Reading International (RDI) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenues rose 29% year-over-year to $60.4 million, with operating income reaching $2.9 million, the highest since Q2 2019, and EBITDA turning positive at $6.3 million, up 276% from a loss in Q2 2024.

• Net loss attributable to shareholders improved 79% year-over-year to $2.7 million, and basic loss per share narrowed to $0.12 from $0.57.

• Cinema segment rebounded strongly, with revenue up 32% year-over-year, driven by blockbuster releases and increased attendance.

• Real estate segment saw a slight revenue decline due to asset sales, but operating income improved 56% from cost controls and higher live theater income.

• Strong box office performance and property asset sales contributed to improved results and debt reduction.

Financial highlights

• Cinema revenue for Q2 2025 grew 32% to $56.8 million; real estate revenue was $4.7 million.

• Operating income for Q2 2025 was $2.9 million, compared to a loss of $7.7 million in Q2 2024.

• EBITDA for Q2 2025 was $6.3 million, up from a loss of $3.6 million in Q2 2024; six-month EBITDA was $9.2 million, up from a loss of $7.5 million.

• Net loss for Q2 2025 narrowed to $2.7 million from $12.8 million in Q2 2024; basic loss per share improved to $0.12 from $0.57.

• Cash and cash equivalents as of June 30, 2025, were $9.1 million; total outstanding borrowings reduced to $173.4 million.

Outlook and guidance

• Management expects continued cinema recovery, supported by a strong film slate for the remainder of 2025 and ongoing operational improvements.

• 2026 film lineup is expected to drive further growth, with major franchises scheduled for release.

• Real estate monetization and refinancing are planned to address liquidity and debt maturities.

• Company is well positioned for stronger growth in 2026 and beyond, supported by favorable interest rate trends and a stable Hollywood release schedule.

• No material impact anticipated from recent U.S. tax law changes.