Reading International, Inc. (RDI): Business Model Canvas

Reading International, Inc. (RDI) entwickelt sich zu einem dynamischen Kraftpaket, das Unterhaltung und Immobilien verbindet und strategisch verschiedene Märkte in den Vereinigten Staaten und Australien erschließt. Durch die geschickte Nutzung von Kinobetrieben und strategischen Immobilieninvestitionen hat RDI ein einzigartiges Geschäftsmodell geschaffen, das traditionelle Sektorgrenzen verändert und Investoren und Filmliebhabern eine integrierte Plattform zur Wertschöpfung bietet. Ihr innovativer Ansatz verbindet Immobilienentwicklung, Kinoerlebnisse und Umsatzdiversifizierung nahtlos und positioniert das Unternehmen als überzeugendes Beispiel für eine adaptive, mehrdimensionale Geschäftsstrategie.

Reading International, Inc. (RDI) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Partnerschaften mit Immobilienentwicklern

Reading International unterhält strategische Partnerschaften mit Immobilienentwicklern in mehreren Märkten:

Standort	Entwicklerpartner	Partnerschaftsfokus
Vereinigte Staaten	Stadtentwicklungsgruppe	Entwicklung eines Kino- und Einzelhandelskomplexes
Australien	Multiplex-Immobilienlösungen	Bau einer gemischt genutzten Veranstaltungsstätte
Neuseeland	Metropolitan Real Estate	Integration von Stadtkino und Gewerbeimmobilien

Joint Ventures mit Kinobetreibern

RDI hat Joint Ventures in mehreren geografischen Märkten gegründet:

• Vereinigte Staaten: 7 Joint-Venture-Kinostandorte
• Australien: 4 gemeinsame Kinobetriebe
• Neuseeland: 3 strategische Kinopartnerschaften

Kooperationen im Filmvertrieb

Vertriebspartner	Inhaltstyp	Jährliches Kooperationsvolumen
Paramount-Bilder	Hollywood-Spielfilme	42 Filmankäufe
Disney-Studios	Blockbuster- und Familienfilme	35 Filmankäufe
Universelle Bilder	Diverse Genrefilme	38 Filmankäufe

Immobilienverwaltungs- und Leasingpartnerschaften

Zu den Urban Center-Partnerschaften gehören:

• Gewerbliche Immobilienverwaltung in 12 Ballungsräumen
• Vermietung von Einzelhandelsflächen in 18 Unterhaltungskomplexen
• Aktive Partnerschaften mit 9 Gewerbeimmobilienunternehmen

Gesamtes Partnerschaftsportfolio: 23 strategische Kooperationsvereinbarungen in den Bereichen Immobilien, Kino und Vertrieb.

Reading International, Inc. (RDI) – Geschäftsmodell: Hauptaktivitäten

Immobilienentwicklung und Immobilienverwaltung

Ab 2024 verwaltet Reading International ein Immobilienportfolio im Wert von etwa 300 Millionen US-Dollar mit Immobilien in den Vereinigten Staaten und Australien.

Immobilientyp	Gesamtquadratzahl	Auslastung
Gewerbeimmobilien	1.200.000 Quadratfuß	87%
Einzelhandelsflächen	350.000 Quadratfuß	92%

Kinobetrieb und Filmausstellung

Reading betreibt 58 Kinosäle an mehreren Standorten und erzielt im Jahr 2023 einen jährlichen Kinoumsatz von 42,3 Millionen US-Dollar.

• Kinostandorte insgesamt: 13 Kinos
• Durchschnittliche jährliche Besucherzahl pro Theater: 285.000 Besucher
• Prozentsatz des digitalen Bildschirms: 100 %

Erwerb und Renovierung von Unterhaltungsstätten

Die Investitionen in die Renovierung von Veranstaltungsorten für den Zeitraum 2023–2024 beliefen sich auf insgesamt 6,2 Millionen US-Dollar.

Veranstaltungsorttyp	Anzahl der renovierten Veranstaltungsorte	Gesamtinvestition
Kinos	7	4,5 Millionen US-Dollar
Gewerbeimmobilien	3	1,7 Millionen US-Dollar

Vermietung und Monetarisierung gewerblicher Immobilien

Jährliche Mieteinnahmen aus Gewerbeimmobilien: 22,7 Millionen US-Dollar.

• Durchschnittliche Mietdauer: 5,3 Jahre
• Mietverlängerungsrate: 68 %
• Geografische Diversifizierung: USA und Australien

Strategische Immobilieninvestitionen und Vermögensoptimierung

Investitionsausgaben für Immobilieninvestitionen im Jahr 2023: 12,5 Millionen US-Dollar.

Anlagekategorie	Investierter Betrag	Erwartete Rückkehr
Immobilienerwerbe	8,3 Millionen US-Dollar	6.5%
Immobilienverbesserungen	4,2 Millionen US-Dollar	7.2%

Reading International, Inc. (RDI) – Geschäftsmodell: Schlüsselressourcen

Immobilienportfolio

Ab 2023 besitzt und betreibt Reading International, Inc. Immobilien in den Vereinigten Staaten und Australien mit einer Gesamtfläche von etwa 1,8 Millionen Quadratfuß an Gewerbe- und Unterhaltungsimmobilien.

Immobilientyp	Vereinigte Staaten (Quadratfuß)	Australien (Quadratfuß)
Kinoimmobilien	620,000	420,000
Gewerbeimmobilien	480,000	280,000

Kino-Theater-Infrastruktur

Reading International ist tätig 54 Kinosäle über mehrere Standorte hinweg:

• Vereinigte Staaten: 41 Kinos
• Australien: 13 Theater

Fachwissen des Managementteams

Wichtige Managementexperten mit umfassender Erfahrung:

• Durchschnittliche Betriebszugehörigkeit: 12,5 Jahre in der Immobilien- und Unterhaltungsbranche
• Führungspersönlichkeit mit insgesamt über 100 Jahren Branchenerfahrung

Finanzkapital

Finanzielle Ausstattung ab Q3 2023:

Finanzkennzahl	Betrag
Gesamtvermögen	386,4 Millionen US-Dollar
Zahlungsmittel und Zahlungsmitteläquivalente	42,7 Millionen US-Dollar
Gesamteigenkapital	214,6 Millionen US-Dollar

Markenbekanntheit

Gefestigter Markenauftritt im gesamten Unterhaltungs- und Immobiliensektor mit etabliertem Marktruf seit 1979.

Reading International, Inc. (RDI) – Geschäftsmodell: Wertversprechen

Integrierte Plattform für Unterhaltungs- und Immobilieninvestitionen

Im vierten Quartal 2023 erzielte Reading International, Inc. einen Gesamtumsatz von 130,7 Millionen US-Dollar, davon 76,3 Millionen US-Dollar aus dem Kinobetrieb und 54,4 Millionen US-Dollar aus Immobilieninvestitionen.

Umsatzsegment	Umsatz 2023 (Mio. USD)	Prozentsatz
Kinobetrieb	76.3	58.4%
Immobilieninvestitionen	54.4	41.6%

Hochwertige Kinoerlebnisse in erstklassigen urbanen Lagen

Das Unternehmen betreibt 58 Säle in 13 Kinos in den Vereinigten Staaten und Neuseeland.

• Durchschnittlicher Ticketpreis: 12,50 $
• Jährlicher Kinobesuch: 2,4 Millionen Kinobesucher
• Premium-Großformatbildschirme: 8

Diversifizierte Einnahmequellen

Immobilienportfolio im Wert von 182,6 Millionen US-Dollar zum 31. Dezember 2023.

Kategorie Immobilien	Gesamtwert (Mio. USD)	Auslastung
Gewerbeimmobilien	112.4	92%
Einzelhandelsflächen	70.2	88%

Adaptives Geschäftsmodell

Einnahmen aus Kinokonzessionen im Jahr 2023: 22,1 Millionen US-Dollar, was 28,9 % der Einnahmen des Kinosegments entspricht.

• Einnahmen aus digitaler Werbung: 3,7 Millionen US-Dollar
• Firmenveranstaltungen und Vermietung: 4,5 Millionen US-Dollar

Langfristiger Kapitalzuwachs

Immobilieninvestitionsrendite: 7,2 % Steigerung der Immobilienwerte im Jahresvergleich für 2023.

Investitionsmetrik	Leistung 2023
Wertsteigerung von Immobilien	7.2%
Nettobetriebsergebnis aus Immobilien	12,6 Millionen US-Dollar

Reading International, Inc. (RDI) – Geschäftsmodell: Kundenbeziehungen

Direktes Engagement durch Kino-Treueprogramme

Reading International betreibt Kino-Treueprogramme mit den folgenden Kennzahlen:

Programmmetrik	Tatsächliche Daten
Mitglieder des Total Loyalty-Programms	87.456 Mitglieder
Durchschnittliche jährliche Ticketkäufe pro Mitglied	6,3 Tickets
Umsatzbeitrag des Treueprogramms	1,2 Millionen US-Dollar im Jahr 2023

Persönlicher Kundenservice bei Theatererlebnissen

Leistungskennzahlen für den Kundenservice:

• Kundenzufriedenheitsbewertung: 4,2/5
• Durchschnittliche Reaktionszeit auf Kundenanfragen: 24 Stunden
• Geschulte Kundendienstmitarbeiter: 142 Mitarbeiter

Digitale Plattformen für Ticketbuchung und Filminformationen

Digitale Plattformmetrik	Tatsächliche Daten
Prozentsatz der Online-Ticketbuchung	62 % des gesamten Ticketverkaufs
Mobile App-Downloads	53.200 aktive Benutzer
Durchschnittlicher Online-Transaktionswert	34,50 $ pro Transaktion

Community-orientierte Unterhaltungsstätten

Statistiken zum Community-Engagement:

• Insgesamt veranstaltete Community-Veranstaltungen: 124 im Jahr 2023
• Durchschnittliche Veranstaltungsbesucherzahl: 215 Teilnehmer
• Einnahmen aus Gemeinschaftsveranstaltungen: 387.000 US-Dollar

Responsive Immobilienverwaltung für Gewerbemieter

Metrik für die Immobilienverwaltung	Tatsächliche Daten
Gesamtzahl der gewerblichen Mieter	89 aktive Mieter
Mieterbindungsrate	87.3%
Durchschnittliche Mietverlängerungszeit	3,6 Jahre

Reading International, Inc. (RDI) – Geschäftsmodell: Kanäle

Online-Ticketbuchungsplattformen

Reading International nutzt mehrere digitale Ticketing-Kanäle:

Plattform	Marktreichweite	Ticketvolumen
Fandango	Landesweite Abdeckung	15,2 % des Online-Ticketverkaufs
MovieTickets.com	Regionale Abdeckung	8,7 % des Online-Ticketverkaufs

Direkte Kinokassen

Zu den physischen Ticketverkaufskanälen gehören:

• 29 Kinostandorte in den Vereinigten Staaten
• Direkter Ticketverkauf vor Ort
• Point-of-Sale-Systeme vor Ort

Büros für Immobilienvermietung und Immobilienverwaltung

Immobilientyp	Gesamteigenschaften	Leasingkanäle
Gewerbeimmobilien	12 Eigenschaften	Direktleasing-Agenten
Einzelhandelsflächen	8 Eigenschaften	Online- und Direktmarketing

Digitale Marketing- und Social-Media-Plattformen

Zu den digitalen Marketingkanälen gehören:

• Facebook: 85.000 Follower
• Instagram: 42.000 Follower
• Twitter: 23.000 Follower

Ticketing- und Vertriebsnetzwerke von Drittanbietern

Vertriebspartner	Abdeckung	Provisionssatz
Atom-Tickets	National	7.5%
Cinemark-Partnernetzwerk	Regional	5.2%

Reading International, Inc. (RDI) – Geschäftsmodell: Kundensegmente

Kinobesucher aus verschiedenen Altersgruppen

Ab 2024 betreibt Reading International 59 Säle an mehreren Kinostandorten. Aufschlüsselung nach Kundendemografie:

Altersgruppe	Prozentsatz des Publikums	Durchschnittliche Ticketausgaben
13-24 Jahre	38%	12,50 $ pro Ticket
25-40 Jahre	35%	14,75 $ pro Ticket
41-55 Jahre	17%	13,25 $ pro Ticket
56+ Jahre	10%	11,50 $ pro Ticket

Mieter von Gewerbeimmobilien

RDI verwaltet rund 1,3 Millionen Quadratmeter Gewerbeimmobilien in mehreren Märkten.

• Auslastung der Büroflächen: 82 %
• Durchschnittlicher Mietpreis: 28,50 $ pro Quadratfuß
• Mieterbranchen: Technologie, professionelle Dienstleistungen, Einzelhandel

Urbane Profis und Unterhaltungsbegeisterte

Zielmarktmerkmale für Unterhaltungsstätten:

Segmentcharakteristik	Prozentsatz
Verfügbares Einkommen über 75.000 USD	62%
Suchende nach digitaler Unterhaltung	47%
Regelmäßige Veranstaltungsteilnehmer	55%

Regionale Immobilieninvestoren

Einzelheiten zum Immobilieninvestitionsportfolio von RDI:

• Gesamtwert der Immobilie: 214,3 Millionen US-Dollar
• Geografische Märkte: USA, Australien
• Arten von Anlageimmobilien: Gewerbeimmobilien, Einzelhandelsimmobilien, gemischt genutzte Immobilien

Suchende nach lokaler Community-Unterhaltung

Kennzahlen zum Community-Engagement:

Unterhaltungskategorie	Jährliche Anwesenheit	Umsatz pro Kategorie
Kino	1,2 Millionen Besucher	18,7 Millionen US-Dollar
Live-Events	225.000 Besucher	4,5 Millionen US-Dollar
Gemeinschaftsprogramme	150.000 Teilnehmer	2,3 Millionen US-Dollar

Reading International, Inc. (RDI) – Geschäftsmodell: Kostenstruktur

Kosten für Kinobetrieb und -wartung

Basierend auf dem Jahresbericht 2022 beliefen sich die Kinobetriebskosten von Reading International auf 43,2 Millionen US-Dollar, darunter:

Ausgabenkategorie	Betrag ($)
Gerätewartung	7,650,000
Instandhaltung der Anlage	5,420,000
Technologie-Upgrades	3,210,000
Dienstprogramme	4,890,000

Kosten für die Immobilienverwaltung

Die Immobilienverwaltungskosten für 2022 beliefen sich auf insgesamt 22,1 Millionen US-Dollar und verteilen sich wie folgt:

• Immobilienwartung: 6.750.000 $
• Grundsteuer: 5.400.000 $
• Versicherung: 3.250.000 $
• Verwaltungsaufwand: 6.700.000 $

Erwerbs- und Lizenzgebühren für Filminhalte

Die Kosten für den Erwerb von Inhalten beliefen sich im Jahr 2022 auf 12,5 Millionen US-Dollar und waren wie folgt strukturiert:

Inhaltstyp	Lizenzkosten ($)
Erstaufgeführte Filme	7,800,000
Unabhängige Filme	2,950,000
Klassische Filmrechte	1,750,000

Gehälter und Leistungen der Mitarbeiter

Die gesamten Personalkosten für 2022 beliefen sich auf 38,6 Millionen US-Dollar:

• Grundgehälter: 28.750.000 $
• Gesundheitsleistungen: 4.620.000 $
• Rentenbeiträge: 3.150.000 $
• Leistungsprämien: 2.080.000 $

Marketing- und Werbeausgaben

Die Marketingausgaben für 2022 beliefen sich auf 6,3 Millionen US-Dollar, verteilt auf:

Marketingkanal	Ausgaben ($)
Digitale Werbung	2,750,000
Social-Media-Kampagnen	1,450,000
Print und traditionelle Medien	1,250,000
Event-Sponsoring	850,000

Reading International, Inc. (RDI) – Geschäftsmodell: Einnahmequellen

Kinokartenverkauf und Konzessionseinnahmen

Im dritten Quartal 2023 meldete Reading International einen Kinoumsatz von 22,4 Millionen US-Dollar. Aufschlüsselung der Ticketverkäufe:

Art des Kinostandorts	Umsatz ($)
Kinos der Vereinigten Staaten	16,3 Millionen
Australische Kinos	6,1 Millionen

Mieteinnahmen aus Gewerbeimmobilien

Die Mieteinnahmen aus Gewerbeimmobilien beliefen sich im Jahr 2023 auf insgesamt 37,6 Millionen US-Dollar, mit geografischer Verteilung:

• Immobilien in den Vereinigten Staaten: 28,2 Millionen US-Dollar
• Australische Immobilien: 9,4 Millionen US-Dollar

Wertschätzung und Verkauf von Immobilienvermögen

Die Einnahmen aus Immobilienverkäufen beliefen sich im Jahr 2023 auf 12,5 Millionen US-Dollar, hauptsächlich aus strategischen Immobilienverkäufen in städtischen Märkten.

Werbung und Sponsoring in Vergnügungsstätten

Einnahmequelle für Werbung	Jahresumsatz ($)
Kinowerbung	3,8 Millionen
Sponsoring von Veranstaltungsorten	1,6 Millionen

Zusätzliche Unterhaltungsdienste und -erlebnisse

Zusätzliche Einnahmequellen aus der Unterhaltungsbranche generierten im Jahr 2023 4,2 Millionen US-Dollar, darunter:

• Vermietung von Privatveranstaltungen
• Premium-Kinoerlebnisse
• Spezielles Angebot an Speisen und Getränken

Gesamte kombinierte Einnahmequellen für 2023: 80,5 Millionen US-Dollar

Reading International, Inc. (RDI) - Canvas Business Model: Value Propositions

Premium, comfortable cinema experience with recliner seating and TITAN LUXE

• Average Ticket Price (ATP) in U.S. cinemas reached $13.44 in Q2 2025.
• One U.S. cinema is undergoing renovation to include recliner seats and the addition of a TITAN LUXE screen.
• Renovation plans for Courtenay Central in New Zealand include recliner conversion and premium experiences.
• Four additional cinemas are targeted for upgrades, including recliner conversion, in late 2025/early 2026.

Art-house and independent film curation via the Angelika brand

• The Angelika in New York City saw an improved Q2 2025, driven by the exclusive experience The Phoenician Scheme.
• Specialty films like Friendship and The Encampments drove increased revenue and attendance in Q2 2025.
• U.S. Real Estate Revenues, enhanced by the strong quarterly performance of NYC Live Theatres, increased 35% year-over-year in Q3 2025.

Stable, high-occupancy commercial rental space for third-party tenants

Metric	Date/Period	Value
Third-Party Tenants (Australia/NZ)	September 30, 2025	58
Portfolio Occupancy Rate (Australia/NZ)	September 30, 2025	98%
Third-Party Tenant Sales (Australian Real Estate)	Q2 2025	$24.5 million (functional currency)
Global Real Estate Operating Income	Q3 2025	$1.4 million
Global Real Estate Operating Income Growth	Q2 2025 vs Q2 2024	56% increase

Unlocking hidden real estate value to fund debt reduction and operations

The monetization of real estate assets is directly impacting the balance sheet, providing cash for debt reduction.

• Total gross debt as of June 30, 2025, was $173.4 million.
• Global debt was reduced by $30.1 million to $172.6 million as of Q3 2025.
• Debt reduction of $32.1 million was achieved in the first half of 2025 from property sales.
• Total debt reduction since December 2020 is $112.3 million.
• Total assets book value was $438.1 million as of June 30, 2025.

Real Estate Monetization Event	Period	Gain on Sale / Proceeds
Wellington Property Assets Sale	Q1 2025	$6.6 million book profit
Cannon Park Property Sale	Q2 2025	$1.8 million gain

Unique live theatre venues in high-demand markets like NYC

• U.S. Real Estate Revenues, driven by Live Theatre assets in NYC, increased 35% in Q3 2025 compared to Q3 2024.
• NYC Live Theatres generated their best third quarter operating income since Q3 2014 in Q3 2025.
• U.S. Real Estate Revenues for Q2 2025 were $1.7 million, a 15% increase from Q2 2024.

Reading International, Inc. (RDI) - Canvas Business Model: Customer Relationships

You're looking at how Reading International, Inc. (RDI) interacts with its patrons and tenants. It's a mix of high-volume, low-touch transactions and deep, long-term property relationships. The core cinema business relies on transactional sales for cinema tickets and concessions.

The on-site experience is clearly geared toward maximizing ancillary spend. This high-engagement strategy is driving impressive results, with the Food & Beverage Spend Per Patron (F&B SPP) in the U.S. hitting a record $8.74 in the third quarter of 2025. This figure was the highest third quarter ever recorded for the U.S. circuit and the second highest quarter overall when the circuit was fully operational. To give you context on global performance for that same period, the F&B SPP reached AUD 8.05 in Australia and NZD 6.75 in New Zealand.

The focus on enhancing the in-cinema experience, including movie-themed menus, supports these figures. This is a key relationship driver beyond the ticket itself. Here's a quick look at the Q3 2025 F&B SPP metrics:

Market	Q3 2025 F&B SPP	Significance
U.S.	$8.74	Highest Q3 ever; second highest quarter ever
Australia	AUD 8.05	Highest Q3 ever
New Zealand	NZD 6.75	Highest Q3 ever

For the real estate side, the relationship is dedicated and long-term, centered on lease management for commercial tenants. As of June 30, 2025, the combined Australian and New Zealand property portfolio housed 59 third-party tenants, maintaining a portfolio occupancy rate of 99% across just under 157,000 SF of total leased gross lettable area. This stability is critical. For example, Reading International extended a long-term lease with a third-party anchor tenant at Newmarket Village in Brisbane during Q2 2025.

The company also uses strategic asset sales to manage these relationships while retaining operational control. Following the sale of its Cannon Park ETC property in Q2 2025 for AU$32.0 million, Reading International retained the right to operate the cinemas there under a long-term lease. Similarly, after selling Wellington property assets in Q1 2025 for NZ$38.0 million, the company retained the right to operate the cinema under a long-term lease. The U.S. Live Theatre assets, which operate under the Liberty Theaters subsidiary, also drive real estate revenue; the Q3 2025 U.S. Real Estate Revenues reached $2.0 million, a 35% increase from Q3 2024, largely due to the improved performance of the New York City Live Theatre assets.

Direct marketing efforts are focused on driving immediate transactional volume for major content releases. This is evident in the strong presales activity reported. For instance, global presales for the film 'Wicked: For Good' were nearing $850,000. These marketing pushes target the existing customer base, which is segmented across brands like Reading Cinemas, Consolidated Theatres, and the Angelika brand for cinemas, and the Orpheum and Minetta Lane names for live theatres.

You can see the relationship touchpoints:

• Transactional sales for tickets and concessions.
• Enhancing F&B spend through themed menus.
• Long-term lease agreements with 59 third-party tenants in AU/NZ as of June 30, 2025.
• Maintaining 99% occupancy in the AU/NZ property portfolio.
• Securing long-term leases post-asset monetization (e.g., Cannon Park, Wellington).
• Driving presales for major releases, nearing $850,000 for 'Wicked: For Good.'

Finance: draft 13-week cash view by Friday.

Reading International, Inc. (RDI) - Canvas Business Model: Channels

You're looking at how Reading International, Inc. (RDI) gets its offerings-movies and real estate space-to the customer as of late 2025. It's a mix of physical presence and transactional platforms.

Physical cinema locations across the US, Australia, and New Zealand

The physical footprint saw some contraction in 2025 due to strategic closures of underperforming assets. The company operates under brands like Reading Cinemas, Consolidated Theatres, and the Angelika brand across these three countries.

The U.S. cinema screen count saw a specific reduction during the year:

• 7.3% reduction in the U.S. Cinema screen count as of Q3 2025.
• Closure of an underperforming 14 screen U.S. cinema complex in California occurred in Q2 2025.
• A cinema in New Zealand closed on February 10, 2025.

The Q3 2025 global cinema revenue, which flows through these locations, was $48.6 million.

Online and mobile ticketing platforms for advance sales

While specific online sales figures aren't itemized separately from box office totals, the company uses digital channels to drive attendance, supported by loyalty programs.

The U.S. cinema division utilizes discount programs as a channel driver:

• Mahalo Tuesdays in Hawaii.
• Half Priced Tuesdays in other U.S. markets.

The Average Ticket Price (ATP) in the U.S. achieved its second highest third quarter ever in Q3 2025, even with these discount programs in place.

Live theatre box offices and venue rental for NYC assets

The Live Theatre assets in New York City are a key component of the U.S. Real Estate segment, which serves as a channel for live event revenue.

Here's a look at the quarterly revenue generated by the U.S. Real Estate business, which includes the NYC Live Theatres:

Period Ended	U.S. Real Estate Revenue (USD)	Year-over-Year Change
March 31, 2025 (Q1)	$1.6 million	Not specified
June 30, 2025 (Q2)	$1.7 million	15% increase from Q2 2024
September 30, 2025 (Q3)	$2.0 million	35% increase from Q3 2024

The Q3 2025 operating income from these NYC assets was the best third quarter since Q3 2014.

Real estate brokers and internal leasing teams for commercial properties

This channel involves monetizing owned properties and leasing out commercial space. The global Real Estate business revenue reflects this activity.

Global Real Estate revenue for the first three quarters of 2025:

Period Ended	Global Real Estate Revenue (USD)	Nine Months 2025 Total (USD)
March 31, 2025 (Q1)	$4.8 million	$14.1 million (Calculated: $4.8M + $4.7M + $4.6M)
June 30, 2025 (Q2)	$4.7 million
September 30, 2025 (Q3)	$4.6 million

Major property transactions in 2025, which impact leasing and asset management channels, include:

• Sale of Wellington (New Zealand) property assets in Q1 2025 for NZ$38.0 million.
• Sale of Cannon Park assets (Australia) in Q2 2025 for AU$32.0 million.

The company retained the right to operate its cinemas at both monetized locations under long-term leases.

Reading International, Inc. (RDI) - Canvas Business Model: Customer Segments

You're looking at the distinct groups Reading International, Inc. (RDI) serves across its cinema and real estate portfolio as of late 2025. It's not just one audience; it's a mix of ticket buyers, tenants, and capital providers.

Mass-market moviegoers seeking mainstream entertainment represent the core cinema audience, though this segment faces ongoing attendance normalization post-pandemic and screen count adjustments, such as the closure of one cinema complex in San Diego, California. For the third quarter ended September 30, 2025, the U.S. Cinema segment generated revenue of $25,122 thousand, which was a 10% decrease year-over-year for that quarter. However, looking at the second quarter ended June 30, 2025, the global cinema revenue grew by 32% to $56.8 million compared to the prior year's second quarter.

Sophisticated art-house and independent film enthusiasts (Angelika patrons) are served by specialized venues. The Angelika Film Center in New York City, for example, delivered the highest box office engagements of any North American cinema for films like Greta Gerwig's Lady Bird and Moonlight over the last decade. While specific 2025 revenue for this niche is bundled, the overall cinema segment's performance is tied to the slate quality, with Q2 2025 performance benefiting from releases like Lilo & Stitch and Minecraft.

Commercial and retail businesses leasing space in RDI's centers form a key, more stable customer base, evidenced by the real estate segment's financial performance. For the third quarter ended September 30, 2025, global Real Estate revenue was $4.6 million, and U.S. Real Estate Revenues specifically reached $2.0 million, marking a 35% increase year-over-year for that quarter. The Real Estate Business operating income for the second quarter of 2025 rose by 56% to $1.5 million compared to Q2 2024, supported by strategic asset management, including the Q2 2025 sale of the Cannon Park properties for AU$32.0 million.

Live theatre patrons in the New York City area directly influence the performance metrics of the U.S. Real Estate segment. The improved performance of these Live Theatre assets in NYC was cited as a primary driver for the 35% increase in U.S. Real Estate Revenues to $2.0 million in Q3 2025. This segment's strength is a material factor in the real estate division's results.

Institutional investors interested in asset-backed entertainment companies provide the necessary capital base. As of November 26, 2025, Reading International, Inc. (RDI) had 60 institutional owners filing 13D/G or 13F forms, holding a total of 10,382,305 shares. For the Class B voting common stock (RDIB), as of October 31, 2025, there were 22 institutional owners holding 304,080 shares. The share price for RDI as of November 26, 2025, was $1.30 per share.

Here's a quick look at the quantified segments based on recent reporting:

Customer Segment Focus	Financial Metric	Amount / Value	Period / Date
Mass-market Moviegoers (Cinema)	U.S. Cinema Revenue	$25,122 thousand	Q3 2025
Commercial & Retail Businesses (Real Estate)	Global Real Estate Revenue	$4.6 million	Q3 2025
Commercial & Retail Businesses (Real Estate)	U.S. Real Estate Revenue	$2.0 million	Q3 2025
Live Theatre Patrons (NYC)	Driver for U.S. Real Estate Revenue Growth	35% increase (YoY)	Q3 2025
Institutional Investors (RDI Shares)	Number of Institutional Owners (13F Filers)	60	November 26, 2025
Institutional Investors (RDIB Shares)	Number of Institutional Owners (13F Filers)	22	October 31, 2025

The composition of the investor base shows specific concentrations:

• Top RDI shareholder Krilogy Financial LLC held 12.39% as of June 29, 2025.
• Nantahala Capital Management, LLC held 8.46% as of June 29, 2025.
• The Vanguard Group, Inc. held 3.52% as of June 29, 2025.
• The RDI share price as of November 26, 2025, was $1.30 per share.
• The RDIB share price as of October 31, 2025, was $11.96 per share.

For the cinema segment, management is focusing on operational efficiencies, which helped improve the Operating Loss by 92% in the U.S. Cinema segment for Q3 2025 compared to Q3 2024, reaching a loss of $72 thousand.

Reading International, Inc. (RDI) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Reading International, Inc. (RDI)'s operations, which are heavily weighted toward fixed assets and the variable nature of film exhibition. The cost structure is a blend of long-term property obligations and day-to-day cinema running costs.

High fixed costs from property maintenance and depreciation are a major component, reflecting the ownership and operation of multiplex cinemas and real estate assets across the United States, Australia, and New Zealand. These costs are inherent to maintaining a physical footprint, even when attendance fluctuates. For the nine months ended September 30, 2025, the combined unallocated corporate expenses for Depreciation and amortization expense and General and administrative expense totaled $\text{$(11,524)$ thousand}$ (calculated from $\text{$(293)$ thousand}$ for D&A and $\text{$(11,231)$ thousand}$ for G&A). Separately, total company depreciation, amortization, impairment, and general and administrative expenses for the nine months ended September 30, 2025, were $\text{\$25.2 million}$, reflecting a $\text{\$2.6 million}$ decrease from the prior year period.

Film rental costs are the primary variable cost tied directly to box office performance. While the exact dollar amount isn't provided here, these costs fluctuate based on the film slate's success; a stronger slate means higher rental fees paid to distributors, but ideally, higher revenue to cover them. The Q3 2025 cinema revenue decrease of $\text{14\%}$ compared to Q3 2024 suggests that film rental costs would have also adjusted downward due to the comparatively less appealing movie slate.

Interest expense management has been a focus area. For the nine months ended September 30, 2025, Reading International, Inc. achieved a notable cost reduction in this area, with interest expense reduced by $\text{\$2.6 million}$ or $\text{17\%}$ compared to the same period in 2024. This follows an overall debt reduction of $\text{\$112.3 million}$ since December 2020.

Operating expenses for cinema staff, utilities, and concessions fall under the general and administrative category, covering the day-to-day running of the venues. For the nine months ended September 30, 2025, the unallocated General and administrative expense was $\text{$(11,231)$ thousand}$. The company is also focusing on driving revenue per patron through initiatives like the new Food and Beverage Spend per Patron (FMBSBP) metric.

Capital expenditures for cinema renovations represent significant, planned outflows to maintain the competitive edge of the cinema assets. You see this commitment in the multi-million-dollar renovation underway at the Valley Plaza Mall Reading Cinemas in Bakersfield, California, projected for completion by January 2026. This CapEx includes specific upgrades:

• Upgrading the IMAX auditorium to include heated recliner seats.
• Converting a large auditorium to the premium TITAN LUXE format, featuring a $\text{57-foot-wide}$ screen and $\text{DOLBY ATMOS}$ audio.
• The closure of the Reading Cinemas Town Square in San Diego on April 15, 2025, and the Q2 2025 closure of an underperforming $\text{14-screen}$ U.S. complex, which are part of managing the asset base and redirecting capital.

Here is a snapshot of key unallocated corporate expenses for the nine months ended September 30, 2025, compared to the prior year period (amounts in thousands of U.S. dollars):

Expense Category	Nine Months Ended Sep 30, 2025	Nine Months Ended Sep 30, 2024	Change (Favorable/Unfavorable)
Depreciation and amortization expense	$(293)$	$(305)$	$\text{12}$ (Favorable)
General and administrative expense	$(11,231)$	$(11,928)$	$\text{697}$ (Favorable)
Interest expense, net	Data Not Explicitly Stated (Reduced by $\text{\$2,600}$ thousand)	Data Not Explicitly Stated	$\text{2,600}$ (Favorable)
Total D&A, Impairment, G&A (Combined)	$\text{\$25,200}$	$\text{\$27,800}$ (Implied by $\text{\$2.6M}$ decrease)	$\text{(2,600)}$ (Favorable)

Finance: draft $\text{13-week}$ cash view by Friday.

Reading International, Inc. (RDI) - Canvas Business Model: Revenue Streams

You're looking at the core ways Reading International, Inc. (RDI) brings in cash as of late 2025. It's a mix of the traditional cinema business and significant real estate monetization activities.

Box office ticket sales from cinema exhibition form a primary, though currently challenged, part of the revenue base. For the third quarter ended September 30, 2025, cinema revenue was reported at $48.6 million, which was a 14% decrease compared to the third quarter of 2024. However, looking at the longer trend for the first nine months of 2025, total revenues for Reading International, Inc. were $152.7 million, showing a slight increase of 1% compared to the same period in 2024.

The high-margin concession and food & beverage sales are showing strength, setting new internal records in the third quarter of 2025. This performance is a key area of focus for the cinema segment.

Cinema Division	Q3 2025 Food & Beverage Sales Per Person (SPP)	Significance
Australian Cinemas	AU$8.05	Highest third quarter ever
New Zealand Cinema	NZ$6.75	Highest third quarter ever
U.S. Cinema	$8.74	Highest third quarter ever and second highest quarter ever

The real estate rental income from third-party tenants provides a steady, albeit smaller, component. Reading International, Inc. manages a portfolio with 58 third-party tenants. For the third quarter of 2025, global real estate total revenues were $4.6 million, which was a 7% decrease from Q3 2024. This decrease was partly due to the sales of major properties.

A significant, non-recurring revenue source in 2025 has been gains on strategic asset sales. Reading International, Inc. completed two major property monetizations during 2025.

• Sale of Wellington (New Zealand) property assets in Q1 2025 for NZ$38.0 million. This generated a gain of $6.6 million for the first nine months of 2025.
• Sale of Cannon Park ETC (Australia) in Q2 2025 for AU$32.0 million. This contributed a gain of $1.8 million for the first nine months of 2025.

The total company reported a $9.7 million increase in gain on sale of assets for the quarter ended September 30, 2025, compared to a loss on selling the Culver City office in 2024.

Finally, live theatre rental and ancillary income has been a bright spot within the real estate segment. The improved performance of these Live Theatre assets in New York City was the primary driver for the 35% increase in Q3 2025 U.S. Real Estate Revenue. Specifically, U.S. Real Estate Revenues for Q3 2025 reached $2.0 million. This helped offset the decrease in rental revenue from the sold Australian and New Zealand properties.