Core Points - Consolidated Theatres is launching a new loyalty rewards program on December 11, 2025, featuring a Free-to-Join option and a Premium Membership for $11.99 per month, aimed at enhancing the moviegoing experience for audiences [1][4] - The program allows participants to earn points for movie tickets and concessions, with a 100-point bonus for early sign-ups during the launch week [2][3] - Founding Members will enjoy free screenings of select films from December 11-17, 2025, and additional perks throughout the launch period [2][3] Free-to-Join Option - Guests signing up for the Free-to-Join Program will receive a complimentary Welcome Popcorn and a free refill, valued at $25.50 [2] - Participants earn one point for every dollar spent, with double points for tickets purchased via the website or app [6] Premium Membership Option - Premium Members will receive all Free-to-Join benefits plus additional perks such as one free movie ticket each month, discounted tickets for family and friends, and 10% off food and drink purchases [4][6] - Members will also benefit from surprise monthly mystery perks, including BOGO deals, and extra ticket discounts on Mahalo Tuesdays and Wednesdays [6] Company Background - Consolidated Theatres, an affiliate of Reading International, Inc. (NASDAQ: RDI), has been providing entertainment in Hawaiʻi since 1917, operating nearly 100 screens across the state [5][7]

Group 1 - The article does not provide any specific content or key points related to a company or industry [1]

Core Insights - Reading Cinemas at Valley Plaza Mall is undergoing a multi-million-dollar renovation aimed at enhancing the guest experience, expected to be completed by January 2026 [1] - The cinema is introducing recliner seating in its IMAX and TITAN LUXE auditoriums, providing a more comfortable viewing experience [2][3] - A new loyalty program will launch in December, offering rewards and discounts to members [6][7] Renovation and Upgrades - The renovation includes the addition of recliner seats in the IMAX auditorium, which is the only one with such seating within 100 miles of Bakersfield [3] - The TITAN LUXE auditorium features a 57-foot wide and 32-foot tall screen with 4K DLP projection and DOLBY ATMOS sound system, enhancing the cinematic experience [3] - Premium recliner seating is being introduced in multiple auditoriums, with the first three available now and five more expected in January 2026 [4] Ticketing and Pricing - Movie ticket prices for traditional auditoriums will drop to $8 all day for all ages, alongside a Half-Price Tuesday program offering 50% off all tickets [8] - Tickets are currently on sale for various films, including "Wicked: For Good" and "Avatar: Fire & Ash" [4][5] Food and Beverage Enhancements - A new food and beverage menu has been introduced, featuring items like Elote and various adult beverages, designed for enjoyment in the new recliner seating [9][11][15] - The revamped menu includes a variety of snacks and meals that can be ordered in advance through the Reading Cinemas app [11] Loyalty Program - The new loyalty program will feature both free and premium membership options, rewarding guests with points for every dollar spent on tickets and food [6][7] - Members will receive special perks, including discounts on food and drinks, and exclusive offers throughout the year [6][7]

Core Insights - Reading Cinemas at Valley Plaza Mall is undergoing a multi-million-dollar renovation to enhance guest experience, expected to be completed by January 2026 [1] - The cinema now features heated recliner seats and a new premium TITAN LUXE auditorium, providing an upgraded viewing experience [2][3] - The addition of a loyalty program, Reading Cinemas Rewards, aims to reward loyal customers with various perks and discounts [7][8] Group 1: Renovation and Upgrades - A significant renovation is in progress at Reading Cinemas, which includes the introduction of recliner seating and the TITAN LUXE auditorium [1][3] - The TITAN LUXE auditorium features a 57-foot wide and 32-foot tall screen, 4K DLP projection, and DOLBY ATMOS sound system, enhancing the cinematic experience [3] - The new recliner seats are 23 inches wide, made of premium leatherette, and equipped with user-friendly controls, swivel tables, and cupholders [4] Group 2: Movie Offerings and Events - The first feature in the new TITAN LUXE is "Wicked: For Good," with other upcoming films including "Zootopia 2" and "Avatar: Fire & Ash" [5] - Reading Cinemas is the only cinema within 100 miles of Bakersfield to offer IMAX with recliner seating, enhancing its competitive edge [3] Group 3: Loyalty Program and Pricing - The new Reading Cinemas Rewards program will launch in December, offering free and premium membership options with various benefits [7][8] - Movie ticket prices in traditional auditoriums will drop to $8 all day, alongside a Half-Price Tuesday program for additional savings [9] Group 4: Food and Beverage Enhancements - A revamped food and beverage menu has been introduced, featuring items like Elote and various adult beverages, designed for enjoyment in the new recliner seating [10][11] - The menu includes a variety of new food items such as Elote Nachos and Chicken & Waffles, enhancing the overall cinema experience [14]

Financial Performance - Total Revenues for Q3 2025 were $52.2 million, a decrease of 13% from $60.1 million in Q3 2024[5] - Positive EBITDA of $3.6 million improved by 26% compared to $2.8 million in Q3 2024, marking the fifth consecutive quarter of positive EBITDA[5] - Basic Loss per Share improved by 42% to $0.18 from $0.31 in Q3 2024, representing the best third quarter result since Q3 2019[5] - Total Revenues for the first nine months of 2025 increased slightly by 1% to $152.7 million compared to $152.0 million for the same period in 2024[5] - Operating Loss for the first nine months of 2025 improved by 72% to $4.3 million from $15.6 million in the same period of 2024[5] - Operating loss for Q3 2025 was $329,000, compared to a loss of $343,000 in Q3 2024[22] - Net loss attributable to Reading International, Inc. was $4,157,000 in Q3 2025, compared to a net loss of $7,028,000 in Q3 2024[26] - Total segment operating income for Q3 2025 was $3,143,000, a decrease of 12.9% from $3,609,000 in Q3 2024[27] - For the nine months ended September 30, 2025, total segment operating income was $7,193,000, compared to a loss of $3,329,000 in the same period of 2024[27] - The company reported a loss before income taxes of $3,986,000 in Q3 2025, an improvement from a loss of $6,439,000 in Q3 2024[27] Revenue Breakdown - Cinema revenue for Q3 2025 decreased by 14% to $48.6 million due to a less appealing movie slate compared to Q3 2024[7] - U.S. Real Estate Revenues increased by 35% to $2.0 million in Q3 2025, driven by improved performance of Live Theatre assets[10] - Total revenue for Q3 2025 was $52,170,000, a decrease of 13% compared to $60,090,000 in Q3 2024[22] - Cinema revenue decreased by 14% to $48,555,000 in Q3 2025 from $56,357,000 in Q3 2024, while real estate revenue decreased by 7% to $4,567,000[24] Debt and Assets - Total gross debt decreased by 14.8% to $172.6 million from December 31, 2024, primarily funded by proceeds from property sales[9] - Total assets decreased to $435,186,000 as of September 30, 2025, from $471,011,000 as of December 31, 2024[23] - Total liabilities decreased to $448,198,000 as of September 30, 2025, from $475,801,000 as of December 31, 2024[23] - The company’s cash and cash equivalents decreased to $8,090,000 as of September 30, 2025, from $12,347,000 as of December 31, 2024[23] Operational Insights - The company reported a significant improvement in operating income for the cinema segment in the United States, with a loss of $72,000 in Q3 2025 compared to a loss of $957,000 in Q3 2024, representing a 92% improvement[24] - Unallocated corporate expenses included a depreciation and amortization expense of $75,000 in Q3 2025, down from $106,000 in Q3 2024[27] - Interest expense, net for Q3 2025 was $4,174,000, a decrease of 20.4% from $5,245,000 in Q3 2024[27] - Equity earnings from unconsolidated joint ventures increased to $121,000 in Q3 2025, compared to $71,000 in Q3 2024[27] Future Outlook - The company expects a strong rebound in Q4 2025, supported by high presales for upcoming films and a promising holiday movie lineup[6] EBITDA and Adjustments - Adjusted EBITDA for Q3 2025 was $3,572,000, compared to $2,843,000 in Q3 2024[26] - Adjusted EBITDA is used to evaluate the company's performance, excluding certain non-recurring items[34] - The company emphasizes that EBITDA is a widely accepted measure in the cinema exhibition and real estate industries[31] - Legal expenses related to extraordinary litigation are adjusted out of the EBITDA calculation[34] - The company aims to provide insights into operational performance separate from non-operational factors affecting net income[30]

Financial Performance - Total revenue for Q3 2025 was $52.17 million, a decrease of 13.5% compared to $60.09 million in Q3 2024[10] - Cinema revenue decreased to $48.56 million in Q3 2025 from $56.36 million in Q3 2024, representing a decline of 13.1%[10] - Net loss for Q3 2025 was $4.31 million, an improvement from a net loss of $7.14 million in Q3 2024[10] - The company reported a comprehensive loss of $4.92 million for Q3 2025, compared to a comprehensive loss of $5.64 million in Q3 2024[12] - Basic earnings per share for Q3 2025 were $(0.18), compared to $(0.31) for Q3 2024[10] - The company reported a net loss attributable to Reading International, Inc. of $4,157,000 for the quarter ended September 30, 2025, compared to a net loss of $7,028,000 for the same quarter in 2024[46] - Net income attributable to noncontrolling interests was a loss of $148,000 for the quarter ended September 30, 2025, compared to a loss of $111,000 for the same quarter in 2024[103] Assets and Liabilities - Total assets decreased to $435.19 million as of September 30, 2025, down from $471.01 million at the end of 2024[9] - Current liabilities decreased to $111.49 million from $161.63 million at the end of 2024, a reduction of 30.9%[9] - Total liabilities decreased to $448.20 million as of September 30, 2025, from $475.80 million at the end of 2024[9] - Cash and cash equivalents at the end of Q3 2025 were $8.09 million, down from $12.35 million at the end of 2024[9] - The company has $16.5 million of debt due in twelve months, cash of $10.5 million, and negative working capital of $92.7 million[17] - Total borrowings decreased to $171.61 million as of September 30, 2025, down from $201.83 million as of December 31, 2024, representing a reduction of about 15%[77] Revenue Segments - The cinema exhibition segment generates revenue through various channels, including ticket sales, food and beverage, and online ticket sales[32] - Total segment revenue for the quarter ended September 30, 2025, was $53,122,000, a decrease of 14.5% from $61,255,000 in the same quarter of 2024[37] - Admissions revenue in the United States decreased to $13,784,000 for the quarter ended September 30, 2025, down 10.7% from $15,445,000 in the same quarter of 2024[39] - Concessions revenue in the United States was $9,276,000 for the quarter ended September 30, 2025, down 5.6% from $9,824,000 in the same quarter of 2024[39] - The total revenue for the nine months ended September 30, 2025, was $155,805,000, an increase of 0.3% from $155,414,000 in the same period of 2024[37] - The cinema segment's operating loss for the nine months ended September 30, 2025, was $(6,563,000), compared to an operating income of $3,234,000 in the same period of 2024[39] Operating Expenses - Total operating expenses for the quarter ended September 30, 2025, were $49,979,000, a decrease of 13.1% from $57,646,000 in the same quarter of 2024[37] - Operating expenses for the quarter ended September 30, 2025, decreased by $6.9 million to $43.7 million, mainly due to lower attendance leading to reduced variable costs[195] - Operating expenses for the nine months ended September 30, 2025, totaled $129.3 million, a decrease of $7.1 million compared to the prior year, driven by operational efficiency and cinema closures[196] Debt and Financing - The company plans to raise liquidity through refinancing and real estate asset monetization, having sold nine property assets for a total of $201.5 million since 2021[20] - The company repaid $10.7 million of its Westpac loan and $6.1 million of its Bank of America facility, reducing the balance to $8.7 million[19] - The company extended the maturity date of several loans, including a $20.4 million Valley National debt to October 1, 2026[19] - The effective interest rate on the Bank of America Credit Facility is 11.25%, with a maturity date extended to May 18, 2026[79] Real Estate Performance - The real estate segment in Australia reported steady performance, but revenues were impacted by unfavorable exchange rates and the monetization of the Cannon Park entertainment center[135] - Real estate rent revenue for Q3 2025 decreased by $0.3 million to $4.6 million compared to Q3 2024, primarily due to the sale of Wellington and Cannon Park assets[199] - For the nine months ended September 30, 2025, real estate rent revenue decreased by $0.8 million to $14.1 million, attributed to lower rental income from property sales, partially offset by increased Live Theatre rental and ancillary income in the U.S.[200] - The company sold its Wellington properties for $21.5 million (NZ$38.0 million) and Cannon Park properties for $20.7 million (AU$32.0 million) in 2025, using proceeds to pay down approximately $32.1 million in debt[137] Future Outlook - The company expects a strong fourth quarter with major releases like The Running Man and Zootopia 2, which are anticipated to drive significant box office results[134] - The company plans to launch new free to join and paid membership programs in the U.S. in the fourth quarter of 2025 to drive audience engagement[132] - The cinema segment experienced a decline in box office performance in Q3 2025 compared to Q3 2024, attributed to a weaker film slate and broader industry challenges[128] Operational Challenges - The company has faced significant operational challenges due to the COVID-19 pandemic, Hollywood strikes, and economic factors, necessitating a reevaluation of its real estate business plan[166] - The company is considering reducing, delaying, or eliminating planned capital expenditures if cash flow is insufficient[208] - Additional asset monetization and restructuring of debt or lease obligations are potential alternatives for liquidity[208]

Core Insights - Reading International, Inc. reported a total revenue of $52.2 million for Q3 2025, a decrease of 13% from $60.1 million in Q3 2024, primarily due to a less appealing movie slate and currency exchange rate impacts [6][10][4] - The company achieved a positive EBITDA of $3.6 million, marking a 26% improvement compared to $2.8 million in Q3 2024, and representing the fifth consecutive quarter of positive EBITDA [6][30] - The net loss attributable to Reading improved by 41% to $4.2 million in Q3 2025 from $7.0 million in Q3 2024, indicating better overall segment results and reduced interest expenses [6][5] Financial Performance - Total revenues for the first nine months of 2025 were $152.7 million, a slight increase of 1% compared to $152.0 million for the same period in 2024 [6] - The operating loss for the first nine months of 2025 was $4.3 million, an improvement of 72% from a loss of $15.6 million in the same period in 2024 [6] - Basic loss per share improved by 65% to $0.51 for the first nine months of 2025 compared to $1.48 for the same period in 2024 [6] Cinema Business - Cinema revenue for Q3 2025 was $48.6 million, down 14% from $56.4 million in Q3 2024, attributed to a less appealing movie slate and operational challenges [10][6] - The average ticket price in both Australia and New Zealand reached their highest third quarter ever, while the U.S. cinema division achieved its second highest third quarter average ticket price [10][6] - The cinema operating income decreased by 21% to $1.8 million from $2.2 million in Q3 2024, reflecting the overall challenges faced in the cinema business [10][6] Real Estate Business - Real estate revenue for Q3 2025 was $3.6 million, a slight decrease from $3.7 million in Q3 2024, while operating income remained relatively flat at $1.4 million [10][6] - The U.S. real estate revenues increased by 35% to $2.0 million due to improved performance from Live Theatre assets in NYC [10][6] - The company executed five third-party lease transactions during Q3 2025, maintaining a portfolio occupancy rate of 98% across its Australian and New Zealand properties [11][10] Debt and Liquidity - As of September 30, 2025, the company reduced its total gross debt by 14.8% to $172.6 million, primarily funded by the sale of two major property assets [19][12] - Cash and cash equivalents stood at $8.1 million, down from $12.3 million at the end of 2024 [19][12] - The company extended the maturity of several loans, including those related to its Live Theatre assets and bank loans, to improve liquidity [19][12]

Core Points - Reading International, Inc. will hold its 2025 Annual Meeting of Stockholders virtually on December 4, 2025, at 2:00 p.m. Eastern Time [1] - Registered stockholders as of October 14, 2025, are entitled to attend and vote at the virtual meeting [2] - The company plans to commence electronic mailing of the notice and definitive Proxy Statement on or about October 24, 2025 [3] Company Overview - Reading International, Inc. is a diversified cinema and real estate company operating in the United States, Australia, and New Zealand [4] - The company operates multiple cinema brands, including Reading Cinemas, Consolidated Theatres, and the Angelika brand, along with 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 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)** |