RDI · Reading International, Inc.

Reading International reported a mixed set of results for the fourth quarter and full year 2025. While full year revenue declined by 3.6% to $203.0 million, the company achieved a significant turnaround in profitability metrics, with the full year net loss narrowing to $14.1 million from $35.3 million in the prior year. This improvement was largely driven by a $15.7 million increase in Adjusted EBITDA to $17.8 million, which included an $8.4 million gain on the sale of assets. The Cinema segment demonstrated operational leverage, swinging from an operating loss of $2.8 million in 2024 to an operating income of $3.6 million in 2025, aided by reduced occupancy and depreciation expenses following cinema closures. Conversely, the Real Estate segment saw revenues decline by 8% to $18.4 million due to the divestiture of properties in Wellington and Townsville, though operating income improved to $5.9 million. Management highlighted record average ticket prices and food & beverage spend per person across all markets. Looking ahead, the company expressed optimism for 2026, citing a stronger film slate including titles such as 'Project Hail Mary' and 'Avatar: Fire and Ash'. On the balance sheet, the company strengthened its liquidity position through asset monetization, utilizing proceeds to pay down approximately $32.1 million in bank debt. Furthermore, Reading International proactively managed its capital structure by extending loan maturities, most notably extending the National Australia Bank loan to July 31, 2030, and modifying payment schedules for its Bank of America and Valley National Bank loans.