Reading International (RDI) Q1 2026 earnings summary

Executive summary

• Revenue increased 12% year-over-year to $45.1 million, marking the strongest Q1 since 2019, driven by stronger cinema attendance and improved film slate, especially in the U.S. and Australia.

• Cinema revenue rose 14% to $41.5 million, with all cinema divisions showing improved operating income.

• Segment operating income improved from a $2.9 million loss to a $48,000 gain, while overall operating loss improved by 47% to $3.6 million.

• Net loss attributable to shareholders widened to $8.1 million, mainly due to the absence of prior-year asset sale gains.

• Real estate monetizations and cost controls remain central to liquidity strategy.

Financial highlights

• Cinema revenue rose $5.1 million year-over-year to $41.5 million, offsetting a $0.2 million decline in real estate revenue.

• EBITDA was negative $0.8 million, down from positive $2.9 million in Q1 2025, which included a $6.6 million gain on asset sales.

• Operating expenses increased 6% to $40.8 million, mainly due to higher attendance and variable costs.

• Cash and cash equivalents stood at $5.5 million as of March 31, 2026; total debt was $184.6 million.

• Interest expense decreased by 11% year-over-year.

Outlook and guidance

• Management expects continued cinema recovery in 2026, supported by a robust film slate and enhanced food & beverage offerings.

• Real estate asset sales (Cinemas 1,2,3 and Napier) are expected to provide liquidity for upcoming debt maturities.

• Capital expenditures will remain focused on cinema upgrades; new real estate development is largely deferred.

• No assurances are given, but the company believes it is well-positioned for a strong year.