Good day, and thank you for standing by. Welcome to the AMC Networks fourth quarter 2025 earnings call. At this time, all participants are in a listen-only mode. After the speakers' presentation, we will open for questions. To ask a question during the session, you need to press 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press 11 again. Please be advised that today's conference is being recorded. I would like to hand it over to your first speaker, Nicholas Seibert, Senior Vice President, Corporate Development and Investor Relations. Please go ahead. Thank you. Good afternoon, and welcome to the AMC Networks fourth quarter and full year 2025 earnings conference call.

Joining us today are Kristin Dolan, Chief Executive Officer; Patrick O’Connell, Chief Financial Officer; Kimberly Kelleher, Chief Commercial Officer; and Dan McDermott, Chief Content Officer and President of AMC Studios. We will begin with prepared remarks, then we will open the call for questions. Today’s call may include certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that could cause actual results to differ. Please refer to AMC Networks’ SEC filings for a discussion of risks and uncertainties. The company disclaims any obligation to update any forward-looking statements. On this call, we will discuss certain non-GAAP financial measures. Required definitions and reconciliations can be found in today’s press release available on our website at amcnetworks.com. And with that, I would like to turn the call over to Kristin.

Thanks, Nick, and thanks, everyone, for joining us. AMC Networks had a successful 2025. We used our unique strengths and advantages to drive the company forward in a time of change. This year, we strengthened our balance sheet and achieved a meaningful and inflection point in our business. Streaming is now our largest single source of domestic revenue. This is a validation of our strategy and an important milestone in our business transformation. We generated $272,000,000 in free cash flow, a key priority for us, well ahead of our previously increased forecast. We expect that 2026 will represent another solid year on this front and anticipate free cash flow of at least $200,000,000 for the full year. Our streaming strategy is simple and distinct. We offer fans of specific genres unmatched curation and depth through our targeted services. We window content efficiently, keep prices low, and deliver clear value to our subscribers and wholesale partners, through which we reach the vast majority of our viewers. We also operate all our services through unified technology that delivers an excellent viewing experience efficiently and with predictable costs. In November, we launched our newest targeted streaming service called AllReality, bringing viewers the best in unscripted content, including our most popular reality franchises. It is currently available through Amazon Prime Video and Roku, with more platforms coming soon. At last month’s Sundance Film Festival, we relaunched Sundance Now as the definitive streaming home for independent film. The service features more than a thousand hours of distinguished programming, sourced from our independent film company, RLJE Films, and Shudder. Building on decades of expertise and credibility, Sundance Now gives fans a window into the world’s most important film festivals and access to the most acclaimed titles. Our anime service, HIDIVE, has achieved strong growth since we…

Star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press 11 again. Please stand by while we compile the Q&A roster. One moment for our first question. Our first question comes from the line of Steven Cahall from Wells Fargo.

Your line is open.

Yes, thanks. Good evening.

Wanted to kick off with an advertising question. It was a little worse in 2025 than it was in 2024. It came in a little below your expectations. So can you just help us think a little more about what is within the low double-digit guidance for 2026, the puts and takes. I know you have done a lot of work on the dynamic side of things, so would love to frame your confidence in that outlook. And then The Walking Dead rights coming back is pretty exciting for the company. Just wondering when you start to think about having conversations in the market about what that could be worth and kind of what those bids look like. When we look at this, it could be a $150,000,000 opportunity. It could be two times that or even bigger. So just trying to sort of frame expectations for what can happen to those rights as we get towards the end of the year. Thank you.

Hi, Steven. It is Kristin. We will miss Patrick too. I am going to answer The Walking Dead, then I will let Kim speak to advertising. We have had a great relationship with Netflix for well over a decade since 2011 in carriage of The Walking Dead. The rights come back to us as we said. It is a consistent top performer on streaming. And as you noted, the rights are very valuable. I cannot say a lot right now, but we are in conversation now preparing for the rights coming back and for finding a home for them in the future. There is more to report. We are just not ready to speak about it now, but we are in conversations, and we are very optimistic about the value of the content and our opportunity to monetize it going forward.

Hi, Steve. On your advertising question, I think the whole industry saw what we saw at the top half of 2025. We saw a huge influx of digital inventory hit the marketplace driven by the shifting viewership. And I think that drove down pricing, and we saw a lot of impact across the board for that. We reacted as quickly as we could and went into the upfront with a very streaming-first approach that I think we started seeing the impact from with the tides turning for us in Q3 and then continued momentum into Q4 with improvements. It really reflected the team’s successful upfront strategy that we look to take into 2026. We are growing in all the most important areas: streaming, FAST, AVOD, and really looking to mitigate losses on the linear side.

Thank you. Thanks for the question, Steve. Operator, we will go to the next question. Our next question will come from the line of David Carl Joyce from Seaport Research Partners. Your line is open.

Thank you.

Another kind of advertising question. Granted you still have the linear challenges there, but how should we think about the ad contribution from the streaming side and from FAST channels? Just wondering, are advertisers buying across all those platforms, or are they kind of picking and choosing? Patrick O’Connell: David, it is Patrick. I will take a first crack at it, and Kim can add some color commentary. Listen, digital advertising is a meaningful portion of our business. It was a big part of the strength in the fourth quarter. Obviously, we are subject to some of the vicissitudes in the marketplace, which we saw top half of 2025. But as Kim mentioned, tactically, we are able to move quickly. Scatter was pretty strong in Q4. We demonstrated that we could build brand sponsorships around certain events, including Best Christmas Ever, etcetera. Frankly, the industry broadly was challenged in 2025. So we are really nimble. We are really fast. The digital business has now reversed fields. That is a nice growth area for us. It is not a majority of the revenue, but it is a substantial portion of our revenue. And so we feel good about continuing to grow that to offset the obvious linear headwinds.

The only thing I would add, David, is our viewership across our digital distribution continues to grow, and we have activated DAI across all of that. So it is a very seamless transaction for the advertiser, and that has been well met in the marketplace.

Thank you. One moment for our next question. And as a reminder, to ask a question, that is star 11. Our next question will come from the line of Thomas L. Yeh from Morgan Stanley. Your line is open.

Thanks so much. Patrick, you mentioned subscriber universe decline seeing an encouraging trend. I think there is also a slew of new skinny bundles that are getting launched that might possibly cause some fragmentation as well in terms of which networks get carried or not. Can you maybe just talk about your positioning there and how you see that shaking out relative to your view about the broader affiliate revenue outlook that you laid out? And then on cash spend on content, noticed it declined a decent amount this year, possibly due to timing. Within the framework of your guide for EBITDA and free cash flow for next year, can you maybe just help us think through what you are thinking there from a cash spend perspective? Thanks. Patrick O’Connell: Sure. Hey, Thomas. So on the first, in terms of affiliate revenue, obviously, we are encouraged by some of the green shoots that we see across the broader landscape. It plays very well into AMC’s partner-centric model, whereby we are cutting deals with Charter and, frankly, others on innovative ways to avail a broader universe of broadband subscribers to either pay TV on the traditional format or via apps of our ad-supported AMC+. And it is nice to see other large MSOs, MVPD providers, seemingly following in Charter’s footsteps. We think that is an encouraging sign. As it relates to skinny bundles and whatnot, we have been extraordinarily successful in continuing to renew our affiliate agreements with full carriage across all of our channels. We continue to represent an incredibly strong value proposition for those distributors and, by extension, their viewers as well. So I think in that regard, the proof is in the pudding, and obviously we are hopeful that these trends will continue. And so we feel very good about those affiliate relationships. Secondly, in terms of cash content spend, it was down slightly from 2024 levels. But we continue to invest extraordinarily heavily in premium programming. That is our signature. That is our focus. And that is the mandate that we have from the Board and our Chairman to continue to invest in that manner and at those levels, and at the same time produce healthy levels of free cash flow. So we think we are doing both of those things at the same time. As we roll forward into 2026, I would expect that from both a P&L perspective and a cash perspective, those levels are going to remain fairly constant, meaning we are going to continue to invest heavily in that programming. I do not know, Dan, if you want to comment any further.

I think that is right. I think it is the most important and meaningful thing that we do. The one thing I would say is we have an extremely strong production team that takes advantage of tax incentives around the world, shooting in locations that get us the real bang for our buck, if you will. We are very savvy about how we deliver the tentpole series that we deliver on the cash that we have. That has been a real great situation in 2025, and we expect to continue that in 2026.

And I will just finish up by saying that the caliber of the slate in 2025 and what we have planned for 2026 continues to either meet or outperform our expectations. So series like the 49ers that we spoke about. We had a Dark Winds premiere here in LA last night. It was amazing. So we are putting a really good slate out on AMC, but also on our streaming service as well. We are not just being efficient. We are still producing the content that built the reputation that we have to this day. So we are excited about what we have.

Gotcha. Thanks so much for the color.

Thank you. And with that, this concludes the question and answer session. I will now turn it back over to Nick for closing remarks.

Thank you for joining us today. We look forward to having a dialogue, and thank you for your interest in AMC Networks Inc.

Thank you for your participation in today’s conference. This does conclude the program. You may now disconnect. Everyone, have a great day.