Reading International, Inc. Q4 FY2025 earnings call

• Transactions in 2025: Sold Wellington, New Zealand property for USD 21.5 million in Q1 2025, Cannon Park asset in Australia for USD 20.7 million in May 2025, and purchased Sutton Hill Associates in December 2025. • Q4 2025 consolidated revenue decline due to weaker film slate, closure of 2 unprofitable theaters, decrease in Australia and New Zealand real estate rent revenue, and foreign exchange impact. • Full year 2025 net loss improvement due to stronger income from segments, reduction in interest expense, gain on acquisition, gain on asset sales, and reduction in G&A expenses. • Ellen Cotter mentioned 2026 movie schedule with highly anticipated releases, strong F&B performance with records set, improvement in loyalty programs, working with landlords to reduce occupancy costs, and renovation plans for cinemas. • Global real estate portfolio has 58 third-party tenants with 98% occupancy, and signed agreement to sell Napier, New Zealand property with intention to lease back

Consolidated revenue in Q4 2025 decreased by $8.3 million to $50.3 million quarter-over-quarter and by 4% year-over-year to $203 million. Net loss attributable to Reading International Inc. increased by $0.3 million to $2.6 million in Q4 2025, and improved by $21.2 million from $35.3 million to $14.1 million for the full year. Q4 2025 global operating loss was $1 million vs. $1.1 million operating income in Q4 2024. Full year 2025 global operating loss improved by $8.7 million. Q4 2025 adjusted EBITDA decreased by $1.7 million to $5.1 million, while full year 2025 adjusted EBITDA increased by $15.7 million to $17.8 million. For cinema business: Q4 2025 global cinema revenue decreased 14% to $46.9 million, operating income decreased 76% to $900,000. Full year 2025 global cinema revenue decreased 3% to $188.6 million, operating income increased 230% to $3.6 million. For real estate business: Q4 2025 global real estate total revenue decreased 16% to $4.4 million, operating income slightly increased 1% to $1.5 million. Full year 2025 global real estate total revenue decreased 8% to $18.4 million, operating income increased 26% to $5.9 million. Australian cinema revenue in Q4 2025 decreased 13% to $18.6 million, operating income decreased 92% to $139,000. New Zealand cinema revenue in Q4 2025 decreased 36% to $2.4 million, operating income decreased 174% to an operating loss of $372,000. Full year 2025 Australian cinema revenue decreased 5% to $77.7 million, operating income decreased 3% to $3.9 million. Full year 2025 New Zealand cinema revenue decreased 14% to $11.4 million, operating income decreased 212% to an operating loss of $479,000. U.S. real estate revenue in Q4 2025 decreased 10% to $1.6 million, operating income decreased 64% to $100,000. Full year 2025 U.S. real estate revenue increased 10% to $6.9 million, operating income increased 262% to $600,000

• 2026 global cinemas trading ahead by over 11% on USD basis from Jan 1 to April 1. • Anticipate 2026 to be the best post-pandemic box office year to date. • Expect 2026 to deliver similar results in art house and specialty film. • In U.S., renovating Reading cinema at Bakersville, California, and working on renovation plans for other cinemas. • In New Zealand, working on redesign of Courtenay Central theater with full upgrade, completion anticipated in 2027. • In Australia, likely adding TITAN LUXE and premium screen to key cinema location

• Film slate strength can vary, impacting revenue. • Closure of unprofitable theaters may not immediately offset revenue impact. • Foreign exchange rate fluctuations can negatively impact consolidated revenue. • Dependence on movie releases and their performance. • Legal matters related to properties like Reading Viaduct may impact values and transactions. • Uncertainty in lease negotiations and potential cinema closures

Q: Walk through the Board's intended 2026 sequence for addressing facilities.

A: Board decided to list Cinemas 123 buildings for sale to pay off Valley National and Bank of America loans. Exploring refinancing and extending maturity dates for Santander, Minetta and Orpheum loan and 44 Union Square loan.

Q: Beyond Queenstown and San Diego, how many additional cinemas are on a watch list?

A: At least one additional U.S. theater to close in 2026. Evaluating occupancy reductions with landlords based on cash flow.

Q: Elaborate on terms of intended sale of Cinema 1, 2 and 3 property.

A: Listed for sale, marketed as upper East side asset with great fundamentals. Intending to sell as is where is, no future cinema use requirements.

Q: Does Reading anticipate selling any further properties in 2026?

A: Have Newbury Yard, Cinema 1, 2, 3 building, and Napier, New Zealand property under consideration, aiming to monetize by end of third quarter.

Q: Provide breakdown of G&A expenses.

A: Cinema business responsible for $4.1 million (21%), real estate $0.7 million (4%), corporate $14.4 million (75). Made efforts to lower G&A expenses by $6.1 million since 2019