Emilia Pérez has the potential to set an Oscar milestone when the nominations are announced on Thursday. The Spanish-language Netflix musical drama about a trans drug lord could establish a new record for most nominations for an international film.

In the year without a frontrunner, the doors are still wide open. I’m predicting three films will tie for the most nominations with 10 each: “Conclave,” “Emilia Pérez” and “Wicked.” Jacques Audiard's crime musical "Emilia Pérez" is poised to dominate,

"Conclave" leads the 2025 BAFTA nominations with 12 nods. "Emilia Pérez" received 11 nominations, while "The Brutalist" picked up nine.