Seaport Entertainment Group (SEG) investor relations material

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.