Seaport Entertainment Group (SEG) investor relations material

Executive summary

• Q3 revenue was $32.7M, down 27.4% YoY; common-stockholder net loss narrowed to $8.4M from $33.2M.

• Operating EBITDA was positive for a second consecutive quarter at $362,000, a $3.2M improvement YoY; weather weighed on entertainment results.

• Progress toward 2028 asset stabilization is supported by cost controls, new tenants and concepts, and a leaner corporate cost base.

• Portfolio changes included the Tin Building restaurant closure and sales of 250 Water Street and 85 South Street; the Balloon Museum opened at the Tin Building in August.

Financial highlights

• Q3 net loss attributable to common stockholders narrowed 75% YoY to $8.4M; loss per share improved to $0.65 from $2.61.

• Q3 non-GAAP adjusted net loss improved $4.2M, or 58%, to $3.0M; adjusted loss per share improved to $0.23 from $0.57.

• 9M revenue was $79.7M vs. $100.9M; common-stockholder net loss narrowed to $62.9M from $79.9M.

• 9M adjusted net loss was $20.6M vs. $36.7M; adjusted loss per share was $1.61 vs. $2.89.

• Q3 G&A was $6.2M, down $11.7M YoY; excluding prior-year leadership transition costs, it declined $250,000, or 4%.

Outlook and guidance

• Asset stabilization remains targeted for 2028; results may be uneven as new concepts open and operating-efficiency initiatives continue.

• Remaining stabilization CapEx was tracking toward the high end of the previously discussed $35M–$55M range; scope and tenant work needs remain fluid.

• Flanker Kitchen + Sports Bar and Hidden Boot Saloon are expected in late Q1/early Q2 2027; the Pier 17 event space and Public Service concept are planned for early to mid-2027.

• Meow Wolf is preliminarily expected to open in early 2028; a neighborhood bakery is planned for mid-2027.

• G&A is expected to decline incrementally into 2027 through contract renegotiations, provider changes and further savings initiatives.