RDI · Reading International, Inc.

Reading International, Inc. delivered its strongest Q1 operating performance since 2019, with total revenues rising 12% to $45.1 million, primarily fueled by a 14% increase in cinema revenues to $41.5 million. This growth stemmed from a superior movie slate including Project Hail Mary, Wuthering Heights, GOAT, and Hoppers, alongside holdovers like Avatar: Fire and Ash and Zootopia 2, boosting attendance across U.S. and Australian circuits despite a 7.3% U.S. screen reduction from prior closures. Record food & beverage spend per head—$8.38 in the U.S. and AU$8.09 in Australia—further enhanced cinema results, with all divisions reporting operating income improvements and loyalty program growth. Real estate revenues dipped 5% to $3.7 million due to 2025 asset sales in Wellington, New Zealand, and Townsville, Australia, though U.S. live theaters like Minetta Lane achieved record Q1 revenues. Corporate G&A costs fell 8%, aiding the 47% narrower operating loss to $3.6 million. EBITDA turned negative at $0.8 million, reflecting the absence of Q1 2025's $6.6 million gain on sale, while net loss widened to $8.1 million due to higher interest and FX impacts from stronger AUD/NZD. Balance sheet shows $5.5 million cash, down from year-end, with total assets at $431.5 million and debt at $184.6 million; interest expense dropped 11%. Liquidity efforts include Q1 amendments deferring payments on 44 Union Square and Bank of America/Hawaii facilities, NAB covenant relief, and pursuits to sell NYC's Cinemas 1,2,3 and Napier, NZ property (under contract with leaseback). Management anticipates continued momentum from a robust 2026 film slate including Toy Story 5 and Avengers: Doomsday, positioning for stronger results absent explicit guidance.