Reading International Reports Second Quarter 2026 Results
Rhea-AI Summary
Reading International (NASDAQ:RDI) reported Q2 2026 total revenue of $66.9 million, up 11% from $60.4 million in Q2 2025 and its highest second-quarter revenue since 2019. Operating income rose to $7.5 million from $2.9 million, and EBITDA increased to $11.3 million from $6.3 million, with no asset-sale gains in 2026.
Net income was $2.3 million versus a $2.8 million loss a year earlier, with basic EPS of $0.10 against a $(0.12) loss per share. For the first six months of 2026, revenue grew 11% to $112.0 million, operating income improved to $3.8 million from a $4.0 million loss, and the net loss narrowed to $5.8 million from $7.8 million.
Cinema revenue reached $63.0 million in Q2, up 11%, while the cinema segment’s operating income rose 68% to $9.2 million. Real estate revenue and operating income also increased versus Q2 2025. At June 30, 2026, cash stood at $5.7 million, total assets were $429.4 million, and short-term debt rose to $108.0 million due to several facilities moving into current maturities.
Positive
- Q2 2026 revenue $66.9M, up 11% year over year
- Q2 operating income increased to $7.5M from $2.9M (+159%)
- Q2 EBITDA rose to $11.3M from $6.3M (+79%) without asset-sale gains
- Q2 net income $2.3M versus $2.8M loss in Q2 2025
- Six‑month revenue $112.0M, up 11%; net loss narrowed to $5.8M from $7.8M
- Cinema segment revenue $63.0M (+11%) and operating income $9.2M (+68%) versus Q2 2025
Negative
- Six‑month net loss remains $5.8M despite year‑over‑year improvement
- Cash and cash equivalents declined to $5.7M from $10.5M at year‑end 2025
- Short‑term debt increased to $108.0M, up about $72.0M versus December 31, 2025
- U.S. cinema attendance declined in Q2 2026 despite higher average ticket prices
- Total assets decreased slightly to $429.4M from $434.9M at year‑end 2025
News Explained
Improved operations coexist with $108.0 million of current debt and liabilities exceeding assets at June 30, 2026.
Reading International reported its second-quarter and six-month 2026 results on
In the release's terminology, current debt is the portion due within the next 12 months. Although management described the balance sheet as anchored by a strong real estate portfolio, the same date showed
The Class A share count outstanding rose from 21,036,670 at
The specific liquidity milestones disclosed are the Santander facility's
Market reaction after 2Q26 earnings report: RDI +8.90%
Following this news, RDI has gained 8.90%, reflecting a notable positive market reaction. Our momentum scanner has triggered 7 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $1.59. Trading volume is exceptionally heavy at 59.3x the average, suggesting very strong buying interest.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 15 | 1Q26 earnings | Negative | +0.9% | Revenue rose, but net loss attributable to Reading widened. |
| Mar 31 | FY25 earnings | Negative | +3.7% | Revenue and net loss declined, while adjusted EBITDA improved with asset-sale support. |
| Nov 14 | 3Q25 earnings | Negative | -4.5% | Revenue fell while net loss improved; reported EBITDA increased. |
| Aug 14 | 2Q25 earnings | Positive | +3.6% | Revenue, operating income, EBITDA, and cinema metrics improved year over year. |
| May 15 | 1Q25 earnings | Negative | -3.6% | Revenue and cinema performance declined; asset sale supported liquidity and debt reduction. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings history showed aligned price reactions in three of five comparable releases, with two divergences.
Key Terms
ebitda financial
average ticket price technical
same store basis financial
noncontrolling interests financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Earnings Call Webcast to Discuss Second Quarter Financial Results
Scheduled to Post to Corporate Website on Tuesday, August 18, 2026
- Q2 2026 Total Revenues grew to
$66.9 million , - Q2 2026 Total Revenues highest since pre-Pandemic,
- Q2 2026 Operating Income grew to
$7.5 million , - Q2 2026 EBITDA grew to
$11.3 million .
NEW YORK, Aug. 14, 2026 (GLOBE NEWSWIRE) -- Reading International, Inc. (NASDAQ: RDI) (“Reading” or our “Company”), an internationally diversified cinema and real estate company with operations and assets in the United States, Australia, and New Zealand, today announced its results for the second quarter and six months ended June 30, 2026.
Key Financial Summary Results – Second Quarter 2026
- Total Revenues of
$66.9 million increased by11% from$60.4 million in Q2 2025 and represented the highest second quarter Total Revenues since Q2 2019. - Operating Income of
$7.5 million marked a159% improvement from$2.9 million in Q2 2025 and represented the highest quarter result for this metric since Q2 2018.
- EBITDA of
$11.3 million increased by79% from$6.3 million in Q2 2025. Our Q2 2025 results included a$1.8 million gain on sale from the sale of our Cannon Park property in Australia. There were no asset sales in Q2 2026. Further, excluding the Q2 2021 EBITDA that included$43.2 million of gains on real estate asset sales, the Q2 2026 EBITDA represented the best second quarter since Q2 2019. - Q2 Basic Earnings Per Share was
$0.10 against a Q2 2025 Basic Loss Per Share of$0.12 noting the inclusion of asset sales in the Q2 2025 Loss Per Share. Further, excluding the Q2 2021 Basic Earnings Per Share that included$43.2 million of gains on sale from real estate asset sales, the Q2 2026 Basic Earnings Per Share represented the best second quarter since Q2 2019. - Net Income was
$2.3 million against a loss of$2.8 million in Q2 2025. Excluding the Q2 2021 Net Income result, which included gains on sale of$43.2 million from real estate asset sales, the Q2 2026 Net Income represented the best second quarter since Q2 2019.
Key Financial Summary Results – Six Months of 2026
As compared to the same prior period:
- Total Revenues of
$112.0 million increased by11% from$100.5 million . - Net Operating Income of
$3.8 million improved from a net operating loss of$4.0 million .
- EBITDA of
$10.4 million increased by14% from$9.2 million . The first six months of 2025 included gains on sale of$8.4 million from the sale of our Cannon Park, Australia and Wellington, New Zealand properties. - Basic Loss Per Share of
$0.26 improved from a Basic Loss Per Share of$0.33 . - Net Loss of
$5.8 million decreased by25% compared to a Net Loss$7.8 million .
In Q2 2026, the Australian dollar average exchange rate strengthened against the U.S. dollar by
President and Chief Executive Officer, Ellen Cotter said, “We’re so pleased to report that the Company achieved its strongest second quarter operational results since pre-pandemic periods. This strong performance was powered by an
This momentum has continued well into the third quarter of 2026, where we have set multiple new records due to the unprecedented success of Spider-Man: Brand New Day and The Odyssey. Our Australian cinema circuit reported the highest and second highest Gross Box Office days in its history on Saturday, August 1, 2026, and Sunday, August 2, 2026, and our U.S. Cinema circuit delivered the highest three-day box office weekend on a same store basis for the weekend of July 31, 2026. We fully expect the remainder of the year, especially the holidays, to include additional record setting weekends when we open Avengers: Doomsday, Dune 3 and Jumanji 3.
Our Q2 2026 global Real Estate division segment revenues and operating income were broadly consistent against Q2 2025. Our results reflect the execution of our strategy to raise liquidity through select asset monetization, most notably the 2025 sales of our real estate assets in Wellington, New Zealand and Townsville, Australia. Our U.S. Real Estate business supported the global Real Estate division by reporting its second highest ever second quarter U.S. Real Estate revenue, led by strong performance in our Live Theatre division. As part of our continuing efforts to bolster our liquidity, we continue to move forward with the sale of our Cinemas 123 building in NYC.
From a corporate perspective, our improved Q2 2026 Operating Income also reflects a
Cotter continued, “Following a solid first half of 2026, with a balance sheet which continues to be anchored by a strong real estate portfolio, and our global cinemas being poised to capitalize on an exciting and robust movie slate through the remainder of the year, while no assurances can be given, we believe our Company is well-positioned to deliver a strong 2026.”
Cinema Business
- Our Australian cinema circuit led the way in a quarter which was treated to releases such as The Super Mario Galaxy Movie, The Devil Wears Prada 2, Michael and Toy Story 5. With respect to Q2 2026, and compared to Q2 2025, our global cinemas reported (i)
$63.0 million in cinema revenue, representing an11% increase and the highest quarterly result since Q4 2019, and (ii) Segment Operating Income of$9.2 million , representing a68% increase and the best second quarter result since Q2 2019. - These positive results were driven by:
-
- Our Australian circuit, which recorded a
31% increase in total cinema revenue compared to Q2 2025. This circuit set a number of records for box office revenue, food and beverage revenue, total revenue, average ticket price (“ATP”) and F&B spend per patron (“SPP”). - Our U.S. circuit returned its highest second quarter segment operating income since Q2 2018, and its highest second quarter ATP in the Company’s history, which was also its third highest quarterly ATP ever at
$13.77 . Despite these records in our U.S. circuit, our U.S. Q2 2026 attendance decreased, due to (a) the closure of two underperforming San Diego theaters: one in May 2026 and one in June 2025, (b) the underperformance of the Angelika NYC and other dedicated arthouses, and (c) a movie slate which, while successful, did not match the strength of A Minecraft Movie and Lilo & Stitch especially in our Consolidated Theatres in Hawaii during Q2 2025. - Our New Zealand circuit Q2 2026 ATP of
$15.58 (in functional currency) achieved its highest quarter ever, and its F&B SPP of$7.22 achieved its highest quarter ever as well. - The continued strengthening of our global loyalty programs, including the Reading Rewards program in Australia which crossed 40,000 paid members in Q2 2026.
- The strengthening of the Australian dollar currency during the second quarter 2026.
- Our Australian circuit, which recorded a
- We continue to work with our global cinema landlords to align our occupancy costs with current operating conditions to help manage inflationary pressures and rising labor and operating costs, especially in the State of Hawaii, where we have experienced a significantly higher increase in operating expenses compared to the U.S. Mainland.
Real Estate Business
- With respect to Q2 2026, and compared to Q2 2025, our global Real Estate business reported (i)
$4.9 million of Real Estate revenue representing an increase of4% , and (ii) operating income of$1.6 million representing a7% increase. - As of June 30, 2026, our combined Australian and New Zealand property portfolio has 58 third-party tenants, with a portfolio occupancy rate of
98% and total leased gross lettable area of 156,173 SF. - Our Q2 2026 U.S. Real Estate revenues of
$1.9 million represented an11% increase from Q2 2025 primarily due to the improved performance of our Live Theatre division in NYC. - Through the second quarter, we continued working towards monetizing
- Our Cinemas 123 property in New York City, which we have owned
100% of since December 2025; and - Our Newberry Yard train yard in Williamsport, PA.
- Our Cinemas 123 property in New York City, which we have owned
Balance Sheet and Liquidity
As of June 30, 2026:
- Our cash and cash equivalents were
$5.7 million . - Our assets had a total book value of
$429.4 million , compared to a book value of$434.9 million as of December 31, 2025. - Our total short term debt net of deferred finance costs of
$108.0 million increased by$72.0 million from December 31, 2025. This was due to our Trust Preferred Securities and Emerald Creek Capital loans becoming due within the next twelve months. Further with respect to our debt position:
-
- On February 6, 2026, we executed an amendment to defer a principal payment related to our 44 Union Square loan, which we since paid on March 13, 2026.
- On February 27, 2026, we executed an amendment to modify the principal repayment schedule of our Bank of America/Bank of Hawaii facility.
- On March 31, 2026, we executed an amendment to reduce our NAB loan’s minimum liquidity requirement for a limited defined period in 2026.
- On June 12, 2026, we extended the maturity date of our Bank of America facility to December 21, 2026.
- On August 11, 2026, we extended the maturity date of our Santander loan facility to October 1, 2026.
Conference Call and Webcast
We plan to post our pre-recorded conference call and audio webcast on our corporate website on Tuesday, August 18, 2026, which will feature prepared remarks from Ellen Cotter, President and Chief Executive Officer; and Gilbert Avanes, Executive Vice President, Chief Financial Officer and Treasurer.
A pre-recorded question and answer session will follow our formal remarks. Questions and topics for consideration should be submitted to InvestorRelations@readingrdi.com by Monday, August 17, 2026, by 5:00 p.m. Eastern Time. The audio webcast will be able to be accessed by visiting https://investor.readingrdi.com/financial-information/quarterly-results.
About Reading International, Inc.
Reading International, Inc. (NASDAQ: RDI), an internationally diversified cinema and real estate company operating through various domestic and international subsidiaries, is a leading entertainment and real estate company, engaging in the development, ownership, and operation of cinemas and retail and commercial real estate in the United States, Australia, and New Zealand.
Reading’s cinema subsidiaries operate under multiple cinema brands: Reading Cinemas, Consolidated Theatres, and the Angelika brand. Its live theatres are owned and operated by its Liberty Theaters subsidiary, under the Orpheum and Minetta Lane names. Its signature property developments, including Newmarket Village in Brisbane, Australia and 44 Union Square in New York City, are maintained in special purpose entities.
Additional information about Reading can be obtained from our Company's website: http://www.readingrdi.com.
Cautionary Note Regarding Forward-Looking Statements
This earnings release contains a variety of forward-looking statements as defined by the Securities Litigation Reform Act of 1995, including those related to our expected operating results; our belief regarding the quality, the quantity and the appeal of upcoming movie releases in the remainder of 2026 and our revenue expectations relating to such movie releases; our positioning for future periods; our expectations regarding our ability to refinance the loan on our live theater buildings in New York City; and our ability to successfully market and sell our Cinemas 1,2,3 property. You can recognize these statements by our use of words, such as “may,” “will,” “expect,” “believe,” and “anticipate” or other similar terminology.
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 earnings release are based only on information currently available to us and speak only as of the date on which they are made. 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.
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. 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, those factors discussed throughout Part I, Item 1A – Risk Factors and Part II Item 7 – Management's Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the most recently ended fiscal year, 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.
| Reading International, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited; U.S. dollars in thousands, except per share data) | ||||||||||||||||
| Quarter Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenue | ||||||||||||||||
| Cinema | $ | 62,990 | $ | 56,782 | $ | 104,451 | $ | 93,186 | ||||||||
| Real estate | 3,906 | 3,596 | 7,569 | 7,361 | ||||||||||||
| Total revenue | 66,896 | 60,378 | 112,020 | 100,547 | ||||||||||||
| Costs and expenses | ||||||||||||||||
| Cinema | (49,910 | ) | (46,883 | ) | (88,803 | ) | (83,460 | ) | ||||||||
| Real estate | (1,936 | ) | (1,840 | ) | (3,822 | ) | (3,795 | ) | ||||||||
| Depreciation and amortization | (3,171 | ) | (3,380 | ) | (6,401 | ) | (6,756 | ) | ||||||||
| General and administrative | (4,402 | ) | (5,384 | ) | (9,148 | ) | (10,537 | ) | ||||||||
| Total costs and expenses | (59,419 | ) | (57,487 | ) | (108,174 | ) | (104,548 | ) | ||||||||
| Operating income (loss) | 7,477 | 2,891 | 3,846 | (4,001 | ) | |||||||||||
| Interest expense, net | (4,320 | ) | (4,354 | ) | (8,549 | ) | (9,096 | ) | ||||||||
| Gain (loss) on sale of assets | — | 1,872 | — | 8,398 | ||||||||||||
| Other income (expense) | 294 | (2,273 | ) | (194 | ) | (2,607 | ) | |||||||||
| Income (loss) before income tax expense and equity earnings of unconsolidated joint ventures | 3,451 | (1,864 | ) | (4,897 | ) | (7,306 | ) | |||||||||
| Equity earnings of unconsolidated joint ventures | 360 | 285 | 431 | 308 | ||||||||||||
| Income (loss) before income taxes | 3,811 | (1,579 | ) | (4,466 | ) | (6,998 | ) | |||||||||
| Income tax benefit (expense) | (1,497 | ) | (1,225 | ) | (1,354 | ) | (753 | ) | ||||||||
| Net income (loss) | $ | 2,314 | $ | (2,804 | ) | $ | (5,820 | ) | $ | (7,751 | ) | |||||
| Less: net income (loss) attributable to noncontrolling interests | 44 | (137 | ) | 57 | (328 | ) | ||||||||||
| Net income (loss) attributable to Reading International, Inc. | $ | 2,270 | $ | (2,667 | ) | $ | (5,877 | ) | $ | (7,423 | ) | |||||
| Basic earnings (loss) per share | $ | 0.10 | $ | (0.12 | ) | $ | (0.26 | ) | $ | (0.33 | ) | |||||
| Diluted earnings (loss) per share | $ | 0.10 | $ | (0.12 | ) | $ | (0.26 | ) | $ | (0.33 | ) | |||||
| Weighted average number of shares outstanding–basic | 22,757,618 | 22,708,206 | 22,738,180 | 22,586,019 | ||||||||||||
| Weighted average number of shares outstanding–diluted | 23,842,505 | 22,708,206 | 22,738,180 | 22,586,019 | ||||||||||||
| Reading International, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (U.S. dollars in thousands, except share information) | ||||||||
| June 30, | December 31, | |||||||
| 2026 | 2025 | |||||||
| ASSETS | (Unaudited) | |||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 5,680 | $ | 10,531 | ||||
| Restricted cash | 2,279 | 2,327 | ||||||
| Receivables | 5,627 | 4,553 | ||||||
| Inventories | 1,738 | 1,664 | ||||||
| Prepaid and other current assets | 7,332 | 2,281 | ||||||
| Asset groups held for sale | 24,451 | 460 | ||||||
| Total current assets | 47,107 | 21,816 | ||||||
| Operating properties, net | 181,125 | 207,974 | ||||||
| Operating lease right-of-use assets | 158,851 | 159,659 | ||||||
| Investment in unconsolidated joint ventures | 3,491 | 3,264 | ||||||
| Goodwill | 24,864 | 24,603 | ||||||
| Intangible assets, net | 1,521 | 1,576 | ||||||
| Deferred tax asset, net | 3,406 | 2,619 | ||||||
| Other assets | 9,045 | 13,418 | ||||||
| Total assets | $ | 429,410 | $ | 434,929 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable and accrued liabilities | $ | 56,494 | $ | 52,826 | ||||
| Film rent payable | 5,877 | 6,973 | ||||||
| Debt - current portion | 80,228 | 35,999 | ||||||
| Subordinated debt - current portion | 27,728 | — | ||||||
| Derivative financial instruments - current portion | — | 56 | ||||||
| Taxes payable - current | 1,559 | 545 | ||||||
| Deferred current revenue | 11,018 | 11,327 | ||||||
| Operating lease liabilities - current portion | 20,837 | 20,081 | ||||||
| Other current liabilities | 745 | 774 | ||||||
| Total current liabilities | 204,486 | 128,581 | ||||||
| Debt - long-term portion | 68,559 | 114,350 | ||||||
| Subordinated debt, non-current portion | — | 27,617 | ||||||
| Noncurrent tax liabilities | 6,397 | 6,434 | ||||||
| Operating lease liabilities - non-current portion | 159,842 | 162,919 | ||||||
| Other liabilities | 13,267 | 13,126 | ||||||
| Total liabilities | $ | 452,551 | $ | 453,027 | ||||
| Commitments and contingencies (Note 16) | ||||||||
| Stockholders’ equity: | ||||||||
| Class A non-voting common shares, par value | ||||||||
| 34,145,648 issued and 21,209,537 outstanding at June 30, 2026 and | ||||||||
| 33,972,781 issued and 21,036,670 outstanding at December 31, 2025 | 243 | 241 | ||||||
| Class B voting common shares, par value | ||||||||
| 1,680,590 issued and outstanding at June 30, 2026 and December 31, 2025 | 17 | 17 | ||||||
| Nonvoting preferred shares, par value | ||||||||
| or outstanding shares at June 30, 2026 and December 31, 2025 | — | — | ||||||
| Additional paid-in capital | 156,142 | 155,454 | ||||||
| Retained earnings/(accumulated deficit) | (134,807 | ) | (128,930 | ) | ||||
| Treasury shares, at cost | (40,407 | ) | (40,407 | ) | ||||
| Accumulated other comprehensive income | (4,531 | ) | (4,614 | ) | ||||
| Total Reading International, Inc. stockholders’ equity | (23,343 | ) | (18,239 | ) | ||||
| Noncontrolling interests | 202 | 141 | ||||||
| Total stockholders’ equity | (23,141 | ) | (18,098 | ) | ||||
| Total liabilities and stockholders’ equity | $ | 429,410 | $ | 434,929 | ||||
| Reading International, Inc. and Subsidiaries Segment Results (Unaudited; U.S. dollars in thousands) | ||||||||||||||||||||||
| Quarter Ended | Six Months Ended | |||||||||||||||||||||
| June 30, | % Change Favorable/ | June 30, | % Change Favorable/ | |||||||||||||||||||
| (Dollars in thousands) | 2026 | 2025 | (Unfavorable) | 2026 | 2025 | (Unfavorable) | ||||||||||||||||
| Segment revenue | ||||||||||||||||||||||
| Cinema | ||||||||||||||||||||||
| United States | $ | 29,478 | $ | 30,258 | (3) | % | $ | 48,941 | $ | 48,553 | 1 | % | ||||||||||
| Australia | 29,981 | 22,909 | 31 | % | 49,687 | 38,591 | 29 | % | ||||||||||||||
| New Zealand | 3,531 | 3,615 | (2) | % | 5,823 | 6,042 | (4) | % | ||||||||||||||
| Total | $ | 62,990 | $ | 56,782 | 11 | % | $ | 104,451 | $ | 93,186 | 12 | % | ||||||||||
| Real estate | ||||||||||||||||||||||
| United States | $ | 1,879 | $ | 1,700 | 11 | % | $ | 3,679 | $ | 3,287 | 12 | % | ||||||||||
| Australia | 2,762 | 2,741 | 1 | % | 5,343 | 5,756 | (7) | % | ||||||||||||||
| New Zealand | 212 | 212 | — | % | 427 | 455 | (6) | % | ||||||||||||||
| Total | $ | 4,853 | $ | 4,653 | 4 | % | $ | 9,449 | $ | 9,498 | (1) | % | ||||||||||
| Inter-segment elimination | (947 | ) | (1,057 | ) | 10 | % | (1,880 | ) | (2,137 | ) | 12 | % | ||||||||||
| Total segment revenue | $ | 66,896 | $ | 60,378 | 11 | % | $ | 112,020 | $ | 100,547 | 11 | % | ||||||||||
| Segment operating income (loss) | ||||||||||||||||||||||
| Cinema | ||||||||||||||||||||||
| United States | $ | 3,205 | $ | 2,292 | 40 | % | $ | 1,649 | $ | (855 | ) | >100 | % | |||||||||
| Australia | 5,566 | 2,920 | 91 | % | 5,993 | 1,944 | >100 | % | ||||||||||||||
| New Zealand | 387 | 241 | 61 | % | 175 | (110 | ) | >100 | % | |||||||||||||
| Total | $ | 9,158 | $ | 5,453 | 68 | % | $ | 7,817 | $ | 979 | >100 | % | ||||||||||
| Real estate | ||||||||||||||||||||||
| United States | $ | 183 | $ | 89 | >100 | % | $ | 338 | $ | 231 | 46 | % | ||||||||||
| Australia | 1,342 | 1,338 | — | % | 2,508 | 2,882 | (13) | % | ||||||||||||||
| New Zealand | 53 | 52 | 2 | % | 121 | (39 | ) | >100 | % | |||||||||||||
| Total | $ | 1,578 | $ | 1,479 | 7 | % | $ | 2,967 | $ | 3,074 | (3) | % | ||||||||||
| Total segment operating income (loss) (1) | $ | 10,736 | $ | 6,932 | 55 | % | $ | 10,784 | $ | 4,053 | >100 | % | ||||||||||
(1) Total segment operating income is a non-GAAP financial measure. See the discussion of non-GAAP financial measures that follows.
| Reading International, Inc. and Subsidiaries Reconciliation of EBITDA and Adjusted EBITDA to Net Income (Loss) (Unaudited; U.S. dollars in thousands) | |||||||||||||||
| Quarter Ended | Six Months Ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| (Dollars in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||
| Net Income (loss) attributable to Reading International, Inc. | $ | 2,270 | $ | (2,667 | ) | $ | (5,877 | ) | $ | (7,423 | ) | ||||
| Add: Interest expense, net | 4,320 | 4,354 | 8,549 | 9,096 | |||||||||||
| Add: Income tax expense (benefit) | 1,497 | 1,225 | 1,354 | 753 | |||||||||||
| Add: Depreciation and amortization | 3,171 | 3,380 | 6,401 | 6,756 | |||||||||||
| EBITDA | $ | 11,258 | $ | 6,292 | $ | 10,427 | $ | 9,182 | |||||||
| Adjustments for: | |||||||||||||||
| Adjusted EBITDA | $ | 11,258 | $ | 6,292 | $ | 10,427 | $ | 9,182 | |||||||
| Reading International, Inc. and Subsidiaries Reconciliation of Total Segment Operating Income (Loss) to Income (Loss) before Income Taxes (Unaudited; U.S. dollars in thousands) | |||||||||||||||
| Quarter Ended | Six Months Ended | ||||||||||||||
| (Dollars in thousands) | June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | |||||||||||
| Segment operating income (loss) | $ | 10,736 | $ | 6,932 | $ | 10,784 | $ | 4,053 | |||||||
| Unallocated corporate expense: | |||||||||||||||
| Depreciation and amortization expense | (83 | ) | (84 | ) | (178 | ) | (219 | ) | |||||||
| General and administrative expense | (3,175 | ) | (3,957 | ) | (6,760 | ) | (7,835 | ) | |||||||
| Interest expense, net | (4,321 | ) | (4,354 | ) | (8,549 | ) | (9,096 | ) | |||||||
| Equity earnings (loss) of unconsolidated joint ventures | 360 | 285 | 431 | 308 | |||||||||||
| Gain (loss) on sale of assets | — | 1,872 | — | 8,398 | |||||||||||
| Other (expense) income | 294 | (2,273 | ) | (194 | ) | (2,607 | ) | ||||||||
| Income (loss) before income taxes | $ | 3,811 | $ | (1,579 | ) | $ | (4,466 | ) | $ | (6,998 | ) | ||||
Non-GAAP Financial Measures
This Earnings Release presents total segment operating income (loss), EBITDA, and Adjusted EBITDA, which are important financial measures for our Company, but are not financial measures defined by U.S. GAAP.
These measures should be reviewed in conjunction with the relevant U.S. GAAP financial measures and are not presented as alternative measures of earnings (loss) per share, cash flows or net income (loss) as determined in accordance with U.S. GAAP. Total segment operating income (loss) and EBITDA, as we have calculated them, may not be comparable to similarly titled measures reported by other companies.
Total segment operating income (loss) – We evaluate the performance of our business segments based on segment operating income (loss), and management uses total segment operating income (loss) as a measure of the performance of operating businesses separate from non-operating factors. We believe that information about total segment operating income (loss) assists investors by allowing them to evaluate changes in the operating results of our Company’s business separate from non-operational factors that affect net income (loss), thus providing separate insight into both operations and the other factors that affect reported results.
EBITDA – We use EBITDA in the evaluation of our Company’s performance since we believe that EBITDA provides a useful measure of financial performance and value. We believe this principally for the following reasons:
We believe that EBITDA is an accepted industry-wide comparative measure of financial performance. It is, in our experience, a measure commonly adopted by analysts and financial commentators who report upon the cinema exhibition and real estate industries, and it is also a measure used by financial institutions in underwriting the creditworthiness of companies in these industries. Accordingly, our management monitors this calculation as a method of judging our performance against our peers, market expectations, and our creditworthiness. It is widely accepted that analysts, financial commentators, and persons active in the cinema exhibition and real estate industries typically value enterprises engaged in these businesses at various multiples of EBITDA. Accordingly, we find EBITDA valuable as an indicator of the underlying value of our businesses. We expect that investors may use EBITDA to judge our ability to generate cash, as a basis of comparison to other companies engaged in the cinema exhibition and real estate businesses and as a basis to value our company against such other companies.
EBITDA is not a measurement of financial performance under generally accepted accounting principles in the United States of America and it should not be considered in isolation or construed as a substitute for net income (loss) or other operations data or cash flow data prepared in accordance with generally accepted accounting principles in the United States for purposes of analyzing our profitability. The exclusion of various components, such as interest, taxes, depreciation, and amortization, limits the usefulness of these measures when assessing our financial performance, as not all funds depicted by EBITDA are available for management’s discretionary use. For example, a substantial portion of such funds may be subject to contractual restrictions and functional requirements to service debt, to fund necessary capital expenditures, and to meet other commitments from time to time.
EBITDA also fails to take into account the cost of interest and taxes. Interest is clearly a real cost that for us is paid periodically as accrued. Taxes may or may not be a current cash item but are nevertheless real costs that, in most situations, must eventually be paid. A company that realizes taxable earnings in high tax jurisdictions may, ultimately, be less valuable than a company that realizes the same amount of taxable earnings in a low tax jurisdiction. EBITDA fails to take into account the cost of depreciation and amortization and the fact that assets will eventually wear out and have to be replaced.
Adjusted EBITDA – using the principles we consistently apply to determine our EBITDA, we further adjusted the EBITDA for certain items we believe to be external to our core business and not reflective of our costs of doing business or results of operation. Specifically, we have adjusted for (i) legal expenses relating to extraordinary litigation, and (ii) any other items that can be considered non-recurring in accordance with the two-year SEC requirement for determining an item is non-recurring, infrequent or unusual in nature.
For more information, contact: Gilbert Avanes – EVP, CFO, and Treasurer (213) 235-2240