Financial Data and Key Metrics Changes - Consolidated revenue for Q2 2025 increased by $13.6 million to $60.4 million compared to Q2 2024, driven by stronger movie releases [30] - Global operating income for Q2 2025 was $2.9 million, a 138% increase from a loss of $7.7 million in Q2 2024 [6] - Positive EBITDA for Q2 2025 was $6.3 million, up over 276% from a negative EBITDA of $3.6 million in Q2 2024 [7][36] - Net loss attributable to Reading International for Q2 2025 decreased by $10.1 million to a loss of $2.7 million compared to a loss of $12.8 million in Q2 2024 [32] Business Line Data and Key Metrics Changes - Global cinema revenue for Q2 2025 was $56.8 million, a 32% increase from Q2 2024, representing over 79% of pre-pandemic levels [7] - Global cinema operating income for Q2 2025 increased by 218% to $5.5 million, marking the best performance since 2019 [8] - Global real estate revenues for Q2 2025 decreased slightly to $4.7 million from $5 million in Q2 2024, while operating income increased by 56% to $1.5 million [8][20] Market Data and Key Metrics Changes - Approximately 47% of total revenue was generated in Australia and New Zealand, with a 2.7% and 1.9% weakening of the Australian and New Zealand dollar against the U.S. dollar, respectively [9] - U.S. cinema revenues increased by 41% to $30.3 million compared to Q2 2024, with operating income improving by 152% to $2.3 million [18] - Australian cinema revenue increased by 24% to $22.9 million, while New Zealand cinema revenue also increased by 24% to $3.6 million [19] Company Strategy and Development Direction - The company is focused on reducing overall debt, having repaid over $102.5 million since June 2020 [5] - Strategic initiatives include enhancing food and beverage programs, with record spending per patron in Australia, New Zealand, and the U.S. [13][15] - The company is working with landlords to recalibrate occupancy costs to reflect current economic realities [17] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the theatrical experience, citing strong performance from recent movie releases [10] - Anticipation for a slower third quarter but high hopes for a strong fourth quarter with an exciting film slate [11][12] - The company believes it is well-positioned for stronger growth in 2026 and beyond, supported by favorable interest rates and a stable lineup of Hollywood releases [28] Other Important Information - The company completed the sale of its Cannon Park assets for AUD 32 million, using proceeds to pay off debts [5] - The average ticket price in the U.S. reached $13.44, the highest second quarter figure ever [18] - The company is implementing new loyalty programs to drive customer engagement and revenue [16] Q&A Session Summary Question: Why was Rotorua land and improvements removed from held for sale? - The asset was initially classified for sale but failed to attract interest during a challenging period, and it continues to generate reasonable cash flow [42] Question: What is NAB's appetite for longer-dated facility? - The company is working with NAB on a longer-term extension, emphasizing a good working relationship [43] Question: What are the landlord's seismic upgrade timeline commitments? - The new owner is advancing plans for seismic upgrades, expected to be completed in 2026, with significant renovations planned for the cinema [45][46] Question: Will there be an investor relations day? - Currently, there is no investor relations day scheduled, but management is evaluating future opportunities for engagement [47]

[Executive Summary & Financial Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Financial%20Highlights) [Second Quarter 2025 Financial Highlights](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Highlights) The company reported significantly improved Q2 2025 results with a 29% revenue increase and positive operating income Q2 2025 Key Financial Results (YoY Change) | Metric | Q2 2025 (USD millions) | Q2 2024 (USD millions) | Change (%) | | :-------------------------- | :--------------------- | :--------------------- | :--------- | | Total Revenues | 60.4 | 46.8 | 29% | | Operating Income (Loss) | 2.9 | (7.7) | 138% (improvement) | | EBITDA | 6.3 | (3.6) | 276% (improvement) | | Basic loss per share | (0.12) | (0.57) | 79% (improvement) | | Net loss attributable to Reading | (2.7) | (12.8) | 79% (improvement) | [Six Months 2025 Financial Highlights](index=1&type=section&id=Six%20Months%202025%20Financial%20Highlights) For the first half of 2025, the company demonstrated improved performance with revenue growth and reduced operating losses Six Months 2025 Key Financial Results (YoY Change) | Metric | H1 2025 (USD millions) | H1 2024 (USD millions) | Change (%) | | :-------------------------- | :--------------------- | :--------------------- | :--------- | | Total Revenues | 100.5 | 91.9 | 9% | | Operating Loss | (4.0) | (15.2) | 74% (improvement) | | EBITDA | 9.2 | (7.5) | 222% (improvement) | | Basic loss per share | (0.33) | (1.16) | 73% (improvement) | | Net loss attributable to Reading | (7.4) | (26.0) | 71% (improvement) | [CEO Commentary](index=1&type=section&id=CEO%20Commentary) The CEO highlighted record cinema box office success and strong Real Estate results, enabling debt reduction - The company's improved performance in Q2 2025 reinforces confidence in its long-term future, driven by record box office success from major movie releases[5](index=5&type=chunk) - The global Real Estate division delivered strong results, with operating income increasing **56% quarter-over-quarter** and **67% year-over-year**[7](index=7&type=chunk) - Strategic property monetizations, including the sale of Cannon Park for **AU$32.0 million**, reduced gross debt by **$32.1 million**[7](index=7&type=chunk) [Currency Impact](index=1&type=section&id=Currency%20Impact) The weakening of the Australian and New Zealand dollars against the U.S. dollar negatively impacted reported results - Australian and New Zealand dollar average exchange rates weakened against the U.S. dollar by **2.7%** and **1.9%** respectively in Q2 2025[4](index=4&type=chunk) - For the first six months of 2025, these currencies weakened by **3.6%** and **4.6%** respectively against the U.S. dollar[4](index=4&type=chunk) - With **47% of total revenues** from Australian and New Zealand businesses, currency weakness impacts U.S. reported operating results[4](index=4&type=chunk) [Business Segment Performance](index=3&type=section&id=Business%20Segment%20Performance) [Cinema Business](index=3&type=section&id=Cinema%20Business) The global cinema division experienced significant growth in Q2 2025, driven by strong box office performance - Q2 2025 global cinema revenue increased **32% to $56.8 million**, and operating income increased by **218% to $5.5 million** from a loss of $4.6 million in Q2 2024[10](index=10&type=chunk) - The company closed an underperforming U.S. cinema, now operating **469 screens in 58 theatres** across three countries[10](index=10&type=chunk) - Efforts continued to reduce occupancy costs with landlords as revenue has not returned to pre-pandemic levels[10](index=10&type=chunk) [Q2 2025 Performance Metrics](index=3&type=section&id=Q2%202025%20Performance%20Metrics) Key performance indicators for the cinema business, including ticket prices and F&B sales, reached record highs - Average ticket price (ATP) in both Australia and New Zealand cinema divisions achieved their **highest quarter ever**[10](index=10&type=chunk) - U.S. cinema ATP achieved its **highest second quarter ever**, despite successful discount programs[10](index=10&type=chunk) Q2 2025 Food & Beverage Sales Per Person (SPP) | Region | F&B SPP (Q2 2025) | Historical Context | | :------- | :------------------ | :----------------- | | Australia | A$8.26 | Highest second quarter ever | | New Zealand | NZ$7.14 | Highest quarter ever | | U.S. | $9.13 | Highest quarter ever (excluding pandemic closures) and highest among publicly traded competitors | [Real Estate Business](index=3&type=section&id=Real%20Estate%20Business) The Real Estate business saw a significant increase in operating income, marking its best second quarter since 2018 - Global Real Estate revenue decreased slightly to $4.7 million, but operating income increased by **56% to $1.5 million**[10](index=10&type=chunk) - U.S. Real Estate Revenues increased by **15% to $1.7 million** due to improved performance of Live Theatre assets in NYC[10](index=10&type=chunk) - The combined Australian and New Zealand property portfolio has **59 third-party tenants** with a **99% occupancy rate**[10](index=10&type=chunk) [Q2 2025 Performance & Property Monetization](index=3&type=section&id=Q2%202025%20Performance%20%26%20Property%20Monetization) The division's strong operating income was bolstered by recent strategic property sales in the U.S, Australia, and New Zealand Recent Property Monetizations | Property | Sale Date | Proceeds | | :-------------------- | :-------- | :--------- | | Culver City building | Q1 2024 | $10.0 million | | Wellington, New Zealand | Q1 2025 | NZ$38.0 million | | Cannon Park, Australia | May 21, 2025 | AU$32.0 million | - The company retained the right to operate cinemas at the Wellington and Cannon Park locations under long-term leases[10](index=10&type=chunk) [Financial Position and Liquidity](index=4&type=section&id=Financial%20Position%20and%20Liquidity) [Balance Sheet and Debt Management](index=4&type=section&id=Balance%20Sheet%20and%20Debt%20Management) Total gross debt decreased by 14.4% from year-end 2024, primarily due to debt paydowns from property sales Balance Sheet Highlights (as of June 30, 2025) | Metric | June 30, 2025 (USD millions) | December 31, 2024 (USD millions) | Change (%) | | :------------------ | :--------------------------- | :----------------------------- | :--------- | | Cash and cash equivalents | 9.1 | 12.3 | (26.0%) | | Total gross debt | 173.4 | 202.7 | (14.4%) | | Total book value of assets | 438.1 | 471.0 | (7.0%) | - Debt reduction in H1 2025 included paying off a **NZ$18.8 million loan** and **$6.1 million** to Bank of America/Bank of Hawaii[11](index=11&type=chunk) - The Cannon Park sale proceeds were used to pay off an **AU$20.0 million bridging facility** and reduce other loans[11](index=11&type=chunk) - Maturity dates for key loans on 44 Union Square, Bank of America/Bank of Hawaii, and NYC Live Theatre assets were extended[11](index=11&type=chunk) [Company Information](index=5&type=section&id=Company%20Information) [About Reading International, Inc.](index=5&type=section&id=About%20Reading%20International%2C%20Inc.) Reading International is a diversified cinema and real estate company operating in the U.S, Australia, and New Zealand - Reading International, Inc. (NASDAQ: RDI) is an internationally diversified cinema and real estate company[14](index=14&type=chunk) - The company operates cinemas under Reading Cinemas, Consolidated Theatres, and Angelika brands, and live theatres[15](index=15&type=chunk) - Its operations and assets are located in the United States, Australia, and New Zealand, including signature property developments[14](index=14&type=chunk)[15](index=15&type=chunk) [Conference Call and Webcast](index=5&type=section&id=Conference%20Call%20and%20Webcast) A pre-recorded conference call discussing Q2 2025 results will be posted on the company's website by August 18, 2025 - A pre-recorded conference call and audio webcast will be posted on the corporate website on or before **Monday, August 18, 2025**[12](index=12&type=chunk) - The webcast will feature remarks from key executives including the CEO, CFO, and EVP of Global Operations[12](index=12&type=chunk) - A pre-recorded Q&A session will follow, with questions to be submitted by August 15, 2025[13](index=13&type=chunk) [Legal & Non-GAAP Disclosures](index=6&type=section&id=Legal%20%26%20Non-GAAP%20Disclosures) [Cautionary Note Regarding Forward-Looking Statements](index=6&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This section disclaims that actual results may differ materially from forward-looking statements due to inherent risks - The earnings release contains forward-looking statements related to expected results, business strategy, and asset monetization[18](index=18&type=chunk) - No guarantees can be given that forward-looking statements will prove correct due to the unpredictability of influencing factors[19](index=19&type=chunk) - The company undertakes no obligation to publicly update forward-looking statements and advises against relying on them[20](index=20&type=chunk)[21](index=21&type=chunk) [Non-GAAP Financial Measures](index=12&type=section&id=Non-GAAP%20Financial%20Measures) This section defines the company's use of non-GAAP measures like EBITDA to evaluate performance and compare to peers - Total segment operating income (loss) is used to evaluate business segment performance separate from non-operating factors[32](index=32&type=chunk) - EBITDA is used as an industry-wide comparative measure for financial performance and value in the cinema and real estate industries[33](index=33&type=chunk) - Adjusted EBITDA further adjusts for items considered external to core business or non-recurring[36](index=36&type=chunk) - These non-GAAP measures should not be considered substitutes for GAAP measures as they exclude significant costs[31](index=31&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk) [Consolidated Financial Statements](index=7&type=section&id=Consolidated%20Financial%20Statements) [Unaudited Consolidated Statements of Operations](index=7&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Operations) The statements present revenues, costs, and net income for the second quarter and six months ended June 30, 2025 and 2024 Unaudited Consolidated Statements of Operations (USD thousands) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :-------------------------------------------------------------------------------- | :------ | :------ | :------ | :------ | | **Revenue** | | | | | | Cinema | $56,782 | $42,942 | $93,186 | $84,213 | | Real estate | 3,596 | 3,867 | 7,361 | 7,648 | | **Total revenue** | **60,378** | **46,809** | **100,547** | **91,861** | | **Operating income (loss)** | **2,891** | **(7,692)** | **(4,001)** | **(15,222)** | | Interest expense, net | (4,354) | (5,377) | (9,096) | (10,662) | | Gain (loss) on sale of assets | 1,872 | 9 | 8,398 | (1,116) | | **Net income (loss) attributable to Reading International, Inc.** | **(2,667)** | **(12,806)** | **(7,423)** | **(26,034)** | | Basic earnings (loss) per share | (0.12) | (0.57) | (0.33) | (1.16) | [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) The balance sheets provide a snapshot of assets, liabilities, and equity as of June 30, 2025, versus December 31, 2024 Consolidated Balance Sheets (USD thousands) | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | **ASSETS** | | | | Cash and cash equivalents | $9,073 | $12,347 | | Total current assets | 21,271 | 57,042 | | Total assets | **438,075** | **471,011** | | **LIABILITIES AND STOCKHOLDERS' EQUITY** | | | | Total current liabilities | 130,451 | 161,626 | | Debt - current portion | 38,229 | 69,193 | | Debt - long-term portion | 106,449 | 105,239 | | Total liabilities | **446,503** | **475,801** | | Total stockholders' equity | **(8,428)** | **(4,790)** | [Segment Results](index=9&type=section&id=Segment%20Results) This section details revenue and operating income for the Cinema and Real Estate segments by geographic region Segment Revenue (USD thousands) | Segment | Region | Q2 2025 | Q2 2024 | % Change | H1 2025 | H1 2024 | % Change | | :-------- | :------- | :------ | :------ | :------- | :------ | :------ | :------- | | **Cinema** | | | | | | | | | | United States | $30,258 | $21,480 | 41 % | $48,553 | $42,785 | 13 % | | | Australia | 22,909 | 18,543 | 24 % | 38,591 | 35,867 | 8 % | | | New Zealand | 3,615 | 2,918 | 24 % | 6,042 | 5,561 | 9 % | | | **Total** | **$56,782** | **$42,941** | **32 %** | **$93,186** | **$84,213** | **11 %** | | **Real estate** | | | | | | | | | | United States | $1,700 | $1,483 | 15 % | $3,287 | $2,967 | 11 % | | | Australia | 2,741 | 3,177 | (14)% | 5,756 | 6,261 | (8)% | | | New Zealand | 212 | 353 | (40)% | 455 | 718 | (37)% | | | **Total** | **$4,653** | **$5,013** | **(7)%** | **$9,498** | **$9,946** | **(5)%** | Segment Operating Income (Loss) (USD thousands) | Segment | Region | Q2 2025 | Q2 2024 | % Change | H1 2025 | H1 2024 | % Change | | :-------- | :------- | :------ | :------ | :------- | :------ | :------ | :------- | | **Cinema** | | | | | | | | | | United States | $2,292 | $(4,426) | >100% | $(855) | $(7,868) | 89 % | | | Australia | 2,920 | (87) | >100% | 1,944 | (582) | >100% | | | New Zealand | 241 | (96) | >100% | (110) | (325) | 66 % | | | **Total** | **$5,453** | **$(4,609)** | **>100%** | **$979** | **$(8,775)** | **>100%** | | **Real estate** | | | | | | | | | | United States | $89 | $(204) | >100% | $231 | $(573) | >100% | | | Australia | 1,338 | 1,461 | (8)% | 2,882 | 2,921 | (1)% | | | New Zealand | 52 | (311) | >100% | (39) | (511) | 92 % | | | **Total** | **$1,479** | **$946** | **56 %** | **$3,074** | **$1,837** | **67 %** | | **Total segment operating income (loss)** | **$6,932** | **$(3,663)** | **>100%** | **$4,053** | **$(6,938)** | **>100%** | [Reconciliation of EBITDA and Adjusted EBITDA to Net Income (Loss)](index=10&type=section&id=EBITDA%20Reconciliation) This table reconciles Net Income (Loss) to the non-GAAP measures of EBITDA and Adjusted EBITDA Reconciliation of EBITDA and Adjusted EBITDA to Net Income (Loss) (USD thousands) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :------------------------------------------------ | :------ | :------ | :------ | :------ | | Net Income (loss) attributable to Reading International, Inc. | $(2,667) | $(12,806) | $(7,423) | $(26,034) | | Add: Interest expense, net | 4,354 | 5,377 | 9,096 | 10,662 | | Add: Income tax expense (benefit) | 1,225 | (156) | 753 | (379) | | Add: Depreciation and amortization | 3,380 | 4,011 | 6,756 | 8,216 | | **EBITDA** | **$6,292** | **$(3,574)** | **$9,182** | **$(7,535)** | | Adjustments for: None | — | — | — | — | | **Adjusted EBITDA** | **$6,292** | **$(3,574)** | **$9,182** | **$(7,535)** | [Reconciliation of Total Segment Operating Income (Loss) to Income (Loss) before Income Taxes](index=11&type=section&id=Total%20Segment%20Operating%20Income%20Reconciliation) This table reconciles Total Segment Operating Income (Loss) to Income (Loss) before Income Taxes Reconciliation of Total Segment Operating Income (Loss) to Income (Loss) before Income Taxes (USD thousands) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :---------------------------------------------------- | :------ | :------ | :------ | :------ | | Segment operating income (loss) | $6,932 | $(3,663) | $4,053 | $(6,938) | | Unallocated corporate expense: | | | | | | Depreciation and amortization expense | (84) | (100) | (219) | (201) | | General and administrative expense | (3,957) | (3,929) | (7,835) | (8,083) | | Interest expense, net | (4,354) | (5,377) | (9,096) | (10,662) | | Equity earnings (loss) of unconsolidated joint ventures | 285 | 119 | 308 | 94 | | Gain (loss) on sale of assets | 1,872 | 9 | 8,398 | (1,116) | | Other (expense) income | (2,273) | (216) | (2,607) | 123 | | **Income (loss) before income taxes** | **$(1,579)** | **$(13,157)** | **$(6,998)** | **$(26,783)** |

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________________ FORM 10-Q (Mark One) þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: June 30, 2025 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission file number 1-8625 READING INTERNATIONAL, INC. (Exact name of Regi ...

Core Insights - Reading International, Inc. reported a total revenue of $60.4 million for Q2 2025, marking a 29% increase from $46.8 million in Q2 2024, driven by strong performance in both cinema and real estate divisions [7][25] - The company achieved an operating income of $2.9 million in Q2 2025, a significant improvement of 138% compared to a loss of $7.7 million in Q2 2024, reflecting the highest operating income since Q2 2019 [7][25] - The cinema segment saw a revenue increase of 32% to $56.8 million in Q2 2025, with operating income rising by 218% to $5.5 million from an operating loss of $4.6 million in Q2 2024 [11][25] Financial Performance - For the first six months of 2025, total revenues reached $100.5 million, a 9% increase from $91.9 million in the same period of 2024 [7][25] - The company reported a net loss attributable to Reading of $2.7 million in Q2 2025, an improvement of 79% compared to a loss of $12.8 million in Q2 2024 [7][25] - Basic loss per share improved by 79% to $0.12 in Q2 2025 from $0.57 in Q2 2024 [7][25] Real Estate Division - The global real estate division reported an operating income increase of 56% quarter-over-quarter and 67% year-over-year, with a notable sale of real property assets in Cannon Park, Australia for AU$32.0 million [6][8] - The U.S. real estate revenues increased by 15% to $1.7 million in Q2 2025, attributed to improved performance of live theatre assets in New York City [11][25] Currency Impact - The average exchange rates for the Australian and New Zealand dollars weakened against the U.S. dollar by 2.7% and 1.9% respectively in Q2 2025, impacting reported operating results as 47% of total revenues are generated from these regions [5][25] Strategic Focus - The company emphasized its commitment to operational efficiency and strategic priorities across its cinema and real estate teams, which contributed to the improved financial performance [8][6] - Upcoming movie releases are expected to bolster cinema revenues, with a robust lineup including titles like TRON: Ares and Zootopia 2 [6][8]

Group 1 - The Angelika Film Center & Cafe in New York City is hosting a unique theatre takeover for the premiere of Wes Anderson's film "The Phoenician Scheme," marking the first of its kind in the city [1] - The event will feature an immersive experience with a re-designed lobby and cafe, themed around the film, running for two weeks starting May 29 [1][2] - Exclusive merchandise related to the film will be available for purchase, including character tote bags and themed T-shirts [3] Group 2 - The event will include a themed bar with customized menu items and live jazz music during the opening weekend [2] - Director Wes Anderson and cast members will attend for Q&A sessions and introductions on May 30 [6] - "The Phoenician Scheme" is a story about a family business and espionage, featuring a star-studded cast including Benicio del Toro and Scarlett Johansson [7] Group 3 - Reading International, Inc. operates the Angelika Film Center and is involved in cinema and real estate development across the United States, Australia, and New Zealand [9][10] - The company operates under various cinema brands, including Reading Cinemas and Consolidated Theatres, and has live theatre operations under Liberty Theaters [11]

Summary of Reading International (RDI) Conference Call - May 22, 2025 Company Overview - **Company Name**: Reading International (RDI) - **Ticker Symbols**: RDI (voting stock), RDIV (non-voting stock) [2] - **Business Model**: Operates in two primary sectors: cinema and real estate, across three countries: the US, Australia, and New Zealand [4][5] Industry Context - **Cinema Business**: The cinema sector has historically funded real estate acquisitions and expansions, contributing to shareholder value [5] - **Real Estate Business**: The company holds numerous real estate assets, particularly in New York City and Philadelphia, which are part of its legacy from the Reading Railroad [5][8] Financial Performance - **Debt Reduction**: Successfully reduced debt from $276 million to $173 million since June 2020, despite challenges posed by COVID-19 [16] - **Revenue Trends**: The first quarter of 2025 showed a mixed performance, but overall revenue trends are positive, with a focus on maintaining a 50/50 revenue split between cinema and real estate [14][19] Challenges Faced - **COVID-19 Impact**: The pandemic severely affected operations, leading to a lack of US government support, unlike subsidiaries in Australia and New Zealand that received grants [10][11] - **Supply Chain Disruptions**: Ongoing issues with the Screen Actors Guild strikes and tariffs affecting the ability to distribute films [9] - **Economic Environment**: Operating in a high-interest-rate environment and facing a downturn in commercial office real estate [9] Strategic Initiatives - **Asset Sales**: Focus on selling non-income producing assets to maintain liquidity, including the recent sale of Cannon Park for AUD 32 million [22] - **Real Estate Development**: Plans to complete leasing of key properties, such as Union Square in New York City, and evaluate the potential of the Reading Viaduct and Philadelphia properties [20][32] - **Cinema Expansion**: Aiming to enhance cinema offerings with premium screens and improved food and beverage services [42][44] Market Position - **Exhibitor Rankings**: RDI is the 13th largest exhibitor in the US, 4th in Australia, and 3rd in New Zealand [5][7] - **Niche Market**: The Angelica Film Center is a leader in the specialty arts cinema market in the US, while the Consolidated brand is the largest in Hawaii [37][46] Future Outlook - **Box Office Recovery**: Anticipated rebound in box office performance, supported by upcoming film releases and a strong management team [45][46] - **Diversification**: The company remains diversified across three stable economies, with approximately 50% of revenues generated from Australia and New Zealand [47] Key Metrics - **Occupancy Rates**: Australia and New Zealand properties maintain a 98% occupancy rate among third-party tenants [28] - **Food and Beverage Performance**: Significant growth in spend per head across all geographies, with plans to enhance offerings [43] Conclusion - **Investment Proposition**: RDI is well-positioned to capitalize on the anticipated recovery in the cinema industry, supported by a strong real estate portfolio and effective management strategies [45][47]

Financial Data and Key Metrics Changes - For Q1 2025, consolidated revenue decreased by $4.9 million to $40.2 million compared to Q1 2024, primarily due to lower attendance across all markets and the closure of two cinemas [40][42] - The net loss attributable to Reading International Inc. for Q1 2025 was $4.8 million, a decrease of $8.5 million from a loss of $13.2 million in Q1 2024 [42] - Adjusted EBITDA increased by $6.9 million to $2.9 million in Q1 2025, compared to a negative EBITDA of $4 million in Q1 2024 [43] Business Line Data and Key Metrics Changes - Global cinema revenue for Q1 2025 was $36.4 million, down 12% from Q1 2024, representing just under 63% of pre-pandemic Q1 2019 levels [15][40] - Global real estate revenue decreased by 2% to $4.8 million, while operating income increased by 79% to $1.6 million, driven by improved live theater performance and reduced holding expenses [13][30] Market Data and Key Metrics Changes - The average exchange rates for the Australian and New Zealand dollars weakened against the U.S. dollar by 4.5% and 7.3% respectively compared to Q1 2024, impacting revenue [10][40] - The cinema industry faced challenges due to the underperformance of major film releases, notably Disney's Snow White, which affected box office results [9][40] Company Strategy and Development Direction - The company is focused on reducing debt and rebuilding operational cash flow, with plans for cinema renovations and upgrades in the U.S., Australia, and New Zealand [50][52] - Strategic initiatives include enhancing food and beverage offerings, expanding loyalty programs, and recalibrating occupancy costs with landlords to reflect current economic conditions [20][25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for a stronger 2026 and beyond, citing an improving interest rate environment and a promising film slate for the upcoming summer and holiday periods [38] - The company acknowledged the challenges faced over the past five years but emphasized efforts to streamline operations and monetize real estate assets to support the cinema business [37][38] Other Important Information - The company completed the sale of its Wellington, New Zealand property for NZD 38 million, which helped reduce debt and interest expenses [5][45] - The company is working on selling its Cannon Park assets in Townsville, Australia, with an expected closing date of May 21, 2025 [8][47] Q&A Session Summary Question: What is your cinema CapEx forecast for 2025? - The company plans to convert 10 auditoriums to recliners and add a Titan Luxe screen in one U.S. theater, with additional upgrades planned for four other cinemas [50] Question: What are Reading's intermediate term plans for the Minetta Lane and Orpheum sites? - The focus is on reducing debt and maintaining cash flow, with ongoing reviews of asset values and potential future opportunities [52][54] Question: Do you expect to refinance the Santander loan? - Discussions are ongoing with Santander to extend the existing loan for another year, with expected interest rates remaining stable [55] Question: What steps will the company take to attract analysts and investors? - The company will participate in the Sidoti conference and host one-on-one meetings with potential shareholders, while maintaining contact with existing analysts [56]

Financial Data and Key Metrics Changes - For Q1 2025, consolidated revenue decreased by $4.9 million to $40.2 million compared to Q1 2024, primarily due to lower attendance across all markets and the closure of two cinemas [40][41] - The net loss attributable to Reading International for Q1 2025 was $4.8 million, an improvement from a loss of $13.2 million in Q1 2024, with basic loss per share decreasing to $0.21 from $0.59 [42] - Adjusted EBITDA increased to $2.9 million in Q1 2025, a significant improvement from a negative EBITDA of $4 million in Q1 2024 [43] Business Line Data and Key Metrics Changes - Global cinema revenue for Q1 2025 was $36.4 million, down 12% from Q1 2024, representing just under 63% of pre-pandemic levels [13] - Global real estate revenue decreased by 2% to $4.8 million, while operating income increased by 79% to $1.6 million, driven by improved live theater performance and reduced holding expenses [12][30] Market Data and Key Metrics Changes - The average exchange rates for the Australian and New Zealand dollars weakened against the U.S. dollar by 4.5% and 7.3% respectively, impacting revenue as approximately 50% of total revenue is generated internationally [9] - The cinema industry faced challenges due to a weaker box office, attributed to the lingering effects of the 2023 Hollywood strikes and underperforming film releases [8][15] Company Strategy and Development Direction - The company is focused on reducing debt and rebuilding operational cash flow, with plans for cinema renovations and upgrades in the U.S., Australia, and New Zealand [50][51] - Strategic initiatives include enhancing food and beverage offerings, expanding loyalty programs, and recalibrating occupancy costs with landlords to reflect current economic conditions [20][25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for a stronger 2026 and beyond, anticipating improvements in the interest rate environment and a stabilizing film slate [38] - The second quarter of 2025 has shown better box office performance, with successful film releases contributing to improved theater-level cash flow [15][17] Other Important Information - The company completed the sale of its Wellington assets for NZD 38 million, which helped eliminate significant debt and reduce annual interest expenses [6] - The company is actively working on selling its Cannon Park assets in Townsville, Australia, with an expected closing date of May 21, 2025 [7][47] Q&A Session Summary Question: What is your cinema CapEx forecast for 2025? - The company plans to renovate one theater in the U.S. and is working on upgrades for several others in New Zealand and Australia, though completion is not guaranteed [50][51] Question: What are Reading's intermediate term plans for the Minetta Lane and Orpheum sites? - The focus is on reducing debt and maintaining cash flow from these assets while exploring future opportunities [52][54] Question: Do you expect to refinance the Santander loan? - Discussions are ongoing to extend the existing loan for another year, with expected terms including a partial pay down [56] Question: What steps will the company take to attract analysts and investors? - The company will participate in the Sidoti conference and host one-on-one meetings with potential shareholders to enhance visibility and valuation [57][58]

Core Points - Reading International, Inc. is scheduled to participate in Sidoti's Virtual Micro-Cap Investor Conference on May 21-22, 2025 [1] - The company's Executive Vice President – Global Operations, Andrzej Matyczynski, will present virtually on May 22, 2025, at 10:45 A.M. Eastern time, discussing financial results, business outlook, and capital allocation strategy [2] - The investor presentation will be available on the company's corporate website after the conference [3] Company Overview - Reading International, Inc. is an internationally diversified cinema and real estate company with operations in the United States, Australia, and New Zealand [4] - The company operates various cinema brands, including Reading Cinemas, Consolidated Theatres, and Angelika, and owns live theatres under the Liberty Theaters subsidiary [5] - Signature property developments include Newmarket Village in Brisbane, Australia, and 44 Union Square in New York City [5]

Financial Performance - Total Revenues for Q4 2024 increased by 29.3% (or $13.3 million) to $58.6 million compared to $45.3 million in Q4 2023[8] - Operating Income improved from a loss of $7.0 million in Q4 2023 to a positive Operating Income of $1.5 million in Q4 2024[8] - Net Loss decreased from $12.4 million in Q4 2023 to $2.2 million in Q4 2024, driven by improved cinema and real estate revenue[8] - Adjusted EBITDA for Q4 2024 improved by 250.5% to $3.4 million from a negative adjusted EBITDA of $2.2 million in Q4 2023[8] - Full Year 2024 Total Revenues decreased by 5.5% to $210.5 million from $222.7 million in 2023[9] - Operating loss for 2024 was $14,033, compared to a loss of $12,031 in 2023[29] - Net loss attributable to Reading International, Inc. was $35,301 in 2024, compared to a loss of $30,673 in 2023[29] - Basic and diluted earnings per share for 2024 were both $(1.58), compared to $(1.38) in 2023[29] - Total segment revenue for the year ended December 31, 2024 was $210,527, a decrease of 5% from $222,744 in 2023[31] - Adjusted EBITDA for the year ended December 31, 2024 was $7,757, compared to $2,113 in 2023[33] Revenue Breakdown - Global cinema revenue for 2024 decreased by 6.0% to $195.1 million, impacted by the Hollywood strikes[13] - Global Real Estate Division revenues increased by 1% to $20.0 million in 2024, with operating income rising to $4.7 million[12] - In Q4 2024, global cinema revenue increased by 30% to $54.6 million, with operating income rising 191.1% to $3.8 million[13] - Cinema revenues decreased by 6% to $195,130 in 2024 from $207,641 in 2023[29] - Real estate revenues increased by 2% to $15,397 in 2024 from $15,103 in 2023[29] Cash and Liabilities - As of December 31, 2024, cash and cash equivalents were $12.3 million, with total outstanding bank borrowings of $202.7 million[17] - Total current assets increased to $57,042 in 2024 from $38,710 in 2023[30] - Total liabilities decreased to $475,801 in 2024 from $500,055 in 2023[30] Future Outlook - The company anticipates stronger performance in 2025 with the release of highly anticipated titles such as Disney's Lilo & Stitch and Mission Impossible: The Final Reckoning[10] EBITDA Insights - EBITDA is used by the company as a measure of financial performance and value, commonly adopted in the cinema exhibition and real estate industries[37] - The company believes that EBITDA is valuable for investors to assess cash generation ability and to compare with peers in the same industry[37] - EBITDA is not a measurement under generally accepted accounting principles and should not be considered in isolation from net income or cash flow data[38] - The exclusion of interest, taxes, depreciation, and amortization limits the usefulness of EBITDA in assessing financial performance[39] - Adjusted EBITDA is calculated by excluding certain external items not reflective of core business costs, such as legal expenses from extraordinary litigation[41]