~the ~~REPORT~~fiscal ~~PURSUANT~~year TOended ~~SECTION~~March 31, 132026 ~~OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934~~

For the fiscal year ended March 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

~~British Columbia, Canada N/A~~ (~~State~~Address ~~or other jurisdiction~~ of ~~incorporation~~Principal orExecutive ~~organization)~~Offices, ~~(I.R.S.~~Zip ~~Employer Identification No.~~Code)

~~250~~Registrant’s ~~Howe~~telephone ~~Street~~number, ~~20th~~including ~~Floor~~area code:

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 ~~Rights to Purchase Common Shares N/A New York Stock Exchange~~

Securities registered pursuant to Section 12(g) of the Act: None

___________________________________________________________

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☑ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934. Yes ☐ No ☑

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or Section 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ☐

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

The aggregate market value of the ~~voting~~common ~~and~~shares ~~non-voting stock~~ held by non-affiliates of the registrant as of September 30, ~~2024~~2025 (the last business day of the registrant’s most recently completed second fiscal quarter) was approximately $~~252~~1,~~004~~664,~~825~~728,093, based on the closing sale price of such shares as reported on the New York Stock Exchange.

As of May 2618, ~~2025~~2026, ~~285~~290,~~718~~633,~~377~~610 shares of the registrant’s no par value common shares were outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Registrant’s definitive proxy statement relating to its ~~2025~~2026 annual meeting of shareholders (the “2026 ~~2025~~ Proxy Statement”) are incorporated by reference into Part III of ~~this~~ Annual Report on Form 10-K where indicated. The 2025 Proxy Statement will be filed with the U.S. Securities and Exchange Commission (the "SEC") within 120 days after the end of the fiscal year to which this report relates. Exhibit 99.2 to Amendment No. 1 to the Form 8-K filed with the SEC by Lionsgate Studios Holding Corp. on May 30, 2024, are incorporated by reference into Part II of this Annual Report on Form 10-K.

			Page
PART I
Item 1. Business			7
Item 1A. Risk Factors			19
Item 1B. Unresolved Staff Comments			36
Item 1C. Cybersecurity			36
Item 2. Properties			37
Item 3. Legal Proceedings			38
Item 4. Mine Safety Disclosures			38
PART II
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchase of Equity Securities			38
Item 6. [Reserved]			41
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations			42
Item 7A. Quantitative and Qualitative Disclosures About Market Risk			69
Item 8. Financial Statements and Supplementary Data			70
Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure			70
Item 9A. Controls and Procedures			71
Item 9B. Other Information			73
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections			73
PART III
Item 10. Directors, Executive Officers and Corporate Governance			73
Item 11. Executive Compensation			73
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters			73
Item 13. Certain Relationships and Related Transactions, and Director Independence			73
Item 14. Principal Accounting Fees and Services			73
PART IV
Item 15. Exhibits, Financial Statement Schedules			73
Item 16. Form 10-K Summary			76



			Page
PART I
Item 1. Business			7
Item 1A. Risk Factors			20
Item 1B. Unresolved Staff Comments			36
Item 1C. Cybersecurity			36
Item 2. Properties			37
Item 3. Legal Proceedings			37
Item 4. Mine Safety Disclosures			37

PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities			38
Item 6. [Reserved]			40
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations			41
Item 7A. Quantitative and Qualitative Disclosures About Market Risk			62
Item 8. Financial Statements and Supplementary Data			65
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure			65
Item 9A. Controls and Procedures			65
Item 9B. Other Information			68
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections			68

PART III
Item 10. Directors, Executive Officers and Corporate Governance			69
Item 11. Executive Compensation			69
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters			69
Item 13. Certain Relationships and Related Transactions, and Director Independence			69
Item 14. Principal Accounting Fees and Services			69

PART IV
Item 15. Exhibits, Financial Statement Schedules			70
Item 16. Form 10-K Summary			73

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FORWARD-LOOKING STATEMENTS

This ~~report~~Annual Report on Form 10-K (this “Annual 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~~Annual Report and include statements regarding our intentions, beliefs or current expectations concerning, among other ~~things~~matters, 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 ~~found~~discussed under “Part II, Item 1A. "Risk Factors"” ~~herein~~in this Annual Report. These risk factors should not be construed as exhaustive and should be read with the other cautionary statements and information in this ~~report~~Annual Report.

We caution you that forward-looking statements made in this ~~report~~Annual 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~~Annual 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~~programming; 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 this Annual Report. 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~~Annual 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~~Annual 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 ~~report~~Annual Report may contain references to our trademarks and to trademarks belonging to other entities. Solely for convenience, trademarks and trade names referred to in ~~report~~this Annual Report, 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 https://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 Annual Report ~~on Form 10-K~~. 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.

SUMMARY OF RISK FACTORS

An investment in Lionsgate involves a high degree of risk because our business is subject to numerous risks and uncertainties, as more fully described in “Part I, Item 1A. Risk Factors” of this Annual Report on Form 10-K. Below are some of these risks, any one of which could materially adversely affect our business, financial condition, results of operations, and prospects:

Risks Related to Lionsgate’s Business

•Lionsgate faces substantial capital requirements and significant financial risks.

•The requirements of being a public company, including maintaining adequate internal control over financial and management systems, may strain Lionsgate’s resources, divert management’s attention, and affect Lionsgate’s ability to attract and retain executive management and qualified board members.

•Lionsgate may incur significant write-offs if its projects do not perform well enough to recoup costs.

•Changes in Lionsgate’s business strategy, plans for growth or restructuring may increase its costs or otherwise affect its profitability.

•Lionsgate’s revenues and results of operations fluctuate significantly.

•Lionsgate’s results may be affected by the performance of a limited number of content releases in any given period.

•Lionsgate may incur significant write-offs if its projects do not perform well enough to recover costs.

•A significant portion of Lionsgate’s library revenues is derived from a small number of titles.

•Changes in consumer behavior, evolving technologies (including artificial intelligence) and shifts in distribution models may adversely affect Lionsgate’s business, financial condition or results of operations.

•Lionsgate faces substantial competition in all aspects of its business.

•Lionsgate relies on a few major retailers and distributors and the loss of any of those could reduce Lionsgate’s revenues and operating results.

•Lionsgate’s content licensing arrangements, primarily those relating to the distribution of films in foreign territories, may include minimum guarantee arrangements which, absent such arrangements, could adversely affect its results of operations.

•Lionsgate does not have long-term arrangements with many of its production or co-financing partners and, as a result, Lionsgate may not have certain derivative rights related thereto.

•Lionsgate’s ~~relies~~success depends on aits ~~few~~ability ~~major~~to ~~retailers~~attract and ~~distributors~~retain ~~and~~key ~~the~~personnel ~~loss of any of those could reduce Lionsgate’s revenues~~ and ~~operating~~artistic ~~results~~talent.

•A significant portion of Lionsgate’s library revenues comes from a small number of titles.

•Changes in consumer behavior, as well as evolving technologies (such as artificial intelligence) and distribution models, may negatively affect Lionsgate’s business, financial condition or results of operations.

•Lionsgate faces substantial competition in all aspects of its business.

•Lionsgate faces economic, political, regulatory, and other risks from doing business internationally.

•Lionsgate is subject to risks associated with possible acquisitions, dispositions, business combinations, or joint ventures.

•If Entertainment One Canada Ltd. loses Canadian status, it could lose licenses, incentives and tax credits.

•Lionsgate’s success depends on attracting and retaining key personnel and artistic talent.

•Global economic turmoil and regional economic conditions could adversely affect Lionsgate’s business.

•Lionsgate could be adversely affected by labor disputes, strikes or other union job actions.

4•Business interruptions resulting from circumstances or events beyond Lionsgate’s control could adversely affect its business operations.

•Changes in Lionsgate’s business strategy, growth initiatives or restructuring activities may result in increased costs or otherwise affect its profitability.

•Lionsgate is subject to risks associated with possible acquisitions, dispositions, business combinations and joint ventures.

•Global and regional economic conditions may adversely affect Lionsgate’s business.

•Lionsgate faces economic, political, regulatory, and other risks associated with doing business internationally.

•If Entertainment One Canada Ltd. loses Canadian status, it could lose licenses, incentives and tax credits.

•Lionsgate’s business depends in part on the maintenance and protection of its intellectual property rights, and failure to protect those rights or the cost of pursuing or defending intellectual property claims may have a material adverse effect on its business.

•Piracy of motion picture and television content could adversely affect Lionsgate’s business over time.

•Lionsgate’s business involves risks of claims arising from the content it produces, distributes or licenses, which could adversely affect its business, results of operations and financial condition.

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•~~Business~~Lionsgate ~~interruptions~~may ~~from~~be ~~circumstances~~subject orto ~~events~~litigation, ~~outside~~regulatory ofinvestigations ~~Lionsgate’s~~and ~~control~~other legal proceedings that could adversely affect ~~Lionsgate’s~~its business, financial condition and results of operations.

•Lionsgate’s ~~business~~relies isupon ~~dependent~~cloud oncomputing ~~the~~services ~~maintenance~~to ~~and~~support ~~protection~~certain aspects of its ~~intellectual~~operations, ~~property~~ and ~~pursuing~~disruptions ~~and~~or ~~defending~~interference ~~against~~with ~~intellectual~~those ~~property~~services ~~claims~~could ~~may~~adversely ~~have~~impact aits ~~material~~operations ~~adverse~~and ~~effect on its~~ business.

•Lionsgate’s business involves risks of claims for content of material, which could adversely affect Lionsgate’s business, results of operations and financial condition.

•Lionsgate may become subject to litigation and other legal proceedings, which could adversely impact its business, financial condition and results of operations.

•Piracy of films and television programs could adversely affect Lionsgate’s business over time.

•Lionsgate relies upon cloud computing services to operate certain aspects of its service and any disruption of or interference with its use of its cloud computing service could adversely impact its operations and its business.

•Lionsgate’s activities are subject to stringent and evolving obligations which may adversely impact its operations. Lionsgate’s actual or perceived failure to comply with such obligations could lead to regulatory investigations or actions; litigation; fines and penalties; disruptions of its business operations; reputational harm; loss of revenue or profits; loss of customers or sales; and other adverse business consequences.

•Service disruptions ~~or failures~~, orinformation security incidents ~~impacting~~or failures affecting Lionsgate or ~~the~~ third-~~party~~parties ~~service~~with ~~providers’~~whom ~~information~~it ~~systems,~~works ~~data~~could ~~and networks may~~ disrupt its ~~businesses~~operations, ~~damage~~harm its reputation, ~~expose it to regulatory investigations, actions, litigation, fines~~ and ~~penalties~~adversely oraffect ~~have a negative impact on~~ its ~~results of operations including but not limited to loss of revenue or profit, loss of customers or sales and other adverse consequences~~business.

•~~Purported~~The ~~noteholders~~requirements ~~have~~of ~~instituted~~being ~~suit~~a ~~against~~public ~~Old~~company, ~~Lionsgate~~including ~~(as~~maintaining ~~defined~~effective ~~below)~~internal ~~claiming~~control ~~that~~over itfinancial ~~breached~~reporting ~~the~~and ~~indenture~~management ~~governing~~systems, ~~certain~~may ~~5.500%~~strain ~~senior~~Lionsgate’s ~~notes~~resources, ~~due~~divert ~~2029~~management’s byattention ~~virtue~~and ofaffect anLionsgate’s ~~amendment~~ability ~~executed~~to inattract ~~connection~~and ~~with~~retain anexecutive ~~exchange~~management byand ~~certain~~qualified ~~noteholders~~board ~~for new notes~~members.

•Purported noteholders have instituted suit against Old Lionsgate claiming that it breached the indenture governing certain 5.500% senior notes due 2029 by virtue of an amendment executed in connection with an exchange by certain noteholders for new notes.

Risks Related to Lionsgate’s Indebtedness

•Lionsgate has incurred significant indebtedness that could adversely affect its business and profitability and its ability to meet other obligations.

•Lionsgate may not be able to generate sufficient cash to service all of its indebtedness and may be forced to take other actions to satisfy its obligations under its indebtedness, which may not be successful.

•Despite its ~~current~~existing level of indebtedness, Lionsgate and its subsidiaries may ~~still~~ be able to incur ~~substantially~~additional ~~more~~ debt., ~~This~~which could further exacerbate ~~the~~its ~~risks to Lionsgate’s~~ financial ~~condition described above~~risks.

•The terms of Lionsgate’s corporate indebtedness restrict ~~Lionsgate’s~~its ~~current~~operations and ~~future~~may ~~operations,~~limit ~~particularly~~its ~~Lionsgate’s~~ ability to respond to changes or to take certain actions.

•Lionsgate’s variable -rate indebtedness ~~subjects~~exposes it to interest rate risk, which could ~~cause~~increase its debt service obligations ~~to increase significantly~~.

•The value of the assets securing Lionsgate’s indebtedness, including its intellectual property and content library, may decline, which could adversely affect its borrowing capacity and financial flexibility.

•Lionsgate may face refinancing risk upon the maturity of its indebtedness.

Risk Related to Tax Rules and Regulations

•The Internal Revenue Service may not agree that Lionsgate should be treated as a non-U.S. corporation for U.S. federal tax purposes and may not agree that its U.S. affiliates should not be subject to certain adverse U.S. federal income tax rules.

•Future changes to U.S. and non-U.S. tax laws could adversely affect Lionsgate.

•Changes in foreign, state and local tax incentives may increase the cost of original programming content to such an extent that they are no longer feasible.

•Lionsgate’s tax rate is uncertain and may vary from expectations.

•Legislative or other governmental action in the U.S. could adversely affect Lionsgate’s business.

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•Changes in, or interpretations of, tax rules and regulations, and changes in geographic operating results, may adversely affect Lionsgate’s effective tax rates.

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PART I

ITEM 1. BUSINESS.

Overview

Lionsgate (NYSE: LION) is one of the world’s leading standalone, pure play, ~~publicly-traded~~ content companies. It brings together diversified motion picture and television production and distribution businesses, a world-class portfolio of valuable brands and franchises, a premiere talent management and production powerhouse at 3 Arts Entertainment and a more than 20,000-title film and television library, all driven by Lionsgate’s bold and entrepreneurial culture.

WeRefer ~~manage~~to ~~and~~Part ~~report~~II, ~~our operating results through two reportable business segments: Motion Picture and Television Production. Financial information for our segments is set forth in~~ Item 7,. Management’s Discussion and Analysis of Financial Condition and Results of Operations, - Overview in this Annual Report for information related to the Starz Separation.

~~Starz~~We ~~Separation~~classify our operations through two reportable business segments: Motion Picture and Television Production. Financial information for our segments is set forth in Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Segment Results of Operations and Non-GAAP Measures in this Annual Report.

~~Prior~~Segment to the Starz Separation (as defined and further discussed below), Lionsgate Studios Corp. (NASDAQ: LION) (“Legacy Lionsgate Studios”) was a subsidiary of Lions Gate Entertainment Corp (NYSE: LGF.A, LGF.B) (“Old Lionsgate” or “Parent”) which encompasses the motion picture and television studio operations (collectively referred to as the “Studio Business”) of Old Lionsgate. Revenue

On May 6, 2025, Old Lionsgate, 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”) completed the separation of the businesses of Legacy Lionsgate Studios from its STARZ-branded premium subscription platform business (the “Starz Separation”). 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.” (NYSE: LION) (and herein after referred to as the “Company,” “Lionsgate,” “we,” “us,” or “our”) 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.” (“Starz”) and holds, directly and through subsidiaries, the Starz Business that was previously held by Old Lionsgate (see Note 22 to the consolidated financial statements).

Notwithstanding the legal form of the Starz Separation, for accounting and financial reporting purposes, in accordance with 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 Lionsgate following the completion of the Starz Separation, Lionsgate (which holds the Studio Business) is considered the accounting spinnor or divesting entity and Starz (which holds the Starz Business) is considered the accounting spinnee or divested entity. As a result, Old Lionsgate will be the accounting predecessor to Lionsgate and the Starz Business will be accounted for as discontinued operations in the financial statements of Lionsgate following the completion of the Starz Separation, beginning with the first quarter ended June 30, 2025. For periods following the Starz Separation, Lionsgate will reflect the historical financial position and results of operations of Old Lionsgate and as such, Old Lionsgate’s consolidated financial statements as of March 31, 2025 and 2024 and for each of the three years in the period ended March 31, 2025 as well as year-to-year comparisons between fiscal 2025 and fiscal 2024 are included as exhibit 99.1 to this Annual Report.

Studio Business

Motion Picture: Our Motion Picture segment includes revenues derived from the following:

•Theatrical. The domestic theatrical release of motion pictures licensed to theatrical exhibitors on a picture-by-picture basis (distributed by us directly in the U.S. and through a sub-distributor in Canada). The revenues from Canada are reported net of distribution fees and release expenses of the Canadian sub-distributor. The financial terms that we negotiate with our theatrical exhibitors in the U.S. generally provide that we receive a percentage of the box office results. Theatrical revenues also include revenues from certain licenses to direct-to-platform customers where the initial license of a motion picture is to a direct-to-platform customer.

7•Home Entertainment. The sale or rental of our film productions and acquired or licensed films and certain television programs (including theatrical and direct-to-video releases) on packaged media and through digital media platforms (including pay-per-view and video-on-demand platforms, electronic sell-through, and digital rental). In addition, we have revenue sharing arrangements with certain digital media platforms which generally provide that, in exchange for a nominal or no upfront sales price, we share in the rental or sales revenues generated by the platform on a title-by-title basis.

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•Home Entertainment. The sale or rental of our film productions and acquired or licensed films and certain television programs (including theatrical and direct-to-video releases) on packaged media and through digital media platforms (including pay-per-view and video-on-demand platforms, electronic sell through, and digital rental). In addition, we have revenue sharing arrangements with certain digital media platforms which generally provide that, in exchange for a nominal or no upfront sales price, we share in the rental or sales revenues generated by the platform on a title-by-title basis.

•Television. The licensing of our theatrical productions and acquired films to the linear pay, basic cable and free television markets. In addition, when a license in our traditional pay television window is made to a subscription video-on-demand or other digital platform, the revenues are included here.

•International. The (i) licensing of our productions, acquired films, our catalog product and libraries of acquired titles to international distributors, on a territory-by-territory basis, and (ii) the direct distribution of our productions, acquired films, and our catalog product and libraries of acquired titles in the United Kingdom.

•Other. Among others, the licensing of our film and television and related content (e.g., games, music, location-based entertainment royalties, etc.) to other ancillary markets.

Television Production: Our Television Production segment includes revenues derived from the following:

•Television. The licensing to domestic markets (linear pay, basic cable, free television and syndication) of scripted and unscripted series, television movies, mini-series and non-fiction programming. Television revenues also include revenue from licenses to subscription video-on-demand platforms in which the initial license of a television series is to a subscription video-on-demand platform. Television revenues include fixed fee arrangements as well as arrangements in which we earn advertising revenue from the exploitation of certain content on television networks.

•International. The licensing and syndication to international markets of scripted and unscripted series, television movies, mini-series and non-fiction programming.

•Home Entertainment. The sale or rental of television production movies or series on packaged media and through digital media platforms.

•Other. Among others, the licensing of our television programs to other ancillary markets, the sales and licensing of music from the television broadcasts of our productions, and from commissions and executive producer fees earned related to talent management.

~~Segment Revenue~~7

~~For~~Table ~~the~~of ~~year ended March 31, 2025, contributions to the Company’s consolidated revenues from its reportable segments included Motion Picture, 49.7% and Television Production, 50.3%.~~Contents

For the year ended March 31, 2026, contributions to the Company’s consolidated revenues from its reportable segments included Motion Picture, 60.8% and Television Production, 39.2%.

•Within the Motion Picture segment, revenues were generated from the following:

•Theatrical, 910.79%

•Home Entertainment, 4144.41%;

•Television, 2114.80%;

•International, 2528.3%; and

•Other, 12.87%.

•Within the Television Production segment, revenues were generated from the following:

•Television, 6649.65%;

8•International, 25.1%;

~~Table~~•Home ofEntertainment, ~~Contents~~16.7%; and

•~~International~~Other, 158.57%;.

•Home Entertainment, 11.7%; and

•Other, 6.2%.

Corporate Strategy

We manage a large and diversified portfolio of film and television content that we license to theatrical exhibitors, streaming, broadcast, pay cable and other platform partners worldwide, maintaining a disciplined, targeted and cost-effective approach to the acquisition, production, marketing and distribution of that content. We believe that this strategic focus makes us a preferred supplier to third-party buyers. The extension of our deep portfolio of brands and franchises, creation of new intellectual properties and rigorous focus on retaining key rights to our content is designed to create incremental long-term value for our shareholders through a combination of current releases and one of the most valuable film and television libraries in the world.

Motion Picture - Theatrical

Production and Acquisition

We take a disciplined approach to theatrical production, with the goal of producing content that can be distributed through various domestic and international platforms. InAs ~~doing~~part soof this strategy, we may seek to mitigate ~~the~~production-related financial risk ~~associated with production~~ by~~, among others matters~~:

•Negotiating co-financing development and co-production agreements ~~which~~that ~~may~~ provide for cost-sharing with one or more third-parties;

•Pre-licensing international distribution rights on a selective basis, including through international output agreements ~~(which~~that license rights to distribute a film in one or more media ~~generally~~or one or more specified territories for a limited term, and ~~in one or more specific territories~~ prior to completion of the film);

•Structuring agreements that provide for talent participation in the film’s financial success ~~of the film~~ in exchange for reduced guaranteed “up-front payments” that would otherwise be ~~paid~~payable regardless of the film's commercial success; and

•Utilizing ~~governmental~~production incentives, ~~programs~~ and other ~~structures~~programs ~~from~~offered ~~state~~by states and foreign ~~countries (e.g.~~jurisdictions, such as sales tax refunds, transferable ~~tax~~or ~~credits,~~ refundable tax credits, ~~low interest loans,~~ direct subsidies or cash rebates, generally calculated based on ~~the~~qualifying ~~amount~~expenditures ofincurred ~~money spent~~ in the particular jurisdiction and in connection with the production).

Our ~~approach~~film toacquisition ~~acquiring~~strategy ~~films~~ complements our theatrical production strategy. -In acquiring films, we ~~typically~~generally seek to limit our financial exposure while ~~adding~~expanding our portfolio of films with ~~high~~titles we believe have strong potential for commercial box office ~~success~~performance, critical recognition and successful monetization across amultiple ~~broad~~distribution ~~array of~~ platforms.

Distribution

The economic life of a motion picture ~~may~~generally ~~consist~~consists of its exploitation inacross ~~theaters~~multiple distribution channels, onincluding theatrical exhibition, packaged media and on various digital and television platforms in territories around the world. WeIn ~~generally~~the ~~distribute~~United ~~motion~~States, ~~pictures~~we typically distribute films directly to movie theaters inwhere the ~~U.S. whereby the~~ exhibitor retains a portion of the gross box office receipts and remits the balance ~~is remitted~~ to the distributor. ~~Concurrent~~Films ~~with their release in the U.S., films~~ are generally released in Canada ~~and~~concurrently ~~may~~with ~~also~~their ~~be released in one or more other foreign countries~~U. ~~We construct release schedules taking into account moviegoer attendance patterns and competition from other studios' scheduled theatrical releases~~S. ~~After initial theatrical~~ release, distributors seek to maximize revenues by releasing films in sequential release date windows, which may be exclusive against other non-theatrical distribution platforms. In certain circumstances, our distribution strategy has and may ~~continue~~also ~~to change, and certain films intended for theatrical release may~~ be ~~licensed~~released toin ~~other~~additional ~~platforms~~foreign territories.

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~~Producing,~~We ~~marketing~~determine ~~and~~theatrical ~~distributing~~release ~~films~~schedules ~~can~~based ~~involve significant risks and costs, and can cause our financial results to vary depending~~ on ~~the~~a ~~timing~~variety of afactors ~~film’s~~such ~~release.~~as ~~For~~anticipated ~~instance,~~moviegoer ~~marketing~~attendance ~~costs~~patterns ~~are generally incurred before~~ and ~~throughout~~timing ~~the theatrical release~~ of acompeting ~~film~~theatrical ~~and,~~releases toby ~~a lesser extent,~~ other ~~distribution~~studios. ~~windows,~~Following ~~and~~an ~~are~~initial ~~expensed~~theatrical ~~as incurred. Therefore~~release, wedistributors ~~typically~~generally ~~incur~~seek ~~losses with respect~~ to amaximize ~~particular~~revenues ~~film~~by ~~prior~~exploiting tofilms ~~and~~in ~~during~~sequential ~~the~~distribution ~~film’s~~windows, ~~theatrical~~which ~~exhibition~~may, ~~and profitability~~ for ~~the~~certain ~~film~~periods, ~~may not~~ be ~~realized~~exclusive ~~until~~of ~~after~~other ~~its~~ non-theatrical ~~release~~distribution ~~window~~platforms. ~~Further,~~In wecertain ~~may~~circumstances, ~~revise~~our ~~the~~distribution ~~release~~strategy ~~date~~has ofchanged aand ~~film~~may ascontinue ~~the production schedule changes or in such a manner as we believe is likely~~ to ~~maximize revenues for other business reasons. Additionally~~change, ~~there~~and ~~can~~certain ~~be no assurance that any of the~~ films ~~scheduled~~initially intended for theatrical release ~~will~~may instead be ~~completed~~licensed ~~and/or~~to inother ~~accordance~~distribution ~~with the anticipated schedule or budget, or that the film will ever be released~~platforms.

The production, marketing and distribution of films can involve significant costs and risks, and may cause our financial results to vary, particularly due to the timing of a film’s release. For instance, marketing costs are generally incurred prior to and throughout a film’s theatrical release and, to a lesser extent, during subsequent distribution windows and are expensed as incurred. As a result, we typically incur losses with respect to a particular film prior to and during the film’s theatrical exhibition, and profitability, if achieved, may not be realized until after its theatrical release window. In addition, we may revise a film’s release date due to changes in production schedule or when such revisions may maximize revenue potential or serve other business objectives. There can be no assurance that any films scheduled for release will be completed on time or within anticipated budget, or that any such films will ultimately be released.

Theatrical Releases

For the fiscal year ended March 31, ~~2025~~2026, we released the following twenty-~~seven~~four (2724) films theatrically in the ~~U.S.~~United States across our labels (including films released through our partnership with Roadside Attractions, of which Lionsgate owns a 43% equity interest)~~. Such titles and their release patterns included the following~~:

Fiscal 2025
Fiscal 2026
Theatrical Releases - Lionsgate*
Title	~~Theatrical~~ Release Date	~~Release Pattern~~
The Ministry of Ungentlemanly Warfare	April 15, 2024	Theatrical and Premium Video-on-Demand
Shadow Force	May 9, 2025
Unsung Hero	April 26, 2024	Theatrical and Accelerated Home Entertainment
Hurry Up Tomorrow	May 16, 2025
The Strangers: Chapter 1	May 17, 2024	Theatrical and Premium Video-on-Demand
Ballerina	June 6, 2025
Borderlands	August 9, 2024	Theatrical and Premium Video-on-Demand
The Long Walk	September 12, 2025
The Crow	August 23, 2024	Theatrical and Premium Video-on-Demand
The Strangers – Chapter 2	September 26, 2025
1992	August 30, 2024	Theatrical and Premium Video-on-Demand
Good Fortune	October 17, 2025
The Killer’s Game	September 13, 2024	Theatrical and Premium Video-on-Demand
Now You See Me: Now You Don’t	November 14, 2025
Never Let Go	September 20, 2024	Theatrical and Premium Video-on-Demand
Kill Bill: The Whole Bloody Affair	December 5, 2025
Megalopolis	September 27, 2024	Theatrical and Premium Video-on-Demand
The Housemaid	December 19, 2025
White Bird	October 4, 2024	Theatrical and Premium Video-on-Demand
Greenland 2: Migration	January 9, 2026
The Best Christmas Pageant Ever	November 8, 2024	Theatrical and Premium Video-on-Demand
The Strangers – Chapter 3	February 6, 2026
Den Of Thieves 2: Pantera	January 10, 2025	Theatrical and Premium Video-on-Demand
I Can Only Imagine 2	February 20, 2026
Flight Risk	January 24, 2025	Theatrical and Premium Video-on-Demand
The Unbreakable Boy	February 21, 2025	Theatrical and Accelerated Home Entertainment

* Does not include releases of 29 day-and-date and multi-platform titles for the fiscal year ended March 31, ~~2025~~2026.

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Fiscal 2025
Fiscal 2026
Theatrical Releases - Roadside Attractions
Title	Theatrical Release Date	~~Release Pattern~~
The Absence of Eden	April 12, 2024	Theatrical and Accelerated Home Entertainment
The Surfer	May 2, 2025
Boy Kills World	April 26, 2024	Theatrical and Premium Video-on-Demand
The Unholy Trinity	June 13, 2025
Summer Camp	May 31, 2024	Theatrical and Accelerated Home Entertainment
The Home	July 25, 2025
Firebrand	June 14, 2024	Theatrical and Accelerated Home Entertainment
Strange Harvest	August 8, 2025
Kill	July 5, 2024	Theatrical and Premium Video-on-Demand
Twinless	September 5, 2025
My Penguin Friend	August 16, 2024	Theatrical and Accelerated Home Entertainment
Kiss of the Spider Woman	October 10, 2025
City of Dreams	August 30, 2024	Theatrical and Accelerated Home Entertainment
Anniversary	October 29, 2025
Lee	September 27, 2024	Theatrical and Premium Video-on-Demand
King Ivory	November 14, 2025
Exhibiting Forgiveness	October 12, 2024	Theatrical and Accelerated Home Entertainment
Dust Bunny	December 12, 2025
Small Things Like These	November 8, 2024	Theatrical and Premium Video-on-Demand
H is for Hawk	January 23, 2026
The Last Showgirl	December 13, 2024	Theatrical and Accelerated Home Entertainment
2026 Oscar Nominated Shorts	February 20, 2026
Riff Raff	February 28, 2025	Theatrical and Premium Video-on-Demand
Tow	March 20, 2026
Bob Trevino Likes It	March 21, 2025	Theatrical and Accelerated Home Entertainment

We continue to evaluate alternative release strategies offor our films, byincluding releasing ~~solely~~films ~~and/~~exclusively on, or earlier onthrough, streaming platforms, ~~initially~~initial ~~releasing~~releases on premium video-on-demand, or premium electronic sell-through, or by licensing directly to streaming platforms. InThese ~~doing~~approaches ~~so,~~allow weus ~~capitalize~~to onmaintain ~~increased~~flexibility ~~optionality~~ in distribution and ~~maintain~~ a platform agnostic approach to ~~distribution~~capitalize toon ~~take~~evolving ~~full advantage of new~~ windowing opportunities and alternative distribution strategies (while ~~also~~ continuing to work closely with our theatrical exhibition partners).

Nominations and Awards

Lionsgate and affiliated companies (including its wholly-owned subsidiaries, Artisan Pictures, eOne Entertainment, Mandate Pictures and Summit Entertainment, as well as Roadside Attractions) have distributed films that have earned numerous Academy Award®, Golden Globe Awards®, Producers Guild Awards®, Screen Actors Guild Awards®, Directors Guild Awards®, BAFTA Awards and Independent Spirit Awards nominations and wins.

Motion Picture - Home Entertainment

Our ~~U.S.~~ home entertainment distribution operation ~~exploits~~consists ~~our~~of ~~film~~the ~~and~~sale ~~television~~or ~~content~~rental ~~library~~ of ~~more~~our ~~than~~film ~~20,000~~productions ~~motion~~and ~~picture~~acquired ~~titles~~or ~~and~~licensed ~~television~~films ~~episodes~~ and ~~programs,~~certain ~~consisting~~television ofprograms ~~titles~~through ~~from,~~packaged ~~among~~media ~~others,~~and ~~Lionsgate,~~digital ~~our~~media ~~subsidiaries,~~platforms. ~~affiliates~~These ~~and~~activities ~~joint~~include ~~ventures~~the ~~(such~~exploitation asof ~~Anchor~~titles ~~Bay~~following ~~Entertainment~~theatrical release, ~~Artisan~~as ~~Entertainment,~~well ~~eOne,~~as ~~Grindstone~~titles ~~Entertainment~~released ~~Group,~~directly ~~Roadside~~to ~~Attractions,~~home ~~Summit~~entertainment ~~Entertainment~~platforms, ~~Trimark~~including ~~and~~titles ~~Vestron),~~originally asplanned ~~well~~for asa ~~titles~~wide ~~from~~theatrical ~~third~~release ~~parties~~that ~~such~~were assubsequently ~~A24,~~released ~~AMC,~~on ~~Entertainment~~an ~~Studios,~~accelerated ~~EuropaCorp,~~post‑theatrical ~~Showbiz~~basis ~~Direct,~~or ~~Angel~~directly ~~Studios,~~to ~~Gravitas,~~digital ~~Saban~~platforms. ~~Entertainment,~~These ~~StudioCanal,~~releases ~~STARZ,~~include ~~STX~~films ~~Entertainment,~~developed ~~Tyler~~and ~~Perry~~produced ~~Studios~~in‑house, ~~Visiona~~films ~~Romantica~~co‑developed and ~~Zoetrope.~~co‑produced ~~Home~~and ~~entertainment~~films ~~revenue~~acquired ~~consists~~or oflicensed ~~packaged~~from ~~media~~third ~~and digital revenue~~parties.

11We exploit a library of more than 20,000 motion picture titles and television episodes and programs, consisting of content produced or distributed by Lionsgate and our subsidiaries, affiliates and joint ventures, as well as titles acquired or licensed from third‑party producers and distributors.

Home entertainment revenue is derived primarily from packaged media sales and rentals and from digital distribution arrangements.

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Packaged Media

Packaged media distribution ~~involves~~includes the marketing, promotion and~~/or~~ sale of DVDs/, Blu-‑ray/ and 4K Ultra HD discs to wholesalers and retailers, primarily in the ~~U.S.~~United States and Canada. ~~Fulfillment~~We ofdistribute ~~physical~~packaged ~~distribution~~media ~~services~~directly ~~are substantially licensed~~ to ~~Sony~~major ~~Pictures~~retailers, ~~Home~~including ~~Entertainment.~~Amazon, Wewhich ~~distribute~~purchase orproduct ~~sell~~in ~~content~~significant ~~directly~~volume for direct‑to‑consumer ~~retailers~~sales. ~~such~~Physical asdistribution ~~Amazon,~~and ~~who~~fulfillment ~~buy~~services ~~large~~are ~~volumes~~substantially oflicensed ~~our~~to ~~packaged~~Sony ~~media~~Pictures toHome ~~sell~~Entertainment. ~~directly~~In ~~to consumers~~addition, aswe ~~well~~offer as exclusive ~~content~~or limited‑edition offerings through our direct-‑to-‑consumer ~~site~~platform, Lionsgate Limited.

Digital Media

WeDigital ~~consider~~media ~~alternative~~ distribution ~~strategies~~includes ~~for~~the ~~our~~sale ~~films~~ and ~~release~~rental ~~several~~of ~~titles~~our ~~solely~~motion ~~and/or~~picture ~~in an accelerated post-theatrical window on various digital platforms (including multi-platform distribution). We directly distribute this~~ and ~~other~~television content ~~(including certain titles not distributed theatrically or on physical media)~~ across a ~~wide~~broad range of ~~global~~ distribution platforms and networks on an on-demand basis (whereby the viewer controls the timing of playback) through dozens of transactional (transactional video-on-demand and electronic-sell-through), subscription, ad-supported and free video-on-demand platforms. We also directly distribute content on a linear distribution basis (i.e., whereby the programmer controls the timing of playback) through various linear pay, basic cable, and free, over-the-air television platforms worldwide.

~~Transactional~~We ~~video-on~~evaluate ~~demand~~alternative ~~services~~digital todistribution ~~which~~strategies ~~Lionsgate~~on ~~licenses~~a ~~its~~title‑by‑title ~~content~~basis ~~include,~~and ~~among~~may ~~others,~~release ~~Amazon’s~~certain ~~Prime~~titles ~~Video,~~exclusively ~~Apple~~on ~~TV,~~digital ~~Comcast~~platforms ~~Xfinity,~~or ~~Fandango~~on atan ~~Home,~~accelerated ~~Google~~post‑theatrical TVwindow, ~~Microsoft~~including ~~Movies~~titles &initially TVdeveloped ~~and~~or ~~YouTube;~~acquired ~~subscription~~for ~~video-on~~wide ~~demand~~theatrical ~~services to which we license our content include~~distribution, ~~among~~as ~~others,~~well ~~Amazon’s~~as ~~Prime~~titles ~~Video,~~not ~~Hulu,~~released ~~Max,~~theatrically ~~Netflix,~~or ~~Peacock and Paramount+; ad-supported video-~~on~~-demand~~ ~~services~~physical tomedia. ~~which~~Digital wereleases ~~license our content~~ include, ~~among~~films ~~others,~~produced ~~Pluto,~~or ~~The~~co‑produced ~~Roku~~by ~~Channel,~~Lionsgate ~~Samsung, Tubi TV~~ and ~~YouTube;~~films ~~and~~acquired ~~linear~~or ~~networks~~licensed tofrom ~~which~~third ~~we distribute our content include~~parties, ~~among~~including ~~others,~~theatrical ~~pay television networks such as MGM+~~features, ~~HBO,~~direct‑to‑video ~~Showtime~~titles and ~~STARZ,~~certain ~~and~~television basic cable network groups such as AMC Networks, Disney Media & Entertainment Distribution Networks, NBCUniversal’s SpinCo, Paramount Global Domestic Media Networks and Warner Media Entertainment Networks, as well as Bounce, Telemundo and UniMásprogramming.

~~Additionally,~~Transactional video‑on‑demand and electronic sell‑through services to which we ~~own~~license our content include, among others, Amazon Prime Video, Apple TV, Comcast Xfinity, Fandango at Home, Google TV, Microsoft Movies & TV and ~~operate~~YouTube. aSubscription ~~suite~~video‑on‑demand ofservices 16to ~~multi-~~which we license our content ~~and~~include, ~~single~~among ~~series~~others, ~~free~~Amazon Prime Video, ~~ad-supported~~Hulu, ~~streaming~~HBO ~~linear~~Max, ~~channels~~Netflix, ~~(also~~Peacock ~~known~~and asParamount+. ~~FAST~~Ad‑supported ~~channels)~~video‑on‑demand ~~carried~~services byto ~~various~~which ~~platforms~~we ~~including~~license our content include, among others, ~~Tubi~~Pluto TV, ~~Samsung,~~ The Roku Channel, Samsung TV Plus, Tubi TV and ~~Pluto~~YouTube. Linear networks to which we distribute content include, among others, pay television networks such as MGM+, HBO, Showtime and STARZ, and basic cable network groups such as AMC Networks, Disney Media & Entertainment Distribution Networks, NBCUniversal, Versant, Paramount Global Domestic Media Networks and Warner Bros. Discovery Networks, as well as Telemundo and UniMás.

Additionally, we own and operate a portfolio of 52 global multi content and single series free, ad-supported streaming linear channels (also known as FAST channels). The channels consist of both multi-genre programming and single series offerings and are carried by various platforms, including, among others, Samsung, The Roku Channel, LG, Amazon Freevee and Pluto.

Motion Picture - Television

We license our theatrical productions and acquired films to the domestic linear pay, basic cable and free television markets. For additional information regarding such distribution, see Motion Picture - Home Entertainment - Digital Media above.

Motion Picture - International

Our international sales operations are headquartered ~~at our offices~~ in London, England. The primary components of our international business are, on a territory-by-territory basis through third parties or directly through our international divisions:

•The licensing of rights in all media of our in-house ~~feature film~~ product and third-party acquisitions ~~on an output basis~~;

•The licensing of rights in all media of our in-house product and third-party acquisitions on a sales basis for non-output territories;

•The licensing of third-party feature films on an agency basis; and

•Direct distribution of theatrical and/or ancillary rights licensing.

WeExcept in territories where we self distribute, we license rights in all media on a territory-by-territory basis ~~(other~~for ~~than the territories where we self-distribute) of~~ (i) our in-house feature film product, and (ii) films produced by third parties such as Ace Entertainment, ~~Buzzfeed,~~ Fifth Season, Asbury Park Pictures and ~~Endurance~~Dark ~~Media~~Castle.

Films licensed and/or released by us internationally in fiscal 2025, included such in-house productions as The Long Walk, Good Fortune, Highlander, Now You See Me 3, Michael, Never Let Go (f/k/a Motherland), Borderlands, Day Drinker and Housemaid, as well as films produced by third parties such as Hurry Up Tomorrow, Above The Below, The Killer’s Game, Flight Risk, Anniversary, Unsung Hero, The Strangers Trilogy, Arthur The King, Dust Bunny, F Marry Kill and Freaky Tales. Third-party films for which we were engaged as exclusive sales agent and/or released by us internationally in fiscal 2025 included Bone Yard, Rich Flu, Orphan 3 and The Fabulous Four.11

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~~Through~~Films ~~territory-~~licensed and/or released by us internationally in fiscal 2026 included such in-~~territory~~house ~~sales~~productions ~~arrangements~~as The Long Walk, weGood ~~generally~~Fortune, ~~cover~~Now aYou ~~substantial~~See ~~portion~~Me: ofNow ~~the~~You ~~production~~Don’t, ~~budget~~Michael, orDay ~~acquisition~~Drinker, ~~cost~~Caine, ofKaroshi ~~new~~and ~~theatrical~~The ~~releases~~Housemaid, ~~which~~as wewell ~~license~~as ~~and~~films ~~distribute~~produced ~~internationally.~~by Wethird ~~also~~parties ~~have~~such anas ~~output~~The ~~arrangement~~Resurrection inof ~~France~~the ~~(for~~Christ, ~~all~~A ~~rights~~Head ~~for~~Full ~~all~~of ~~media~~Ghosts, ~~including~~Above ~~home~~The ~~entertainment~~Below, ~~and~~Anniversary, ~~television~~I ~~rights)~~Can Only Imagine 2, ~~and~~The ~~distribute~~Strangers: ~~theatrical~~Chapter ~~titles~~3 inand ~~Latin~~Last ~~America~~Resort. ~~through~~Third-party ~~International~~films ~~Distribution~~for ~~Company,~~which aswe ~~well~~were engaged as ~~theatrical~~exclusive ~~rights~~sales agent and/or released by us internationally in ~~Canada~~fiscal ~~through~~2026 ~~Cineplex~~included Orphan 3 and Rich Flu.

WeThrough ~~also self~~territory-~~distribute~~by-territory ~~motion~~sales ~~pictures~~arrangements, inwe generally seek to cover a substantial portion of the ~~United~~production ~~Kingdom~~budget ~~and~~or ~~Ireland~~acquisition ~~through~~cost ~~our~~of ~~subsidiary,~~new ~~Lions~~theatrical ~~Gate~~releases ~~International~~which ~~(UK)~~we ~~Limited~~license ~~(“Lionsgate~~and ~~UK”)~~distribute internationally. ~~For~~We ~~the~~also ~~fiscal~~maintain ~~year~~an ~~ended~~output ~~March~~arrangement ~~31,~~in ~~2025~~France on certain pictures covering all rights and all media, ~~Lionsgate~~including UKhome ~~released~~entertainment ~~the~~and ~~following~~television rights, and distribute theatrical titles: in Latin America through International Distribution Company, as well as theatrical rights in Canada through Cineplex.

Fiscal 2025
Lionsgate UK
Title			Release Date
Love Lies Bleeding			May 3, 2024
The Strangers: Chapter 1			May 17, 2024
Kill			July 5, 2024
Borderlands			August 9, 2024
The Critic			September 13, 2024
Never Let Go			September 27, 2024
Small Things Like These			November 1, 2024
Saw (20th Anniversary)			November 1, 2024
Flight Risk			January 24, 2025
The Seed of the Sacred Fig			February 7, 2025

We also self-distribute motion pictures in the United Kingdom and Ireland through our subsidiary, Lions Gate International (UK) Limited (“Lionsgate UK”). For the fiscal year ended March 31, 2026, Lionsgate UK released the following theatrical titles:


Fiscal 2026
Lionsgate UK
Title			Release Date
The Penguin Lessons			April 11, 2025
Hurry Up Tomorrow			May 16, 2025
Ballerina			June 6, 2025
Supersonic (re-release)			June 13, 2025
Tornado			June 13, 2025
The Long Walk			September 12, 2025
The Strangers: Chapter 2			September 26, 2025
Good Fortune			October 17, 2025
Now you See Me: Now You Don’t			November 14, 2025
Kill Bill: The Whole Bloody Affair			December 5, 2025
The Housemaid			December 26, 2025
H is for Hawk			January 23, 2026
The Strangers: Chapter 3			February 6, 2026
Wasteman			February 20, 2026

Other

Global Products and Experiences

Our Global Products and Experiences division drives incremental revenue and builds consumer engagement across our entire portfolio of properties via live shows and experiences, location-based entertainment destinations, games, physical and digital merchandise, and select strategic partnerships and investments.

Within the division, our Global Live Entertainment business focuses on licensing, developing, and producing live stage shows, concerts, and live immersive experiences and events based on our theatrical and television content. We have announced multiple live entertainment projects, including Dirty Dancing, Wonder and La La Land for Broadway, The Hunger Games for London, as well as a live dance show inspired by our Step-Up film franchise. Live to film concerts currently touring globally include Dirty Dancing, La La Land and Twilight.12

Our Interactive Entertainment business focuses on growing a slate that includes games across PC/console, mobile, virtual reality and more, both through stand-alone games based solely on our content and the integration of our properties with marquee games such as Call of Duty, Dead By Daylight, Fortnite and Roblox. Stand-alone game titles include Blair Witch, Power Rangers: Battle for the Grid, Power Rangers: Legacy Wars and RetroRealms: Ash vs Evil Dead. A John Wick AAA video game is currently in development.

Our Location Based Entertainment business licenses and produces our Lionsgate, theatrical, and television brands for theme parks, destinations, and stand-alone attractions and experiences. Attractions based on The Hunger Games, John Wick, Now You See Me, SAW and other intellectual property can be found at theme parks and destinations in China, the United States, United Kingdom, and the Middle East. The John Wick Experience in Las Vegas, which opened in March 2025, is our newest standalone attraction. We have also partnered with Six Flags to open SAW themed haunted houses across multiple Six Flags theme parks during the Halloween season.

Our Consumer Products business licenses and develops products around our leading film and television properties, including John Wick, The Hunger Games, Twilight, Dirty Dancing and SAW. Our merchandise is available in the Lionsgate Shop, our official e-commerce shop, and at many well-known retail outlets such as Hot Topic, Walmart and Target. We are developing new offerings across a broad range of categories with best-in-class licensees, including LEGO, American Classics, Ripple Junction, Goodie Two-Sleeves, Hot Toys, Funko, ColourPop and more.

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Within the division, our Global Live Entertainment business focuses on licensing, developing, and producing live stage shows, concerts, and live immersive experiences and events based on our theatrical and television content. We have announced multiple live entertainment projects, including Dirty Dancing, Silver Linings Playbook and La La Land for Broadway, as well as a live dance show inspired by our Step-Up film franchise. The Hunger Games: On Stage, Wonder The Musical and Now You See Me Live all opened in 2025. Several live to film concerts tour globally, including Dirty Dancing, La La Land and Twilight.

Our Interactive Entertainment business focuses on a slate that includes games across PC/console, mobile, arcade and more, both through stand-alone games based solely on our content and the integration of our properties with marquee games such as Call of Duty, Dead By Daylight, Fortnite and Roblox. Stand-alone game titles include Blair Witch, Power Rangers: Battle for the Grid, Power Rangers: Legacy Wars and RetroRealms: Ash vs Evil Dead. A John Wick AAA video game and arcade cabinet are currently in development.

Our Location Based Entertainment business licenses and produces our Lionsgate, theatrical, and television brands for theme parks, destinations, and stand-alone attractions and experiences. Attractions based on The Hunger Games, John Wick, Now You See Me, SAW and other intellectual property can be found at theme parks and destinations in the United States, United Kingdom, and the Middle East. The award-winning John Wick Experience recently celebrated its one-year anniversary and is our newest standalone attraction in Las Vegas, along with The Official Saw Escape and Escape Blair Witch. We have also partnered with Six Flags to open haunted houses themed to several Lionsgate horror properties across multiple Six Flags theme parks during the Halloween season.

Our Consumer Products business licenses and develops products around our leading film and television properties, including John Wick, The Hunger Games, Twilight, Dirty Dancing and SAW. Our merchandise is available on Instagram, Facebook, TikTok, the Lionsgate Shop, our official e-commerce shop, and at many well-known retail outlets such as Hot Topic, Walmart and Target. We are developing new offerings across a broad range of categories with best-in-class licensees, including Crocs, LEGO, American Classics, Ripple Junction, Goodie Two-Sleeves, Hot Toys, Funko, ColourPop and more.

Music

We manage music ~~for~~across our theatrical and television slates, including overseeing songs, scores and soundtracks for ~~all of~~ our theatrical productions, co-productions and acquisitions, as well as music staffing, scores and soundtracks for all of our television productions. Music revenues are ~~derived~~generated ~~from~~through the ~~sales~~sale and licensing of music from our films, television, and other productions, ~~and~~as well as from the theatrical exhibition of our films and the broadcast and ~~webcast~~streaming of our ~~productions~~content.

Ancillary Revenues

Ancillary revenues are ~~derived~~generated from the licensing of ~~films~~film and television content for exhibition at non-theatrical venues including educational and institutional facilities, U.S. military bases, oil rigs, hospitals, hotels, ~~prisons,~~ and oncorrectional ~~all~~facilities, ~~forms~~as ofwell as across common carrier transportation, ~~including~~such as airlines and ships.

Television Production

Our television business ~~consists~~includes of the development, production, syndication and distribution of television programming. We principally generate revenue from the licensing and distribution of such programming to broadcast television networks, pay and basic cable networks, digital platforms and syndicators of first-run programming, which license programs on a station-by-station basis and pay in cash or via barter arrangements (i.e., trade of programming for airtime). ~~Each~~These ~~of these~~ platforms may acquire a mix of original and library programming.

~~After~~Following initial exhibition, we distribute programming to subsequent ~~buyers,~~domestic ~~both domestically~~ and ~~internationally~~international buyers, including basic cable ~~network~~networks, premium subscription services orand digital platforms (~~known~~commonly referred to as “off-network syndicated programming”). Off-network syndicated programming can be sold in successive cycles ~~of sales which may occur~~ on either an exclusive or non-exclusive basis. In addition, television programming is sold on home entertainment (packaged media and ~~via~~ digital delivery) and across all other applicable ancillary revenue streams including music publishing, touring and integration.

~~Similar~~Consistent towith our film production practices, we ~~leverage~~utilize tax credits, subsidies, and other incentive programs to ~~optimize~~enhance ~~our~~ returns and maintain financially ~~prudent~~disciplined production models for our television content.

Lionsgate Television

We currently produce, syndicate and distribute more than 75 television shows on more than 40 networks.

For the fiscal year ended March 31, 2025, scripted and unscripted programming produced, co-produced or distributed by us and our affiliated entities, as well as programming syndicated by our wholly-owned subsidiary, Debmar-Mercury, included the following:13

Fiscal 2025Scripted – Lionsgate
Title			Network
Acapulco			Apple
Black Mafia Family			Starz
Ghosts			CBS
Mythic Quest			Apple
Power Book III: Raising Kanan			Starz
Power Book IV: Force			Starz

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For the fiscal year ended March 31, 2026, scripted and unscripted programming produced, co-produced or distributed by us and our affiliated entities, as well as programming syndicated by our wholly-owned subsidiary, Debmar-Mercury, included the following:


Fiscal 2026 Scripted – Lionsgate
Title			Network
Ghosts			CBS
Hal & Harper			Mubi
Power: Kanan			Starz
P-Valley			Starz
Robin Hood			MGM+
Spartacus: House of Ashur			Starz
The Rainmaker			USA
The Rookie			ABC


Fiscal 2026 Scripted – Lionsgate Canada*
Title			Network
Mistletoe Murders			Hallmark / Corus
Private Eyes: West Coast			Corus
Trailer Trash Cash			Amazon
The Rookie			ABC
Yellowjackets			Showtime


Fiscal 2026 Unscripted - Lionsgate Alternative Television**
Title			Network
50 Ways to Catch a Killer			Fox Nation
A Farmhouse Through Time			Channel 5
American Suicide: The Ellen Greenberg Story			ABC / Hulu
Animal Care Club			Channel 5
At Home With The Greens			Channel 5
Becky G			Netflix

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Fiscal 2025Scripted – eOne
Ben Fogle: Inside The Factory			Channel 5
Title			Network
Breaking Bread with Tony Shalhoub			CNN
A Gentleman in Moscow			Paramount+
Buried In The Backyard			Oxygen
Mistletoe Murders			Hallmark / Corus
Celebrity Ex on the Beach			Paramount+
Ripple			Hallmark
Christmas At The Castle			Channel 5
The Rookie			ABC
Dancing with Sharks			Discovery
Yellowjackets			Showtime
Derbez Family Vacation			Amazon / Vix
Fletchers' Country Workshop			ITV
Fletchers' Family Farm			ITV
Fletchers' Family Farm At Christmas			ITV
Here Comes the Pain			Investigation Discovery
Jools: Walking To New Orleans			BBC
Las Culturistas: The Culture Awards			Bravo / Peacock
Love Nature			C5 Milkshake
Maxxed Out			OWN
Murder Tapes			Investigation Discovery
My Big Fat Fab Life			TLC
Naked and Afraid			Discovery
Naked and Afraid: Last One Standing			Discovery
Naked and Afraid: XL			Discovery
Our Great Yorkshire Life			Channel 5
Selling Sunset			Netflix
Selling the OC			Netflix
Springtime On The Farm			Channel 5
The Child Files			Discovery
The Dress That Made A Princess			Channel 5
The Saints			Fox Nation
The Seat			Thrill One

Fiscal 2025Unscripted - Lionsgate Alternative Television*
Title			Network
Adam Richman Eats The Premier League			Discovery
American Rebel			History
Braver			BYUTV
Buried In The Backyard			Oxygen
Caresha Please: A Day In Miami			BET
Christmas on the Farm			Channel 5
Cruising With Susan Calman			Channel 5
Face the Firm			Amazon
Fletcher's Family Farm			ITV
Fletcher's Family Farm at Christmas			ITV
Harpooners			Discovery
Married to The Game			AmazonUK
Milf Manor			TLC
My Big Fat Fab Life			TLC
Naked and Afraid			Discovery
Naked and Afraid Last One Standing			Discovery
Naked and Afraid XL			Discovery
Power Slap: Road to the Title			Rumble
Scamanda			ABC / Hulu
Selling Sunset			Netflix
Springtime on the Farm			Channel 5
The Barnes Bunch			WETV
The Greens at Christmas			Channel 5
The Impact: Atlanta			BET+
The Saint			Fox Nation
The Ultimate Fighter			ESPN+
The Yorkshire Vet			Channel 5
Trivial Pursuit			CW
The Yorkshire Vet: Christmas Donkey Special			Channel 5
The Yorkshire Vet: Great and Small			Channel 5
Very Scary People			Investigative Discovery
Very Scary People Podcast			N/A
Zombie House Flipping			A&E

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Fiscal 2025Syndication - Debmar-Mercury Title Family Feud People Puzzler Sherri Shepherd The Conners


The Ultimate Fighter			ESPN
The Yorkshire Vet			Channel 5
The Yorkshire Vet In India			Channel 5
The Yorkshire Vet: 10 Years and Counting			Channel 5
Today At The Great Yorkshire Show			Channel 5
Trivial Pursuit & Scrabble			CW
UFC BJJ: Road To The Title			Fight Pass / YouTube
Winter And Christmas On The Farm			Channel 5
Yorkshire Great and Small			Channel 5
Zombie House Flipping			A&E

*Fiscal ~~Lionsgate~~2026Syndication ~~Alternative~~- ~~Television~~Debmar-Mercury ~~includes~~Title ~~programming~~Anger ~~produced~~Management byAre ~~our~~We ~~wholly-owned~~There ~~subsidiaries,~~Yet ~~Pilgrim~~Family ~~Media~~Feud ~~Group~~The ~~and eOne’s~~Conners ~~U.S.~~Family ~~and~~Feud ~~U.K.~~Favorites ~~non-scripted~~People ~~group,~~Puzzler ~~Blackfin,~~Sherri ~~Renegade~~Caught ~~and~~In ~~Daisybeck~~Providence ~~Studios.~~Clip Show

* Formerly eOne Canada.

** Lionsgate Alternative Television includes programming produced by our wholly-owned subsidiaries, Pilgrim Media Group and eOne’s U.S. and U.K. non-scripted group, Blackfin, Renegade and Daisybeck Studios.

Television Production - International

We license, sell and distribute original Lionsgate television series (including Lionsgate UK television programming), third party television programming and format acquisitions to international markets via packaged media and various digital platforms. For the fiscal year ended March 31, ~~2025~~2026, Lionsgate UK television programming that was acquired, began production, was produced or was broadcast, included the following:

Fiscal 2025Television - Lionsgate UK
Title	Network	Partner(s)
Son of A Critch 4	CBC & CW	Project 10
Borderline	ZDF & Roku	Further South Productions and ShinAwil
Queenie	Channel 4	Further South Productions Limited
The German	DBS Satellite Services (YES)	Gil Formats Ltd
Amandaland	BBC	Merman Television Limited

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Fiscal 2026 Television - Lionsgate UK
Title	Network	Partner(s)
Son of A Critch 4	CBC & CW	Project 10
Amandaland	BBC	Merman Television Limited

Television Production - Home Entertainment

For information regarding ~~television~~Television ~~production~~Production ~~home~~Home ~~entertainment~~Entertainment revenue, see Motion Picture — Home Entertainment above.

Other

Other revenues are derived from, among others, the licensing of our television programs to other ancillary distributors, the sales and licensing of music from the television broadcasts of our productions, and from our interest in 3 Arts Entertainment, a talent management company. 3 Arts Entertainment is one of the world's leading talent management and production companies, representing an A-list client roster of directors, writers, showrunners and actors, producing long-running hit series (such as The Office, Parks & Recreation, Brooklyn Nine-Nine and It’s Always Sunny in Philadelphia) and partnering with Lionsgate on a slate of premium scripted series (such as The Studio and Hunting Wives). 3 Arts Entertainment receives commission revenue from talent representation and are producers on a number of television shows and films where they receive an executive producer fee and back-end participations.

Joint Ventures, Partnerships and Ownership Interests

Our joint ventures, partnerships and ownership interests support our position as a multiplatform global ~~industry leader in~~ entertainment company. We actively evaluate our portfolio of properties, content libraries and other assets to ~~ensure~~assess ~~they enhance our~~ competitive ~~standing~~impact, ~~align~~alignment with our strategic objectives, ~~optimize~~ capital efficiency and ~~offer meaningful~~ long-term value creation. As part of this ongoing ~~assessment~~review, we may engage in discussions with third parties regarding the potential acquisition or divestiture of specific assets or businesses. Accordingly, ~~we may~~ from time to time, we may elect to ~~sell~~divest certain properties, libraries, or businesses, or pursue new joint ventures, strategic partnerships, or similar transactions involving individual components of our portfolio. For ~~specific~~additional ~~details~~information regarding our equity method investees and redeemable noncontrolling interests, please refer to Note 6 and Note 12 into our ~~Consolidated~~consolidated ~~Financial~~financial ~~Statements~~statements.

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Intellectual Property

We ~~currently~~own, use and ~~own or~~ license a number of trademarks, service marks, copyrights, domain names and ~~similar~~other intellectual property in connection with our businesses, and ~~own~~hold registrations and applications tofor ~~register~~such ~~them~~rights ~~both~~in ~~domestically~~the United States and internationally. We believe that the ownership of, and~~/or~~ the right to use, ~~such~~our ~~trademarks, service marks, copyrights, domain names and similar~~ intellectual property is an important ~~factor~~element in our businesses and that our success depends, in part, on ~~such~~the ~~ownership~~protection and enforcement of these rights.

The ~~prevalence~~unauthorized copying, distribution and exploitation of motion picture and television ~~piracy~~content isremains ~~widespread~~prevalent ~~across~~in various regions ~~globally,~~worldwide ~~notably in South America, Asia,~~ and ~~specific~~has ~~Eastern~~been ~~European~~amplified ~~countries. This is exacerbated~~ by technological ~~advancements~~advances and the digital ~~transformation of content, facilitating the unauthorized creation,~~ distribution, ~~and sharing~~ of high-‑quality ~~copies~~content. Piracy, whether through physical media ~~and~~or digital platforms., ~~The proliferation of these unauthorized copies~~ has, had and ~~will~~may ~~likely~~ continue to have an adverse effect on our business. Our ability to ~~safeguard~~protect and enforce our intellectual property rights is subject to inherent risks, and we ~~occasionally~~may ~~face~~from ~~disputes~~time ~~concerning~~to ~~rights~~time ~~and~~be ~~obligations~~involved ~~related~~in todisputes regarding intellectual property rights and related contractual obligations. We cannot ~~guarantee~~assure success in ~~all~~ intellectual property disputes that may arise. Risks related to the protection of intellectual property are ~~set~~discussed ~~forth~~further inunder “Part II, Item 1A. – Risk Factors” in this Annual Report.

Competitive Conditions

Our businesses operate in highly competitive markets. We compete with ~~companies~~other ~~within the~~ entertainment and media ~~business~~companies, ~~and~~as ~~from~~well as with alternative forms of leisure entertainment, ~~such~~including as travel, sporting events, outdoor recreation and various cultural activities. We ~~compete~~face ~~with~~competition ~~the~~from major studios, numerous independent film and television production companies, television networks, pay television services and digital media platforms for the acquisition of literary, film and television properties, the services of ~~performing~~ artists, directors, producers and other creative and technical personnel, and production financing, all of which are ~~essential~~critical to the success of our businesses. In addition, our motion pictures compete for audience acceptance and exhibition outlets with motion pictures produced and distributed by other companies. Similarly, our television product faces significant competition from independent distributors as well as major studios. As a result, the success of any of our motion picture and television business is dependent not only on the quality and acceptance of a particular film or program, but also on the quality and acceptance of other competing content released into the marketplace at or near the same time as well as on the ability to license and produce content for the networks that is adequate in quantity and quality and will generate satisfactory subscriber levels.

Human Capital

Employees

As of May 26, 2025, we had 1,032 full-time employees in our worldwide operations. We also utilize many consultants in the ordinary course of our business and hire additional employees on a project-by-project basis in connection with the production of our motion pictures and television programming.

Recruitment

Our leadership team works across the organization to thoughtfully address matters related to equity, workforce representation, and overall corporate culture. As part of this commitment, we maintain the following recruitment and hiring initiatives:

•Internship Programs designed to increase inclusion across the entertainment industry.

•Hiring Practices ensuring that we attract top-tier talent through fair and accessible methods. The core principle of our hiring process is to seek out the strongest candidate for every role, while also emphasizing diversity, equal access to roles, objective and unbiased hiring and a rigorous, competitive, and consistent hiring process.

•Supplier Diversity and Inclusion Program actively fostering relationships with diverse businesses while prioritizing more competitive pricing, quality, service, innovation and creativity in procurement of services.

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In addition, our motion pictures compete for audience acceptance and exhibition outlets with films produced and distributed by other companies, while our television product competes with content distributed by both independent producers and major studios. As a result, the success of our motion picture and television businesses depend not only on the quality and acceptance of a particular film or program, but also on the quantity, quality and timing of competing content released into the marketplace, as well as our ability to license and produce content for networks and platforms at levels sufficient to generate satisfactory viewership and subscriber demand.

Environmental, Social and Governance

We recognize that social responsibility and human capital matters are essential to our long-term success and organizational well-being and are committed to fostering a positive corporate culture that emphasizes integrity, opportunity, and employee engagement. With leadership setting the tone from the top, we prioritize talent acquisition and retention, support professional growth, and promote a workplace where individuals feel valued and empowered.

Employees

As of May 21, 2026, we had 916 full-time employees in our worldwide operations. We also utilize many consultants in the ordinary course of our business and hire additional employees on a project-by-project basis in connection with the production of our motion pictures and television programming.

Human Capital Strategy

We are dedicated to pursuing and retaining a broad range of talent and perspectives across all aspects of our business and community, to empower all people, regardless of their personal characteristics protected by applicable law. We maintain the following recruitment and hiring initiatives:

•Internship programs designed to broaden the talent pipeline across the entertainment industry.

•Fair hiring practices ensure that we attract the best talent in the industry through an equal and accessible approach. Key components of the framework include free job descriptions, hiring training, qualified candidate slates and cross-functional interview panels.

•Supplier program designed to expand and strengthen relationships with a broad range of innovative, high-quality, and cost-effective suppliers and enhancing the competitiveness of our procurement activities.

Employee Resource Groups

We provide our employees with an array of Employee Resource Groups (“ERGs”) which offer them the chance to establish a greater presence at Lionsgate and an opportunity to ~~enhance~~develop ~~cross-cultural~~leadership ~~awareness~~skills, ~~develop~~build ~~leadership~~professional ~~skills~~networks and ~~network~~engage across the Company’s various business units and levels. The ERGs are voluntary, employee-led groups, that ~~foster~~are open to all employees regardless of background. Our ERGs focus on a ~~diverse~~variety of topics, ~~engaging~~including professional development, mentorship, community engagement and ~~inclusive~~shared ~~workplace~~interests, and are designed to support employee connection and career growth.

•Lionsgate Early Career Group aims to inspire curiosity and networking to foster growth for professionals in early stages of their careers.

•Lionsgate Multicultural Employee Resource Group consists of resource groups that support our Asian American Pacific Islander community, our Black community and our Latine and Hispanic community.

•Lionsgate Parents and Caregivers Group aims to bring together parents, expecting parents, caregivers, and allies to ensure our community fosters an environment that supports all families.

•Lionsgate Pride supports, develops and inspires future LGBTQ+ leaders within the Company and the industry.

•Lionsgate Vets creates a community of veterans and their supporters working together to enhance veteran presence and engage the industry from the unique perspective of a military background.

•Lionsgate Women’s Empowerment Group creates a community that improves the prominence of female leaders and empowers women at all levels within the Company and the industry.

Community Involvement

We are committed to ~~acting~~responsible ~~responsibly~~corporate citizenship and making a ~~positive~~meaningful difference in both the local and global ~~community~~communities through Lionshares, our employee volunteer program that seeks to provide opportunities for employees to partner with a diverse range of charitable organizations. WeLionshares ~~maintain~~provides aopportunities ~~Corporate~~for ~~Sponsorship~~employees ~~Committee that prioritizes corporate philanthropic initiatives throughout Lionsgate, focusing particularly on organizations and activities related~~ to ~~diversity~~engage ~~and poverty in order to increase our impact and to develop meaningful relationships~~ with a ~~core~~wide ~~group~~range of charitable organizations, fostering connection and ~~events~~service.

~~Other~~ Employee ~~Benefits~~Experience and ~~Programs~~Organization Health

We ~~offer~~provide a comprehensive benefits ~~package~~program ~~which~~designed ~~includes~~to support employee health, ~~dental~~well-being and ~~vision~~family ~~insurance~~needs, ~~family~~including ~~forming~~medical ~~benefits~~and dental coverage, mental health ~~support~~resources, ~~resources~~and assistance for caregiving ~~(children~~ and ~~adult~~parental ~~family),~~support. ~~online~~We ~~fitness~~invest ~~and~~in ~~meditation~~the ~~classes,~~growth ~~and~~of ~~new~~our ~~parent~~employees ~~coaching.~~through Welearning ~~offer~~and development programs, tomentorship ~~develop~~opportunities, and ~~enrich~~leadership ~~the~~training ~~employee~~designed ~~experience~~to ~~with~~support ~~offerings~~career ~~such~~advancement asand ~~tuition~~personal ~~reimbursement,~~fulfillment. ~~leadership~~We ~~development~~conduct ~~programs,~~an ~~mentorship,~~annual ~~and~~employee ~~additional~~engagement ~~programs~~survey through an independent third party to ~~help~~gain ~~support~~meaningful ~~specific~~insights ~~populations~~into workplace sentiment and areas for improvement. We ~~conduct~~provide annual employee training on anti-harassment, ~~information~~IT ~~technology~~ security, and the Foreign Corrupt Practices Act, aswith ~~well~~additional astargeted ~~other~~programs ~~manager~~for ~~trainings.~~managers ~~We also provide training and development~~ to ~~all~~support ~~employees,~~effective ~~focusing~~leadership ~~on career development, professional development~~ and ~~industry~~reinforce ~~knowledge~~company standards.

Corporate, Environmental and Social Responsibility

We protect our social, financial, informational, environmental, and reputational assets and make it a priority to operate our business in a responsible and sustainable manner. Engaging in such responsibility not only helps us manage risks and maximize opportunities, but also helps us understand and manage our social, environmental, and economic impact that enables us to contribute to society’s wider goal of sustainable development. This includes, but is not limited to, conducting business in a socially responsible and ethical manner, supporting human rights, and committing to environmental sustainability.

In all our offices, we prioritize efforts to prevent pollution, and to conserve, recover, and recycle materials, water and energy wherever possible. Our productions distribute documents electronically to minimize paper consumption and waste and limit the use of single-use plastics. Our productions follow best practices featured in the Producers Guild of America and Sustainable Production Alliance’s Green Production Guide, which are designed to reduce the film, television, and streaming industry’s carbon footprint and environmental impact. Our U.S. productions encourage the employment of green vendors that provide sustainable goods and services for film, television and streaming productions. We also prioritize vendors whose dedication to operating business in a responsible and sustainable manner directly aligns with those of Lionsgate.

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Management Succession Planning

The Nominating and Corporate Governance Committee of the Board of Directors, with the assistance of an independent outside consultant, has established short-term and long-term management succession plans, which it reviews and updates periodically. The plans identify critical positions and potential replacements for the Company’s senior executives (including the Chief Executive Officer and the Vice Chair), should one of these critical positions become vacant. The plans are designed to anticipate both expected successions, such as those arising from anticipated retirements, as well as unexpected transitions (i.e., “black swan events”), such as those occurring when executives leave for positions at other companies, or due to death, disability or other unforeseen events.

Corporate History

We are a corporation organized under the laws of the Province of British Columbia as Lionsgate Studios Holding Corp. on January 10, 2024, and renamed Lionsgate Studios Corp. on May 6, 2025 in connection with the ~~separation~~Starz ofSeparation ~~the Studio Business~~ (~~i.e.,~~as ~~Motion~~defined ~~Picture~~ and ~~Television~~discussed ~~Productions~~in ~~segments)~~Note of1 ~~Lions~~to ~~Gate~~our ~~Entertainment~~consolidated ~~Corp.~~financial ~~(currently held, directly and through subsidiaries, by the Company~~statements) ~~from the Starz Business (i~~.~~e., Media Networks segment) of Lions Gate Entertainment Corp. (currently held, directly and through subsidiaries, by Starz Entertainment Corp.).~~

Available Information

Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, proxy statements and amendments to those reports filed or furnished pursuant to Sections 13(a) and 15(d) of the Exchange Act, are available, free of charge, on our website at investors.lionsgate.com as soon as reasonably practicable after we electronically file such material with, or furnish it to, the Securities and Exchange Commission (the “SEC”). The Company's Disclosure Policy, Corporate Governance Guidelines, Standards for Director Independence, Code of Business Conduct and Ethics ~~for Directors~~, ~~Officers and Employees,~~ Policy on Shareholder Communications, Related Person Transaction Policy, Insider Trading Policy and Compliance Program, Policy Regarding the Recoupment of Certain Compensation Payments, Charter of the Audit & Risk Committee, Charter of the Compensation Committee, ~~and~~ Charter of the Nominating and Corporate Governance Committee and Charter of the Transaction Committee and any amendments thereto, are also available on the Company's website, as well as in print to any shareholder who requests them. The information posted on our website is not incorporated into this Annual Report ~~on Form 10-K~~. We will disclose on our website waivers of, or amendments to, our Code of Business Conduct and Ethics that applies to our Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer or persons performing similar functions.

The SEC maintains an internet site that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC at www.sec.gov.

ITEM 1A. RISK FACTORS.

You should carefully consider each of the following risks and uncertainties associated with Lionsgate and the ownership of Lionsgate securities. In addition, for more information you should review the specific descriptions of Lionsgate’s businesses under “Business” as well as other information included in, or incorporated by reference into this Form 10-K. The following list of significant risk factors is not all-inclusive or necessarily in order of importance. Additional risks and uncertainties not presently known to us or that we currently deem immaterial also may materially adversely affect us in future periods.

Risks Related to Lionsgate’s Business

Lionsgate faces substantial capital requirements and financial risks.

The production, acquisition and distribution of motion picture and television content requires substantial capital. A significant amount of time may elapse between expenditure of funds and the receipt of revenues after release or distribution of such content. Lionsgate cannot assure you that it will be able to successfully implement arrangements to reduce the risks of production exposure such as tax credit, government or industry programs. Moreover, Lionsgate may experience delays and increased costs due to disruptions or events beyond its control and if production incurs substantial budget overruns, Lionsgate may have to seek additional financing or fund the overrun itself. Lionsgate cannot make assurances regarding the availability of such additional financing on terms acceptable to it, or that it will recoup these costs. Increased costs or budget overruns incurred with respect to a particular film may prevent its completion or release or may result in a delayed release and the postponement to a potentially less favorable date. This could adversely affect box office performance and the overall financial success of such film. Any of the foregoing could have a material adverse effect on Lionsgate’s business, financial condition, operating results, liquidity and prospects.

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~~The~~ITEM ~~requirements~~1A. ofRISK being a public company, including maintaining adequate internal control over financial and management systems, may strain Lionsgate’s resources, divert management’s attention, and affect Lionsgate’s ability to attract and retain executive management and qualified board membersFACTORS.

AsYou ashould ~~public~~carefully ~~company,~~consider ~~Lionsgate~~each isof ~~subject~~the tofollowing ~~reporting~~risks ~~requirements~~and ofuncertainties associated with Lionsgate and the ~~Exchange~~ownership ~~Act~~of Lionsgate securities. In addition, for more information you should review the ~~Sarbanes-Oxley~~specific ~~Act~~descriptions of ~~2002~~Lionsgate’s ~~(the~~businesses under “~~Sarbanes-Oxley~~Item ~~Act~~1. Business”), ~~the~~as ~~rules~~well ~~subsequently~~as ~~implemented~~other information included in, or incorporated by ~~the~~reference ~~SEC~~into, ~~the~~this ~~rules~~Annual ~~and~~Report. ~~regulations~~The following list of ~~the~~significant ~~listing~~risk ~~standards~~factors ofis ~~U.S.~~not ~~and~~all-inclusive ~~Canadian~~or ~~exchanges,~~necessarily ~~and~~in ~~other~~order ~~applicable~~of ~~securities~~importance. ~~rules~~Additional risks and ~~regulations.~~uncertainties ~~Compliance~~not ~~with~~presently ~~these~~known ~~rules~~to ~~and~~us ~~regulations~~or ~~may~~that ~~strain~~we ~~its~~currently ~~financial~~deem ~~and~~immaterial ~~management~~also ~~systems,~~may ~~internal~~materially ~~controls,~~adversely ~~and~~affect ~~employees.~~us in future periods.

~~The~~Risks ~~Exchange~~Related ~~Act requires, among other things, that Lionsgate file annual, quarterly, and current reports with respect~~ to ~~its business and operating results. Moreover, the Sarbanes-Oxley Act requires, among other things, that~~ Lionsgate’s maintain effective disclosure controls and procedures, and internal control, over financial reporting. In order to maintain and, if required, improve disclosure controls and procedures, and internal control over, financial reporting to meet this standard, significant resources and management oversight are required. If Lionsgate has material weaknesses or deficiencies in its internal control over financial reporting, Lionsgate may not detect errors on a timely basis and its consolidated financial statements may be materially misstated. Effective internal control is necessary for Lionsgate to produce reliable financial reports and is important to prevent fraud. Business

~~In addition,~~ Lionsgate isfaces ~~required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act. Lionsgate may incur significant expenses and devote~~ substantial ~~management~~capital ~~effort toward ensuring compliance with the auditor attestation~~ requirements ~~of Section 404 of the Sarbanes-Oxley Act. As a result of the complexity involved in complying with the rules~~ and ~~regulations~~significant ~~applicable to public companies, Lionsgate management’s attention may be diverted from other business concerns, which could harm Lionsgate’s business, operating results, and~~ financial ~~condition~~risks.

~~Lionsgate~~The ~~may~~production, ~~incur~~acquisition and distribution of motion picture and television content require substantial capital investment, and a significant ~~write~~period of time may elapse between the expenditure of funds and the receipt of revenues following release or distribution. Lionsgate cannot assure you that it will be able to successfully implement or continue arrangements intended to reduce production-~~offs~~related ifrisks including the utilization of tax credits or participation in government or industry incentive programs. In addition, Lionsgate may experience production delays, cost increases or other disruptions resulting from events beyond its ~~projects~~control. doIf ~~not~~a ~~perform~~production ~~well~~incurs ~~enough~~substantial budget overruns, Lionsgate may have to seek additional financing or fund such overruns itself. Lionsgate cannot assure you that additional financing, if required, will be available on acceptable terms, or at all, or that it will ultimately recoup these increased costs. Increased production costs or budget overruns incurred with respect to a particular film or television project may delay or prevent its completion, release, or result in a postponed release to a less favorable date, which could adversely affect box office performance and the overall financial success of the project. Any of the foregoing could have a material adverse effect on Lionsgate’s business, financial condition, operating results, liquidity and prospects.

Lionsgate is required to amortize capitalized production costs over the expected revenue streams as it recognizes revenue from films or other projects. The amount of production costs that will be amortized each quarter depends on, among other things, how much future revenue Lionsgate expects to receive from each project. Unamortized production costs are evaluated for impairment each reporting period on a project-by-project basis when events or changes in circumstances indicate that the fair value of a film is less than its unamortized cost. These events and changes in circumstances include, among others, an adverse change in the expected performance of a film prior to its release, actual costs substantially in excess of budgeted cost for the film, delays or changes in release plans and actual performance subsequent to the film’s ~~release~~revenues ~~being~~and ~~less~~results than previously expected performance estimates. In any given quarter, if Lionsgate lowers its previous forecast with respect to total anticipated revenue from any film or other project or increases its previous forecast of ~~cost~~operations offluctuate making or distribution of the film, Lionsgate may be required to accelerate amortization or record impairment charges with respect to the unamortized costs, even if it previously recorded impairment charges for such film or other projectsignificantly. ~~Such impairment charges could adversely impact Lionsgate’s business, operating results and financial condition.~~

~~Changes~~Lionsgate’s inresults of operations depend significantly on the commercial success of the motion picture, television and other content that it sells, licenses or distributes, the performance of which cannot be predicted with certainty. Viewer preferences and audience acceptance are difficult to predict and may be influenced by numerous factors beyond Lionsgate’s ~~business~~control, ~~strategy~~including critical reception, ~~plans~~the ~~for~~format ~~growth~~in orwhich ~~restructuring~~content is released, the talent involved, genre and subject matter, audience response, the quality and volume of content released by competitors, the availability of alternative forms of entertainment (including user-generated content), general economic conditions and other tangible and intangible factors. Lionsgate may ~~increase~~not ~~its~~be ~~costs~~able orto ~~otherwise~~anticipate ~~affect~~and ~~its~~respond ~~profitability~~effectively to shifts in consumer tastes and viewing behaviors.

~~As changes in~~ Lionsgate’s ~~business~~results ~~environment~~of ~~occur,~~operations it may ~~adjust~~also ~~its~~fluctuate ~~business~~due ~~strategies~~ to ~~meet~~the ~~these~~timing, ~~changes~~mix, ~~which~~number ~~may~~and ~~include~~availability ~~growing~~of atheatrical ~~particular~~motion ~~area~~picture ofand ~~business~~home orentertainment ~~restructuring~~releases, aas ~~particular~~well ~~business~~as orlicensing ~~asset~~windows for content. In addition, ~~external~~low ~~events~~viewership ~~including~~for ~~changing~~television ~~technology,~~programming ~~changing~~produced ~~consumer~~by ~~patterns,~~Lionsgate ~~acceptance~~may ofresult ~~theatrical and television offerings and changes~~ in ~~macroeconomic~~the ~~conditions~~cancellation ~~may~~or ~~impair~~non-renewal ~~the value~~ of ~~Lionsgate’s~~a ~~assets. When these occur~~program, ~~Lionsgate~~which ~~may~~could ~~incur~~lead ~~costs~~ to ~~adjust~~significant ~~its~~programming ~~business~~impairments ~~strategy~~in ~~and~~a ~~may~~given ~~need~~period, toand ~~write~~reduced ~~down~~license ~~the~~fees ~~value~~or ofother ~~assets.~~revenues ~~Lionsgate may also invest~~ in ~~existing~~future ~~or new businesses~~periods. ~~Some~~Other ofthan ~~these~~non-renewals ~~investments may have negative~~ or ~~low~~cancellation ~~short-term returns and the ultimate prospects~~ of ~~the~~television ~~businesses~~programs ~~may be uncertain~~ or ~~may~~series ~~not develop at a rate~~ that ~~supports~~may ~~its~~occur ~~level~~from oftime ~~investment.~~to ~~In any of these events~~time, Lionsgate’s ~~costs~~is ~~may~~not ~~increase,~~aware itof ~~may~~any ~~have~~current ~~significant~~material ~~charges~~cancellation ~~associated~~of ~~with~~television ~~the~~programming ~~write-down~~releases ~~of assets,~~ or ~~returns~~of oncontent ~~new~~that ~~investments~~Lionsgate ~~may be lower than prior to the change in strategy~~sells, ~~plans~~licenses ~~for growth~~ or ~~restructuring~~distributes.

In addition, the comparability of Lionsgate’s results of operations may be affected by changes in accounting guidance or changes in Lionsgate’s ownership of certain assets and businesses. As a result of the foregoing factors, Lionsgate’s results of operations may fluctuate and differ from period to period, and therefore, may not be indicative of the results for any future periods or directly comparable to prior reporting periods.

Lionsgate’s results may be affected by the performance of a limited number of content releases in any given period.

Lionsgate’s operating results in any period may depend significantly on the performance of a limited number of motion pictures or television programs released or licensed during that period. As a result, the underperformance of one or more projects, whether due to audience reception, critical response, competitive releases, marketing execution, timing, or other factors, could have an adverse effect on Lionsgate’s revenues, operating results and profitability for that period.

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~~Lionsgate’s~~This ~~revenues~~concentration risk may be exacerbated by the high upfront capital investment required to produce or acquire content and ~~results~~the inherent unpredictability of ~~operations~~audience ~~fluctuate~~preferences. ~~significantly~~Losses or lower‑than‑expected returns from projects may not be offset by the performance of other content within the same period or fiscal year, and the impact of underperformance may extend beyond the initial release window. Any of the foregoing could have a materially adverse effect on Lionsgate’s business, financial condition, operating results, liquidity and prospects.

Lionsgate’s results of operations depend significantly upon the commercial success of the motion picture, television and other content that it sells, licenses or distributes, which cannot be predicted with certainty. Viewer preferences and audience acceptance are difficult to predict and may beincur ~~subject~~significant towrite-offs ~~influences~~if ~~beyond Lionsgate’s control, such as the critical acclaim of~~ its ~~content,~~projects ~~the~~do format in which content is released, the talent involved, the genre and specific subject matter of its content, audience reaction to its content, the quality and acceptance of content that its competitors release into the marketplace, and the availability of alternative forms of entertainment (including user-generated content) and leisure activities, general economic conditions and other tangible and intangible factors. Lionsgate may not beperform able to anticipate and react effectively to shifts in tastes and interests. In particular, if one or more motion pictures underperforms at the box office in any given period, Lionsgate’s revenue and earnings results for that period (and potentially, subsequent periods) may be less than anticipated. Lionsgate’s results of operations may also fluctuate due to the timing, mix, number and availability of theatrical motion picture and home entertainment releases, as well asenough ~~license periods for content. Moreover, low ratings for television programming produced by Lionsgate may lead~~ to ~~the~~recover ~~cancellation of a program which may result in significant programming impairments in a given period, and can negatively affect license fees for the cancelled program in future periods~~costs. Other than non-renewals or cancellation of television programs or series that may occur from time to time, Lionsgate is not aware of any current material cancellation of television programming releases or of content that Lionsgate sells, licenses or distributes. In addition, the comparability of results may be affected by changes in accounting guidance or changes in Lionsgate’s ownership of certain assets and businesses. As a result of the factors above, Lionsgate’s results of operations may fluctuate and differ from period to period, and therefore, may not be indicative of the results for any future periods or directly comparable to prior reporting periods.

Lionsgate is required to amortize capitalized production costs over the expected revenue streams as it recognizes revenue from films or other projects. The amount of production costs amortized in any period depends on, among other factors, Lionsgate’s ~~content~~estimates ~~licensing~~of ~~arrangements,~~total ~~primarily~~future ~~those~~revenues ~~relating~~expected to be received from each project. Unamortized production costs are evaluated for impairment each reporting period on a project-by-project basis when events or changes in circumstances indicate that the ~~distribution~~fair value of ~~films~~a infilm ~~foreign~~is ~~territories,~~less than its unamortized cost. Such events and changes in circumstances may include, ~~minimum~~among ~~guarantee~~others, ~~arrangements~~adverse ~~which~~changes in the expected performance of a film prior to its release, ~~absent~~actual ~~such~~costs ~~arrangements~~substantially in excess of budgeted amounts, ~~could~~delays ~~adversely~~or ~~affect~~changes in release plans, or actual performance following release that is less than previously expected. If, in any reporting period, Lionsgate revises downward its ~~results~~estimates of ~~operations~~total anticipated revenues for a film or other project or revises upward its estimated production or distribution costs, Lionsgate may be required to accelerate amortization or record impairment charges with respect to the remaining unamortized costs, even if impairment charges were previously recorded for that project. These write‑offs or impairment charges could be significant and could have a materially adverse effect on Lionsgate’s business, financial condition, operating results, liquidity and prospects.

~~Lionsgate~~A ~~generates~~significant ~~revenue~~portion ~~principally from the licensing~~ of content in domestic theatrical exhibition, home entertainment (e.g., digital media and packaged media), television, and international marketplaces. Certain of such content licensing arrangements, primarily those relating to the distribution of films by third parties in foreign territories, may include a minimum guarantee. Revenue from these minimum guarantee arrangements amounted to approximately $110.5 million, $151.0 million and $101.3 million for the years ended March 31, 2025, 2024 and 2023 respectively. To the extent that receipts generated by such foreign distributor from distribution of the film in the territory exceed a formula-based threshold, the distributor will pay Lionsgate’s anlibrary ~~amount in addition to the minimum guarantee (the “overage”). Absent these arrangements, the~~ revenues derived by Lionsgate may be determined as a function of a revenue-sharing formulation that calculates the licensee fee payable to Lionsgate solely based on the actual performance of the film in the territory. In these situations, content that is ~~not~~derived ~~favorably received or underperforms may not achieve the level of revenues that Lionsgate would have received~~ from a ~~minimum~~small ~~guarantee~~number ~~arrangement,~~of ~~which could adversely impact Lionsgate’s business, operating results and financial condition~~titles.

~~Lionsgate~~In ~~does~~any ~~not~~given ~~have~~fiscal ~~long-term~~quarter, ~~arrangements~~a ~~with~~limited ~~many~~number of titles may account for a substantial portion of the revenues generated from Lionsgate’s library. In addition, many titles in its ~~production~~library are not actively distributed at any given time and generate little or ~~co-financing~~no ~~partners~~revenue. The rights associated with titles in Lionsgate’s library also vary significantly and, in many cases, are subject to limitations as ato ~~result~~media, territory or term. In certain instances, Lionsgate ~~may~~holds ~~not~~only ~~have~~partial rights, certain ~~derivative~~rights may be reserved by or granted to third parties, or Lionsgate’s distribution or exploitation rights ~~related~~may ~~thereto~~expire after a specified period. Lionsgate’s ability to maintain and grow its library revenues depends on, among other things, its ability to continue to acquire new content and rights to titles through production, distribution arrangements, acquisitions, mergers, joint ventures or other strategic relationships, and to renew or extend rights to titles that generate a significant portion of its revenues on acceptable terms. Any such failure could have a material adverse effect on its business, financial condition, operating results, liquidity and prospects.

Lionsgate ~~typically~~has ~~does~~ not ~~enter~~entered into ~~long-term~~any ~~production~~agreements ~~contracts~~regarding ~~with~~material ~~the~~acquisitions ~~creative producers~~ of ~~motion picture and television content that it produces~~titles, ~~acquires or distributes. Moreover~~renewals, ~~Lionsgate~~business ~~generally has certain derivative rights that provide it with distribution rights to~~combinations, ~~for~~joint ~~example,~~ventures ~~prequels, sequels and remakes of certain content it produces, acquires~~ or ~~distributes.~~sales ~~There is no guarantee~~ that ~~Lionsgate~~have ~~will~~not ~~produce,~~yet acquire or distribute future content by any creative producer or co-financing partner, and a failure to do so could adversely affect its business, financial condition, operating results, liquidity and prospectsclosed.

Changes in consumer behavior, evolving technologies (including artificial intelligence) and shifts in distribution models may adversely affect Lionsgate’s business, financial condition or results of operations.

Lionsgate’s success depends in part on its ability to anticipate and adapt to evolving consumer preferences, content consumption patterns, technological developments and changes in industry business models. The way audiences discover, access and consume content continues to evolve, driven by new distribution platforms and increased competition from new entrants and emerging technologies. These developments have made revenue more difficult to predict and have increased pressure on pricing, release strategies and monetization models. Advances in content delivery technologies and the proliferation of new platforms and services have significantly increased the volume of available video content and altered consumer expectations regarding content availability, pricing and convenience. These changes include continued cord‑cutting, the growth of advertising‑based video‑on‑demand services and free ad‑supported streaming television (FAST) channels, and other evolving distribution models.

In addition, evolving technologies such as artificial intelligence (“AI”) may be used in ways that increase access to publicly available free or relatively inexpensive content that may reduce demand for Lionsgate’s products and services. Regulatory frameworks governing AI and other emerging technologies remain unsettled and affect aspects of Lionsgate’s existing business model, including how it creates, uses, protects and monetizes its intellectual property and how it produces, distributes and markets content.

In particular, AI technologies, including generative AI, machine learning and large language models, are rapidly evolving and becoming more widely adopted across the entertainment industry. Lionsgate has begun incorporating certain AI‑enabled tools into its operations, and competitors may gain advantages by adopting such technologies more quickly or more effectively.

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The use of AI technologies is relatively new and may give rise to operational, legal, regulatory, ethical and reputational risks that are difficult to predict, particularly as their use becomes more integral to Lionsgate’s business. If Lionsgate is unable to successfully leverage emerging technologies or adapt to changing consumer behavior, competitive dynamics, distribution platforms or business models, any of the foregoing could have a materially adverse effect on Lionsgate’s business, financial condition, operating results, liquidity and prospects.

Lionsgate faces substantial competition in all aspects of its business.

Lionsgate operates as an independent producer and distributor. Most of the major U.S. studios are part of large diversified corporate groups that can have significantly greater financial resources, established relationships, broader portfolios and alternative revenue streams that may allow them to better withstand fluctuations in the performance of their motion picture and television operations. If Lionsgate is unable to compete successfully and profitably with existing or new competitors, its business could be adversely affected, which could have a materially adverse effect on Lionsgate’s business, financial condition, operating results, liquidity and prospects.

Lionsgate relies on a few major retailers and distributors and the loss of any of those could reduce Lionsgate’s revenues and operating results.

A small number of retailers and distributors account for a material percentage of the revenues in home entertainment for the Motion Picture segment. Lionsgate does not have long-term agreements with retailers. In ~~addition, in~~ fiscal ~~2025~~2026, ~~2024~~2025 and ~~2023~~2024, Lionsgate generated approximately ~~19%,~~ 18% ~~and 25%~~, ~~respectively, of its revenue from the Starz Business and in fiscal 2025, 2024 and 2023, Lionsgate generated approximately~~ 16%, ~~14%~~ and 1114%, respectively, of its revenue from Amazon.com, Inc. and its subsidiaries. Lionsgate cannot assure you that it will maintain favorable relationships with its retailers and distributors (including with Starz) or that ~~it or~~ they will not be adversely affected by economic conditions, including as a result of global pandemics, wars, such as Russia’s invasion of Ukraine (including sanctions therefrom, though Lionsgate and, to the knowledge of Lionsgate, its directors and executive officers have not been, and are not expected to be, subject to any sanctions related to Russia’s invasion of Ukraine), bank failures, ongoing disruptions in financial markets and in commercial activity generally related to changes in monetary and fiscal policy, United States political developments, geopolitical events and other sources of instability, inflation or a recession. For additional information, see Note 17 to the consolidated financial statements.

ALionsgate’s ~~significant~~content ~~portion~~licensing arrangements, primarily those relating to the distribution of ~~Lionsgate’s~~films ~~library~~in ~~revenues~~foreign ~~comes~~territories, ~~from~~may ainclude ~~small~~minimum ~~number~~guarantee arrangements which, absent such arrangements, could adversely affect its results of ~~titles~~operations.

Lionsgate ~~depends~~generates onrevenue aprincipally ~~limited~~from ~~number~~the licensing of ~~titles~~content in ~~any~~domestic ~~given~~theatrical ~~fiscal~~exhibition, ~~quarter~~home ~~for~~entertainment ~~the~~(e.g., ~~majority~~digital ofmedia ~~the~~and ~~revenues~~packaged ~~generated~~media), bytelevision, ~~its~~and ~~library~~international marketplaces. InCertain ~~addition~~of such content licensing arrangements, ~~many~~primarily ofthose relating to the ~~titles~~distribution inof ~~its~~films ~~library~~by ~~are~~third ~~not~~parties ~~presently~~in ~~distributed~~foreign ~~and~~territories, ~~generate~~may ~~substantially~~include noa ~~revenue~~minimum guarantee. ~~Moreover,~~Revenue ~~the~~from ~~rights~~these tominimum ~~the~~guarantee ~~titles~~arrangements inamounted ~~its~~to ~~library~~approximately ~~vary;~~$174.6 inmillion, ~~some~~$110.5 ~~cases,~~million ~~Lionsgate~~and ~~only~~$151.0 ~~holds~~million for the ~~right~~years toended ~~distribute~~March ~~titles~~31, in2026, ~~certain~~2025 ~~media~~ and ~~territories~~2024, ~~for~~respectively. aTo ~~limited~~the ~~term;~~extent inthat ~~other~~receipts ~~cases,~~generated ~~certain~~by ~~rights~~such ~~may~~foreign bedistributor ~~reserved~~from ~~and/or~~distribution ~~granted~~of tothe ~~third~~film ~~parties~~in orthe ~~otherwise~~territory ~~only~~exceed ~~granted~~a toformula-based itthreshold, ~~for~~the adistributor ~~limited~~will ~~period.~~pay If Lionsgate ~~cannot~~an ~~acquire~~amount ~~new~~in ~~product~~addition ~~and~~to the ~~rights~~minimum toguarantee ~~popular~~(the ~~titles~~“overage”). ~~through~~Absent ~~production~~these arrangements, ~~distribution~~the ~~agreements,~~revenues ~~acquisitions,~~derived ~~mergers,~~by ~~joint~~Lionsgate ~~ventures~~may orbe ~~other~~determined ~~strategic~~as ~~alliances,~~a orfunction ~~renew~~of ~~expiring~~a ~~rights~~revenue-sharing toformulation ~~titles~~that ~~generating~~calculates athe ~~significant~~licensee ~~portion~~fee ofpayable ~~its~~to ~~revenue~~Lionsgate onsolely ~~acceptable~~based ~~terms,~~on ~~any~~the ~~such~~actual ~~failure~~performance ~~could~~of ~~have~~the afilm ~~material~~in ~~adverse~~the ~~effect~~territory. onIn ~~its~~these ~~business~~situations, ~~financial~~content ~~condition,~~that ~~operating~~is ~~results,~~not ~~liquidity~~favorably ~~and~~received ~~prospects.~~or ~~Lionsgate~~underperforms ~~has~~may not ~~entered~~achieve ~~into~~the ~~any~~level ~~agreements~~of ~~regarding~~revenue ~~material~~that ~~acquisitions~~Lionsgate ofwould ~~titles,~~have ~~renewals,~~received ~~business~~from ~~combinations~~a minimum guarantee arrangement, ~~joint~~which ~~ventures~~could oradversely ~~sales~~impact ~~that~~Lionsgate’s ~~have~~business, ~~not~~operating ~~yet~~results ~~closed~~and financial condition.

~~Changes~~Lionsgate indoes ~~consumer~~not ~~behavior,~~have aslong-term ~~well~~arrangements aswith ~~evolving~~many ~~technologies~~of ~~(such~~its asproduction ~~artificial~~or ~~intelligence)~~co-financing ~~and~~partners ~~distribution models~~and, ~~may~~as ~~negatively~~a ~~affect~~result, Lionsgate’s ~~business,~~may ~~financial~~not ~~condition~~have orcertain ~~results~~derivative ofrights ~~operations~~related thereto.

Lionsgate’s ~~success,~~typically indoes ~~part,~~not ~~depends~~enter oninto ~~its~~long-term ~~ability~~production toor ~~anticipate~~overall ~~and~~arrangements ~~adapt~~with tothe ~~shifting~~creative ~~content~~producers ~~consumption~~of ~~patterns~~motion picture and ~~technological~~television ~~development.~~content ~~The~~that ~~ways~~it inproduces, ~~which~~acquires ~~viewers~~or ~~consume~~distributes. ~~content~~As a result, ~~and~~Lionsgate ~~technology~~may ~~and~~not ~~business~~have ~~models~~ongoing inrights ~~its~~or ~~industry,~~guaranteed ~~continue~~access to ~~evolve~~future projects from such producers or co‑financing partners. In addition, ~~and~~while ~~new~~Lionsgate ~~distribution~~often ~~platforms~~seeks to obtain derivative rights, such as ~~well~~rights asto ~~increased~~produce ~~competition~~or ~~from~~distribute ~~new~~prequels, ~~entrants~~sequels, ~~and~~remakes ~~emerging~~or ~~technologies~~other related content, ~~have~~there ~~added~~can tobe ~~the~~no ~~complexity~~assurance ofthat ~~maintaining~~such ~~predictable~~rights ~~revenues.~~will ~~Developments~~be inavailable, ~~technology~~retained ~~and~~or ~~new~~exercised ~~content~~with ~~delivery~~respect ~~products~~to ~~and~~any ~~services~~particular ~~have~~property. ~~also~~There ~~led~~is no guarantee that Lionsgate will continue to anproduce, ~~increased~~acquire ~~amount~~or ofdistribute ~~video~~future content from any creative producer or co‑financing partner, asor ~~well~~that asit ~~changes~~will inbe ~~consumers’~~able ~~expectations~~to ~~regarding~~exploit or extend the ~~availability~~value of ~~video~~existing content ~~and~~through ~~their~~derivative ~~willingness~~works. toThe ~~pay~~loss ~~for~~of ~~access~~relationships towith ~~such~~key ~~content.~~producers ~~These~~or ~~changes~~partners, ~~include~~or the ~~increase~~inability into ~~the~~obtain ~~number~~or ofmaintain ~~advertising-based~~derivative ~~video~~rights oncould ~~demand~~have ~~services~~a ormaterially ~~free,~~adverse ~~ad-supported~~effect ~~streaming~~on ~~linear~~Lionsgate’s ~~channels~~business, ~~(also~~financial ~~known~~condition, asoperating ~~FAST~~results, ~~channels)~~liquidity orand ~~increased cord-cutting~~prospects.

~~Evolving technology, such as artificial intelligence (“AI”), may be used in ways that increase access to publicly available free or relatively inexpensive content that may reduce demand for~~ Lionsgate’s ~~products~~success ~~and~~depends ~~services.~~on Regulations governing new technological developments, such as developments in AI, remain unsettled, and these developments may affect aspects of Lionsgate’s existing business model, including revenue streams for the use of Lionsgate’s intellectual property and how it creates and distributes its ~~content.~~ability ~~If Lionsgate fails~~ to ~~successfully~~attract ~~leverage emerging technologies~~ and ~~effectively~~retain ~~anticipate~~key orpersonnel ~~adapt to emerging competitors, content distribution platforms, changes in consumer behavior~~ and ~~shifting~~artistic ~~business~~talent. ~~models, this could have a material adverse effect on its competitive position, business, financial condition and results of operations~~

In particular, the use of AI, including generative AI, machine learning, and large language models (collectively, “AI/ML technologies”), is evolving rapidly and becoming more prevalent in business operations, and Lionsgate’s ability to compete could be adversely affected if its competitors gain an advantage by using such technologies. We have begun adopting certain AI/ML technologies into our daily operations. The use of AI/ML technologies is relatively new, and may lead to challenges, concerns and risks that are significant or that we may not be able to predict, especially if our use of these technologies in our operations becomes more important over time.

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Lionsgate’s ~~faces~~success ~~substantial~~depends ~~competition~~upon inthe ~~all~~continued ~~aspects~~efforts, abilities and expertise of its ~~business~~executive teams and other key employees, including production, creative and technical personnel, as well as its ability to identify, attract, hire, train and retain such personnel. Although Lionsgate has employment agreements with certain senior executive officers and production executives, it does not maintain significant “key person” life insurance policies for any employee and such agreements cannot assure continued services of such employees. In addition, Lionsgate relies on the availability of a number of actors, writers, directors, producers and other creative talent, many of whom are engaged through third-party production companies who create its original programming. Competition for experienced executives and sought‑after creative talent is intense, and Lionsgate may be unable to attract or retain key personnel or artistic talent on acceptable terms, or at all. The loss of, or inability to attract or retain, key personnel or creative talent could disrupt operations, delay or impair content development and production, and could have a materially adverse effect on Lionsgate’s business, financial condition, operating results, liquidity and prospects.

Lionsgate iscould anbe ~~independent~~adversely ~~distributor~~affected ~~and~~by ~~producer.~~labor ~~Most~~disputes, ofstrikes ~~the~~or ~~major U.S. studios are part of large diversified corporate groups with a variety of~~ other ~~operations~~union ~~that~~job can provide both the means of distributing their products and stable sources of earnings that may allow them to better offset fluctuations in the financial performance of their motion picture operations and television production operationsactions. ~~If Lionsgate is unable to successfully or profitably compete with current and new competitors, its business will be adversely affected.~~

Lionsgate ~~faces~~is ~~economic,~~directly ~~political~~or indirectly dependent on the availability of highly specialized union members who are essential to the development and production of motion pictures and television content including writers, ~~regulatory~~directors, actors and other ~~risks~~creative ~~from~~talent, ~~doing~~as well as technical and trade employees who are subject to collective bargaining agreements. A labor dispute, work stoppage, slowdown, strike involving one or more unions that provide such essential personnel could disrupt or delay Lionsgate’s ongoing development or production activities, increase costs, or delay or interrupt the release of motion picture or television content. Labor disputes have occurred in the past, such as the industry-wide strike by the Writers Guild of America in May 2023 and Screen Actors Guild in July 2023, and similar actions may occur in the future. Such disputes may restrict access to creative talent, result in work stoppages, disrupt production schedules, reduce the availability of content and may result in increased costs and decreased revenue. Any of the foregoing could have a materially adverse effect on Lionsgate’s business, ~~internationally~~financial condition, operating results, liquidity and prospects.

~~Lionsgate~~Business ~~has~~interruptions ~~operations~~resulting ~~and~~from ~~distributes~~circumstances ~~content~~or ~~outside~~events ~~the~~beyond ~~U.S.~~Lionsgate’s ~~and~~control ~~derives~~could ~~revenue~~adversely ~~from~~affect ~~international sources. As a result,~~ its business ~~is subject to certain risks inherent in international business, many of which are beyond its control~~operations. ~~These risks include:~~

~~•difficulties~~Lionsgate’s inoperations ~~understanding~~may be vulnerable to service disruptions, outages and ~~complying~~other ~~with~~interruptions ~~local~~caused ~~laws~~by events or circumstances beyond its control, ~~regulations~~including fires, floods, earthquakes, power outages, telecommunications failures, software or hardware failures, loss of data, security breaches, cyberattacks, personnel misconduct or error, war or acts of terrorism, global pandemics, labor disruptions or other unforeseen events. Lionsgate’s headquarters are located in Southern California, a region that is subject to seismic activity, wildfires, flooding and ~~customs~~other natural disasters. Although Lionsgate has implemented business continuity and disaster recovery plans to respond to certain disruptions, there can be no assurance that such plans will be effective in ~~foreign~~the ~~jurisdictions;~~event of a specific disaster. Extended disruptions, such as a prolonged power outage, data interruption or loss of key facilities, could materially impair Lionsgate’s ability to operate its business.

~~•laws~~In ~~and~~addition, ~~policies~~while ~~adversely~~Lionsgate ~~affecting~~maintains ~~trade,~~business ~~investment~~interruption ~~and~~insurance ~~taxes~~for certain potential losses, including ~~laws~~losses ~~and~~related ~~policies~~to ~~relating~~natural todisasters, ~~the~~such ~~repatriation~~insurance ofmay ~~funds~~not ~~and~~be ~~withholding~~sufficient ~~taxes~~to cover all losses or damages, and ~~changes~~may not be available on acceptable terms in ~~these~~the ~~laws;~~future. Any unrecovered losses, extended interruptions or failures to resume normal operations could have a material adverse effect on its business, financial condition, operating results, liquidity and prospects.

~~•sanctions~~Changes ~~imposed~~in onLionsgate’s ~~countries~~business strategy, ~~entities~~growth ~~and~~initiatives ~~individuals~~or ~~with~~restructuring ~~whom~~activities itmay ~~conducts~~result ~~business~~in ~~(such~~increased ascosts ~~those~~or ~~imposed~~otherwise ~~due~~affect toits ~~Russia’s~~profitability. ~~invasion of Ukraine);~~

•In response to changes in its business environment, Lionsgate may from time to time adjust its business strategies, including expanding or emphasizing certain lines of business, investing in new or existing operations, or restructuring particular businesses, assets or operations. External factors such as technological developments, changing consumer patterns, changes in the ~~impact~~acceptance of ~~trade~~theatrical ~~disputes;~~and television offerings, and broader macroeconomic conditions may also adversely affect the value of Lionsgate’s assets or the performance of its businesses. As a result of these strategic changes or external developments, Lionsgate may incur significant costs to implement changes to its business strategy, including restructuring charges, integration costs or other expenses, and may be required to record write‑downs or impairments of assets. In addition, investments in new or existing businesses may generate lower‑than‑expected or negative returns in the short term, and the ultimate prospects of such businesses may be uncertain. Any of these developments could increase Lionsgate’s costs, reduce anticipated returns or result in significant charges, and could have a materially adverse effect on Lionsgate’s business, financial condition, operating results, liquidity and prospects.

•anti-corruption laws and regulations such as the Foreign Corrupt Practices Act and the U.K. Bribery Act that impose strict requirements on how Lionsgate may conduct its foreign operations and changes in these laws and regulations; 23

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Lionsgate is subject to risks associated with possible acquisitions, dispositions, business combinations and joint ventures.

From time to time, Lionsgate may evaluate or pursue acquisitions, disposition of assets, business combinations, joint ventures or other strategic transactions intended to complement or expand its business. Such transactions involve significant risks and uncertainties, and Lionsgate may not realize the anticipated benefits of any transaction it undertakes. Risks associated with these transactions include the assumption of liabilities that are greater than expected or not identified during due diligence, significant transaction and integration cost, diversion of management’s time and resources, difficulties integrating operations, personnel, information technology and accounting systems, and challenges in managing the combined business, particularly if key personnel are lost during or following the integration process. In addition, acquisitions or business combinations may result in impairment charges related to goodwill and other intangible assets, development write‑offs or other transaction‑related expenses, which could adversely affect Lionsgate’s financial results. There can be no assurance that any acquisition, business combination or joint venture will be completed on acceptable terms, on a timely basis, or at all, or that Lionsgate will achieve anticipated operating efficiencies, cost savings, revenue growth, synergies or other expected benefits. Lionsgate may also decide to sell individual properties, libraries or other assets or businesses. While such dispositions may generate net proceeds, they may also reduce future revenues and earnings as a result of the loss of income‑producing assets, particularly if the disposed assets contributed meaningfully to Lionsgate’s business diversification. In addition, adverse market conditions or poor timing may result in unrealized asset value. These factors could diminish Lionsgate’s ability to service its indebtedness or repay its notes or other obligations at maturity. Any of the foregoing could have a materially adverse effect on Lionsgate’s business, financial condition, operating results, liquidity and prospects.

Global and regional economic conditions may adversely affect Lionsgate’s business.

Global economic uncertainty and volatility resulting from events such as pandemics, wars, inflationary pressures, bank failures, recessions or other financial disruptions may cause a general tightening in the credit markets, reduced liquidity, increases in the rates of default and bankruptcy, heightened government intervention, decreased consumer confidence, slower economic activity and significant volatility in credit, equity and fixed income markets. Ongoing disruptions may also result from changes in monetary and fiscal policy, political developments in the United States, geopolitical events and other sources of instability. A decrease in economic activity in the U.S. or in other regions of the world in which Lionsgate operates could adversely affect demand for its content, thus reducing its revenues and earnings. Weak economic conditions may negatively impact the performance of theatrical, television and home entertainment releases. In addition, sustained inflation or rising price levels could shift consumer demand away from discretionary entertainment while simultaneously increasing Lionsgate’s operating and production costs. Further, instability or failures within the financial services sector could limit access to capital, increase borrowing costs or make it more difficult for Lionsgate to finance acquisitions or engage in other financing activities. Any of the foregoing could have a materially adverse effect on Lionsgate’s business, financial condition, operating results, liquidity and prospects.

Lionsgate faces economic, political, regulatory, and other risks associated with doing business internationally.

Lionsgate has operations and distributes content outside the U.S. and derives a portion of its revenue from international sources. As a result, its business is subject to certain risks inherent in international business, many of which are beyond its control. These risks include:

•difficulties in understanding and complying with local laws, regulations and business practices in foreign jurisdictions;

•laws and policies affecting trade, investment, taxation, repatriation of funds and withholding taxes;

•sanctions and other restrictions applicable to certain countries, entities and individuals (such as those imposed in connection with Russia’s invasion of Ukraine);

•trade disputes;

•compliance with anti-corruption laws such as the Foreign Corrupt Practices Act and the U.K. Bribery Act

•changes in local regulatory requirements including regulations designed to stimulate local productions, promote and preserve local culture and economic activity (including local content quotas, investment obligations, local ownership requirements, and levies to support local film funds);

•differing ~~degrees of~~ consumer protection laws, data privacy and cybersecurity laws, and changes in these laws;

•differing ~~degrees of~~ employee or labor laws and changes in these laws that may impact our ability to hire and retain foreign employees;

•strikes or other employment actions that may make it difficult to produce and/or localize content;

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•censorship requirements that may cause Lionsgate to remove or edit popular content, leading to consumer disappointment, brand tarnishment or consumer dissatisfaction;

•inability to adapt Lionsgate’s offerings successfully to differing languages, cultural tastes, and preferences in international markets;

•international jurisdictions where laws are less protective of intellectual property and varying attitudes towards the piracy of intellectual property;

•establishing and protecting a new brand identity in competitive markets;

•the instability of foreign economies and governments;

•currency exchange restrictions, export controls and currency devaluation risks in some foreign countries;

•geopolitical conflicts, including ongoing hostilities and regional tensions in Eastern Europe and the Middle East, may adversely affect global economic conditions, financial markets and our business.

•war and acts of terrorism; and

•the spread of communicable diseases, which may impact business in such jurisdictions.

Lionsgate’s actual or perceived failure to comply with such obligations could lead to regulatory investigations or actions, litigation, fines and penalties, disruptions of its business operations, reputational harm, loss of revenue or profits, loss of customers or sales, and other adverse business consequences., which could have a materially adverse effect on Lionsgate’s business, financial condition, operating results, liquidity and prospects.

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Lionsgate is subject to risks associated with possible acquisitions, dispositions, business combinations, or joint ventures.

From time to time, Lionsgate may engage in discussions and activities with respect to possible acquisitions, sale of assets, business combinations, joint ventures intended to complement or expand its business or other transactions. However, Lionsgate may not realize the anticipated benefit from the transactions it pursues; there may be liabilities assumed that it did not discover or that it underestimated in the course of performing its due diligence; the negotiation of the transaction and the integration of the acquired business could require Lionsgate to incur significant costs and cause diversion of management’s time and resources; the transaction could result in impairment of goodwill and other intangibles, development write-offs and other related expenses; the transaction may pose challenges in the consolidation and integration of information technology, accounting systems, personnel and operations; and Lionsgate may have difficulty managing the combined entity in the short term if it experiences a significant loss of management personnel during the transition period after a significant acquisition. No assurance can be given that expansion, acquisition or other opportunities will be successful, completed on time, or that Lionsgate will realize expected operating efficiencies, cost savings, revenue enhancements, synergies or other benefits. Any of the foregoing could have a material adverse effect on Lionsgate’s business, financial condition, operating results, liquidity and prospects. If Lionsgate determines to sell individual properties, libraries or other assets or businesses, it will benefit from the net proceeds realized from such sales. However, Lionsgate’s revenues may be affected in the long-term due to the loss of revenue-generating assets, and poor timing of such disposals may result in unrealized asset value, all of which may diminish its ability to service its indebtedness and repay its notes and its other indebtedness at maturity. Furthermore, Lionsgate’s future growth may be inhibited if the disposed asset contributed in a significant way to the diversification of its business platform.

If Entertainment One Canada Ltd. loses Canadian status, it could lose licenses, incentives and tax credits.

Through Lionsgate’s acquisition of eOne in December 2023, it acquired the economic interests in Entertainment One Canada Ltd., a Canadian corporation (“EOCL”). EOCL is able to benefit from a number of licenses, incentive programs and Canadian government tax credits as a result of it being “Canadian controlled” as defined in the Investment Canada Act. Lionsgate has taken measures to ensure that EOCL’s Canadian status is maintained. There can be no assurance, however, that EOCL will be able to continue to maintain its Canadian status. The loss of EOCL’s Canadian status could harm Lionsgate’s business, including the possible loss of future incentive programs and claw back of funding previously provided to EOCL.

Lionsgate’s ~~success~~business depends in part on ~~attracting~~the maintenance and ~~retaining~~protection ~~key~~of ~~personnel~~its intellectual property rights, and ~~artistic~~failure ~~talent~~to protect those rights or the cost of pursuing or defending intellectual property claims may have a material adverse effect on its business.

Lionsgate’s ~~success~~ability ~~depends~~to ~~upon~~compete ~~the~~depends, ~~continued~~in ~~efforts~~part, ~~abilities~~on maintaining and ~~expertise~~protecting of its ~~executive~~proprietary ~~teams~~ and ~~other~~intellectual ~~key~~property ~~employees,~~rights. ~~including~~Lionsgate ~~production,~~attempts ~~creative~~to maintain and ~~technical~~protect ~~personnel,~~its ~~including,~~rights into ~~turn,~~its oncontent ~~its~~through ~~ability~~available tocopyright ~~identify,~~and ~~attract~~trademark laws, ~~hire~~contractual protections in agreements with employees, ~~train~~contractors and ~~retain~~production ~~such~~partners, ~~personnel.~~and ~~Lionsgate~~licensing ~~has~~and ~~employment~~distribution ~~agreements~~arrangements with ~~top~~reputable ~~executive~~third ~~officers~~parties for specific territories, media and ~~production~~terms. ~~executives~~Despite ~~but~~these ~~does~~precautions, ~~not~~intellectual ~~have~~property ~~significant~~laws ~~“key~~may ~~person”~~afford ~~life~~protection ~~insurance~~in ~~policies~~certain ~~for~~countries, ~~any~~and ~~employee.~~unauthorized ~~Although~~third itparties ismay ~~standard~~copy inand ~~the~~distribute ~~industry~~or tootherwise ~~rely~~exploit onLionsgate’s ~~employment~~productions ~~agreements~~or ascertain aportions ~~method~~or applications of ~~retaining~~its ~~the~~intended ~~services~~productions, ofwithout ~~key~~authorization. ~~employees~~Moreover, ~~these~~there ~~agreements~~can ~~cannot~~be ~~assure~~no assurance that Lionsgate ofor ~~the~~third-party ~~continued~~content ~~services~~producers ofor ~~such~~parties ~~employees.~~from Inwhom ~~addition~~it may license or acquire content have, ~~Lionsgate~~in ~~depends~~all oninstances, ~~the~~obtained ~~availability~~or ofmaintained asufficient ~~number~~intellectual ofproperty ~~actors~~rights, ~~writers,~~or ~~directors~~entered ~~and~~into ~~producers~~agreements ofcontaining ~~third-party~~appropriate ~~production~~“work ~~companies~~made ~~who~~for ~~create~~hire,” ~~its~~assignment, ~~original~~nondisclosure ~~programming~~or other protective provisions. As a result, Lionsgate ~~cannot~~may ~~assure~~be ~~you~~required ~~that~~to itexpend ~~will~~significant beresources ~~successful~~to inenforce ~~identifying,~~its ~~attracting~~intellectual property rights, ~~hiring~~protect trade secrets, ~~training~~determine ~~and~~the ~~retaining~~scope ~~such~~or ~~personnel~~validity inof ~~the~~its ~~future,~~rights ~~and~~or ~~Lionsgate’s~~those ~~inability~~of toothers, door sodefend ~~could~~against ~~have~~claims aof ~~material~~infringement ~~adverse~~or ~~effect~~invalidity. onSuch ~~its~~actions ~~business,~~may ~~financial~~be ~~condition~~costly, ~~operating~~time‑consuming ~~results~~and disruptive, ~~liquidity~~and may divert management attention and ~~prospects.~~operational resources.

~~Global~~Lionsgate’s ~~economic~~more ~~turmoil~~successful and ~~regional~~popular ~~economic~~films, ~~conditions~~television ~~could~~programs ~~adversely~~and ~~affect~~franchises may be particularly susceptible to infringement, especially in connection with or shortly after release. Alleged infringers may assert defenses such as fair use or similar doctrines, challenge the validity or enforceability of Lionsgate’s intellectual property rights, or assert counterclaims alleging improper enforcement. Even if such claims lack merit, they may result in adverse publicity, unfavorable interim rulings, significant litigation costs or delays, and there can be no assurance that Lionsgate will prevail in all cases. Conversely, Lionsgate may from time to time be subject to claims alleging that its productions, content or production techniques infringe or misappropriate the intellectual property rights of third parties, including patent rights. Such claims, whether or not meritorious, may require Lionsgate to incur significant legal and management costs, pay damages or license fees, modify business practices or technology, or be subject to injunctions or other restrictions. These risks may be amplified by the increasing number of third parties whose primary business is asserting intellectual property claims.

Global economic turmoil resulting from such events as global pandemics, wars, inflation, bank failures or a recession, may cause a general tightening in the credit markets, lower levels of liquidity, increases in the rates of default and bankruptcy, levels of intervention from U.S. federal government and other foreign governments, decreased consumer confidence, overall slower economic activity and extreme volatility in credit, equity and fixed income markets, ongoing disruptions in financial markets and in commercial activity generally related to changes in monetary and fiscal policy, United States political developments, geopolitical events and other sources of instability. A decrease in economic activity in the U.S. or in other regions of the world in which Lionsgate does business could adversely affect demand for its content, thus reducing its revenues and earnings. A decline in economic conditions could reduce performance of theatrical, television and home entertainment releases. In addition, an increase in price levels generally could result in a shift in consumer demand away from the entertainment offered, which could also adversely affect Lionsgate revenues and, at the same time, increase costs. Moreover, financial institution failures may make it more difficult to finance any future acquisitions, or engage in other financing activities.

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Lionsgate could be adversely affected by labor disputes, strikes or other union job actions.

Lionsgate is directly or indirectly dependent upon highly specialized union members who are essential to the production of motion pictures and television content including writers, directors, actors and other talent as well as trade employees and others who are subject to collective bargaining agreements. In general, a labor dispute, work stoppage, work slowdown, strike by, or a lockout of, one or more of the unions that provide personnel essential to the production of motion pictures or television content could delay or halt Lionsgate’s ongoing development and/or production activities, or could cause a delay or interruption in release of new motion pictures and television content. Labor disputes have in the past, such as the industry-wide strike by the Writers Guild of America in May 2023 and Screen Actors Guild in July 2023, and may in the future, restrict access to content, result in work stoppages, and may result in increased costs and decreased revenue, which could have a material adverse effect on Lionsgate’s business, financial condition, operating results, liquidity and prospects.

Business interruptions from circumstances or events outside of Lionsgate’s control could adversely affect Lionsgate’s operations.

Lionsgate’s operations are vulnerable to outages and interruptions due to fire, floods, power loss, telecommunications failures, software or hardware failures, loss of data, security breaches, cyberattacks, personnel misconduct or error, war or acts of terrorism, global pandemics, work stoppages and strikes, and similar events beyond its control. Lionsgate’s headquarters is located in Southern California, which is subject to natural disasters such as earthquakes, wildfires and flooding. Although Lionsgate has developed certain plans to respond in the event of a disaster, there can be no assurance that such plans will be effective in the event of a specific disaster. A long-term power outage, however, could disrupt its operations.

Although Lionsgate carries business interruption insurance for potential losses (including earthquake-related losses), there can be no assurance that such insurance will be sufficient to compensate for losses that may occur or that such insurance may continue to be available on affordable terms. Any losses or damages incurred by Lionsgate could have a material adverse effect on its business, financial condition, operating results, liquidity and prospects.

Lionsgate’s business is dependent on the maintenance and protection of its intellectual property and pursuing and defending against intellectual property claims may have a material adverse effect on its business.

Lionsgate’s ability to compete depends, in part, upon successful protection of its intellectual property. Lionsgate attempts to maintain and protect its proprietary and intellectual property rights to its productions through available copyright and trademark laws, contractual provisions in its agreements with its employees, contractors and production partners that develop intellectual property on its behalf, and licensing and distribution arrangements with reputable international companies in specific territories and media for limited durations. Despite these precautions, existing copyright and trademark laws afford only limited practical protection in certain countries where Lionsgate distributes its products. As a result, it may be possible for unauthorized third parties to copy and distribute Lionsgate’s productions or certain portions or applications of its intended productions, which could have a material adverse effect on Lionsgate’s business, financial condition, operating results, liquidity and prospects. Moreover, there can be no assurance that Lionsgate’s content producers or other third parties from whom it may license or acquire content have, in every instance, entered into agreements that contain appropriate protections regarding intellectual property, including nondisclosure, “work made for hire” or valid assignment provisions, with each party who has developed intellectual property on their respective behalf. Litigation may also be necessary to enforce Lionsgate’s intellectual property rights, to protect its trade secrets, or to determine the validity and scope of the proprietary rights of others or to defend against claims of infringement or invalidity. Any such litigation, infringement or invalidity claims could result in substantial costs and the diversion of resources and could have a material adverse effect on Lionsgate’s business, financial condition, operating results, liquidity and prospects. Lionsgate’s more successful and popular film or television products or franchises may experience higher levels of infringing activity, particularly around key release dates. Alleged infringers have claimed and may claim that their products are permitted under fair use or similar doctrines, that they are entitled to compensatory or punitive damages because Lionsgate’s efforts to protect its intellectual property rights are illegal or improper, and that Lionsgate’s key trademarks or other significant intellectual property are invalid. Such claims, even if meritless, may result in adverse publicity or costly litigation. Lionsgate will vigorously defend its copyrights and trademarks from infringing products and activity, which can result in litigation. It may receive unfavorable preliminary or interim rulings in the course of litigation, and there can be no assurance that a favorable final outcome will be obtained in all cases. Additionally, one of the risks of the film and television production business is the possibility that others may claim that Lionsgate’s productions and production techniques misappropriate or infringe the intellectual property rights of third parties.

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~~Notwithstanding~~In addition, Lionsgate’s ~~efforts~~may tolose ~~obtain~~or ~~all~~cease ~~permissions~~to ~~and~~control ~~clearances~~certain itintellectual ~~deems~~property ~~necessary~~rights inover ~~relation~~time. toCertain ~~the~~rights ~~content~~may itexpire, ~~will~~revert ~~create~~ or ~~distribute,~~be ~~from~~terminated ~~time~~under toapplicable ~~time~~copyright laws, ~~Lionsgate~~or ~~may~~ be subject to ~~claims~~transfer ~~and~~or ~~legal~~termination ~~proceedings~~rights ~~regarding~~exercised ~~alleged infringement~~ by ~~it of the intellectual property rights (including patents) of~~ third parties. ~~Such~~In ~~claims,~~other ~~whether or not meritorious~~cases, Lionsgate may ~~result~~have inacquired ~~the~~rights ~~expenditure~~for ofa ~~significant~~limited ~~financial~~duration ~~and managerial resources, require the development of alternative technology~~ or ~~business~~subject ~~practices,~~to ~~injunctions~~other ~~against Lionsgate~~restrictions, or ~~payments~~the ~~for~~underlying ~~licenses~~content ~~or damages. Lionsgate~~ may ~~also~~ enter ~~into~~the ~~licenses~~public ordomain. ~~other~~The ~~arrangements~~loss toof, ~~settle~~or ~~and~~limitations ~~resolve such allegations~~ on ~~commercially reasonable terms where available~~, ~~though~~Lionsgate’s ~~there~~ability ~~can~~to becontrol noor ~~assurance~~re‑acquire such ~~agreements~~rights ~~can be obtained~~ on acceptable terms., ~~These~~if ~~risks~~at ~~may~~all, becould ~~amplified~~limit byits ~~the~~ability ~~increase~~to inprevent third‑party ~~parties~~exploitation ~~whose~~of ~~sole~~related ~~or primary business is to assert such claims~~content. ~~Regardless~~Any of the ~~validity~~foregoing ~~or the success of the assertion of any such claims, Lionsgate~~ could ~~incur significant costs and diversion of resources in enforcing its intellectual property rights or in defending against such claims, which could~~ have a ~~material~~materially adverse effect on ~~its~~Lionsgate’s business, financial condition, operating results, liquidity and prospects.

InPiracy ~~addition, Lionsgate may, from time to time, lose or cease to control certain~~ of ~~its~~motion ~~rights~~picture in the intellectual property on which it relies. Pursuant to applicable intellectual property laws, such rights may expire or be transferred to third parties as a result of the operation of copyright reversion and~~/or~~ ~~termination~~television ~~of transfer rights under applicable laws. Additionally, where Lionsgate acquires rights in certain properties or~~ content, itcould may only acquire such rights for a limited period or subject to other restrictions. Where Lionsgate loses intellectual property rights, it may not be able to re-acquire such rights on reasonable terms or at all, including due to material entering the public domain. The loss of (or of control of) such intellectual property rights may adversely ~~impact~~affect Lionsgate’s ~~ability~~business toover ~~prevent others from exploiting content based on such rights~~time.

~~Lionsgate’s~~Piracy ~~business~~is ~~involves~~extensive ~~risks~~in many parts of ~~claims~~the world and has been facilitated by the increased availability of high-quality digital copies of content and technological advances that enable the rapid conversion, duplication and distribution of ~~material~~motion picture and television content in digital formats. This trend has made it easier to create, transmit and share unauthorized copies of content. The proliferation of unauthorized copies has reduced, and may continue to reduce, the revenues Lionsgate receives from the distribution and exploitation of its content. To address these risks, Lionsgate may be required to implement enhanced security, monitoring and anti-piracy measures, which could ~~adversely~~be ~~affect~~costly and may not be fully effective. Lionsgate’s ~~business~~cannot assure you that technological, ~~results~~contractual or legal measures will successfully prevent or limit piracy or its adverse effects. Any of ~~operations~~the ~~and~~foregoing could have a materially adverse effect on Lionsgate’s business, financial condition., operating results, liquidity and prospects.

AsLionsgate’s ~~a distributor of media content, in the ordinary course of~~ business, ~~Lionsgate~~involves ~~may~~risks ~~face potential liability for defamation, invasion~~ of ~~privacy, negligence, copyright or trademark infringement,~~ claims ~~related~~arising tofrom the ~~mature nature of some of its~~ content, ~~other~~it ~~claims based on the nature and content of the materials distributed~~produces, ordistributes ~~statements made by personnel~~ or ~~talent~~licenses, ~~regarding~~which orcould ~~promoting~~adversely ~~those~~affect ~~materials or attributable to~~ its business., ~~These~~results ~~types~~ of ~~claims~~operations ~~have historically been brought, sometimes successfully, against producers~~ and ~~distributors of media content. Any imposition of liability that is not covered by insurance or is in excess of insurance coverage could have a material adverse effect on Lionsgate’s business,~~ financial condition ~~and results of operations~~.

As a producer and distributor of media content, Lionsgate, in the ordinary course of business, may ~~become~~be subject to ~~litigation~~claims ~~and~~alleging defamation, invasion of privacy, negligence, infringement of copyright or trademark rights, or other ~~legal~~claims ~~proceedings~~based on the nature and content of the materials it produces, ~~which~~distributes ~~could~~or ~~adversely~~licenses. ~~impact~~Lionsgate may also face claims arising from statements made by its personnel or creative talent in connection with the promotion of its content or otherwise attributable to its business, ~~financial~~as ~~condition~~well as claims relating to mature or controversial subject matters. These types of claims have historically been asserted, sometimes successfully, against producers and ~~results~~distributors of ~~operations~~media content. The defense and resolution of such claims may be costly, time‑consuming and disruptive, and adverse outcomes could result in damages, settlements, injunctions, restrictions on the distribution or exploitation of content, or other judicial or regulatory remedies.

~~From~~In ~~time~~addition, tosuch ~~time~~matters, ~~Lionsgate~~regardless ~~may~~of betheir ~~subject~~ultimate ~~to various legal proceedings (including class action lawsuits)~~outcome, ~~claims,~~may ~~regulatory~~generate ~~investigations~~negative ~~and arbitration proceedings~~publicity, ~~including~~which ~~claims~~may ~~relating~~be torapid ~~intellectual property, employment, wage~~ and ~~hour,~~amplified ~~consumer~~by ~~privacy,~~social ~~contractual~~media and ~~commercial~~digital ~~disputes,~~platforms and ~~the~~may ~~production,~~persist ~~distribution,~~even ~~and~~after ~~licensing~~underlying ofissues ~~its~~have ~~content.~~been ~~The~~addressed ~~outcomes~~or ~~of legal proceedings are inherently uncertain~~resolved. Any ~~proceedings,~~resulting ~~actions,~~reputational ~~claims~~harm ormay ~~inquiries~~impair ~~initiated~~Lionsgate’s byability orto ~~against~~market itcontent effectively, ~~whether~~secure ~~successful~~ or ~~not,~~renew ~~may~~distribution beand ~~time~~licensing ~~consuming~~arrangements, ~~result~~attract ~~in costly litigation, damage awards, consent decrees, injunctive relief~~ or ~~increased~~retain ~~costs~~creative ~~of business~~talent, ~~require to change its business practices~~ or ~~products,~~maintain ~~result~~audience ~~in negative publicity~~engagement, ~~require~~and ~~significant~~may ~~amounts of management time,~~ result in ~~the~~financial ~~diversion~~losses ~~of significant operational resources~~ or ~~otherwise~~increased ~~harm~~operating ~~its business and financial results~~costs. In addition, Lionsgate’s insurance may not be adequate to protect it from all material expenses related to pending and future claims. Any of these factors could materially adversely affect Lionsgate’s business, financial condition and results of operations.

~~Piracy~~While ofLionsgate ~~films~~maintains insurance coverage for certain liabilities, such coverage may be subject to exclusions, deductibles or coverage limits and ~~television~~may ~~programs~~not apply to particular claims. Any liability that is not covered by insurance, or that exceeds available insurance coverage, or any resulting adverse market or commercial effects, could ~~adversely~~have ~~affect~~a materially adverse effect on Lionsgate’s business, ~~over~~financial ~~time.~~condition and results of operations.

Piracy is extensive in many parts of the world and is made easier by the availability of digital copies of content and technological advances allowing conversion of films and television content into digital formats. This trend facilitates the creation, transmission and sharing of high-quality unauthorized copies of motion pictures and television content. The proliferation of unauthorized copies of these products has had and will likely continue to have an adverse effect on Lionsgate’s ~~business, because these products reduce the revenue it~~ may ~~receive~~be ~~from~~subject ~~distribution. In order~~ to ~~contain this problem~~litigation, ~~Lionsgate~~regulatory ~~may~~investigations ~~have~~and toother ~~implement~~legal ~~elaborate~~proceedings ~~and~~that ~~costly~~could ~~security~~adversely ~~and~~affect ~~anti-piracy~~its ~~measures~~business, ~~which~~financial ~~could~~condition ~~result in significant expenses~~ and ~~losses~~results of ~~revenue~~operations. ~~Lionsgate cannot assure you that even the highest levels of security and anti-piracy measures will prevent piracy.~~

From time to time, Lionsgate is involved in various legal proceedings, claims, regulatory investigations and arbitration proceedings, arising in the ordinary course of business. These matters may relate to, among other matters, intellectual property rights, employment and labor issues, consumer privacy and data protection, contractual and commercial disputes, and the production, distribution, and licensing of content. The outcome of such matters is inherently uncertain and may be difficult to predict. Legal and regulatory proceedings, whether successful or not, may be time-consuming, costly and disruptive to operations. Such matters may result in substantial damages, fines, penalties, consent decrees, injunctive relief or other sanctions, require changes to business practices or operations, generate negative publicity, require significant amounts of management time or result in the diversion of significant operational resources. In addition, Lionsgate’s insurance coverage may not be sufficient to cover all costs, liabilities or losses arising from existing or future claims. Any of the foregoing could have a materially adverse effect on Lionsgate’s business, financial condition and results of operations.

Lionsgate relies upon cloud computing services to support certain aspects of its operations, and disruptions or interference with those services could adversely impact its operations and business.

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Lionsgate ~~relies~~utilizes ~~upon~~ cloud‑based computing services to ~~operate~~support ~~certain~~elements ~~aspects~~ of its ~~service~~technology infrastructure and ~~any~~business ~~disruption~~operations, ofincluding ordata ~~interference~~processing, ~~with~~storage and related services. Lionsgate designs and operates certain software applications and systems to function within the technical architecture and service environment provided by its ~~use~~cloud service providers. As a result, Lionsgate’s operations may be dependent on the continued availability, stability, security and performance of ~~its~~those cloud ~~computing~~services. Disruptions, service interruptions, outages or other performance issues affecting Lionsgate’s cloud service providers, whether due to technical failures, cybersecurity incidents, business disruptions, regulatory action, capacity constraints or other factors, could ~~adversely~~impair ~~impact~~Lionsgate’s ~~its~~ability ~~operations~~to operate and ~~its~~may ~~business~~result in data loss, service delays or interruptions, reduced operational efficiency, increased costs or reputational harm. In addition, migrating systems to alternative cloud service providers may be complex, time‑consuming and costly and may not be feasible on acceptable terms, if at all. Any of the foregoing could have a materially adverse effect on Lionsgate’s business, financial condition, operating results, liquidity and prospects.

Lionsgate utilizes cloud computing services to deliver a distributed computing infrastructure platform for its business operations. Lionsgate architects its software and computer systems so as to utilize data processing, storage capabilities and other services provided by its current cloud computing service provider and run its computing via such cloud computing service provider. Given this, along with the fact that switching cloud computing services to another provider may be difficult, any problems faced by Lionsgate’s cloud computing provider, including technological or business-related disruptions, as well as cybersecurity threats and regulatory interference, or any unanticipated interference with its current cloud service provider could adversely impact Lionsgate’s operations and its business.

Lionsgate’s activities are subject to stringent and evolving obligations which may adversely impact its operations. Lionsgate’s actual or perceived failure to comply with such obligations could lead to regulatory investigations or actions; litigation; fines and penalties; disruptions of its business operations; reputational harm; loss of revenue or profits; loss of customers or sales; and other adverse business consequences.

Data Privacy and Security. In the ordinary course of its business, Lionsgate collects, generate, uses, stores, processes, discloses, transmits, shares and transfers (collectively “process”) personal data and other sensitive information, including proprietary and confidential business data, trade secrets, intellectual property, and third-party data, through its websites and applications and those of third parties. Among other purposes, Lionsgate uses this information to engage with users, promote its programming, and monitor the use of its digital platforms. Lionsgate’s processing of personal data subjects it to numerous data privacy and security obligations, such as various laws, regulations, guidance, industry standards, external and internal privacy and security policies, contractual requirements, and other obligations relating to data privacy and security.

In the U.S., federal, state, and local governments have enacted numerous data privacy and security laws, including data breach notification laws, personal data privacy laws, consumer protection laws (e.g., Section 5 of the Federal Trade Commission Act and the Controlling the Assault of Non-Solicited Pornography and Marketing Act), and other similar laws (e.g., wiretapping laws). For example, numerous U.S. states have enacted comprehensive privacy laws that impose certain obligations on covered businesses, including providing specific disclosures in privacy notices and affording residents with certain rights concerning their personal data. As applicable, such rights include the right to access, correct, or delete certain personal data, and to opt-out of certain data processing activities, such as targeted advertising, profiling, and automated decision-making. The exercise of these rights may impact Lionsgate’s business and ability to provide its products and services. Certain states also impose stricter requirements for processing certain personal data, including sensitive information, such as conducting data privacy impact assessments. These state laws allow for statutory fines for noncompliance,. ~~for~~For example, the California Consumer Privacy Act (“CCPA”) applies to personal data of consumers, business representatives, and employees who are California residents, and requires businesses to provide specific disclosures in privacy notices and honor requests of such individuals to exercise certain privacy rights. The CCPA provides for fines and allows private litigants affected by certain data breaches to recover significant statutory damages. Similar laws are being considered in several other states, as well as at the federal and local levels, and we expect more states to pass similar laws in the future. These developments will further complicate compliance efforts and increase legal risk and compliance costs for Lionsgate and the third parties with whom Lionsgate works.

Outside the U.S., an increasing number of laws, regulations, and industry standards apply to data privacy and security. For example, the European Union’s General Data Protection Regulation (the “EU GDPR”), the United Kingdom’s GDPR (the “UK GDPR” and, together with the EU GDPR, the “GDPR”), the EU Digital Services Act, Brazil’s General Data Protection Law (Lei Geral de Proteção de Dados Pessoais, or “LGPD”) (Law No. 13,709/2018) and Canada’s Personal Information Protection and Electronic Documents Act (“PIPEDA”) impose strict requirements for processing personal data. For example, under the GDPR, companies may face temporary or definitive bans on data processing and other corrective actions; fines of up to 20 million Euros (under the EU GDPR) or 17.5 million pounds sterling (under the UK GDPR), or 4% of annual global revenue, whichever is greater; or private litigation related to processing of personal data brought by classes of data subjects or consumer protection organizations authorized at law to represent their interests. As another example, in Canada, PIPEDA and various related provincial laws, as well as Canada’s Anti-Spam Legislation (“CASL”), apply to Lionsgate’s operations, as well as the LGPD in Brazil. The LGPD broadly regulates processing personal data of individuals in Brazil and imposes compliance obligations and penalties comparable to those of the GDPR.

Additionally, regulators are increasingly scrutinizing companies that process children’s data. Numerous laws, regulations, and legally-binding codes, such as the Children’s Online Privacy Protection Act (“COPPA”), California’s Age-Appropriate Design Code, CCPA, other U.S. state comprehensive privacy laws, GDPR, and the UK Age-Appropriate Design Code impose various obligations on companies that process children’s data, including requiring certain consents to process such data and extending certain rights to children and their parents with respect to that data. Some of these obligations have wide ranging applications, including for services that do not intentionally target child users (defined in some circumstances as a user under the age of 18 years old). These laws may be, or in some cases, have already been, subject to legal challenges and changing interpretations, which may further complicate Lionsgate’s efforts to comply with these laws.

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~~Lionsgate~~Additionally, isregulators ~~subject~~are toincreasingly ~~certain~~scrutinizing ~~new~~companies ~~laws~~that ~~governing~~process ~~the~~children’s ~~processing~~data. ofNumerous ~~consumer~~laws, ~~health data~~regulations, ~~including~~and bylegally-binding ~~providing for reproductive~~codes, ~~sexual~~such ~~orientation,~~as ~~and~~the ~~gender~~Children’s ~~identity~~Online ~~privacy~~Privacy ~~rights.~~Protection ~~For~~Act ~~example~~(“COPPA”), ~~Washington~~California’s MyAge-Appropriate ~~Health~~Design MyCode, ~~Data~~CCPA, ~~Act~~other ~~(“MHMD”)~~U.S. ~~broadly~~state ~~defines~~comprehensive ~~consumer~~privacy ~~health~~and ~~data~~social media laws, ~~places~~GDPR, ~~restrictions~~and the UK Age-Appropriate Design Code impose various obligations on ~~processing~~companies ~~consumer~~that ~~health~~process children’s data, (including ~~imposing~~requiring ~~stringent~~certain ~~requirements~~consents ~~for~~to ~~consents),~~process ~~provides~~such ~~consumers~~data and extending certain rights to children and their parents with respect to ~~their~~that ~~health~~ data, ~~and~~or ~~creates~~verifying a ~~private~~user’s ~~right~~age. Some of ~~action~~these toobligations ~~allow~~have ~~individuals~~wide toranging ~~sue~~applications, including for ~~violations~~services ofthat do not intentionally target child users (defined in some circumstances as a user under the ~~law~~age of 18 years old). ~~Other~~These ~~states~~laws ~~are~~may ~~considering~~be, or in some cases, have already been, subject to legal challenges and changing interpretations, which may ~~adopt~~further ~~similar~~complicate Lionsgate’s efforts to comply with these laws.

Additionally, under various privacy laws (such as the Video Privacy Protection Act) and other obligations, Lionsgate may be required to obtain certain consents to process personal data. Noncompliance with such obligations is increasingly subject to challenges by class action plaintiffs. Lionsgate’s inability or failure to obtain such consents could result in adverse consequences.

In the ordinary course of business, Lionsgate transfers personal data from Europe and other jurisdictions to the U.S. or other countries. Europe and other jurisdictions have enacted laws requiring data to be localized or limiting the transfer of personal data to other countries. In particular, the European Economic Area (“EEA”) and the United Kingdom (“U.K.”) have significantly restricted the transfer of personal data to the U.S. and other countries whose privacy laws it believes are inadequate. Other jurisdictions may adopt or have already adopted similarly stringent interpretations of their data localization and cross-border data transfer laws. Although there are currently various mechanisms that may be used to transfer personal data from the EEA and UK to the U.S. in compliance with law, such as the EEA standard contractual clauses, the UK’s International Data Transfer Agreement / Addendum, and the EU-U.S. Data Privacy Framework and the UK extension thereto (“DPF”) (which allows for transfers to relevant U.S.-based organizations who self-certify compliance and participate in the ~~Framework~~DPF), these mechanisms are subject to legal challenges, and there is no assurance that Lionsgate can satisfy or rely on these measures to lawfully transfer personal data to the U.S.

If there is no lawful manner for Lionsgate to transfer personal data from the EEA, the UK or other jurisdictions to the U.S., or if the requirements for a legally-compliant transfer are too onerous, Lionsgate could face significant adverse consequences, including the interruption or degradation of its operations, the need to relocate part of or all its business or data processing activities to other jurisdictions at significant expense, increased exposure to regulatory actions, substantial fines and penalties, the inability to transfer data and work with partners, vendors and other third parties, and injunctions against processing or transferring of personal data necessary to operate its business. Additionally, companies that transfer personal data out of the EEA and UK to other jurisdictions, particularly to the United States, are subject to increased scrutiny from regulators, individual litigants, and activist groups. Some European regulators have ordered certain companies to suspend or permanently cease certain transfers out of the EEA for allegedly violating the GDPR’s cross-border data transfer limitations.

Lionsgate is also bound by contractual obligations related to data privacy and security, and its efforts to comply with such obligations may not be successful. We are also contractually subject to industry standards adopted by industry groups and, we are, and may become in the future, subject to such obligations. For example, Lionsgate is contractually subject to certain industry standards adopted by industry groups, such as the Payment Card Industry Data Security Standard (“PCI DSS”). The PCI DSS requires companies to adopt certain measures to ensure the security of cardholder information, including using and maintaining firewalls, adopting proper password protections for certain devices and software, and restricting data access. Noncompliance with PCI DSS can result in penalties ranging from fines of $5,000 to $100,000 per month by credit card companies, litigation, damage to Lionsgate’s reputation, and revenue losses. Lionsgate relies on third parties to process payment card data, who may be subject to PCI DSS, and its business may be negatively affected if these parties are fined or suffer other consequences as a result of PCI DSS noncompliance. Moreover, Lionsgate publishes privacy policies, marketing materials and other statements regarding data privacy and security, including as required by applicable laws and regulations. Regulators in the United States are increasingly scrutinizing these materials, and if these policies, materials or statements are found to be deficient, lacking in transparency, deceptive, unfair, misleading or misrepresentative of Lionsgate’s practices, it may be subject to investigation, enforcement actions by regulators or other adverse consequences.

Obligations related to data privacy and security (and consumers’ data privacy expectations) are quickly changing, becoming increasingly stringent, and creating uncertainty. Additionally, these obligations may be subject to differing applications and interpretations, which may be inconsistent or conflict among jurisdictions. Preparing for and complying with these obligations requires significant resources and has in the past and may continue to necessitate changes to Lionsgate’s information systems, policies and practices and to those of any third parties ~~upon~~ with whom it works.

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Lionsgate may at times fail (or be perceived to have failed) in efforts to comply with data privacy and security obligations. Moreover, despite its efforts, its personnel or third parties with whom it works may fail to comply with such obligations, which could negatively impact Lionsgate’s business operations and compliance posture. If Lionsgate or the third parties with whom it works fails, or are perceived to have failed, to address or comply with applicable data privacy and security obligations, Lionsgate could face significant consequences, including, but not limited to: government enforcement actions (e.g., investigations, fines, penalties, audits, inspections, and similar); litigation (including class-action claims) and mass arbitration demands; additional reporting requirements and/or oversight; bans or restrictions on processing personal data; or orders to destroy or not use personal data. In particular, plaintiffs have become increasingly active in bringing privacy-related claims against companies, including class claims and mass arbitration demands. Some of these claims allow for the recovery of statutory damages on a per violation basis, and, if viable, carry the potential for monumental statutory damages, depending on the volume of data and the number of violations. Any of these events could have a material adverse effect on Lionsgate’s reputation, business, or financial condition, including, but not limited to: loss of customers; interruptions or stoppages in business operations; inability to process personal data or to operate in certain jurisdictions; limited ability to develop or commercialize its products; expenditure of time and resources to defend any claim or inquiry; adverse publicity; or substantial changes to its business model or operations.

~~Consumer~~Our ~~Protection~~employees ~~Laws. The continued growth~~ and ~~development~~personnel ofuse ~~the~~generative ~~market~~AI ~~for~~and/or ~~online~~automated ~~commerce~~decision-making ~~may~~technologies ~~lead~~ to ~~more~~perform ~~stringent~~their ~~consumer~~work, ~~protection~~and ~~laws~~the ~~both~~disclosure ~~domestically~~ and ~~internationally,~~use ~~which~~of ~~may~~personal ~~impose~~data ~~additional~~in ~~burdens~~AI ontechnologies ~~Lionsgate.~~is Ifsubject ~~authorities~~to ~~start~~various ~~taking~~privacy ~~increased~~laws ~~enforcement~~and ~~action~~other ~~related~~privacy toobligations. ~~statutes~~Governments ~~governing~~have ~~perceived~~passed ~~unfair~~and ~~deceptive~~are ~~acts~~likely ~~and~~to ~~practices,~~pass ~~Lionsgate~~additional ~~could~~laws ~~suffer~~and ~~additional~~regulations ~~costs,~~regulating ~~complaints~~AI and/or ~~regulatory~~automated ~~investigations~~decision-making ~~or fines~~technologies. ~~Several~~Our ofuse ~~these laws also have private rights~~ of ~~action.~~this ~~Lionsgate’s~~technology ~~actual~~could orresult ~~perceived~~in ~~failure~~additional tocompliance ~~comply~~costs, ~~with such obligations could lead to~~ regulatory investigations orand actions, ~~litigation, fines~~ and ~~penalties, reputational harm, and other adverse business consequences~~lawsuits. ~~Other~~If ~~changes~~we inare ~~consumer~~unable ~~protection~~to ~~laws~~use AI and/or ~~the~~automated ~~interpretations~~decision-making ~~thereof~~technologies, it could ~~have~~make aour ~~materially adverse effect on Lionsgate’s~~ business, ~~financial~~less ~~condition~~efficient and ~~results~~result ofin ~~operations.~~competitive disadvantages.

Consumer Protection Laws. The continued growth and development of the market for online commerce may lead to more stringent consumer protection laws both domestically and internationally, which may impose additional burdens on Lionsgate. If authorities start taking increased enforcement action related to statutes governing perceived unfair deceptive acts and practices, Lionsgate could suffer additional costs, complaints and/or regulatory investigations or fines. Several of these laws also have private rights of action. Lionsgate’s actual or perceived failure to comply with such obligations could lead to regulatory investigations or actions, litigation, fines and penalties, reputational harm, and other adverse business consequences. Other changes in consumer protection laws and the interpretations thereof could have a materially adverse effect on Lionsgate’s business, financial condition and results of operations.

Levies/Taxes. Governments are increasingly looking to introduce regulations related to media and tax that may apply to Lionsgate’s services. For example, some international governments have enacted or are considering enacting laws that impose levies and other financial obligations on media operators located outside their jurisdiction. Other changes in levy or tax laws and the interpretations thereof could have a materially adverse effect on Lionsgate’s business, financial condition and results of operations.

Service disruptions ~~or failures~~, orinformation security incidents ~~impacting~~or failures affecting Lionsgate or ~~its~~ third-~~party~~parties ~~service~~with ~~providers’~~whom ~~information~~it ~~systems,~~works ~~data~~could ~~and networks may~~ disrupt its ~~businesses~~operations, ~~damage~~harm its reputation, ~~expose it to regulatory investigations, actions, litigation, fines~~ and ~~penalties~~adversely oraffect ~~have a negative impact on~~ its ~~results of operations including but not limited to loss of revenue or profit, loss of customers or sales and other adverse consequences~~business.

In the ordinary course of ~~Lionsgate’s~~ business, Lionsgate and the third -parties with whom it works collect, process, store and transmit proprietary, confidential, and sensitive ~~data~~information, including personal data, intellectual property, and trade secrets. ~~(collectively~~Lionsgate’s information technology systems, ~~sensitive~~and ~~information).~~those ~~Threats~~of ~~such~~the asthird-parties with whom it works, are subject to operational and cybersecurity risks, including cyberattacks, ~~malicious~~unauthorized ~~internet-based~~access, ~~activity~~software or hardware failures, ~~and~~data ~~online~~loss, and ~~offline~~other ~~fraud~~security incidents. These threats are becoming more prevalent and ~~are~~ increasingly difficult to detect., ~~These~~and ~~threats~~may ~~come~~arise from a variety of sources, including ~~traditional~~malicious ~~computer “hackers,” threat~~ actors, ~~“hacktivists,”~~ personnel (such as through theft or misuse), ~~sophisticated~~organized ~~nation-states~~criminal groups, insiders, hacktivists and nation-‑state~~-supported~~ ~~actors.~~or ~~Some actors now engage and are expected to continue to engage in cyber-attacks, including without limitation~~ nation-‑state‑supported actors ~~for geopolitical reasons and in conjunction with military conflicts and defense activities. During times of war and other major conflicts~~, ~~Lionsgate~~ and ~~the third parties with whom it works~~ may be ~~vulnerable to a~~ heightened ~~risk~~during periods of ~~these~~geopolitical ~~attacks,~~conflict ~~including~~or ~~retaliatory cyber-attacks, that could materially disrupt Lionsgate’s systems and operations, supply chain, and ability to produce, sell and distribute its goods and services~~instability.

Lionsgate and third-parties with whom it works face an evolving landscape of cybersecurity threats, including phishing and other social‑engineering attacks (including those incorporating deepfakes), malware, ransomware, denial‑of‑service attacks, credential‑based intrusions, supply‑chain compromises, software bugs and vulnerabilities, server malfunctions, telecommunications failures, attacks enhanced or facilitated by AI and other similar threats. Ransomware and extortion‑based attacks, in particular, have become more frequent across industries and may result in significant business interruptions, loss of data, reputational harm, diversion of management attention, and increased remediation and compliance costs. In certain circumstances, Lionsgate may be unwilling or unable to make extortion payments due to legal, regulatory or policy considerations.

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~~Lionsgate~~Further, ~~and the third parties with whom it works are subject to~~ a ~~variety~~partially ofremote ~~evolving~~workforce ~~threats,~~poses ~~including~~increased ~~but~~risks ~~not limited~~ to ~~social-engineering~~Lionsgate’s ~~attacks~~information ~~(including~~technology ~~through~~systems ~~deep fakes, which may be increasingly more difficult to identify as fake,~~ and ~~phishing attacks)~~data, ~~malicious code (such~~ as ~~viruses~~certain ~~and~~employees ~~worms),~~work ~~malware~~from ~~(including~~home ason a ~~result~~full ~~of advanced persistent threat intrusions), denial-of-service attacks, credential stuffing attacks, credential harvesting, personnel misconduct~~ or ~~error, ransomware attacks, supply~~part-~~chain~~time ~~attacks~~basis, ~~software~~utilizing ~~bugs,~~network ~~server~~connections ~~malfunctions,~~outside software or hardware failures, loss of data or other information technology assets, adware, telecommunications failures, attacks enhanced or facilitated by artificial intelligence, and other similar threats. In particular, ransomware attacks are becoming increasingly prevalent and can lead to significant interruptions in Lionsgate’s ~~operations,~~premises. ~~loss of data and income~~Additionally, ~~reputational~~sensitive ~~harm,~~information ~~and diversion~~ of ~~funds.~~Lionsgate, ~~Extortion payments may alleviate~~ the ~~negative~~third ~~impact~~parties ofwith awhom ~~ransomware~~it ~~attack~~works, ~~but Lionsgate may be unwilling~~ or ~~unable~~its tocustomers ~~make~~could ~~such~~be ~~payments due to~~leaked, ~~for example~~disclosed, ~~applicable laws~~ or ~~regulations~~revealed ~~prohibiting~~as ~~such payments. Further,~~ a ~~partially~~result ~~remote~~of ~~workforce~~or ~~poses~~in ~~increased~~connection ~~risks~~with toour ~~Lionsgate~~employees’s, ~~information technology systems and data~~personnel’s, ~~as certain employees work from home on a full~~ or ~~part-time~~vendors’ ~~basis,~~use ~~utilizing~~of ~~network~~generative ~~connections~~AI ~~outside Lionsgate’s premises~~technologies. Business transactions (such as acquisitions or integrations) could expose Lionsgate to additional cybersecurity risks and vulnerabilities, as its systems could be negatively affected by vulnerabilities present in acquired or integrated entities’ systems and technologies. Furthermore, Lionsgate may discover security issues that were not found during due diligence of such acquired or integrated entities, and it may be difficult to integrate companies into ~~its~~Lionsgate’s information technology environment and security program.

Lionsgate ~~works~~also ~~with~~relies ~~certain~~on third‑party ~~parties~~service ~~to operate critical business systems and process proprietary~~providers, ~~confidential~~including orproviders ~~other sensitive data in a variety~~ of ~~contexts, including, without limitation,~~ cloud-‑based infrastructure ~~(for more~~, ~~see~~data the Risk Factor titled “Lionsgate relies upon “cloud’ computing services to operate certain aspects of its service and any disruption of or interference with its use of its “cloud” computing servicer could adversely impact its operations and its business.”)hosting, ~~data~~content ~~center facilities~~delivery, ~~encryption~~communications and ~~authentication~~other information technology, ~~employee email servers~~services, ~~content~~to ~~delivery~~support ~~systems,~~critical ~~and~~business ~~other~~ functions. Lionsgate’s ability to monitor, ~~these~~control ~~third~~and ~~parties’~~ensure ~~information~~the ~~security~~cybersecurity practices ~~may~~of ~~be limited, and~~ these third parties ~~may~~is ~~not~~inherently ~~have~~limited, ~~adequate~~and ~~information~~such ~~security~~providers ~~measures~~may inexperience ~~place.~~cybersecurity Ifincidents, ~~these~~operational ~~third~~disruptions ~~parties~~or ~~experience~~system afailures ~~security~~that ~~incident~~adversely oraffect ~~other~~Lionsgate’s ~~interruption~~operations, ~~Lionsgate~~data ~~could~~or ~~experience~~services. ~~adverse~~Contractual ~~consequences.~~protections ~~While~~or ~~Lionsgate~~remedies may be ~~entitled~~insufficient to ~~damages~~fully ifcompensate ~~these~~Lionsgate ~~third~~for ~~parties~~resulting ~~fail~~losses. toIn ~~satisfy their privacy or security-related obligations to it~~addition, ~~any~~supply‑chain ~~award~~vulnerabilities ~~may~~have beincreased ~~insufficient~~in tofrequency ~~cover~~and ~~Lionsgate’s damages~~severity, orand ~~Lionsgate~~it may be ~~unable~~difficult to ~~recover such award. Similarly~~identify, ~~supply-chain~~assess ~~attacks~~or ~~have~~remediate ~~increased~~ in ~~frequency~~a ~~and~~timely ~~severity,~~manner. ~~and~~We ~~Lionsgate~~ cannot guarantee that third parties’ ~~and~~ infrastructure in ~~its~~our supply chain or ~~its~~that of the third~~-party~~ ~~partners’~~parties ~~supply~~with ~~chains~~whom we work have not been compromised.

~~Lionsgate~~Certain ~~takes~~of ~~steps~~the ~~designed~~previously toidentified ~~detect,~~or ~~mitigate~~similar ~~and~~threats ~~remediate~~have ~~vulnerabilities~~ in ~~its~~the ~~information~~past ~~systems~~and ~~(such~~may asin ~~its~~the ~~hardware~~future cause a security incident or ~~software)~~other ~~and~~interruption ~~those~~resulting ofin the ~~third~~unauthorized, ~~parties~~unlawful, ~~with~~or ~~whom~~accidental acquisition of Lionsgate’s ~~works~~sensitive information or other adverse consequences, ~~but~~such itas ~~has~~unavailability ~~not~~of ~~and~~network ~~may~~or ~~not~~information inresources ~~the~~or ~~future~~services. beLionsgate ~~able~~maintains togovernance, ~~detect~~risk management and ~~remediate~~technical ~~(or~~safeguards ~~have~~designed ~~the~~to ~~third-parties~~identify, ~~with~~assess ~~whom~~and ~~its~~mitigate ~~works~~cybersecurity ~~remediate)~~risks ~~all~~and ~~such~~to ~~vulnerabilities~~protect onits ainformation ~~timely~~assets. ~~basis~~However, orno atinformation security program can eliminate all. ~~Further~~risks, ~~Lionsgate~~and ~~has~~vulnerabilities have in the past and may in the future ~~experience~~fail ~~delays~~to be detected, addressed or remediated in ~~developing~~a timely manner. These vulnerabilities can be exploited and ~~deploying~~result ~~remedial~~in ~~measures~~a security incident Lionsgate has previously experienced, and ~~patches~~may ~~designed~~continue to ~~address~~experience, ~~any~~attempts ~~such~~to ~~identified~~compromise ~~vulnerabilities.~~its ~~Vulnerabilities~~systems, ~~could~~including bephishing ~~exploited~~and other social‑engineering efforts, and ~~result~~there incan abe ~~security~~no ~~incident.~~assurance that future incidents will not be successful or materially disruptive.

~~Certain~~A ofcybersecurity ~~the~~incident ~~previously~~or ~~identified~~systems ordisruption ~~similar~~could ~~threats~~impair ~~have~~Lionsgate’s inability ~~the~~to ~~past~~operate ~~and~~its ~~may~~business, indisrupt the ~~future~~production, ~~cause~~distribution aor ~~security~~licensing ~~incident~~of orcontent, ~~other~~require ~~interruption~~significant ~~that~~expenditures ~~could~~to ~~result~~investigate inand ~~unauthorized~~remediate, ~~unlawful,~~and orresult ~~accidental~~in ~~acquisition~~regulatory investigations, ~~modification~~reporting obligations, ~~destruction~~litigation, ~~loss~~fines or penalties, ~~alteration~~contractual liabilities, ~~encryption~~reputational harm, ~~disclosure~~loss of customers or revenue, or ~~access~~other toadverse consequences. Certain data privacy and security obligations may require Lionsgate’s ~~sensitive~~to ~~information.~~notify ~~For~~relevant ~~example~~stakeholders, ~~Lionsgate~~including ~~has~~affected ~~been~~individuals, ~~the~~customers, ~~target~~regulators, and investors, of ~~unsuccessful~~security ~~phishing~~incidents. ~~attempts~~Such indisclosures ~~the~~are ~~past~~costly, and ~~expect~~the disclosures or the failure to comply with such ~~attempts~~requirements ~~will~~could ~~continue~~lead into ~~the~~adverse ~~future~~consequences.

~~A security incident or other interruption could disrupt~~ Lionsgate’s ~~ability~~contracts ~~(and~~may ~~that~~not contain limitations of ~~third~~liability, ~~parties~~and ~~with~~even ~~whom~~where itthey ~~works)~~do, tothere ~~provide~~is ~~its~~no ~~services.~~guarantee ~~Lionsgate~~that ~~has~~the ~~expended~~limitations ~~significant~~of ~~resources~~liability ~~and~~will ~~may~~be ~~continue~~sufficient to doprotect soLionsgate orfrom ~~modify~~liabilities, ~~its~~damages, ~~business~~or ~~activities~~claims torelated ~~try~~ to ~~protect~~its ~~against security incidents. Certain~~ data privacy and security obligations. ~~require~~In addition, Lionsgate’s toinsurance ~~implement~~coverage ~~and~~may ~~maintain~~not ~~specific~~be ~~industry-standard~~sufficient orto ~~reasonable~~mitigate ~~security~~liabilities ~~measures~~arising toout ~~protect~~of its ~~information~~privacy ~~technology systems~~ and ~~sensitive information. While Lionsgate takes steps to implement~~ security ~~measures designed to protect against security incidents~~practices, ~~there~~and ~~can~~this becoverage nomay ~~assurance~~not ~~that~~remain ~~these~~available ~~measures~~on ~~will~~commercially bereasonable ~~effective~~terms.

The requirements of being a public company, including maintaining effective internal control over financial reporting and management systems, may strain Lionsgate’s resources, divert management’s attention and affect Lionsgate’s ability to attract and retain executive management and qualified board members.

As a public company, Lionsgate is subject to extensive reporting, disclosure, governance and compliance requirements under the Exchange Act, the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), rules and regulations promulgated by the SEC, the listing standards of U.S. and Canadian securities exchanges, and other applicable securities rules and regulations. Compliance with these requirements requires significant financial, legal and managerial resources and may place strain on Lionsgate’s internal controls, financial and management systems, and personnel.

In particular, the Exchange Act requires Lionsgate to file annual, quarterly, and current reports regarding its business and operating results, and the Sarbanes-Oxley Act requires Lionsgate to maintain effective disclosure controls and procedures and internal control over financial reporting. Maintaining, evaluating and, where necessary, improving these controls and procedures requires significant management and oversight. If Lionsgate identifies material weaknesses or deficiencies in its internal control over financial reporting, it may not timely detect errors, which could result in material misstatements in its consolidated financial statements. Effective internal control of financial reporting is necessary for Lionsgate to produce reliable financial reports and prevent fraud.

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~~Applicable~~In ~~data~~addition, ~~privacy and security obligations may require~~ Lionsgate tois ~~notify~~required ~~relevant stakeholders, including affected individuals, customers, regulators, and investors, of security incidents. Such disclosures are costly, and the disclosures or the failure~~ to comply with ~~such~~the ~~requirements~~auditor ~~could~~attestation ~~lead~~requirements toof ~~adverse~~Section ~~consequences.~~404 Ifof ~~Lionsgate~~the ~~(or~~Sarbanes-Oxley ~~a third party with whom it works) experiences a security incident or is perceived to have experienced a security incident~~Act, ~~Lionsgate~~which may ~~experience~~result ~~adverse~~in ~~consequences,~~significant ~~such~~costs ~~as: government enforcement actions (for example, investigations, fines, penalties, audits,~~ and ~~inspections);~~the ~~additional~~diversion ~~reporting~~of ~~requirements~~management ~~and/or~~time oversight; restrictions on processing sensitive information; litigation; indemnification obligations; negative publicity; reputational harm; monetary fund diversions; interruptions in its operations; financial loss; and ~~other~~attention. ~~similar~~The ~~harms.~~complexity ~~Security~~of ~~incidents~~public ~~and~~company ~~attendant~~regulatory ~~consequences~~requirements may ~~cause~~further ~~customers~~divert ~~to stop using Lionsgate~~management’s ~~services,~~focus ~~deter new customers~~ from ~~using~~operating ~~Lionsgate’s~~the ~~services~~business, ~~and~~which ~~negatively~~could ~~impact~~harm Lionsgate’s ~~ability to grow and operate its~~ business~~. Lionsgate’s contracts may not contain limitations of liability~~, ~~and~~financial ~~even~~condition ~~where they do, there can be no assurance that limitations of liability in its contracts are sufficient to protect it from liabilities, damages, or claims related to its data privacy~~ and ~~security~~operating ~~obligations~~results. Lionsgate cannot be sure that its insurance coverage will be adequate or sufficient to protect it from or to mitigate liabilities arising out of its privacy and security practices, that such coverage will continue to be available on commercially reasonable terms or at all, or that such coverage will pay future claims. In addition to experiencing a security incident, third parties may gather, collect, or infer sensitive information about Lionsgate’s from public sources, data brokers, or other means that reveals competitively sensitive details about its organization and could be used to undermine its competitive advantage or market position.

Purported noteholders have instituted suit against Old Lionsgate claiming that it breached the indenture governing certain 5.500% senior notes due 2029 by virtue of an amendment executed in connection with an exchange by certain noteholders for new notes.

On August 27, 2024, purported holders of former 5.500% Notes of Old Lionsgate (as defined and discussed in Note 8 to the consolidated financial statements) (now Starz Entertainment Corp. (“Starz”)) filed a complaint in New York State court asserting claims for breach of certain contractual provisions and breach of the implied covenant of good faith and fair dealing based on a May 2024 transaction in which Old Lionsgate exchanged approximately $390 million in aggregate principal amount of 5.500% Notes for new 5.500% exchange notes due 2029 (now, the 6.00% Notes) and entered into Supplemental Indenture No. 10 to the indenture governing the 5.500% Notes (the “LGEC Indenture”). The main basis for these claims is that Supplemental Indenture No. 10 allegedly implicated certain provisions of the LGEC Indenture that require consent of each affected holder for certain types of waivers, amendments, and supplements to the LGEC Indenture. The relief sought includes a request for a declaration that Supplemental Indenture No. 10 and the associated exchange transaction are null and void. On September 13, 2024, another purported holder sought to intervene as a plaintiff in the same suit asserting nearly identical claims, which intervention was granted on October 11, 2024. The second holder subsequently added additional theories against Old Lionsgate and brought claims against other parties. ~~Old~~On ~~Lionsgate~~May 23, 2025, both plaintiffs filed aamended ~~motion~~complaints toin ~~dismiss~~view of the ~~claims~~completion of the Starz Separation. On ~~May~~June 1310, 2025, ~~both~~Old ~~plaintiffs~~Lionsgate ~~indicated~~filed ~~that~~a ~~they~~motion ~~intend~~ to ~~amend~~dismiss, ~~their~~which, ~~complaints~~on inMarch ~~view~~17, of2026, ~~the~~was ~~completion~~granted ofin ~~the~~part ~~Starz~~and ~~Separation~~denied in part. ~~Defendants~~Old ~~intend~~Lionsgate tohas ~~move~~since filed a notice of appeal with respect to ~~dismiss~~the portions of the ~~amended~~motion ~~complaint~~to ~~after~~dismiss ~~those~~that ~~amended~~were ~~complaints~~denied. The parties are ~~filed~~now proceeding to discovery.

~~Although~~There ~~Lionsgate and Starz believe that the existing allegations are without merit and that any amended claims would likewise be without merit, there~~ can be no assurance that the plaintiffs will not be successful in obtaining relief sought in their existing or amended complaints. If the plaintiffs are successful in obtaining a declaratory judgment, they may also issue the trustee of the 5.500% Notes a notice of default and seek accelerated payments for amounts due under the 5.500% Notes. These actions may result in an outcome that could have a material adverse impact on Lionsgate’s and Starz’s business, operations and financial conditions as well as their stakeholders, as any such actions could require payments on the 5.500% Notes earlier than expected. Even if Starz and/or Lionsgate are successful in defending against such claims, it may expend significant management time and attention and funds to defend against such claims.

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Risks Related to Lionsgate’s Indebtedness

Lionsgate has incurred significant indebtedness that could adversely affect its business and profitability and its ability to meet other obligations.

As of March 31, ~~2025~~2026, ~~Legacy~~ Lionsgate ~~Studios~~ and its subsidiaries had ~~outstanding~~ an outstanding aggregate principal amount of corporate debt of approximately $1,~~697~~979.84 million, and film related obligations of approximately $1,~~990~~959.21 million. Lionsgate’s debt service obligations (principal and interest) on such corporate debt and film related obligations over the next twelve months is estimated to be approximately $1,~~965~~455.35 million. This amount is based on the applicable SOFR rate as of March 31, ~~2025~~2026, is net of payments and receipts from ~~Legacy~~ Lionsgate’s interest rate swaps and excludes amounts that may be required for future borrowings under its senior secured revolving credit facility. See ~~the section entitled “~~Part II. Item 7. Management’s Discussion & Analysis of Financial Condition and Results of Operations —~~Material~~ ~~Cash~~Uses ~~Requirements~~of ~~from~~Cash ~~Known Contractual and Other Obligations”~~ for more information. ~~In connection with consummation of the Starz Separation, Lionsgate incurred additional indebtedness after March 31, 2025 that is not reflected in the amounts above.~~ See “Part II. Item 7. Management’s Discussion & Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources- Corporate Debt” for more information on such indebtedness.

This significant amount of debt could potentially have important consequences tofor Lionsgate and its debt and equity investors, including:

•requiring a substantial portion of ~~its~~ cash flow from operations to ~~make~~be used to service interest payments;

•making it more difficult to satisfy debt service requirements and other obligations;

•increasing the risk of a future credit ratings downgrade of its debt, which could ~~increase~~raise future ~~debt~~borrowing costs and limit the future availability of debt financing;

•increasing ~~its~~ vulnerability to ~~general~~ adverse economic, industry and ~~industry~~market conditions;

•reducing ~~the~~ cash flow available to fund capital expenditures, strategic initiatives and other corporate purposes ~~and to grow its business~~;

•limiting ~~Lionsgate’s~~ flexibility into ~~planning~~plan for, or ~~reacting~~respond to, changes in its business ~~and~~or ~~the~~ industry;

~~•placing Lionsgate at a competitive disadvantage relative to its competitors that may not be as highly leveraged with debt;~~31

•limiting Lionsgate’s ability to borrow additional funds as needed or take advantage of business opportunities as they arise, pay cash dividends or repurchase Lionsgate new common shares; and

•restricting the way in which Lionsgate conducts its business because of financial and operating covenants in the agreements governing its existing and future indebtedness and exposing it to potential events of default (if not cured or waived) under covenants contained in its debt instruments.

To the extent that Lionsgate incurs additional indebtedness, the foregoing risks could increase. In addition, Lionsgate’s actual cash requirements in the future may be greater than expected. Its cash flow from operations may not be sufficient to repay all of the outstanding debt as it becomes due, and Lionsgate may not be able to borrow money, sell assets or otherwise raise funds on acceptable terms, or at all, to refinance its debt.

In addition, Lionsgate may seek additional capital that may result in stockholder dilution or that may have rights senior to those of its shareholders. The decision to obtain additional capital will depend on, among other things, Lionsgate’s business plans, operating performance and condition of the capital markets. Rising interest rates or any disruption in the capital markets could make it more difficult and expensive for Lionsgate to raise additional capital or refinance its existing indebtedness. If Lionsgate raises additional funds through the issuance of equity, equity-linked or debt securities, those securities may have rights, preferences or privileges senior to the rights of its common shares, and Lionsgate’s shareholders may experience dilution. Any large equity or equity-linked offering could also negatively impact Lionsgate’s share price.

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•placing Lionsgate at a competitive disadvantage relative to its competitors with lower levels of leverage;

•limiting Lionsgate’s ability to incur additional indebtedness as needed, pursue business opportunities as they arise, pay cash dividends or repurchase common shares; and

•limiting Lionsgate’s ability to conduct its business because of financial and operating covenants in the agreements governing its existing and future indebtedness and exposing it to potential events of default (if not cured or waived) under covenants contained in its debt instruments.

To the extent that Lionsgate incurs additional indebtedness, these risks could be magnified. Lionsgate’s actual future cash requirements may also be greater than expected, and its cash flow from operations may be insufficient to repay outstanding indebtedness as it becomes due. In such circumstances, Lionsgate may need to refinance its indebtedness, borrow additional funds, sell assets or pursue other financing alternatives, and there can be no assurance that it will be able to do so on acceptable terms, or at all.

In addition, Lionsgate may seek additional capital which could result in dilution to existing shareholders or issuance of securities with rights senior to those of its shareholders. Decisions to obtain additional capital will depend on a number of factors, including business plans, operating performance and capital market conditions. Rising interest rates or disruptions in capital markets could make it more difficult and expensive for Lionsgate to raise additional capital or refinance its existing indebtedness. Any issuance of equity, equity-linked or debt securities could dilute existing shareholders, create securities with rights, preferences or privileges senior to the rights of Lionsgate’s common shares or negatively affect the market price of its common shares.

Lionsgate may not be able to generate sufficient cash to service all of its indebtedness and may be forced to take other actions to satisfy its obligations under its indebtedness, which may not be successful.

A significant portion of Lionsgate’s cash ~~flows~~flow from operations is expected to be dedicated to the payments of principal and interest obligations. Lionsgate’s ability to make scheduled payments on, or refinance, its debt ~~obligations~~ will depend on ~~Lionsgate’s~~its financial condition and operating performance, which are subject to prevailing economic and competitive conditions and to ~~certain~~ financial, business, legislative, regulatory and other factors beyond ~~Lionsgate’s~~its control, including global pandemics, wars, recessions and their effects. If Lionsgate’s cash flow from operations declines significantly, it could result in the inability to pay ~~the~~ principal, premium, if any, and interest on its indebtedness.

If Lionsgate’s cash flows and capital resources are insufficient to fund its debt service obligations, ~~Lionsgate~~it could face substantial liquidity ~~problems~~constraints ~~and~~that could be ~~forced~~required to reduce or delay investments and capital expenditures, ~~or to~~ dispose of material assets or operations, seek additional debt or equity capital, or restructure or refinance its indebtedness. InDuring ~~addition,~~periods ~~during times~~ of economic instability, including disruptions to, and volatility in, the ~~credit~~U.S. and ~~financial~~global ~~markets~~credit ~~in the United States~~ and ~~worldwide~~financial ~~resulting from global pandemics~~markets, ~~wars, or recessions,~~ it has been difficult ~~for many companies~~ to obtain financing inon ~~the~~acceptable ~~public~~terms ~~markets~~ or toat ~~obtain debt financing~~all. ~~Lionsgate~~There ~~may~~can ~~not~~ be ~~able~~no toassurance ~~affect~~that any such alternative ~~measures,~~actions ifwould ~~necessary,~~be onsuccessful ~~commercially reasonable terms~~ or atsufficient ~~all and, even if successful, those alternative actions may not allow us~~ to meet ~~its~~Lionsgate’s scheduled debt service obligations. ~~The~~In addition, agreements governing Lionsgate’s corporate indebtedness restrict its ability to dispose of assets and use the proceeds from those dispositions, ~~and~~as ~~also~~well ~~restrict~~as its ability to raise debt or certain types of equity to be used to repay other indebtedness when it becomes due. Lionsgate may ~~not~~ be ~~able~~unable to consummate those dispositions or to obtain proceeds in anamounts ~~amount~~ sufficient to ~~meet~~satisfy ~~any~~its ~~debt service~~ obligations ~~then~~when due. ~~Additionally~~Furthermore, there can also be no assurance that Lionsgate will not face credit rating downgrades as a result of weaker than anticipated performance of its businesses, fluctuations in its leverage or cost of capital or other factors. ~~Future~~Any ~~downgrades~~future downgrade could ~~further~~ adversely affect Lionsgate’s ~~cost~~borrowing ~~of funds and related margins~~costs, liquidity, competitive position and access to capital markets, and a significant downgrade could have an adverse ~~commercial~~effect ~~impact~~ on ~~Lionsgate’s~~its business.

~~In addition,~~ Lionsgate conducts a substantial portion of its operations through ~~its~~ subsidiaries, certain of which are not guarantors of ~~Lionsgate’s~~its corporate indebtedness. ~~Accordingly~~As a result, repayment of such indebtedness isdepends ~~dependent~~ on the generation of cash flow by ~~Lionsgate’s~~those subsidiaries and their ability to make such ~~cash~~funds available to ~~it,~~Lionsgate bythrough ~~dividend~~dividends, ~~debt~~intercompany ~~repayment~~loans or ~~otherwise~~other permitted distributions. ~~Unless~~Subsidiaries ~~they~~that are not guarantors ~~of Lionsgate’s corporate indebtedness, Lionsgate’s subsidiaries~~ do not have any obligation to pay amounts due on such indebtedness or to make funds available for that purpose., ~~Lionsgate’s~~and ~~subsidiaries~~they may not be able to, or may not be permitted to, make distributions to enable Lionsgate to make payments in respect of its indebtedness. While the agreements governing Lionsgate’s corporate indebtedness limit the ability of Lionsgate’s subsidiaries to incur consensual restrictions on their ability to pay dividends or make other intercompany payments ~~to Lionsgate~~, ~~these~~those limitations are subject to qualifications and exceptions. InIf ~~the event that~~ Lionsgate does not receive sufficient distributions from its subsidiaries, it may be unable to make required principal and interest payments on its indebtedness.

Despite its current level of indebtedness, Lionsgate and its subsidiaries may still be able to incur substantially more debt. This could further exacerbate the risks to Lionsgate’s financial condition described above.32

~~Lionsgate~~Table and its subsidiaries may be able to incur significant additional indebtedness in the future. Although the agreements governing Lionsgate’s corporate indebtedness contain restrictions on the incurrence of additional indebtedness, these restrictions are subject to a number of qualifications and exceptions, and the additional indebtedness incurred in compliance with these restrictions could be substantial. These restrictions also will not prevent Lionsgate from incurring obligations that do not constitute indebtedness under such agreements, such as certain qualified receivables financings. If new debt is added to Lionsgate’s current debt levels, the related risks that Lionsgate and its guarantors now face could intensify.Contents

~~The~~Despite ~~terms~~its ofexisting ~~Lionsgate’s~~level ~~corporate~~of indebtedness, ~~restrict~~ Lionsgate’s ~~current~~ and ~~future~~its ~~operations,~~subsidiaries ~~particularly~~may ~~Lionsgate’s~~be ~~ability~~able to ~~respond~~incur toadditional ~~changes~~debt, orwhich tocould ~~take~~further ~~certain~~exacerbate ~~actions~~its financial risks.

~~The~~Lionsgate ~~agreement~~and ~~governing~~its ~~Lionsgate’s~~subsidiaries ~~corporate~~may ~~indebtedness~~be ~~contain~~able ato ~~number~~incur ofsignificant ~~restrictive~~additional ~~covenants~~indebtedness ~~that~~in ~~impose~~the ~~operating~~future. ~~and~~Although ~~financial~~the ~~restrictions~~agreements ongoverning Lionsgate’s ~~and~~corporate ~~limit~~indebtedness ~~its~~include ~~ability~~restrictions toon ~~engage~~the inincurrence ~~acts~~of ~~that~~additional ~~may~~indebtedness, bethese inrestrictions ~~its~~are ~~long-term~~subject ~~best~~to ~~interest,~~a ~~including~~number ~~restrictions~~of onqualifications ~~its~~and ~~ability to: incur~~exceptions, ~~assume~~and ~~or guarantee~~ additional indebtedness; ~~issue~~incurred ~~certain~~in ~~disqualified~~compliance ~~stock;~~with ~~pay~~these ~~dividends~~restrictions orcould ~~distributions~~be orsubstantial. ~~redeem~~In oraddition, ~~repurchase~~such ~~capital~~restrictions ~~stock;~~also ~~prepay,~~generally ~~redeem~~do ornot ~~repurchase~~prevent ~~debt~~Lionsgate ~~that~~from isincurring ~~junior~~certain inobligations ~~right~~that ofdo ~~payment~~not toconstitute ~~the~~indebtedness ~~debt~~ under such agreements;, ~~make~~including ~~loans~~certain orqualified ~~investments;~~receivables ~~incur~~financings ~~liens;~~and ~~restrict~~similar ~~dividends,~~arrangements. ~~loans~~If orLionsgate ~~asset~~incurs ~~transfers~~additional ~~from~~debt ~~its~~or ~~restricted~~debt‑like ~~subsidiaries;~~obligations, ~~sell~~the orrisks ~~otherwise~~associated ~~dispose~~with ofits ~~assets~~existing indebtedness, including ~~capital~~increased ~~stock~~debt ofservice ~~subsidiaries~~requirements, ~~and~~reduced ~~sale/leaseback~~financial ~~transactions;~~flexibility ~~consolidate~~and orheightened ~~merge~~vulnerability ~~with~~to oradverse ~~into,~~economic orand ~~sell~~business ~~substantially~~conditions, ~~all~~could ~~of its assets to~~intensify, ~~another~~which ~~person;~~could ~~enter~~adversely ~~into~~affect ~~transactions~~Lionsgate’s ~~with~~financial ~~affiliates;~~condition and ~~enter~~results ~~into new lines~~ of ~~business~~operations.

The terms of Lionsgate’s corporate indebtedness restrict its operations and may limit its ability to respond to changes or to take certain actions.

The agreements governing Lionsgate’s corporate indebtedness contain restrictive covenants that impose operating and financial restrictions on Lionsgate and limit its ability to engage in activities that may be in its long-term best interests. These restrictions limit Lionsgate’s ability, among other things, to: incur, assume or guarantee additional indebtedness; issue certain disqualified stock; declare or pay dividends or make other distributions, or redeem or repurchase capital stock; prepay, redeem or repurchase subordinated debt; make loans or investments; incur liens; restrict dividends, loans or asset transfers from its restricted subsidiaries; sell, transfer or otherwise dispose of assets, including capital stock of subsidiaries and sale/leaseback transactions; consolidate or merge with or into, or sell substantially all of its assets to, another person; enter into transactions with affiliates; and enter into new lines of business.

In addition, Lionsgate’s senior secured revolving credit facility requires Lionsgate to comply with specified financial covenants, including maintaining certain financial ratios. Lionsgate’s ability to satisfy those covenants can be affected by events beyond its control, including impact of global pandemics, wars, recessions, tariffs, government actions and changes consumer behavior. As a result, there can be no assurance that Lionsgate will be able to continue to meet these financial covenant requirements.

A breach of the covenants under the agreements governing Lionsgate’s corporate indebtedness, or nonpayment of any principal or interest when due thereunder, could result in an event of default. Upon an event of default, creditors may have the right to accelerate repayment of the related indebtedness, which could trigger cross‑acceleration or cross‑default provisions under other debt arrangements. In addition, an event of default under Lionsgate’s senior secured revolving credit facility would permit the lenders thereunder to terminate commitments to extend further credit. If Lionsgate is unable to repay amounts due upon acceleration, the lenders may seek to exercise remedies against the collateral securing such indebtedness. In these circumstances, Lionsgate and its subsidiaries may not have sufficient assets to satisfy all obligations under its indebtedness.

Lionsgate’s variable-rate indebtedness exposes it to interest rate risk, which could increase its debt service obligations.

Certain of Lionsgate’s indebtedness, including borrowings under its senior secured revolving credit facility and certain film-related obligations, bears, and is expected to bear, interest at variable rates and therefore, exposes Lionsgate to interest rate risk. If interest rates were to increase, Lionsgate’s debt service obligations on the variable rate indebtedness would increase even though the principal amount remains unchanged, and its net income and cash flows, including cash available for servicing its indebtedness, will correspondingly decrease. Higher interest expense could adversely affect Lionsgate’s net income, cash flows and liquidity, including the cash available to service its indebtedness, and could have a materially adverse effect on Lionsgate’s financial condition and results of operations.

The value of the assets securing Lionsgate’s indebtedness, including its intellectual property and content library, may decline, which could adversely affect its borrowing capacity and financial flexibility.

Certain of Lionsgate’s indebtedness is secured by collateral, including intellectual property, distribution rights, receivables and other assets derived from its film and television content library. The value of this collateral may fluctuate based on a variety of factors, including changes in market conditions, performance, consumer demand, technological and distribution developments and assumptions regarding future revenues, as well as impairment charges or other valuation adjustments. A decline in the value of Lionsgate’s intellectual property or content library assets could reduce availability under secured credit facilities, require repayments or additional collateral support, or adversely affect Lionsgate’s ability to refinance or extend indebtedness on acceptable terms. Any of the foregoing could have a materially adverse effect on Lionsgate’s business, financial condition, operating results, liquidity and prospects.

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~~In addition,~~ Lionsgate’s ~~senior~~may ~~secured~~face ~~revolving~~refinancing ~~credit~~risk ~~facility~~upon ~~requires Lionsgate to maintain specified financial ratios. Lionsgate’s ability to meet those financial ratios can be affected by events beyond its control, including~~ the ~~effects~~maturity onof its ~~business from global pandemics, wars, recessions, tariffs and related government actions and consumer behavior; as such, Lionsgate may be unable to meet such financial ratios~~indebtedness.

A ~~breach~~portion of ~~the covenants under the agreements governing~~ Lionsgate’s ~~corporate~~ indebtedness, orwill ~~nonpayment~~mature ~~of any principal~~ or ~~interest~~require ~~when~~refinancing ~~due~~from ~~thereunder,~~time ~~could~~to ~~result~~time. inLionsgate’s anability ~~event~~to ofrefinance ~~default~~or ~~under~~replace ~~the~~such ~~applicable~~ indebtedness. ~~Such~~on aacceptable ~~default~~terms, ~~may~~or ~~allow~~at ~~the~~all, ~~creditors~~will todepend ~~accelerate~~on ~~the~~a ~~related~~number ~~debt and may result in the acceleration~~ of ~~any~~factors, ~~other~~including ~~debt~~its tofinancial ~~which~~condition, aoperating ~~cross-acceleration~~performance, orcredit ~~cross-default~~ratings, ~~provision~~interest ~~applies.~~rate ~~In addition~~environment, ancapital ~~event~~market ofconditions ~~default~~and ~~under~~broader ~~Lionsgate’s~~economic ~~senior~~and ~~secured~~industry ~~revolving~~factors ~~credit~~beyond ~~facility~~its ~~would~~control. ~~permit~~If ~~the~~Lionsgate ~~lenders~~is ~~thereunder~~unable to ~~terminate~~refinance ~~all~~maturing ~~commitments~~indebtedness towhen ~~extend further credit thereunder. Furthermore~~required, ifor ~~Lionsgate~~can ~~were~~do ~~unable~~so toonly ~~repay~~on ~~the~~less ~~amounts~~favorable ~~due~~terms, ~~and~~its ~~payable~~interest ~~thereunder~~expense, ~~the~~liquidity ~~lenders~~and ~~thereof~~financial flexibility could ~~proceed~~be ~~against~~adversely ~~the~~affected, ~~collateral~~which ~~granted~~could tohave ~~them~~a tomaterially ~~secure~~adverse ~~such~~effect ~~indebtedness.~~on ~~In the event~~ Lionsgate’s ~~lenders~~business, orfinancial ~~noteholders~~condition, ~~accelerate~~operating ~~the repayment of its indebtedness~~results, ~~Lionsgate~~liquidity and ~~its subsidiaries may not have sufficient assets to repay that indebtedness~~prospects.

Lionsgate’s variable rate indebtedness subjects it to interest rate risk, which could cause its debt service obligations to increase significantly.

Certain of Lionsgate’s borrowings, primarily borrowings under its senior secured revolving credit facility, and its film related obligations, are, and are expected to continue to be, at variable rates of interest and expose Lionsgate to interest rate risk. If interest rates were to increase, Lionsgate’s debt service obligations on the variable rate indebtedness would increase even though the amount borrowed remained the same, and its net income and cash flows, including cash available for servicing its indebtedness, will correspondingly decrease.

Risks Related to Tax Rules and Regulations

The Internal Revenue Service may not agree that Lionsgate should be treated as a non-U.S. corporation for U.S. federal tax purposes and may not agree that its U.S. affiliates should not be subject to certain adverse U.S. federal income tax rules.

Under current U.S. federal tax law, a corporation is generally considered for U.S. federal tax purposes to be a tax resident in the jurisdiction of its organization or incorporation. Because Lionsgate is incorporated outside of the U.S., it would generally be classified as a non-U.S. corporation (and, therefore, a non-U.S. tax resident) under these rules. However, Section 7874 of the Internal Revenue Code (the “Code”) (“Section 7874”) provides an exception to this general rule under which a non-U.S. incorporated entity may, in certain circumstances, be treated as a U.S. corporation (or surrogate foreign corporation) for U.S. federal tax purposes if it acquires a domestic entity (referred to as a “domestic entity acquisition”), and after the domestic entity acquisition, 80% or more (by vote or value) of the non-U.S. incorporated entity’s stock (60% or more for purposes of a surrogate foreign corporation determination) is held by former shareholders of the domestic entity by reason of holding stock in the domestic entity. This exception generally does not apply to situations in which, prior to the domestic entity acquisition, 80% or more (by vote and value) of the stock of the domestic entity was held directly or indirectly by a parent corporation (referred to as the “common parent”), and, after the domestic entity acquisition, the same common parent holds 80% or more (by vote and value) of the stock of the non-U.S. incorporated entity (referred to as the “internal group restructuring exception”).

There is limited guidance regarding the application of Section 7874, including the application of the rules to the facts as they currently exist. If Lionsgate were to be treated as a U.S. corporation for federal tax purposes, it could be subject to substantially greater U.S. tax liability than currently contemplated as a non-U.S. corporation. In addition, non-U.S. shareholders of Lionsgate would be subject to U.S. withholding tax on the gross amount of any dividends paid by us to such shareholders (subject to an exemption or reduced rate available under an applicable tax treaty). Alternatively, if Lionsgate were to be treated as a surrogate foreign corporation for federal tax purposes, it and its U.S. affiliates (including the U.S. affiliates historically owned by it) may, in some circumstances, be subject to certain adverse U.S. federal income tax rules (which, among other things, could retroactively increase its transition tax under Section 965 from 8%-15.5% to 35% (as well as that of its prospective U.S. acquiror as the case may be) and limit its ability to utilize certain U.S. tax attributes to offset U.S. taxable income, such as the use of net operating losses and certain tax credits, or to offset the gain resulting from certain transactions, such as from the transfer or license of property to a foreign related person during the 10-year period following the merger).

Future changes to U.S. and non-U.S. tax laws could adversely affect Lionsgate.

The U.S. Congress, the Organisation for Economic Co-operation and Development (“OECD”) and other government agencies in jurisdictions where Lionsgate and its affiliates will conduct business have had an extended focus on issues related to the taxation of multinational corporations. For the past several years, the primary focus has been in the area of “base erosion and profit shifting,” including situations where payments are made between affiliates from a jurisdiction with high tax rates to a jurisdiction with lower tax rates. As part of its so-called Base Erosion and Profit Shifting (“BEPS”) project, OECD and the G-20 developed changes to numerous long-standing international tax principles. More recently, countries are increasingly seeking ways to tax what is sometimes referred to as the digitalized economy. For example, in response to the increasing globalization and digitalization of trade and business operations, OECD is working on a proposal as an extension of its BEPS project to establish a global minimum corporate taxation rate. The rules are designed to ensure that large multinational groups pay corporate income taxes at the minimum rate of 15% in the countries where they operate. As of February 2026, 60 jurisdictions have enacted or introduced legislation to implement these rules, while an additional 8 jurisdictions have taken concrete steps toward doing so.

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~~Future~~Tax ~~changes~~laws are dynamic and subject to change as new laws are passed and new interpretations of the law are issued or applied. The U.S. Congress and ~~non-U~~various state legislatures are currently evaluating, or may in the future propose, tax legislation, including, at the federal level, new laws, such as the One Big Beautiful Bill Act (“OBBBA”), to address the expiration of provisions enacted under the Tax Cuts and Jobs Act of 2017, the impact of which will depend on final implementation and interpretation.S. Many countries in the European Union, as well as a number of other countries and organizations such as OECD, are increasingly scrutinizing the tax positions of companies and actively considering changes to existing tax laws that, if enacted, could increase its tax obligations in countries where it does business. For example, the OECD has urged its member countries to raise taxes to protect against future fiscal risks attributed to high deficit and debt levels. There can be no assurance that Canadian federal income tax laws, the judicial interpretation thereof, or the administrative policies and assessing practices of the Canada Revenue Agency will not be changed in a manner that adversely ~~affect~~affects Lionsgate or the holders of Lionsgate new common shares. If U.S. or other foreign tax authorities change applicable tax laws, its overall taxes could increase, and its business, financial condition or results of operations may be adversely impacted.

The U.S. Congress, the Organisation for Economic Co-operation and Development (“OECD”) and other government agencies in jurisdictions where Lionsgate and its affiliates will conduct business have had an extended focus on issues related to the taxation of multinational corporations. For the past several years, the primary focus has been in the area of “base erosion and profit shifting,” including situations where payments are made between affiliates from a jurisdiction with high tax rates to a jurisdiction with lower tax rates. As part of its so-called Base Erosion and Profit Shifting (“BEPS”) project, OECD and the G-20 developed changes to numerous long-standing international tax principles. More recently, countries are increasingly seeking ways to tax what is sometimes referred to as the digitalized economy. For example, in response to the increasing globalization and digitalization of trade and business operations, OECD is working on a proposal as an extension of its BEPS project to establish a global minimum corporate taxation rate. The rules are designed to ensure that large multinational groups pay corporate income taxes at the minimum rate of 15% in the countries where they operate. As of January 2025, 55 jurisdictions have enacted or introduced legislation to implement these rules, while an additional 10 jurisdictions have taken concrete steps toward doing so.

Tax laws are dynamic and subject to change as new laws are passed and new interpretations of the law are issued or applied. The U.S. Congress and various state legislatures are currently evaluating, or may in the future propose, tax legislation, including, at the federal level, new laws to address the expiration of provisions enacted under the Tax Cuts and Jobs Act of 2017, the timing and substance of which remain uncertain. Many countries in the European Union, as well as a number of other countries and organizations such as OECD, are increasingly scrutinizing the tax positions of companies and actively considering changes to existing tax laws that, if enacted, could increase its tax obligations in countries where it does business. For example, the OECD has urged its member countries to raise taxes to protect against future fiscal risks attributed to high deficit and debt levels. There can be no assurance that Canadian federal income tax laws, the judicial interpretation thereof, or the administrative policies and assessing practices of the Canada Revenue Agency will not be changed in a manner that adversely affects Lionsgate or the holders of Lionsgate new common shares. If U.S. or other foreign tax authorities change applicable tax laws, its overall taxes could increase, and its business, financial condition or results of operations may be adversely impacted.

Changes in foreign, state and local tax incentives may increase the cost of original programming content to such an extent that they are no longer feasible.

Original programming requires substantial financial commitment, which can occasionally be offset by foreign, state or local tax incentives. However, there is a risk that the tax incentives will not remain available for the duration of a series. If tax incentives are no longer available or reduced substantially, it may result in increased costs for it to complete the production, or make the production of additional seasons more expensive. If Lionsgate is unable to produce original programming content on a cost-effective basis its business, financial condition and results of operations would be materially adversely affected.

Lionsgate’s tax rate is uncertain and may vary from expectations.

There is no assurance that Lionsgate will be able to maintain any particular worldwide effective corporate tax rate because of uncertainty regarding the tax policies in the jurisdictions in which it and its affiliates operate. Lionsgate’s actual effective tax rate may vary from its expectations, and such variance may be material. Additionally, tax laws or their implementation and applicable tax authority practices in any particular jurisdiction could change in the future, possibly on a retroactive basis, and any such change could have an adverse impact on Lionsgate and its affiliates.

Legislative or other governmental action in the U.S. could adversely affect Lionsgate’s business.

Legislative action may be taken by the U.S. Congress that, if ultimately enacted, could limit the availability of tax benefits or deductions that Lionsgate expects to claim, override tax treaties upon which it expects to rely, or otherwise increase the taxes that the U.S. imposes on Lionsgate’s worldwide operations. Such changes could materially adversely affect Lionsgate’s effective tax rate and/or require it to take further action, at potentially significant expense, to seek to preserve its effective tax rate. In addition, if proposals were enacted that had the effect of limiting Lionsgate’s ability as a Canadian company to take advantage of tax treaties with the U.S., it could incur additional tax expense and/or otherwise incur business detriment.

Changes in, or interpretations of, tax rules and regulations, and changes in geographic operating results, may adversely affect Lionsgate’s effective tax rates.

Lionsgate is subject to income taxes in Canada, the U.S. and foreign tax jurisdictions. It also conducts business and financing activities between its entities in various jurisdictions, and it is subject to complex transfer pricing regulations in the countries in which it operates. Although uniform transfer pricing standards are emerging in many of the countries in which it operates, there is still a relatively high degree of uncertainty and inherent subjectivity in complying with these rules. In addition, due to economic and political conditions, tax rates in various jurisdictions may be subject to significant change. Lionsgate’s future effective tax rates could be affected by changes in tax laws or regulations or the interpretation thereof (including those affecting the allocation of profits and expenses to differing jurisdictions), by changes in the amount of revenue or earnings that it derives from international sources in countries with high or low statutory tax rates, by changes in the valuation of its deferred tax assets and liabilities, by changes in the expected timing and amount of the release of any tax valuation allowance, or by the tax effects of stock-based compensation. Unanticipated changes in its effective tax rates could affect its future results of operations. Further, Lionsgate may be subject to examination of its income tax returns by federal, state, and foreign tax jurisdictions. Lionsgate regularly assesses the likelihood of outcomes resulting from possible examinations to determine the adequacy of its provision for income taxes. In making such assessments, it exercises judgment in estimating its provision for income taxes. While Lionsgate believes its estimates are reasonable, it cannot assure you that final determinations from any examinations will not be materially different from those reflected in its historical income tax provisions and accruals. Any adverse outcome from any examinations may have an adverse effect on its business and operating results, which could cause the market price of its securities to decline.

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Changes in, or interpretations of, tax rules and regulations, and changes in geographic operating results, may adversely affect Lionsgate’s effective tax rates.

Lionsgate is subject to income taxes in Canada, the U.S. and foreign tax jurisdictions. It also conducts business and financing activities between its entities in various jurisdictions and it is subject to complex transfer pricing regulations in the countries in which it operates. Although uniform transfer pricing standards are emerging in many of the countries in which it operates, there is still a relatively high degree of uncertainty and inherent subjectivity in complying with these rules. In addition, due to economic and political conditions, tax rates in various jurisdictions may be subject to significant change. Lionsgate’s future effective tax rates could be affected by changes in tax laws or regulations or the interpretation thereof (including those affecting the allocation of profits and expenses to differing jurisdictions), by changes in the amount of revenue or earnings that it derives from international sources in countries with high or low statutory tax rates, by changes in the valuation of its deferred tax assets and liabilities, by changes in the expected timing and amount of the release of any tax valuation allowance, or by the tax effects of stock-based compensation. Unanticipated changes in its effective tax rates could affect its future results of operations. Further, Lionsgate may be subject to examination of its income tax returns by federal, state, and foreign tax jurisdictions. Lionsgate regularly assesses the likelihood of outcomes resulting from possible examinations to determine the adequacy of its provision for income taxes. In making such assessments, it exercises judgment in estimating its provision for income taxes. While Lionsgate believes its estimates are reasonable, it cannot assure you that final determinations from any examinations will not be materially different from those reflected in its historical income tax provisions and accruals. Any adverse outcome from any examinations may have an adverse effect on its business and operating results, which could cause the market price of its securities to decline.

ITEM 1B. UNRESOLVED STAFF COMMENTS.

Not applicable.

ITEM 1C. CYBERSECURITY.

Risk ~~management~~Management and ~~strategy~~Strategy

We have implemented and maintain various information security processes designed to identify, assess and manage material risks arising from cybersecurity threats to our critical information systems, including computer networks, third -party hosted services, communications systems, hardware and software, and our ~~critical~~sensitive data, including intellectual property, ~~confidential information that is~~ proprietary, ~~strategic~~and orconfidential ~~competitive~~business ~~in nature~~information, and employee and other personal data (collectively, “Information Systems and Data”).

~~The~~Our ~~Company’s~~ information security ~~team,~~program is led by our Chief Information Security Officer (“CISO”), ~~helps identify, assess~~ and ~~manage~~supported ~~the~~by ~~Company’s~~a ~~cybersecurity~~dedicated ~~threats~~information ~~and~~security ~~risks~~team. The ~~information~~team ~~security~~is ~~team~~responsible ~~identifies~~for ~~and~~identifying, ~~assesses~~assessing ~~risks~~and ~~from~~managing cybersecurity threats and risks by monitoring and evaluating our threat environment and evaluating the Company’s risk profile using ~~various~~a ~~methods~~combination ~~including,~~of ~~for example with~~ automated and manual tools, ~~subscribing~~and toprocesses. ~~reports~~These ~~and~~include, ~~services~~among ~~that~~others, ~~identify~~monitoring ~~cybersecurity~~threat ~~threats~~intelligence services, analyzing reports ofregarding ~~threats~~threat actors and ~~threat~~emerging ~~actors~~risks, conducting vulnerability scans, ofaudits ~~certain~~and ~~environments~~assessments, ~~evaluating~~performing ~~threats~~incident ~~reported~~response toand ~~the~~tabletop ~~Company~~exercises, ~~conducting~~evaluating ~~cybersecurity~~internally ~~audits,~~reported ~~vulnerability~~security ~~assessments~~events, and ~~threat assessments~~coordinating, ~~conducting~~as ~~response exercises~~appropriate, ~~and coordinating~~ with law enforcement and external specialists.

~~Depending~~We ~~on the environment, systems, and data, we implement and~~ maintain ~~various~~ technical, physical, and organizational ~~measures,~~safeguards ~~processes, standards and policies~~ designed to ~~manage and~~ mitigate material cybersecurity risks ~~from~~based ~~cybersecurity~~on ~~threats~~the tonature ~~our~~of ~~Information~~the ~~Systems~~relevant systems, environments and ~~Data,~~data. ~~including~~These measures include, ~~for~~among ~~example~~others, incident detection and response processes, vulnerability management ~~policy~~, disaster recovery and business continuity ~~plans~~planning, ~~risk~~data ~~assessments,~~ encryption ofand ~~certain data, data~~ segregation ~~for certain data~~, network security and access controls, physical security ~~controls~~measures, asset management, ~~tracking~~ and disposal procedures, ~~monitoring~~system ~~for certain systems~~monitoring, vendor ~~risks~~risk management processes, penetration testing, employee training and awareness programs, cybersecurity insurance, and dedicated cybersecurity ~~staff~~personnel.

~~Our~~The assessment and management of material ~~risks from~~ cybersecurity ~~threats~~risks are integrated into the Company’s ~~overall~~broader enterprise risk management ~~processes~~framework. ~~For~~ ~~example,~~The ~~the~~ CISO works closely with management, including the Chief Information Officer (“CIO”), to prioritize ~~our risk management processes~~ and ~~mitigate~~address cybersecurity ~~threats~~risks that ~~are~~could ~~more~~reasonably ~~likely~~be toexpected ~~lead~~ to have a material impact to our business. ~~and~~Senior ~~our senior~~ management evaluates material cybersecurity risks ~~from~~in ~~cybersecurity~~the ~~threats~~context ~~against~~of our overall business objectives and ~~reports~~provides updates to the Audit & Risk Committee of ~~the~~our Board of Directors, which ~~evaluates~~oversees ~~our overall~~ enterprise-wide risk management.

We engage third‑party service providers from time to time to assist with cybersecurity risk identification, assessment and mitigation, including cybersecurity consultants, managed security service providers, software and threat intelligence providers, penetration testing firms, dark web monitoring services, forensic investigators and professional services firms, including legal counsel.

We also rely on third‑party vendors to support various aspects of our business operations, including application, hosting, supply chain and data backup services. We maintain a vendor risk management program designed to address cybersecurity risks associated with these third‑party relationships. Depending on the nature of the services provided, the sensitivity of the Information Systems and Data involved and the risk profile of the vendor, this program may include risk assessments; review of vendors’ information security programs; evaluation of security questionnaires and assessment reports; audits and vulnerability scans for certain vendors; and the inclusion of contractual cybersecurity and data protection obligations.

For a description of the risks from cybersecurity threats that may materially affect the Company and how they may do so, see our risk factors under Part 1. Item 1A. “Risk Factors” in this Annual Report, including “Service disruptions, information security incidents or failures affecting Lionsgate or its third-party service providers could disrupt its operations, harm its reputation and adversely affect its business.”

Governance

Our Board of Directors oversees our cybersecurity risk management as part of its broader oversight responsibilities. The Audit & Risk Committee has primary responsibility for overseeing our cybersecurity risk management processes, including the identification, assessment and mitigation of risks arising from cybersecurity threats.

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WeManagement, ~~use~~including ~~third-party~~our ~~service~~CIO ~~providers~~and toCISO, ~~assist~~is usresponsible ~~from~~for ~~time~~implementing toand ~~time~~maintaining toour ~~identify,~~cybersecurity ~~assess,~~risk assessment and ~~manage~~management ~~material~~processes. ~~risks~~The ~~from~~CISO is responsible for leading our cybersecurity ~~threats~~program, including ~~for~~staffing ~~example~~and resourcing, integrating cybersecurity ~~consultants,~~considerations ~~cybersecurity~~into ~~software~~the ~~providers~~Company’s overall risk management framework, ~~managed~~and communicating cybersecurity ~~service~~priorities ~~providers,~~and ~~threat~~risk ~~intelligence~~information ~~service~~to ~~providers,~~relevant ~~penetration~~personnel. ~~testing~~The ~~providers~~CIO is responsible for approving cybersecurity budgets, ~~dark~~overseeing ~~web~~preparedness ~~monitoring~~for ~~services~~cybersecurity incidents, ~~forensic~~approving ~~investigators~~cybersecurity processes, and ~~professional~~reviewing ~~services~~security ~~firms,~~assessments ~~including~~and ~~legal~~related ~~counsel~~reports.

We ~~use~~maintain ~~third-party~~cybersecurity ~~service~~incident ~~providers~~response toprocesses ~~perform a variety of functions throughout our business, application providers, hosting providers, supply chain resources and data back-up service providers. We have a vendor management program~~ designed to ~~manage~~escalate ~~cybersecurity~~certain ~~risks~~incidents ~~associated~~to ~~with~~appropriate ~~our~~members ~~use~~ of ~~these~~management ~~providers. Depending~~based on the nature and severity of the ~~services provided~~event, ~~the~~including ~~sensitivity of~~ the ~~Information~~CISO ~~Systems~~ and ~~Data~~CIO. atThe ~~issue~~CISO, CIO and ~~the~~other ~~identity~~senior ofexecutives ~~the~~work ~~provider,~~with ~~our~~the ~~vendor~~Company’s ~~management~~incident ~~process~~response ~~involves~~team ~~different levels of assessment designed~~ to ~~help~~coordinate ~~identify~~mitigation, ~~cybersecurity~~remediation ~~risks associated with a provider~~ and ~~impose~~recovery ~~contractual obligations related to cybersecurity on the provider~~efforts. ~~Components~~In ofappropriate ~~the vendor risk management program include~~circumstances, ~~for~~these ~~example,~~processes ~~conducting~~also ~~risk~~provide ~~assessments~~ for ~~certain~~reporting ~~vendors,~~cybersecurity ~~reviewing~~incidents ~~certain vendors’ written security programs, reviewing security assessments and responses~~ to ~~security questionnaires, auditing of certain vendors, vulnerability scans related to vendors, and~~ the ~~imposition~~Audit of& ~~certain~~Risk ~~contractual information security obligations for certain vendors~~Committee.

~~For~~The aAudit ~~description~~& ofRisk ~~the~~Committee ~~risks~~receives ~~from~~regular ~~cybersecurity~~updates ~~threats~~from ~~that may materially affect~~ the ~~Company~~CIO ~~and~~regarding ~~how~~significant ~~they~~cybersecurity ~~may do so~~risks, ~~see~~threats ~~our~~and ~~risk factors under Part 1. Item 1A. Risk Factors in this Annual Report on Form 10-K~~trends, ~~including~~as ~~“Service~~well ~~disruptions~~as orthe ~~failures, security incidents impacting Lionsgate or its third-party service providers~~Company’s ~~information~~processes ~~systems, data~~ and ~~networks~~controls ~~may~~for ~~disrupt~~addressing ~~its~~those ~~businesses,~~risks. ~~damage~~The ~~its~~Audit ~~reputation,~~& ~~expose~~Risk itCommittee toalso ~~regulatory~~receives ~~investigations,~~periodic ~~actions~~reports, ~~litigation,~~summaries ~~fines~~ and ~~penalties~~presentations orconcerning ~~have~~cybersecurity arisk ~~negative impact on its results of operations including but not limited to loss of revenue or profit~~management, ~~loss~~incident ofresponse ~~customers~~preparedness ~~or sales~~ and ~~other~~mitigation ~~adverse consequences~~efforts.”

Governance

Our Board of Directors addresses the Company’s cybersecurity risk management as part of its general oversight function. The Audit & Risk Committee is responsible for overseeing the Company’s cybersecurity risk management processes, including oversight and mitigation of risks from cybersecurity threats.

Our cybersecurity risk assessment and management processes are implemented and maintained by certain Company management, including our CIO and CISO. Our CISO is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, and communicating key priorities to relevant personnel. Our CIO is responsible for approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing certain security assessments and other security-related reports.

Our cybersecurity incident response processes are designed to escalate certain cybersecurity incidents to members of management depending on the circumstances, including the CISO and CIO. Our CISO, CIO and other senior executives work with the Company’s incident response team to help the Company mitigate and remediate cybersecurity incidents of which they are notified. In addition, the Company’s incident response processes include reporting to the Audit & Risk Committee for certain cybersecurity incidents.

The Audit & Risk Committee receives regular reports from our CIO concerning the Company’s significant cybersecurity threats and risk and the processes the Company has implemented to address them. The Audit & Risk Committee also receives various reports, summaries or presentations related to cybersecurity threats, risk and mitigation.

ITEM 2. PROPERTIES.

Our corporate office is located at 250 Howe Street, 20th Floor, Vancouver, BC V6C 3R8. Our principal executive offices are located at 2700 Colorado Avenue, Santa Monica, California 90404, where we occupy 192,584 square feet (per a lease that expires in September 2029).

In addition, we lease the following properties for our operations:

•94,449 square feet at 134 Peter Street, Toronto, Canada (per a lease that expires June 2025);

•93,670 square feet at 12020 Chandler Blvd., Valley Village, California (per a lease that expires in December 2027);

•3925,~~000~~346 square feet at ~~2700~~9460 ~~Pennsylvania~~Wilshire ~~Avenue~~Blvd., ~~Santa~~Beverly ~~Monica~~Hills, California (per a lease that expires in August ~~2029~~2027);

•34,332 square feet at 530 Fifth Avenue, New York, New York (per a lease that expires in August 2025) (of which approximately 18,000 square feet is leased to Starz per a sublease that expires in August 2025);

•28,192 square feet at 15301 Ventura Blvd., Sherman Oaks, California (per a lease that expires in December 2025);

•25,346 square feet at 9460 Wilshire Blvd., Beverly Hills, California (per a lease that expires in February 2026);

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•24,999 square feet at 495-517 Wellington Street West, Toronto, Ontario (per a lease that expires in December 2035);

•15,673 square feet at 45 Mortimer Street, London, United Kingdom (per a lease that expires in July 2029); ~~and~~

•~~An aggregate of 20~~5,~~610~~552 square feet ~~for~~at ~~properties~~1270 ~~located~~Avenue inof ~~Beijing,~~the ~~China (per a lease that expires in December 2025)~~Americas, Brentwood, California (per a lease that expires in April 2026), Leeds, United Kingdom (per leases that expire in April 2025, September 2025 and October 2027), Luxembourg City, Luxembourg (per a lease that expires in April 2027), Mumbai, India (per a lease that expires in December 2026), New York, New York (per a lease that expires in ~~May~~November ~~2030~~2032); and ~~Toronto, Canada (per a lease that expires in June 2025).~~

We•An ~~believe~~aggregate ~~that~~of ~~our~~6,720 ~~current~~square ~~facilities~~feet ~~are~~for ~~adequate~~properties tolocated ~~conduct~~in ~~our~~Beijing, ~~business~~China ~~operations~~(per ~~for~~a ~~the~~lease ~~foreseeable future. We believe~~ that weexpires ~~will~~in beJanuary ~~able~~2028), toand ~~renew~~Luxembourg ~~these~~City, ~~leases~~Luxembourg on(per ~~similar~~a ~~terms~~lease ~~upon~~that ~~expiration.~~expires Ifin itApril ~~cannot renew~~2027), weand ~~believe~~New ~~that~~York, weNew ~~could~~York ~~find~~(per ~~other~~a ~~suitable~~lease ~~premises~~that ~~without~~expires ~~any~~in ~~material~~May ~~adverse~~2030). ~~impact on our operations~~

~~Item 3~~We believe that our current facilities are adequate to conduct our business operations for the foreseeable future. ~~LEGAL~~ ~~PROCEEDINGS~~We believe that we will be able to renew these leases on similar terms upon expiration. If we cannot renew, we believe that we could find other suitable premises without any material adverse impact on our operations.

~~From time to time, the Company is involved in certain claims and legal proceedings arising in the normal course of business~~ITEM 3. LEGAL While the resolution of these matters cannot be predicted with certainty, we do not believe, based on current knowledge, that the outcome of any currently pending legal proceedings in which the Company is currently involved will have a material adverse effect on the Company's consolidated financial position, results of operations or cash flowPROCEEDINGS.

~~For~~From atime ~~discussion~~to oftime, we are involved in certain claims and legal proceedings, ~~see~~arising ~~Note~~in 18the -normal ~~Contingencies~~course toof ~~our~~business. ~~consolidated~~Although ~~financial~~the ~~statements~~outcome of these matters cannot be predicted with certainty, based on our current knowledge, we do not believe that the resolution of any pending legal proceedings to which ~~discussion~~we isare ~~incorporated~~currently byinvolved ~~reference~~will ~~into~~have ~~this~~a ~~Part~~material I,adverse ~~Item~~effect 3on our consolidated financial position, ~~Legal~~results ~~Proceedings~~of operations or cash flow.

For a discussion of certain claims and legal proceedings, see Note 18 - Contingencies to our consolidated financial statements, the discussion of which is incorporated by reference into this Part I, Item 3, Legal Proceedings.

ITEM 4. MINE SAFETY DISCLOSURES.

Not Applicable.

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PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.

Market Information

Our common shares, no par value, are listed on the New York Stock Exchange (“NYSE”) under the symbol “LION”.”

Holders

As of May 2618, ~~2025~~2026, there were approximately ~~345~~1,501 shareholders of record.

Dividends

The timing, declaration, amount of and payment of any dividends is within the discretion of our Board of Directors and depends upon many factors, including our financial condition, earnings, capital requirements of our operating subsidiaries, covenants associated with certain of our debt service obligations, legal requirements, regulatory constraints, industry practice, ability to access capital markets and other factors deemed relevant by our Board of Directors. Moreover, if our Board of Directors determines to pay any dividend in the future, there can be no assurance that we will continue to pay such dividends or the amount of such dividends.

Securities Authorized for Issuance Under Equity Compensation Plans

The information required by this item is incorporated by reference to our Proxy Statement for our ~~2025~~2026 Annual and General Meeting of Stockholders to be filed with the SEC within 120 days after the end of the fiscal year ended March 31, ~~2025~~2026.

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Taxation

The following is a general summary of certain Canadian federal income tax consequences to a person (a “Non-Canadian Holder”) who is the beneficial owner of the Company’s common shares and who, at all relevant times, for the purposes of the Income Tax Act (Canada) (the “ITA”) (i) is not, and is not deemed to be resident in Canada, (ii) does not, and is not deemed to, use or hold any common shares in, or in the course of, carrying on a business in Canada, (iii) deals at arm’s length, and is not affiliated, with the Company, (iv) is not a “foreign affiliate” (as defined in the ITA) of a person resident in Canada, and (v) has not received or acquired any common shares in connection with any employee stock option or executive compensation plan or otherwise in connection with employment. This summary does not apply to a Non-Canadian Holder that is an insurer or an “authorized foreign bank” within the meaning of the ITA. Such Non-Canadian Holders should seek tax advice from their advisors.

This summary is not intended to be, and should not be construed to be, legal or tax advice and no representation with respect to the tax consequences to any particular investor is made. The summary does not address any aspect of any provincial, state or local tax laws or the tax laws of any jurisdiction other than Canada. Accordingly, holders and prospective holders of common shares should consult with their own tax advisors for advice with respect to the income tax consequences to them, having regard to their own particular circumstances, including any consequences of an investment in common shares arising under any provincial, state or local tax laws or the tax laws of any jurisdiction other than Canada.

This summary is based upon the current provisions of the ITA, the regulations thereunder and the proposed amendments thereto publicly announced by, or on behalf of, the Minister of Finance (Canada) before the date hereof, the Canada-United States Tax Convention (1980), as amended (the “Canada-U.S. Tax Treaty”) and our understanding of the current administrative policies and assessing practices of the Canada Revenue Agency published in writing prior to the date hereof. No assurance may be given that any proposed amendment will be enacted in the form proposed, if at all. This summary does not otherwise take into account or anticipate any changes in law, whether by legislative, governmental or judicial action.

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The following summary applies only to Non-Canadian Holders who hold their common shares as capital property. In general, common shares will be considered capital property of a holder where the holder is neither a trader nor dealer in securities, does not hold the common shares in the course of carrying on a business, and is not engaged in an adventure in the nature of trade in respect thereof. This summary does not apply to a Non-Canadian Holder that is a “financial institution” within the meaning of the mark-to-market rules contained in the ITA or to holders who have entered into a “dividend rental arrangement”, a “derivative forward agreement”, or a “synthetic disposition arrangement” as these terms are defined in the ITA.

For purposes of the ITA, any amount relating to the acquisition, holding, or disposition of common shares, including dividends, adjusted cost base and proceeds of disposition, must be expressed in Canadian dollars using the applicable rate of exchange (for purposes of the ITA) quoted by the Bank of Canada on the date such amounts arose, or such other rate of exchange as is acceptable to the Canada Revenue Agency.

Amounts in respect of common shares paid or credited or deemed to be paid or credited as, on account or in lieu of payment of, or in satisfaction of, dividends to a shareholder who is not a resident of Canada within the meaning of the ITA will generally be subject to Canadian non-resident withholding tax. Canadian withholding tax applies to dividends that are formally declared and paid by the Company and also to deemed dividends such as those that may be triggered by a cancellation of common shares if the cancellation occurs otherwise than as a result of a simple open market transaction. For either deemed or actual dividends, withholding tax is levied at a rate of 25%, which rate may be reduced pursuant to the terms of an applicable tax treaty between Canada and the country of residence of the non-resident shareholder. The Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (the “MLI”), of which Canada is a signatory, affects many of Canada’s bilateral tax treaties (but not the Canada-U.S. Tax Treaty), including the ability to claim benefits thereunder. Affected Non-Canadian Holders should consult their own tax advisors in this regard. Under the Canada-U.S. Tax Treaty, for a Non-Canadian Holder who is the beneficial owner and who is a resident of the United States and entitled full benefits under the Canada-U.S. Tax Treaty, the rate of Canadian withholding tax applicable to dividends is generally reduced to 15%. Furthermore, where such beneficial owner of the dividends is a company that owns at least 10% of the voting shares of the company paying the dividends, the rate of such withholding is reduced to 5%.

In addition to the Canadian withholding tax on actual or deemed dividends, a Non-Canadian Holder also needs to consider the potential application of Canadian income tax on capital gains. A Non-Canadian Holder will generally not be subject to tax under the ITA in respect of any capital gain arising on an actual or deemed disposition of common shares (including, generally, on a purchase by the Company on the open market) unless at the time of disposition such shares constitute “taxable Canadian property” of the holder for purposes of the ITA and such Non-Canadian Holder is not entitled to relief under an applicable tax treaty. If the common shares are listed on a designated stock exchange (which includes the NYSE) at the time they are disposed of, they will generally not constitute taxable Canadian property of a non-Canadian Holder unless, at any time during the 60-month period immediately preceding the disposition of the common shares, the Non-Canadian Holder, persons with whom such Non-Canadian Holder does not deal at arm's length, or the Non-Canadian Holder together with such non-arm's length persons, owned 25% or more of the issued shares of any class or series of the capital stock of the Company and at such time, more than 50% of the fair market value of the shares was derived from one or any combination of (i) real or immovable property situated in Canada, (ii) Canadian resource properties, (iii) timber resource properties, and (iv) options in respect of, interests in, or civil law rights in, such properties. Assuming that the common shares have never derived their value principally from any of the items listed in (i)-(iv) above, capital gains derived by a Non-Canadian Holder from the disposition of common shares will generally not be subject to tax in Canada.

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of, they will generally not constitute taxable Canadian property of a non-Canadian Holder unless, at any time during the 60-month period immediately preceding the disposition of the common shares, the Non-Canadian Holder, persons with whom such Non-Canadian Holder does not deal at arm's length, or the Non-Canadian Holder together with such non-arm's length persons, owned 25% or more of the issued shares of any class or series of the capital stock of the Company and at such time, more than 50% of the fair market value of the shares was derived from one or any combination of (i) real or immovable property situated in Canada, (ii) Canadian resource properties, (iii) timber resource properties, and (iv) options in respect of, interests in, or civil law rights in, such properties. Assuming that the common shares have never derived their value principally from any of the items listed in (i)-(iv) above, capital gains derived by a Non-Canadian Holder from the disposition of common shares will generally not be subject to tax in Canada.

Issuer Purchases of Equity Securities

No common shares were purchased by us during the three months ended March 31, ~~2025~~2026.

Unregistered Sales of Equity Securities

None.

Stock Performance Graph

The following graph compares ~~the~~our cumulative total shareholder return ~~of Legacy Lionsgate Studios (formerly trading on the Nasdaq Stock Market under the symbol “LION”) and Lionsgate (currently trading on the New York Stock Exchange under the symbol “LION”)~~ with those of the NYSE Composite Index and the S&P Movies & Entertainment Index for the period commencing May 137, ~~2024~~2025 and ending ~~April~~March 3031, ~~2025~~2026. All values assume that $100 was invested on May 137, ~~2024~~2025 in ~~Legacy~~our ~~Lionsgate Studios~~ common shares and each applicable index and all dividends were reinvested.

The comparisons shown in the graph below are based on historical data and we caution that the stock price performance shown in the graph below is not indicative of, and is not intended to forecast, the potential future performance of Lionsgate common shares.39

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	5/13/24		3/31/25		4/30/25
Lionsgate Studios Corp.	$	100.00	$	73.38	$	71.81
NYSE Composite	$	100.00	$	112.40	$	110.96
Dow Jones US Media Sector	$	100.00	$	101.82	$	95.81

The graph and related information are being furnished solely to accompany this Form 10-K pursuant to Item 201(e) of Regulation S-K. They shall not be deemed “soliciting materials” or to be “filed” with the SEC (other than as provided in Item 201), nor shall such information be incorporated by reference into any future filing under the Securities Act or the Exchange Act, except to the extent that we specifically incorporate it by reference into such filing.


	5/7/25		6/25		9/25		12/25		3/26
Lionsgate Studios Corp.	$	100.00	$	71.29	$	84.66	$	112.02	$	117.67
NYSE Composite	$	100.00	$	107.32	$	113.84	$	116.73	$	117.82
Dow Jones U.S. Media Sector	$	100.00	$	119.22	$	114.10	$	113.80	$	101.21

The graph and related information are being furnished solely to accompany this Annual Report pursuant to Item 201(e) of Regulation S-K. They shall not be deemed “soliciting materials” or to be “filed” with the SEC (other than as provided in Item 201), nor shall such information be incorporated by reference into any future filing under the Securities Act or the Exchange Act, except to the extent that we specifically incorporate it by reference into such filing.

ITEM 6. [Reserved].

4140

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LIONSGATE STUDIOS CORP.

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

This section of ~~our~~this ~~Annual Report~~ Form 10-K includes a discussion and analysis of our financial condition and results of ~~operation~~operations for the fiscal years ended March 31, ~~2025~~2026 and ~~2024,~~2025 and year-to-year comparisons between fiscal ~~2025~~2026 and ~~fiscal 2024~~2025. ADiscussions ~~discussion and analysis~~ of ~~our~~2025 ~~financial~~items ~~condition~~ and ~~results of operation for the fiscal~~ year ~~ended March 31, 2023 and year~~-to-year comparisons between fiscal ~~2024~~2025 and ~~fiscal~~2024 ~~2023~~that are not included in this Form 10-K can be found in “Management’'s Discussion and Analysis of Financial Condition and Results of Operations” ofin ~~the~~Part ~~Studio~~II, ~~Business~~Item 7 of ~~Lions~~exhibit ~~Gate Entertainment Corp.” included as Exhibit~~ 99.21 to ~~Amendment~~the ~~No.~~Company’s 1Annual toReport ~~the~~on Form 810-K ~~filed~~for bythe ~~Lionsgate~~fiscal ~~Studios~~year ~~Holding~~ended ~~Corp.~~March ~~on May 30~~31, ~~2024~~2025. ~~and is herein incorporated by reference.~~

Overview

~~Prior to the Starz Separation, as further discussed below,~~ Lionsgate Studios Corp. (NYSE: LION) (the “Company,” “~~Legacy~~ Lionsgate,” ~~Studios~~“New Lionsgate,” “we,” “us,” or “our”) ~~was~~is aone ~~subsidiary~~ of ~~Lions~~the ~~Gate~~world’s ~~Entertainment~~leading ~~Corp~~standalone, ~~(“Old~~pure ~~Lionsgate”~~play orcontent ~~“Parent”)~~companies. ~~which~~It ~~encompasses~~brings ~~the~~together diversified motion picture and television ~~studio~~production ~~operations~~and ~~(collectively~~distribution ~~referred~~businesses, toa asworld-class ~~the~~portfolio ~~“Studio~~of ~~Business”)~~valuable ofbrands ~~Old~~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.

~~The~~Prior ~~Studio~~to ~~Business consists of~~ the ~~Motion~~Starz ~~Picture~~Separation, ~~and~~as ~~Television~~further ~~Production~~discussed ~~reportable segments~~below, ~~together~~Lions ~~with~~Gate ~~substantially~~Entertainment ~~all of Old Lionsgate’s corporate general and administrative costs~~Corp. ~~The~~(formerly ~~Motion~~listed ~~Picture~~on ~~segment consists of~~ the ~~development~~New ~~and~~York ~~production~~Stock ofExchange ~~feature~~(“NYSE”): ~~films~~LGF.A, ~~acquisition~~LGF.B) of(“Old ~~North~~Lionsgate”) ~~American~~encompassed ~~and~~the ~~worldwide~~motion ~~distribution~~picture ~~rights, North American theatrical, home entertainment~~ and television ~~distribution~~studio ofoperations ~~feature~~(formerly ~~films~~referred ~~produced~~to ~~and~~as ~~acquired,~~the ~~and~~“Studio ~~worldwide~~Business”) ~~licensing~~and ofthe ~~distribution~~STARZ ~~rights~~premium toglobal ~~feature~~subscription ~~films produced and acquired~~platform. ~~The~~Following ~~Television Production segment consists of~~ the ~~development~~Studio Separation, ~~production~~as ~~and~~discussed ~~worldwide~~in ~~distribution~~Note of3 ~~television~~to ~~productions~~our ~~including~~consolidated ~~television~~financial ~~series~~statements, ~~television~~Lionsgate ~~movies~~Studios ~~and mini-series, and non-fiction programming~~Corp. ~~The~~(formerly ~~Motion~~listed ~~Picture~~on ~~segment includes~~ the ~~licensing~~NASDAQ ofGlobal ~~motion~~Select ~~pictures~~Market ~~and the Television Production segment includes the licensing of Starz original productions to the STARZ-branded premium global subscription platforms~~ (~~the~~ “~~Starz Business~~NASDAQ”).: ~~The~~LION) ~~Television~~(“Legacy ~~Production~~Lionsgate ~~segment~~Studios”) ~~also~~comprised ~~includes~~ the ~~ancillary~~Studio ~~market~~Business ~~distribution of Starz original productions~~ and ~~licensed product. Additionally,~~ the ~~Television~~STARZ ~~Production~~business ~~segment~~remained ~~includes~~with ~~the~~Lions ~~results~~Gate ~~of operations of 3 Arts~~ Entertainment, ~~a talent management company~~Corp.

~~Studio~~We ~~Separation~~classify our continuing operations through two reportable segments: Motion Picture and ~~Business~~Television ~~Combination~~Production (see further discussion below).

On May 13, 2024, Old Lionsgate consummated the transactions contemplated by that certain 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 wholly-owned subsidiary of Old Lionsgate (“StudioCo”), and other affiliates of SEAC. 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 continues the existing business operations of the Studio Business of Old Lionsgate. The Company became a separate publicly traded company and its common shares, without par value (“Legacy LG Studios Common Shares”), commenced trading on Nasdaq under the symbol “LION” on May 14, 2024.

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”).

The Business Combination has been accounted for as a reverse recapitalization in accordance with United States (“U.S.”) generally accepted accounting principles (“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 represent a continuation of the financial statements of the Studio Business, with the Business Combination treated as the equivalent of the Studio Business issuing Legacy LG Studios Common Shares 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. Operations prior to the Business Combination are those of the Studio Business.

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LIONSGATE STUDIOS CORP.

The Studio Business has been determined to be the accounting acquirer in the Business Combination because Old Lionsgate held a controlling financial interest.

As a result of the Business Combination and additional private investments in public equities (“PIPE”) financing discussed in Note 2, former SEAC public shareholders and founders and new common equity financing investors owned approximately 12.2% of Legacy LG Studios Common Shares. In addition to establishing the Studio Business as a standalone publicly-traded entity, the transaction resulted in approximately $330.0 million of gross proceeds to Old Lionsgate received at closing, including $254.3 million in PIPE financing. See Note 2, for additional information related to the Business Combination. The net proceeds from the transaction were used by the Company to pay down the Intercompany Note, see Note 8.

Starz Separation

On May 6, 2025, ~~Old Lionsgate,~~ 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”), ~~completed~~ the separation of the businesses of Legacy Lionsgate Studios, ~~from~~of ~~the~~which ~~STARZ-branded~~Old ~~premium~~Lionsgate ~~subscription~~owned ~~platform~~approximately ~~business~~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 ~~herein after referred to as “Lionsgate”) 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 222 to our consolidated financial statements).

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 ~~Lionsgate~~the Company following the completion of the Starz Separation, ~~Lionsgate~~Old ~~(which holds the~~ Lionsgate ~~Studio Business)~~ is considered the accounting spinnor or divesting entity and Starz ~~(which holds the Starz Business)~~ is considered the accounting spinnee or divested entity. As a result, Old Lionsgate ~~will~~is be the accounting predecessor to ~~Lionsgate~~the Company, and the pro rata distribution of the Starz Business ~~will~~has bebeen recorded through equity with no gain or loss recorded. ~~The~~Accordingly, ~~Starz Business will be reflected as discontinued operations in~~ the historical financial statements ~~of Lionsgate following the completion of the Starz Separation, beginning with the first quarter ending June 30, 2025. For periods following the Starz Separation, Lionsgate will~~ reflect the ~~historical~~ financial position and results of operations of Old Lionsgate ~~and~~with asthe ~~such,~~Starz ~~Old~~Business ~~Lionsgate’s~~presented ~~consolidated financial statements~~ as ofdiscontinued ~~March~~operations ~~31, 2025 and 2024 and for each of the three years~~ in the ~~period~~financial ~~ended~~statements. ~~March~~See ~~31,~~Note ~~2025~~2 ~~as well as year-~~to~~-year~~ ~~comparisons~~our ~~between~~consolidated ~~fiscal~~financial ~~2025~~statements ~~and~~for ~~fiscal~~further ~~2024 are included as exhibit 99~~information.~~1 to this Annual Report.~~

~~See also "Liquidity and Capital Resources” for discussion of the Starz Separation financing transactions.~~41

Basis of Presentation

Upon the effective date of the Studio Separation, the Company’s financial statements are presented on a consolidated basis, as Old Lionsgate completed the contribution of the Studio Business on such date.

For periods prior to the Studio Separation, the Company operated as a segment of Old Lionsgate and not as a separate entity. The Company’s financial statements prior to the Studio Separation were prepared on a carve-out basis and were derived from Old Lionsgate’s consolidated financial statements and accounting records and reflect Studio Business’s combined historical financial position, results of operations and cash flows as they were historically managed in accordance with U.S. GAAP. Prior to the Studio Separation, a management approach was applied to determine the carve-out basis of presentation. In using the management approach, considerations over how the business operates were utilized to identify historical operations that should be presented within the carve-out financial statements.

For periods subsequent to the Studio Separation, the accompanying consolidated financial statements include the accounts of Legacy Lionsgate Studios and all of its majority-owned and controlled subsidiaries. The financial statements of the Company for all periods presented are referred to hereinafter as “consolidated financial statements”, but include the historical results of the Company prior to the Studio Separation that are presented on a carve-out basis.

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~~LIONSGATE~~Business ~~STUDIOS CORP.~~Combination

~~All~~On ~~revenues~~May ~~and~~13, ~~costs~~2024, asOld ~~well~~Lionsgate asconsummated ~~assets~~the ~~and~~business ~~liabilities~~combination ~~directly~~agreement ~~associated~~(the ~~with~~“Business ~~the~~Combination ~~business~~Agreement”) ~~activity~~with ofScreaming ~~the~~Eagle ~~Studio~~Acquisition ~~Business~~Corp., ~~were~~a ~~included~~Cayman inIslands ~~the~~exempted ~~accompanying~~company ~~consolidated~~(“SEAC”), ~~financial~~SEAC ~~statements~~II Corp., ~~Prior~~a toCayman ~~the~~Islands ~~Studio~~exempted ~~Separation,~~company ~~revenues~~ and ~~costs~~a ~~associated~~wholly-owned ~~with~~subsidiary ~~the~~of ~~Studio~~SEAC ~~Business~~(“New ~~were~~SEAC”), ~~specifically~~LG ~~identifiable~~Sirius inHoldings ~~the~~ULC, ~~accounting~~a ~~records~~British ~~maintained~~Columbia byunlimited ~~Old~~liability ~~Lionsgate~~company and ~~primarily~~a ~~represent~~wholly-owned ~~the~~subsidiary ~~revenue~~of ~~and~~Old ~~costs~~Lionsgate ~~used~~(“Studio ~~for~~HoldCo”), ~~the~~LG ~~determination~~Orion ofHoldings ~~segment~~ULC, ~~profit~~a ofBritish ~~the~~Columbia ~~Motion~~unlimited ~~Picture~~liability company and ~~Television~~a ~~Production~~wholly-owned ~~segments~~subsidiary of Old Lionsgate (“StudioCo”) and other affiliates of SEAC (the “Closing”). InPursuant ~~addition~~to the terms and conditions of the Business Combination Agreement, the Studio Business ~~costs~~was ~~included~~combined anwith ~~allocation~~SEAC ofthrough ~~corporate~~a ~~general~~series ~~and~~of ~~administrative~~transactions, ~~expense~~including ~~(inclusive~~an amalgamation of ~~share-based~~StudioCo ~~compensation)~~and ~~which~~New ~~was~~SEAC ~~allocated~~under toa ~~the~~Canadian ~~Studio~~plan ~~Business~~of asarrangement ~~further~~(the ~~discussed~~“Business ~~below~~Combination”). ~~Other~~In ~~costs~~connection ~~excluded~~with ~~from~~the closing of the ~~Motion~~Business ~~Picture~~Combination, ~~and~~New ~~Television~~SEAC ~~Production~~changed ~~segment~~its ~~profit~~name ~~but~~to ~~relating~~“Lionsgate Studios Corp.” (referred to ~~the~~as ~~Studio~~“Legacy ~~Business~~Lionsgate ~~were~~Studios”) ~~generally~~and ~~specifically~~continued ~~identifiable~~the asexisting ~~costs~~business operations of ~~the~~StudioCo, ~~Studio~~which ~~Business~~consisted inof the ~~accounting~~Studio ~~records~~Business of Old Lionsgate. ~~and~~Legacy ~~were~~Lionsgate ~~included~~Studios inbecame ~~the~~a ~~accompanying~~separate ~~consolidated~~publicly-traded ~~financial~~company, ~~statements~~and inits ~~periods~~common ~~prior~~shares tocommenced trading on NASDAQ under the ~~Studio~~symbol ~~Separation~~“LION” on May 14, 2024.

In connection with and prior to the Business Combination, ~~on May 9, 2024,~~ Old Lionsgate and StudioCo entered into a ~~shared~~separation ~~services and overhead sharing~~ agreement ~~(the~~pursuant ~~“Shared~~to ~~Services Agreement”)~~ which ~~took effect upon~~ the ~~closing~~assets ~~of the Business Combination. The Shared Services Agreement facilitates the allocation to the Company of all corporate general~~ and ~~administrative~~liabilities ~~expenses~~ of ~~Old Lionsgate, except for an amount of $10.0 million to be allocated annually to Old Lionsgate. The $10.0 million allocation of Old Lionsgate’s corporate general and administrative expenses to~~ the ~~Starz~~Studio Business ~~pursuant~~were totransferred ~~the Shared Services Agreement is designed~~ to ~~reflect~~StudioCo ~~the~~such ~~portion~~that ofStudioCo ~~corporate~~held, ~~expenses~~directly ~~expended~~or ~~and~~indirectly, ~~reflective~~all of the ~~level~~assets ~~of effort~~ and ~~costs~~liabilities ~~incurred~~of ~~related to management oversight and services provided for~~ the ~~Starz~~Studio Business ~~post~~(the “Studio Separation ~~with consideration of the anticipated separation of the Starz Business~~”).

~~The~~Immediately ~~corporate~~following ~~general~~the ~~and~~Business ~~administrative~~Combination ~~expenses~~through ~~that~~immediately ~~are~~prior ~~allocated~~ to the ~~Company~~Starz ~~pursuant~~Separation, toapproximately ~~the~~87.8% ~~Shared~~of ~~Services~~the ~~Agreement~~total ~~include~~shares ~~salaries~~of ~~and~~Legacy ~~wages~~Lionsgate ~~for~~Studios ~~certain~~were ~~executives~~held ~~and~~by ~~other~~Old ~~corporate officers related to executive oversight~~Lionsgate, ~~investor~~while ~~relations~~12.2% ~~costs,~~were ~~costs~~owned ~~for~~by ~~the~~former ~~maintenance~~SEAC ofpublic ~~corporate facilities~~shareholders, ~~and~~SEAC ~~other~~founders and common ~~administrative~~equity ~~support~~financing ~~functions,~~investors. ~~including~~In ~~corporate~~addition ~~accounting,~~to ~~finance~~establishing ~~and~~Legacy ~~financial~~Lionsgate ~~reporting,~~Studios ~~audit~~as ~~and~~a ~~tax~~standalone ~~costs,~~publicly-traded ~~corporate and other legal support functions~~entity, ~~and~~the ~~certain~~transaction ~~information~~resulted ~~technology~~in ~~and~~approximately ~~human resources~~$330.0 million Inof ~~addition,~~gross ~~the~~proceeds ~~Separation~~to ~~Agreement~~Old ~~and~~Lionsgate. ~~the~~Net ~~Shared~~proceeds ~~Services~~of ~~Agreement provide that officers~~$278.2 million, ~~employees~~inclusive ~~and directors~~ of ~~the~~transaction ~~Company~~costs ~~will~~that ~~continue~~remained toaccrued ~~receive~~at ~~awards~~March of31, ~~equity~~2025 and ~~equity-based~~which ~~compensation~~were ~~pursuant~~paid toduring the ~~existing~~year ~~plans~~ended ofMarch ~~Old~~31, ~~Lionsgate~~2026 totaling $3.5 ~~Such~~million ~~awards~~were ~~will~~used beto ~~treated~~partially aspay adown ~~capital~~amounts ~~contribution~~outstanding byunder Old Lionsgate's tocorporate ~~the~~debt. ~~Company,~~See ~~with~~Note ~~the~~8 ~~associated~~to ~~stock~~our ~~based~~consolidated ~~compensation~~financial ~~expense~~statements for ~~such~~further ~~awards allocated to the Company, see Note 14~~detail.

~~For~~The ~~periods~~Business ~~prior~~Combination towas ~~the~~accounted ~~Studio~~for ~~Separation,~~as ~~the~~a ~~combined~~reverse ~~financial~~recapitalization ~~statements~~in accordance with U.S. GAAP. Under this method of accounting, SEAC was treated as the acquired company and the Studio Business ~~included~~was ~~allocations~~treated ofas ~~corporate~~the ~~general~~acquirer ~~and~~for ~~administrative~~financial ~~expenses~~reporting ~~(inclusive~~purposes. ofAccordingly, ~~share-based~~for ~~compensation)~~accounting ~~from~~purposes, ~~Old~~the financial statements of Legacy Lionsgate ~~related~~Studios torepresented a continuation of the ~~corporate~~financial ~~and~~statements ~~shared~~of ~~service~~the ~~functions~~Studio ~~historically~~Business, ~~provided~~with bythe ~~Old~~Business ~~Lionsgate.~~Combination ~~These~~treated ~~expenses~~as ~~were~~the ~~allocated~~equivalent toof the ~~Company~~Studio onBusiness issuing stock for the ~~basis~~historical net assets of ~~direct~~SEAC, ~~usage~~substantially ~~when~~consisting ~~identifiable,~~of ~~with~~cash held in the ~~remainder~~trust ~~allocated~~account, onaccompanied by a ~~pro~~recapitalization ~~rata~~of ~~basis~~the Studio Business equity. The historical net assets of ~~consolidated~~SEAC ~~Old~~were ~~Lionsgate~~stated ~~revenue~~at fair value, ~~payroll~~which ~~expense~~approximated historical cost, with no goodwill or other ~~measures~~intangible ~~considered~~assets torecorded. bePrior ato ~~reasonable~~the ~~reflection~~Starz ofSeparation, the ~~historical~~Studio ~~utilization~~Business ~~levels~~was a consolidated subsidiary of ~~these~~Old ~~services~~Lionsgate.

Management believes the assumptions underlying these consolidated financial statements, including the assumptions regarding the allocation of general and administrative expenses from Old Lionsgate to the Studio Business prior to the Studio Separation, are reasonable. See Note 21 for further detail of the allocations included in the consolidated financial statements.

In connection with the Business Combination, the Company entered into certain intercompany note arrangements, which mirrored the terms and amounts outstanding under Old Lionsgate’s credit facilities as previously reflected in the historical financial statements of the Studio Business prior to the Studio Separation, see Note 8.

Components of Results of Operations

Revenues

Our revenues are derived from the Motion Picture and Television Production segments, as described below. As mentioned above, we refer to our Motion Picture and Television Production segments collectively as our Studio Business. Our revenues are derived from the U.S., Canada, the United Kingdom and other foreign countries. None of the non-U.S. countries individually comprised greater than 10% of total revenues for the ~~fiscal~~ years ended March 31, ~~2025~~2026, ~~2024~~2025 and ~~2023~~2024.

44Studio Business

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LIONSGATE STUDIOS CORP.

Motion Picture: Our Motion Picture segment includes revenues derived from the following:

•Theatrical. Theatrical revenues are derived from the domestic theatrical release of motion pictures licensed to theatrical exhibitors on a picture-by-picture basis (distributed by us directly in the U.S. and through a sub-distributor in Canada). The revenues from Canada are reported net of distribution fees and release expenses of the Canadian sub-distributor. The financial terms that we negotiate with our theatrical exhibitors in the U.S. generally provide that we receive a percentage of the box office results. Theatrical revenues also include revenues from certain licenses to direct-to-platform customers where the initial license of a motion picture is to a direct-to-platform customer.

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•Home Entertainment. Home entertainment revenues are derived from the sale or rental of our film productions and acquired or licensed films and certain television programs (including theatrical and direct-to-video releases) on packaged media and through digital media platforms (including pay-per-view and video-on-demand platforms, electronic sell through, and digital rental). In addition, we have revenue sharing arrangements with certain digital media platforms which generally provide that, in exchange for a nominal or no upfront sales price, we share in the rental or sales revenues generated by the platform on a title-by-title basis.

•Television. Television revenues are primarily derived from the licensing of our theatrical productions and acquired films to the linear pay, basic cable and free television markets. In addition, when a license in our traditional pay television window is made to a subscription video-on-demand (“SVOD”) or other digital platform, the revenues are included here.

•International. International revenues are derived from (1) licensing of our productions, acquired films, our catalog product and libraries of acquired titles to international distributors, on a territory-by-territory basis; and (2) the direct distribution of our productions, acquired films, and our catalog product and libraries of acquired titles in the United Kingdom.

•Other. Other revenues are derived from, among others, the licensing of our film and television and related content (games, music, location-based entertainment royalties, etc.) to other ancillary markets.

Television Production: Our Television Production segment includes revenues derived from the following:

•Television. Television revenues are derived from the licensing to domestic markets (linear pay, basic cable, free television and syndication) of scripted and unscripted series, television movies, mini-series and non-fiction programming. Television revenues also include revenue from licenses to SVOD platforms in which the initial license of a television series is to an SVOD platform. Television revenues include fixed fee arrangements as well as arrangements in which we earn advertising revenue from the exploitation of certain content on television networks.

•International. International revenues are derived from the licensing and syndication to international markets of scripted and unscripted series, television movies, mini-series and non-fiction programming.

•Home Entertainment. Home entertainment revenues are derived from the sale or rental of television production movies or series on packaged media and through digital media platforms.

•Other. Other revenues are derived from, among others, the licensing of our television programs to other ancillary markets, the sales and licensing of music from the television broadcasts of our productions, and from commissions and executive producer fees earned related to talent management.

Expenses

Our primary operating expenses include direct operating expenses, distribution and marketing expenses and general and administration expenses.

Direct operating expenses include amortization of film and television production or acquisition costs, participation and residual expenses, provision for doubtful accounts, and foreign exchange gains and losses.

Participation costs represent contingent consideration payable based on the performance of the film or television program to parties associated with the film or television program, including producers, writers, directors or actors. Residuals represent amounts payable to various unions or “guilds” such as the Screen Actors Guild - American Federation of Television and Radio Artists, Directors Guild of America, and Writers Guild of America, based on the performance of the film or television program in certain ancillary markets or based on the individual’s (i.e., actor, director, writer) salary level in the television market.

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LIONSGATE STUDIOS CORP.

Distribution and marketing expenses primarily include the costs of theatrical prints and advertising (“P&A”) and premium video-on-demand (“Premium VOD”) expense and of DVD/Blu-ray duplication and marketing. Theatrical P&A includes the costs of the theatrical prints delivered to theatrical exhibitors and the advertising and marketing cost associated with the theatrical release of the picture. Premium VOD expense represents the advertising and marketing cost associated with the Premium VOD release of the picture. DVD/Blu-ray duplication represents the cost of the DVD/Blu-ray product and the manufacturing costs associated with creating the physical products. DVD/Blu-ray marketing costs represent the cost of advertising the product at or near the time of its release or special promotional advertising.

General and administration expenses include salaries and other overhead. Following the Studio Separation, the Shared Services Agreement facilitates the allocation of substantially all corporate general and administrative expenses to the Company, including salaries and wages for certain executives and other corporate officers related to executive oversight, investor relations costs, costs for the maintenance of corporate facilities, and other common administrative support functions, including corporate accounting, finance and financial reporting, audit and tax costs, corporate and other legal support functions, and certain information technology and human resources. Prior to the Studio Separation, general and administrative expenses included allocations for certain general and administrative expenses from Old Lionsgate related to certain corporate and shared service functions historically provided by Old Lionsgate. See “Basis of Presentation” above, Note 1 and Note 21 to our consolidated financial statements for further details on the Shared Services Agreement and our methodology for allocating these costs for periods prior to the Studio Separation.43

~~For~~Table ~~the fiscal years ended March 31, 2025, 2024 and 2023, total Old Lionsgate corporate general and administrative expenses were $123.2 million, $136.1 million and $122.9 million, respectively,~~ of ~~which $120.9 million, $110.6 million, and $100.8 million, respectively, was allocated to the Company.~~ Contents

General and administration expenses include salaries and other overhead costs. Corporate general and administrative expenses include certain corporate executive expenses (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 (that is part of the Starz Business) but are not directly attributable to it and thus were not recorded in discontinued operations, see Note 2 to our consolidated financial statements for further details.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Our accounting policies are more fully described in Note 1 to our consolidated financial statements. As disclosed in Note 1 to our consolidated financial statements, the preparation of our financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The application of the following accounting policies, which are important to our financial position and results of operations, requires significant judgments and estimates on the part of management. As described more fully below, these estimates bear the risk of change due to the inherent uncertainty of the estimate. In some cases, changes in the accounting estimates are reasonably likely to occur from period to period. Accordingly, actual results could differ materially from our estimates. To the extent that there are material differences between these estimates and actual results, our financial condition or results of operations will be affected. We base our estimates on past experience and other assumptions that we believe are reasonable under the circumstances, and we evaluate these estimates on an ongoing basis. We believe that the following discussion addresses our most critical accounting policies, which are those that are most important to the portrayal of our financial condition and results of operations and require management’s most difficult, subjective and complex judgments.

~~Accounting~~Revenue ~~for~~Recognition. ~~Films~~Our Motion Picture and Television ~~Programs~~Production segments generate revenue principally from the licensing of content in domestic theatrical exhibition, home entertainment (e.g., digital media), television, and international marketplaces.

~~Capitalized~~Our ~~costs~~content ~~for~~licensing ~~films~~arrangements include fixed fee and minimum guarantee arrangements, and sales or usage-based royalties. Our fixed fee or minimum guarantee licensing arrangements in the television, ~~programs~~digital media and international markets may, in some cases, include multiple titles, multiple license periods (windows) with a substantive period in between the windows, rights to exploitation in different media, or rights to exploitation in multiple territories, which may be considered distinct performance obligations. When these performance obligations are ~~predominantly~~considered ~~monetized~~distinct, ~~individually~~the fixed fee or minimum guarantee in the arrangement is allocated to the title, window, media right or territory as applicable, based on estimates of relative standalone selling prices. The amounts related to each performance obligation (i.e., title, window, media or territory) are recognized when the content has been delivered, and the window for the exploitation right in that territory has begun, which is the point in time at which the customer is able to begin to use and benefit from the content.

~~Amortization.~~Sales ~~Film~~or ~~cost~~usage-based ~~amortization~~royalties asrepresent ~~well~~amounts asdue ~~participations~~to ~~and~~us ~~residuals~~based ~~expense~~on the “sale” or “usage” of our content by the customer, and revenues are recognized at the later of when the subsequent sale or usage occurs, or the performance obligation to which some or all the sales or usage-based onroyalty ~~management’s~~has ~~estimates~~been allocated has been satisfied (or partially satisfied). ~~Costs~~Generally, ofwhen ~~acquiring~~we ~~and~~license ~~producing~~completed ~~films~~content ~~and~~(with standalone functionality, such as a movie, or television ~~programs~~show), ~~and~~our ofperformance ~~acquired~~obligation ~~libraries~~will ~~are~~be ~~amortized~~satisfied ~~and~~prior ~~estimated~~to ~~liabilities~~the ~~for~~sale ~~participations~~or ~~and~~usage. ~~residuals~~When ~~costs~~we ~~are~~license ~~accrued~~intellectual ~~using~~property ~~the~~that ~~individual~~does not have stand-~~film-forecast~~alone ~~method~~functionality (e.g., ~~based~~brands, onthemes, logos, etc.), our performance obligation is generally satisfied in the ~~ratio~~same period as the sale or usage. The actual amounts due to us under these arrangements are generally not reported to us until after the close of the ~~current~~reporting period’s. ~~revenues~~We record revenue under these arrangements for the amounts due and not yet reported to ~~management’s~~us ~~estimated~~based ~~remaining~~on ~~total~~estimates ~~gross~~of ~~revenues~~the sales or usage of these customers and pursuant to bethe ~~earned~~terms ~~(“ultimate~~of ~~revenue”)~~the contracts. ~~Management’s~~Such ~~judgment~~estimates isare ~~required~~based on information from our customers, historical experience with similar titles in ~~estimating~~that ~~ultimate~~market ~~revenue~~or territory, the performance of the title in other markets and/or available data in the ~~costs~~industry. While we believe these estimates are reasonable estimates of the amounts due under these arrangements, such estimated amounts could differ from the actual amounts to be ~~incurred~~subsequently ~~throughout~~reported by the ~~life~~customer, ofwhich ~~each~~could ~~film~~be higher or ~~television~~lower ~~program.~~than our estimates, and could result in an adjustment to revenues in future periods.

~~Management~~Revenue ~~estimates~~from ~~ultimate revenues based on historical experience with similar titles or~~ the ~~title~~theatrical ~~genre,~~release ~~the general public appeal~~ of ~~the~~feature ~~cast,~~films ~~audience~~is ~~test~~treated ~~results~~as ~~when~~sales ~~available, actual performance (when available) at the box office~~ or inusage-based ~~markets~~royalties ~~currently being exploited,~~ and ~~other~~recognized ~~factors~~starting ~~such~~at as the ~~quality~~exhibition date and ~~acceptance~~based ofon ~~motion pictures or programs that~~ our ~~competitors~~participation ~~release~~in ~~into~~box ~~the~~office ~~marketplace~~receipts atof ~~or near~~ the ~~same~~theatrical ~~time, critical reviews, general economic conditions and other tangible and intangible factors, many of which we do not control and which may change~~exhibitor.

46Digital media revenue sharing arrangements are recognized as sales or usage-based royalties.

Revenue from commissions is recognized as such services are provided.

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~~LIONSGATE~~Film ~~STUDIOS~~and ~~CORP~~Television Costs. Capitalized costs for films or television programs are predominantly monetized individually.

~~For~~Amortization. ~~motion~~Film ~~pictures,~~cost ~~ultimate~~amortization ~~revenue~~as ~~includes~~well ~~estimates~~as ~~over~~participations aand ~~period~~residuals ~~not~~expense toare ~~exceed~~based ~~ten~~on ~~years~~management’s ~~following~~estimates. ~~the~~Costs ~~date~~ of ~~initial~~acquiring ~~release~~and ofproducing ~~the~~films ~~motion~~and ~~picture.~~television ~~The~~programs ~~most~~and ~~sensitive~~of ~~factor~~acquired ~~affecting~~libraries ~~our~~that ~~estimate~~are ofamortized ~~ultimate~~and ~~revenues~~estimated liabilities for aparticipations ~~film~~and ~~intended~~residuals ~~for~~costs ~~theatrical~~are ~~release~~accrued isusing the individual-film’s-forecast ~~theatrical box office performance~~method, asbased ~~subsequent~~on ~~revenues~~the ~~from~~ratio of the ~~licensing~~current ~~and~~period's ~~sale~~revenues into ~~other~~management’s ~~markets~~estimated ~~have~~remaining ~~historically~~total ~~been~~gross ~~highly~~revenues ~~correlated~~ to ~~its~~be ~~theatrical~~earned ~~box~~(“ultimate ~~office performance~~revenue”). ~~After a film~~Management’s ~~release,~~judgment ~~our~~is ~~estimates~~required ofin ~~revenue~~estimating ~~from~~ultimate ~~succeeding~~revenue ~~markets~~and ~~are~~the ~~revised~~costs ~~based~~to onbe ~~historical~~incurred ~~relationships~~throughout ~~and~~the anlife ~~analysis~~ of ~~current~~each ~~market~~film ~~trends~~or television program.

~~For~~Management anestimates ~~episodic television series, the period over which~~ ultimate revenues ~~are~~based ~~estimated~~on ~~cannot~~historical ~~exceed~~experience ~~ten~~with ~~years~~similar ~~following~~titles ~~the~~or ~~date of delivery of~~ the ~~first~~title ~~episode~~genre, ~~or, if still in production, five years from~~ the ~~date~~general ofpublic ~~delivery~~appeal of the ~~most recent episode~~cast, ifaudience ~~later. The~~test ~~most~~results ~~sensitive~~when ~~factors~~available, ~~affecting~~actual ~~our~~performance ~~estimate~~(when ofavailable) ~~ultimate~~at ~~revenues for a television series is whether~~ the ~~series~~box ~~will~~office beor ~~ordered for a subsequent season and estimates of revenue~~ in ~~secondary~~ markets ~~other~~currently ~~than~~being ~~the initial license fee~~exploited, ~~which~~and ~~may~~other ~~depend on a number of~~ factors, ~~including,~~such ~~among~~as ~~others,~~ the ~~ratings~~quality orand ~~viewership~~acceptance ~~the program achieves on the customers’ platforms. The initial estimate~~ of ~~ultimate~~motion ~~revenue~~pictures ~~may~~or ~~include estimates of revenues outside of the initial license window (i.e., international, home entertainment and other distribution platforms) and are based on historical experience for similar~~ programs ~~(genre,~~that ~~duration,~~our ~~etc.)~~competitors ~~and~~release ~~the~~into ~~estimated number of seasons of~~ the ~~series.~~marketplace ~~Ultimates~~at ~~of revenue beyond the initial license fee are generally higher for programs that have been~~ or ~~are~~near ~~expected to be ordered for multiple seasons. We regularly monitor~~ the ~~performance~~same ~~of each season~~time, ~~and~~critical ~~evaluate whether impairment indicators are present (i.e.~~reviews, ~~low~~general ~~ratings,~~economic ~~cancellations~~conditions orand ~~the~~other ~~season~~tangible isand ~~not~~intangible ~~reordered)~~factors, ~~and~~many ~~based~~of ~~upon~~which ~~our review,~~ we ~~revise~~do ~~our~~not ~~estimates~~control ~~as needed~~ and ~~perform~~which anmay ~~impairment assessment if impairment indicators are present (see below)~~change.

For motion pictures, ultimate revenue includes estimates over a period not to exceed ten years following the date of initial release of the motion picture. The most sensitive factor affecting our estimate of ultimate revenues for a film intended for theatrical release is the film's theatrical performance, as subsequent revenues from the licensing and sale in other markets have historically been highly correlated to its theatrical performance. After a film is released, our estimates of revenue from succeeding markets are revised based on historical relationships and an analysis of current market trends.

For an episodic television series, the period over which ultimate revenues are estimated cannot exceed ten years following the date of delivery of the first episode, or, if still in production, five years from the date of delivery of the most recent episode, if later. The most sensitive factors affecting our estimate of ultimate revenues for a television series is whether the series will be ordered for a subsequent season and estimates of revenue in secondary markets other than the initial license fee, which may depend on a number of factors, including, among others, the ratings or viewership the program achieves on the customers’ platforms. The initial estimate of ultimate revenue may include estimates of revenues outside of the initial license window (i.e., international, home entertainment and other distribution platforms) and are based on historical experience for similar programs (genre, duration, etc.) and the estimated number of seasons of the series. Ultimates of revenue beyond the initial license fee are generally higher for programs that have been or are expected to be ordered for multiple seasons. We regularly monitor the performance of each season, and evaluate whether impairment indicators are present (i.e., low ratings, cancellations or the series is not reordered), and based upon our review, we revise our estimates as needed and perform an impairment assessment if impairment indicators are present.

For titles included in acquired libraries, ultimate revenue includes estimates over a period not to exceed twenty years following the date of acquisition.

Due to the inherent uncertainties involved in making such estimates of ultimate revenues and expenses, these estimates have differed in the past from actual results and are likely to differ to some extent in the future from actual results. In addition, in the normal course of our business, some films and titles are more successful or less successful than anticipated. Management regularly reviews and revises, when necessary, its ultimate revenue and cost estimates, which may result in a change in the rate of amortization of film costs and participations and residuals and/or a write-down of all or a portion of the unamortized costs of the film or television program to its estimated fair value ~~(see below)~~.

An increase in the estimate of ultimate revenue will generally result in a lower amortization rate and, therefore, less film and television program amortization expense, while a decrease in the estimate of ultimate revenue will generally result in a higher amortization rate and, therefore, higher film and television program amortization expense, and also periodically results in an impairment requiring a write-down of the film cost to the title’s fair value. These write-downs are included in amortization expense within direct operating expenses in our unaudited condensed consolidated statements of operations. See further discussion ~~below~~ under Impairment Assessment below.

Impairment Assessment. An individual film or television program is evaluated for impairment when events or changes in circumstances indicate that the fair value of an individual film or television program is less than its unamortized cost. Pre-release impairment assessments require significant judgment, including estimated box office performance and downstream licensing revenues. If the result of the impairment test indicates that the carrying value exceeds the estimated fair value, an impairment charge will then be recorded for the amount of the difference.

Estimate of Fair Value. The fair value is determined based on a discounted cash flow analysis of the cash flows directly attributable to the title. For motion pictures intended for theatrical release, the discounted cash flow analysis used in the impairment evaluation prior to theatrical release is subjective and the key inputs include estimates of future anticipated revenues and estimates of box office performance, which may differ from future actual results. These estimates are based in part on the historical performance of similar films, test audience results when available, information regarding competing film releases, and critic reviews. As discussed in Note 4 to the consolidated financial statements, the unamortized balance related to completed and not released and in progress theatrical films was $680.9 million at March 31, 2025. For television programs, the discounted cash flow analysis used in the impairment evaluation includes key inputs such as estimates of future anticipated revenue, as discussed above. See further discussion of Valuation Assumptions below. 45

Valuation Assumptions. The discounted cash flow analysis includes cash flows estimates of ultimate revenue and costs as well as a discount rate (a Level 3 fair value measurement, see Note 11 to our consolidated financial statements). The discount rate utilized in the discounted cash flow analysis is based on the weighted average cost of capital of the Company plus a risk premium representing the risk associated with producing a particular film or television program. Estimates of future revenue involve measurement uncertainty and it is therefore possible that reductions in the carrying value of investment in films and television programs may be required as a consequence of changes in management’s future revenue estimates.

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~~LIONSGATE~~Estimate ~~STUDIOS~~of ~~CORP~~Fair Value. The fair value is determined based on a discounted cash flow analysis of the cash flows directly attributable to the title. For motion pictures intended for theatrical release, the discounted cash flow analysis used in the impairment evaluation prior to theatrical release is subjective and the key inputs include estimates of future anticipated revenues and estimates of box office performance, which may differ from future actual results. These estimates are based in part on the historical performance of similar films, test audience results when available, information regarding competing film releases, and critic reviews. For television programs, the discounted cash flow analysis used in the impairment evaluation includes key inputs such as estimates of future anticipated revenue, as discussed above. See further discussion of Valuation Assumptions below.

~~Revenue~~Valuation ~~Recognition~~Assumptions. ~~Our~~The ~~Motion~~discounted ~~Picture~~cash ~~and~~flow ~~Television~~analysis ~~Production~~includes ~~segments~~cash ~~generate~~flow estimates of ultimate revenue ~~principally~~and ~~from~~costs ~~the~~as ~~licensing~~well ofas ~~content~~a indiscount ~~domestic~~rate ~~theatrical~~(a ~~exhibition,~~Level ~~home~~3 ~~entertainment~~fair ~~(e.g.~~value measurement, ~~digital~~see ~~media~~Note 9 to our consolidated financial statements),. The discount rate utilized in the discounted cash flow analysis is based on the weighted average cost of capital of the Company plus a risk premium representing the risk associated with producing a particular film or television, program. Estimates of future revenue involve measurement uncertainty and ~~international~~it ~~market~~is ~~places.~~therefore possible that reductions in the carrying value of investment in films and television programs may be required as a consequence of changes in management’s future revenue estimates.

~~Our~~Income ~~content~~Taxes. ~~licensing~~We ~~arrangements~~are ~~include~~subject ~~fixed~~to ~~fee~~income ~~and~~taxes ~~minimum~~in ~~guarantee~~Canada ~~arrangements,~~ and ~~sales~~the orU.S., ~~usage~~in ~~based~~addition ~~royalties.~~to ~~Our~~several ~~fixed~~other ~~fee~~foreign orjurisdictions. ~~minimum~~We ~~guarantee~~record ~~licensing~~deferred ~~arrangements~~tax inassets ~~the~~related ~~television,~~to ~~digital~~net ~~media~~operating loss carryforwards and ~~international~~certain ~~markets~~temporary ~~may~~differences, net of applicable reserves in ~~some~~these ~~cases,~~jurisdictions. ~~include~~We ~~multiple~~recognize ~~titles,~~a ~~multiple~~future ~~license~~tax ~~periods~~benefit ~~(windows)~~to ~~with~~the aextent ~~substantive~~that ~~period~~realization inof ~~between~~such ~~the~~benefit ~~windows~~is more-likely-than-not on a jurisdiction-by-jurisdiction basis; otherwise, ~~rights~~a valuation allowance is applied. In order to ~~exploitation~~realize inthe ~~different~~benefit ~~media~~of our deferred tax assets, orwe ~~rights~~will need to ~~exploitation~~generate insufficient ~~multiple~~taxable ~~territories,~~income ~~which~~in ~~may~~the befuture ~~considered~~in ~~distinct~~each ~~performance~~of ~~obligations.~~the ~~When~~jurisdictions ~~these~~which ~~performance~~have ~~obligations~~these ~~are~~deferred ~~considered~~tax ~~distinct~~assets. However, the ~~fixed~~assessment ~~fee~~as orto ~~minimum~~whether ~~guarantee~~there inwill ~~the~~be ~~arrangement~~sufficient istaxable ~~allocated~~income in a jurisdiction to ~~the~~realize ~~title,~~our ~~window,~~deferred ~~media~~tax ~~right~~assets orin ~~territory~~that asjurisdiction ~~applicable,~~is ~~based~~an onestimate ~~estimates~~which ofcould ~~relative~~change ~~standalone~~in ~~selling~~the ~~prices.~~future ~~The~~depending ~~amounts~~primarily ~~related~~upon tothe ~~each~~actual performance ~~obligation~~of (iour Company.~~e.,~~ ~~title,~~We ~~window,~~will ~~media~~be orrequired ~~territory)~~to ~~are~~continually ~~recognized~~evaluate ~~when~~ the ~~content~~more-likely-than-not ~~has~~assessment ~~been~~that ~~delivered~~our deferred tax assets will be realized, and ~~the~~if ~~window~~operating ~~for~~results ~~the~~deteriorate ~~exploitation~~in ~~right~~a inparticular ~~that~~jurisdiction, ~~territory~~we ~~has~~may ~~begun,~~need ~~which~~to isrecord ~~the~~a ~~point~~valuation inallowance ~~time~~for atall ~~which~~or ~~the~~a ~~customer~~portion isof ~~able~~our todeferred ~~begin~~tax assets through a charge to ~~use~~our ~~and~~income tax benefit ~~from~~(provision). ~~the~~As ~~content~~of March 31, 2026, we had a valuation allowance of $1,478.5 million against certain Canadian, U.S. and other foreign deferred tax assets that may not be realized on a more-likely-than-not basis.

~~Sales~~Our oreffective ~~usage~~tax ~~based~~rates ~~royalties~~differ ~~represent~~from ~~amounts due to us based on~~ the ~~“sale”~~Canadian orfederal ~~“usage”~~statutory ofincome ~~our~~tax ~~content~~rate ~~by the customer,~~ and ~~revenues~~is ~~are~~affected ~~recognized~~by atmany ~~the later of when the subsequent sale or usage occurs~~factors, orincluding the ~~performance~~overall ~~obligation~~level toof ~~which~~income ~~some or all the sales or usage-based royalty has been allocated has been satisfied~~ (~~or partially satisfied~~loss). ~~Generally,~~before ~~when~~taxes weand ~~license~~its ~~completed~~mix ~~content~~across ~~(with standalone functionality, such as a movie, or television show), our performance obligation will be satisfied prior to~~ the ~~sale~~jurisdictions orin ~~usage.~~which ~~When~~ we ~~license~~conduct ~~intellectual property that does not have stand-alone functionality (e.g.~~operations, ~~brands,~~changes ~~themes, logos, etc.), our performance obligation is generally satisfied~~ in ~~the~~tax ~~same~~laws period as the sale or usage. The actual amounts due to us under these arrangements are generally not reported to us until after the close of the reporting period. We record revenue under these arrangements for the amounts due and ~~not~~regulations, ~~yet~~changes ~~reported~~in tovaluation usallowances ~~based~~against onour ~~estimates~~deferred oftax ~~the sales or usage of these customers and pursuant to the terms of the contracts. Such estimates are based on information from our customers~~assets, ~~historical~~changes ~~experience with similar titles~~ in ~~that~~unrecognized ~~market~~tax ~~or territory~~benefits, ~~the~~tax ~~performance~~planning ofstrategies ~~the title in other markets and/or~~ available ~~data in the industry. While we believe these estimates are reasonable estimates of the amounts due under these arrangements, such estimated amounts could differ from the actual amounts~~ to ~~be subsequently reported by the customer~~us, ~~which could be higher or lower than our estimates,~~ and ~~could~~other ~~result~~discrete ~~in an adjustment to revenues in future periods~~items.

Revenue from the theatrical release of feature films are treated as sales or usage-based royalties and recognized starting at the exhibition date and based on our participation in box office receipts of the theatrical exhibitor.

Digital media revenue sharing arrangements are recognized as sales or usage based royalties.

Revenue from commissions are recognized as such services are provided.

Goodwill. At March 31, 2025, the carrying value of goodwill was $808.5 million. Goodwill is allocated to our reporting units, which are our operating segments or one level below our operating segments (component level). Reporting units are determined by the discrete financial information available for the component and whether that information is regularly reviewed by segment management. Components are aggregated into a single reporting unit if they share similar economic characteristics. Our reporting units for purposes of goodwill impairment testing, along with their respective goodwill balances at March 31, 2025, were Motion Picture (goodwill of $397 million), and our Television (goodwill of $319 million) and Talent Management (goodwill of $93 million) businesses, both of which are part of our Television Production segment.

Goodwill is not amortized but is reviewed for impairment each fiscal year or between the annual tests if an event occurs or circumstances change that indicates it is more-likely-than-not that the fair value of a reporting unit is less than its carrying value. We perform our annual impairment test as of January 1 in each fiscal year. A goodwill impairment loss would be recognized for the amount that the carrying amount of a reporting unit exceeds its fair value. An entity may perform a qualitative assessment of the likelihood of the existence of a goodwill impairment. The qualitative assessment is an evaluation, based on all identified events and circumstances which impact the fair value of the reporting unit of whether or not it is more-likely-than-not that the fair value is less than the carrying value of the reporting unit. If we believe that as a result of our qualitative assessment it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, a quantitative impairment test is not required but may be performed at the option of the Company. A quantitative assessment requires determining the fair value of our reporting units. The determination of fair value requires considerable judgment and requires assumptions and estimates of many factors, including revenue and market growth, operating margins and cash flows, market multiples and discount rates.

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LIONSGATE STUDIOS CORP.

In performing a quantitative assessment of goodwill, we determine the fair value of our reporting units by using a combination of discounted cash flow (“DCF”) analyses and market-based valuation methodologies. The models rely on significant judgments and assumptions surrounding general market and economic conditions, short-term and long-term growth rates, discount rates, income tax rates, and detailed management forecasts of future cash flow and operating margin projections, and other assumptions, all of which are based on our internal forecasts of future performance as well as historical trends. The market-based valuation method utilizes EBITDA multiples from guideline public companies operating in similar industries and a control premium. The results of these valuation methodologies are weighted as to their relative importance and a single fair value is determined. The fair value of our reporting units is reconciled to the market value of our equity, determined based on the average prices of our common shares just prior to the period end. Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions and factors. As a result, there can be no assurance that the estimates and assumptions made for purposes of the annual or interim goodwill impairment tests will prove to be an accurate prediction of the future.

Goodwill Impairment Assessments:

For our annual goodwill impairment test for fiscal 2025, given the length of time since our last quantitative assessment and considering the separation of the Studio Business from the Starz Business, we performed quantitative goodwill impairment assessments for all of our reporting units (Motion Picture, and our Television and Talent Management businesses, both of which are part of our Television Production segment), based on the most recent data and expected growth trends, using a combination of DCF analyses and market-based valuation methodologies to estimate the fair value of the Company's reporting units. The DCF analysis components of the fair value estimates were determined primarily by discounting estimated future cash flows, which included weighted average perpetual nominal growth rates ranging from 2.0% to 3.5%, at a weighted average cost of capital (discount rate) ranging from 8.5% to 10.0%, which considered the risk of achieving the projected cash flows, including the risk applicable to the reporting unit, industry and market as a whole. Based on our quantitative impairment assessment, the Company determined that the fair value of our reporting units significantly exceeded the carrying values for all of our reporting units with a remaining goodwill balance.

Management will continue to monitor all of its reporting units for further changes in the business environment that could impact the recoverability in future periods. The recoverability of goodwill is dependent upon the continued growth of revenue and cash flows from our business activities. Examples of events or circumstances that could result in changes to the underlying key assumptions and judgments used in our goodwill impairment tests, and ultimately impact the estimated fair value of our reporting units may include the global economy; consumer consumption levels of our content; adverse macroeconomic conditions related to higher inflation and interest rates and currency rate fluctuations, and the impact on the global economy from wars, terrorism and multiple international conflicts, and future bank failures; volatility in the equity and debt markets which could result in higher weighted-average cost of capital; capital market transactions; the duration and potential impact of strikes of unions, on our ability to produce, acquire and distribute our content; the commercial success of our television programming and motion pictures; our continual contractual relationships with our customers; and changes in consumer behavior. If our assumptions are not realized, it is possible that additional impairment charges may need to be recorded in the future.

Corporate expense allocation. For periods prior to the Studio Separation, Old Lionsgate’s corporate general and administrative functions and costs provided oversight over both the Starz Business and the Studio Business. These functions and costs include, but are not limited to, salaries and wages for certain executives and other corporate officers related to executive oversight, investor relations costs, costs for the maintenance of corporate facilities, and other common administrative support functions, including corporate accounting, finance and financial reporting, audit and tax costs, corporate and other legal support functions, and certain information technology and human resources. Accordingly, for periods prior to the Studio Separation, the consolidated financial statements of the Studio Business include allocations of certain general and administrative expenses from Old Lionsgate of $14.2 million, $110.6 million, and $100.8 million for the fiscal years ended March 31, 2025, 2024, and 2023, respectively, related to these corporate and shared service functions historically provided by Old Lionsgate.

The allocation of costs to the Studio Business were subjective and required judgment. The allocations of general and administrative expenses to the Studio Business were on the basis of direct usage when identifiable, with the remainder allocated on a pro rata basis of consolidated Old Lionsgate revenue, payroll expense or other measures management considered to be a reasonable reflection of the estimated historical utilization levels of these services. Following the Studio Separation, $106.7 million of Old Lionsgate’s corporate general and administrative costs were allocated to the Company pursuant to the Shared Services Agreement. In aggregate, allocations of Old Lionsgate’s corporate general and administrative costs to the Company represent approximately 98.0%, 80.1%, and 80.2% for the fiscal years ended March 31, 2025, 2024, and 2023, respectively, of

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LIONSGATE STUDIOS CORP.

total Old Lionsgate corporate general and administrative expense. See Components of Results of Operations-Expenses above for further information.

Income Taxes. We are subject to federal and state income taxes in the U.S. and in several foreign jurisdictions. We record deferred tax assets related to net operating loss carryforwards and certain temporary differences, net of applicable reserves in each jurisdiction. We recognize a future tax benefit to the extent that realization of such benefit is more likely than not on a jurisdiction-by-jurisdiction basis; otherwise, a valuation allowance is applied. In order to realize the benefit of our deferred tax assets, we will need to generate sufficient taxable income in the future in each of the jurisdictions which have these deferred tax assets. However, the assessment as to whether there will be sufficient taxable income in a jurisdiction to realize our net deferred tax assets in that jurisdiction is an estimate which could change in the future depending primarily upon the actual performance of our Company. We will be required to continually evaluate the more likely than not assessment that our net deferred tax assets will be realized, and if operating results deteriorate in a particular jurisdiction, we may need to record a valuation allowance for all or a portion of our deferred tax assets through a charge to our income tax benefit (provision). As of March 31, 2025, we maintained a valuation allowance of $686.6 million against certain U.S. and foreign deferred tax assets that may not be realized on a more likely than not basis.

Our effective tax rates differ from the U.S. federal statutory income tax rate and is affected by many factors, including the overall level of income (loss) before taxes and its mix across the jurisdictions in which conduct operations, any changes in tax laws and regulations, changes in valuation allowances against our deferred tax assets, changes in unrecognized tax benefits, tax planning strategies available to us, and other discrete items.

For periods prior to the Business Combination (including the period from April 1, 2024, through May 13, 2024), income taxes were calculated on a separate tax return basis. The separate tax return method applies the accounting guidance for income taxes to the standalone financial statements as if the Company was a separate taxpayer and standalone enterprise. The Company’s U.S. operations, and certain of its non-U.S. operations historically were included in the income tax returns of Old Lionsgate or its subsidiaries that may not be part of the Company. Management believes the assumptions supporting the Company’s allocation and presentation of income taxes on a separate tax return basis for the periods prior to the Business Combination to be reasonable.

For periods following the Business Combination (including the period from May 14, 2024, through March 31, 2025), income taxes were calculated by applying an estimated effective income tax rate to the Company’s ordinary income (loss), adjusted for the income tax effects of items that related discretely to the period, if any. Following the Business Combination, certain tax attributes (including U.S. federal net operating losses) were statutorily allocated from Old Lionsgate to the legal entities comprising the Studio Business, and were available for use.

Recent Accounting Pronouncements

See Note 1 to the accompanying consolidated financial statements for a discussion of recent accounting guidance.

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LIONSGATE STUDIOS CORP.

RESULTS OF OPERATIONS

Fiscal ~~2025~~2026 Compared to Fiscal ~~2024~~2025

Consolidated Results of Operations

The following table ~~sets~~presents ~~forth~~ our consolidated results offrom continuing operations for the fiscal years ended March 31, ~~2025~~2026 and 2024. Due to the acquisition of eOne, fiscal 2024 includes the results of operations of eOne from the acquisition date of December 27, 2023, see Note 3 to our consolidated financial statements for further details.2025:

	Year Ended
	March 31,				Change
	2025		2024		Amount		Percent
	(Amounts in millions)
Revenues
Studio Business
Motion Picture (1)	$	1,589.7	$	1,656.3	$	(66.6)	(4.0)	%
Television Production (2)	1,605.8		1,330.1		275.7		20.7	%
Total revenues	3,195.5		2,986.4		209.1		7.0	%
Expenses:
Direct operating	2,210.0		1,886.7		323.3		17.1	%
Distribution and marketing	395.9		462.3		(66.4)		(14.4)	%
General and administration	344.6		349.2		(4.6)		(1.3)	%
Depreciation and amortization	17.8		15.6		2.2		14.1	%
Restructuring and other	102.6		132.9		(30.3)		(22.8)	%
Total expenses	3,070.9		2,846.7		224.2		7.9	%
Operating income	124.6		139.7		(15.1)		(10.8)	%
Interest expense	(242.5)		(222.5)		(20.0)		9.0	%
Interest and other income	14.8		19.2		(4.4)		(22.9)	%
Other gains (losses), net	(11.8)		(20.0)		8.2		(41.0)	%
Loss on extinguishment of debt	(1.8)		(1.3)		(0.5)		38.5	%
Gain on investments, net	—		3.5		(3.5)		(100.0)	%
Equity interests income	4.3		8.7		(4.4)		(50.6)	%
Loss before income taxes	(112.4)		(72.7)		(39.7)		54.6	%
Income tax provision	(14.5)		(34.2)		19.7		(57.6)	%
Net loss	(126.9)		(106.9)		(20.0)		18.7	%
Less: Net loss (income) attributable to noncontrolling interests	(1.6)		$	13.4	(15.0)		(111.9)	%
Net loss attributable to Lionsgate Studios Corp. shareholders	$	(128.5)	$	(93.5)	$	(35.0)	37.4	%

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	Year Ended March 31,				Change
	2026		2025		Amount		Percent
	(Amounts in millions)
Revenues
Studio Business
Motion Picture(1)	$	1,617.1	$	1,598.6	$	18.5	1.2	%
Television Production	1,044.6		1,605.8		(561.2)		(34.9)	%
Total Studio Business	2,661.7		3,204.4		(542.7)		(16.9)	%
Intersegment eliminations	(29.9)		(619.7)		589.8		(95.2)	%
Total revenues	2,631.8		2,584.7		47.1		1.8	%
Expenses:
Direct operating	1,584.4		1,740.3		(155.9)		(9.0)	%
Distribution and marketing	483.8		398.6		85.2		21.4	%
General and administration	398.0		357.8		40.2		11.2	%
Depreciation and amortization	17.6		17.8		(0.2)		(1.1)	%
Restructuring and other	50.9		88.3		(37.4)		(42.4)	%
Total expenses	2,534.7		2,602.8		(68.1)		(2.6)	%
Operating income (loss)	97.1		(18.1)		115.2		nm
Interest expense	(259.7)		(261.7)		2.0		(0.8)	%
Interest and other income	17.9		15.0		2.9		19.3	%
Other loss, net	(19.6)		(11.9)		(7.7)		64.7	%
Loss on extinguishment of debt	(2.2)		(4.9)		2.7		(55.1)	%
Gain on investments, net	10.5		—		10.5		nm
Equity interests income (loss)	(3.3)		4.3		(7.6)		nm
Loss from continuing operations before income taxes	(159.3)		(277.3)		118.0		(42.6)	%
Income tax provision	(16.2)		(17.2)		1.0		(5.8)	%
Net loss from continuing operations, net of income taxes	(175.5)		(294.5)		119.0		(40.4)	%
Net loss from discontinued operations, net of income taxes	(16.5)		(79.1)		62.6		(79.1)	%
Less: Net (income) loss from continuing operations attributable to noncontrolling interest	(6.3)		11.6		(17.9)		nm
Net loss attributable to Lionsgate Studios Corp. shareholders	$	(198.3)	$	(362.0)	$	163.7	(45.2)	%

_______________________

~~(1)Motion~~nm ~~Picture~~- ~~revenues~~Percentage ~~for~~not ~~the fiscal years ended March 31, 2025 and 2024, includes $203~~meaningful.~~3 million and $128.2 million, respectively, of revenues from licensing Motion Picture segment product to the Starz Business.~~

(21)~~Television~~ During ~~Production~~the ~~revenues~~first ~~for~~quarter ~~the~~of fiscal ~~years~~2026, we began reflecting the results of operations of the 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, revenue of $8.9 million was reclassified from the former Media Networks segment to the Motion Picture segment in the year ended March 31, 2025 ~~and~~to ~~2024,~~conform ~~includes~~to ~~$416.4 million~~the ~~and~~current ~~$417~~period presentation.~~7 million,~~ ~~respectively~~Additionally, ofwe ~~revenues~~sold ~~from~~our ~~licensing~~streaming ~~Television~~platform ~~Production~~in ~~segment~~India ~~product~~in December 2025, see Note 16 to ~~the~~our ~~Starz~~consolidated ~~Business~~financial statements.

Revenues. Consolidated revenues increased $~~209~~47.1 million in fiscal ~~2025~~2026, reflecting an increase of $18.5 ~~Revenues~~million ~~for~~from Motion Picture revenue and lower intersegment revenue eliminations of $589.8 million recorded in fiscal ~~2025~~2026, ~~included~~offset ~~approximately~~by a decrease of $~~591~~561.92 million from ~~eOne~~Television ~~(reflecting~~Production arevenue. ~~full~~Intersegment ~~fiscal~~eliminations ~~year~~relate to the licensing of ~~revenues~~products from ~~eOne),~~our asStudio ~~compared~~Business to ~~approximately~~the ~~$113~~former Media Networks segment prior to the Starz Separation.8 ~~million~~Following inthe ~~fiscal~~Starz ~~2024~~Separation, ~~reflecting~~revenue ~~revenues~~from licenses to Starz are not eliminated from our consolidated results from continuing operations. See further discussion in the ~~acquisition~~Segment ~~date~~Results of ~~December~~Operations ~~27,~~section ~~2023~~below.

51Motion Picture revenue increased $18.5 million in fiscal 2026 due to an increase in home entertainment, international, other and theatrical revenue primarily due to revenue from The Housemaid, partially offset by a decrease in television revenue.

Television Production revenue decreased $561.2 million due to a decrease in domestic television revenue, home entertainment revenue and other revenue primarily due to significantly lower number of episodic deliveries, offset by an increase in international revenue.

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~~LIONSGATE~~The ~~STUDIOS~~decrease ~~CORP~~in intersegment eliminations of $589.8 million is due to lower Motion Picture and Television Production eliminations from licenses of motion pictures and original series to the former Media Networks segment prior to the Starz Separation as discussed above. Following the Starz Separation, revenue from licenses to Starz are not eliminated from the consolidated results from continuing operations.

Motion Picture revenue decreased $66.6 million in fiscal 2025 due to lower home entertainment and theatrical revenue primarily due to revenue in fiscal 2024 from John Wick: Chapter 4 and The Hunger Games: The Ballad of Songbirds & Snakes, offset by increased international and television revenue. Motion Picture revenues for fiscal 2025 included approximately $123.4 million of revenues from eOne, as compared to approximately $19.5 million in fiscal 2024 from the acquisition date of December 27, 2023. Motion Picture revenue included $203.3 million of revenue from licensing Motion Picture segment product to the Starz Business, representing an increase of $75.1 million from fiscal 2024.

Television Production revenue increased $275.7 million due to increased domestic television revenue reflecting the inclusion of a full fiscal year of revenues from eOne in fiscal 2025, as well as increased other, and international revenue, which was partially offset by lower home entertainment digital revenue. Television Production revenues for fiscal 2025 included approximately $468.5 million of revenues from eOne, as compared to approximately $94.3 million in fiscal 2024 from the acquisition date of December 27, 2023. Television Production revenue included $416.4 million of revenue from licensing Television Production segment product to the Starz Business, representing a decrease of $1.3 million from fiscal 2024.

See further discussion in the Segment Results of Operations section below.

Direct Operating Expenses. Direct operating expenses by segment were as follows for the fiscal years ended March 31, ~~2025~~2026 and ~~2024~~2025:

	Year Ended March 31,
	2025				2024				Change
	2026				2025				Change
	Amount		% of Segment Revenues		Amount		% of Segment Revenues		Amount		Percent
	(Amounts in millions)
	(Amounts in millions, except percentages)
Direct operating expenses
Motion Picture	$	824.2	51.8	%	$	796.0	48.1	%	$	28.2	3.5	%
Studio Business
Television Production	1,369.3		85.3	%	1,090.1		82.0	%	279.2		25.6	%
Motion Picture(1)	$	797.6	49.3	%	$	830.7	52.0	%	$	(33.1)	(4.0)	%
Other	16.5		nm		0.6		nm		15.9		nm
Television Production	801.2		76.7	%	1,369.3		85.3	%	(568.1)		(41.5)	%
	$	2,210.0	69.2	%	$	1,886.7	63.2	%	$	323.3	17.1	%
Total Studio Business	1,598.8		60.1	%	2,200.0		68.7	%	(601.2)		(27.3)	%
Other	28.3		nm		16.7		nm		11.6		69.5	%
Intersegment eliminations	(42.7)		nm		(476.4)		nm		433.7		(91.0)	%
Total direct operating expenses	$	1,584.4			$	1,740.3			$	(155.9)	(9.0)	%

_______________________

nm - Percentage not meaningful.

(1) Direct operating expenses ~~increased~~for inMotion ~~fiscal~~Picture ~~2025,~~in ~~due to higher direct operating expenses of~~ the ~~Television~~year ~~Production~~ended ~~segment~~March ~~due~~31, to2025 ~~increased~~reflect ~~revenues from Television Production and higher direct operating expenses as a percentage of revenue of~~ the ~~Motion~~reclassification ~~Picture segment driven by the performance and costs~~ of ~~the~~$6.5 ~~titles~~million ~~released~~from ~~during~~ the ~~fiscal~~former ~~year,~~Media inNetworks ~~particular,~~segment ~~Borderlands,~~to ~~which~~conform ~~resulted in higher direct operating cost in relation~~ to ~~revenue. See further discussion in~~ the ~~Segment~~current ~~Results~~period ~~of Operations section below~~presentation.

~~Other.~~Direct ~~Other~~operating expenses decreased in fiscal 2026 due to lower direct operating ~~expense~~expenses inof ~~fiscal~~the ~~2025~~Television ~~includes~~Production ~~rent~~segment ~~cost~~due ~~for~~to ~~production~~decreased ~~facilities~~revenue ~~that~~from ~~were~~Television ~~unutilized~~Production and lower direct operating expenses as a ~~result~~percentage of revenue of the ~~industry~~Motion ~~strikes~~Picture ~~amounting~~segment todriven ~~$18.6~~by ~~million,~~the ~~which~~performance ~~was~~and ~~not~~costs ~~allocated~~of tothe titles released during the ~~segments~~fiscal year, ~~and~~in isparticular, ~~included~~The Housemaid, which resulted in lower direct operating ~~expense~~cost in relation to revenue. InThese ~~addition,~~decreases ~~other~~were ~~direct~~partially ~~operating~~offset ~~expense~~by inlower ~~fiscal~~intersegment ~~2025~~eliminations due to there being no Motion Picture and ~~2024~~Television ~~includes~~Production ~~COVID~~intersegment ~~related~~revenue ~~charges,~~from iflicenses ~~any~~of motion pictures and original series to the former Media Networks segment following the Starz Separation, ~~net~~as discussed above. See further discussion in the Segment Results of ~~insurance~~Operations ~~recoveries.~~section below.

~~Distribution~~Other. Other direct operating expense in fiscal 2026 and ~~Marketing~~2025 ~~Expenses~~primarily consist of rent costs for production facilities that were unutilized due to lower demand following the industry strikes amounting to $27.3 ~~Distribution~~million and ~~marketing~~$18.6 ~~expenses~~million, byrespectively, ~~segment~~which ~~were~~was asnot ~~follows~~allocated ~~for~~to the ~~fiscal~~segments, ~~years~~and ~~ended~~is ~~March 31~~included in direct operating expense. In addition, other direct operating costs in fiscal 2025 ~~and~~include ~~2024:~~a benefit from insurance recoveries on COVID related charges.

52Distribution and Marketing Expenses. Distribution and marketing expenses by segment were as follows for the fiscal years ended March 31, 2026 and 2025:

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LIONSGATE STUDIOS CORP.


	Year Ended March 31,				Change
	2026		2025		Amount		Percent
	(Amounts in millions)
Distribution and marketing expenses
Studio Business
Motion Picture(1)	$	427.5	$	360.5	$	67.0	18.6	%
Television Production	56.3		38.1		18.2		47.8	%
Total Studio Business	$	483.8	$	398.6	$	85.2	21.4	%

U.S. theatrical P&A and Premium VOD expense included in Motion Picture distribution and marketing expense	$	290.5	$	231.7	$	58.8	25.4	%

	Year Ended March 31,				Change
	2025		2024		Amount		Percent
	(Amounts in millions)
Distribution and marketing expenses
Motion Picture	$	357.8	$	427.0	$	(69.2)	(16.2)	%
Television Production	38.1		35.3		2.8		7.9	%
	$	395.9	$	462.3	$	(66.4)	(14.4)	%
U.S. theatrical P&A and Premium VOD expense included in Motion Picture distribution and marketing expense	$	231.7	$	277.7	$	(46.0)	(16.6)	%

_______________________

~~Distribution~~(1) ~~and marketing expenses decreased in fiscal 2025 and primarily reflects lower~~ Motion Picture ~~theatrical~~distribution ~~P&A~~ and ~~Premium~~marketing ~~VOD~~ expense ~~associated~~in ~~with~~ the ~~theatrical~~year ~~slate~~ended ~~releases~~March in31, ~~fiscal~~ 2025, ~~and~~reflect ~~lower~~the ~~Motion~~reclassification ~~Picture~~of ~~home~~$2.7 ~~entertainment~~million ~~distribution~~from ~~and~~the ~~marketing~~former ~~expense.~~Media ~~See~~Networks ~~further~~segment ~~discussion~~to inconform to the ~~Segment~~current ~~Results~~period ~~of Operations section below~~presentation.

~~General~~Distribution and ~~Administrative~~marketing ~~Expenses.~~expenses ~~General~~increased in fiscal 2026, primarily due to higher theatrical distribution and ~~administrative~~marketing expenses byin ~~segment~~the ~~were~~Motion asPicture ~~follows~~segment. ~~for~~See ~~the~~further ~~fiscal~~discussion ~~years~~in ~~ended~~the ~~March 31,~~Segment ~~2025~~Results ~~and~~of ~~2024:~~Operations section below.

	Year Ended
	March 31,								Change
	2025		% of Revenues		2024		% of Revenues		Amount		Percent
	(Amounts in millions)
General and administrative expenses
Motion Picture	$	100.1			$	113.9			$	(13.8)	(12.1)	%
Television Production	61.9				57.9				4.0		6.9	%
Corporate allocations from Old Lionsgate, excluding allocation of share-based compensation expense	120.9				110.6				10.3		9.3	%
Share-based compensation expense	53.0				54.8				(1.8)		(3.3)	%
Purchase accounting and related adjustments	8.7				12.0				(3.3)		(27.5)	%
Total general and administrative expenses	$	344.6	10.8	%	$	349.2	11.7	%	$	(4.6)	(1.3)	%

General and Administrative Expenses. General and administrative expenses by segment were as follows for the fiscal years ended March 31, 2026 and 2025:

General and administrative expenses decreased in fiscal 2025, resulting from decreased Motion Picture general and administrative expenses, purchase accounting and related adjustments and share-based compensation expense, partially offset by increased corporate general and administrative expenses and Television Production general and administrative expenses. Studio Business general and administrative expenses for fiscal 2025 included approximately $23.8 million from eOne, as compared to approximately $7.5 million in fiscal 2024 from the acquisition date of December 27, 2023. See further discussion in the Segment Results of Operations section below.


	Year Ended March 31,								Change
	2026		% of Revenues		2025		% of Revenues		Amount		Percent
	(Amounts in millions, except percentages))
General and administrative expenses
Studio Business
Motion Picture(1)	$	113.1			$	103.1			$	10.0	9.7	%
Television Production	62.6				61.9				0.7		1.1	%
Total Studio Business	175.7				165.0				10.7		6.5	%
Corporate	142.1				132.0				10.1		7.7	%
Share-based compensation expense	72.5				52.1				20.4		39.2	%
Purchase accounting and related adjustments	7.7				8.7				(1.0)		(11.5)	%
Total general and administrative expenses	$	398.0	15.1	%	$	357.8	13.8	%	$	40.2	11.2	%

As discussed in Components of Results of Operations, following the Studio Separation, the Shared Services Agreement facilitates the allocation of substantially all corporate general and administrative expenses to the Company. For periods prior to the Studio Separation, the Company has been allocated a portion of Old Lionsgate’s total corporate expenses which are included in general and administrative expenses. Corporate general and administrative expenses increased approximately $10.3 million, or 9.3%, primarily due to increases in professional fees and salaries and related expenses and corporate general and administrative expenses from eOne. Corporate general and administrative expenses for fiscal 2025 included approximately $12.0 million from eOne, as compared to approximately $4.0 million in fiscal 2024 from the acquisition date of December 27, 2023._______________________

53(1) Motion Picture general and administrative expenses in the year ended March 31, 2025 reflect the reclassification of $3.0 million from the former Media Networks segment to conform to the current period presentation.

General and administrative expenses increased in fiscal 2026, primarily due to an increase in share-based compensation expense and increases in Studio Business and corporate general and administrative expenses primarily due to an increase in incentive-based compensation.

The increase in share-based compensation expense included in general and administrative expense in fiscal 2026, as compared to fiscal 2025 was primarily due to share-based bonuses granted in the current year period, with no similar grants in the prior year period. The following table presents share-based compensation expense by financial statement line item for the fiscal years ended March 31, 2026 and 2025:


	Year Ended March 31,
	2026		2025
	(Amounts in millions)
Share-based compensation expense by expense category
General and administrative expense	$	72.5	$	52.1
Restructuring and other(1)	5.5		4.9
Total share-based compensation expense	$	78.0	$	57.0

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LIONSGATE STUDIOS CORP.

Certain of our employees participate in the share-based compensation plans sponsored by Old Lionsgate. For periods prior to the Studio Separation, Old Lionsgate share-based compensation awards granted to employees of the Company were reflected in parent net investment within the consolidated statements of equity (deficit) at the time they are expensed in the consolidated statements of operations. The following table presents share-based compensation expense by financial statement line item:

	Year Ended
	March 31,
	2025		2024
	(Amounts in millions)
Share-based compensation is comprised of:
Studio employee share-based compensation expense	$	29.1	$	39.8
Allocation of Old Lionsgate corporate and shared employee share-based compensation expense	23.9		15.0
Total share-based compensation included in general and administrative expense	53.0		54.8
Restructuring and other(1)	4.9		7.7
Total share-based compensation expense	$	57.9	$	62.5

_______________________

(1)Represents share-based compensation expense included in restructuring and other expenses reflecting the impact of the acceleration of vesting schedules for equity awards pursuant to certain severance arrangements.

~~Purchase~~Restructuring ~~accounting~~ and ~~related adjustments in fiscal 2025 and 2024 include the expense associated with the noncontrolling equity interests in the distributable earnings related to 3 Arts Entertainment~~Other. ~~Amounts~~Restructuring in fiscal 2024 also include the non-cash charge for the amortization of the recoupable portion of the purchase price (through May 2023) related to 3 Arts Entertainment. These amounts are accounted for as compensation and ~~are~~other included in general and administrative expense. The noncontrolling equity interests in the distributable earnings of 3 Arts Entertainment are reflected as an expense rather than noncontrolling interest in the consolidated statement of operations due to the relationship to continued employment. Purchase accounting and related adjustments decreased $337.34 million, ~~or 27.5%, primarily due to lower noncontrolling equity interests~~ in ~~the~~fiscal ~~distributable~~2026 ~~earnings~~as ~~related~~compared to 3fiscal ~~Arts Entertainment of $2~~2025.0 ~~million~~See ~~associated with a lower noncontrolling interest ownership percentage as a result of our acquisition of an additional interest in 3 Arts Entertainment (see~~ Note 1216 to our consolidated financial statements). InRestructuring ~~addition, purchase accounting~~ and ~~related~~other ~~adjustments~~was ~~decreased~~as ~~due~~follows tofor ~~lower amortization of~~ the ~~recoupable~~fiscal ~~portion~~years ofended ~~the purchase price of 3 Arts Entertainment of $1.3 million~~March 31, ~~due~~2026 toand ~~the amortization period ending in May 2023.~~ 2025:

Depreciation and Amortization Expense. Depreciation and amortization of $17.8 million for fiscal 2025 increased $2.2 million from $15.6 million in fiscal 2024.


	Year Ended March 31,				Change
	2026		2025		Amount		Percent
	(Amounts in millions)
Restructuring and other
Content and other impairments(1)	$	17.1	$	34.8	$	(17.7)	(50.9)	%
Severance(2)	27.0		37.0		(10.0)		(27.0)	%
Transaction and other costs(3)	6.8		16.5		(9.7)		(58.8)	%
Total restructuring and other	$	50.9	$	88.3	$	(37.4)	(42.4)	%

Restructuring and Other. Restructuring and other decreased $30.3 million in fiscal 2025 as compared to fiscal 2024, and includes restructuring and severance costs and certain transaction and other costs, when applicable. Restructuring and other costs were as follows for the fiscal years ended March 31, 2025 and 2024 (see Note 16 to our consolidated financial statements):

	Year Ended March 31,				Change
	2025		2024		Amount		Percent
	(Amounts in millions)
Restructuring and other:
Content and other impairments(1)	$	26.1	$	12.8	$	13.3	103.9	%
Severance(2)	37.0		35.2		1.8		5.1	%
Transaction and other costs(3)	39.5		84.9		(45.4)		(53.5)	%
	$	102.6	$	132.9	$	(30.3)	(22.8)	%

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LIONSGATE STUDIOS CORP.

_______________________

(1)~~Amounts~~Content and other impairments primarily reflect $13.2 million in ~~the~~development ~~fiscal~~cost write-offs recorded during the year ended March 31, ~~2025~~2026 ~~include~~for ~~content~~write-downs ~~impairments~~in ofconnection ~~$7.7~~with ~~million~~the ~~related~~restructuring toof the Motion Picture and Television Production ~~segments associated with exiting local production in certain international territories~~businesses. In addition, the amounts in the ~~fiscal~~ year ended March 31, ~~2025~~2026 ~~also~~and 2025 include ~~impairments~~impairment ofcharges related to certain operating lease right-of-use assets and leasehold ~~improvement~~improvements ~~assets~~within ~~related to~~ the Television Production segment. ~~associated~~These ~~with~~impairments ~~facility~~were ~~leases~~recognized as a result of facilities that ~~will~~are no longer expected to be utilized by the Company, primarily related to the integration of eOne. ~~Content~~In ~~and other impairments in~~ the fiscal year ended March 31, ~~2024~~2025, ~~include~~content ~~$12.8~~and ~~million~~other ofimpairments ~~development~~also ~~costs~~included ~~written~~content ~~off~~impairments inof ~~connection~~$7.7 million ~~with~~related ~~changes~~to inthe ~~strategy~~Motion inPicture ~~the~~and Television Production ~~segment~~segments asassociated awith ~~result~~exiting oflocal ~~the~~production ~~acquisition~~in ofcertain ~~eOne~~international territories.

(2)Severance costs were primarily related to ~~restructuring,~~workforce ~~acquisition~~reduction ~~integration~~actions ~~activities~~undertaken ~~and other cost-saving initiatives. In fiscal 2025,~~ in connection with ~~the Company's current~~ restructuring ~~plan, approximately 8% of its eligible U.S. employees elected to take advantage of voluntary severance~~ and ~~early~~acquisition ~~retirement~~integration ~~packages.~~activities, Aas ~~total~~well ofas ~~approximately~~other ~~$26.0~~cost-reduction ~~million~~initiatives ~~in severance expense was incurred under the voluntary severance program~~ and ~~was~~are ~~recognized~~not inreflective ~~restructuring and other in fiscal 2025. In the fiscal year ended March 31, 2024, amounts were due to restructuring activities including integration~~ of ~~the acquisition of eOne, and~~ our ~~Motion~~ongoing ~~Picture~~operating ~~and Television Production segments~~structure.

(3)Transaction and other costs inprimarily ~~the~~relate ~~fiscal~~to ~~years ended March 31, 2025 and 2024 reflect~~ transaction, integration and legal costs ~~associated~~incurred in connection with certain strategic transactions, and restructuring activities, ~~and~~as ~~also~~well ~~include~~as costs associated with certain legal ~~and other~~ matters. InFor ~~fiscal~~the ~~2025~~year ~~and~~ended ~~fiscal~~March ~~2024~~31, ~~amounts~~2026, ~~include~~transaction costs associated with the ~~separation of the~~ Starz ~~Business~~Separation ~~from~~are ~~the Studio Business~~excluded, ~~and~~as ~~acquisition~~such ~~and integration costs related to the acquisition of eOne. In fiscal 2024,~~ amounts ~~also~~are ~~include~~classified ~~$49.2 million~~within ~~associated~~discontinued ~~with the acquisition of additional interest in 3 Arts Entertainment~~operations. ~~Due~~The toyear the new arrangement representing a modification of terms of the compensation element under the previous arrangement which resulted in the reclassification of the equity award to a liability award, the Company recognized incremental compensation expense of $49.2 million, representing the excess of the fair value of the modified award over amounts previously expensed (see Note 12 to our consolidated financial statements for further information). In addition, transaction and other costs in fiscal 2024 includes approximately $16.6 million of a loss associated with a theft at a production of a 51% owned consolidated entity. In the quarter ended March 31, ~~2025,~~2026 ~~the~~includes ~~Company recognized~~ a ~~benefit~~gain of $32.1 6 million ~~for~~from ~~insurance recoveries related to~~ the ~~loss.~~sale ~~The Company also expects to recover a portion~~ of ~~the~~our ~~loss~~streaming ~~from~~platform ~~the~~in ~~noncontrolling interest holders of this entity~~India.

Interest Expense. Interest expense of $~~242~~259.57 million in fiscal ~~2025~~2026 ~~increased~~decreased $202.0 million from fiscal 2024 due to higher average balances on variable rate corporate debt and a smaller benefit from the interest rate swaps, partially offset by lower average balances on film related obligations and slightly lower average interest rates2025. The following table ~~sets~~presents ~~forth~~ the components of interest expense for the fiscal years ended March 31, ~~2025~~2026 and ~~2024~~2025:

	Year Ended
	Year Ended March 31,
	March 31,
	2026		2025
	2025		2024
	(Amounts in millions)
Interest Expense
Cash Based:
Revolving credit facility	$	25.0	$	56.3
Revolving credit facility(1)	$	56.3	$	43.0
Term loans	2.0		50.4
Term loans(1)	50.4		90.6
Senior Notes	24.9		21.4
IP credit facilities(2)	43.1		—
IP credit facilities(1)	91.0		43.1
Other(3)	69.0		63.8
Other(2)	116.8		90.5
	218.8		197.4
Total interest expense	$	259.7	$	261.7
Amortization of debt issuance costs and other non-cash interest(4)	23.7		25.1
Total interest expense	$	242.5	$	222.5

~~_______________________~~50

(1)Prior to the Studio Separation, amounts reflect interest attributable to borrowings outstanding under Old Lionsgate’s Credit Agreement (including the revolving credit facility, term loan A and term loan B). Subsequent to the Studio Separation, amounts reflect interest attributable to borrowings outstanding under the Company’s Intercompany Note with LGCH (see Note 8).

(2)IP credit facility interest expense includes interest expense associated with the eOne IP Credit Facility and the LG IP Credit Facility.

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~~LIONSGATE STUDIOS CORP.~~ ______________________

(31)~~Other~~IP credit facility interest expense includes ~~payments~~interest expense associated with ~~certain~~the ~~film~~eOne ~~related~~IP ~~obligations (Production Tax~~ Credit Facility, ~~Film Library Facility, Backlog Facility~~ and ~~other, see Note 9 to our consolidated financial statements), and payments and receipts associated with~~ the ~~Company’s~~LG ~~interest~~IP ~~rate~~Credit ~~swaps (see Note 19 to our consolidated financial statements)~~Facility.

(42)~~Amounts~~Other ~~include~~interest expense includes payments associated with certain film related obligations (Production loans, Production Tax Credit Facility, Film Library Facility, Backlog Facility and other, see Note 9 to our consolidated financial statements), interest expense associated with our 3 Arts Entertainment Credit Facility, payments and receipts associated with interest rate swaps along with the noncash amortization of unrealized ~~losses~~gains in accumulated other comprehensive income ~~(loss)~~ related to ~~de-designated~~dedesignated interest rate swaps which are being amortized to interest expense (~~see~~ Note 19 to our consolidated financial statements).

Interest and Other Income. Interest and other income of $1417.89 million for the ~~fiscal~~ year ended March 31, ~~2025~~2026 ~~decreased~~increased as compared to interest and other income of $1915.20 million for the ~~fiscal~~ year ended March 31, ~~2024~~2025, due to ~~certain~~an ~~insurance~~increase ~~recoveries that occurred~~ in ~~fiscal~~interest ~~2024~~income.

Other ~~Losses~~Loss, net. Other ~~losses~~loss, net of $1119.86 million for fiscal ~~2025~~2026 ~~decreased~~increased as compared to other losses, net of $2011.09 million for fiscal ~~2024~~2025. The ~~decrease~~increase iswas due to ~~lower~~ losses ~~recorded~~incurred related to ~~our~~foreign ~~monetization~~currency oftransactions ~~accounts~~during ~~receivable~~fiscal ~~programs~~year in2026 ~~the~~as ~~fiscal~~compared ~~year~~to ~~ended~~gains ~~March 31,~~related ~~2025~~to asforeign ~~compared~~currency totransactions during the fiscal year ~~ended March 31~~2025, ~~2024~~offset ~~(see~~by ~~Note~~a 20lower loss related to our ~~consolidated~~accounts ~~financial~~receivable ~~statements)~~monetization ~~and~~programs ~~foreign~~in ~~currency~~fiscal ~~gains~~2026 inas ~~the~~compared to fiscal ~~year~~2025 ~~ended~~(see ~~March 31,~~Note ~~2025.~~20 to our consolidated financial statements).

Loss on Extinguishment of Debt. Loss on extinguishment of debt of $12.82 million for fiscal ~~2025~~2026 related to the write-off of debt issuance costs ~~associated~~following ~~with~~ the ~~September~~termination ~~2024~~ and ~~November~~then ~~2024~~modification ~~voluntary~~of ~~prepayment~~our ofrevolving ~~$605.1 million~~credit ~~principal~~facility ~~amount~~as part of the ~~LGTV~~Starz ~~Term~~Separation. ~~Loan~~The B,loss ~~and~~on ~~the~~extinguishment ~~May~~of ~~2024~~debt ~~voluntary prepayment~~ of $844.9 million ~~principal~~for ~~amount~~fiscal 2025 related to the write-off of debt issuance costs associated with the ~~LGTV~~voluntary prepayment of Term Loan A and ~~$214.1 million~~Term ofLoan B and the ~~LGTV~~5.5% ~~Term~~Senior ~~Loan~~Notes Bexchange. See Note 8 to our consolidated financial statements.

~~Loss~~Gain on ~~extinguishment~~Investments, ofnet. ~~debt~~Gain on investments, net of $110.35 million for fiscal ~~2024~~2026, isprimarily ~~due~~represented toa gain on the ~~write-off~~sale of ~~issuance~~our ~~costs~~equity ~~associated~~method ~~with~~ownership ~~the~~interest ~~early~~in ~~prepayment~~Spyglass ofwhich ~~certain~~we ~~production~~sold ~~loans~~in April 2025 and other investments. There was no comparable gain in fiscal 2025.

~~Gain~~Equity onInterests ~~Investments,~~Income ~~net~~(Loss). ~~Gain~~Equity oninterests ~~investments,~~loss ~~net~~of ~~was~~$3.3 ~~nil~~million ~~for~~in fiscal ~~2025,~~2026 as compared to ~~gain~~equity oninterests ~~investments,~~income ~~net~~ of $34.53 million ~~for~~in fiscal ~~2024 related to other investments~~2025.

~~Equity~~Income ~~Interests~~Tax ~~Income~~Provision. ~~Equity~~We ~~interests~~had an income tax provision of $416.32 million in fiscal ~~2025~~2026, compared to ~~equity interests income of~~ $817.72 million in fiscal ~~2024~~2025. ~~due~~Our toincome atax ~~gain~~provision indiffers ~~fiscal~~from ~~2024~~the ~~related~~Canadian federal statutory income tax rate of 15% multiplied by loss before taxes due to the ~~sale~~mix of anour ~~equity~~earnings ~~method~~across ~~investee,~~the ~~partially~~various ~~offset~~jurisdictions byin ~~higher~~which ~~income~~our ~~generated~~operations are conducted, changes in ~~fiscal~~valuation ~~2025~~allowances byagainst our ~~equity~~deferred ~~method~~tax ~~investees~~assets, and certain minimum income and foreign withholding taxes.

~~Income~~As ~~Tax~~of ~~Provision.~~March 31, We2026, we had anCanadian ~~income~~NOLs ~~tax provision~~ of $14380.56 million inwhich ~~fiscal~~will ~~2025,~~expire ~~compared~~beginning toin an2030, ~~income~~U.S. ~~tax~~federal ~~provision~~NOLs of approximately $341,203.20 million available into ~~fiscal~~reduce ~~2024.~~future ~~Our income tax provision differs from the~~ U.S. federal ~~statutory~~ income ~~tax~~taxes, ~~rate~~certain of ~~21%~~which ~~multiplied~~expire byin ~~income~~2037 ~~(loss)~~and ~~before~~2038, ~~taxes~~state ~~due~~NOLs ~~to the mix~~ of ~~our~~approximately $831.5 ~~earnings~~million available ~~across~~to ~~the~~reduce ~~various~~future ~~jurisdictions~~state inincome taxes which ~~our~~expire ~~operations~~in ~~are~~varying ~~conducted,~~amounts ~~changes~~beginning in ~~valuation~~2027, ~~allowances~~Luxembourg ~~against~~NOLs ~~our~~of ~~deferred tax assets and certain minimum income and foreign withholding taxes~~$3,352.8 Inmillion ~~connection~~which ~~with~~will ~~the~~expire ~~Business~~beginning ~~Combination~~in 2036, ~~certain tax attributes (including significant~~ U.SK. ~~federal~~NOLs ~~net~~of ~~operating~~$28.5 ~~losses~~million ~~(“NOLs”))~~with ~~were~~no ~~statutorily~~expiration ~~allocated~~and ~~from~~other ~~Old~~foreign ~~Lionsgate~~jurisdiction toNOLs ~~the~~of ~~legal~~$19.6 ~~entities~~million ~~comprising~~which ~~the~~will ~~Studio~~expire ~~Business~~beginning in 2028. ~~The~~In ~~utilization~~addition, as of ~~these~~March 31, ~~tax~~2026, ~~attributes~~we ~~(particularly~~had ~~the~~ U.S. federal ~~NOL)~~credit ~~for~~carryforwards ~~the~~related ~~fiscal~~to ~~year~~foreign ~~ended~~taxes ~~March~~paid ~~31,~~of ~~2025,~~approximately $33.8 ~~attributed~~ million to ~~the~~offset ~~reduction~~future inU.S federal income ~~tax~~taxes ~~expense~~that inwill ~~comparison~~expire tobeginning ~~the~~in ~~prior year~~2027.

Net Loss Attributable to Lionsgate Studios Corp. Shareholders. Net loss attributable to our shareholders for ~~the~~ fiscal ~~year~~2026 ~~ended March 31, 2025~~ was $~~128~~198.53 million, or basic and diluted net loss per common share of $0.4370 on ~~284~~285.64 million weighted average common shares outstanding. This compares to net loss attributable to our shareholders for the fiscal year ended March 31, ~~2024~~2025 of $93362.50 million, or basic and diluted net loss per common share of $01.4243 on ~~253~~248.49 million weighted average common shares outstanding.

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Segment Results of Operations and Non-GAAP Measures

~~The~~Our ~~Company’s~~ primary measure of segment performance is 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 and total segment profit ~~excludes~~exclude, when applicable, corporate general and administrative expense, restructuring and other costs, share-based compensation, certain ~~programming and~~ content charges as a result of changes in management and/or ~~programming and~~ content strategy, certain benefits or expenses related to the COVID-19 global pandemic, unallocated rent cost and purchase accounting and related adjustments. Segment profit is a U.S. GAAP financial measure and is disclosed in Note 1716 to our consolidated financial statements.

56We also present below our total segment profit for all of our segments. Total segment profit, when presented outside of the segment information and reconciliations included in Note 16 to our consolidated financial statements, is considered a non-GAAP financial measure, and should be considered in addition to, not as a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. We use this non-GAAP measure, among other measures, to evaluate the aggregate operating performance of our business.

We believe the presentation of total segment profit is relevant and useful for investors because it allows investors to view total segment performance in a manner similar to the primary method used by our management and enables them to understand the fundamental performance of our businesses before non-operating items. Total segment profit is considered an important measure of the Company’s performance because it reflects the aggregate profit contribution from the Company’s segments and represent a measure, consistent with our segment profit, that eliminates amounts that, in management’s opinion, do not necessarily reflect the fundamental performance of our businesses, are infrequent in occurrence, and in some cases are non-cash expenses. Not all companies calculate segment profit or total segment profit in the same manner as defined by our management and similarly titled measures presented by other companies may not be comparable due to differences in the methods of calculation and excluded items.

The following table reconciles the operating income (loss), which is the most comparable U.S. GAAP measure to the total segment profit non-GAAP measure for the years ended March 31, 2026 and 2025. Refer to the preceding section discussing our consolidated results of operations for the reconciliations of segment direct operating expense and general and administrative expense to the respective line items presented in the GAAP-based consolidated statement of operations. In addition, refer to Note 17 of our consolidated financial statements for the reconciliations of adjusted depreciation and amortization and adjusted share-based compensation, as presented in the line items below, to U.S. GAAP depreciation and expense and share-based compensation expense.


	Year Ended March 31,				Change
	2026		2025		Amount		Percent
	(Amounts in millions)
Operating income (loss)	$	97.1	$	(18.1)	$	115.2	nm
Corporate general and administrative expenses	142.1		132.0		10.1		7.7	%
Adjusted depreciation and amortization	13.6		13.7		(0.1)		(0.7)	%
Restructuring and other	50.9		88.3		(37.4)		(42.4)	%
COVID-19 related expense (benefit)	1.0		(2.0)		3.0		nm
Unallocated rent cost included in direct operating expense	27.3		18.6		8.7		46.8	%
Adjusted share-based compensation expense	72.5		52.1		20.4		39.2	%
Purchase accounting and related adjustments	11.7		12.9		(1.2)		(9.3)	%
Total segment profit	$	416.2	$	297.5	$	118.7	39.9	%

_______________________

nm - Percentage not meaningful

We refer to our Motion Picture and Television Production segments collectively as our Studio Business. The table below presents the revenues and segment profit of our collective Studio Business for the fiscal years ended March 31, 2026 and 2025:

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LIONSGATE STUDIOS CORP.


	Year Ended March 31,				Change
	2026		2025		Amount		Percent
	(Amounts in millions)
Revenue
Studio Business
Motion Picture (1)	$	1,617.1	$	1,598.6	$	18.5	1.2	%
Television Production	1,044.6		1,605.8		(561.2)		(34.9)	%
Total Studio Business	$	2,661.7	$	3,204.4	$	(542.7)	(16.9)	%
Intersegment eliminations	(29.9)		(619.7)		589.8		(95.2)	%
	$	2,631.8	$	2,584.7	$	47.1	1.8	%
Segment Profit
Studio Business
Motion Picture (1)	$	278.9	$	304.3	$	(25.4)	(8.3)	%
Television Production	124.5		136.5		(12.0)		(8.8)	%
Total Studio Business	$	403.4	$	440.8	$	(37.4)	(8.5)	%
Intersegment eliminations	12.8		(143.3)		156.1		nm
	$	416.2	$	297.5	$	118.7	39.9	%

We also present below our total segment profit for all of our segments. Total segment profit, when presented outside of the segment information and reconciliations included in Note 17 to our consolidated financial statements, is considered a non-GAAP financial measure, and should be considered in addition to, not as a substitute for, or superior to, measures of financial performance prepared in accordance with United States GAAP. We use this non-GAAP measure, among other measures, to evaluate the aggregate operating performance of our business._______________________

~~The~~nm Company believes the presentation of total segment profit is relevant and useful for investors because it allows investors to view total segment performance in a manner similar to the primary method used by the Company's management and enables them to understand the fundamental performance of the Company's businesses before non-~~operating~~ ~~items.~~Percentage Total segment profit is considered an important measure of the Company’s performance because it reflects the aggregate profit contribution from the Company's segments and represents a measure, consistent with our segment profit, that eliminates amounts that, in management’s opinion, do not necessarily reflect the fundamental performance of the Company’s businesses, are infrequent in occurrence, and in some cases are non-cash expenses. Not all companies calculate segment profit or total segment profit in the same manner, and segment profit and total segment profit as defined by the Company may not be comparable to similarly titled measures presented by other companies due to differences in the methods of calculation and excluded items.meaningful

~~The~~(1) During ~~following~~the ~~table~~first ~~reconciles~~quarter ~~the~~of ~~GAAP~~fiscal ~~measure~~2026, ~~operating~~the ~~income~~Company ~~(loss),~~began toreflecting the ~~non-GAAP~~results ~~measure,~~of ~~total~~operations of its streaming platform in India within the Motion Picture segment ~~profit~~as such operations are not a part of the disposal group of the Starz Business. Accordingly, ~~for~~the following amounts were reclassified from the ~~fiscal~~former ~~years~~Media Networks segment to the Motion Picture segment in the year ended March 31, 2025 ~~and~~to ~~2024.~~conform Into ~~addition,~~the ~~each~~current period presentation: (i) revenue of ~~segment~~$8.9 million; (ii) direct operating expense, of $6.5 million; (iii) distribution and marketing expense of $2.7 million; and (iv) general and ~~administrative~~administration expense isof ~~reconciled~~$3.0 tomillion, ~~the~~which ~~respective~~resulted ~~line items presented~~ in ~~the~~gross ~~GAAP-based~~contribution ~~statement~~loss of ~~operations~~$0.3 inmillion ~~the~~and ~~preceding~~segment ~~section~~loss of $3.3 million. Additionally, the ~~Management’s~~Company ~~Discussion~~sold ~~and~~its ~~Analysis~~streaming ofplatform ~~Financial~~in ~~Condition~~India ~~and~~in ~~Results~~December of2025, ~~Operations~~see ~~which~~Note ~~discusses~~17 ~~consolidated~~to ~~results~~our ofconsolidated ~~operations~~financial statements.

	Year Ended
	March 31,				Change
	2025		2024		Amount		Percent
	(Amounts in millions)
Operating income	$	124.6	$	139.7	$	(15.1)	(10.8)	%
Corporate general and administrative expense allocations from Old Lionsgate, excluding allocation of share-based compensation expense	120.9		110.6		10.3		9.3	%
Adjusted depreciation and amortization	13.6		10.5		3.1		29.5	%
Restructuring and other	102.6		132.9		(30.3)		(22.8)	%
COVID-19 related benefit	(2.1)		(0.9)		(1.2)		133.3	%
Content charges	—		1.5		(1.5)		(100.0)	%
Unallocated rent cost included in direct operating expense	18.6		—		18.6		n/a
Adjusted share-based compensation expense	53.0		54.8		(1.8)		(3.3)	%
Purchase accounting and related adjustments	12.9		17.1		(4.2)		(24.6)	%
Total segment profit	$	444.1	$	466.2	$	(22.1)	(4.7)	%

See the following discussion for further detail of our individual segments. The segment results of operations presented below do not include the elimination of intersegment transactions which are eliminated when presenting consolidated results.

See Note 17 to our consolidated financial statements for further information on the reconciling line items above, and for reconciliations of depreciation and amortization and share-based compensation expense as presented on our consolidated statements of operations to adjusted depreciation and amortization and adjusted share-based compensation expense, respectively, as presented in the line items above.

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LIONSGATE STUDIOS CORP.

The table below sets forth the revenues and segment profit by segment:

	Year Ended
	March 31,				Change
	2025		2024		Amount		Percent
	(Amounts in millions)
Revenue
Motion Picture	$	1,589.7	$	1,656.3	$	(66.6)	(4.0)	%
Television Production	1,605.8		1,330.1		275.7		20.7	%
	$	3,195.5	$	2,986.4	$	209.1	7.0	%
Segment Profit
Motion Picture	$	307.6	$	319.4	$	(11.8)	(3.7)	%
Television Production	136.5		146.8		(10.3)		(7.0)	%
Total Segment Profit	$	444.1	$	466.2	$	(22.1)	(4.7)	%

See the following discussion for further detail of our individual segments.

Motion Picture

The table below ~~sets~~presents ~~forth~~the Motion Picture gross contribution and segment profit for the fiscal years ended March 31, ~~2025~~2026 and ~~2024~~2025:

	Year Ended
	March 31,						Change
	2025			2024			Amount		Percent
	(Amounts in millions)
Motion Picture Segment:
Revenue	$	1,589.7		$	1,656.3		$	(66.6)	(4.0)	%
Expenses:
Direct operating expense	824.2			796.0			28.2		3.5	%
Distribution & marketing expense	357.8			427.0			(69.2)		(16.2)	%
Gross contribution	407.7			433.3			(25.6)		(5.9)	%
General and administrative expenses	100.1			113.9			(13.8)		(12.1)	%
Segment profit	$	307.6		$	319.4		$	(11.8)	(3.7)	%
U.S. theatrical P&A and Premium VOD expense included in distribution and marketing expense	$	231.7		$	277.7		$	(46.0)	(16.6)	%
Direct operating expense as a percentage of revenue	51.8		%	48.1		%
Gross contribution as a percentage of revenue	25.6		%	26.2		%

Revenue. The table below sets forth Motion Picture revenue by media and product category for the fiscal years ended March 31, 2025 and 2024. Motion Picture revenues for fiscal 2025 included approximately $123.4 million of revenues from eOne, as compared to approximately $19.5 million of revenues from eOne in fiscal 2024 from the acquisition date of December 27, 2023.

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LIONSGATE STUDIOS CORP.


	Year Ended March 31,						Change
	2026			2025			Amount		Percent
	(Amounts in millions, except percentages)
Motion Picture Segment:
Revenue	$	1,617.1		$	1,598.6		$	18.5	1.2	%
Expenses:
Direct operating expense	797.6			830.7			(33.1)		(4.0)	%
Distribution & marketing expense	427.5			360.5			67.0		18.6	%
Gross contribution	392.0			407.4			(15.4)		(3.8)	%
General and administrative expenses	113.1			103.1			10.0		9.7	%
Segment profit	$	278.9		$	304.3		$	(25.4)	(8.3)	%

U.S. theatrical P&A and Premium VOD expense included in distribution and marketing expense	$	290.5		$	231.7		$	58.8	25.4	%

Direct operating expense as a percentage of revenue	49.3		%	52.0		%

Gross contribution as a percentage of revenue	24.2		%	25.5		%

	Year Ended March 31,
	2025						2024						Total Increase (Decrease)
	Lionsgate Original Releases(1)		Other Film(2)		Total		Lionsgate Original Releases(1)		Other Film(2)		Total
					(Amounts in millions)
Motion Picture Revenue
Theatrical	$	149.3	$	4.8	$	154.1	$	222.4	$	4.1	$	226.5	$	(72.4)
Home Entertainment
Digital Media	397.9		200.3		598.2		459.7		192.6		652.3		(54.1)
Packaged Media	38.4		21.6		60.0		57.3		26.7		84.0		(24.0)
Total Home Entertainment	436.3		221.9		658.2		517.0		219.3		736.3		(78.1)
Television	311.2		36.1		347.3		240.5		33.9		274.4		72.9
International	319.7		81.8		401.5		332.9		58.1		391.0		10.5
Other	11.6		17.0		28.6		19.8		8.3		28.1		0.5
	$	1,228.1	$	361.6	$	1,589.7	$	1,332.6	$	323.7	$	1,656.3	$	(66.6)

Revenue. The table below presents Motion Picture revenue by media and product category for the fiscal years ended March 31, 2026 and 2025:

____________________


	Year Ended March 31,
	2026						2025						Total Increase (Decrease)
	Lionsgate Original Releases(1)		Other Film(2)		Total		Lionsgate Original Releases(1)		Other Film(2)		Total
					(Amounts in millions)
Motion Picture Revenue
Theatrical	$	169.0	$	7.9	$	176.9	$	149.3	$	4.8	$	154.1	$	22.8
Home Entertainment
Digital Media	471.9		196.8		668.7		397.9		200.3		598.2		70.5
Packaged Media	27.2		17.5		44.7		38.4		21.6		60.0		(15.3)
Total Home Entertainment	499.1		214.3		713.4		436.3		221.9		658.2		55.2
Television	199.7		27.2		226.9		311.2		36.1		347.3		(120.4)
International (3)	367.6		89.5		457.1		319.7		90.7		410.4		46.7
Other	30.0		12.8		42.8		11.6		17.0		28.6		14.2
Total Motion Picture revenue	$	1,265.4	$	351.7	$	1,617.1	$	1,228.1	$	370.5	$	1,598.6	$	18.5

(1)Lionsgate Original Releases: Includes titles originally planned for a wide theatrical release by Old Lionsgate, including titles that have changed from a planned wide theatrical release to an initial direct-to-streaming release. These releases include films developed and produced in-house, films co-developed and co-produced and films acquired or licensed from third parties. In addition, Lionsgate Original Releases also includes multi-platform and direct-to-platform motion pictures originally released or licensed by Old Lionsgate, and the licensing of our original release motion picture content to other ancillary markets (location-based entertainment, games, etc.). _______________________

(1)Lionsgate Original Releases: Includes titles originally planned for a wide theatrical release by Lionsgate, including titles that have changed from a planned wide theatrical release to an initial direct-to-streaming release. These releases include films developed and produced in-house, films co-developed and co-produced and films acquired or licensed from third parties. In addition, Lionsgate Original Releases also includes multi-platform and direct-to-platform motion pictures originally released or licensed by Lionsgate, and the licensing of our original release motion picture content to other ancillary markets (location-based entertainment, games, etc.).

(2)Other Film: Includes acquired and licensed brands and libraries originally released by other parties such as third-party library product, including our titles released by acquired companies prior to our acquisition of the company (i.e., Summit Entertainment library), and titles released with our equity method investees, Roadside Attractions and Pantelion Films, and other titles.

~~Theatrical~~(3)International revenue ~~decreased~~in ~~$72.4~~the ~~million~~year inended ~~fiscal~~March ~~2025~~31, as2025 ~~compared~~reflects tothe ~~fiscal~~reclassification ~~2024 primarily due to a decrease~~ of $738.19 million from ~~Lionsgate Original Releases due to significant revenue in fiscal 2024 from The Hunger Games: The Ballad of Songbirds & Snakes and John Wick: Chapter 4, partially offset by~~ the ~~performance~~former ofMedia ~~the~~Networks ~~fiscal~~segment ~~2025~~to ~~theatrical~~conform ~~slate~~to ~~titles released and from~~ the ~~direct-to-platform~~current ~~release,~~period ~~Another Simple Favor~~presentation.

~~Home entertainment revenue decreased $78.1 million, or 10.6%, in fiscal 2025, as compared to fiscal 2024, due to lower digital media revenue and packaged media revenue of $~~54.1 million and $24.0 million, respectively, primarily due to decreases from Lionsgate Original Releases. Digital media revenue and packaged media revenue from Lionsgate Original Releases declined $61.8 million and $18.9 million, respectively, due to lower revenue in fiscal 2025 from our fiscal 2024 theatrical slate titles, as compared to the revenue in fiscal 2024 from our fiscal 2023 theatrical slate titles, and in particular John Wick: Chapter 4, and revenue in fiscal 2024 from titles in The Hunger Games franchise. These decreases were partially offset by increased digital media revenue in fiscal 2025 from direct-to-platform and multi-platform releases.

Television revenue increased $72.9 million, or 26.6%, in fiscal 2025, as compared to fiscal 2024 due to an increase from Lionsgate Original Releases of $70.7 million due to higher revenue generated from our fiscal 2025 and 2024 theatrical slate titles with television windows opening in fiscal 2025 as compared to the revenue from our fiscal 2024 and fiscal 2023 theatrical slate titles with television windows opening in fiscal 2024, and higher revenue generated from our multi-platform and direct-to-platform releases with television windows opening in fiscal 2025.

International revenue increased $10.5 million, or 2.7% in fiscal 2025, as compared to fiscal 2024 due to an increase from Other Film of $23.7 million from our acquired library titles, partially offset by a decrease from Lionsgate Original Releases of $13.2 million. The decrease from Lionsgate Original Releases of $13.2 million reflected lower revenue from our theatrical slate titles due to revenue in fiscal 2024 for The Hunger Games: The Ballad of Songbirds & Snakes and John Wick: Chapter 4, which was partially offset by higher revenue from multi-platform releases.

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~~LIONSGATE~~Theatrical ~~STUDIOS~~revenue ~~CORP~~increased $22.8 million, or 14.8%, in fiscal 2026, as compared to fiscal 2025, primarily due to higher revenue from Lionsgate Original Releases of $19.7 million driven by the theatrical releases of The Housemaid, Now You See Me: Now You Don’t, Ballerina: From the World of John Wick and The Long Walk in the current fiscal year as compared to the prior fiscal year theatrical releases. The increase in Lionsgate Original Releases was partially offset by a decrease in direct-to-platform releases in the current fiscal year, compared to the prior fiscal year.

~~Direct~~Home ~~Operating~~entertainment ~~Expense~~revenue increased $55.2 ~~The~~million, ~~increase~~or 8.4%, in ~~direct~~fiscal ~~operating~~2026, ~~expenses~~as iscompared to fiscal 2025, due to ~~higher~~increased ~~direct~~digital ~~operating~~media ~~expenses~~revenue, asprimarily adue ~~percentage~~to ofincreases ~~revenue~~from ~~driven~~Lionsgate byOriginal ~~the~~Releases ~~performance~~of ~~and~~$74.0 ~~costs~~million. ofThe ~~the~~increase ~~titles~~was ~~released~~driven ~~during~~by ~~the~~higher revenue in fiscal ~~year~~2026 ~~2025,~~from inour ~~particular,~~direct-to-platform ~~Borderlands~~releases of $52.0 million, ~~which~~primarily ~~resulted~~from inWar Machine, and higher ~~direct~~revenue ~~operating~~from ~~cost~~our intheatrical ~~relation~~releases toof ~~revenue~~$32.3 ~~Investment~~million indriven ~~film~~by ~~write-downs~~the ~~included~~releases inof ~~Motion~~The ~~Picture~~Housemaid ~~segment~~and ~~direct~~Ballerina: ~~operating~~From ~~expense~~the inWorld ~~fiscal~~of ~~2025~~John

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