Reading International (RDI) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenues declined 14% year-over-year to $50.3 million, with a net loss of $2.6 million, compared to a net loss of $2.2 million in Q4 2024.

• Full year 2025 revenues fell 4% to $203.0 million, but net loss improved to $14.1 million from $35.3 million in 2024.

• Cinema operating income for 2025 rose to $3.6 million from a loss of $2.8 million in 2024, driven by cost reductions and operational improvements.

• Real estate division operating income increased 26% year-over-year to $5.9 million, despite an 8% drop in segment revenue.

Financial highlights

• Q4 2025 Adjusted EBITDA was $5.1 million, down from $6.8 million in Q4 2024; full year Adjusted EBITDA rose to $17.8 million, including an $8.4 million gain on asset sales.

• Basic loss per share improved to $0.62 for 2025 from $1.58 in 2024.

• Cash and cash equivalents at year-end 2025 were $10.5 million; total outstanding secured borrowings were $185.1 million.

Outlook and guidance

• Q1 2026 cinema business expected to improve year-over-year, supported by a stronger film slate and successful new releases.

• Anticipates continued momentum in cinema operations through 2026 with several high-profile movie releases.