Full-Year Profitability Improvement
Net loss attributable to Reading improved by $21.2M year-over-year from a loss of $35.3M in 2024 to a loss of $14.1M in 2025; basic loss per share improved by $0.96 to a loss of $0.62 (from $1.58).
Huge Year-over-Year Adjusted EBITDA Gain
Adjusted EBITDA for full year 2025 was $17.8M, an increase of $15.7M or 744% compared to 2024, driven by asset sale gains, acquisition gain on noncontrolling interest and cost discipline.
Significant Debt Reduction and Lower Interest Expense
Total outstanding borrowings fell from $202.7M at 12/31/2024 to $185.1M at 12/31/2025 (≈10% reduction despite adding $13.6M Sutton Hill debt). Interest expense for the year fell by $3.2M, a 15% reduction year-over-year.
Strong Cash from Investing via Asset Sales
Cash provided by investing activities rose by $33.1M to $37.1M for 2025, primarily from sale proceeds of Cannon Park (Townsville) and Wellington properties.
Operational Wins: F&B, Loyalty and Membership Growth
F&B spend-per-person records set for Q4 and full year (all-time highs excluding pandemic closures); Reading Rewards membership exceeded 430,000 (18% increase over prior quarter); paid memberships in Australia/NZ reached 22,139 (27% quarter-over-quarter); Angelika free members ~183,000 (7% quarter growth).
Global Cinema Operating Improvement for Full Year
Full-year 2025 global cinema operating income increased to $3.6M, up 230% from a loss of $2.8M in 2024, despite a 3% revenue decline, reflecting disciplined operating expense management.
Early 2026 Box Office Momentum
Flash trading Jan 1–Apr 1, 2026 showed global cinemas trading ahead by over 11% on a U.S. dollar basis, with positive consumer responses to recent releases (e.g., Project Hail Mary) and optimistic 2026 release slate.