# EDGAR Filing Document

**Accession Number:** 0000929351
**File Stem:** 0000929351-26-000009
**Filing Date:** 2026-2
**Character Count:** 31703
**Document Hash:** 88f078dc3f8d530e11a17dd18542ba6e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000929351-26-000009.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000929351-26-000009

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260226

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** STARZ ENTERTAINMENT CORP /CN/
- **CENTRAL INDEX KEY:** 0000929351
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MOTION PICTURE & VIDEO TAPE PRODUCTION [7812]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-14880
- **FILM NUMBER:** 26687941

**BUSINESS ADDRESS:**
- **STREET 1:** 1647 STEWART ST.
- **CITY:** SANTA MONICA
- **STATE:** CA
- **ZIP:** 90404
- **BUSINESS PHONE:** 877-848-3866

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 250 HOWE STREET
- **STREET 2:** 20TH FLOOR
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LIONS GATE ENTERTAINMENT CORP /CN/
- **DATE OF NAME CHANGE:** 19971205

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BERINGER GOLD CORP
- **DATE OF NAME CHANGE:** 19970618

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GUYANA GOLD CORP
- **DATE OF NAME CHANGE:** 19960212

?xml version='1.0' encoding='ASCII'? starz-20260226

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **February 26, 2026** 

**Starz Entertainment Corp.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **British Columbia, Canada** | **1-14880** | **N/A** |
| (State or other jurisdiction <br>of incorporation) | (Commission File <br>Number) | (I.R.S. Employer <br>Identification No.) |

---

**250 Howe Street, 20th Floor**

**Vancouver, British Columbia V6C 3R8**

**1647 Stewart Street**

**Santa Monica, California 90404**

(Address of principal executive offices) (Zip Code)

**(604) 648-6559**

(Registrant's telephone number, including area code)

**N/A**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

---

| | | |
|:---|:---|:---|
| <u>Title of each class</u> | <u>Trading Symbol(s)</u> | <u>Name of each exchange on which registered</u> |
| **Common Shares, no par value per share** | **STRZ** | **The Nasdaq Stock Market LLC** |
| **Common Shares, no par value per share** | **STRZ** | **(Nasdaq Global Select Market)** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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.

☐

------

**Item 2.02.&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On February 26, 2026, Starz Entertainment Corp., a corporation organized under the laws of the province of British Columbia, Canada (hereinafter the "Company"), issued a press release announcing its financial results for the quarter ended December 31, 2025. A copy of the Company's press release is being furnished herewith as Exhibit 99.1 and is incorporated herein by reference in its entirety.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.

**Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

(d) Exhibits

---

| | |
|:---|:---|
| Exhibit<br><u>Number</u> | <u>Exhibit Description</u> |
| <u>[99.1](q425ex991earningsrelease.htm)</u> | <u>[Press Release dated February 26, 2026](q425ex991earningsrelease.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | **Starz Entertainment Corp.** | **Starz Entertainment Corp.** |
| Date: | February 26, 2026 | By: | <u>/s/ SCOTT MACDONALD</u> |
|  |  |  | Scott Macdonald |
|  |  |  | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![starzlogo.jpg](starzlogo.jpg)

**Starz Entertainment Corp. Reports Results for the Fourth Quarter Ended December 31, 2025**

**Grew Fourth Quarter Revenue Sequentially to $322.8 Million**

**Fourth Quarter Operating Loss Improved to $(4.7) Million**

**Grew Fourth Quarter Adjusted OIBDA to $55.5 Million**

**Operating Loss on a Trailing-Twelve Month Basis was $(208.7) Million**

**Achieved $204.0 Million in Annual Trailing-Twelve Month Adjusted OIBDA**

**Management Achieved or Exceeded All Previously Provided 2025 Outlook**

**Grew OTT and Total Subscribers Sequentially by 370,000 and 170,000, Respectively**

**Domestic OTT Subscribers Reached All-Time High of 12.7 Million, Up 890,000 or 7.6% Year-over-Year**

**Management Provides 2026 Outlook: Expects to Grow Adjusted OIBDA and OTT Revenue, Delever to ~2.7x, and Significantly Improve Free Cash Flow**<sup>1</sup> SANTA MONICA, CA, and VANCOUVER, B.C., February 26, 2026 – STARZ (NASDAQ: STRZ) today reported results for the quarter ended December 31, 2025. This press release includes consolidated financial results for STARZ Entertainment Corp.

"Just nine months after our separation, we are beginning to see the full impact of operating as a standalone company. We exceeded all our financial guidance in 2025 and expect 2026 to be a positive financial inflection point for the company as we enter the year with record-high OTT subscribers and a balance sheet that outperformed our deleveraging expectations," said STARZ President and CEO Jeffrey Hirsch. "With a disciplined investment strategy, a more efficient operating model, and one of our strongest programming slates to date, we are poised to drive sustainable OTT revenue growth, expand profitability, and improve free cash flow as we execute against our long-term targets."

**Quarter Ended December 31, 2025 Results**

For the quarter ended December 31, 2025, STARZ reported consolidated revenue of $322.8 million and net loss of $(20.7) million or a net loss per share of $(1.24). Operating loss was $(4.7) million and Adjusted OIBDA<sup>2</sup> was $55.5 million.

STARZ ended the quarter with $300 million outstanding on its Term Loan A credit facility, $325.1 million in senior unsecured notes and $35.7 million in cash. This resulted in total net debt of $589.4 million. On a trailing twelve-month basis, the company's total Adjusted OIBDA Leverage Ratio was 2.9x<sup>3</sup>. STARZ's $150 million revolving credit facility was undrawn at December 31, 2025.

STARZ ended the quarter with 12.7 million U.S. Over-The-Top (OTT) subscribers, representing a sequential increase of 370,000. Total U.S. subscribers were 17.6 million, an increase of 170,000 from the prior quarter. This increase was driven by interest in our scripted originals in the quarter, including Season 3 of *Power Book IV: Force* and Season 1 of *Spartacus: House of Ashur*.

STARZ senior management will hold its analyst and investor conference call to discuss results for the quarter ended December 31, 2025, today, Thursday, February 26, 2026, at 5:00 p.m. ET / 2:00 p.m. PT. Interested parties may listen to the live webcast by visiting the events page on the STARZ Investor Relations website. A full replay will become available this evening at the same link.

<sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>*See "Use of Non-GAAP Financial Measures" for a definition of Free Cash Flow.*

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;</sup>*See "Use of Non-GAAP Financial Measures" for a definition of Adjusted OIBDA.*

<sup>3</sup>*&nbsp;&nbsp;&nbsp;&nbsp;Total Adjusted OIBDA Leverage Ratio of 2.9x is calculated based on total Adjusted OIBDA of $204.0 million for the trailing twelve-month period ended December 31, 2025. Refer to "Reconciliation of Operating Loss to Adjusted OIBDA" section for further detail.*

*&nbsp;&nbsp;&nbsp;&nbsp;*

------

**About STARZ**

**Investor Inquiries - Contact:**

Nilay Shah

nilay.shah@starz.com

**Press Inquiries - Contact:**

Jennifer Minezaki

jennifer.minezaki@starz.com

*The matters discussed in this press release include forward-looking statements, including those regarding expected future performance. Such statements are subject to a number of risks and uncertainties. Actual results in the future could differ materially and adversely from those described in the forward-looking statements as a result of various important factors, including, but not limited to: the benefits of the separation of the Lionsgate's Studios Business and Lionsgate's STARZ Business (the "Separation"); unexpected costs related to the Separation; the substantial investment of capital required to produce and market films and television series; budget overruns; limitations imposed by our credit facilities and notes; unpredictability of the commercial success of our 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; the impact of global pandemics on our business; weakness in the global economy and financial markets, including a recession and past and future bank failures; wars, terrorism and multiple international conflicts that could cause significant economic disruption and political and social instability; labor disruptions and strikes; and the other risk factors set forth in STARZ's Annual Report on Form 10-KT filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect any future events or circumstances.*

------

**STARZ ENTERTAINMENT CORP.**

**CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
| | **December 31,<br>2025** | **March 31,<br>2025** |
| | **(Amounts in millions)** | **(Amounts in millions)** |
| **ASSETS** | | |
| Cash and cash equivalents | $35.7 | $17.8 |
| Accounts Receivables, net, including other receivables of $9.9 million (March 31, 2025 – nil) | 84.4 | 52.7 |
| Due from LG Studios Business |  | 81.6 |
| Prepaid expenses and other | 12.1 | 18.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 132.2 | 170.5 |
| Programming content, net | 993.8 | 1096.3 |
| Property and equipment, net | 49.1 | 48.6 |
| Intangible assets, net | 690.9 | 816.0 |
| Other assets | 47.2 | 41.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1913.2 | $2173.2 |
| **LIABILITIES** |  |  |
| Current portion of debt | $7.5 | $— |
| Accounts payable | 60.0 | 64.5 |
| Programming related payables | 255.2 | 101.8 |
| Other accrued liabilities | 49.1 | 64.5 |
| Residuals | 27.1 | 29.5 |
| Programming related obligations | 87.7 | 90.7 |
| Deferred revenue | 52.8 | 39.4 |
| Due to LG Studios Business |  | 232.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 539.4 | 622.5 |
| Debt | 605.8 | 699.9 |
| Production loan | 41.4 |  |
| Other liabilities | 72.7 | 75.9 |
| Deferred tax liabilities | 7.9 | 8.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1267.2 | 1406.8 |
| **EQUITY** |  |  |
| Common stock, no par value, unlimited authorized, 16.7 shares issued (March 31, 2025 – nil) | 735.1 |  |
| Accumulated other comprehensive income | 19.4 | 19.2 |
| Parent net investment |  | 747.2 |
| Accumulated deficit | (108.5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total equity | 646.0 | 766.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $1913.2 | $2173.2 |

---

------

**STARZ ENTERTAINMENT CORP.**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(Amounts in millions)** | **(Amounts in millions)** | **(Amounts in millions)** | **(Amounts in millions)** |
|  | ***(unaudited)*** | ***(unaudited)*** |  | ***(unaudited)*** |
| **Revenue** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;OTT revenue | $210.3 | $239.0 | $654.2 | $705.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Linear and other revenue | 112.5 | 105.5 | 309.2 | 333.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 322.8 | 344.5 | 963.4 | 1039.0 |
| **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Programming amortization | 132.0 | 190.4 | 451.3 | 520.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating | 42.0 | 37.3 | 117.3 | 116.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising and marketing | 65.0 | 72.7 | 206.8 | 231.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 31.8 | 23.5 | 89.7 | 76.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 47.3 | 39.4 | 143.9 | 122.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring and other | 9.4 | 2.4 | 20.8 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 327.5 | 365.7 | 1029.8 | 1067.0 |
| **Operating loss** | (4.7) | (21.2) | (66.4) | (28.0) |
| Interest expense | (14.2) | (11.6) | (43.2) | (34.7) |
| Interest and other income |  | 1.2 | 0.2 | 3.1 |
| Other expense | (1.8) | (1.7) | (6.1) | (5.4) |
| Loss on extinguishment of debt |  |  |  | (4.9) |
| **Loss from continuing operations** | (20.7) | (33.2) | (115.5) | (69.9) |
| Income tax benefit (expense) |  | 1.4 | (0.3) | 8.6 |
| **Net loss from continuing operations** | (20.7) | (31.8) | (115.8) | (61.3) |
| **Net income from discontinued operations, net of income taxes** |  |  |  | 3.1 |
| **Net loss** | $(20.7) | $(31.8) | $(115.8) | $(58.2) |
| **Per share information attributable to Starz Entertainment Corp. shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Basic and diluted net loss per common share - continuing operations** | $(1.24) | $(1.90) | $(6.92) | $(3.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Basic and diluted net income per common share - discontinued operations** |  |  |  | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Basic and diluted net loss per common share** | $(1.24) | $(1.90) | $(6.92) | $(3.48) |
| **Weighted average number of common shares outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Basic** | 16.7 | 16.7 | 16.7 | 16.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Diluted** | 16.7 | 16.7 | 16.7 | 16.7 |

---

------

**STARZ ENTERTAINMENT CORP.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(Amounts in millions)** | **(Amounts in millions)** | **(Amounts in millions)** | **(Amounts in millions)** |
|  | ***(unaudited)*** | ***(unaudited)*** |  | ***(unaudited)*** |
| **Operating Activities:** |  |  |  |  |
| Net loss | $(20.7) | $(31.8) | $(115.8) | $(58.2) |
| Less: net loss from discontinued operations, net of tax |  |  |  | 3.1 |
| Net loss from continuing operations, net of tax | (20.7) | (31.8) | (115.8) | (61.3) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 47.3 | 39.4 | 143.9 | 122.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Programming amortization | 132.0 | 189.3 | 451.3 | 520.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt financing costs and other non-cash interest | 1.3 | 1.2 | 3.3 | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash share-based compensation | 3.5 | 4.1 | 14.8 | 13.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other amortization | 2.3 | 2.0 | 6.3 | 5.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net content impairment (recoveries) | 7.3 | (6.5) | 7.0 | (11.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  |  |  | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes |  | (1.6) |  | (2.7) |
| Changes in operating assets and liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | (19.7) | 4.1 | (2.8) | (29.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Programming content additions<sup>(1)</sup> | (103.8) | (155.4) | (356.8) | (652.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Programming related payables | (58.9) | (7.1) | (113.8) | (18.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | (3.0) | 1.2 | 3.0 | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | (17.8) | (14.5) | (34.4) | (36.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Residuals | (2.5) | (0.4) | (2.5) | (1.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 11.3 | 5.0 | 14.4 | 5.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to LG Studios Business |  | 12.9 |  | 159.2 |
| Net cash (used in) provided by operating activities – continuing operations | (21.4) | 41.9 | 17.9 | 24.1 |
| Net cash (used in) operating activities – discontinued operations |  |  |  | (6.6) |
| **Net cash (used in) provided by operating activities** | (21.4) | 41.9 | 17.9 | 17.5 |
| **Investing activities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;New Lionsgate revolving credit facility – increases |  | 356.2 | 151.8 | 179.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;New Lionsgate revolving credit facility – decreases |  | (409.8) | (70.2) | (313.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (4.5) | (4.1) | (16.6) | (13.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred purchase price of receivables sold | 0.6 |  | 1.8 |  |
| **Net cash (used in) provided by investing activities – continuing operations** | (3.9) | (57.7) | 66.8 | (147.7) |
| **Financing activities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution of Exchange Notes to New Lionsgate upon Separation | (8.2) |  | (389.9) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt – borrowings | 102.2 | 139.0 | 497.0 | 320.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt – repurchases and repayments | (94.0) | (139.0) | (197.0) | (355.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt issuance costs | (0.6) | (0.2) | (8.8) | (4.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Programming related obligations – borrowings | 193.2 | 75.6 | 492.8 | 197.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Programming related obligations – repayments | (168.6) | (67.7) | (455.3) | (121.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Parent net investment |  | 3.5 | (5.6) | 68.9 |
| Net cash provided by (used in) financing activities – continuing operations | 24.0 | 11.2 | (66.8) | 104.6 |
| Net cash provided by financing activities – discontinued operations |  |  |  | 2.8 |
| **Net cash provided by (used in) financing activities** | 24.0 | 11.2 | (66.8) | 107.4 |
| **Net change in cash and cash equivalents** | (1.3) | (4.6) | 17.9 | (22.8) |
| **Cash and cash equivalents – beginning of period** | 37.0 | 18.8 | 17.8 | 37.0 |
| **Cash and cash equivalents – end of period** | $35.7 | $14.2 | $35.7 | $14.2 |

---

------

**STARZ ENTERTAINMENT CORP.**

**RECONCILIATION OF OPERATING LOSS TO ADJUSTED OIBDA**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Trailing Twelve Months** |
| | **December 31,**<br>**2024** | **March 31,**<br>**2025** | **June 30,**<br>**2025** | **September 30,**<br>**2025** | **December 31,**<br>**2025** | **December 31,**<br>**2025** |
| | **(Amounts in millions)** | **(Amounts in millions)** | **(Amounts in millions)** | **(Amounts in millions)** | **(Amounts in millions)** | |
| **Operating loss** | $(21.2) | $(142.3) | $(26.9) | $(34.8) | $(4.7) | $(208.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 39.4 | 48.1 | 48.7 | 47.9 | 47.3 | 192.0 |
| &nbsp;&nbsp;&nbsp;Restructuring and other<sup>(1)</sup> | 2.4 | 183.4 | 6.4 | 5.0 | 9.4 | 204.2 |
| &nbsp;&nbsp;&nbsp;Adjusted share-based compensation expense<sup>(2)</sup> | 4.1 | 4.1 | 5.2 | 3.7 | 3.5 | 16.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Adjusted OIBDA**<sup>(3)</sup> | $24.7 | $93.3 | $33.4 | $21.8 | $55.5 | $204.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Starz Networks (U.S. and Canada) | $25.6 | $92.0 | $33.4 | $21.8 | $55.5 | $202.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;International | (0.9) | 1.3 |  |  |  | 1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Adjusted OIBDA** | $24.7 | $93.3 | $33.4 | $21.8 | $55.5 | $204.0 |

---

_______________

(1)Restructuring and other includes restructuring costs, certain transaction-related and other expenses, and unusual items, when applicable, as shown in the table below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Trailing Twelve Months** |
| | **December 31,**<br>**2024** | **March 31,**<br>**2025** | **June 30,**<br>**2025** | **September 30,**<br>**2025** | **December 31,**<br>**2025** | **December 31,**<br>**2025** |
| | **(Amounts in millions)** | **(Amounts in millions)** | **(Amounts in millions)** | **(Amounts in millions)** | **(Amounts in millions)** | |
| **Restructuring and other:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction and other costs<sup>(a)</sup> | $8.7 | $15.5 | $4.5 | $4.8 | $2.3 | $27.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Content impairments | (6.3) | 167.7 | (0.3) |  | 7.1 | 174.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation<sup>(b)</sup> |  | 0.2 | 2.2 | 0.2 |  | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total restructuring and other** | $2.4 | $183.4 | $6.4 | $5.0 | $9.4 | $204.2 |

---

_______________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Transaction-related and other expenses in the quarter ended December 31, 2025 reflect transaction, integration and legal costs associated with certain strategic transactions, and restructuring activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)This balance includes a modification of equity awards in connection with the Separation. In June 2025, the compensation committee of the Company approved a cash payment in lieu of share issuance for the restricted share units vesting during the quarter ended December 31, 2025.

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**STARZ ENTERTAINMENT CORP.**

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Trailing Twelve Months** |
| | **December 31,**<br>**2024** | **March 31,**<br>**2025** | **June 30,**<br>**2025** | **September 30,**<br>**2025** | **December 31,**<br>**2025** | **December 31,**<br>**2025** |
| | **(Amounts in millions)** | **(Amounts in millions)** | **(Amounts in millions)** | **(Amounts in millions)** | **(Amounts in millions)** | |
| Total share-based compensation expense | $4.1 | $4.3 | $7.4 | $3.9 | $3.5 | $19.1 |
| Less: Amount included in restructuring and other<sup>(a)</sup> |  | (0.2) | (2.2) | (0.2) |  | (2.6) |
| &nbsp;&nbsp;**Adjusted share-based compensation expense** | $4.1 | $4.1 | $5.2 | $3.7 | $3.5 | $16.5 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Includes a modification of equity awards in connection with the Separation included in restructuring and other expenses. Refer to note (1)(b).

(3)See "Use of Non-GAAP Financial Measures" for the definition of Adjusted OIBDA which is reconciled to operating loss in the table above, the most directly comparable GAAP financial measure.

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**STARZ ENTERTAINMENT CORP.**

**SUBSCRIBER DATA**

The number of period-end service subscribers is one measure which management uses to evaluate the performance of our business. Service subscribers may impact revenue differently depending on specific distribution agreements we have with our distributors which may include a rate per STARZ subscriber, and/or rates per basic video household as well as the number of direct-to-consumer subscribers on discounted multi-month payment plans. The following table sets forth, for the periods presented, subscriptions to our Starz Networks Services:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** | **As of** |
| | **12/31/2024** | **3/31/2025** | **6/30/2025** | **9/30/2025** | **12/31/2025** |
| **United States** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;OTT Subscribers | 11.77 | 12.30 | 12.18 | 12.29 | 12.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Linear Subscribers | 5.91 | 5.70 | 5.41 | 5.17 | 4.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total United States Subscribers | 17.68 | 18.00 | 17.59 | 17.46 | 17.63 |
| **Canada** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;OTT Subscribers | 0.80 | 0.74 | 0.68 | 0.68 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Linear Subscribers | 1.45 | 0.86 | 0.81 | 1.06 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Canada Subscribers | 2.25 | 1.60 | 1.49 | 1.74 |  |
| **Starz Networks** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;OTT Subscribers | 12.57 | 13.04 | 12.86 | 12.97 | 12.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Linear Subscribers | 7.36 | 6.56 | 6.22 | 6.23 | 4.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Starz Networks Subscribers | 19.93 | 19.60 | 19.08 | 19.20 | 17.63 |

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**STARZ ENTERTAINMENT CORP.**

**USE OF NON-GAAP FINANCIAL MEASURES**

*This earnings release presents the following important financial measure utilized by Starz Entertainment Corp. (the "Company," "Starz," "we," "us" or "our") that is not a financial measure defined by U.S. generally accepted accounting principles ("GAAP"). The Company uses non-GAAP financial measures, among other measures, to evaluate the operating performance of our business. This non-GAAP financial measure is in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with United States GAAP.*

**Adjusted OIBDA:** Adjusted OIBDA is defined as operating income (loss) before depreciation and amortization ("OIBDA"), adjusted for adjusted share-based compensation ("adjusted SBC"), restructuring and other costs, and unusual gains or losses (such as goodwill and intangible asset impairment), when applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Depreciation and amortization as presented on our combined statement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted share-based expense compensation represents share-based compensation excluding the impact of the acceleration of certain vesting schedules for equity awards pursuant to certain severance arrangements, which are included in restructuring and other expenses, when applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Restructuring and other includes restructuring costs, certain transaction-related and other expenses, and unusual items, when applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Goodwill impairment and intangible asset impairment, when applicable.

**Adjusted OIBDA Leverage Ratios**: Adjusted OIBDA Leverage Ratio is defined as Net Corporate Debt (represents total Corporate Debt, excluding Unamortized Debt Issuance Costs, minus Cash and Cash Equivalents), divided by Adjusted OIBDA for the trailing twelve-months.

**Free Cash Flow**: Free Cash Flow is defined as net cash provided by (used in) operating activities, less capital expenditures.

**Overall:** These measures are non-GAAP financial measures as defined in Regulation G promulgated by the SEC and are in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.

We use these non-GAAP measures, among other measures, to evaluate the operating performance of our business. We believe these measures provide useful information to investors regarding our results of operations before non-operating items and cash flows. Adjusted OIBDA is considered an important measure of the Company's performance because this measure 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. In addition, the Adjusted OIBDA Leverage Ratio is an important metric as it provides insight into the Company's capital structure and financial risk, helping assess the Company's ability to meet its debt obligations and maintain financial flexibility. Free Cash Flow is considered an important measure of the Company's liquidity because it provides information about the ability of the Company to reduce net corporate debt and make strategic investments. The Company utilizes these measures, among others, to evaluate the performance of its business relative to its peers and the broader market.

These non-GAAP measures are commonly used in the entertainment industry and by financial analysts and others who follow the industry to measure operating performance. However, not all companies calculate these measures in the same manner and the measures as presented may not be comparable to similarly titled measures presented by other companies due to differences in the methods of calculation and excluded items.

A general limitation of these non-GAAP financial measures is that they are not prepared in accordance with GAAP. These measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as an alternative measure of operating income, cash flow, net income (loss), or earnings (loss) per share as determined in accordance with GAAP.

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