Reading International (RDI) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue declined 13% year-over-year to $52.2 million, mainly due to a weaker film slate, lower cinema attendance, and FX headwinds.

• Net loss improved 41% to $4.2 million, the best Q3 result since 2019, and EBITDA rose 26% to $3.6 million, marking five consecutive quarters of positive EBITDA.

• For the first nine months of 2025, revenue rose 1% to $152.7 million, and net loss improved 65% to $11.6 million, aided by gains on property sales.

• Debt was reduced by nearly 15% to $172.6 million as of September 30, 2025, primarily from proceeds of major real estate asset sales in Australia and New Zealand.

• The company remains committed to its two-business, three-country strategy, focusing on core assets and cost control.

Financial highlights

• Q3 2025 consolidated revenue was $52.2 million (down 13% YoY); nine months: $152.7 million (up 1% YoY).

• Net loss for Q3 2025 was $4.2 million, improved from $7 million in Q3 2024; nine months net loss: $11.6 million, both significantly improved YoY.

• Basic loss per share improved to $0.18 for Q3 and $0.51 for nine months.

• Adjusted EBITDA for Q3 2025 increased to $3.6 million from $2.8 million in Q3 2024.

• Cash and cash equivalents as of September 30, 2025, were $8.1 million; total borrowings: $172.6 million, down from $202.7 million at year-end 2024.

Outlook and guidance

• Management expects a strong rebound in Q4 2025 and a robust 2026, citing strong pre-sales for major releases and a solid film slate.

• Plans to refinance key debt in 2026, supported by improving real estate and financing markets.

• Capital spending remains limited, prioritizing cinema upgrades over new real estate development.