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Seaport Entertainment Group (SEG) investor relations material
Seaport Entertainment Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary11 Nov, 2025
Executive summary
Leadership transition completed with new CEO and interim CFO, incurring $11.5 million in related costs in Q3 2025, and focusing on refining priorities and optimizing operating models.
The company completed the spin-off from its former parent in July 2024, becoming an independent, publicly traded entity, and consolidated the Tin Building by Jean-Georges as of January 1, 2025.
Hosted major events including Macy's 4th of July Fireworks and NYC Wine & Food Festival, enhancing the Seaport's profile as a premier entertainment destination.
Signed new licensing agreements for Pier 17 and completed a significant corporate restructuring with Jean-Georges Restaurants.
Financial highlights
Q3 2025 consolidated revenues were $45.1 million, up 14% year-over-year; nine-month revenues reached $100.9 million, up 15%.
Net loss attributable to common stockholders was $33.2 million, or $(2.61) per share, a 2% year-over-year increase; adjusted net loss improved 71% to $7.2 million, or $(0.57) per share.
Non-GAAP adjusted net loss year-to-date was $(36.7) million, or $(2.89) per share, compared to $(88.8) million, or $(16.09) per share, in 2024.
Cash, restricted cash, and equivalents totaled $117 million as of September 30, 2025; net debt to gross assets at quarter-end was negative 2%.
General and administrative expenses were $18 million, down 2% year-over-year; interest expense decreased by $3 million.
Outlook and guidance
Management expects continued focus on asset management, partnership expansion, and development projects, with seasonality and macroeconomic factors such as inflation and consumer spending patterns impacting results.
Expect moderation in food and beverage revenue growth in Q4 as focus shifts to profitability.
Leasing velocity and revenue expected to pick up in the back half of 2026 as new tenants open.
Full plan for the Tin Building and broader hospitality strategy to be outlined in the next earnings call.
Capital expenditures to ramp up in 2026, with $50 million committed to announced projects.
What is the planned use of 250 Water St sale proceeds?
Expected impact of F&B ops internalization?
Floating debt exposure and interest rate sensitivity?
Tin Building's future operating model
Capital allocation for new growth opportunities
Pier 17 rooftop's year-round strategy
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Next Seaport Entertainment Group earnings date
Q4 202512 Mar, 2026
Next Seaport Entertainment Group earnings date
Q4 202512 Mar, 2026
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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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