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Seaport Entertainment Group (SEG) investor relations material

Seaport Entertainment Group Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary12 Aug, 2025

Executive summary

  • Achieved significant year-over-year improvements in revenue and net loss, reflecting progress as a newly standalone public company and successful corporate restructuring.

  • Internalized food and beverage operations at Seaport, acquiring 100% of Jean-Georges' interest in the Tin Building JV and transitioning to new license agreements.

  • Signed long-term leases with Willits NYC, Cork Wine Bar, and Meow Wolf, increasing occupancy and diversifying offerings in the Seaport neighborhood.

  • Nike exercised early lease termination at Pier 17, resulting in a termination payment and new opportunities for space utilization.

  • Uplisted to NYSE and added to the Russell 2000 and Microcap indexes, enhancing visibility and trading volume.

Financial highlights

  • Q2 2025 total revenues were $39.8M, up 18% year-over-year; six-month revenues were $55.9M, up 16%.

  • Entertainment segment revenue grew 16% year-over-year to $19.9M, driven by more concerts and higher sponsorship/concession revenue.

  • Hospitality revenue rose 68% to $15.2M in Q2 2025; rental revenue declined to $4.2M.

  • Net loss attributable to common stockholders was $(14.8)M for Q2 2025, a 58% improvement year-over-year; adjusted net loss was $(7.4)M, a 74% improvement.

  • General and administrative expenses reduced by $10.3M in Q2 2025, mainly due to the absence of separation costs.

Outlook and guidance

  • Management anticipates continued momentum into Q3, driven by concert series, hospitality diversification, and real estate strategy execution.

  • Targeting operational breakeven by 2026, with ongoing focus on reducing cash burn and stabilizing the Tin Building.

  • Expects to recognize $24.8M in remaining unsatisfied performance obligations, primarily from ticket sales and sponsorships, over the next three years.

  • Focus remains on expanding partnerships, strategic acquisitions, and development/redevelopment projects.

  • Management believes current cash balances and access to capital markets provide adequate liquidity for all current and long-term obligations and capital projects.

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Frequently asked questions

Seaport Entertainment Group Inc. operates as an entertainment and leisure company, focusing on the development, management, and promotion of attractions and recreational facilities. The company provides experiences that may include themed events, family-oriented entertainment venues, and interactive exhibits aimed at enhancing visitor engagement. Seaport Entertainment Group serves a diverse audience, often collaborating with local and tourism-focused businesses to create accessible and appealing leisure destinations. The company is headquartered in Toronto, Canada, and its shares are listed on the TSX Venture Exchange (SEG).

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