Reading International (RDI) Q3 2025 earnings summary

Executive summary

• Q3 2025 global revenue fell 13% year-over-year to $52.2 million, mainly due to a weaker film slate, lower cinema attendance, FX headwinds, and property sales reducing rental income.

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

• Debt was reduced by nearly 15% since December 2024, primarily from proceeds of major real estate asset sales in Australia and New Zealand.

• Operational improvements and cost management drove profitability gains despite cinema revenue declines.

• For the first nine months of 2025, revenues rose 1% to $152.7 million, net loss improved 65% to $11.6 million, and EBITDA reached $12.8 million, up from a loss in the prior year.

Financial highlights

• Q3 2025 global cinema revenue fell 14% to $48.6 million; real estate segment revenue decreased 7% to $4.6 million; cinema operating income dropped 21% to $1.8 million; real estate income was flat at $1.4 million.

• Adjusted EBITDA for Q3 2025 increased by $0.7 million to $3.6 million; for the nine months, adjusted EBITDA rose by $17.4 million to $12.8 million.

• Basic loss per share improved to $0.18 from $0.31 in Q3 2024; nine-month loss per share improved to $0.51 from $1.48.

• Cash and cash equivalents at September 30, 2025, were $8.1 million; total assets were $435.2 million; total borrowings reduced to $172.6 million from $202.7 million at year-end 2024.

• Operating cash flow for nine months was $(5.9) million (improved from $(11.8) million); investing cash flow was $37.3 million, mainly from property sales.

Outlook and guidance

• Management expects a strong rebound in Q4 2025 and a much stronger 2026, citing robust presales for major holiday releases and a strong upcoming film slate.

• Liquidity plans focus on further real estate monetizations and refinancing to meet obligations, with $16.5 million debt due in the next 12 months.

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