Reading International, Inc. reported a net loss of $14.1 million for the fiscal year ending December 31, 2025, a significant improvement from the $35.3 million loss recorded in 2024. The company's total revenues for 2025 were approximately $202.99 million, down from $210.53 million in the previous year. The decline in revenue was primarily attributed to a weaker film slate and the closure of underperforming cinemas, particularly in the U.S. and New Zealand. The cinema exhibition segment generated $188.6 million in revenue, while the real estate segment contributed $18.4 million, reflecting a decrease in both segments compared to 2024.
In terms of operational changes, Reading International undertook several strategic measures to enhance liquidity and reduce costs. The company sold nine real estate assets between 2021 and 2025, generating $197.5 million in net cash, which was used to pay down $99.9 million in debt and fund $32.4 million in capital improvements. Additionally, the company closed several underperforming cinemas and renegotiated leases to lower occupancy costs. These actions contributed to a reduction in operating expenses, which fell to $208.3 million in 2025 from $224.6 million in 2024.
The company also reported improvements in customer engagement metrics, with food and beverage spend per patron increasing across its cinema locations. As of December 31, 2025, the average food and beverage spend per patron in the U.S. was $8.64, up from $8.12 in 2024. The company has also expanded its offerings, with alcohol now available at all U.S. locations and most theaters in Australia and New Zealand. This strategic focus on enhancing the customer experience is expected to support revenue growth as the cinema industry continues to recover from the impacts of the COVID-19 pandemic and the Hollywood strikes of 2023.
Looking ahead, Reading International remains cautiously optimistic about its future performance, anticipating a rebound in cinema attendance driven by a strong slate of upcoming film releases in 2026, including titles such as "The Super Mario Galaxy Movie" and "Toy Story 5." The company is also focused on ongoing liquidity management, with plans to monetize additional real estate assets as needed to meet its financial obligations. As of December 31, 2025, the company had cash and cash equivalents totaling $10.5 million, alongside a significant amount of debt due in the near term, which it aims to address through refinancing and asset sales.
About READING INTERNATIONAL INC
Reading International, Inc. is a diversified entertainment and real estate company operating cinemas, live theatres, and commercial properties across the U.S., Australia, and New Zealand. Its core activities include cinema exhibition, real estate development, and leasing, with key brands like Reading Cinemas and Angelika. The company leverages long-term assets, real estate monetization, and premium cinema experiences to create value and adapt to industry challenges.
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