Reading International, Inc. (RDIB): Business Model Canvas [Dec-2025 Updated]

You're looking at Reading International, Inc. (RDIB), which fits the classic, tricky profile: asset-rich but often cash-flow-challenged, still managing 60 global cinema complexes. Honestly, their strategy right now isn't just about selling tickets; it's a calculated pivot to unlock that hidden real estate value to de-leverage the balance sheet. With a portfolio conservatively valued over $215 million and recent sales like the Wellington property bringing in NZ$38.0 million in Q1 2025, they are actively using asset sales to manage significant debt, which stood at $172.6 million as of Q3 2025. If you want to see exactly how this dual cinema-and-property model is being re-engineered to buy time and reduce leverage, dive into the full Business Model Canvas below.

Reading International, Inc. (RDIB) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that keep the lights on and the projectors running at Reading International, Inc. (RDIB). These aren't just vendors; they are essential players in both the cinema exhibition and the real estate segments. The financial health of these partnerships directly impacts the company's bottom line, so you need to track them closely.

Major Hollywood Film Studios for Content Supply

The cinema business lives and dies by the film slate, meaning the relationships with major Hollywood studios are paramount. The quality and quantity of films dictate box office revenue, which was a major focus in 2025 following the 2023 strikes. For instance, the Q3 2025 cinema revenue of $48.6 million was down 14% from Q3 2024, partly due to a softer slate compared to Q3 2024's blockbusters like Deadpool & Wolverine and Despicable Me 4.

Looking forward from Q3 2025, Reading International, Inc. was banking on the 2026 slate, which includes major franchise releases such as Spider-Man: Brand New Day, Toy Story 5, and Shrek 5. Earlier in 2025, the Q1 slate included titles like Disney's Lilo & Stitch and Mission: Impossible - The Final Reckoning.

The content supply partners include, but are not limited to, the studios releasing these titles:

• Disney (e.g., Lilo & Stitch)
• Paramount (e.g., Mission: Impossible - The Final Reckoning)
• Warner Bros. (e.g., Superman)
• Universal (e.g., Jurassic World Rebirth)

Banks for Loan Extensions and Financing

While specific, current loan extension details with major national banks weren't explicitly detailed for Reading International, Inc. (RDIB) as of late 2025, the company's overall debt management is a direct reflection of its financing relationships. The company actively managed its liabilities following asset sales. Reading International, Inc. reduced its debt by almost 15% compared to the end of 2024, largely using proceeds from two major real estate asset monetizations completed in 2025. This deleveraging is key for maintaining favorable terms with lenders.

For context on the financial institutions mentioned, Bank of Hawaii Corporation reported a net income of $47.6 million in Q2 2025 and anticipates its net interest margin to reach 2.50 by year-end 2025. Bank of America Corporation's 2025 10-K filing noted approximately 7,604,677,274 shares of Common Stock outstanding as of February 24, 2025.

Prime, the Buyer of the Wellington, NZ Property in Q1 2025

The sale to Prime Property Group ("Prime") was a significant 2025 transaction, impacting both real estate revenue and future cinema operations in New Zealand. Reading International, Inc. entered an agreement to sell its Wellington properties to Prime for a purchase price of NZ$38 million, with the sale expected to close in Q1 2025. This monetization contributed to the debt reduction mentioned above.

This partnership is structured for ongoing business: Prime is responsible for the seismic upgrade of the Courtenay Central building, after which Reading Cinemas Courtenay Central Limited will enter a long-term lease to operate its cinema there. This move allowed Reading International, Inc. to continue its cinema exhibition in Wellington post-upgrade.

National and Local Retail/Commercial Tenants for Rental Income

The real estate segment relies heavily on third-party tenants across Australia and New Zealand. The company's global real estate revenues for Q1 2025 were $4.8 million, despite the elimination of rental revenue from the sold Wellington properties. The U.S. Live Theatre business and the remaining real estate portfolio drove a 7% revenue increase in the U.S. real estate division for Q1 2025.

Here is a snapshot of the tenant base as of the latest reported periods:

The overall Australia/New Zealand portfolio showed strong retention, with the Q4 2024 occupancy rate reported at 96%. The company executed 2 new leases and 4 renewals at Newmarket Village in 2023.

Construction and Development Firms for Property Renovations

Beyond the Wellington deal with Prime Property Group, Reading International, Inc. engages construction partners for capital improvements to maintain its cinema assets. A key example is the ongoing major renovation at an unnamed U.S. cinema complex, which includes installing recliner seats across multiple auditoriums and adding a TITAN LUXE screen. The closure of a 14-screen U.S. cinema complex in San Diego during Q2 2025 was a strategic move to eliminate a cash loss, which is an operational decision tied to managing development/renovation costs versus underperforming assets.

The renovation work is critical, as the company is actively working with landlords globally to reduce occupancy costs to better align with current attendance levels. Finance: draft 13-week cash view by Friday.

Reading International, Inc. (RDIB) - Canvas Business Model: Key Activities

You're looking at the core things Reading International, Inc. (RDIB) does to keep the lights on and manage its complex assets as of late 2025. It's a dual-focus operation: running cinemas and managing valuable real estate.

Strategic monetization of non-core real estate assets

Reading International, Inc. actively works to sell off properties that aren't central to its immediate operations, using the cash to strengthen the balance sheet. This is a key activity for deleveraging. For instance, in 2025, the company completed two major property monetizations that helped reduce debt significantly.

The proceeds from these sales were directly applied to debt reduction. The total reduction in gross debt from these two sales amounted to $32.1 million. This follows prior monetization, such as the sale of the Culver City building in Q1 2024 for $10.0 million.

The 2025 real estate asset sales included:

• Sale of Wellington (New Zealand) property assets in Q1 2025 for NZ$38.0 million.
• Sale of the Cannon Park ETC in Townsville, Queensland, Australia (approximately 9.4-acres) in Q2 2025 for AU$32.0 million.

Operating 58 global cinema complexes across three countries

The Theatrical Motion Picture Exhibition segment is a primary revenue driver, operating across the United States, Australia, and New Zealand. As of the end of the third quarter of 2025, Reading International, Inc. operated 469 screens in 58 theatres across these three countries. The company uses brands like Reading Cinemas, Angelika Film Center, and Consolidated Theatres to run these venues. The performance of this segment is heavily influenced by film slate quality; for example, Q2 2025 global cinema revenue increased 32% to $56.8 million year-over-year, driven by major releases. Still, Q3 2025 global cinema revenue decreased 13% to $52.2 million compared to Q3 2024.

Here's a snapshot of the cinema business performance for the nine months ended September 30, 2025:

Active debt management, including loan maturity extensions to May/June 2026

Managing the debt structure is a critical, ongoing activity, especially following the real estate asset sales. As of June 30, 2025, the total gross debt stood at $173.4 million, which was a 14.4% (or $29.3 million) decrease from December 31, 2024. The company successfully negotiated extensions on key facilities to push out near-term obligations.

Key debt maturity extensions executed in 2025 include:

• Bank of America/Bank of Hawaii loan extended to May 18, 2026.
• Loan on Live Theatre assets in NYC extended to June 1, 2026.
• Loan on 44 Union Square extended to November 6, 2026, with an option to extend further to May 6, 2027.

The company's assets had a total book value of $438.1 million as of June 30, 2025.

Redevelopment and renovation of key cinema and live theatre properties

Reading International, Inc. focuses on upgrading its core entertainment assets to maintain competitive appeal. One specific action in 2025 was the closure of the Reading Cinemas Town Square in San Diego on April 15, 2025, with the intent to renovate the existing cinema to a "best-in-class" standard. The Live Theatre assets in New York City are performing well, with Q3 2025 operating income representing the best third quarter result since Q3 2014. The company also manages live shows at its Manhattan venues, the Orpheum Theatre and Minetta Lane Theatre.

Managing a portfolio of owned retail and commercial real estate

The Real Estate segment involves developing, renting, or licensing retail, commercial, and live theatre assets. As of September 30, 2025, the combined Australian and New Zealand property portfolio housed 58 third-party tenants, maintaining a high portfolio occupancy rate of 98% across approximately 156,171 SF of total leased gross lettable area. The U.S. Real Estate business, which includes the Live Theatre assets, generated $2.0 million in revenue in Q3 2025, a 35% increase from Q3 2024. For the first nine months of 2025, the Real Estate division saw its Operating Loss improve by 72% to $4.3 million compared to the same period in 2024, while its Q3 2025 operating income was $1.4 million, relatively flat compared to Q3 2024.

The company's real estate holdings also include ownership of marketable securities in the U.S. and New Zealand.

Reading International, Inc. (RDIB) - Canvas Business Model: Key Resources

You're looking at the core assets that anchor Reading International, Inc. (RDIB)'s business model right now, as of late 2025. The foundation is definitely its owned real estate portfolio, which analysts conservatively value at over $215 million, even after recent strategic sales. This portfolio underpins the entire structure, giving the company staying power.

Here's a quick look at some of the key financial and property metrics as of the third quarter of 2025:

The physical assets themselves are significant, including prime locations like 44 Union Square in New York City, which was redeveloped into a Class A commercial building, and NewMarket Village. These properties, alongside the Cinemas 1,2,3 venues, form the tangible base of the company's value proposition.

Reading International, Inc. deploys its cinema operations globally under several recognized entertainment brands. These include:

• Angelika Film Center
• Reading Cinemas
• Consolidated Theatres
• City Cinemas

Also critical to the asset strategy are financial arrangements like long-term leasebacks on recently sold properties, such as the Courtenay Central assets in New Zealand. The net proceeds from these major property sales earlier in 2025 were used to reduce total gross debt by $30.1 million from the December 31, 2024, level of $202.7 million, which is a key action taken to improve liquidity. If onboarding takes 14+ days, churn risk rises, but here, asset monetization is directly funding debt reduction.

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

You're looking at the core value Reading International, Inc. (RDIB) delivers across its dual-pillar business, which is cinema exhibition and real estate ownership/operation. This isn't just about selling tickets; it's about strategic asset management supporting the entertainment core.

Hidden value unlocked via real estate sales for debt reduction

Reading International, Inc. actively uses its real estate holdings to manage its balance sheet, which is a key value driver for stakeholders focused on financial health. The company executed a focused monetization strategy in 2025.

The company reduced its total gross debt by 14.8%, or $30.1 million, from December 31, 2024, to $172.6 million as of September 30, 2025. This reduction was funded primarily by the proceeds from two major property asset sales completed in the first half of 2025.

Here's a quick look at the value realized from these strategic sales:

The Wellington sale alone allowed for the payoff of the entire NZ$18.8 million loan to Westpac and $6.1 million to Bank of America/Bank of Hawaii. That's real, tangible debt reduction driven by unlocking latent real estate value. It definitely strengthens the financial footing.

Premium cinema experience with recliner seats and TITAN LUXE screens

For cinema patrons, the value proposition centers on an elevated, modern viewing environment. Reading International, Inc. is actively upgrading its U.S. footprint to meet premium expectations.

As of the third quarter of 2025, one U.S. cinema was undergoing a major renovation that included:

• Installation of recliner seats to multiple auditoriums.
• Addition of a TITAN LUXE screen.
• Upgrades to the company's only IMAX auditorium.

This focus on high-end amenities supports strong pricing power, evidenced by the U.S. Average Ticket Price (ATP) achieving its second highest third quarter ever in Q3 2025, even with discount Tuesday programs running.

Diversified business model across cinema and real estate

You're dealing with a company whose revenue streams are intentionally split between entertainment and property management, providing a hedge against single-industry volatility. Reading International, Inc. operates across the United States, Australia, and New Zealand.

For the nine months ended September 30, 2025, Total Revenues were $152.7 million, a slight increase of 1% over the same period in 2024. The trailing twelve months (TTM) revenue as of 2025 is reported at $0.21 Billion USD.

The segment split for Q3 2025 shows the relative weight:

• Cinema Revenue: $48.6 million.
• Real Estate Revenue: $4.6 million.

Currency fluctuations matter here; over 49% of Total Revenues come from the Australian and New Zealand businesses. The diversification strategy is key to achieving positive EBITDA, which was $3.6 million in Q3 2025, marking the fifth straight quarter of positive EBITDA.

Anchor tenancy for synergistic shopping centers in Australia/NZ

In Australia and New Zealand, Reading International, Inc. provides essential, stable tenancy to retail centers, creating value through high occupancy and long-term relationships. The real estate portfolio is underpinned by third-party tenants.

As of September 30, 2025, the combined Australian and New Zealand property portfolio featured 58 third-party tenants with an overall occupancy rate of 98%. This is consistent with the 74 third-party tenant portfolio reported earlier in 2025, which showed a 96% occupancy rate.

The company actively manages these leases, executing 5 third-party lease transactions, including new leases and renewals, during Q3 2025.

Unique live theatre assets in New York City offering cultural experiences

The company holds unique, non-multiplex entertainment assets in New York City, which are a distinct value component of the Real Estate segment. These live theatres operate under the Orpheum and Minetta Lane names.

The performance of these assets drove significant real estate revenue growth in the U.S. segment. Specifically, the U.S. Real Estate Revenues for Q3 2025 were $2.0 million, a 35% increase from Q3 2024, directly attributed to the improved performance of the NYC Live Theatre assets. This Q3 2025 performance was the best third quarter operating income since Q3 2014 for the Live Theatre assets. The signature property development at 44 Union Square in New York City also contributes rental income.

Finance: draft 13-week cash view by Friday.

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

You're looking at how Reading International, Inc. (RDIB) keeps its customers coming back, whether they are buying a movie ticket or leasing retail space. The relationship strategy here is really two-pronged: high-touch experience for cinema patrons and professional management for property tenants.

Cinema loyalty programs to drive repeat attendance and F&B spend

While specific Reading International, Inc. (RDIB) loyalty program enrollment and redemption rates aren't public, the focus on driving spend per visit is clear through the Food & Beverage (F&B) performance metrics reported through the third quarter of 2025. The goal of any loyalty scheme is to increase the value of each returning customer, and industry benchmarks suggest that members of loyalty programs generate between 12-18% more incremental revenue growth per year than non-members. Furthermore, top-performing loyalty programs are noted to boost revenue from participating customers by 15-25% annually.

The success in capturing ancillary spend is evident in the Q3 2025 Sales Per Person (SPP) figures across the cinema circuit:

• U.S. Cinema F&B SPP reached $8.74, the highest third quarter ever.
• Australian Cinema F&B SPP was AU$8.05, also a record third quarter.
• New Zealand Cinema F&B SPP hit NZ$6.75, setting a record for the third quarter.

High-touch, in-person service at premium Angelika Film Center locations

The Angelika Film Center brand is positioned as a premium offering, marrying high-quality film and event programming with crafted food and beverage in venues featuring luxury amenities. This high-touch approach is about creating a superior physical experience that justifies a higher spend or repeat visits. Reading International, Inc. (RDIB) is actively enhancing these in-person environments; for instance, at the Valley Plaza Mall location in Bakersfield, California, a multi-million-dollar renovation underway as of late 2025 includes adding premium leatherette recliner seats, some with a heated seat option, to multiple auditoriums, with completion expected in January 2026.

The U.S. cinema circuit also uses targeted in-person value drivers to encourage visits, such as its successful discount Tuesday programs, including Mahalo Tuesdays in Hawaii and Half Priced Tuesdays elsewhere, which contributed to the U.S. Average Ticket Price (ATP) achieving its highest second quarter ever in 2025.

Professional property management for commercial real estate tenants

For the Real Estate segment, the relationship is a standard, professional landlord-tenant dynamic, focused on high occupancy and consistent lease activity. Reading International, Inc. (RDIB)'s management of its combined Australian and New Zealand property portfolio demonstrates strong tenant retention.

Here are the key metrics for the property portfolio as of September 30, 2025:

The U.S. Live Theatre assets in New York City also show strong relationship performance, with Q3 2025 operating income for that segment being the best third quarter result since Q3 2014.

Direct box office and concession sales interaction

The most frequent direct interaction is the point-of-sale transaction at the box office and concession stand. The high F&B SPP figures noted above reflect successful upselling and customer acceptance of premium food and beverage offerings during these direct interactions. Furthermore, the cinema business is driving direct engagement through specialized programming; the gross box office revenue for Alternative Content and Signature Series programming in the U.S. circuit delivered its highest third quarter ever in Q3 2025.

Digital and online ticketing platforms for convenience

Convenience through digital channels is a baseline expectation in 2025. While Reading International, Inc. (RDIB) utilizes digital and online ticketing platforms for ticket purchases, the specific metrics on their adoption rate or impact on overall attendance are not detailed in the latest reports. Generally, 73% of consumers expect to be able to do anything online that they can do in person or by phone. The company's focus on maximizing efficiency in its cinema operations, even with a reduced screen count, suggests digital platforms are key to managing high transaction volumes smoothly.

Finance: draft 13-week cash view by Friday.

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

You're looking at how Reading International, Inc. (RDIB) gets its value proposition to the customer, and it's definitely a mix of physical presence and property management.

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

Reading International, Inc. operates cinemas across three countries. The screen count is a key metric here, even with recent closures. For instance, a 14-screen U.S. cinema complex in California closed in the second quarter of 2025, and another U.S. cinema was partially closed during the third quarter of 2025 for a major renovation, including recliner seat installation.

Here's the quick math on the cinema footprint as reported:

The U.S. screen breakdown includes:

• Consolidated Theatres (Hawaii): 6 locations, 74 screens.
• Angelika Film Center (CA, NY, TX, VA, DC): 8 cinemas, 50 screens.
• Reading Cinemas (CA, NJ): 4 cinemas, 53 screens.

Owned and leased commercial/retail real estate properties

The real estate segment is a major channel for revenue generation outside of ticket sales. As of September 30, 2025, the combined Australian and New Zealand property portfolio had a 98% occupancy rate.

The portfolio details as of September 30, 2025, include:

• Total leased gross lettable area (GLA): 156,171 SF.
• Number of third-party tenants: 58.
• Q3 2025 U.S. Real Estate Revenues: $2.0 million.

Reading International, Inc. actively monetizes these assets. In 2025, they completed two major property sales: the Wellington, New Zealand property assets for NZ$38.0 million in the first quarter, and the Cannon Park ETC in Townsville, Australia, for AU$32.0 million in the second quarter. Still, they retained the right to operate their existing cinemas at both locations under long-term leases.

Online and mobile ticketing platforms for movie admissions

While specific online platform usage numbers aren't public, the digital channel is essential for admissions. For the third quarter ended September 30, 2025, global cinema revenue was $48.6 million.

Direct sales teams for leasing commercial real estate space

Leasing activity is managed through dedicated teams. During the third quarter of 2025, Reading International, Inc. executed 5 third-party lease transactions, covering both new leases and renewals with existing tenants.

Live theatre box offices in New York City

The Live Theatre assets in NYC are a component of the U.S. Real Estate segment. The performance of these assets was strong; in the third quarter of 2025, they generated the best third-quarter operating income since the third quarter of 2014.

Reading International, Inc. operates two single auditorium Off Broadway theatres in Manhattan.

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

You're looking at the customer base for Reading International, Inc. (RDIB) as of late 2025. It's a mix of ticket buyers, filmgoers seeking a specific experience, and property tenants. Here's the hard data on who they serve, grounded in the 2025 financial disclosures.

Mass-market moviegoers seeking value and convenience

This group drives the bulk of the Cinema segment revenue across the U.S., Australia, and New Zealand. The performance here is tied directly to the film slate. For the first quarter of 2025, global cinema revenue was $36.4 million, a 12% decrease compared to the same period in 2024. By the second quarter of 2025, global cinema revenue rebounded to $56.8 million, showing a 32% increase year-over-year, helped by major releases like A Minecraft Movie and Mission: Impossible - The Final Reckoning. Reading International, Inc. operated 469 screens across 58 theatres as of the second quarter of 2025.

Affluent, discerning patrons of the Angelika Film Center brand

The Angelika Film Center brand is part of the Cinema segment, which includes other brands like Reading Cinemas and City Cinemas. While specific revenue for the Angelika brand alone isn't broken out, the overall U.S. Real Estate segment, which includes the NYC Live Theatres, saw strong performance. The U.S. Real Estate Revenues for the first quarter of 2025 hit $1.6 million, marking the highest first quarter on record for that specific metric.

Commercial and retail tenants in owned properties

This group falls under the Real Estate segment. The combined Australian and New Zealand property portfolio held 58 third-party tenants as of September 30, 2025, with a portfolio occupancy rate of 98%. The total leased gross lettable area in those regions was 156,171 SF. The global Real Estate business generated $4.7 million in revenue in the second quarter of 2025.

Live theatre patrons in the New York City market

The Live Theatres in New York City are a key driver within the U.S. Real Estate segment. For the third quarter of 2025, U.S. Real Estate Revenues reached $2.0 million, a 35% increase from Q3 2024, largely due to these assets. The operating income from these NYC Live Theatres in Q3 2025 was the best third quarter result since Q3 2014. In the first quarter of 2025, the NYC live theaters specifically delivered a 7% increase in revenue and a 139% increase in operating income.

Property developers and investors for asset monetization

This segment involves transactional activity, which significantly impacts liquidity. In 2025, Reading International, Inc. completed two major property monetizations.

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

These actions resulted in a reduction of total gross debt by almost 15% compared to the end of 2024. As of September 30, 2025, total gross debt stood at $172.6 million, a 14.8% decrease since December 31, 2024. Cash and cash equivalents were $8.1 million at that same date.

Here's a quick look at the segment revenue contribution for the first nine months of 2025 versus 2024, showing the overall picture:

The total TTM revenue for Reading International, Inc. as of late 2025 was reported at $0.21 Billion USD.

For your reference on the equity structure as of November 13, 2025:

• Class A Nonvoting Common Stock outstanding: 21,036,670 shares.
• Class B Voting Common Stock outstanding: 1,680,590 shares.

Finance: draft 13-week cash view by Friday.

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

You're looking at the cost side of Reading International, Inc.'s (RDIB) operations as of late 2025, focusing on the hard numbers from their Q3 2025 filings. The cost structure is heavily influenced by debt servicing, cinema operations, and maintaining their real estate footprint.

Debt Servicing Costs: Interest expense remains a significant fixed cost, though management has been actively working to reduce it through asset sales and debt extensions. For the nine months ended September 30, 2025, interest expense was reduced by $2.6 million, or 17%, compared to the same period in the prior year. This follows a strategic reduction in the total debt load.

• Total gross debt as of September 30, 2025, stood at $172.6 million.
• This represented a 14.8% reduction, or $30.1 million, from the balance at December 31, 2024.
• Interest expense for the third quarter of 2025 decreased by $1.1 million compared to Q3 2024.

Cinema Exhibition Costs: The variable costs associated with running the cinema business, like film rental and advertising, are directly tied to the $48.6 million in Q3 2025 cinema revenue, which was down 14% year-over-year. Film rent payable, a key liability related to film exhibition costs, was $3,458 thousand as of September 30, 2025, down from $5,820 thousand at the end of 2024.

Property Operating and Administrative Expenses: General and Administrative (G&A) expenses, which cover overhead for the approximately 2,000 employees, have seen some compression. The combined figure for depreciation, amortization, impairment, and general and administrative expenses shows a clear trend of reduction.

For the real estate segment, which is underpinned by 58 third-party tenants with a 98% occupancy rate, Q3 2025 total revenues were $4.6 million, a 7% decrease from the prior year, though operating income remained relatively flat at $1.4 million.

Capital Expenditures for Renovations: The company is actively investing in its venues, evidenced by the partial closure during the quarter for a major renovation that includes the installation of recliner seats in multiple auditoriums. Specific capital expenditure amounts for these cinema renovations are not detailed in the available Q3 2025 summary data.

Finance: draft 13-week cash view by Friday.

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

You're looking at the hard numbers that make up the top line for Reading International, Inc. (RDIB) as of late 2025. Here's the quick math on where the money is coming from, based on the latest reported figures.

The overall picture for the third quarter ended September 30, 2025, shows Total Revenues at $52.2 million, which was a 13% decrease from Q3 2024's $60.1 million. For the first nine months of 2025, Total Revenues were $152.7 million, a slight 1% increase from the prior year's nine-month total of $152.0 million.

The primary revenue drivers break down like this for the third quarter:

The cinema operations are still the largest piece, but the slate in Q3 2025 didn't match the prior year's performance. Still, you see resilience in the pricing power.

Strategic asset sales provided significant, though non-recurring, cash flow during the year. These are one-time boosts to the financial structure, not consistent operating income.

• Proceeds from strategic asset sales: NZ$38.0 million from the Wellington property assets sale in Q1 2025.
• The USD equivalent for the Wellington sale was reported as $21.5 million.
• Another major monetization was the Cannon Park ETC sale in Q2 2025 for AU$32.0 million.
• The USD equivalent for the Cannon Park sale was $20.7 million.

Rental income from commercial and retail real estate tenants is embedded within the Real Estate segment revenues. The U.S. segment saw a 35% increase in its Q3 2025 revenue to $2.0 million compared to Q3 2024, helped by the Live Theatre assets.

For live theatre ticket sales and related venue income, the performance in New York City is a specific highlight. The U.S. Live Theatre assets in NYC generated the best third quarter operating income since Q3 2014.

Concession and food/beverage sales, a key performance indicator for the cinema side, showed strength in per-person spending metrics, even with lower attendance.

• Australian F&B Sales per person (SPP) in Q3 2025 was AU$8.05, marking the highest third quarter ever for that metric.
• The U.S. Average Ticket Price (ATP) achieved its second highest third quarter ever.

Finance: review the Q4 2025 projections for recurring real estate revenue versus asset sale projections for Q4.