イーストマン・コダック（KODK）2026年第3四半期決算説明会：AMCの成長が増収増益を牽引

主要ポイント

• イーストマン・コダックが発表した2026年第3四半期の売上高は前年同期比3%増の2億7600万ドルとなり、粗利益は7%増の7300万ドルに増加しました。
• GAAPに基づく純利益は62%増の2100万ドルとなりました。オペレーショナルEBITDAは、前年同期の2900万ドルから3100万ドルに増加しました。
• 高度材料・化学品部門が引き続き主な成長ドライバーとなりました。同部門の売上高は21%増の9900万ドルとなり、売上高全体の36%を占めました。
• 印刷部門の売上高は、原材料価格と調達環境、デジタル化による代替、価格競争の激化、欧州での課題を反映し、7%減の1億6500万ドルとなりました。
• コダックは当四半期中に2700万ドルのキャッシュを創出し、2026年9月30日時点の無制限キャッシュは3億1700万ドル、ネットキャッシュポジションは2億700万ドルとなりました。
• 経営陣は、継続的なキャッシュ創出と収益性の高い成長に焦点を当てつつ、高度材料・化学品部門およびターゲットを絞った印刷機会への投資を継続すると述べました。

主要財務データ

2026年最初の9か月間の売上高は9%増の8億5200万ドルとなりました。粗利益は28%増の2億1200万ドルとなり、売上総利益率は前年同期の21%から25%に上昇しました。コダックはGAAP純利益2200万ドル（前年同期は2000万ドルの純損失）を記録し、オペレーショナルEBITDAは4200万ドル増の8200万ドルとなりました。

事業および営業業績

高度材料・化学品部門

高度材料・化学品部門は、第3四半期売上高の約3分の1、オペレーショナルEBITDAの過半数を占めました。この成長は、部門全体での販売数量と収益性の強化を反映しています。

コダックはフィルムの直接配送の拡大を継続し、映画用フィルムの継続的な成長を報告しました。医薬品分野では、「Kodak Pharmaceutical」ウェブストアを開設して生理食塩水製品を追加したほか、より複雑で収益性の高い製品に対するクラス2認証の取得に向けた取り組みを継続しました。

同社は電極コーティング能力にも投資しており、パイロットコーティング施設を活用してバッテリー関連顧客の新技術の拡大を支援しています。

印刷部門

印刷部門の売上高は前年同期比で1200万ドル減少しました。経営陣は、この減少の要因として原材料価格の上昇、供給の状況、デジタル代替、価格競争、欧州における不安定な競争環境を挙げています。

コダックは、特定の市場（特に米国）で同事業が成長を続けており、引き続き印刷分野に注力すると述べました。また、経営陣はインプリンティングシステムがデジタル事業に大きく貢献すると見込んでいます。

貸借対照表とキャッシュ

コダックによると、流動性は前年同期比でほぼ倍増した一方、負債は約4億ドル減少しました。直近12か月間のオペレーショナルEBITDAは2倍以上の1億400万ドルに増加しました。

無制限キャッシュは2025年年末から2000万ドル減少しました。これは主に、1億100万ドルの必要なタームローン返済と1800万ドルの設備投資によるものです。これらの資金流出は、償還されたKRIP投資資産からの収入9300万ドルおよび営業収益性の向上によって一部相殺されました。

リスクと注目点

• 印刷部門は引き続き、デジタル代替、原材料価格と調達環境、価格競争の圧力、欧州市場での課題といったリスクに晒されています。
• コモディティコストの上昇および高度材料・化学品部門の製造コスト増加が、営業利益の一部を相殺しました。
• 銀やアルミニウムのコスト上昇により、在庫関連の必要資金が増加しました。
• 販売管理費（SG&A）は、主に株式報酬の増加と従業員給付引当金の変動により増加しました。

決算説明会トランスクリプト全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Good day, and welcome to the Eastman Kodak Third Quarter 2026 Earnings Call. [Operator Instructions].

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, Denisse Goldbarg. Please go ahead.

Denisse Goldbarg

Thank you, and good afternoon, everyone. I am Denisse Goldbarg, Head of Investor Relations for Eastman Kodak Company. Welcome to Kodak's Third Quarter 2026 Earnings Call. At 4:15 this afternoon, Kodak filed its Form 10-Q and issued its release on financial results for the third quarter of 2026. You may access the presentation and other materials and the webcast for today's call on our investor center at investor.kodak.com.

During today's conference call, we will be making certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. We intend for these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Investors are cautioned not to unduly rely on forward-looking statements and such statements should not be read or understood as a guarantee of future performance or results. All forward-looking statements are based upon Kodak's expectations and various assumptions. Future events or results may differ from those anticipated or expressed in the forward-looking statements.

Important factors that could cause actual events or results to differ materially from these forward-looking statements include, among others, the risks, uncertainties and other factors described in more detail in Kodak's filings with the U.S. Securities and Exchange Commission from time to time. All forward-looking statements attributable to Kodak or persons acting on its behalf only apply as of the date of this presentation and are expressly qualified in their entirety by the cautionary statements included or referenced in this presentation. Kodak undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances that may arise after the date made or to reflect the occurrence of unanticipated events.

In addition, the release just issued and the presentation provided contains certain measures that are deemed non-GAAP measures. Reconciliations to the most directly comparable GAAP measures have been provided with the release and within the presentation on our website in our Investor Center at investor.kodak.com.

Speakers on today's call are Jim Continenza, Kodak's Executive Chairman and Chief Executive Officer; and David Bullwinkle, Kodak's Chief Financial Officer and Senior Vice President. We will not be holding a formal Q&A during today's call. As always, the Investor Relations team is available for follow-up.

I will now turn the call over to Jim. Thank you, and have a great day.

James Continenza

Welcome, everyone, and thank you for joining the Third Quarter 2026 Investor Call for Eastman Kodak. Kodak continues to deliver strong performance. We continue to execute our long-term plan, delivering year-over-year improvements in key metrics, including revenue, gross profit and operational EBITDA.

Let me give you some highlights for the third quarter 2026. Consolidated revenues of $276 million compared with $269 million for quarter 3 2025, an increase of $7 million or 3%. The gross profit of $73 million compared with $68 million for third quarter 2025, an increase of $5 million or 7%. One of our key metrics, operational EBITDA of $31 million compared with $29 million for third quarter 2025, an increase of $2 million. And extremely important, we generated $27 million of cash in third quarter 2026.

Moving on to Advanced Materials and Chemicals, AMC, as we like to refer. AMC, as planned, has become the company's growth engine. We've invested heavily in AMC over the last several years, and we're starting to see returns for those investments. Advanced Materials & Chemicals, revenue of $99 million compared with $82 million for third quarter 2025, an increase of $17 million or 21%. Today, the business accounts for approximately 1/3 of our revenue and approximately more than half of our operational EBITDA. It's a big turnaround and a great investment and have done an outstanding job of operating that business.

Some highlights, still film. We now offer a wide range of Kodak film sold directly to distributors, which have sold well as expected. We continue to see growth in motion picture film. Film continues to be the capture medium of choice for major features, including recently released Sense and Sensibility and Digger starring Tom Cruise, shot on Kodak film in VistaVision format.

Pharma announced the launch of our Kodak Pharmaceutical webstore and the addition of a new saline product. We continue to work towards obtaining Class 2 certification, to manufacturing more complex, higher-margin products. Battery coating, investing in capacity to coat electrodes at a large scale using the pilot coating facility to help customers scale to new technologies.

Moving on to highlight commercial print business. Print revenues were $165 million compared with $177 million in third quarter 2025, a decrease of $12 million or 7%. The decline is primarily due to challenges from higher prices and availability of raw materials. Digital substitution, competitive pricing pressure, and an uneven playing field in Europe. As we continue to focus on more profitable businesses, the print business is performing as expected. We've experienced growth in other parts of the world and particularly in the United States. It has delivered solid performance year-over-year year-to-date. We remain committed to the print business. We stated before, we'll say it again, it's our intent to be the last manufacturer standing in place in our digital business, we expect our imprinting systems business to make significant contributions.

Now let me turn it over to Dave for the third quarter financial results.

David Bullwinkle

Thanks, Jim, and welcome to the call, everybody. Thank you for joining us today. This afternoon, the company filed its Form 10-Q for the quarter ended September 30, 2026. As I have done consistently, I encourage you to review the filing in its entirety along with today's earnings release, which provides additional detail on the results and metrics discussed during this call.

Let's begin with the financial highlights for the third quarter of 2026. Our revenue was $276 million, up $7 million or 3% driven by strong growth in Advanced Materials & Chemicals. AMC contributed 36% of the company's revenue for the quarter, up from 30% in the prior year quarter. Our gross profit increased $5 million or 7% to $73 million, driven by improved pricing and product mix and higher volumes in Advanced Materials & Chemicals and brand, partially offset by lower print volumes and increased manufacturing costs.

Our gross profit percentage was 26% compared with 25% in the prior year quarter. Our GAAP net income increased $8 million or 62% to $21 million driven by lower interest expense resulting from the significant reduction in our term loan debt over the past 12 months, operational improvements resulting in higher gross profit, partially offset by higher SG&A costs primarily related to increased equity compensation and changes in employee benefit accruals. Our operational EBITDA increased $2 million to $31 million, driven by profitability improvements and higher volumes in Advanced Materials & Chemicals, which more than offset higher commodity and SG&A costs.

Moving on to our year-to-date results for the first 9 months of 2026. We reported revenue of $852 million, up $73 million or 9% from the prior year period. Currency fluctuations had a $5 million favorable impact on revenue. Revenue reflects growth in all of our segments, led by 21% growth in the AMC segment. Our gross profit increased $47 million or 28% to $212 million primarily driven by improved pricing and product mix, higher volumes and lower print manufacturing costs, partially offset by higher commodity costs and increased manufacturing costs for Advanced Materials & Chemicals.

Our gross profit percentage was 25% compared with 21% in the prior year period. That is a 4 percentage point improvement versus 2025 or approximately 19% improvement in gross profit margin. Year-to-date, GAAP net income was $22 million compared with a $20 million GAAP net loss in the prior year period, an improvement of $42 million. This was primarily driven by higher operating earnings, lower interest expense from the term loan debt reduction and lower other charges net due to the absence of asset impairment charges, partially offset by lower noncash pension income following the KRIP pension plan termination. The company's operational EBITDA increased by $42 million to $82 million, primarily driven by the significant improvement in gross profit through the company's smart revenue approach which again more than offset higher SG&A expenses.

The results for the third quarter and first 9 months of 2026 reflect the return on investments we have been making over the past several years to improve the company's operations and infrastructure. Jim has described many of our operational improvements. As an example of the impact of our infrastructure improvements, we have gained efficiencies in our reporting processes through more automation and centralization, allowing us to take a week out of our reporting time line, which means quicker and better decision-making. We will continue our efforts to improve the functions supporting our operations.

To further illustrate the impacts of the team's efforts over the last several years, I would also like to call your attention to our Capital Management Scorecard, which we have provided on the Investor Center as part of our Q3 earnings information. The metrics provided are intended to illustrate the significant improvement in the health of both our balance sheet and our operations. Each metric presented shows impressive improvement on a year-over-year basis. For example, our liquidity has almost doubled compared with this time in 2025. At the same time, we have shrunk debt levels by approximately $400 million.

On top of the strength of the balance sheet, our operational EBITDA has more than doubled over the trailing 12 months to $104 million and the company's free cash flow has improved, which provides us with the opportunity to continue to invest in growth, as Jim has highlighted.

I'll close with a brief update on our cash and liquidity position as of September 30, 2026. We ended the third quarter with $317 million of unrestricted cash up $27 million from June 30, 2026 driven primarily by improved operating profitability. Cash decreased by $20 million from year-end 2025. However, this decline primarily reflects required term loan repayments of $101 million made during 2026 and $18 million in capital expenditures, partially offset by $93 million in cash proceeds received from the redemption of KRIP investment assets and cash used from an increase in inventories driven by silver and aluminum cost increases.

Restricted cash, supporting both our undiscounted actuarial workers' compensation obligations with the New York State Workers' Compensation Board and our letter of credit facility agreement decreased by $14 million from year-end 2025, primarily due to lower cash collateral requirements. These reductions were created in part by the strengthening of Kodak's balance sheet and the reduction of our term loan debt. We continue to pursue opportunities to further reduce restrictions on cash.

Last, our net cash position increased by $79 million to $207 million as of September 30, 2026, compared with $128 million at year-end 2025, reflecting the company's reduction of debt. We are very comfortable with our debt levels and the ability of the company to generate cash as we continue to execute on our long-term plan.

Thank you for your time. I will now turn the call back over to Jim.

James Continenza

Thank you, Dave. Let me just give a summary again on the third quarter 2026, right? As we highlighted earlier, Kodak generated $27 million for the quarter in cash. Our consolidated revenues were up 3% year-over-year. Our gross profit was up 7% year-over-year. Operational EBITDA of $2 million. Our 3 core businesses continue to contribute to our growth in Advanced Materials & Chemicals, print and brand licensing.

In summary, Kodak has built a stable, growing business and continue to deliver strong year-over-year performance and improvements. In these challenging times, we are continuing to generate cash, which strengthens our balance sheet and is an indicator of our operational strength. We continue to invest in AMC, and it is emerging as a growth engine as we have indicated it would. We will continue to look at ways to accelerate profitable growth. We continue to invest in print, which continues to perform in targeted areas globally. Our goal achieved consistent cash generation, deliver on our long-term plan, continue to create shareholder value, care for our employees and always put the customer first.

I'd like to thank all of our employees, our customers, and our investors and shareholders and directors for all their support. Thank you very much, and have a good night.

Operator

This concludes today's conference call. Thank you all for participating. You may now disconnect.