READING INTERNATIONAL INC
For the period ended Dec 31, 2025. Filed Mar 31, 2026.
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FY2025 · Filed Mar 31, 2026
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Item 7. Results of Operations
ONS
In this section, we discuss the results of our operations for the year ended December 31, 2025, compared to the year ended December 31, 2024. For a discussion of the year ended December 31, 2024, compared to the year ended December 31, 2023, please refer to Part II, Item 7, “Management's Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024.
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The following table sets forth the overall results of operations for the three years ended December 31, 2025:
| % Change - Favorable/(Unfavorable) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| (Dollars in thousands) · 2025 · % ofRevenue · 2024 · % ofRevenue · 2023 · % ofRevenue · 2025 vs. 2024 · 2024 vs. 2023 | ||||||||||
| SEGMENT RESULTS | ||||||||||
| Cinema exhibition operating income (loss) | $3,643 | 2% | $(2,797) | (1)% | $124 | 0% | >100% | (>100)% | ||
| Real estate operating income (loss) | 5,917 | 3% | 4,679 | 2% | 3,791 | 2% | 26% | 23% | ||
| NON-SEGMENT RESULTS | ||||||||||
| Depreciation and amortization expense | (427) | —% | (387) | —% | (711) | —% | (10)% | 46% | ||
| General and administrative expense | (14,440) | (7)% | (15,528) | (7)% | (15,235) | (7)% | 7% | (2)% | ||
| Interest expense, net | (17,930) | (9)% | (21,154) | (10)% | (19,418) | (9)% | 15% | (9)% | ||
| Equity earnings of unconsolidated joint ventures | 560 | —% | (387) | —% | 456 | —% | >100% | (>100)% | ||
| Gain (loss) on sale of assets | 8,365 | 4% | (1,371) | (1)% | 562 | —% | >100% | (>100)% | ||
| Gain (loss) on acquisition of noncontrolling interest | 2,691 | 1% | — | —% | — | —% | - | % | - | % |
| Other income (expense) | (2,178) | (1)% | 1,528 | 1% | (164) | —% | (>100)% | >100% | ||
| Income (loss) before income taxes | (13,799) | (7)% | (35,417) | (17)% | (30,595) | (14)% | 61% | (16)% | ||
| Income tax benefit (expense) | (853) | —% | (481) | (0)% | (590) | (0)% | (77)% | 18% | ||
| Net income (loss) | (14,652) | (7)% | (35,898) | (17)% | (31,185) | (14)% | 59% | (15)% | ||
| Less: Net income (loss) attributable to noncontrolling interests | (512) | —% | (597) | —% | (512) | —% | 14% | (17)% | ||
| Net income (loss) attributable to Reading International, Inc. | $(14,140) | (7)% | $(35,301) | (17)% | $(30,673) | (14)% | 60% | (15)% | ||
| Basic earnings (loss) per share | $(0.62) | $(1.58) | $(1.38) | 61% | (14)% | |||||
CONSOLIDATED RESULTS
Net Loss attributed to Reading International, Inc. was $14.1 million for the year ended December 31, 2025, an improvement of $21.2 million from a Net Loss of $35.3 million for the year ended December 31, 2024. This improvement was primarily due to (i) an increase in cinema segment operating income and real estate segment operating income (ii) a $3.2 million decrease in interest expense partly due to principal pay down, (iii) a $2.7 million gain on acquisition of noncontrolling interest of Sutton Hills Properties LLC (iv) $8.4 million gain on the sale of assets from the monetization of the Courtenay Central and Cannon Park properties, compared to a loss of $(1.1) million on sale of our Culver City office in the same period prior year and (v) a $1.1 million reduction in G&A expenses, partially offset by $3.7 million increase in other expense.
BUSINESS SEGMENT RESULT
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