Reading International Inc.

11/14/2025 | Press release | Distributed by Public on 11/14/2025 14:30

Quarterly Report for Quarter Ending September 30, 2025 (Form 10-Q)

Management's Discussion and Analysis ("MD&A") of Financial Condition and Results of Operations

The MD&A should be read in conjunction with our consolidated financial statements and related notes in this Report.


‎

Business Overview & Updates

Cinema Exhibit Segment

As we anticipated, our third quarter of 2025 cinema results decreased compared to third quarter 2024 due to a weaker film slate. The third quarter 2024 movie slate, which included record setting movies such as Deadpool & Wolverine, Beetlejuice Beetlejuice, Despicable Me 4, Twisters, and It Ends with Us, outperformed the third quarter 2025 movie slate.In the U.S., our box office was further negatively impacted by the second quarter 2025 closure of an underperforming theater in San Diego, California. Broader industry challenges, including persistent inflation, rising labor and other operating costs, and lingering impacts from the 2023 Hollywood strikes, continued to influence results and contributed to an overall softer quarter.

Despite these obstacles, when movies deliver box office results that both exceed industry expectations and set records, such as Demon Slayer: Kimetsu No Yaiba Infinity Casti, Superman and Weapons, our confidence in the future of the theatrical business is reinforced. This occurred again when KPop Demon Hunters, originally released by Netflix, delivered an $18 million domestic box office in an unexpected limited, two-day only theatrical release.

As mentioned above, and further discussed in the below, certain current macroeconomic conditions continued to present challenges for our cinema operations during the relevant periods:

Cinema attendance levels have not returned to pre-pandemic levels;

The number of movies released by the major Hollywood studios and other distributors, while increasing from pandemic levels, have not yet returned to their higher pre-pandemic levels, as releases continue to be impacted by both the shutdown due to Covid and the 2023 Hollywood Strikes;

The traditional exclusive theatrical release window continues to face pressure from cable and streaming platforms, as illustrated this quarter by Netflix's limited release of KPop Demon Huntersfor only two days;

Inflationary pressures, ongoing supply chain issuesandincreased operating expenses arising post-pandemic continue to push up our variable costs while we encounter consumer resistance to higher ticket prices;

Labor costs continue to rise due to mandated minimum wage increases;

Increased fixed costs for third party cinema rents, some of which are increasing due to base rent escalations, some of which are fixed and some of which are adjusted by reference to changes in the cost of living index, which are exacerbated by our obligation to also paycertainCOVID-19 related rent deferrals. We have been able to mitigate this somewhat by negotiating for rent abatements and revised rental terms and through the closure of certain underperforming venues;

Declines inexchange rates for the Australian and New Zealand currencies when compared to the U.S. Dollar for the third quarter and first nine months of 2025; and

General market and economic conditions.

We believe that our ongoing focus on operational efficiency and strategic initiatives has improved our operations results. Over the past quarter, we have worked to optimize the efficiency of our locations, by

Renegotiating our cinema leases and aligning our occupancy costs more effectively with attendance levels that, in general, remain behind pre-pandemic levels.

Prioritizing the elevation of the guest experience through our expanded Food and Beverage program. Beer and wine, and liquor service is available at nearly every one of our U.S. cinema locations. These enhancements are mirrored in our Australian and New Zealand markets, ensuring a consistent and premium experience for audiences across all regions. This strong focus on Food and Beverage resulted in revenue increases in all countries for the quarter and nine months compared to their respective prior year periods.

Exploiting our free to join and paid cinema membership programs in Australia and New Zealand and our free to join reward programs in the U.S. And, through the quarter we continued to develop our new free to join and paid membership programs in the U.S., which are expected to be launched in the fourth quarter 2025.

These initiatives not only provide increased revenues and reduced expenses but also highlight our dedication to delivering exceptional and memorable cinema experiences that we believe consistently draw audiences back to our theaters. Importantly, the lingering impacts of COVID-19 have become far less of a factor, allowing audiences to return to theaters more confidently and enabling our operations to function closer to pre-pandemic levels.

On a year-to-date basis, earlier releases in 2025 such as A Minecraft Movie, Sinners, Lilo & Stitch, How to Train Your Dragon, Thunderbolts*, and Mission: Impossible - The Final Reckoningall contributed significantly to our performance this year during the first two quarters. These films drove strong audience engagement, resulting in robust box office results for our worldwide cinemas. While attendance for the first nine months of 2025 was down compared to the first nine months of 2024, in our Australian and New Zealand

circuits our box office revenues have seen improvement, on a functional currency basis, as the result of our increased average ticket prices in each of those countries.

Looking ahead, we believe that the fourth quarter film slate presents a major opportunity to regain positive momentum and deliver stronger results. Major releases including The Running Man, Wicked: For Good, Zootopia 2, Five Nights at Freddy's2, The SpongeBob Movie: Search for SquarePants, The Housemaid, Marty Supreme, and Avatar: Fire and Ashare positioned to appeal to a wide variety of audiences, which should allow for a strong carry over into the beginning of 2026. These titles cover a wide range of genres, from musicals and family animation to horror and epic science fiction, each with the potential to drive significant box office results. When combined with our strategic operational initiatives and ongoing audience engagement efforts, this diverse slate gives us confidence that the fourth quarter will deliver a powerful, more impactful finish to the year.

Real Estate Segment

With respect to our real estate segment, our Australian real estate revenues continue to have steady, strong performance, especially when measured in local currency. However, the Australian real estate operations for the three-month period ended September 30, 2025 have been adversely impacted by the generally downward trend in exchange rates and the third quarter 2025 monetization of our Cannon Park entertainment center in Townsville, Australia.

In the United States, we sold our underutilized administrative office building in Culver City, California, for $10.0 million during the first quarter of 2024. At our 44 Union Square property in New York, Petco continues to occupy the cellar, ground, and second floors under a long term lease on a full rent-paying basis, while we work to secure tenant(s) for the remaining space. We believe that demand for space in the Union Square submarket is improving.

Regarding our Australia and New Zealand properties, we completed two major monetizations during the first half of 2025. On January 31, 2025, we sold all our Wellington, New Zealand properties for $21.5 million (NZ$38.0 million) and signed a lease agreement to continue operating the Courtenay Central cinema following seismic upgrades. On May 21, 2025, we sold our Cannon Park properties in Townsville, Queensland, for $20.7 million (AU$32.0 million), while retaining the cinema leasehold at the property. The proceeds of these sales were used, among other things, to pay down approximately $32.1 million in debt.

To align with our liquidity priorities, we have largely deferred new real estate development. Capital spending in 2024 and to date in 2025 has been primarily focused on upgrades to our existing cinemas. Additionally, we continue to hold our Newberry Yard property in Williamsport, Pennsylvania for sale and we continue to explore other opportunities to strengthen liquidity, for example, we recently entered into an agreement to sell our property in Napier, New Zealand.

Company Overview

We are an internationally diversified company principally focused on the development, ownership, and operation of entertainment and real estate assets in the United States, Australia, and New Zealand. Currently, we operate in two business segments:

Cinema exhibition, through our 58 cinemas.

Real estate, including real estate development and the rental of retail, commercial, and Live Theatre assets.

Over the past five years we have monetized nine property assets, but we believe that our cinema and real estate segments continue to complement and support one another and will be a part of the long run growth plan for our company. Before COVID-19, cash flows from our cinema operations helped fund the front-end cash demands of our real estate development business. During the pandemic, we shifted to rely more heavily on income from our real estate assets and tapped into the embedded value in those assets to support the Company through the crisis. With the lingering effects of COVID-19 and the 2023 Hollywood strikes now largely behind us, we expect the quality of film releases to continue to improve, encouraging audiences to return to our cinemas and restoring our ability to use cinema-generated cash flows to strengthen and expand our real estate portfolio. To meet anticipated liquidity needs, we continue to hold one property, Newberry Yard, for sale. Even after this planned disposition, we expect to retain properties in Pennsylvania, Manhattan, and Australia that, when capital resources allow, we believe offer meaningful potential to build long-term stockholder value.

Key Performance Indicators (Unaudited; U.S. dollars in thousands, except per patron data)

Food and Beverage Spend Per Patron

A key performance indicator utilized by management in our cinema segment is Food and Beverage ("F&B") Spend Per Patron ("SPP"), which is calculated based on our total Food & Beverage Revenues on a post-tax basis divided by our attendance during a specific period.

One of our key strategic priorities has been the continued enhancement of food and beverage offerings across several of our global cinema locations. Thirty-seven of our theater locations offer elevated food and beverage menus (i.e. menus that are beyond traditional popcorn, soda, and candy). We use F&B SPP as a measure of our food and beverage operational performance as compared to that of our competitors. Although the profitability of our food and beverage operations is influenced by numerous factors, including labor and cost of goods, F&B SPP serves as an indicator of our ability to achieve consistent strong top-line performance. In addition, F&B SPP highlights our ability to optimize revenue by effectively promoting and selling supplementary products to our customers during each visit. Moreover, this metric assists in evaluating how well we can differentiate our F&B offerings from our competitors. Management uses F&B SPP to adjust food and beverage pricing strategies at our individual theaters, measure the effectiveness of promotional marketing initiatives, optimize menu offerings, and ensure price barriers are not created for our customers. F&B revenue is particularly important to cinema operators, as film distributors do not share in this revenue stream.

Quarter Months Ended

Nine Months Ended

September 30,

September 30,

Food & Beverage Spend Per Patron
‎(in functional currency)

2025

2024

% Change

Fav/(Unfav)

2025

2024

% Change

Fav/(Unfav)

United States

$8.74

$8.24

6.1%

$8.70

$8.05

8.1%

Australia

$8.05

$7.90

1.9%

$8.07

$7.76

4.0%

New Zealand

$6.75

$6.62

2.0%

$6.91

$6.63

4.2%

Average Ticket Price per Patron

An additional key performance indicator utilized by management in our cinema segment is Average Ticket Price ("ATP") Per Patron, which is calculated based on our total Box Office Revenues on a post-tax basis divided by our attendance during a specific period. ATP serves to measure our operational cinema performance when compared to that of our competitors. ATP is a useful metric for evaluating our ability to achieve a strong top line performance, gauging the effectiveness of our cinemas' pricing strategies and our ability to draw audiences back to our theaters. Management uses ATP to adjust and inform ticket pricing schemes for our individual theaters, measure the effectiveness of our content programming, and ensure that price barriers are not created for core guests.

Quarter Months Ended

Nine Months Ended

September 30,

September 30,

Average Ticket Price
‎(in functional currency)

2025

2024

% Change

Fav/(Unfav)

2025

2024

% Change

Fav/(Unfav)

United States

$13.13

$13.17

(0.3)%

$13.35

$13.38

(0.2)%

Australia

$15.44

$13.13

17.6%

$15.81

$13.26

19.2%

New Zealand

$13.65

$10.95

24.7%

$14.09

$11.30

24.7%

Real Estate Key Performance Indicators

The key performance indicators used by management in our real estate segment vary according to jurisdiction. At the current time, in the United States, we assess our real estate division (including 44 Union Square and our historical railroad assets, but excluding our Live Theatres), solely on a net operating income basis. We have no specific key performance standards to compare performance from period to period. Rather we analyze operating budgets and projections and compare actual results to budgeted or projected results from time to time.

In Australia and New Zealand, we assess our properties held for rent using net operating income, occupancy factor (the percentage of the net rentable area of our properties that are leased) and average lease duration. We believe our chosen indicators help us effectively assess the return on investment on our real estate assets.

Quarter Months Ended

Nine Months Ended

September 30,

September 30,

Real Estate

(in functional currency)'000

2025

2024

% Change
‎Fav/(Unfav)

2025

2024

% Change
‎Fav/(Unfav)

United States

Net Operating Income

$

(334)

$

(247)

(35.5)%

$

(755)

$

(1,100)

31.3%

Australia

Net Operating Income

$

414

$

930

(55.5)%

$

2,154

$

2,401

(10.3)%

Occupancy Factor

98.3%

95.0%

3.3

%age points

98.3%

95.0%

3.3

%age points

Average Lease Duration

3.74 Years

2.96 Years

0.78 years

3.74 Years

2.96 Years

0.78 years

New Zealand

Net Operating Income

$

(150)

$

(520)

71.1%

$

(834)

$

(1,933)

56.8%

Occupancy Factor

100%

100%

-

%age points

100%

100%

-

%age points

Average Lease Duration

0.33 Years

0.87 Years

(0.54) years

0.33 Years

0.87 Years

(0.54) years

In the case of our Live Theatres, with respect to key performance indicators, we primarily look to the Live Theatre rental revenue and ancillary income from the theatres. This key performance indicator represents box office revenues less amounts paid to producers for license fee settlements, plus ancillary income earned by us from certain theatre operations. Our Live Theatre rental revenue and ancillary income for the third quarter of 2025 improved to $0.9 million compared to $0.4 million for the third quarter of 2024. Our Live Theatre rental revenue and ancillary income for the nine months ended September 30, 2025 improved to $2.1 million compared to $1.2 million for the nine months ended September 30, 2024.

Cinema Exhibition Segment Overview

We operate our worldwide cinema exhibition businesses through various subsidiaries under various brands:

in the U.S., under the Reading Cinemas, Angelika Film Centers, and Consolidated Theatres brands.

in Australia, under the Reading Cinemas, Angelika Cinemas, the State Cinema by Angelika, and for our one unconsolidated joint venture theatre, Event Cinemas brands.

in New Zealand, under the Reading Cinemas and for our two unconsolidated joint venture theatres, Rialto Cinemas brands.

Shown in the following table are the number of locations and screens in our cinema circuit in each country, by state/territory/region, our cinema brands, and our interest in the underlying assets as of September 30, 2025.

State / Territory /

Location

Screen

Interest in Asset
‎Underlying the Cinema

Country

Region

Count(3)

Count

Leased

Owned

Operating Brands

United States

Hawaii

Consolidated Theatres

California

Reading Cinemas, Angelika Film Center

New York

Angelika Film Center

Texas

Angelika Film Center

New Jersey

Reading Cinemas

Virginia

Angelika Film Center

Washington, D.C.

Angelika Film Center

U.S. Total

Australia

Victoria

Reading Cinemas

New South Wales

Reading Cinemas

Queensland

Reading Cinemas, Angelika Cinemas, EventCinemas(1)

Western Australia

Reading Cinemas

South Australia

Reading Cinemas

Tasmania

Reading Cinemas, State Cinema by Angelika

Australia Total

New Zealand

Wellington

Reading Cinemas

Otago

Reading Cinemas, Rialto Cinemas(2)

Auckland

Reading Cinemas, Rialto Cinemas(2)

Canterbury

Reading Cinemas

Southland

Reading Cinemas

Bay of Plenty

Reading Cinemas

Hawke's Bay

Reading Cinemas

New Zealand Total

GRAND TOTAL

(1)Our Company has a 33.3% unincorporated joint venture interest in a 16-screen cinema located in Mt. Gravatt, Queensland managed by Event Cinemas.

(2)Our Company is a 50% joint venture partner in two New Zealand Rialto Cinemas, with a total of 13 screens. We are responsible for the booking of these cinemas and our joint venture partner, Event Cinemas, manages their day-to-day operations.

(3)(i) Our Wellington lease count includes our Courtenay Central cinema, which, having been sold on January 31, 2025, is now under an Agreement to Lease and we anticipate reopening following the completion of certain third-party construction and seismic strengthening works; and (ii) we closed one underperforming cinema located in San Diego, CA on April 15, 2025.

Our cinema revenues consist primarily of cinema ticket sales, F&B sales, screen advertising, gift card sales, cinema rentals, and online convenience fee revenue generated by the sale of our cinema tickets through our websites and mobile apps. Cinema operating expenses consist of the costs directly attributable to the operation of the cinemas, including (i) film rent expense, (ii) cost of goods sold, (iii) operating costs, such as labor costs and utilities, and (iv) occupancy costs.Cinema revenues and certain expenses fluctuate with the availability of quality content and the number of weeks such content stays on screen. For a breakdown of our current cinema assets that we own and/or manage, please refer to Part I, Item 1 - Our Business of our 2024 Form 10-K.

Cinema Pipeline and Closures

On January 31, 2025, in connection with our sale of our Wellington Properties to Prime Property Group Limited ("Prime"), we entered into an agreement to lease with Prime to fit out and operate under a long-term lease our previously owned 10 screen cinema at the to be redeveloped Courtenay Central in Wellington, New Zealand (the "ATL"). Under the ATL, Prime is obligated to redevelop Courtenay Central and upgrade it to meet current earthquake standards. We intend to renovate the existing cinema to a "best-in-class" standard.

Our Board has also authorized management to proceed with the negotiation of a lease for a new state-of-the-art cinema, located in Noosa, Queensland, Australia.

On April 15, 2025, we closed our underperforming cinema located in San Diego, California.

Cinema Upgrades

The upgrades to our cinema circuits' film exhibition technology and amenities over the years are as summarized in the following table as of September 30, 2025:

Location Count

Screen
‎Count

Screen Format

Digital (all cinemas in our cinema circuit)

IMAX

TITAN XC and TITAN LUXE

Dine-in Service

Gold Lounge (AU/NZ)(1)

Premium (AU/NZ)(2)

Spotlight (U.S.)(3)

Upgraded Food & Beverage menu (U.S.)(4)

n/a

Premium Seating (features recliner seating)

Liquor Licenses(5)

n/a

(1)Gold Lounge: This is our "First Class Full Dine-in Service" in our Australian and New Zealand cinemas, which includes an upgraded F&B menu (with alcoholic beverages), luxury recliner seating features (intimate 25-50 seat cinemas) and waiter service.

(2)Premium Service: This is our "Business Class Dine-in Service" in our Australian and New Zealand cinemas, which typically includes upgraded F&B menu (some with alcoholic beverages) and may include luxury recliner seating features (less intimate 80-seat cinemas), but no waiter service.

(3)Spotlight Service:Spotlight, our first dine-in cinema concept in the U.S., is situated at Reading Cinemas in Murrieta, California. Prior to the COVID-19 Pandemic, six of our 17 auditoriums at this cinema featured waiter service before the movie began with a full F&B menu, luxury recliner seating, and laser focus on customer service. Our Spotlight service remains suspended.

(4)Upgraded Food & Beverage Menu:Features an elevated F&B menu including a menu of locally inspired and freshly prepared items that go beyond traditional concessions, which we have worked with former Food Network executives to create. The elevated menu also includes beer, wine and/or spirits at most of our locations.

(5)Liquor Licenses: Licenses are applicable at each cinema location, rather than each cinema auditorium. As of today, we have beer and wine licenses in 100% of our cinemas and liquor licenses in all but three of our cinemas operating in the U.S. In Australia, 86% of our cinemas are licensed and we have no liquor licenses pending. In New Zealand, 38%of our cinemas are licensed and we have two liquor licenses pending.

During the third quarter, we commenced a renovation of our theater in Bakersfield, California. We are upgrading our Reading Cinemas at Valley Plaza Mall by (i) creating a TITAN LUXE premium screen featuring a Dolby Atmos sound system and luxury heated recliner seats, (ii) installing luxury heated recliner seats in our IMAX auditorium and (iii) installing luxury recliner seats in eight other auditoriums. The renovated IMAX auditorium is now open for business and we anticipate the renovation to be completed before the end of 2025.

Real Estate Segment Overview

Through our various subsidiaries, we engage in the real estate business through the development, ownership, rental or licensing to third parties of retail, commercial, and Live Theatre assets. Our real estate business creates long-term value for our stockholders through the continuous improvement and development of our investment and operating properties, including our ETCs. In addition to owning the fee interests in 7 of our cinemas (as presented in the table under Cinema Exhibition Overview), as of September 30, 2025, we:

own our 44 Union Square property in Manhattan comprised of retail and office space, which is currently in the lease-up phase. The cellar, ground floor, and second floor of the building are now fully leased to Petco, which is in occupancy of its premises on a full rent paying basis;

own and operate two ETCs known as Newmarket Village (in a suburb of Brisbane), and the Belmont Common (in a suburb of Perth), the cinema components of which are included in the fee owned screen count above;

own and operate our administrative office building in South Melbourne, Australia;

own and operate the fee interests in two developed commercial properties in Manhattan improved with Live Theatres comprised of a single stage in each location;

own a 75% managing member interest in Sutton Hill Properties LLC a limited liability company which in turn owns the fee interest in and improvements constituting our Cinemas 1,2,3 located in Manhattan. On September 30, 2025, we entered into an agreement to purchase all of the partnership interests in Sutton Hill Associates, a California general partnership ("SHA"). Through its ownership of 100% of the membership interests in Sutton Hill Capital, LLC SHA's principal assets are (i) the 25% non-controlling membership interest in Sutton Hill Properties, LLC that we do not already own. The ownership of Sutton Hill Properties, LLC for accounting purposes is already consolidated into our financial statements. The transaction is anticipated to close in the 4thquarter 2025;

own the approximately 23.9-acre Newberry Yard property in Williamsport, Pennsylvania, which is currently being held for sale; and

own approximately 201-acres principally in Pennsylvania from our legacy railroad business, including the Reading Viaduct in downtown Philadelphia;

For a breakdown of our real estate assets, made current by our discussion below, please refer to Part I, Item 1 - Our Business of our 2024 Form 10-K.

The combination of the COVID-19 pandemic, the lack of any material U.S. public pandemic financial assistance due to our public company status, the 2023 Hollywood Strikes, increased interest rates, inflation, increased labor costs, and decreases in the value of the Australian Dollar and New Zealand Dollar vis-a-vis the U.S. Dollar over the past five years, have significantly impacted our cinema operations and necessitated capital conservation to sustain our cinema operations and service our debt. This has required us to rethink our real estate business plan and to monetize a number of properties that had pre-COVID been slated for long-term development.

Since 2021, we have monetized the following property assets:

(i)Our non-income producing land holdings in Coachella, California and Manukau, New Zealand;

(ii)Our Redyard ETC in Auburn, Australia;

(iii)Our Royal George Live Theatre complex in Chicago (slated for redevelopment, and now being redeveloped for residential purposes by the new owner);

(iv)The land underlying our cinema in Invercargill, New Zealand;

(v)Our non-competitive four-screen cinema in Maitland, Australia;

(vi)Our administrative office building in Culver City, California;

(vii)On January 31, 2025, our approximately 3.7 acre five-parcel assemblage in the entertainment center of Wellington, New Zealand, which includes the Courtenay Central building; and

(viii)Most recently, on May 21, 2025, our Cannon Park property in Townsville, Queensland, Australia.

These properties were identified for sale and sold for various reasons, such reasons have included without limitation

(i)our need for liquidity due to the circumstances referred to above,

(ii)the amount of capital required to materially increase their value in the immediate to mid-term,

(iii)with respect to certain assets, their immaterial or non-income producing nature, or

(iv)in the case of our Culver City office building, the property was not required for our operations because it exceeded our office size requirements. Since the sale of this office building, we have been working remotely in Southern California.

As of the date of this Report, we continue to own our approximately 23.9-acre Newberry Yard in Williamsport, Pennsylvania (also currently non-income producing), which is being held for sale.

United States:

44 Union Square Redevelopment (New York, N.Y.)- On January 27, 2022, we entered a long-term lease with Petco for the lower level, ground floor, and second floor of the building. Petco continues to be open for business and in occupancy on a full rent paying basis. We continue our efforts to find a tenant for the remaining four floors of the building. As we previously reported, we signed a Letter of Intent and have exchanged lease drafts with one potential tenant which would offer a non-office use. Such Letter of Intent does not prohibit us from reviewing or accepting other proposals and we have received and responded to such alternatives. As the office leasing market in Mid Town South continues to improve, we have experienced increased interest from potential office users.

Minetta Lane Theatre (New York, N.Y.)- Audible has a license agreement with us through March 15, 2027. Audible presents productions and special live performance engagements on the Audible streaming service. During 2025, Audible presented a number of original productions , including Sexual Misconduct of the Middle Classwith Hugh Jackman, Creditorswith Liev Schreiber, and the musical Mexodus.

Orpheum Theatre (New York, N.Y.)- STOMP closed (after 30 years at our theatre) on January 8, 2023. Under our termination agreement with the producers of STOMP, we have certain rights to provide the New York City venue for any future production of that show. Following STOMP's historic run at the Orpheum, the theatre has hosted a variety of productions including Rachel Bloom's Death, Let Me Do My Show, Hamlet starring Eddie Izzard, The Big Gay Jamboree, The Jonathon Larson Project and a new show, Ginger Twinsies.

Cinemas 1,2,3 (New York, N.Y.)- Currently operated as the Cinemas 123, we have historically treated this property as an asset held for long term development. However, in light of a variety of factors, such as market conditions in Manhattan for real estate assets, cost of capital and demands on our liquidity, we have begun to explore alternatives for this property.

The Reading Viaduct and Adjacent Properties (Philadelphia, Pennsylvania)- This continues to be an area of focus in 2025 as we continue our efforts to maximize the potential of our real estate holdings in Philadelphia. Since 2023, we have resumed work on this project, particularly concentrating on the Reading Viaduct-an 0.7-mile-long raised rail bed and bridge system spanning the Callowhill and Poplar neighborhoods, extending to Vine Street in the heart of the city's Central Business District. Comprising approximately 6.5 acres of land, along with various connecting bridges over public streets and sidewalks, the Reading Viaduct represents a significant contiguous land holding unobstructed by public thoroughfares.

While there has been interest from the City of Philadelphia and the City Center District in acquiring the Reading Viaduct for park purposes, no concrete steps have been taken to proceed with condemnation or transfer of the property other than a petition brought by the City before the Surface Transportation Board ("STB") seeking a determination that the Reading Viaduct is no longer railroad property subject to the jurisdiction of the STB. Under applicable law, railroad land subject to the jurisdiction of the STB is not subject to condemnation by state or local authorities. The STB has granted the City's petition insofar as it sought a determination that our prior tenant, SEPTA, had abandoned its rail road use, the determination falls short of deterring our rights as the residual owner of the land in question, and our Company has appealed the STB's decision.

We have retained consultants and are working to down-date our various titles, many of which date back to the 19thcentury.

Australia:

Newmarket Village ETC (Brisbane, Australia)- We will continue to operate our Newmarket Village ETC, which includes Reading Cinemas as an anchor tenant. Our site includes a 23,218 square foot parcel adjacent to the center, improved with an office building. Over the next few years, we will be evaluating different development options for this space. As of the date of this report, the combined center and office building is 98% leased.

The Belmont Common, (Belmont, Perth, Australia) - The total gross leasable area of the Belmont Common is 60,117 square feet of net rentable land. Our multiplex cinema is the anchor tenant with six third-party tenants. The site is currently 100% leased.

On May 21, 2025, we sold our Cannon Park ETC in Townsville, Queensland, Australia, which consisted of our Cannon Park City Center and Cannon Park Discount Center properties, comprising approximately 9.4-acres, for a purchase price of $20.7 million (AU$32.0 million). We have retained a long-term lease of the cinema component of that property.

New Zealand:

On January 31, 2025, we sold all of our properties in Wellington, New Zealand (including the Courtenay Central building) to Prime Property Group ("Prime") for a purchase price of $21.5 million (NZ$38.0 million). We understand that Prime intends to redevelop the properties, including a seismic upgrade of the existing Courtenay Central building. As a part of that sale transaction, we have entered into an Agreement to Lease for the cinema component of the to be upgraded Courtenay Central building.

On October 21, 2025, we entered into a agreement for sale and purchase for our cinema and retail property located in Napier, New Zealand, providing for a purchase price of NZ$2,500,000. The transaction is subject to the satisfactory completion of buyer due diligence No assurances can be given that the transaction will be consummated.

For a complete list of our principal properties, see Part I, Item 2- Propertiesunder the heading "Investment and Development Property" in our 2024 Form 10-K".

Corporate Matters

Refer to Part I - Financial Information, Item 1 - Notes to Consolidated Financial Statements-- Note 18 - Stock-Based Compensation and Stock Repurchases for details regarding our stock repurchase program and Board, Executive and Employee stock-based remuneration programs.

Please refer to our 2024 Form 10-K for more details on our cinema and real estate segments.

RESULTS OF OPERATIONS

The table below summarizesthe results of operations for each of our principal business segments along with the non-segment information for the quarter and nine months ended September 30, 2025, and September 30, 2024, respectively:

Quarter Ended

% Change

Nine Months Ended

% Change

(Dollars in thousands)

September 30,

2025

September 30,

2024

Fav/
‎(Unfav)

September 30,

2025

September 30,

2024

Fav/
‎(Unfav)

SEGMENT RESULTS

Revenue

Cinema exhibition

$

48,555

56,357

(14)

%

$

141,740

$

140,570

1

%

Real estate

4,567

4,898

(7)

%

14,065

14,844

(5)

%

Inter-segment elimination

(952)

(1,165)

18

%

(3,089)

(3,463)

11

%

Total revenue

52,170

60,090

(13)

%

152,716

151,951

1

%

Operating expense

Cinema exhibition

(43,694)

(50,633)

14

%

(129,292)

(136,407)

5

%

Real estate

(1,863)

(2,106)

12

%

(5,658)

(6,801)

17

%

Inter-segment elimination

952

1,165

(18)

%

3,089

3,463

(11)

%

Total operating expense

(44,605)

(51,574)

14

%

(131,861)

(139,745)

6

%

Depreciation and amortization

Cinema exhibition

(2,045)

(2,608)

22

%

(6,358)

(7,753)

18

%

Real estate

(1,115)

(1,210)

8

%

(3,341)

(4,084)

18

%

Total depreciation and amortization

(3,160)

(3,818)

17

%

(9,699)

(11,837)

18

%

General and administrative expense

Cinema exhibition

(1,060)

(903)

(17)

%

(3,358)

(2,973)

(13)

%

Real estate

(202)

(186)

(9)

%

(605)

(725)

17

%

Total general and administrative expense

(1,262)

(1,089)

(16)

%

(3,963)

(3,698)

(7)

%

Segment operating income

Cinema exhibition

1,756

2,213

(21)

%

2,732

(6,563)

>100

%

Real estate

1,387

1,396

(1)

%

4,461

3,234

38

%

Total segment operating income (loss)

$

3,143

$

3,609

(13)

%

$

7,193

$

(3,329)

>100

%

NON-SEGMENT RESULTS

Depreciation and amortization expense

(75)

(106)

29

%

(293)

(305)

4

%

General and administrative expense

(3,397)

(3,846)

12

%

(11,231)

(11,928)

6

%

Interest expense, net

(4,174)

(5,245)

20

%

(13,270)

(15,907)

17

%

Equity earnings of unconsolidated joint ventures

121

71

70

%

428

164

>100

%

Gain (loss) on sale of assets

(66)

(208)

68

%

8,332

(1,324)

>100

%

Other income (expense)

462

(714)

>100

%

(2,145)

(593)

(>100)

%

Income before income taxes

(3,986)

(6,439)

38

%

(10,986)

(33,222)

67

%

Income tax benefit (expense)

(319)

(700)

54

%

(1,071)

(321)

(>100)

%

Net income (loss)

(4,305)

(7,139)

40

%

(12,057)

(33,543)

64

%

Less: net income (loss) attributable to noncontrolling interests

(148)

(111)

(33)

%

(477)

(481)

1

%

Net income (loss) attributable to Reading International, Inc.

$

(4,157)

$

(7,028)

41

%

$

(11,580)

$

(33,062)

65

%

Basic earnings (loss) per share

$

(0.18)

$

(0.31)

42

%

$

(0.51)

$

(1.48)

66

%

Consolidated and Non-Segment Results:

Third Quarter Net Results

Revenue

Revenue for the quarter ended September 30, 2025, decreased by 13% (or $7.9 million), to $52.2 million, compared to the same period in the prior year, primarily due to decreased cinema revenues from lower attendance in all three countries as a result of weaker overall movie slate released from the Hollywood studios in the third quarter of 2025 compared to the same period 2024. These decreases in revenue were compounded by a decline in real estate rent revenues in AU/NZ due to the sale of Cannon Park and the weakening of the AU/NZ foreign exchange rates against the U.S. dollar, partially offset by improved Live Theatre rental and ancillary income.

Revenue for the nine months ended September 30, 2025, increased by 1% (or $0.8 million), to $152.7 million, when compared to the same period in the prior year. This increase is attributable to improved box office from better movie slate as Lilo & Stitchand A Minecraft Moviereleased during the second quarter of 2025, improved US Food & Beverage revenue and better Live theatre rental and ancillary income, which was partially offset by a decrease in real estate rent revenue and a decrease in Food & Beverage revenues in Australia and New Zealand.

Segment Operating Income/(Loss)

Our total segment operating income for the quarter ended September 30, 2025, decreased by $0.5 million, from $3.6 million to $3.1 million, primarily due to weakened cinema performance, partially offset by lower depreciation and amortization.

Our total segment operating income for the nine months ended September 30, 2025 of $7.2 million, increased by $10.5 million, from a loss of $3.3 million, primarily due (i) improved box office revenue worldwide and US Food & Beverage revenue due to stronger movie slate released during the second quarter of 2025 such as Lilo & Stitchand A Minecraft Movie, (ii) decreased operating expenses in both segments demonstrating our ongoing focus on operational excellence, and (iii) a reduction in depreciation and amortization. This was partially offset by weakened real estate revenue and increased general and administrative expenses.

During the third quarter of 2025, both the Australia and New Zealand dollars devalued against the U.S. dollar. The average Australia dollar exchange rate against the U.S. dollar for the third quarter of 2025 decreased by 2.3% compared to the same period in 2024. The average New Zealand dollar exchange rate against the U.S. dollar for the third quarter of 2025 decreased by 3.1% compared to the same period in 2024. The devaluation of the Australia and New Zealand currencies negatively impacts segment operating income and positively impacts segment operating loss in U.S. dollar terms for the period.

Net Income/(Loss)

Our net loss attributable to Reading International, Inc. for the quarter ended September 30, 2025, improved by 41%, from a loss of $7.0 million to a loss of $4.2 million, when compared to the same period in the prior year, primarily due to decreases in interest expense and depreciation and amortization expenses along with an increase in other income, offset by decreased segment income.

For the nine months ended September 30, 2025, net loss attributable to Reading International, Inc. improved by 65%, from a loss of $33.1 million to a loss of $11.6 million, when compared to the same period in the prior year primarily due to improved segment results, decreased interest expense, and a gain on sale of assets compared to a loss on sale of our Culver City office in the same period prior year. This was partially offset by increased other expenses.

Income Tax Expense

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted in the United States. The OBBBA includes significant tax law changes, including the permanent extension of certain provisions from the Tax Cuts and Jobs Act, modifications to the international tax framework, and the reinstatement of favorable business tax provisions. These include 100% bonus depreciation, immediate expensing of Section 174 domestic research and experimental expenditures, and revised limitations under Section 163(j) on the deductibility of business interest expense. The legislation has multiple effective dates, with certain provisions effective beginning in 2025, and others implemented through 2027. The OBBBA does not have a material effect on the Company's consolidated financial statements for the year ending December 31, 2025.

Income tax expense for the three months ended September 30, 2025, decreased by $0.4 million compared to the equivalent prior-year period. The change between 2025 and 2024 is primarily related to a decrease in reserve for valuation allowance in 2025.

Income tax expense for the nine months ended September 30, 2025, increased by $0.8 million compared to the equivalent prior-year period. The change between 2025 and 2024 is primarily related to a decrease in consolidated losses in 2025.


‎

Business Segment Results

Cinema Exhibition

The following table details our cinema exhibition segment operating results for the quarter and nine months ended September 30, 2025, and September 30, 2024, respectively:

Quarter Ended

Nine Months Ended

Fav/(Unfav)

(Dollars in thousands)

September 30,
‎2025

% of Revenue

September 30,
‎2024

% of Revenue

September 30,
‎2025

% of Revenue

September 30,
‎2024

% of Revenue

Quarter
‎Ended

Nine Months Ended

REVENUE

United States

Admissions revenue

$

13,784

28%

$

15,445

27%

$

40,128

28%

$

39,368

28%

(11)

%

2

%

Food & beverage revenue

9,276

19%

9,824

17%

26,659

19%

24,237

17%

(6)

%

10

%

Advertising and other revenue

2,062

4%

2,547

5%

6,889

5%

6,996

5%

(19)

%

(2)

%

$

25,122

52%

$

27,816

49%

$

73,676

52%

$

70,601

50%

(10)

%

4

%

-

-

Australia

Admissions revenue

$

12,396

26%

$

14,445

26%

$

36,301

26%

$

35,559

25%

(14)

%

2

%

Food & beverage revenue

6,459

13%

8,691

15%

18,528

13%

20,805

15%

(26)

%

(11)

%

Advertising and other revenue

1,657

3%

1,609

3%

4,274

3%

4,248

3%

3

%

1

%

$

20,512

42%

$

24,745

44%

$

59,103

42%

$

60,612

43%

(17)

%

(2)

%

-

-

New Zealand

Admissions revenue

$

1,836

4%

$

2,215

4%

$

5,718

4%

$

5,559

4%

(17)

%

3

%

Food & beverage revenue

906

2%

1,339

2%

2,807

2%

3,262

2%

(32)

%

(14)

%

Advertising and other revenue

179

0%

242

0%

436

0%

536

0%

(26)

%

(19)

%

$

2,921

6%

$

3,796

7%

$

8,961

6%

$

9,357

7%

(23)

%

(4)

%

Total revenue

$

48,555

100%

$

56,357

100%

$

141,740

100%

$

140,570

100%

(14)

%

1

%

OPERATING EXPENSE

United States

Film rent and advertising cost

$

(7,557)

16%

$

(8,783)

16%

$

(21,723)

15%

$

(21,192)

15%

14

%

(3)

%

Food & beverage cost

(2,344)

5%

(2,632)

5%

(6,858)

5%

(6,550)

5%

11

%

(5)

%

Occupancy expense

(4,112)

8%

(5,198)

9%

(12,499)

9%

(17,530)

12%

21

%

29

%

Labor cost

(4,184)

9%

(4,657)

8%

(12,477)

9%

(12,807)

9%

10

%

3

%

Utilities

(1,657)

3%

(1,957)

3%

(4,207)

3%

(4,602)

3%

15

%

9

%

Cleaning and maintenance

(1,751)

4%

(1,914)

3%

(5,046)

4%

(4,998)

4%

9

%

(1)

%

Insurance

-

-

0%

-

0%

-

0%

-

%

-

%

Other operating expenses

(1,872)

4%

(1,860)

3%

(6,339)

4%

(6,078)

4%

(1)

%

(4)

%

$

(23,477)

48%

$

(27,001)

48%

$

(69,149)

49%

$

(73,757)

52%

13

%

6

%

Australia

Film rent and advertising cost

$

(5,484)

11%

$

(6,775)

12%

$

(16,026)

11%

$

(16,170)

12%

19

%

1

%

Food & beverage cost

(1,328)

3%

(1,922)

3%

(3,934)

3%

(4,631)

3%

31

%

15

%

Occupancy expense

(4,415)

9%

(4,673)

8%

(13,221)

9%

(13,612)

10%

6

3

%

Labor cost

(3,377)

7%

(3,794)

7%

(10,108)

7%

(10,510)

7%

11

4

%

Utilities

(815)

2%

(719)

1%

(2,308)

2%

(2,171)

2%

(13)

(6)

%

Cleaning and maintenance

(1,163)

2%

(1,352)

2%

(3,466)

2%

(3,728)

3%

14

7

%

Other operating expenses

(903)

2%

(966)

2%

(2,477)

2%

(2,747)

2%

7

10

%

$

(17,485)

36%

$

(20,201)

36%

$

(51,540)

36%

$

(53,569)

38%

13

%

4

%

New Zealand

Film rent and advertising cost

$

(803)

2%

$

(1,048)

2%

$

(2,592)

2%

$

(2,482)

2%

23

%

(4)

%

Food & beverage cost

(159)

0%

(273)

0%

(575)

0%

(703)

1%

42

18

%

Occupancy expense

(746)

2%

(804)

1%

(2,216)

2%

(2,347)

2%

7

6

%

Labor cost

(504)

1%

(631)

1%

(1,617)

1%

(1,786)

1%

20

9

%

Utilities

(173)

0%

(114)

0%

(407)

0%

(311)

0%

(52)

(31)

%

Cleaning and maintenance

(182)

0%

(256)

0%

(572)

0%

(650)

0%

29

%

12

%

Other operating expenses

(165)

0%

(305)

1%

(624)

0%

(802)

1%

46

%

22

%

$

(2,732)

6%

$

(3,431)

6%

$

(8,603)

6%

$

(9,081)

6%

20

%

5

%

Total operating expense

$

(43,694)

90%

$

(50,633)

90%

$

(129,292)

91%

$

(136,407)

97%

14

%

5

%

DEPRECIATION, AMORTIZATION, IMPAIRMENT AND GENERAL AND ADMINISTRATIVE EXPENSE

United States

Depreciation and amortization

$

(1,043)

2%

$

(1,259)

2%

$

(3,321)

2%

$

(3,784)

3%

17

%

12

%

General and administrative expense

(674)

1%

(513)

1%

(2,130)

2%

(1,885)

1%

(31)

%

(13)

%

$

(1,717)

4%

$

(1,772)

3%

$

(5,451)

4%

$

(5,669)

4%

3

%

4

%

Australia

Depreciation and amortization

$

(895)

2%

$

(1,237)

2%

$

(2,714)

2%

$

(3,619)

3%

28

%

25

%

General and administrative expense

(314)

1%

(389)

1%

(1,086)

1%

(1,087)

1%

19

%

-

%

$

(1,209)

2%

$

(1,626)

3%

$

(3,800)

3%

$

(4,706)

3%

26

%

19

%

New Zealand

Depreciation and amortization

$

(107)

0%

$

(112)

0%

$

(323)

0%

$

(350)

0%

4

%

8

%

General and administrative expense

(72)

0%

(1)

0%

(142)

0%

(1)

0%

(>100)

%

(>100)

%

$

(179)

0%

$

(113)

0%

$

(465)

0%

$

(351)

0%

(58)

%

(32)

%

Total depreciation, amortization, general and administrative expense

$

(3,105)

6%

$

(3,511)

6%

$

(9,716)

7%

$

(10,726)

8%

12

%

9

%

OPERATING INCOME (LOSS) - CINEMA

United States

$

(72)

(0)%

$

(957)

(2)%

$

(924)

(1)%

$

(8,825)

(6)%

92

%

90

%

Australia

1,818

4%

2,918

5%

3,763

3%

2,337

2%

(38)

%

61

%

New Zealand

10

0%

252

0%

(107)

(0)%

(75)

(0)%

(96)

%

(43)

%

Total Cinema operating income (loss)

$

1,756

4%

$

2,213

4%

$

2,732

2%

$

(6,563)

(5)%

(21)

%

>100

%

Third Quarter Results

Revenue

For the quarter ended September 30, 2025, cinema revenue decreased by $7.8 million, to $48.6 million compared to the same period in the prior year. This decrease was primarily due to a global decrease in cinema revenues driven by a weaker film slate compared to Q3 2024 when Deadpool & Wolverine, Beetlejuice Beetlejuice, Despicable Me 4, Twisters and It Ends with Uswere released, coupled with a weakening of AU/NZ foreign exchange rates. Cinema revenue was also adversely impacted by the closure of an underperforming cinema complex in the second quarter 2025.

For the nine months ended September 30, 2025, cinema revenue increased by $1.2 million, to $141.7 million compared to the same period in the prior year. This increase was primarily driven by (i) a global increase in box office due to a strongermovie slate as Lilo & Stitchand A Minecraft Moviereleased during the second quarter of 2025, and (ii) higher Food & Beverage revenues in our U.S. cinema circuit due to increased attendance combined with higher F&B SPP. Our results were partially offset by lower Food & Beverage revenue in AU and NZ and a weakening of AU and NZ foreign exchange rates against the U.S. dollar. Revenues wereadversely impacted by the closure of underperforming cinema complexes in the second quarter of each of 2024 and 2025.

Cinema Segment Operating Income/(Loss)

Cinema segment operating income for the quarter ended September 30, 2025, decreased by $0.5 million, from $2.2 million to $1.8 million when compared to the same period in the prior year. The decrease in operating income is due to a reduction in cinema revenue in all three countries from decreased attendance, partially offset by a decrease in operating expenses, occupancy expenses and a decrease in depreciation and amortization globally.

Cinema segment operating income for the nine months ended September 30, 2025, increased by $9.3 million, from a loss of $6.6 million to an income of $2.7 million when compared to the same period in the prior year primarily due to (i) increased cinema revenues from a better movie slate (ii) efficiently managed cinema expenses, and (iii) a reduction in depreciation and amortization in all three countries.

Operating Expense

Operating expenses for the quarter ended September 30, 2025, decreased by $6.9 million, to $43.7 million, compared to the same quarter in the prior year. This decrease was primarily due to decreased global attendance resulting in lower film rent, Food and Beverage cost, and other variable costs in all three countries, plus lower US occupancy cost.

Operating expenses for the nine months ended September 30, 2025, is $129.3 million, decreased by $7.1 million compared to the same time period in the prior year due to US rent negotiations, operational efficiency and closure of under performing cinemas.

Depreciation, amortization, impairment, general and administrative expense

Depreciation, amortization, impairment, and general and administrative expenses for the quarter ended September 30, 2025, decreased $0.4 million, to $3.1 million, compared to the same quarter in the prior year.

Depreciation, amortization, impairment, and general and administrative expenses for the nine months ended September 30, 2025, decreased $1.0 million, to $9.7 million, compared to the same period in the prior year.

Real Estate

The following table details our real estate segment operating results for the quarter and nine months ended September 30, 2025 and September 30, 2024, respectively:

Quarter Ended

Nine Months Ended

Fav/(Unfav)

(Dollars in thousands)

September 30,
‎2025

% of
‎Revenue

September 30,
‎2024

% of
‎Revenue

September 30,
‎2025

% of
‎Revenue

September 30,
‎2024

% of
‎Revenue

Quarter Ended

Nine Months Ended

REVENUE

United States

Live theatre rental and ancillary income

$

902

20%

$

391

8%

$

2,075

15%

$

1,220

8%

>100

%

70

%

Property rental income

1,050

23%

1,053

21%

3,164

22%

3,192

22%

-

%

(1)

%

1,952

43%

1,444

29%

5,239

37%

4,412

30%

35

%

19

%

Australia

Property rental income

2,394

52%

3,082

63%

8,150

58%

9,342

63%

(22)

%

(13)

%

New Zealand

Property rental income

221

5%

372

8%

676

5%

1,090

7%

(41)

%

(38)

%

Total revenue

$

4,567

100%

$

4,898

100%

$

14,065

100%

$

14,844

100%

(7)

%

(5)

%

OPERATING EXPENSE

United States

Live theatre cost

$

(304)

7%

$

(196)

4%

$

(796)

6%

$

(706)

5%

(55)

%

(13)

%

Occupancy expense

(207)

5%

(167)

3%

(559)

4%

(521)

4%

(24)

%

(7)

%

Labor cost

-

0%

-

0%

-

0%

-

0%

-

%

-

%

Utilities

(22)

0%

(9)

0%

(50)

0%

(88)

1%

(>100)

%

43

%

Cleaning and maintenance

(52)

1%

(37)

1%

(158)

1%

(115)

1%

(41)

%

(37)

%

Other operating expenses

(288)

6%

(245)

5%

(718)

5%

(865)

6%

(18)

%

17

%

(873)

19%

(654)

13%

$

(2,281)

16%

$

(2,295)

15%

(33)

%

1

%

Australia

Occupancy expense

(421)

9%

(509)

10%

$

(1,389)

10%

$

(1,477)

10%

17

%

6

%

Labor cost

(42)

1%

(69)

1%

(161)

1%

(182)

1%

39

%

12

%

Utilities

(67)

1%

(22)

0%

(101)

1%

(55)

0%

(>100)

%

(84)

%

Cleaning and maintenance

(198)

4%

(232)

5%

(634)

5%

(726)

5%

15

%

13

%

Other operating expenses

(191)

4%

(165)

3%

(648)

5%

(697)

5%

(16)

%

7

%

(919)

20%

(997)

20%

$

(2,933)

21%

$

(3,137)

21%

8

%

7

%

New Zealand

Occupancy expense

(6)

0%

(129)

3%

$

(95)

1%

$

(350)

2%

95

%

73

%

Labor cost

-

0%

(6)

0%

(2)

0%

(17)

0%

100

%

88

%

Utilities

-

0%

(13)

0%

(5)

0%

(49)

0%

100

%

90

%

Cleaning and maintenance

-

0%

(15)

0%

(4)

0%

(33)

0%

100

%

88

%

Other operating expenses

(65)

1%

(292)

6%

(338)

2%

(920)

6%

78

%

63

%

(71)

2%

(455)

9%

$

(444)

3%

$

(1,369)

9%

84

%

68

%

Total operating expense

$

(1,863)

41%

$

(2,106)

43%

$

(5,658)

40%

$

(6,801)

46%

12

%

17

%

DEPRECIATION, AMORTIZATION, GENERAL AND ADMINISTRATIVE EXPENSE

United States

Depreciation and amortization

$

(658)

14%

$

(673)

14%

$

(1,991)

14%

$

(2,089)

14%

2

%

5

%

General and administrative expense

(168)

4%

(193)

4%

(483)

3%

(673)

5%

13

%

28

%

(826)

18%

(866)

18%

(2,474)

18%

(2,762)

19%

5

%

10

%

Australia

Depreciation and amortization

$

(397)

9%

$

(490)

10%

$

(1,173)

8%

$

(1,632)

11%

19

%

28

%

General and administrative expense

(34)

1%

7

(0)%

(121)

1%

(52)

0%

(>100)

%

(>100)

%

(431)

9%

(483)

10%

(1,294)

9%

(1,684)

11%

11

%

23

%

New Zealand

Depreciation and amortization

(60)

1%

(47)

1%

(177)

1%

(363)

2%

(28)

%

51

%

General and administrative expense

-

0%

-

0%

(1)

0%

-

0%

-

%

-

%

(60)

1%

(47)

1%

(178)

1%

(363)

2%

(28)

%

51

%

Total depreciation, amortization, general and administrative expense

$

(1,317)

29%

$

(1,396)

29%

$

(3,946)

28%

$

(4,809)

32%

6

%

18

%

OPERATING INCOME (LOSS) - REAL ESTATE

United States

$

253

6%

$

(76)

(2)%

$

484

3%

$

(645)

(4)%

>100

%

>100

%

Australia

1,044

23%

1,602

33%

3,923

28%

4,521

30%

(35)

%

(13)

%

New Zealand

90

2%

(130)

(3)%

54

0%

(642)

(4)%

>100

%

>100

%

Total real estate operating income (loss)

$

1,387

30%

$

1,396

29%

$

4,461

32%

$

3,234

22%

(1)

%

38

%

Third Quarter Results

Revenue

Real estate rent revenue for the quarter ended September 30, 2025, decreased by $0.3 million to $4.6 million, compared to the same period in the prior year primarily due to the sale of our Wellington and Cannon Park assets, which resulted in a reduction in rental income, offset by increased Live Theatre rental and ancillary income.

For the nine months ended September 30, 2025, real estate rent revenue decreased by $0.8 million, to $14.1 million, compared to the same period in the prior year. The decrease was primarily due to lower rental income as a result of the sales of our Wellington property assets and our Cannon Park property assets, partially offset by higher Live Theatre rental and ancillary income in the U.S.

Real Estate Segment Income/(Loss)

Real estate segment operating income for the quarter ended September 30, 2025 remained relatively flat at $1.4 million

For the nine months ended September 30, 2025, real estate segment operating income increased by $1.2 million, to $4.5 million, compared to $3.2 million in the same period in the prior year. This increase in segment income was due to an increase in U.S. Live Theatre rental and ancillary income, decreased operating expenses and reduced depreciation, amortization, and G&A expense in all three countries, partially offset by a reduction in AU and NZ rental income from the sale of properties.

These results were impacted by the sale of our (i) Wellington property assets in January 2025, (ii) Cannon Park property in May 2025 and (iii) Culver City office building in February 2024.

LIQUIDITY AND CAPITAL RESOURCES

Our Financing Strategy

Prior to the COVID-19 pandemic, we used cash generated from operations and other excess cash, to the extent not needed, to fund capital investments contemplated by our business plan, in order to pay down our loans and credit facilities. This provided us with availability under our loan facilities for future use and thereby, reduced interest charges. On a periodic basis, we reviewed the maturities of our borrowing arrangements and negotiated renewals and extensions where necessary.

However, disruptions to our cinema cash flow caused by the COVID-19 pandemic, the 2023 Hollywood Strikes and periods of weak theatrical releases, augmented by changing consumer habits due to each of the foregoing, and continuing macroeconomic headwinds, have made it necessary for us to defer capital expenditures and to rely on borrowings and the proceeds of asset monetizations to cover our costs of operations, pay interest, and pay down debt.

Our NAB financing requires that our Company comply with certain covenants. Furthermore, our Company's use of loan funds from NAB is limited due to restrictions on the expatriation of funds from Australia to the United States. We believe that our lenders understand that the continuing effects of the factors discussed in the preceding paragraph, and various economic factors, are not of our own making, that we are taking aggressive steps to manage these industry headwinds, and that, generally speaking, our relationships with our lenders are positive.

While our Company believes that global cinema business is recovering, we still face macroeconomic pressures such as high interest rates, inflation, supply chain issues and increased film rent, labor, and operating costs, many of which are beyond our control. We have taken a variety of steps across our various operating jurisdictions to reduce our spending, including, without limitation, deferring non-essential capital expenditures, deferring certain operational expenses, renegotiating occupancy arrangements, closing certain unprofitable cinemas, deferring compensation expenses, and eliminating certain T&E expenses. We closely monitor our debt maturity dates, and where appropriate, we may seek necessary term extensions. In May 2025, we extended our Emerald Creek Capital debt's maturity date to November 6, 2026 with an option to extend an additional 6 months to May 6, 2027. In July 2025, we executed an amendment to our Bank of America loan to extend the maturity date to May 18, 2026, and modified the paydown schedule. In July 2025, we extended the maturity date of our Santander loan to June 1, 2026. On November 12, 2025, we extended our NAB facility by 5 years and on November 13, 2025, extended our Valley National debt for a year to October 1, 2026. As of September 30, 2025, we have debt of $16.5 million coming due in the next 12 months. While the Central Banks of the three countries in which we do business have reduced interest rates from recent highs, rates remain elevated when compared to pre-Covid periods.

On September 30, 2025, we entered into an agreement to purchase all of the partnership interests in Sutton Hill Associates, a California general partnership ("SHA"). Through its ownership of 100% of the membership interests in Sutton Hill Capital, LLC SHA's principal assets are (i) the 25% non-controlling membership interest in Sutton Hill Properties, LLC that we do not already own and which in turn owns the land and improvements commonly known as the Cinemas 1,2,3, and (ii) the tenant's interest in the ground lease and in the improvements commonly known at the Village East By Angelika. Both of these cinemas are located in the Borough of Manhattan, NY, NY. We have been operating these cinemas for more than the past 20 years and the ownership of these assets for accounting purposes is already consolidated into our financial statements. The consummation of the contemplated transaction is not anticipated to have a material impact on our operations. That transaction is anticipated to close in the 4thquarter 2025.

As discussed elsewhere in this Report, we believe that cinema cash flow for 2025 and onward will be stronger than in recent periods. However, if our Company is unable to generate sufficient cash flow in the upcoming months, we will be required to adopt one or more alternatives, such as reducing, delaying or eliminating planned capital expenditures, monetizing additional assets, restructuring our debt and/or our lease obligations or finding additional sources of liquidity. In May 2025, we sold our Cannon Park property assets in Australia for $20.7 million(AU$32.0 million)and repaid our $12.9 million (AU$20.0 million) Bridge Facility. In January 2025, we sold our Wellington property assets in New Zealand for $21.5 million (NZ$38.0 million) and repaid our $10.7 million (NZ$18.8 million) loan to Westpac and paid down $6.1 million to Bank of America. In early 2024, understanding our reduced need for administrative space during

the shift to remote-working, we decreased our overall general and administrative expense by selling our administrative building in Culver City, California, freeing up cash of approximately $1.3 million (after paying off our mortgage, brokerage commissions and transactional fees). We are currently reviewing our need for replacement of office space. On October 21, 2025, we entered into an agreement for sale and purchase for our cinema and retail property located in Napier, New Zealand, providing for a purchase price of NZ$2,500,000. The transaction is subject to the satisfactory completion of buyer due diligence. No assurances can be given that the transaction will be consummated. Also, our Newberry Yard property in Williamsport, Pennsylvania continues to be listed as an asset held for sale. This property was historically used as a rail yard, and, accordingly, improved with tracks and switches and has direct access to the area's rail system. Certain issues as to the location of various railroad rights of way have now been resolved on what we believe to be favorable terms and terms which enhanced the value of the property.

If we cannot obtain sufficient net proceeds from the disposition of these assets (or determine to defer disposition due to unfavorable market conditions), in addition to other strategies, we may look to monetize other real estate assets.

For more information about our borrowings, please refer to Part I - Financial Information, Item 1 - Notes to Consolidated Financial Statements-- Note 13 - Borrowings. For more information about our efforts to manage our liquidity issues, see Part I- Financial Information, Item 1 - Notes to Consolidated Financial Statements - Note 2 - Liquidity and Impairment Assessment.

The changesin cash and cash equivalents for the nine months ended September 30, 2025, and September 30, 2024, respectively, are discussed as follows:

Nine Months Ended

September 30,

(Dollars in thousands)

2025

2024

% Change

Net cash provided by (used in) operating activities

$

(5,856)

$

(11,818)

50

%

Net cash provided by (used in) investing activities

37,322

4,989

>100

%

Net cash provided by (used in) financing activities

(36,172)

2,127

(>100)

%

Effect of exchange rate on cash and restricted cash

172

744

(77)

%

Increase (decrease) in cash and cash equivalents and restricted cash

$

(4,534)

$

(3,958)

(15)

%

Operating activities

Cash used in operating activities for the nine months ended September 30, 2025, decreased by $6.0 million, to $5.9 million compared to cash used in the same period in prior year of $11.8 million. This was primarily driven by a decrease in net operating loss, partially offset by a decrease in net payables.

Investing activities

Cash provided in investing activities during the nine months ended September 30, 2025 was $37.3 million compared to cash provided in the same prior year period of $5.0 million. This was due to proceeds from sale of our Cannon Park property assets in May 2025 and the Wellington property assets in January 2025, compared to the proceeds from the sale of our Culver City office in February 2024.

Financing activities

Cash used in financing activities for the nine months ended September 30, 2025, increased by $38.3 million, to $36.2 million compared to cash provided by financing activities of $2.1 million in the same prior year period. This was primarily due to the paydowns of our Westpac debt, Bank of America debt and NAB Bridge Facility in 2025 as discussed previously, compared to the NAB Bridge Facility draw in the same period of 2024.

The table below presents the changes in our total available resources (cash and borrowings), debt-to-equity ratio, working capital, and other relevant information addressing our liquidity for the nine months ended September 30, 2025, and preceding four years:

As of and
‎for the
‎9-Months
‎Ended

Year Ended December 31

($ in thousands)

September 30, 2025

2024

2023

2022

2021

Total Resources (cash and borrowings)

Cash and cash equivalents (unrestricted)

$

8,090

$

12,347

$

12,906

$

29,947

$

83,251

Unused borrowing facility

2,359

7,859

7,859

12,000

12,000

Restricted for capital projects

2,359

7,859

7,859

12,000

12,000

Unrestricted capacity

-

-

-

-

-

Total resources at period end

10,449

20,206

20,765

41,947

95,251

Total unrestricted resources at period end

8,090

12,347

12,906

29,947

83,251

Debt-to-Equity Ratio

Total contractual facility

$

174,997

$

210,572

$

218,159

$

227,633

$

248,948

Total debt (gross of deferred financing costs)

172,638

202,713

210,300

215,633

236,948

Current

16,451

69,193

35,070

38,026

12,060

Non-current

156,187

133,520

175,230

177,607

224,888

Finance lease liabilities

11

43

83

28

68

Total book equity

(13,012)

(4,790)

32,996

63,279

105,060

Debt-to-equity ratio

(13.27)

(42.32)

6.37

3.41

2.26

Changes in Working Capital

Working capital (deficit)(1)

$

(92,684)

$

(104,584)

$

(88,373)

$

(74,152)

$

(6,673)

Current ratio

0.17

0.35

0.30

0.39

0.94

Capital Expenditures (including acquisitions)

$

1,176

$

2,028

$

4,711

$

9,780

$

14,428

(1)Our working capital is reported as a deficit, as we receive revenue from our cinema business ahead of the time that we have to pay our associated liabilities. We use the money we receive to pay down our borrowings in the first instance.

As of September 30, 2025, we had $8.1 million in unrestricted cash and cash equivalents compared to (i) 12.3 million on December 31, 2024 and (ii) $5.9 million on March 31, 2025. On September 30, 2025, our total outstanding borrowings were $172.6 million compared to $202.7 million on December 31, 2024.

We manage our cash, investments, and capital structure to meet the short-term and long-term obligations of our business, while maintaining financial flexibility and liquidity. We forecast, analyze, and monitor our cash flows to enable investment and financing within the overall constraints of our financial strategy. In the past, we used cash generated from operations and other excess cash to the extent not needed for any capital expenditures, to pay down our loans and credit facilities providing us some flexibility on our available loan facilities for future use and thereby, reducing interest charges.

CONTRACTUAL OBLIGATIONS, COMMITMENTSANDCONTINGENCIES

The following table provides information with respect to the maturities and scheduled principal repayments of our recorded contractual obligations and certain of our commitments and contingencies, either recorded or off-balance sheet, as of September 30, 2025:

(Dollars in thousands)

2025

2026

2027

2028

2029

Thereafter

Total

Debt(1)

$

23,222

$

121,503

$

-

$

-

$

-

$

-

$

144,725

Operating leases, including imputed interest

7,341

27,756

25,920

24,836

23,407

126,347

235,607

Finance leases, including imputed interest

11

-

-

-

-

-

11

Subordinated debt(1)

-

-

27,913

-

-

-

27,913

Pension liability

137

576

607

639

445

-

2,404

Interest on pension liability

34

108

77

45

11

-

275

Estimated interest on debt (2)

3,373

9,798

1,186

-

-

-

14,357

Village East purchase option(3)

5,900

-

-

-

-

-

5,900

Total

$

40,018

$

159,741

$

55,703

$

25,520

$

23,863

$

126,347

$

431,192

(1)Information is presented gross of deferred financing costs.

(2)Estimated interest on debt is based on the anticipated loan balances for future periods and current applicable interest rates.

(3)Please see disclosures above regarding the SHA transaction.

Litigation

We are currently involved in certain legal proceedings and, as required, have accrued estimates of probable and estimable losses for the resolution of these claims.

Please refer to Part I, Item 3 - Legal Proceedingsin our 2024 Form 10-K for more information. There have been no material changes to our litigation since our 2024 Form 10-K, except as set forth in Notes to Consolidated Financial Statements-- Note 16 - Commitments

and Contingenciesincluded herein in Part I - Financial Information, Item 1 - Financial Statementson this Quarterly Report on Form 10-Q. This note sets out our litigation accounting policies.

Off-Balance Sheet Arrangements

There are no off-balance sheet arrangements or obligations (including contingent obligations) that have, or are reasonably likely to have, a current or future material effect on our financial condition, changes in the financial condition, revenue or expense, results of operations, liquidity, capital expenditures or capital resources.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

We believe that the application of the following accounting policies requires significant judgments and estimates in the preparation of our Consolidated Financial Statements and hence, are critical to our business operations and the understanding of our financial results:

(i) Impairment of Long-lived Assets (other than Goodwill and Intangible Assets with indefinite lives) - we evaluate our long-lived assets and finite-lived intangible assets using historical and projected data of cash flows as our primary indicator of potential impairment and we take into consideration the seasonality of our business. If the sum of the estimated, undiscounted future cash flows is less than the carrying amount of the asset, then an impairment is recognized for the amount by which the carrying value of the asset exceeds its estimated fair value based on an appraisal or a discounted cash flow calculation. For certain non-income producing properties or for those assets with no consistent historical or projected cash flows, we obtain appraisals or other evidence to evaluate whether there are impairment indicators for these assets.

No impairment losses were recorded for long-lived and finite-lived intangible assets for the quarter ended September 30, 2025.

(ii) Impairment of Goodwill and Intangible Assets with indefinite lives - goodwill and intangible assets with indefinite useful lives are not amortized, but instead, tested for impairment at least annually on a reporting unit basis. The impairment evaluation is based on the present value of estimated future cash flows of each reporting unit plus the expected terminal value. There are significant assumptions and estimates used in determining the future cash flows and terminal value. The most significant assumptions include our cost of debt and cost of equity assumptions that comprise the weighted average cost of capital for each reporting unit. Accordingly, actual results could vary materially from such estimates.

No impairment losses were recorded for goodwill and indefinite-lived intangible assets for the quarter ended September 30, 2025.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Our statements in this quarterly report, including the documents incorporated herein by reference, contain a variety of forward-looking statements as defined by the Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "may," "will," "expect," "believe," "intend," "future," and "anticipate" and similar references to future periods. Examples of forward-looking statements include, among others, our beliefs regarding the impact of the 2023 Hollywood Strikes on the cinema business; our expected operating results, including our ultimate return to pre-pandemic type results; our expectations regarding the recovery and future of the cinema exhibition industry, including the strength of movies anticipated for release in the future; our expectations regarding patrons returning to our theatres and continuing to use discretionary funds on entertainment outside of the home; our beliefs regarding the impact of our cinema-anchored real estate developments; our beliefs regarding the success of our diversified business strategy; our belief regarding the attractiveness of 44 Union Square to potential tenants and ability to lease space on acceptable terms; our expectations regarding the effects of our enhanced F&B offerings on our operating results; our expectations regarding our ability to monetize our assets on terms acceptable to us; our expectations regarding credit facility covenant compliance and our ability to continue to obtain necessary covenant waivers and loan extensions on terms acceptable to us; and our expectations of our liquidity and capital requirements and the allocation of funds.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following:

with respect to our cinema and Live Theatre operations:

reduced consumer demand due to inflationary pressures and other macroeconomic pressures;

the adverse continuing effects of external events of the past pandemic and the 2023 Hollywood strikes on our Company's results from operations, liquidity, cash flows, financial condition, and access to credit markets;

a change in consumer behavior in favor of alternative forms or mediums of entertainment, and limited availability of wide motion picture release content;

reduction in operating margins (or negative operating margins) due to (i) decreased attendance, (ii) limited availability of wide release content, and (iii) increased operating expenses;

competition from cinema operators who have successfully used debtor laws to reduce their debt and/or rent exposure;

the uncertainty as to the scope and extent of our government's potential responses to future outbreak of infectious diseases;

the number and attractiveness to moviegoers of the films released in future periods, and potential changes in release dates for motion pictures;

the lack of availability of films in the short- or long-term as a result of (i) major film distributors releasing scheduled theatrical films on alternative channels; (ii) disruptions of film production; or (iii) rescheduling of movie releases into later periods, as experienced due to the implications of the 2023 Hollywood strikes;

the amount of money spent by film distributors to promote their motion pictures;

the licensing fees and terms required by film distributors from motion picture exhibitors in order to exhibit their films;

the comparative attractiveness of motion pictures as a source of entertainment and willingness and/or ability of consumers (i) to spend their dollars on entertainment and (ii) to spend their entertainment dollars on movies in an outside-the-home environment;

the extent to which we encounter competition from other cinema exhibitors, from other sources of outside-the-home entertainment, and from inside-the-home entertainment options, such as "home cinemas" and competitive film product distribution technology, such as, streaming, cable, satellite broadcast, video on demand platforms, and Blu-ray/DVD rentals and sales;

our ability to continue to obtain, to the extent needed, waivers or other financial accommodations from our lenders and landlords;

the impact of major movies being released directly to one of the multitudes of streaming services available;

the impact of certain competitors' subscription or advance pay programs;

the failure of our new initiatives to gain significant customer acceptance and use or to generate meaningful profits;

the cost and impact of improvements to our cinemas, such as improved seating, enhanced F&B offerings, and other improvements;

the ability to negotiate favorable rent abatement, deferral and repayment terms with our landlords (which may include lenders who have foreclosed on the collateral held by our prior landlords);

disruptions during cinema improvements;

in the U.S., the impact of the termination and phase-out of the so called "Paramount Decree;"

the risk of damage and/or disruption of cinema businesses from earthquakes as certain of our operations are in geologically active areas;

the impact of protests, demonstrations, and civil unrest on, among other things, government policy, consumer willingness to go to the movies;

labor shortages and increased labor costs related to such shortages and to increasingly costly labor laws and regulations applicable to part time non-exempt workers. Disruptions in film supply and film marketing due to the 2023 Hollywood Strikes; and

competition from a newly restructured Regal, which may have lower occupancy costs than our cinemas.

with respect to our real estate development and operation activities:

the increased costs of wages, supplies, services and other development expenses from inflation;

the impact on tenants from inflationary pressures;

uncertainty as to governmental responses to infectious diseases;

the rental rates and capitalization rates applicable to the markets in which we operate and the quality of properties that we own;

the ability to negotiate and execute lease agreements with material tenants;

the extent to which we can obtain on a timely basis the various land use approvals and entitlements needed to develop our properties;

the risks and uncertainties associated with real estate development;

the availability and cost of labor and materials;

the ability to obtain all permits to construct improvements;

the ability to finance improvements, including, but not limited to increased cost of borrowing and tightened lender credit policies;

the disruptions to our business from construction and/or renovations;

the possibility of construction delays, work stoppage, and material shortage;

competition for development sites and tenants;

environmental remediation issues;

the extent to which our cinemas can continue to serve as an anchor tenant that will, in turn, be influenced by the same factors as will influence generally the results of our cinema operations;

the increased depreciation and amortization expense as construction projects transition to leased real property;

the ability to negotiate and execute joint venture opportunities and relationships;

the risk of damage and/or disruption of real estate businesses from earthquakes as certain of our operations are in geologically active areas;

the disruptions or reductions in the utilization of entertainment, shopping and hospitality venues, as well as in our operations, due to pandemics, epidemics, widespread health emergencies, or outbreaks of infectious diseases, or to changing consumer tastes and habits; and

the impact of protests, demonstrations, and civil unrest on government policy, consumer willingness to visit shopping centers.

with respect to our operations generally as an international company involved in both the development and operation of cinemas and the development and operation of real estate and previously engaged for many years in the railroad business in the United States:

our ability to renew, extend, renegotiate or replace our loans that mature in 2025 and beyond, and the impact of increasing interest rates;

our ability to grow our Company and provide value to our stockholders;

our ongoing access to borrowed funds and capital and the interest that must be paid on that debt and the returns that must be paid on such capital, and our ability to borrow funds to help cover the cessation of cash flows we experienced during the COVID-19 pandemic;

our ability to reallocate funds among jurisdictions to meet short-term liquidity needs;

the relative values of the currency used in the countries in which we operate;

changes in government regulation, including by way of example, the costs resulting from the requirements of Sarbanes-Oxley and other increased regulatory requirements;

our labor relations and costs of labor (including future government requirements with respect to minimum wages, shift scheduling, the use of consultants, pension liabilities, disability insurance and health coverage, and vacations and leave);

our exposure from time to time to legal claims and to uninsurable risks, such as those related to our historic railroad operations, including potential environmental claims and health-related claims relating to alleged exposure to asbestos or other substances now or in the future recognized as being possible causes of cancer or other health related problems, and class actions and private attorney general wage and hour and/or safe workplace-based claims;

our exposure to cybersecurity risks, including misappropriation of customer information or other breaches of information security;

the impact of future major outbreaks of contagious diseases;

the availability of employees and/or their ability or willingness to conduct work under any revised work environment protocols;

the increased risks related to employee matters, including increased employment litigation and claims relating to terminations or furloughs caused by cinema and ETC closures;

our ability to generate significant cash flow from operations if our cinemas and/or ETCs continue to experience demand at levels significantly lower than historical levels, which could lead to a substantial increase in indebtedness and negatively impact our ability to comply with the financial covenants, if applicable, in our debt agreements;

our ability to comply with credit facility covenants and our ability to obtain necessary covenant waivers and necessary credit facility amendments;

changes in future effective tax rates and the results of currently ongoing and future potential audits by taxing authorities having jurisdiction over our various companies;

inflationary pressures on labor and supplies, and supply chain disruptions;

changes in applicable accounting policies and practices;

changes in future effective tax rates and the results of currently ongoing and future potential audits by taxing authorities having jurisdiction over our various companies;

the impact of the conflict events occurring in Eastern Europe and the threats of potential conflicts in the Asia-Pacific region;

the impact of the conflict events occurring in Israel and the threats of other potential conflicts in the Middle East, and

the impact of tariff regulations enforced by the U.S. against various nations.

The above list is not necessarily exhaustive, as business is by definition unpredictable and risky, and subject to influence by numerous factors outside of our control, such as changes in government regulation or policy, competition, interest rates, supply, technological innovation, changes in consumer taste, weather, earthquakes, pandemics, and the extent to which consumers in our markets have the economic wherewithal to spend money on beyond-the-home entertainment. Refer to Item 1A - Risk Factors, as well as the risk factors set forth in any other filings made under the Securities Act of 1934, as amended, including any of our Quarterly Reports on Form 10-Q, for more information.

Given the variety and unpredictability of the factors that will ultimately influence our businesses and our results of operation, no guarantees can be given that any of our forward-looking statements will ultimately prove to be correct. Actual results will undoubtedly vary and there is no guarantee as to how our securities will perform either when considered in isolation or when compared to other securities or investment opportunities.

Forward-looking statements made by us in this quarter report are based only on information currently available to us and are current only as of the date of this Quarterly Report on Form 10-Q for the period ended September 30, 2025. We undertake no obligation to publicly update or to revise any of our forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law. Accordingly, you should always note the date to which our forward-looking statements speak.

Reading International Inc. published this content on November 14, 2025, and is solely responsible for the information contained herein. Distributed via Edgar on November 14, 2025 at 20:31 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]