Lions Gate Entertainment : Title Fiscal 2023 Q4 Earnings Press Release

LIONSGATE REPORTS RESULTS FOR FOURTH QUARTER FISCAL

2023

Fourth Quarter Revenue of $1.1 Billion was Up 17% Year-over-Year; Operating Loss was $49.6 Million; Net Loss Attributable to Lionsgate Shareholders was $96.8 Million or $0.42 Diluted Net Loss Per Share

Adjusted OIBDA of $138.0 Million was Up 67% Year-over-Year

Film & Television Library Revenue was a Record $884 Million for Trailing

Twelve Months

Adjusted Net Income Attributable to Lionsgate Shareholders was $49.2

Million or $0.21 Adjusted Diluted Earnings Per Share

STARZ Reported Strong Subscriber Growth with a Gain of 700,000 Domestic

OTT Subscribers Sequentially

SANTA MONICA, CA, and VANCOUVER, BC, May 25, 2023 - Lionsgate (NYSE: LGF.A, LGF.B) today reported fourth quarter (quarter ended March 31, 2023) revenue of $1.1 billion, operating loss of $49.6 million and net loss attributable to Lionsgate shareholders of $96.8 million or $0.42 diluted net loss per share on 229.2 million diluted weighted average common shares outstanding. Adjusted net income attributable to Lionsgate shareholders in the quarter was $49.2 million or $0.21 adjusted diluted net earnings per share on 233.2 million diluted weighted average common shares outstanding, with Adjusted OIBDA of $138.0 million.

Full year fiscal 2023 (fiscal year ended March 31, 2023) revenue was $3.85 billion, operating loss was $1.86 billion, and net loss attributable to Lionsgate shareholders was $2.01 billion, or a $8.82 diluted net loss per share on 227.9 million diluted weighted average common shares outstanding. Adjusted net income attributable to Lionsgate shareholders was $8.8 million or adjusted diluted EPS of $0.04 and Adjusted OIBDA was $358.1 million for fiscal 2023.

"I'm pleased to report that we ended the fiscal year with another strong quarter," said Lionsgate CEO Jon Feltheimer. "Our content businesses performed well, our library again achieved record trailing 12-month revenue, and STARZ continues to be profitable while growing subscribers and executing successfully on its bundling and packaging strategy. We enter Fiscal 24 with strong earnings momentum and all the elements in place for strong growth."

Revenue from Lionsgate's 18,000-title film and television library increased to a record $884 million for the trailing 12 months. Lionsgate ended the quarter with $272 million in available cash and an undrawn revolving credit facility of $1.25 billion. During the quarter, the Company purchased $58 million of its bonds for $39 million, a $19 million reduction in its net debt. After

the quarter, the Company purchased an additional $85 million of its bonds for $61 million, a further $24 million reduction in its net debt.

Studio backlog from the Motion Picture and Television Production segments was $1.5 billion at March 31, 2023.

Fourth Quarter Results

Segment Results

Media Networks segment revenue grew 2.3% to $389.0 million compared to $380.2 million in the prior year quarter. Segment revenue reflected growth in domestic streaming revenue and LIONSGATE+ revenue partially offset by lower domestic linear revenue. Segment profit grew over 100% to $73.3 million compared to segment profit of $33.0 million in the prior year quarter, driven by growth in LIONSGATE+ revenue, lower distribution and marketing expenses, and lower content expenses at LIONSGATE+ associated with international market closures. Total global OTT subscribers increased by 1.3 million in the sequential quarter on a pro forma basis (i.e. excluding subscribers in territories exited or to be exited), including growth of 700K domestic OTT subscribers, and total global subscribers increased by 1.0 million in the sequential quarter, including STARZPLAY Arabia, a non-consolidated equity method investee.

During the quarter, as part of the previously announced assessment and curation of the Media Networks cost structure and content strategy, the Company recognized an $85.5 million restructuring charge for content impairment in the LIONSGATE+ territories.

The Studio Business, comprised of the Motion Picture and Television Production segments, reported revenue of $823.6 million, an increase of 25% from $658.3 million in the prior year quarter. Segment profit of $122.6 million increased by 48% from $82.6 million in the prior year quarter. The year-over-yearincrease in revenue and segment profit was driven primarily by the strength of the theatrical slate, multi-platformreleases and record library revenue.

Motion Picture segment revenue increased by 85% to $532.1 million compared to $288.1 million in the prior year quarter. Segment profit increased by 89% to $93.8 million compared to $49.5 million in the prior year quarter. Motion Picture revenue and segment profit growth were driven by the theatrical releases of the hit films John Wick: Chapter Four, Jesus Revolution and Plane in the quarter.

Television Production segment revenue decreased to $291.5 million compared to $370.2 million in the prior year quarter. Segment profit decreased to $28.8 million compared to $33.1 million in the prior year quarter. The revenue and segment profit decreases were driven by the timing and mix of content deliveries relative to strong segment results in the prior year quarter.

Lionsgate senior management will hold its analyst and investor conference call to discuss its fiscal 2023 fourth quarter results today, May 25th, at 5:00 PM ET/2:00 PM PT. Interested parties may listen to the live webcast by visiting the events page on the Lionsgate Investor Relations websiteor via the following link. A full replay will become available this evening by clicking the same link.

About Lionsgate

Lionsgate (NYSE: LGF.A, LGF.B) encompasses world-class motion picture and television studio operations aligned with the STARZ premium global subscription platform to bring a unique and

varied portfolio of entertainment to consumers around the world. The Company's film, television, subscription and location-based entertainment businesses are backed by a 18,000-title library and a valuable collection of iconic film and television franchises. A digital age company driven by its entrepreneurial culture and commitment to innovation, the Lionsgate brand is synonymous with bold, original, relatable entertainment for audiences worldwide.

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For further information, investors should contact:

Nilay Shah

310-255-3651nshah@lionsgate.com

For media inquiries, please contact:

Peter Wilkes

310-255-3726pwilkes@lionsgate.com

The matters discussed in this press release include forward-looking statements, including those regarding the performance of future fiscal years. 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: changes in our business strategy including the plan to potentially spin-off our studio business; the substantial investment of capital required to produce and market films and television series; budget overruns; limitations imposed by our credit facilities and notes; unpredictability of the commercial success of our motion pictures and television programming; risks related to acquisition and integration of acquired businesses;

the effects of dispositions of businesses or assets, including individual films or libraries; the cost of defending our intellectual property; technological changes and other trends affecting the entertainment industry; potential adverse reactions or changes to business or employee relationships; the impact of global pandemics, such as COVID-19 on the Company's business; weakness in the global economy and financial markets, including a recession and bank failures; wars, such as Russia's invasion of Ukraine, terrorism, labor disruptions or strikes, such as the impact of the ongoing Writers Guild strike and/or potential strikes from the Directors Guild or Screen Actors Guild, and international conflicts that could cause significant economic disruption and political and social instability; and the other risk factors set forth in Lionsgate's Form 10-K filed with the Securities and Exchange Commission on May 25, 2023. 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.

Additional Information Available on Website

The information in this press release should be read in conjunction with the financial statements and footnotes contained in the Company's Annual Report or Form 10-K for the year ended March 31, 2023, which will be posted on the Company's website

athttp://investors.lionsgate.com/financial-reports/sec-filings, when filed with the Securities and Exchange Commission. Trending schedules containing certain financial information will also be available athttps://investors.lionsgate.com/financial-reports/quarterly-results/2023.

LIONS GATE ENTERTAINMENT CORP.

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