Reading International disclosed its third‑quarter 2025 results, showing a 14.8% decline in total gross debt to $172.6 million, a reduction driven by the sale of its Wellington, New Zealand, property assets in Q1 and the Cannon Park ETC, Australia, assets in Q2. The debt cut, combined with disciplined cost management, helped the company maintain its fifth straight quarter of positive EBITDA, underscoring operational resilience amid a challenging revenue environment.
The company’s real‑estate portfolio remains a cornerstone of its balance sheet. Occupancy across Australian and New Zealand assets hit 98%, supported by 58 third‑party tenants, and the portfolio generated robust cash flow. The monetization of the Wellington and Cannon Park properties not only lowered debt but also freed capital that can be deployed into higher‑margin cinema and live‑theatre opportunities.
Cinema revenue continued to be a mixed bag. Global pre‑sales for the flagship film “Wicked: For Good” were among the highest since the pandemic, reflecting strong audience anticipation. However, the overall cinema segment faced headwinds from a less appealing Q3 slate and ongoing screen‑count reductions, which tempered revenue growth and contributed to a flat operating loss compared with Q3 2024. The company’s management highlighted that the holiday‑season slate is expected to lift demand in the fourth quarter.
Financially, total revenue fell 13% year‑over‑year to $X million, a decline largely driven by weaker cinema sales and modest growth in other segments. Despite the revenue dip, the basic loss per share improved from $0.31 to $0.18, a 42% improvement, thanks to the debt‑reduction strategy and cost controls. U.S. real‑estate revenue rose 35% to $Y million, buoyed by strong performance of Live Theatre assets, indicating a shift toward higher‑margin live‑event operations.
Management expressed confidence in the company’s strategic trajectory, noting that the debt reduction and positive EBITDA position Reading International to capitalize on a stronger 2026. The company is focusing on rebuilding its cinema slate, leveraging the high pre‑sales momentum of “Wicked: For Good,” and expanding its live‑theatre portfolio, all of which are expected to support a rebound in the fourth quarter and beyond.
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