Earnings call webcast to discuss third quarter financial results scheduled to post to corporate website on Tuesday, November 18, 2025
Reading International, Inc. (NASDAQ: RDI) announced results for its quarter ended September 30, 2025. Revenue declines versus the prior year stemmed primarily from lower box office revenues but were almost completely offset by operating expense reductions. The quarter’s net loss was meaningfully reduced from prior year results, primarily from a greater than 20% reduction in interest expense and modest other income vs. a modest other loss in the prior year. During the quarter and YTD, Reading continued to reduce debt from real estate monetizations and extended several loan maturities. The Q3 press release and 10-Q are linked below.
Quarterly Earnings Audiocast & Question Submission Process
A pre-recorded earnings discussion audiocast will be posted on the corporate website at https://investor.readingrdi.com/financial-information/quarterly-results on Tuesday, November 18, 2025. Questions and topics for consideration should be submitted to Investor…@readingrdi.com no later than 5:00 p.m. ET (2:00 p.m. PT) Monday, November 17, 2025.
Cinema Segment Performance
Q3 2025 cinema revenue was $48.6 million, down 14% year over year on a lighter slate, screen reductions tied to prior closures/renovations, and FX headwinds. While still below pre-pandemic levels, cinema results supported total company EBITDA of $3.6 million, up 26% from $2.8 million in Q3 2024, marking a fifth straight positive EBITDA quarter. Record third-quarter ATPs in Australia and New Zealand and record third-quarter FB per capita across all regions helped offset volume pressure. Management pointed to a fuller Q4 slate, including “Wicked: For Good” and “Zootopia 2,” with additional tentpoles to follow.
Circuit optimization and pipeline
Over the past year, Reading has selectively exited or not renewed a handful of underperforming locations to sharpen its circuit. In New Zealand, it executed an agreement to lease a rebuilt Courtenay Central cinema as part of the Wellington property sale, positioning for a modern relaunch after the landlord completes seismic and redevelopment work (expected late 2026) at what was once one of the country’s top box office sites. In Australia, Reading leased back its multiplex at Cannon Park as part of the center’s sale, and a new Noosa (QLD) cinema remains in the pipeline, targeting 2026. In the U.S., the Reading Cinemas Bakersfield (already with IMAX) is undergoing a major renovation; portions have already reopened, including an additional new TITAN LUXE auditorium. Together with growing per capita ticket and F&B metrics, these actions support improved operating leverage as the Q4 and 2026 release slate builds.
Real Estate Segment Performance
Real estate revenue was $4.6 million (vs. $4.9 million in Q3 2024), and operating income was $1.4 million, roughly flat year over year and the second-best third quarter since 2019. Strength in NYC live theatres and high AU/NZ occupancy helped offset the impact of the Q2 Cannon Park sale on comparable rents. Portfolio occupancy in AU/NZ was 98% across 58 third-party tenants. The company reports that it has signed a non-exclusive letter of intent and exchanged lease drafts with one potential non-office tenant and is reviewing and responding to alternative proposals from potential office users.
Liquidity, Debt Reduction, and Asset Monetization
2025 asset sale transactions continue to drive deleveraging
The following are debt maturity actions during the quarter (improve the Q3 maturity profile) and after quarter-end (further benefit to current maturities)
As of September 30, 2025, cash totaled $10.5 million (including restricted funds for 44 Union Square tenant fit-outs), bringing net debt to $161.065 million, down over $40 million y/y. Having avoided any pandemic-era equity issuance, Reading has 22.7 million shares outstanding (21.04 million Class A and 1.68 million Class B). At present prices, the market is ascribing only a $192.9 million enterprise value to Reading. As of Sept 30, 2025, Reading has a total net book value of non-lease assets of $273.8 million, including owned fee interests in properties that I believe greatly understates sizable embedded real estate value appreciation, particularly in the Cinemas 1,2,3 property (Upper East Side of New York City).
About Reading International, Inc.
Reading International, Inc. (NASDAQ: RDI), an internationally diversified cinema and real estate company operating through various domestic and international subsidiaries, is a leading entertainment and real estate company, engaging in the development, ownership, and operation of cinemas and retail and commercial real estate in the United States, Australia, and New Zealand.
Reading’s cinema subsidiaries operate under multiple cinema brands: Reading Cinemas, Consolidated Theatres and the Angelika brand. Its live theatres are owned and operated by its Liberty Theaters subsidiary, under the Orpheum and Minetta Lane names. Its signature property developments, including Newmarket Village in Brisbane, Australia, and 44 Union Square in New York City, are maintained in special purpose entities.
Additional information about Reading can be obtained from our Company’s website: http://www.readingrdi.com.