Reading International Inc · NASDAQ:RDI
Reading International — Sidoti Micro Cap Conference 2025
63 slides from Reading International's conference presentation, May 22, 2025
Slide 1: Sidoti Micro Cap Conference
SIDOTI MICRO CAP CONFERENCE MAY 22, 2025 PRESENTED BY ANDRZEJ MATYCZYNSKI EXECUTIVE VICE PRESIDENT, GLOBAL OPERATIONS
Slide 2: Disclaimers
DISCLAIMERS Our comments today may contain forward-looking statements and management This presentation is intended to summarize the projects on which we are working and may make additional forward-looking statements in response to your questions. our plan for moving our Company forward. Such written
Slide 3: Financial Reconciliations
FINANCIAL RECONCILIATIONS We use EBITDA in the evaluation of our Company’s performance since we believe that United States of America for purposes of analyzing our profitability. The exclusion of EBITDA provides a useful measure of financial performance and value. We believe this various components,
Slide 4: Two Businesses, Three Countries
TWO BUSINESSES, THREE COUNTRIES REAL ESTATE CINEMA UP TO 70,077 SF* Retail/office building in NYC 13TH Largest Exhibitor** 21,000 SF 75% interest in NYC cinema building (potential to build 96,000 SF) 19 Locations 14,000 SF 2 Off Broadway Live Theatre fee 193 Screens properties in NYC US BRANDS Angel
Slide 5: Our Two Businesses – Headwinds in 2025/2026
OUR TWO BUSINESSES – WE ANTICIPATE CONTINUING TO FACE HEADWINDS IN 2025/2026 INDUSTRY CHALLENGES COMPANY SPECIFIC CHALLENGES POST-PANDEMIC RECOVERY CONCURRENT DEBT MATURITIES SUPPLY CHAIN DISRUPTION HIGH INTEREST RATES ON KEY NYC DEVELOPMENT PROPERTIES NEW TROUBLE WITH TARIFFS ELEVATED INTEREST RATE
Slide 6: Committed to Sustaining Long-Term Stockholder Value
COMMITTED TO SUSTAINING LONG-TERM STOCKHOLDER VALUE INTERNATIONAL SOLID EXPERIENCED DUAL BUSINESS MANAGEMENT STRATEGY DIVERSIFICATION BALANCE SHEET TEAM Pre-COVID: Our cinema cash flow RDI maintains sizable operations Commercial property portfolio Management Team holds years supported real estate de
Slide 7: Synergistic Diversification Supports Long-Term Value
SYNERGISTIC DIVERSIFICATION SUPPORTS LONG-TERM VALUE Q1 2025 CINEMA & REAL ESTATE REVENUE (Diversified by business line and geography) US CINEMA AU CINEMA 44.4% $41.2 M 38.0% Q1 2025** NZ PROPERTY NZ CINEMA 0.6% 5.9% US PROPERTY AU PROPERTY 3.8% 7.3% **Total segment revenue includes $1.1 million of
Slide 8: Our Mission and 2025 Priorities
OUR MISSION CINEMA & REAL ESTATE STRATEGICALLY DRIVE THE DEVELOPMENT AND OPERATION OF OUR INTERNATIONALLY DIVERSIFIED CINEMA AND REAL ESTATE ASSETS TO CREATE LONG-TERM STOCKHOLDER VALUE. 2025 PRIORITIES 1) PAY DOWN DEBT AND IMPROVE LIQUIDITY THROUGH ASSET SALES AND REFINANCINGS 2) CONTINUE BUILDING
Slide 9: Company Reduced Debt by $102 Million
COMPANY REDUCED DEBT BY $102 million IN FIVE YEARS (JUNE 2020 – MAY 21, 2025) $284,959 $275,913 $236,948 $215,633 $210,300 $202,713 $173,381 June 2020 December 2020 December 2021 December 2022 December 2023 December 2024 May 21, 2025 (IN USD, IN THOUSANDS) Source: Company SEC 10-K and 10-Q Filings.
Slide 10: RDI Adjusted EBITDA by Quarter 2020-2025
RDI ADJUSTED EBITDA – BY QUARTER 2020-2025 PANDEMIC REBOUND INTERRUPTED BY 2023 HOLLYWOOD STRIKES $36,732 * $37,059 * IMPACTED IMPACTED BY IMPACTED BY HOLLYWOOD BY HOLLYWOOD STRIKES HOLLYWOOD STRIKES STRIKES $7,692 $6,682 $6,805 $6,148 $2,893 $3,858 $2,939 $2,819 ($234) ($2,835) ($2,364) ($2,238) ($
Slide 11: RDI Operating Income (Loss) by Quarter 2020-2025
RDI OPERATING INCOME (LOSS) - BY QUARTER 2020-2025 PANDEMIC REBOUND INTERRUPTED BY 2023 HOLLYWOOD STRIKES $1,789 $1,529 $1,019 ($246) ($1,572) ($4,352) ($4,332) ($6,891) ($6,731) ($6,958) ($7,880) ($7,531) ($8,403) ($10,951) ($11,780) ($12,532) ($13,977) IMPACTED BY ($14,703) IMPACTED BY IMPACTED BY
Slide 12: Our Diverse Global Real Estate Business
OUR DIVERSE GLOBAL REAL ESTATE BUSINESS SUSTAINED THE COMPANY THROUGH FIVE-YEAR HEADWINDS
Slide 13: 2025 Global Real Estate Strategy
2025 GLOBAL REAL ESTATE STRATEGY • Complete targeted asset sale to raise liquidity and reduce debt: o In US, 24-acre Newberry Yard in Williamsport, Pennsylvania (currently non-income producing). • Complete the leasing of 44 Union Square, our key NYC real estate development project. • Continue to str
Slide 14: Wellington NZ Property Assets Sold
WELLINGTON NZ PROPERTY ASSETS SOLD ON JANUARY 31, 2025 FOR NZ$38 MILLION COURTENAY CENTRAL BUILDING, PLUS DEVELOPMENT SITES ON TORY ST. AND WAKEFIELD ST.
Slide 15: Cannon Park Property Assets Sold
CANNON PARK PROPERTY ASSETS (TOWNSVILLE, QLD, AU) SOLD ON MAY 21, 2025 FOR AU$32 MILLION
Slide 16: Company Asset Currently Held for Sale
COMPANY ASSET CURRENTLY HELD FOR SALE NEWBERRY YARD WILLIAMSPORT, PA
Slide 17: RDI Global Real Estate Revenue
RDI GLOBAL REAL ESTATE REVENUE YTD DECEMBER 2020 – MARCH TTM 2025 PANDEMIC PANDEMIC PANDEMIC SALE OF MAITLAND (AU) SALE OF CULVER CITY SALE OF Wellington SALE OF RECOVERY BUILDING Property AUBURN/REDYARD (AU), ROYAL GEORGE $19,870 $20,006 $19,918 AND INVERCARGILL (NZ) $16,817 $12,963 $12,763 YTD DEC
Slide 18: RDI Global Real Estate Operating Income (Loss)
RDI GLOBAL REAL ESTATE OPERATING INCOME (LOSS) YTD DECEMBER 2020 – TTM MARCH 2025 PANDEMIC PANDEMIC PANDEMIC SALE OF MAITLAND (AU) SALE OF CULVER CITY SALE OF Wellington SALE OF RECOVERY BUILDING Properties AUBURN/REDYARD (AU), ROYAL GEORGE AND INVERCARGILL (NZ) 5,383 4,679 3,791 506 YTD DEC 2020 YT
Slide 19: AU/NZ Real Estate Portfolio
AU/NZ REAL ESTATE PORTFOLIO* 5 MULTI-TENANTED PROPERTIES 158,668 SF (14,741m2) of Third-Party Space 58 THIRD-PARTY TENANTS Over 156,225 SF (14,514m2 ) of Third-Party Space 4 LAND PARCELS IMPROVED WITH READING CINEMAS 126,282 SF (11,732m2 ) *All AU/NZ portfolio slides reflects sale of Cannon Park in
Slide 20: Q1 2025 Real Estate Operational Records
US, AU & NZ REAL ESTATE DIVISIONS Q1 2025 OPERATIONAL RECORDS SEGMENT REVENUE HIGHEST FIRST QUARTER EVER FOR US REAL ESTATE SEGMENT OPERATING INCOME HIGHEST FIRST QUARTER SINCE Q1 2015 FOR US REAL ESTATE HIGHEST FIRST QUARTER SINCE Q1 2016 FOR AU REAL ESTATE HIGHEST QUARTER SINCE Q4 2019 FOR NZ REAL
Slide 21: AU/NZ Real Estate as of May 19, 2025
AU/NZ REAL ESTATE AS OF MAY 19, 2025 98% THIRD-PARTY TENANT OCCUPANCY RATE 58 THIRD PARTY TENANTS 2 VACANCIES 2,443Tenants 78 Third Party SF (227m ) 2 3 Vacancies Remaining
Slide 22: Key AU Tenants Upgraded Their Premises in 2024
KEY AU TENANTS UPGRADED THEIR PREMISES IN 2024 PROPERTY KEY AU TENANT ANYTIME FITNESS Newmarket Village Anytime Fitness JUGNU RESTAURANT Newmarket Village ALH Newmarket Hotel Belmont Jugnu ALH HOTEL ALH HOTEL
Slide 23: Newmarket Village, Brisbane
WELL-CURATED DEVELOPMENT ANCHORED BY READING CINEMA IN BRISBANE CITY (QLD) THIRD PARTY TENANTS 48 ANCHOR TENANTS Coles Supermarket 32,291 SF Reading Cinemas 42,312 SF Newmarket Hotel by ALH (recently completed major renovation) 14,864 SF Anytime Fitness (recently expanded) 9,773 SF NET RENTABLE SQUA
Slide 24: Tenant Mix
OFFICE FOOD OTHER & RETAIL BEVERAGE 12% OTHER 7% LEISURE 20% 6% MEDICAL RELATED 4% TENANT 2% VACANT MIX 26% 23% GROCERY READING & DRUG STORE CINEMAS* * Includes Reading Center Management Office.
Slide 25: Reading Cinema Anchored Center in Perth
READING CINEMA ANCHORED CENTER IN PERTH (WESTERN AUSTRALIA) THIRD PARTY TENANTS 6 ANCHOR TENANTS Reading Cinemas Dome Cafe NET RENTABLE SQUARE FEET 60,118 SF (5,585 m2) OCCUPANCY YTD 100%* WEIGHTED AVERAGE LEASE TERM 1.54 years** VACANCIES YTD 0% * Excludes Reading Cinemas. ** Reading Cinemas lease
Slide 26: Tenant Mix
FOOD & 0% BEVERAGE VACANCIES 24% TENANT 1% OTHER MIX RETAIL 75% READING CINEMAS
Slide 27: Retail Ground Lease and Office Building
RETAIL GROUND LEASE REGIONAL MELBOURNE AREA • Multi-year ground lease situated in Waurn Ponds, a residential suburb of Victoria. • In addition to 8 screen Reading Cinema with TITAN LUXE, three third-party tenants (one F&B, one entertainment and one cell tower) – 100% occupancy rate. • New third tena
Slide 28: US Real Estate Portfolio
US REAL ESTATE PORTFOLIO • Up to 70,077 SF* of net leasable area (inclusive of potential BOMA adjustments) comprised of retail & office – 44 Union Square • 75% interest in a 21,000 SF NYC cinema building (with development potential of 80,000 SF, plus additional 16,000 SF of air rights) - Cinemas 123
Slide 29: New York City Off-Broadway Theatres
NEW YORK CITY OFF-BROADWAY THEATRES COMPANY OWNS LAND & BUILDINGS MINETTA LANE THEATRE ORPHEUM THEATRE (approx. 9,000 SF) (approx. 5,000 SF) • One stage (399 seats) in the heart of New York City’s West Village • One stage (347 seats) in the heart of New York City’s East Village • Audible Theater, a
Slide 30: Minetta Lane Theatre quote
“ The Minetta Lane is a gem of a theater with a rich history, and over the past seven years, Audible has re-established it as a crucial center for top-tier productions, and a shining example of off-Broadway excellence.”
Slide 31: Orpheum Theatre
ORPHEUM THEATRE ECLECTIC MIX OF WELL-REVIEWED SHOWS BOOKED THROUGH 2024 AND Q1 2025
Slide 32: 44 Union Square leasing and Petco flagship
v • Petco opened flagship store in mid-2023 o “The store blends elements on New York City parks, architecture, and pet shoppers to dazzle shoppers”* o “The entire store is nothing if not theatrical, as if a set designer took the subway down from Broadway to create the stage for Petco: The Musical….E
Slide 33: New York City - Cinemas
N EW YO RK C I T Y - C I N E M A S 12 3 COMPANY OWNS LAND & BUILDINGS • 7,900 SF gross land area • With inclusionary rights, we can build up to a maximum of approx. 96,000 RSF above grade. • Currently operated as the Cinemas 123, boutique cinema on Upper East Side of NYC. • Historically, asset treat
Slide 34: Reading Viaduct & Ancillary Properties
READING VIADUCT & ANCILLARY PROPERTIES PHILADELPHIA, PENNSYLVANIA • Over 350,000 SF of land and bridgeworks in the City of Philadelphia. • In light of NYC's High Line and London's Camden Highline, potential development benefits are clear. Reading Viaduct, though shorter than NYC’s High Line, is subs
Slide 35: Newberry Yard - Historic Rail Asset
NEWBERRY YARD - HISTORIC RAIL ASSET WILLIAMSPORT, PENNSYLVANIA COMPANY OWNS LAND & BUILDING – ASSET HELD FOR SALE • 24-acre industrial site, which includes rail car building and multiple internal rail lines. • Company executed arrangements to clear title issues and to ensure ongoing access to rail i
Slide 36: Our Global Cinema Business Is Resilient
OUR GLOBAL CINEMA BUSINESS IS RESILIENT AND REBOUNDING FROM THE UNPRECEDENTED COVID-19 PANDEMIC AND 2023 HOLLYWOOD STRIKE SHUTDOWNS
Slide 37: 56 Movie Theaters (454 Screens)
56 MOVIE THEATERS (454 SCREENS) ACROSS AUSTRALIA, NEW ZEALAND & UNITED STATES AUSTRALIA NEW ZEALAND UNITED STATES • 29 locations / 210 screens • 8 locations / 51 screens • 19 locations / 193 screens • 4th largest exhibitor* • 3rd largest exhibitor* • 13th largest exhibitor* • As of today, one new ci
Slide 38: Cinema United CEO quote
“We’ve had a challenging four or five years. But with each passing day, we put those challenges in the rearview mirror a little bit more. Our focus right now is on the future. I think that we stand on the precipice of the next great era of cinema.” MICHAEL O’LEARY, PRES. & CEO OF CINEMA UNITED Fast
Slide 39: Disney CEO on Film Slate
DISNEY CEO BOB IGER SAYS… DISNEY’S FILM SLATE IN NEXT 18 MONTHS IS ITS BEST SINCE 2019* Disney CEO Bob Iger says “Get your (movie theater) popcorn ready ….That’s quite a lineup” Iger said. But he wasn’t done yet. In 2026, Disney will put out a new Avengers film, its Mandalorian movie, another Toy St
Slide 40: Disney CEO on Thunderbolts*
DISNEY CEO BOB IGER also sees Thunderbolts* as the “first and best example” of Marvel’s new focus on its feature slate yielding strong returns.** “In our zeal to flood our streaming platform with more content, we turned to all of our creative engines, including Marvel, and had them produce a lot mor
Slide 41: Sony Pictures CEO Tom Rothman
TOM ROTHMAN, CHAIRMAN & CEO SONY PICTURES MOTION PICTURE GROUP* “While Q1 2025 is in a big slump behind 11% from 2024 at the domestic box office, Rothman reminded the room that they’ve been through the darkest day before, that being Covid. If theaters and studios manage for the long terms, and do th
Slide 42: 2025 Box Office Now Rebounding
2025 BOX OFFICE NOW REBOUNDING AFTER 2024 WAS MATERIALLY IMPACTED BY 2023 HOLLYWOOD STRIKES
Slide 43: Recent Global Industry Box Office
RECENT GLOBAL INDUSTRY BOX OFFICE PANDEMIC REBOUND INTERRUPTED BY 2023 HOLLYWOOD STRIKES, APRIL 2025 EXCEEDED EXPECTATIONS YTD YTD YTD APRIL 2019 BOX OFFICE APRIL 2025 BOX OFFICE APRIL 2024 BOX OFFICE $2.1 Billion $2.3 Billion NORTH AMERICA $3.4 Billion (down 38% vs. 2019) (down 32% vs. 2019) (up 10
Slide 44: 2025 Movie Slate
2025 MOVIE SLATE – 1/17/25 WOLF MAN 5/2/25 THUNDERBOLTS 9/5/25 CONJURING: THE LAST RITES 1/17/25 ONE OF THEM DAYS 5/2/25 SHADOW FORCE 9/12/25 DOWNTON ABBEY 3 1/24/25 FLIGHT RISK 5/9/25 A BIG BOLD BEAUTIFUL JOURNEY 9/19/25 HIM 1/31/25 COMPANION 5/16/25 FINAL DESTINATION: BLOODLINES 9/26/25 THE BRIDE!
Slide 45: MGM Amazon Theatrical Content
MGM AMAZON SLATED TO BECOME RELIABLE SOURCE OF THEATRICAL CONTENT MIKE HOPKINS HEAD OF PRIME VIDEO AND AMAZON MGM STUDIOS, APRIL 2025 “We are working to deliver 15 big, bold, cinematic, global films annually into theaters by 2027 and we’re ahead of schedule with 14 titles already lined up for 2026.
Slide 46: Cinema Portfolio Competitive Advantage
CINEMA PORTFOLIO COMPETITIVE ADVANTAGE NZ US 6% 52% INTERNATIONAL PORTFOLIO AU CINEMA AU AND NZ ARE STABLE ECONOMIES WITH STRONG LOCAL FILM NZ CINEMA PRODUCTION, ENHANCING PROGRAMMING LED BY HOLLYWOOD MOVIES AU US CINEMA • 48% of our Total Theater Revenues generated in AU and NZ* 42% SPECIALTY AND C
Slide 47: Angelika Film Center
KINDS OF KINDNESS ANGELIKA FILM CENTER BASED ON PAST FEW YEARS, SPECIALTY FILMS WILL CONTINUE TO SUPPORT BOX OFFICE OF ANGELIKA BRAND
Slide 48: Locally Produced AU/NZ Films Support Box Office
LOCALLY PRODUCED AU/NZ FILMS CONTINUE TO SUPPORT BOX OFFICE
Slide 49: US Cinema Industry Gross Box Office Rebound
US CINEMA INDUSTRY GROSS BOX OFFICE REBOUND (USD IN MILLIONS) PANDEMIC PANDEMIC PANDEMIC PANDEMIC RECOVERY HOLLYWOOD STRIKES RECOVERY & HOLLYWOOD & BOX OFFICE STRIKES REBOUND $7,900.5 $7,646.8 $6,555.7 $4,056.0 $1,904.8 2020 2021 2022 2023 2024
Slide 50: AU Cinema Industry Gross Box Office Rebound
AU CINEMA INDUSTRY GROSS BOX OFFICE REBOUND (AUD IN MILLIONS) PANDEMIC PANDEMIC PANDEMIC PANDEMIC RECOVERY HOLLYWOOD STRIKES RECOVERY & HOLLYWOOD & BOX OFFICE STRIKES REBOUND $946.4 $987.7 $951.0 $612.2 $404.0 2020 2021 2022 2023 2024
Slide 51: NZ Cinema Industry Gross Box Office Rebound
NZ CINEMA INDUSTRY GROSS BOX OFFICE REBOUND (NZD IN MILLIONS) PANDEMIC PANDEMIC PANDEMIC PANDEMIC RECOVERY HOLLYWOOD STRIKES RECOVERY & HOLLYWOOD & BOX OFFICE STRIKES REBOUND $175.9 $154.9 $158.0 $104.5 $74.4 2020 2021 2022 2023 2024
Slide 52: Short Term Future Priorities for Global Cinema Business
SHORT TERM FUTURE PRIORITIES FOR RDI’S GLOBAL CINEMA BUSINESS CONTENT AND AUDIENCE EXPANSION & EXPERIMENTATION • Repertory Movies & Events • Alternative Content, such as Concerts, Comedies, Sports Events, Specialized Films and Documentaries • International Content o Anime o South Asian Films • Local
Slide 53: Creative Programs & Experiences
CONTINUE TO DELIGHT OUR GUESTS WITH CREATIVE PROGRAMS & EXPERIENCES To supplement the release schedule and improve overall seat occupancy percentages, our global programming teams will continue to create exclusive content programs or series to keep our audiences engaged with our brands.
Slide 54: Expanding US Cinema Loyalty Programs
EXPANDING US CINEMA AUDIENCES WITH NEW & IMPROVED LOYALTY PROGRAMS 158,000 182,000 Existing Angelika Free to Join Members (since May 2022 Existing Consolidated Theatres for 8 theaters) Free to Join Extra Members IN 2025, WE’LL LAUNCH: 25% of Angelika and Consolidated total • A Free to Join Reading C
Slide 55: Expanding AU/NZ Loyalty Programs
EXPANDING AU/NZ AUDIENCES THROUGH NEW & IMPROVED LOYALTY PROGRAMS 233,000 18,000 60,000 Australia Australia New Zealand Newly launched Free to Join Existing Free to Join Newly launched Free to Join Reading Rewards Members Angelika Rewards Members Reading Rewards Members (transitioned from legacy Rea
Slide 56: F&B Spend Per Person - Global Growth
F&B SPEND PER PERSON – GLOBAL GROWTH (US, AU & NZ) $9 $8.12 US $7.97 $8 $7.60 $7.80 $7.48 $7.88 $7.83 AU $7.51 $7.33 $6.80 $7 NZ $6.73 $6.72 $6.64 $5.84 $6 $6.24 $5.52 $4.99 $5.67 $5.56 $4.91 $5 $4.90 $4.62 $4.51 $4 $4.12 $3 2018 2019 2020 2021 2022 2023 2024 2025 Q1 (ALL IN FUNCTIONAL CURRENCY)
Slide 57: Strong F&B Metrics Supported by Movie-Themed Menus
STRONG F&B METRICS SUPPORTED BY MOVIE-THEMED MENUS (US,AU&NZ) Our teams forecast highest grossing movies and eventize our guests’ experience by creating inventive and delicious movie menus, including cocktails, mocktails, specialty popcorn and hot food items.
Slide 58: Growing Demand for Movie Merchandise
GROWING DEMAND FOR MOVIE MERCHANDISE Movie Branded Merchandise (tubs, cups, collectibles) are a growing trend across our global business and industrywide. Effective social and digital marketing has driven recent merchandise sales to increase across all three countries. Today, recent tariffs have imp
Slide 59: Focus on Elevating the Guest Experience
FOCUS ON ELEVATING THE GUEST EXPERIENCE SIGNIFICANT INVESTMENT MADE IN THE LAST DECADE IN NEW AND EXISTING CINEMA ASSETS. AS OF THE END OF 2025, WE EXPECT THE FOLLOWING: LUXURY RECLINER SEATING • 67% of US screens feature Luxury Recliner Seating • 33% of AU/NZ screens feature Luxury Recliner Seating
Slide 60: AU/NZ Cinemas Renovations
AU/NZ CINEMAS RENOVATIONS CURRENTLY SCHEDULED FOR 2025 & BEYOND AUSTRALIA NEW ZEALAND • Reading Cinemas in Melton • Reading Cinemas at The Palms o 1 TITAN LUXE with Dolby ATMOS (with recliner o Foyer conversion) o Candy bar renovation o 1 Premium auditorium (with recliner conversion) o New kitchen o
Slide 61: US Cinema Renovations in 2025
US CINEMA RENOVATIONS IN 2025 TWO THEATERS CURRENTLY PLANNED FOR UPGRADES 11 AUDITORIUMS TO BE CONVERTED TO LUXURY RECLINER SEATING 2 CONVERSIONS 1 KITCHEN UPGRADE
Slide 62: Why You Should Invest in RDI?
WHY YOU SHOULD INVEST IN RDI? 1. WELL POSITIONED TO TAKE ADVANTAGE OF ANTICIPATED BOX OFFICE REBOUND. 2. DOMINANT BRAND IN U.S. SPECIALTY/ART MARKET 3. STRONG REAL ESTATE PORTFOLIO CARRIED ON BOOKS AT LOWER OF HISTORIC COST AND FMV. 4. WHILE WE’VE MONETIZED SELECT REAL ESTATE ASSETS TO PAY DOWN DEBT
Slide 63: Thank You!
‘THANK You! fo ease E YOU 1TH
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