Seaport Entertainment Group
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Seaport Entertainment Group (SEG) investor relations material

Seaport Entertainment Group Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary5 Mar, 2026

Executive summary

  • Achieved a 24% year-over-year improvement in net loss and a 49% improvement in non-GAAP adjusted net loss for 2025.

  • Completed major leasing and development initiatives, including 153,000 sq ft of new agreements and internalized food and beverage operations.

  • Sold 250 Water Street, generating $75–$76.1 million in net proceeds and eliminating $7 million in annual cash burn.

  • Transitioned the Tin Building to a new lease with the Balloon Museum, expected to improve pro forma annual EBITDA by over $22 million.

  • Celebrated a championship season with the Las Vegas Aviators and uplisted to the NYSE.

Financial highlights

  • Q4 2025 net loss attributable to common stockholders was $36.9 million, full year $116.7 million, improving 11% and 24% year-over-year, respectively.

  • Non-GAAP adjusted net loss for Q4 was $17.5 million and $54.1 million for the year, improving 9% and 49% year-over-year.

  • Q4 consolidated revenues were $29.5 million, up 30.4% year-over-year; full year revenues were $130.4 million, up 18.3% year-over-year.

  • Hospitality segment revenue for Q4 2025 was $12.2 million, up from $7.9 million in Q4 2024; full year hospitality revenue was $51.7 million, up from $30.0 million.

  • Entertainment segment revenues rose 14% for the year, with Adjusted EBITDA up 124% year-over-year.

Outlook and guidance

  • Focus remains on stabilizing operations, optimizing cost structure, and leveraging new event and hospitality concepts.

  • Anticipates opening the Balloon Museum in the Tin Building in summer 2026 and Sadie's restaurant in spring 2026.

  • Plans to expand event space in Pier 17 to 41,000 square feet with capacity for 1,500 guests.

  • Capital expenditures to reach stabilization expected to total $100–$125 million, with $70–$90 million remaining.

  • Q4 2025 G&A expenses set as the new benchmark for future cost management.

Future capital allocation post debt repayment
Rationale for Tin Building's new tenant strategy
Conditions for $50M stock repurchase program
Future capital deployment strategy
Tin Building repositioning's strategic benefits
Vegas operations' strategic role
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Q1 202612 May, 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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