Marcus : Investor Presentation March 2024

INVESTOR PRESENTATION

MARCH 2024

Forward Looking Statement

Certain matters discussed in this presentation are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may generally be identified as such because the context of such statements include words such as we "believe," "anticipate," "expect" or words of similar import. Similarly, statements that describe our future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties which may cause results to differ materially from those expected, including, but not limited to, the following: (1) the adverse effects the COVID-19 pandemic, or future pandemics, may have on our theatre and hotels and resorts businesses, results of operations, liquidity, cash flows, financial condition, access to credit markets and ability to service our existing and future indebtedness; (2) the availability, in terms of both quantity and audience appeal, of motion pictures for our theatre division (including disruptions in the production of films due to events such as a strike by actors, writers or directors or future pandemics); (3) the effects of theatre industry dynamics such as the maintenance of a suitable window between the date such motion pictures are released in theatres and the date they are released to other distribution channels; (4) the effects of adverse economic conditions in our markets; (5) the effects of adverse economic conditions on our ability to obtain financing on reasonable and acceptable terms, if at all; (6) the effects on our occupancy and room rates caused by the relative industry supply of available rooms at comparable lodging facilities in our markets; (7) the effects of competitive conditions in our markets; (8) our ability to achieve expected benefits and performance from our strategic initiatives and acquisitions; (9) the effects of increasing depreciation expenses, reduced operating profits during major property renovations, impairment losses, and preopening and start-up costs due to the capital intensive nature of our business; (10) the effects of changes in the availability of and cost of labor and other supplies essential to the operation of our business; (11) the effects of weather conditions, particularly during the winter in the Midwest and in our other markets; (12) our ability to identify properties to acquire, develop and/or manage and the continuing availability of funds for such development; (13) the adverse impact on business and consumer spending on travel, leisure and entertainment resulting from terrorist attacks in the United States, other incidents of violence in public venues such as hotels and movie theatres or epidemics; and (14) a disruption in our business and reputational and economic risks associated with civil securities claims brought by shareholders. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Our forward-looking statements are based upon our assumptions, which are based upon currently available information. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward- looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this presentation and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

2

Non-GAAP Financial Measures

Adjusted EBITDA has been presented in this presentation as a supplemental measure of financial performance that is not required by, or presented in accordance with, GAAP. The company defines Adjusted EBITDA as net earnings (loss) attributable to The Marcus Corporation before investment income or loss, interest expense, other expense, gain or loss on disposition of property, equipment and other assets, equity earnings or losses from unconsolidated joint ventures, net earnings or losses attributable to noncontrolling interests, income taxes, depreciation and amortization and non-cashshare-based compensation expense, adjusted to eliminate the impact of certain items that the company does not consider indicative of its core operating performance. A reconciliation of this measure to the equivalent measure under GAAP, along with reconciliations of this measure for each of our operating segments, are set forth in the attached table.

Adjusted EBITDA is a key measure used by management and the company's board of directors to assess the company's financial performance and enterprise value. The company believes that Adjusted EBITDA is a useful measure, as it eliminates certain expenses and gains that are not indicative of the company's core operating performance and facilitates a comparison of the company's core operating performance on a consistent basis from period to period. The company also uses Adjusted EBITDA as a basis to determine certain annual cash bonuses and long-term incentive awards, to supplement GAAP measures of performance to evaluate the effectiveness of its business strategies, to make budgeting decisions, and to compare its performance against that of other peer companies using similar measures. Adjusted EBITDA is also used by analysts, investors and other interested parties as a performance measure to evaluate industry competitors.

Adjusted EBITDA is a non-GAAP measure of the company's financial performance and should not be considered as an alternative to net earnings (loss) as a measure of financial performance, or any other performance measure derived in accordance with GAAP and it should not be construed as an inference that the company's future results will be unaffected by unusual or non-recurring items. Additionally, Adjusted EBITDA is not intended to be a measure of liquidity or free cash flow for management's discretionary use. In addition, this non-GAAP measure excludes certain non-recurring and other charges and has its limitations as an analytical tool. You should not consider Adjusted EBITDA in isolation or as a substitute for analysis of the company's results as reported under GAAP. In evaluating Adjusted EBITDA, you should be aware that in the future the company will incur expenses that are the same as or similar to some of the items eliminated in the adjustments made to determine Adjusted EBITDA, such as acquisition expenses, preopening expenses, accelerated depreciation, impairment charges and other adjustments. The company's presentation of Adjusted EBITDA should not be construed to imply that the company's future results will be unaffected by any such adjustments. Definitions and calculations of Adjusted EBITDA differ among companies in our industries, and therefore Adjusted EBITDA disclosed by the company may not be comparable to the measures disclosed by other companies.

3

A Leader in Lodging and Entertainment

Foundedin1935andheadquarteredinMilwaukee,Wisconsin

• Fourth largest U.S. exhibitor
• 993 screens at 79 locations in 17 states
• Portfolio of 16 distinctive properties
• Manage ~4,600 rooms in eight states

Fiscal 2023 by Division

37%		33%	30%
	Revenues*	Operating	Adjusted
	Income	EBITDA

63%

67%70%

4	* Revenues exclude Corporate of 0.1%

Company Overview

FY 2023

Revenues:

$729.6M

Market Cap:

~$456.2M

(as of 3/13/2024)

FY 2023 Adjusted

EBITDA:

$108.7M(1)

FY 2023 Adj.

EBITDA Margin:

15.7%(1)

Since

1993

1. Adjusted EBITDA is a Non-GAAP measurement equal to operating income plus depreciation and amortization, impairment charges, non-cashshare-based compensation and certain non-recurring

5 expenses. Adjusted EBITDA Margin excludes revenue from cost reimbursements. Refer to non-GAAP reconciliation in the appendix for further information.

Diversified business

platform

Outperform respective markets and industries

Investment

Thesis

Consistent

Focused and disciplined growth strategy

Strong balance sheet with significant liquidity

Significant real estate assets

Long-term track record of success

shareholder returns

6

Strong, Stable Senior Management Team

Gregory S. Marcus

Thomas F. Kissinger

Chad Paris

Mark A. Gramz

Michael R. Evans

Kim M. Lueck

Steve V. Martin

Chairman,

Senior Executive Vice

Chief Financial Officer &

President, Marcus

President, Marcus

Chief Information

Chief Human

President and Chief

President, General

Treasurer

Theatres Corporation

Hotels & Resorts

Officer

Resources Officer

Executive Officer

Counsel and Secretary

Joined October 2021

Joined April 1971

Joined January 2020

Joined February 1997

Joined April 2000

Joined March 1992

Joined August 1993

7

Significant Improvement Over Prior Year

Revenues

(in millions)

Operating Income	Net Earnings (Loss)	Adjusted EBITDA(1)
(in millions)	(in millions)	(in millions)

$800		$677.4	$729.6
$700
$600
$500
$400
$300
$200	$162.9	$161.5
$100
$0
Q4 2022 Q4 2023 Fiscal	Fiscal
		2022	2023

$40 $35 $30 $25 $20 $15 $10 $5 $0 -$5

$33.9

	$8.3
$1.2
Q4 2022 Q4 2023	Fiscal	Fiscal
$(2.7)	2022	2023

$20

$15

$10

$5

$0

-$5

-$10

-$15

			$120
		$14.8	$100
			$80
			$60
			$40
Q4 2022 Q4 2023	Fiscal	Fiscal	$20
$(1.4)	2022	2023
			$0

$(9.3)

$(12.0)

$108.7

$85.1

$16.6 $18.2

Q4 2022 Q4 2023 Fiscal Fiscal

2022 2023

8	(1) See appendix for non-GAAP reconciliation.

88-Year History of Prudent Balance Sheet and Liquidity Management

• Approach has been and will remain thoughtful, opportunistic and focused long-term
• • Match our debt portfolio to our asset base
  • Assets primarily of fixed and long-lived assets
  • Strive to have a significant portion of our debt portfolio fixed and long

9

Strong Balance Sheet and Access to Capital

• Historically strong and consistent cash flow
• • $102.6 million of net cash flow from operations in fiscal year 2023
• $276.2 million in cash and revolving credit availability (as of 12/28/2023)
• New $225 million five-year revolving credit facility maturing in October 2028
• Significant liquidity and financial flexibility to invest in our long-term future growth

Debt Ratios

50%	Debt/Capitalization %	Net Debt to Adjusted EBITDA Ratio	10
							9
40%			37%	37%			8
	33%						7
30%		26%		7.0	28%	27%	6
							5
20%							4
							3
10%							2
	1.5				1.9		1
	1.3				1.2
0%							0
	12/27/2018	12/26/2019	12/31/2020	12/30/2021	12/29/2022	12/28/2023

10	Note: Adjusted EBITDA is a non-GAAP measurement equal to operating income plus depreciation/amortization, impairment charges and certain nonrecurring expenses. Net debt is a non-GAAP
measurement equal to short-term borrowings plus long-term debt net of debt issuance costs, minus cash and cash equivalents. Refer to non-GAAPreconciliation in the appendix for further information.