NYSE: FUN

DESCRIPTION OF THE PARKS

ParkYear

Developed/AcquiredLocationDesignated Operating Area and Rank*

Cedar Point

Cedar Point Shores
(1)1870Sandusky, OhioCleveland (37)

Detroit (14)

Valleyfair1978Shakopee, MinnesotaMinneapolis-St. Paul (15)

Dorney Park1992Allentown, PennsylvaniaPhiladelphia (9)

New York (1)

Worlds of Fun(2)1995Kansas City, MissouriKansas City (35)

Knott's Berry Farm

Knott's Berry Farm Soak City
(3)1997Buena Park, CaliforniaLos Angeles (2)

Michigan's Adventure2001Muskegon, MichiganGrand Rapids (69)

California's Great America(4)2006Santa Clara, CaliforniaSan Jose (39)

San Francisco (6)Sacramento (30)

Canada's Wonderland2006Vaughan, Ontario, CanadaN/A

Carowinds(5)2006Charlotte, N. Carolina and Fort Mill, S. CarolinaCharlotte (20)

Greensboro (48)Greenville (53)

Kings Dominion(6)2006Doswell, VirginiaRichmond (52)

Norfolk (46)Baltimore (23)

Washington, D.C. (8)

Kings Island2006Mason, OhioCincinnati (33)

Columbus (36)Louisville (58)

Indianapolis (38)

Schlitterbahn Waterpark and Resort New Braunfels(7)2019New Braunfels, TexasSan Antonio (24)

Austin (27)

Schlitterbahn Waterpark Galveston2019Galveston, TexasHouston (5)

Frontier City

Six Flags Hurricane Harbor Oklahoma City
2024Oklahoma City, OklahomaOklahoma City (49)

La Ronde2024Montreal, Quebec, CanadaN/A

Six Flags Darien Lake(8)2024Corfu, New YorkBuffalo (59)

Six Flags Discovery Kingdom

Six Flags Hurricane Harbor Concord
(9)2024Vallejo, California

Concord, CaliforniaSan Francisco (6)

Sacramento (30)

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ParkYear

Developed/AcquiredLocationDesignated Operating Area and Rank*

Six Flags Fiesta Texas2024San Antonio, TexasSan Antonio (24)

Austin (27)

Six Flags Great Adventure

Six Flags Hurricane Harbor New Jersey

Wild Safari Adventure
(10)2024Jackson, New JerseyNew York City (1)

Philadelphia (9)

Six Flags Great America

Six Flags Hurricane Harbor Chicago
2024Gurnee, IllinoisChicago (3)

Milwaukee (44)

Six Flags Great Escape Resort(11)2024Queensbury, New YorkAlbany (68)

Six Flags Hurricane Harbor Phoenix2024Glendale, ArizonaPhoenix (13)

Six Flags Hurricane Harbor Rockford2024Cherry Valley, IllinoisChicago (3)

Milwaukee (44)

Six Flags Hurricane Harbor Splashtown2024Spring, TexasHouston (5)

Six Flags Magic Mountain

Six Flags Hurricane Harbor Los Angeles
2024Valencia, CaliforniaLos Angeles (2)

Six Flags Mexico

Six Flags Hurricane Harbor Oaxtepec
2024Mexico City, Mexico

Oaxtepec, Morelos, MexicoN/A

Six Flags New England2024Agawam, MassachusettsBoston (10)

Hartford (57)Providence (45)

Six Flags Over Georgia

Six Flags White Water
(12)2024Austell, Georgia

Marietta, GeorgiaAtlanta (7)

Six Flags Over Texas

Six Flags Hurricane Harbor Arlington
(12)2024Arlington, TexasDallas-Fort Worth (4)

Six Flags St. Louis2024Eureka, MissouriSt. Louis (25)

Separately gated water parks are italicized.

* Based on a fall 2025 survey of radio market population with designated market areas published by The Nielsen Company.

(1) Cedar Point also features four hotels, three marinas, an upscale campground, and the nearby Cedar Point Sports Center which features both indoor and outdoor sports facilities. Cedar Point's four hotels include: Hotel Breakers, Castaway Bay Indoor Waterpark Resort, Cedar Point's Express Hotel and Sawmill Creek Resort.

(2) Worlds of Fun also features Worlds of Fun Village, an upscale campground.

(3) Knott's Berry Farm also features the Knott's Hotel.

(4) In June 2022, Former Cedar Fair sold the land at California's Great America. Concurrently with the sale, Cedar Fair entered into a lease contract that allows the Company to operate the park during a six-year term, and the Company has an option to extend the term for an additional five years. The lease is subject to early termination by the buyer with at least two years' prior notice.

(5) Carowinds also features Camp Wilderness Resort, an upscale campground, and a SpringHill Suites by Marriott hotel located adjacent to the park entrance. The SpringHill Suites is a Marriott franchise operated by the Company and is open year-round.

(6) Kings Dominion also features Kings Dominion KOA Campground, an upscale campground.

(7) Schlitterbahn Waterpark & Resort New Braunfels also features The Resorts at Schlitterbahn New Braunfels, which includes hotel rooms, suites, cabins, luxury suites and vacation homes.

(8) Six Flags Darien Lake also features Six Flags Darien Lake Hotel & Campground.

(9) Six Flags Discovery Kingdom also features marine and land animal exhibits.

(10) Six Flags Great Adventure also features Savannah Sunset Resort & Spa, an upscale campground with spa services.

(11) Six Flags Great Escape Resort also features Six Flags Great Escape Lodge & Indoor Water Park.

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(12) Six Flags Over Georgia, including Six Flags White Water Atlanta, and Six Flags Over Texas are not wholly owned (see Note 7 to the accompanying consolidated financial statements). In December 2024, the Company elected to purchase all of the outstanding limited partnership interests in Six Flags Over Georgia and White Water Atlanta, which purchase is expected to be completed in January 2027. In December 2025, the Company elected not to purchase all of the outstanding limited partnership interests in Six Flags Over Texas. Following the expiration of the Company's option in January 2028, Six Flags Over Texas may be sold with the proceeds applied to redeem the outstanding interests. Alternatively, the remaining units could be put by the unitholders to the Company or the agreement may be extended or amended with new terms.

The Company also owns a combination amusement and water park located in Bowie, Maryland. The property closed following the end of the 2025 operating season and is being marketed for redevelopment as part of the Company's ongoing portfolio optimization efforts. The Company has engaged CBRE, a global leader in commercial real estate services and investments, to market the property for sale.

The Company also manages Six Flags Qiddiya City in Saudi Arabia and is working with a third party to develop an adjacent water park, Aquarabia Qiddiya City. The Company receives fees under the agreements during the design and development period for the parks, as well as ongoing remuneration after the parks open to the public as compensation for exclusivity, brand licensing rights, and design, development and management services. The agreements do not require the Company to make any capital investments in the parks.

CAPITAL EXPENDITURES

The Company believes annual park attendance is influenced by annual investments in the parks, including new attractions and infrastructure, among other factors. Capital expenditures are planned on a seasonal basis with most expenditures made prior to the beginning of the peak operating season. Capital expenditures made in a calendar year may differ materially from amounts identified with a particular operating season because of timing considerations such as weather conditions, site preparation requirements and availability of ride components, which may result in accelerated or delayed expenditures around calendar year-end. The properties require continuous maintenance and capital expenditures with an expected required minimum annual maintenance and infrastructure capital expenditure of approximately $125 million to $150 million.

COMPETITION

The Company competes for discretionary spending with all aspects of the recreation industry within its primary market areas, including other destination and regional amusement parks. The Company also competes with other forms of entertainment and recreational activities, including movies, sporting events, restaurants, vacation travel and family entertainment centers.

The principal competitive factors in the amusement park industry include the uniqueness and perceived quality of the rides and attractions in a particular park, proximity to metropolitan areas, the atmosphere and cleanliness of the park, and the quality and variety of the food and immersive entertainment available. The Company's parks feature a variety of high-quality rides, attractions and restaurants with a family atmosphere to make them highly competitive with other parks and forms of entertainment.

Regional amusement parks, particularly during periods of economic weakness, provide an attractive and more affordable alternative to large destination parks that rely on visitors from across the nation and the world and other out-of-home entertainment options. Guests typically travel a shorter distance to the Company's parks than the distance required to travel to a destination park. Furthermore, developing new parks is resource intensive, given a limited supply of real estate appropriate for amusement park development, substantial capital investment requirements, long development lead-time, and zoning restrictions. The Company believes it would take several years to plan and construct a new regional amusement park comparable to the Company's parks.

MARKETING AND PROMOTION

The Company attracts its guests through multichannel marketing and promotional programs at each of the parks, which are designed to increase market penetration. These programs are tailored to the unique characteristics of each market and to maximize the impact of specific park attractions and product introductions. Marketing and promotional programs are updated each season.

The Company also seeks to develop long-term corporate sponsorships and co-marketing relationships with well-known national and regional brands that align with its values and strategy. This results in the development of strategic alliances with mutually beneficial advertising programs.

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LICENSES

The Company holds exclusive long-term theme park usage rights in the U.S. (except for the Las Vegas metropolitan area and the state of Florida), Canada and Mexico to certain Warner Bros. and DC Comics animated characters. The Company also has exclusive amusement and water park usage rights in the U.S. and Canada to the Peanuts comic strip characters. These license agreements require annual license fees and royalty fees on inventory sold that uses the licensed characters, which are subject to periodic scheduled adjustments, including CPI increases in some cases. The license agreements also include rights of the counterparty to terminate the agreements under certain circumstances.

The Company also owns the internationally recognized "Six Flags" brand name. To capitalize on this name recognition, 24 of the parks are branded as "Six Flags" or "Hurricane Harbor" parks, including Six Flags Qiddiya City. The Company also owns regional brand names, including "Cedar Point", "Knott's Berry Farm", "Kings Island" and "Canada's Wonderland".

GOVERNMENT REGULATION

The Company's operations are subject to regulatory requirements, such as those relating to employment practices, environmental requirements, and other regulatory matters. The Company is subject to extensive federal and state employment laws and regulations, including wage and hour laws and other pay practices and employee record-keeping requirements. The Company may be required to incur costs to comply with these requirements, and the costs of compliance, investigation, remediation, litigation, and resolution of regulatory matters could be substantial.

The Company is also subject to federal, state and local environmental laws and regulations such as those relating to water resources; discharges to air, water and land; the handling and disposal of solid and hazardous waste; and the cleanup of properties affected by regulated materials. Under these laws and regulations, the Company may be required to investigate and clean up hazardous or toxic substances or chemical releases from current or formerly owned or operated facilities or to mitigate potential environmental risks. Environmental laws typically impose cleanup responsibility and liability without regard to whether the relevant entity knew of or caused the presence of the contaminants. The costs of investigation, remediation or removal of regulated materials may be substantial, and the presence of those substances, or the failure to remediate a property properly, may impair the ability to use, transfer or obtain financing with respect to the Company's property.

Currently, management believes the Company is in substantial compliance with applicable requirements under these laws and regulations. However, such requirements have generally become stricter over time, and there can be no assurance that new requirements, changes in enforcement policies or newly discovered conditions relating to the parks or operations will not require significant expenditures in the future.

The Company acquires rides, attractions, inventory, and supplies from foreign countries. Changes in import tariffs and trade policies have resulted and may continue to result in increased costs. Potential market disruptions could result in the inability to acquire certain goods timely or at all. Many of the Company's rides and attractions require specialized manufacturing. In addition, the Company's seasonal workforce includes foreign employees under certain visa programs. The Company may be unable to recruit and hire adequate personnel if these visa programs become unavailable.

MAINTENANCE AND INSPECTION

All rides are inspected daily by both maintenance and ride operations personnel before being placed into operation for guests. The parks are also periodically inspected by the Company's insurance carrier and inspected by either state or county ride-safety inspectors or hired third party inspectors that submit the third-party report to the respective state agencies. Additionally, all parks have added ride maintenance and operation inspections completed by third party qualified inspectors to make sure the Company's standards are being maintained.

HUMAN CAPITAL

As of December 31, 2025, the Company employed approximately 4,225 full-time employees. This represents a reduction of approximately 15% compared to the combined number of full-time employees as of December 31, 2024 as a result of recent post-merger productivity and efficiency efforts. In 2025, the Company employed approximately 91,000 seasonal and part-time employees, many of whom are high school and college students. Some seasonal employees are housed in owned dormitories at Cedar Point, Kings Island, Carowinds, Kings Dominion, Valleyfair, Six Flags Great Adventure, Six Flags Darien Lake and Six Flags Great Escape Resort. From time-to-time, rented dormitories are also utilized. As of December 31, 2025, approximately 1,950 of employees were represented by labor unions. Management believes it maintains good relations with its employees.

The Company's employee guidelines and policies are founded on its cornerstones of safety, service and cleanliness and its core values of integrity, courtesy and inclusiveness. Management's highest priority continues to be the safety and well-being of all guests and employees. The Company is committed to equal opportunity employment and prohibits harassment or discrimination of any kind. Management has adopted an open door policy to encourage an honest employer-employee relationship, which includes a confidential hotline available to all employees. Former Cedar Fair adopted an enterprise-wide Environmental, Social

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and Governance framework, which included the prioritization of five key strategic pillars: Safety, Associate Happiness, Community, Environment, and Operations and Governance. As part of the Safety pillar, the Company emphasized employee accountability for safety, conducting safety risk assessments, implementing best practices, training, credentialing safety employees, and assessing mitigation tactics. The safety initiatives were advanced by focusing on better data systems, improving existing safety training, and launching the Safety Grants Initiative, which was a supplemental source of funding to encourage innovation in safety. As part of the Associate Happiness pillar, the Associate Happiness Model was established, which frames the efforts to provide a positive employee experience. The Associate Happiness initiatives were advanced by launching a series of new awards and recognitions, launching and streamlining training programs, and implementing an awareness month program. The Company is currently in the process of integrating, evaluating, and where necessary, implementing changes to its employee guidelines and policies.

The Company employs a significant workforce each season and seeks to manage seasonal wages and the timing of the hiring process to ensure the appropriate workforce is in place for peak and low seasons. The Company recruits year-round both domestically and internationally to fill thousands of staffing positions to ensure the appropriate workforce is in place at the right time. The Company maintains training programs for new employees, including safety training specific to job responsibilities. The Company participates in the J-1 Visa and H-2B Visa programs providing cultural and educational exchange opportunities for its employees. The Company also has partnered with Bowling Green State University to create the Six Flags Resort and Attraction Management program (formerly known as the Cedar Fair Resort and Attraction Management Program), a bachelor's degree program, which is housed in downtown Sandusky, Ohio in a facility jointly owned by the Company and a third party developer. The bachelor's degree program prepares students for management careers at the Company's parks or similar establishments. Management encourages a promote-from-within policy.

AVAILABLE INFORMATION

Copies of this annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K and all amendments to those reports as filed or furnished with the SEC are available without charge upon written request to the Investor Relations Office or at investors.sixflags.com.

The website investors.sixflags.com is used as a channel of distribution of information. The information posted through this channel may be deemed material. Accordingly, investors should monitor this channel, in addition to following news releases, SEC filings, and public conference calls and webcasts. The contents of the website, including without limitation any ESG Strategy Reports, shall not be deemed to be incorporated herein by reference.

The SEC maintains an Internet site at http://www.sec.gov that contains the Company's reports, proxy statements and other information.

SUPPLEMENTAL ITEM. Information about Executive Officers

NameAgePosition(s)

John Reilly57 Mr. Reilly has served as the President and Chief Executive Officer of the Company since December 2025. He most recently served as Chief Executive Officer of Palace Entertainment U.S. and Group Chief Operating Officer of Parques Reunidos Servicios Centrales, S.A. from 2019 to 2025. Prior to Parques Reunidos, Mr. Reilly served in various roles at SeaWorld Parks and Entertainment, serving as Chief Operating Officer in 2019, as Interim Chief Executive Officer from 2018 to 2019, as the Chief Parks Operations Officer from 2016 to 2018, as Park President of SeaWorld and Aquatica California from 2010 to 2016, as Vice President of Merchandising in 2009 and in various roles at Busch Entertainment Corporation from 1985 to 2009.

Brian Witherow59 Mr. Witherow has served as the Chief Financial Officer of the Company since completion of the Mergers. Prior to the Mergers, Mr. Witherow served as Executive Vice President and Chief Financial Officer of Cedar Fair since January 2012. Mr. Witherow began his career with public accounting firm Arthur Andersen. He left public accounting in 1995 to join Cedar Fair as Corporate Director of Investor Relations. He was promoted to Corporate Treasurer in 2004 and named Vice President and Corporate Controller the following year.

Tim Fisher66 Mr. Fisher has served as the Chief Operating Officer of the Company since completion of the Mergers. Prior to the Mergers, Mr. Fisher served as Chief Operating Officer of Cedar Fair since joining Cedar Fair in December 2017. Prior to joining Cedar Fair, he served as Chief Executive Officer of Village Roadshow Theme Parks International, an Australian-based theme park operator, since March 2017. Prior to this appointment with Village Roadshow Theme Parks International, Mr. Fisher served as Chief Executive Officer of Village Roadshow Theme Parks since 2009.

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NameAgePosition(s)

Brian Nurse54 Mr. Nurse has served as Chief Legal & Compliance Officer and Corporate Secretary of the Company since the completion of the Mergers. Prior to the Mergers, Mr. Nurse served as Cedar Fair's Executive Vice President, Chief Legal Officer and Secretary since November 2021. Prior to joining Cedar Fair, he served as Senior Vice President, General Counsel and Secretary for World Wrestling Entertainment, Inc. (WWE) from September 2018 to November 2020. Prior to joining WWE, Mr. Nurse served as Vice President, Associate General Counsel and Secretary at Nestle Waters North America, Inc., a former division of Nestle S.A., from 2012 to 2018. Prior to that, he was Senior Legal Counsel for North American beverage/soft drink brands at PepsiCo, Inc. from 2003 to 2012.

Christian Dieckmann48 Mr. Dieckmann has served as Chief Commercial Officer of the Company since May 2025. Mr. Dieckmann has also served as Chief Strategy Officer of the Company and Cedar Fair from 2023 to April 2025. Mr. Dieckmann joined Cedar Fair in 2014 in a role focused on strategic growth, business development and innovation. Prior to joining Cedar Fair, he began his career at GE Capital, the former financial services division of General Electric, including roles in the company’s Financial Management Program and Internal Audit teams in both the U.S. and Europe. He later worked at Bain & Company where he advised Fortune 500 and private equity clients on strategy, M&A, merger integration and performance improvement. Mr. Dieckmann also served as Chief Strategy Officer at Liminal Space, an early-stage technology company in the immersive entertainment industry.

David Hoffman57 Mr. Hoffman has served as Chief Accounting Officer of the Company since the completion of the Mergers. Prior to the Mergers, Mr. Hoffman served as Senior Vice President and Chief Accounting Officer of Cedar Fair from 2012 until the consummation of the Mergers. Prior to that, he served as Vice President of Finance and Corporate Tax since 2010. He served as Vice President of Corporate Tax from 2006 through 2010. Prior to joining Cedar Fair, Mr. Hoffman served as a business advisor with Ernst & Young from 2002 through 2006.

Ty Tastepe63 Mr. Tastepe has served as Chief Digital and Technology Officer of the Company since the completion of the Mergers. Prior to the Mergers, Mr. Tastepe served as Chief Information Officer at Cedar Fair since 2021. Prior to joining Cedar Fair, Mr. Tastepe served for over two years as Senior Vice President, Chief Information and Digital Officer for Altar’d State, a women's clothing retailer. Prior to that, Mr. Tastepe spent nearly two decades delivering large-scale digital transformation programs at global entertainment and hospitality brands such as Universal Parks and Resorts, Hilton Worldwide, and Walt Disney Parks and Resorts. From 2001 to 2011, Mr. Tastepe held technology leadership roles at Disney Parks that included worldwide sales and travel operations, revenue management and marketing.