Reading International (RDI) Sidoti May Micro-Cap Virtual Conference summary

Business overview and strategy

• Operates in cinema and real estate sectors across the US, Australia, and New Zealand, maintaining a dual business model since the 1980s.

• Cinema cash flow historically funded real estate expansion; post-COVID, real estate sales have supported cinema operations.

• Brands include Angelika Film Center (art), Reading Cinemas (mainstream), and Consolidated Theaters (Hawaii).

• International diversification with roughly 50/50 revenue split between Australia/New Zealand and the US.

• Management team has adapted strategies post-pandemic to ensure resilience and value creation.

Financial performance and priorities

• Debt reduced from $276M to $173M since June 2020 through asset sales and refinancing.

• Adjusted EBITDA and NOI trends improved through 2024, with first quarter 2025 showing best NOI since 2019 despite a soft start.

• 2025 priorities: pay down debt, improve liquidity, rebuild cinema business, and progress key real estate projects.

• Asset monetization ongoing, with Newberry Yard in Pennsylvania listed for sale.

• Real estate revenue has grown and is being maintained post-pandemic.

Real estate portfolio and operations

• Major US assets include Union Square (NYC), Cinemas 1,2,3, and two off-Broadway theaters; focus on leasing and potential redevelopment.

• Philadelphia properties and Reading Viaduct seen as underutilized assets with future development potential.

• Australia/New Zealand portfolio includes five multi-tenanted properties, high occupancy rates, and recent asset sales (e.g., Canon Park for AUD 32M).

• Tenant mix is diverse, with anchor tenants like Coles and ALH hotels, and ongoing property upgrades.

• Monetized select assets to pay down loans and support liquidity.