Reading International Reports Mixed Results for Q3 2025

Reading International experienced a total revenue drop to $52.2 million in Q3 2025, a decrease of 13% from $60.1 million in the same quarter last year. The operating loss remained steady at $0.3 million, aligning with the loss reported in Q3 2024. However, the company achieved a notable positive EBITDA of $3.6 million, reflecting a 26% increase compared to $2.8 million in Q3 2024. This marks the fifth consecutive quarter of positive EBITDA for Reading.

Moreover, the company's Basic Loss per Share improved significantly to $0.18, a 42% enhancement over the $0.31 loss per share recorded in Q3 2024. The Net Loss Attributable to Reading also saw a substantial improvement, decreasing by 41% to $4.2 million, compared to $7.0 million a year prior.

For the nine months ending September 30, 2025, total revenues slightly increased by 1% to $152.7 million compared to $152.0 million during the same period in 2024. The operating loss for the year-to-date period was $4.3 million, a 72% improvement over the $15.6 million loss recorded in the first nine months of 2024. Furthermore, Reading's positive EBITDA surged to $12.8 million, a staggering 372% increase from the EBITDA loss of $4.7 million reported last year.

The Basic Loss per Share for the first nine months was $0.51, improving 65% from $1.48 in the same timeframe last year, while the Net Loss Attributable to Reading was $11.6 million, reflecting a 65% improvement from $33.1 million in 2024.

Both the Australian and New Zealand dollar average exchange rates weakened against the U.S. dollar by 2.3% and 3.1%, respectively, during Q3 2025. Over the first nine months of 2025, the average exchange rates for these currencies dropped by 3.2% and 4.1%. With more than 49% of total revenues derived from the Australian and New Zealand markets, this currency weakness has had a notable impact on Reading's reported operating results.

Ellen Cotter, President and CEO of Reading International, expressed satisfaction with the company’s progress in Q3 2025, emphasizing the execution of strategic priorities. She noted a nearly 15% reduction in debt compared to the end of 2024, driven primarily by the monetization of two significant real estate assets earlier in the year. Cotter highlighted the company’s strong real estate portfolio and the performance of its NYC Live Theatres, despite facing challenges in the global cinema business.

Looking ahead, Cotter expressed optimism for the fourth quarter, citing strong presales for the anticipated release of *Wicked: For Good* along with a promising holiday film lineup, which includes titles such as *The Running Man* and *Avatar: Fire and Ash*.

Reading's cinema revenue for Q3 2025 was $48.6 million, a decline of 14% from the previous year, attributed to a less appealing movie slate compared to Q3 2024, as well as operational disruptions due to renovations and a decrease in U.S. cinema screen count. Despite these challenges, the company reported record achievements in average ticket prices and food and beverage sales per person in various regions, highlighting operational strengths even amidst a downturn.

In the real estate sector, revenue slightly declined to $4.6 million from $4.9 million in Q3 2024, while operating income remained stable at $1.4 million. The decrease in revenue stemmed from the sale of the Cannon Park property in Australia, although this was offset by improved performance in live theatre operations and operating income in New Zealand.

The company has successfully completed two significant property sales in 2025, retaining operational rights for its cinemas at both sites. As of September 30, 2025, the Australian and New Zealand property portfolio maintained a high occupancy rate of 98%, supported by 58 third-party tenants.

As of the end of Q3 2025, Reading reported cash and cash equivalents of $8.1 million, with total gross debt decreasing by 14.8% to $172.6 million. This reduction was largely funded by the net proceeds from property sales. The company has also extended the maturity of various loans, enhancing its financial stability moving forward.

Reading International's Q3 2025 results illustrate a company in transition, facing challenges within its cinema operations while achieving notable improvements in overall financial health and strategic execution. With an eye on upcoming releases and continued focus on operational efficiencies, Reading appears poised for a more robust performance in 2026 and beyond. Investors and stakeholders will be keenly watching the upcoming holiday season and the rollout of new film offerings as key indicators of the company's recovery trajectory.