UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________________________

FORM 10-Q

(Mark One)

þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: September 30, 2025

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________

Commission file number 1-8625

READING INTERNATIONAL, INC.

(Exact name of Registrant as specified in its charter)

Nevada State or other jurisdiction of incorporation or organization)	95-3885184 (IRS Employer Identification Number)
189 Second Avenue, Suite 2S New York, New York (Address of principal executive offices)	10003 (Zip Code)

Registrant’s telephone number, including area code: (213) 235-2240

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Class A Nonvoting Common Stock, $0.01 par value	RDI	The Nasdaq Stock Market LLC
Class B Voting Common Stock, $0.01 par value	RDIB	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ  No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ  No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ¨ Accelerated Filer ¨ Non-Accelerated Filer  þ Smaller Reporting Company þ Emerging Growth Company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ¨  No  þ

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. As of November 13, 2025, there were 21,036,670 shares of Class A Nonvoting Common Stock, $0.01 par value per share, and 1,680,590 shares of Class B Voting Common Stock, $0.01 par value per share, outstanding.
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READING INTERNATIONAL, INC. AND SUBSIDIARIES

TABLE OF CONTENTS

	Page
PART I - Financial Information	3
Item 1 – Financial Statements	3
Consolidated Balance Sheets (Unaudited)	3
Consolidated Statements of Income (Unaudited)	4
Consolidated Statements of Comprehensive Income (Unaudited)	5
Consolidated Statements of Cash Flows (Unaudited)	6
Notes to Consolidated Financial Statements (Unaudited)	7
Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
Item 3 – Quantitative and Qualitative Disclosure about Market Risk	49
Item 4 – Controls and Procedures	51
PART II – Other Information	52
Item 1 – Legal Proceedings	52
Item 1A – Risk Factors	52
Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds	52
Item 3 – Defaults Upon Senior Securities	52
Item 4 – Mine Safety Disclosure	52
Item 5 – Other Information	52
Item 6 – Exhibits	53
SIGNATURES	54
Certifications

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PART 1 – FINANCIAL INFORMATION

Item 1 - Financial Statements

READING INTERNATIONAL, INC.

CONSOLIDATED BALANCE SHEETS

(U.S. dollars in thousands, except share information)

	September 30,		December 31,
	2025		2024
ASSETS	(Unaudited)
Current Assets:
Cash and cash equivalents	$	8,090	$	12,347
Restricted cash		2,458		2,735
Receivables		2,777		5,276
Inventories		1,655		1,685
Prepaid and other current assets		3,368		2,668
Land and property held for sale		460		32,331
Total current assets		18,808		57,042
Operating property, net		210,525		214,694
Operating lease right-of-use assets		161,400		160,873
Investment in unconsolidated joint ventures		3,447		3,138
Goodwill		24,576		23,712
Intangible assets, net		1,710		1,800
Deferred tax asset, net		1,591		953
Other assets		13,129		8,799
Total assets	$	435,186	$	471,011
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable and accrued liabilities	$	55,027	$	48,651
Film rent payable		3,458		5,820
Debt - current portion		16,451		69,193
Derivative financial instruments - current portion		131		—
Taxes payable - current		891		891
Deferred revenue		8,771		9,731
Operating lease liabilities - current portion		20,176		20,747
Other current liabilities		6,587		6,593
Total current liabilities		111,492		161,626
Debt - long-term portion		127,601		105,239
Derivative financial instruments - non-current portion		—		137
Subordinated debt, net		27,561		27,394
Noncurrent tax liabilities		6,384		6,041
Operating lease liabilities - non-current portion		161,593		161,702
Other liabilities		13,567		13,662
Total liabilities	$	448,198	$	475,801
Commitments and contingencies (Note 16)
Stockholders’ equity:
Class A non-voting common shares, par value $0.01, 100,000,000 shares authorized,
33,972,781 issued and 21,036,670 outstanding at September 30, 2025 and
33,681,705 issued and 20,745,594 outstanding at December 31, 2024		241		238
Class B voting common shares, par value $0.01, 20,000,000 shares authorized and
1,680,590 issued and outstanding at September 30, 2025 and December 31, 2024		17		17
Nonvoting preferred shares, par value $0.01, 12,000 shares authorized and no issued
or outstanding shares at September 30, 2025 and December 31, 2024		—		—
Additional paid-in capital		159,087		157,751
Retained earnings/(deficits)		(126,370)		(114,790)
Treasury shares		(40,407)		(40,407)
Accumulated other comprehensive income		(4,630)		(7,173)
Total Reading International, Inc. stockholders’ equity		(12,062)		(4,364)
Noncontrolling interests		(950)		(426)
Total stockholders’ equity		(13,012)		(4,790)
Total liabilities and stockholders’ equity	$	435,186	$	471,011

See accompanying Notes to the Unaudited Consolidated Financial Statements.

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READING INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited; U.S. dollars in thousands, except per share data)

	Quarter Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Revenue
Cinema	$	48,555	$	56,357	$	141,740	$	140,570
Real estate		3,615		3,733		10,976		11,381
Total revenue		52,170		60,090		152,716		151,951
Costs and expenses
Cinema		(42,742)		(49,468)		(126,203)		(132,944)
Real estate		(1,863)		(2,106)		(5,658)		(6,801)
Depreciation and amortization		(3,236)		(3,926)		(9,992)		(12,142)
General and administrative		(4,658)		(4,933)		(15,194)		(15,626)
Total costs and expenses		(52,499)		(60,433)		(157,047)		(167,513)
Operating income (loss)		(329)		(343)		(4,331)		(15,562)
Interest expense, net		(4,174)		(5,245)		(13,270)		(15,907)
Gain (loss) on sale of assets		(66)		(208)		8,332		(1,324)
Other income (expense)		462		(714)		(2,145)		(593)
Income (loss) before income tax expense and equity earnings of unconsolidated joint ventures		(4,107)		(6,510)		(11,414)		(33,386)
Equity earnings of unconsolidated joint ventures		121		71		428		164
Income (loss) before income taxes		(3,986)		(6,439)		(10,986)		(33,222)
Income tax benefit (expense)		(319)		(700)		(1,071)		(321)
Net income (loss)	$	(4,305)	$	(7,139)	$	(12,057)	$	(33,543)
Less: net income (loss) attributable to noncontrolling interests		(148)		(111)		(477)		(481)
Net income (loss) attributable to Reading International, Inc.	$	(4,157)	$	(7,028)	$	(11,580)	$	(33,062)
Basic earnings (loss) per share	$	(0.18)	$	(0.31)	$	(0.51)	$	(1.48)
Diluted earnings (loss) per share	$	(0.18)	$	(0.31)	$	(0.51)	$	(1.48)
Weighted average number of shares outstanding–basic		22,717,260		22,426,184		22,631,660		22,394,385
Weighted average number of shares outstanding–diluted		22,717,260		22,426,184		22,631,660		22,394,385

See accompanying Notes to the Unaudited Consolidated Financial Statements. 

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READING INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited; U.S. dollars in thousands)

	Quarter Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Net income (loss)	$	(4,305)	$	(7,139)	$	(12,057)	$	(33,543)
Foreign currency translation gain (loss)		(770)		1,620		2,384		(44)
Gain (loss) on cash flow hedges		104		(171)		6		(269)
Other		53		50		162		158
Comprehensive income (loss)		(4,918)		(5,640)		(9,505)		(33,698)
Less: net income (loss) attributable to noncontrolling interests		(148)		(111)		(477)		(481)
Less: comprehensive income (loss) attributable to noncontrolling interests		—		5		9		3
Comprehensive income (loss)	$	(4,770)		(5,534)	$	(9,037)	$	(33,220)

See accompanying Notes to the Unaudited Consolidated Financial Statements. 

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READING INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited; U.S. dollars in thousands)

	Nine Months Ended
	September 30,
	2025		2024
Operating Activities
Net income (loss)	$	(12,057)	$	(33,543)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity earnings of unconsolidated joint ventures		(428)		(164)
Distributions of earnings from unconsolidated joint ventures		337		695
(Gain) loss recognized on foreign currency transactions		2,200		(83)
(Gain) loss on sale of assets		(8,332)		1,324
Amortization of operating leases		16,648		15,500
Amortization of finance leases		31		31
Change in operating lease liabilities		(16,126)		(16,212)
Change in net deferred tax assets		(534)		71
Depreciation and amortization		9,992		12,142
Other amortization		891		1,107
Stock based compensation expense		1,521		1,737
Net changes in operating assets and liabilities:
Receivables		588		2,107
Prepaid and other assets		(5,090)		(26)
Payments for accrued pension		(513)		(513)
Accounts payable and accrued expenses		8,486		7,151
Film rent payable		(2,474)		(2,420)
Taxes payable		(29)		(1,165)
Deferred revenue and other liabilities		(967)		443
Net cash provided by (used in) operating activities		(5,856)		(11,818)
Investing Activities
Purchases of and additions to operating and investment properties		(1,176)		(4,571)
Contributions to unconsolidated joint ventures		—		(30)
Proceeds from sale of assets		38,498		9,590
Net cash provided by (used in) investing activities		37,322		4,989
Financing Activities
Repayment of borrowings		(35,029)		(13,381)
Repayment of finance lease principal		(32)		(30)
Proceeds from borrowings		—		16,027
Capitalized borrowing costs		(872)		(483)
(Cash paid) proceeds from the settlement of employee share transactions		(182)		(6)
Noncontrolling interest distributions		(57)		—
Net cash provided by (used in) financing activities		(36,172)		2,127
Effect of exchange rate on cash and restricted cash		172		744
Net increase (decrease) in cash and cash equivalents and restricted cash		(4,534)		(3,958)
Cash and cash equivalents and restricted cash at the beginning of the period		15,082		15,441
Cash and cash equivalents and restricted cash at the end of the period	$	10,548	$	11,483
Cash and cash equivalents and restricted cash consists of:
Cash and cash equivalents	$	8,090	$	10,083
Restricted cash		2,458		1,400
	$	10,548	$	11,483
Supplemental Disclosures
Interest paid	$	11,922	$	14,427
Income taxes (refunded) paid		2,309		1,638
Non-Cash Transactions
Additions to operating and investing properties through accrued expenses		487		940

See accompanying Notes to the Unaudited Consolidated Financial Statements. 

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READING INTERNATIONAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
‎As of and for the nine Months Ended September 30, 2025

NOTE 1 – DESCRIPTION OF BUSINESS AND SEGMENT REPORTING

Our Company

Reading International, Inc., a Nevada corporation (“RDI” and collectively with our consolidated subsidiaries and corporate predecessors, the “Company,” “Reading,” and “we,” “us,” or “our”) was incorporated in 1999. Our businesses consist primarily of:

the development, ownership, and operation of cinemas in the United States, Australia, and New Zealand; and

the development, ownership, operation and/or rental of retail, commercial and live venue real estate assets in Australia, New Zealand, and the United States.

NOTE 2 – LIQUIDITY AND IMPAIRMENT ASSESSMENT

Going Concern

We continue to evaluate the going concern assertion required by ASC 205-40 Going Concern as it relates to our Company. The evaluation of the going concern assertion involves considering whether it is probable that our Company has sufficient resources, as at the issue date of the financial statements, to meet its obligations as they fall due for twelve months following the issue date. Should it be probable that there are not sufficient resources, we must develop plans to overcome that shortfall. We must then determine whether it is probable that our plans will be effectively implemented and will mitigate the consequential going concern substantial doubt.

We have $16.5 million of debt due in twelve months, cash of $10.5 million and negative working capital of $92.7 million. As a result, we have developed a plan to address and overcome the going concern uncertainty. Our plan is informed by current liquidity positions, debt obligations, our beliefs about the marketability of certain real estate properties, our beliefs about the recovery of the global cinema industry, cash flow estimates, known capital and other expenditure requirements and commitments and our current business plan and strategies. Our Company’s business plan - two businesses (real estate and cinema) in three countries (Australia, New Zealand and the U.S.) - has served us well historically and is key to management’s overall evaluation of ASC 205-40 Going Concern.

While we believe that, with an increase in the quantity and quality of films being released to cinemas compared to pre-pandemic levels, patronage and operating revenue levels will improve, we have no control over attendance levels and no assurances can be given as to the nature of the reception of future movies by the movie-going public.

We have begun the process of refinancing and/or extending certain loans, as further discussed in Note 13 - Borrowings. On January 31, 2025, we repaid our $10.7 million Westpac loan. On February 5, 2025, we repaid $6.1 million of our Bank of America facility, taking the balance to $8.7 million. On July 3, 2025, we extended the maturity date of this loan to May 18, 2026. On February 26, 2025, we exercised our option to extend our Valley National debt to October 1, 2025. On May 2, 2025, we extended our Emerald Creek Capital loan to November 6, 2026. On May 21, 2025, we sold our Cannon Park property for $20.7 million, and repaid our $12.9 million NAB bridging facility and $970,000 on our NAB Core Facility. On July 18, 2025, we extended the maturity date of our Santander loan to June 1, 2026. On November 12, we extended our NAB facility by five years, and on November 13, we extended our Valley National debt of $20.4 million to October 1, 2026.

Moreover, we intend to raise the liquidity necessary for the next twelve months from refinancings and real estate asset monetization. Management has been authorized to pursue such actions where necessary. We believe we have more than sufficient marketable real estate assets that can be monetized on a timely basis and at the values required to meet our funding needs over the next twelve months. After having sold nine property assets with combined proceeds of $201.5 million since 2021, we have demonstrated our ability to complete real estate asset monetizations.

In conclusion, as of the date of issuance of these financial statements, based on our evaluation of ASC 205-40 Going Concern and the current conditions and events, considered in the aggregate, and our various plans for enhancing liquidity and the extent to which those plans are progressing, we conclude that our plan to raise sufficient liquidity primarily through certain real estate asset monetizations to the extent needed is probable of being implemented to the extent required such that this alleviates the substantial doubt about our Company’s ability to continue as a going concern.

Impairment Considerations

Our Company considers that the events and factors described above constitute impairment indicators under ASC 360 Property, Plant and Equipment. At December 31, 2024, our Company performed a quantitative recoverability test of the carrying values of all its asset

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groups. Our Company estimated the undiscounted future cash flows expected to result from the use of these asset groups and found that no impairment charge was necessary. The nine months to September 30, 2025, produced higher revenues and operating income compared to the same period in 2024, and we believe that this improved performance at an asset group level will continue throughout the remaining quarter of 2025. As a result, we recorded no impairment charges for the nine months to September 30, 2025. Actual performance against our forecasts is dependent on several variables and conditions, many of which are subject to the uncertainties associated with among other things, the factors presented above, and as a result, actual results may materially differ from management’s estimates.

Our Company also considers that the events and factors described above continue to constitute impairment indicators under ASC 350 Intangibles – Goodwill and Other. Our Company performed a quantitative goodwill impairment test and determined that our goodwill was not impaired as of December 31, 2024. The test was performed at a reporting unit level by comparing each reporting unit’s carrying value, including goodwill, to its fair value. The fair value of each reporting unit was assessed using a discounted cash flow model based on the budgetary revisions performed by management in response to COVID-19 and the developing market conditions. No impairment charges were recorded in the nine months to September 30, 2025. Actual performance against our forecasts is dependent on several variables and conditions, including among other things, the factors presented above, and as a result, actual results may materially differ from management’s estimates.

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Consolidation

The accompanying consolidated financial statements include the accounts of our Company’s wholly-owned subsidiaries as well as majority-owned subsidiaries that our Company controls and should be read in conjunction with our Company’s Annual Report on Form 10-K as of and for the year ended December 31, 2024 (“2024 Form 10-K”). All significant intercompany balances and transactions have been eliminated on consolidation. These consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim reporting with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X of the Securities and Exchange Commission (“SEC”). As such, they do not include all information and footnotes required by U.S. GAAP for complete financial statements. We believe that we have included all normal and recurring adjustments necessary for a fair presentation of the results for the interim period.

Operating results for the quarter and nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and footnotes thereto. Significant estimates include (i) projections we make regarding the recoverability and impairment of our assets (including goodwill and intangibles), (ii) valuations of our derivative instruments, (iii) recoverability of our deferred tax assets, (iv) estimation of breakage and redemption experience rates, which drive how we recognize breakage on our gift card and gift certificates, and revenue from our customer loyalty programs, and (v) estimation of our Incremental Borrowing Rate (“IBR”) as relates to the valuation of our right-of-use assets and lease liabilities. Actual results may differ from those estimates.

Recently Adopted and Issued Accounting Pronouncements

Adopted:

ASU 2023-07 Segment Reporting: Improvements to Reportable Segment Disclosures

On December 16, 2024, we adopted ASU 2023-07: Segment Reporting: Improvements to Reportable Segment Disclosures. This ASU expends the disclosures required by public entities for reportable segments. Adoption of the ASU has had no material effect on our consolidated financial statements from a recognition and measurement perspective, and has not altered our reportable segments, but has enhanced our disclosure of certain expenses and profitability measurement.

Recently Announced:

ASU 2023-09 Income Taxes: Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASC 2023-09 Income Taxes: Improvements to Income Tax Disclosures (“ASU 2023-09”). The amendments in ASU 2023-09 require entities to disclose on an annual basis (i) specific categories in the rate reconciliation and (ii) provide additional information for reconciling items that meet a quantitative threshold. The amendments also require that entities disclose various information about income taxes paid and (i) income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and (ii) foreign and income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign. ASU 2023-09 is effective for the Company for the year ended December 31, 2025.

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ASU 2024-03 Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures

In November 2024, the FASB issued ASC 2024-03, Income Statement (Subtopic 220-40)—Reporting Comprehensive Income-Expense Disaggregation Disclosures (“ASU 2024-03”). The amendments in ASU 2024-03 require that public business entities disclose additional information about specific expense categories in the notes to financial statements for interim and annual reporting periods. ASU 2024-03 is effective for the Company for the year ended December 31, 2027.

NOTE 4 – SEGMENT REPORTING

We report information about operating segments in accordance with ASC 280-10 Segment Reporting, which requires financial information to be reported based on the way management organizes segments with a company for making operating decisions and evaluating performance. We have organized our business into two reportable segments, being cinema exhibition and real estate.

Our cinema exhibition segment aggregates all our cinemas, both leased and owned, across the United States, Australia and New Zealand. Each of our cinemas earns revenue through the sale of movie tickets, food and beverage, screen advertising, theatre rentals, merchandise, gift card and loyalty membership, and other ancillary sales. The segment also earns revenue through service fees related to online ticket sales. Expenses are incurred through film rent, wages and salaries, food and beverage costs, occupancy costs, utilities, and other ancillary costs. We further organize this segment by geography, as while all our cinemas are engaged in substantially the same business activities, each geography is subject to its own unique regulatory and business conditions.

Our real estate segment aggregates all our retail, commercial and live theatre real estate assets across Australia, New Zealand, and the United States. Our retail and commercial real estate assets earn revenue through the leasing or licensing of space to third party tenants.

Our live theatre assets in the United States earn revenue through leasing or licensing space to third party production companies, an activity we consider sufficiently similar to our broader real estate base to support inclusion in our real estate segment. Our live theatre operations also earn revenue by providing front of house and box office services and through concession sale of food and beverage. All of our real estate assets incur expenses from property maintenance, utilities, taxes, and other costs of maintaining real estate and in some cases third party property management.

Each of these segments has discrete and separate financial information and for which operating results are evaluated regularly by our President, Chief Executive Officer and Vice Chair of the Board of Directors, the chief operating decision-maker (“CODM”) of the Company. The CODM is responsible for the allocation of resources to, and the assessment of the performance of, our operating segments. The CODM determines, among other things:

-the execution, renewal or termination of cinema leases

-the execution, renewal or termination of third-party tenant leases

-significant capital expenditures

-internal resource allocation

-operational budgets.

Segment operating income is a key measure of profit or loss used by the CODM to assess segment performance and allocate resources. Segment operating income includes certain amounts charged by our real estate segment to our cinema exhibition segment where a cinema exhibition is a tenant of the real estate segment. These charges are eliminated for consolidated financial statement purposes in the consolidated income statement, but are presented gross to the CODM.

The tables below summarize the results of operations for each of our business segments, presenting a reconciliation of segment revenue to operating segment income, and the impact of inter-segment transactions.

	Quarter Ended						Quarter Ended						Nine Months Ended						Nine Months Ended
	September 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
(Dollars in thousands)	Cinema		Real ‎Estate		Total		Cinema		Real ‎Estate		Total		Cinema		Real ‎Estate		Total		Cinema		Real ‎Estate		Total
Revenue - third party	$	48,555	$	3,615	$	52,170	$	56,357	$	3,733	$	60,090	$	141,740	$	10,976	$	152,716	$	140,570	$	11,381	$	151,951
Inter-segment revenue (1)		—		952		952		—		1,165		1,165		—		3,089		3,089		—		3,463		3,463
Total segment revenue		48,555		4,567		53,122		56,357		4,898		61,255		141,740		14,065		155,805		140,570		14,844		155,414
Operating expense
Operating Expense - Third Party		(42,742)		(1,863)		(44,605)		(49,468)		(2,106)		(51,574)		(126,203)		(5,658)		(131,861)		(132,944)		(6,801)		(139,745)
Inter-Segment Operating Expenses (1)		(952)		—		(952)		(1,165)		—		(1,165)		(3,089)		—		(3,089)		(3,463)		—		(3,463)
Total of services and products (excluding depreciation and amortization)		(43,694)		(1,863)		(45,557)		(50,633)		(2,106)		(52,739)		(129,292)		(5,658)		(134,950)		(136,407)		(6,801)		(143,208)
Depreciation and amortization		(2,045)		(1,115)		(3,160)		(2,608)		(1,210)		(3,818)		(6,358)		(3,341)		(9,699)		(7,753)		(4,084)		(11,837)
General and administrative expense		(1,060)		(202)		(1,262)		(903)		(186)		(1,089)		(3,358)		(605)		(3,963)		(2,973)		(725)		(3,698)
Total operating expense		(46,799)		(3,180)		(49,979)		(54,144)		(3,502)		(57,646)		(139,008)		(9,604)		(148,612)		(147,133)		(11,610)		(158,743)
Segment operating income (loss)	$	1,756	$	1,387	$	3,143	$	2,213	$	1,396	$	3,609	$	2,732	$	4,461	$	7,193	$	(6,563)	$	3,234	$	(3,329)

(1)Inter-segment Revenues and Operating Expense relates to the internal charge between the two segments where the cinema operates within real estate owned within the group.

9

A reconciliation of cinema exhibition segment revenue to segment operating income for the quarter and nine months ended September 30, 2025 and September 30, 2024, is as follows:

			Quarter Ended				Nine Months Ended
(Dollars in thousands)			September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
REVENUE
	United States	Admissions revenue	$	13,784	$	15,445	$	40,128	$	39,368
		Concessions revenue		9,276		9,824		26,659		24,237
		Advertising and other revenue		2,062		2,547		6,889		6,996
			$	25,122	$	27,816	$	73,676	$	70,601
	Australia	Admissions revenue	$	12,396	$	14,445	$	36,301	$	35,559
		Concessions revenue		6,459		8,691		18,528		20,805
		Advertising and other revenue		1,657		1,609		4,274		4,248
			$	20,512	$	24,745	$	59,103	$	60,612
	New Zealand	Admissions revenue	$	1,836	$	2,215	$	5,718	$	5,559
		Concessions revenue		906		1,339		2,807		3,262
		Advertising and other revenue		179		242		436		536
			$	2,921	$	3,796	$	8,961	$	9,357
	Total revenue		$	48,555	$	56,357	$	141,740	$	140,570
OPERATING EXPENSE
	United States	Film rent and advertising cost	$	(7,557)	$	(8,783)	$	(21,723)	$	(21,192)
		Food & beverage cost		(2,344)		(2,632)		(6,858)		(6,550)
		Occupancy expense		(4,112)		(5,198)		(12,499)		(17,530)
		Labor cost		(4,184)		(4,657)		(12,477)		(12,807)
		Utilities		(1,657)		(1,957)		(4,207)		(4,602)
		Cleaning and maintenance		(1,751)		(1,914)		(5,046)		(4,998)
		Other operating expenses		(1,872)		(1,860)		(6,339)		(6,078)
			$	(23,477)	$	(27,001)	$	(69,149)	$	(73,757)
	Australia	Film rent and advertising cost	$	(5,484)	$	(6,775)	$	(16,026)	$	(16,170)
		Food & beverage cost		(1,328)		(1,922)		(3,934)		(4,631)
		Occupancy expense		(4,415)		(4,673)		(13,221)		(13,612)
		Labor cost		(3,377)		(3,794)		(10,108)		(10,510)
		Utilities		(815)		(719)		(2,308)		(2,171)
		Cleaning and maintenance		(1,163)		(1,352)		(3,466)		(3,728)
		Other operating expenses		(903)		(966)		(2,477)		(2,747)
			$	(17,485)	$	(20,201)	$	(51,540)	$	(53,569)
	New Zealand	Film rent and advertising cost	$	(803)	$	(1,048)	$	(2,592)	$	(2,482)
		Food & beverage cost		(159)		(273)		(575)		(703)
		Occupancy expense		(746)		(804)		(2,216)		(2,347)
		Labor cost		(504)		(631)		(1,617)		(1,786)
		Utilities		(173)		(114)		(407)		(311)
		Cleaning and maintenance		(182)		(256)		(572)		(650)
		Other operating expenses		(165)		(305)		(624)		(802)
			$	(2,732)	$	(3,431)	$	(8,603)	$	(9,081)
	Total operating expense		$	(43,694)	$	(50,633)	$	(129,292)	$	(136,407)
DEPRECIATION, AMORTIZATION, GENERAL AND ADMINISTRATIVE EXPENSE
	United States	Depreciation and amortization	$	(1,043)	$	(1,259)	$	(3,321)	$	(3,784)
		General and administrative expense		(674)		(513)		(2,130)		(1,885)
			$	(1,717)	$	(1,772)	$	(5,451)	$	(5,669)
	Australia	Depreciation and amortization	$	(895)	$	(1,237)	$	(2,714)	$	(3,619)
		General and administrative expense		(314)		(389)		(1,086)		(1,087)
			$	(1,209)	$	(1,626)	$	(3,800)	$	(4,706)
	New Zealand	Depreciation and amortization	$	(107)	$	(112)	$	(323)	$	(350)
		General and administrative expense		(72)		(1)		(142)		(1)
			$	(179)	$	(113)	$	(465)	$	(351)
	Total depreciation, amortization, general and administrative expense		$	(3,105)	$	(3,511)	$	(9,716)	$	(10,726)
OPERATING INCOME (LOSS) - CINEMA
	United States		$	(72)	$	(957)	$	(924)	$	(8,825)
	Australia			1,818		2,918		3,763		2,337
	New Zealand			10		252		(107)		(75)
	Total Cinema operating income (loss)		$	1,756	$	2,213	$	2,732	$	(6,563)

10

A reconciliation of real estate segment revenue to segment operating income for the quarter and nine months ended September 30, 2025 and September 30, 2024, is as follows:

			Quarter Ended				Nine Months Ended
(Dollars in thousands)			September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
REVENUE
	United States	Live theatre rental and ancillary income	$	902	$	391	$	2,075	$	1,220
		Property rental income		1,050		1,053		3,164		3,192
				1,952		1,444		5,239		4,412
	Australia	Property rental income		2,394		3,082		8,150		9,342
	New Zealand	Property rental income		221		372		676		1,090
	Total revenue		$	4,567	$	4,898	$	14,065	$	14,844
OPERATING EXPENSE
	United States	Live theatre cost	$	(304)	$	(196)	$	(796)	$	(706)
		Occupancy expense		(207)		(167)		(559)		(521)
		Utilities		(22)		(9)		(50)		(88)
		Cleaning and maintenance		(52)		(37)		(158)		(115)
		Other operating expenses		(288)		(245)		(718)		(865)
			$	(873)	$	(654)	$	(2,281)	$	(2,295)
	Australia	Occupancy expense	$	(421)	$	(509)	$	(1,389)	$	(1,477)
		Labor cost		(42)		(69)		(161)		(182)
		Utilities		(67)		(22)		(101)		(55)
		Cleaning and maintenance		(198)		(232)		(634)		(726)
		Other operating expenses		(191)		(165)		(648)		(697)
			$	(919)	$	(997)	$	(2,933)	$	(3,137)
	New Zealand	Occupancy expense	$	(6)	$	(129)	$	(95)	$	(350)
		Labor cost		—		(6)		(2)		(17)
		Utilities		—		(13)		(5)		(49)
		Cleaning and maintenance		—		(15)		(4)		(33)
		Other operating expenses		(65)		(292)		(338)		(920)
			$	(71)	$	(455)	$	(444)	$	(1,369)
	Total operating expense		$	(1,863)	$	(2,106)	$	(5,658)	$	(6,801)
DEPRECIATION, AMORTIZATION, GENERAL AND ADMINISTRATIVE EXPENSE
	United States	Depreciation and amortization	$	(658)	$	(673)	$	(1,991)	$	(2,089)
		General and administrative expense		(168)		(193)		(483)		(673)
				(826)		(866)		(2,474)		(2,762)
	Australia	Depreciation and amortization	$	(397)	$	(490)	$	(1,173)	$	(1,632)
		General and administrative expense		(34)		7		(121)		(52)
				(431)		(483)		(1,294)		(1,684)
	New Zealand	Depreciation and amortization		(60)		(47)		(177)		(363)
		General and administrative expense		—		—		(1)		—
				(60)		(47)		(178)		(363)
	Total depreciation, amortization, general and administrative expense		$	(1,317)	$	(1,396)	$	(3,946)	$	(4,809)
OPERATING INCOME (LOSS) - REAL ESTATE
	United States		$	253	$	(76)	$	484	$	(645)
	Australia			1,044		1,602		3,923		4,521
	New Zealand			90		(130)		54		(642)
	Total real estate operating income (loss)		$	1,387	$	1,396	$	4,461	$	3,234

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A reconciliation of segment operating income to income before income taxes is as follows:

	Quarter Ended				Nine Months Ended
(Dollars in thousands)	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Segment operating income (loss)	$	3,143	$	3,609	$	7,193	$	(3,329)
Unallocated corporate expense:
Depreciation and amortization expense		(75)		(106)		(293)		(305)
General and administrative expense		(3,397)		(3,846)		(11,231)		(11,928)
Interest expense, net		(4,174)		(5,245)		(13,270)		(15,907)
Equity earnings (loss) of unconsolidated joint ventures		121		71		428		164
Gain (loss) on sale of assets		(66)		(208)		8,332		(1,324)
Other (expense) income		462		(714)		(2,145)		(593)
Income (loss) before income taxes	$	(3,986)	$	(6,439)	$	(10,986)	$	(33,222)

Assuming cash and cash equivalents are accounted for as corporate assets, total assets by business segment and by country are presented as follows:

	September 30,		December 31,
(Dollars in thousands)	2025		2024
By segment:
Cinema	$	184,983	$	191,008
Real estate		176,407		207,044
Corporate (1)		73,796		72,959
Total assets	$	435,186	$	471,011
By country:
United States	$	248,690	$	264,284
Australia		162,505		167,667
New Zealand		23,991		39,060
Total assets	$	435,186	$	471,011

‎(1) Corporate Assets includes cash and cash equivalents of $10.5 million and $7.0 million as of September 30, 2025 and December 31, 2024, respectively.

The following table sets forth our operating properties by country:

	September 30,		December 31,
(Dollars in thousands)	2025		2024
United States	$	141,696	$	146,531
Australia		59,804		59,081
New Zealand		9,025		9,082
Total operating property	$	210,525	$	214,694

The table below summarizes capital expenditures for the nine months ended September 30, 2025

	Nine Months Ended
(Dollars in thousands)	September 30, 2025		September 30, 2024
Segment capital expenditures	$	1,411	$	2,028
Corporate capital expenditures		—		—
Total capital expenditures	$	1,411	$	2,028

NOTE 5 – OPERATIONS IN FOREIGN CURRENCY

We have significant assets in Australia and New Zealand. Historically, we have conducted our Australian and New Zealand operations (collectively “foreign operations”) on a self-funding basis, where we use cash flows generated by our foreign operations to pay for the expenses of those foreign operations. However, in recent periods, cash flows from our overseas operations have been used to cover our domestic general and administrative costs, interest expense, and losses from our domestic cinema operations. Our Australian and New Zealand assets and liabilities are translated from their functional currencies of Australian dollar (“AU$”) and New Zealand dollar (“NZ$”), respectively, to the U.S. dollar based on the exchange rate as of September 30, 2025. The carrying value of the assets and liabilities of our foreign operations fluctuates as a result of changes in the exchange rates between the functional currencies of the foreign

12

operations and the U.S. dollar. The translation adjustments are accumulated in the Accumulated Other Comprehensive Income in the Consolidated Balance Sheets.

We take a global view of our financial resources and are flexible in making use of resources from one jurisdiction in other jurisdictions.

Presented in the table below are the currency exchange rates for Australia and New Zealand:

	Foreign Currency / USD
	As of and ‎for the ‎quarter ‎ended	As of and ‎for the ‎twelve months ‎ended	As of and ‎for the ‎quarter ‎ended
	September 30, 2025	December 31, 2024	September 30, 2024
Spot Rate
Australian Dollar	0.6614	0.6185	0.6934
New Zealand Dollar	0.5799	0.5596	0.6363
Average Rate
Australian Dollar	0.6543	0.6596	0.6700
New Zealand Dollar	0.5926	0.6051	0.6117

NOTE 6 – EARNINGS PER SHARE

Basic earnings per share (“EPS”) is calculated by dividing the net income attributable to our Company by the weighted average number of common shares outstanding during the period. Diluted EPS is calculated by dividing the net income attributable to our Company by the weighted average number of common and common equivalent shares outstanding during the period and is calculated using the treasury stock method for equity-based compensation awards.

The following table sets forth the computation of basic and diluted EPS and a reconciliation of the weighted average number of common and common equivalent shares outstanding:

	Quarter Ended				Nine Months Ended
	September 30,				September 30,
(Dollars in thousands, except share data)	2025		2024		2025		2024
Numerator:
Net income (loss) attributable to Reading International, Inc.	$	(4,157)	$	(7,028)	$	(11,580)	$	(33,062)
Denominator:
Weighted average number of common stock – basic		22,717,260		22,426,184		22,631,660		22,394,385
Weighted average dilutive impact of awards		—		—		—		—
Weighted average number of common stock – diluted		22,717,260		22,426,184		22,631,660		22,394,385
Basic earnings (loss) per share	$	(0.18)	$	(0.31)	$	(0.51)	$	(1.48)
Diluted earnings (loss) per share	$	(0.18)	$	(0.31)	$	(0.51)	$	(1.48)
Awards excluded from diluted earnings (loss) per share		3,696,662		207,657		3,696,662		207,657

Our weighted average number of common stock - basic increased, primarily as a result of the vesting of restricted stock units. We did not repurchase any shares of Class A Common Stock during the first nine months of 2025 or 2024.

Outstanding awards of 3,696,662 shares for the period ended September 30, 2025 and 207,657 shares for the period ended September 30, 2024 were excluded from the computation of dilutive shares, as they were anti-dilutive because of the net loss from continuing operations.

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Note 7 – Property and Equipment

Operating Property, net

Property associated with our operating activities as at September 30, 2025 and December 31, 2024, is summarized as follows:

	September 30,		December 31,
(Dollars in thousands)	2025		2024
Land	$	48,281	$	47,267
Building and improvements		170,565		166,451
Leasehold improvements		48,581		49,444
Fixtures and equipment		148,331		143,773
Construction-in-progress		2,104		1,987
Total cost		417,862		408,922
Less: accumulated depreciation		(207,337)		(194,228)
Operating property, net	$	210,525	$	214,694

Depreciation expense for operating property was $3.2 million and $9.9 million for the quarter and nine months ended September 30, 2025, as compared to $3.9 million and $11.9 million for the quarter and nine months ended September 30, 2024.

Construction-in-Progress – Operating Properties

Construction-in-Progress balances are included in our operating properties. The balances of our major projects along with the movements for the nine months ended September 30, 2025, are shown below:

(Dollars in thousands)	Balance, ‎December 31, ‎2024		Additions during the period		Completed ‎during the ‎period		Transferred to Held for Sale		Foreign ‎currency ‎translation		Balance, ‎September 30, ‎2025
Cinema developments and improvements		1,745		92		(84)		—		7		1,760
Other real estate projects		242		232		(137)		—		7		344
Total	$	1,987	$	324	$	(221)	$	—	$	14	$	2,104

Recent Real Estate Monetizations

In order to support our liquidity, we have monetized certain of our real estate holdings. During 2024 and the first nine months of 2025 we sold three held for sale properties. In the first quarter of 2024, we monetized our office building in Culver City for $10.0 million. In the first quarter of 2025, we monetized our properties in Wellington, New Zealand for $21.5 million. In the second quarter of 2025, we monetized our Cannon Park properties, for $20.7 million. In the second quarter of 2023, we classified our Newberry Yard, Williamsport, Pennsylvania, property as held for sale.

A ‘disposal group’ represents assets to be disposed of in a single transaction. A disposal group may represent a single asset, or, multiple assets. Discussed below are those real estate transactions affecting the presentation in our consolidated balance sheet as of September 30, 2025 and December 31, 2024, and the profitability determination in our consolidated statements of income for the quarter and nine months ended September 30, 2025, and 2024.

Cannon Park, Townsville, Queensland, Australia

In May 2024, we classified our Cannon Park ETC in Townsville, Queensland, Australia, as held for sale at the lower of cost and fair value less costs to sell. The disposal group consists of our Cannon Park City Center and Cannon Park Discount Center properties, comprising approximately 9.4-acres. The sale of the property was completed on May 21, 2025, at a gross sale price of $20.7 million. The proceeds were used principally to pay off our NAB bridging facility, and to reduce our Bank of America debt. We retained a lease over the cinema.

The gain on sale of this property is calculated as follows:

	June 30
(Dollars in thousands)	2025
Sales price	$	20,698
Net book value		(18,361)
Gain on sale, gross of direct costs		2,337
Direct sale costs incurred		(518)
Gain on sale, net of direct costs	$	1,819

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Courtenay Central, Wellington, New Zealand

In June 2024, we classified our property assets in Wellington, New Zealand including Courtenay Central, as held for sale at the lower of cost and fair value less costs to sell. The disposal group consisted of our Courtenay Central cinema and retail property, along with our Tory and Wakefield Street car parks. Our book value (as opposed to fair value) of the property was $14.7 million. No adjustments to the book value of the assets were required upon classification as held for sale. The sale was completed on January 31, 2025, at a gross sale price of $21.5 million. The proceeds were used to pay off the Westpac mortgage on the property, and to reduce our Bank of America debt. We have an Agreement to Lease the cinema portion from the Purchaser, which is expected to commence upon the completion of seismic upgrade work by the Landlord and cinema fit-out work by ourselves.

The gain on sale of this property is calculated as follows:

	March 31
(Dollars in thousands)	2025
Sales price	$	21,538
Net book value		(14,666)
Gain on sale, gross of direct costs		6,872
Direct sale costs incurred		(306)
Gain on sale, net of direct costs	$	6,566

Culver City, California

In May 2023, we classified our Culver City administrative building, commonly known as 5995 Sepulveda Blvd., as held for sale. Our book value (as opposed to fair value) of the property was $10.8 million, being the lower of cost and fair value less costs to sell. No adjustments to the book value of the assets contained within this disposal group were required. The disposal group consisted of land, a building and various leasehold improvements. The sale was completed on February 23, 2024, at a gross sales price of $10.0 million. The proceeds were used principally to pay off the $8.3 million first mortgage on the property.

The loss on sale of this property is calculated as follows:

	March 31
(Dollars in thousands)	2024
Sales price	$	10,000
Net book value		(10,800)
Loss on sale, gross of direct costs		(800)
Direct sale costs incurred		(325)
Loss on sale, net of direct costs	$	(1,125)

Disposal Groups Held for Sale

Newberry Yard, Williamsport, Pennsylvania

In June 2023, we classified our industrial property at Newberry Yard, Williamsport, Pennsylvania, as held for sale at the lower of cost and fair value less costs to sell. The property is part of our historic railroad operations, consisting of land and an industrial building, and certain rail bed improvements. No adjustments to the book value of the assets contained within this disposal group were required. Sales efforts continue, and the property continues to meet the ASC 360 held for sale criteria.

Note 8 – Leases

In all leases, whether we are the lessor or lessee, we define lease term as the non-cancellable term of the lease plus any renewals covered by renewal options that are reasonably certain of exercise based on our assessment of economic factors relevant to the lessee. The non-cancellable term of the lease commences on the date the lessor makes the underlying property in the lease available to the lessee, irrespective of when lease payments begin under the contract.

As Lessee

We have operating leases for certain cinemas, and finance leases for certain equipment assets. Our leases have remaining lease terms of 1 to 25 years, with certain leases having options to extend up to a further 20 years. Lease payments for our cinema operating leases consist of fixed base rent, and for certain leases, variable lease payments consisting of contracted percentages of revenue, changes in the relevant CPI, and/or other contracted financial metrics.

15

The components of lease expense were as follows:

	Quarter Ended				Nine Months Ended
	September 30,				September 30,
(Dollars in thousands)	2025		2024		2025		2024
Lease cost
Finance lease cost:
Amortization of right-of-use assets	$	10	$	10	$	31	$	31
Interest on lease liabilities		—		1		2		4
Operating lease cost		7,206		7,585		21,301		23,723
Variable lease cost		(14)		734		(14)		2,394
Total lease cost	$	7,202	$	8,330	$	21,320	$	26,152

Supplemental cash flow information related to leases is as follows:

	Nine Months Ended
	September 30,
(Dollars in thousands)	2025		2024
Cash flows relating to lease cost
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for finance leases	$	33	$	33
Operating cash flows for operating leases		17,130		19,455
Right-of-use assets obtained in exchange for new operating lease liabilities		8,231		3,866

Supplemental balance sheet information related to leases is as follows:

	September 30,		December 31,
(Dollars in thousands)	2025		2024
Operating leases
Operating lease right-of-use assets	$	161,400	$	160,873
Operating lease liabilities - current portion		20,176		20,747
Operating lease liabilities - non-current portion		161,593		161,702
Total operating lease liabilities	$	181,769	$	182,449
Finance leases
Property plant and equipment, gross		224		217
Accumulated depreciation		(214)		(175)
Property plant and equipment, net	$	10	$	42
Other current liabilities		11		43
Other long-term liabilities		—		—
Total finance lease liabilities	$	11	$	43
Other information
Weighted-average remaining lease term - finance leases		0		1
Weighted-average remaining lease term - operating leases		11		11
Weighted-average discount rate - finance leases		7.07%		7.07%
Weighted-average discount rate - operating leases		4.92%		4.86%

The maturities of our leases were as follows:

(Dollars in thousands)	Operating ‎leases		Finance ‎leases
2025	$	7,341	$	11
2026		27,756		—
2027		25,920		—
2028		24,836		—
2029		23,407		—
Thereafter		126,347		—
Total lease payments	$	235,607	$	11
Less imputed interest		(53,838)		(0)
Total	$	181,769	$	11

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As Lessor

We have entered into various leases as a lessor for our owned real estate properties. These leases vary in length between 1 and 12 years, with certain leases containing options to extend at the behest of the applicable tenants. Lease components consist of fixed base rent, and for certain leases, variable lease payments consisting of contracted percentages of revenue, changes in the relevant CPI, and/or other contracted financial metrics. None of our leases grant any right to the tenant to purchase the underlying asset.

Lease income relating to operating lease payments was as follows:

	Quarter Ended				Nine Months Ended
	September 30,				September 30,
(Dollars in thousands)	2025		2024		2025		2024
Components of lease income
Lease payments	$	2,396	$	2,781	$	7,676	$	8,186
Variable lease payments		71		178		399		600
Total lease income	$	2,467	$	2,959	$	8,075	$	8,786

The book value of underlying assets under operating leases from owned assets was as follows:

	September 30,		December 31,
(Dollars in thousands)	2025		2024
Building and improvements
Gross balance	$	115,451	$	113,424
Accumulated depreciation		(24,565)		(21,692)
Net Book Value	$	90,886	$	91,732

The minimum contractual rent payments due on our leases were as follows:

(Dollars in thousands)	Operating ‎leases
2025	$	2,500
2026		9,942
2027		9,527
2028		9,475
2029		8,926
Thereafter		32,683
Total	$	73,053

Note 9 – Goodwill and Intangible Assets

The table below summarizes goodwill by business segment as of September 30, 2025, and December 31, 2024.

(Dollars in thousands)	Cinema		Real Estate		Total
Balance at December 31, 2024	$	18,488	$	5,224	$	23,712
Foreign currency translation adjustment		864		—		864
Balance at September 30, 2025	$	19,352	$	5,224	$	24,576

Our Company is required to test goodwill and other intangible assets for impairment on an annual basis and, if current events or circumstances require them, on an interim basis. Our next annual evaluation of goodwill and other intangible assets is scheduled during the fourth quarter of 2025. To test the impairment of goodwill, our Company compares the fair value of each reporting unit to its carrying amount, including the goodwill, to determine if there is potential goodwill impairment. A reporting unit is generally one level below the operating segment. As of September 30, 2025, we were not aware that any events indicating potential impairment of goodwill had occurred outside of those described at Note 2 – Liquidity and Impairment Assessment.

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The tables below summarize intangible assets other than goodwill, as of September 30, 2025, and December 31, 2024, respectively.

	As of September 30, 2025
(Dollars in thousands)	Beneficial ‎Leases		Trade ‎Name		Other ‎Intangible ‎Assets		Total
Gross carrying amount	$	10,458	$	9,024	$	4,393	$	23,875
Less: Accumulated amortization		(10,301)		(8,198)		(3,666)		(22,165)
Net intangible assets other than goodwill	$	157	$	826	$	727	$	1,710

	As of December 31, 2024
(Dollars in thousands)	Beneficial ‎Leases		Trade ‎Name		Other ‎Intangible ‎Assets		Total
Gross carrying amount	$	10,458	$	9,024	$	4,349	$	23,831
Less: Accumulated amortization		(10,290)		(8,102)		(3,639)		(22,031)
Less: Impairments		—		—		—		—
Net intangible assets other than goodwill	$	168	$	922	$	710	$	1,800

Beneficial leases obtained in business combinations where we are the landlord are amortized over the life of the relevant leases. Trade names are amortized based on the accelerated amortization method over their estimated useful life of 30 years, and other intangible assets are amortized over their estimated useful lives of up to 30 years (except for transferrable liquor licenses, which are indefinite-lived assets). The table below summarizes the amortization expense of intangible assets for the quarter and nine months ended September 30, 2025

	Quarter Ended				Nine Months Ended
	September 30,				September 30,
(Dollars in thousands)	2025		2024		2025		2024
Beneficial lease amortization	$	3	$	21	$	10	$	64
Other amortization		26		60		95		143
Total intangible assets amortization	$	29	$	81	$	105	$	207

Note 10 – Investments in Unconsolidated Joint Ventures

Our investments in unconsolidated joint ventures are accounted for under the equity method of accounting.

The table below summarizes our active investment holdings in two (2) unconsolidated joint ventures as of September 30, 2025, and December 31, 2024:

		September 30,		December 31,
(Dollars in thousands)	Interest	2025		2024
Rialto Cinemas	50.0%	$	(4)	$	—
Mt. Gravatt	33.3%		3,451		3,138
Total investments		$	3,447	$	3,138

For the quarter and nine months ended September 30, 2025 and 2024, the recognized share of equity earnings from our investments in unconsolidated joint ventures are as follows:

	Quarter Ended				Nine Months Ended
	September 30,				September 30,
(Dollars in thousands)	2025		2024		2025		2024
Rialto Cinemas	$	(51)	$	(71)	$	(4)	$	(149)
Mt. Gravatt		172		142		432		313
Total equity earnings	$	121	$	71	$	428	$	164

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Note 11 – Prepaid and Other Assets

Prepaid and other assets are summarized as follows:

	September 30,		December 31,
(Dollars in thousands)	2025		2024
Prepaid and other current assets
Prepaid expenses	$	1,149	$	1,473
Prepaid taxes		1,873		853
Prepaid rent		—		14
Deposits		333		314
Investments in marketable securities		13		14
Total prepaid and other current assets	$	3,368	$	2,668
Other non-current assets
Other non-cinema and non-rental real estate assets		674		674
Investment in Reading International Trust I		838		838
Straight-line rent asset		11,212		7,279
Long-term deposits		8		8
Other		397		—
Total other non-current assets	$	13,129	$	8,799

Note 12 – Income Taxes

An income tax expense of $1.1 million and $0.3 million were recognized during the nine months ended September 30, 2025 and 2024, respectively. The tax expense for each of the nine-month periods ended September 30, 2025 and 2024 is primarily resulted from year-to-date consolidated losses, offset with adjustments relating to valuation allowances on deferred tax assets in the U.S. and New Zealand.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the United States. The OBBBA includes significant tax law changes, including the permanent extension of certain provisions from the Tax Cuts and Jobs Act, modifications to the international tax framework, and the reinstatement of favorable business tax provisions. These include 100% bonus depreciation, immediate expensing of Section 174 domestic research and experimental expenditures, and revised limitations under Section 163(j) on the deductibility of business interest expense. The legislation has multiple effective dates, with certain provisions effective beginning in 2025, and others implemented through 2027. The OBBBA does not have a material effect on the Company's consolidated financial statements for the year ending December 31, 2025.

Note 13 – Borrowings

Our Company’s borrowings at September 30, 2025 and December 31, 2024, net of deferred financing costs and including the impact of interest rate derivatives on effective interest rates, are summarized below:

	As of September 30, 2025
(Dollars in thousands)	Maturity Date	Contractual ‎Facility		Balance, ‎Gross		Balance, ‎Net(1)		Stated ‎Interest Rate	Effective ‎Interest ‎Rate
Denominated in USD
Minetta & Orpheum Theatres Loan (US)	June 1, 2026	$	7,117	$	7,117	$	7,101	7.00%	7.00%
Bank of America Credit Facility (US)	May 18, 2026		6,700		6,700		6,700	11.25%	11.25%
Cinemas 1, 2, 3 Term Loan (US) (2)	October 1, 2025		20,442		20,442		20,442	9.32%	9.32%
Union Square Financing (US)	November 6, 2026		49,000		46,641		46,047	11.35%	11.35%
Trust Preferred Securities (US)	April 30, 2027		27,913		27,913		27,561	8.57%	8.57%
Denominated in foreign currency ("FC") (3)
NAB Corporate Term Loan (AU) (4)	July 31, 2026		63,825		63,825		63,762	5.35%	5.35%
		$	174,997	$	172,638	$	171,613

(1)Net of deferred financing costs amounting to $1.0 million.

(2)This facility was extended after September 30, 2025, and now matures on October 1, 2026. See below for discussion.

(3)The contractual facilities and outstanding balances of the foreign currency denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of September 30, 2025.

(4)This facility was extended after September 30, 2025, and now matures in July 2030. See below for discussion. As the loan modification was executed before the financial statements were available for issuance, we have adjusted the current/non-current aging of the facility in the September 2025 balance sheet accordingly.

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	As of December 31, 2024
(Dollars in thousands)	Maturity Date	Contractual ‎Facility		Balance, ‎Gross		Balance, ‎Net(1)		Stated ‎Interest ‎Rate	Effective ‎Interest ‎Rate
Denominated in USD
Minetta & Orpheum Theatres Loan (US)	June 1, 2025	$	7,464	$	7,464	$	7,446	7.00%	7.00%
Bank of America Credit Facility (US)	August 18, 2025		14,750		14,750		14,699	10.50%	10.50%
Cinemas 1, 2, 3 Term Loan (US)	April 1, 2025		20,682		20,682		20,594	9.57%	9.57%
Union Square Financing (US) (4)	May 6, 2025		55,000		47,141		47,049	11.78%	11.78%
Trust Preferred Securities (US)	April 30, 2027		27,913		27,913		27,394	8.85%	8.85%
Denominated in foreign currency ("FC") (2)
NAB Corporate Term Loan (AU)	July 31, 2026		61,850		61,850		61,740	6.12%	6.12%
NAB Bridge Facility (AU)	April 30, 2025		12,370		12,370		12,361	6.16%	6.16%
Westpac Bank Corporate (NZ) (3)	March 31, 2025		10,543		10,543		10,543	6.95%	6.95%
Total		$	210,572	$	202,713	$	201,826

(1)Net of deferred financing costs amounting to $0.9 million.

(2)The contractual facilities and outstanding balances of the foreign currency denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of December 31, 2024.

(3)This debt was repaid in full on January 31, 2025.

(4)This loan has an option to extend for one year, which is within our control and we intend to exercise.

Our loan arrangements are presented, net of the deferred financing costs, on the face of our consolidated balance sheet as follows:

	September 30,		December 31,
Balance Sheet Caption (Dollars in thousands)	2025		2024
Debt - current portion	$	16,451	$	69,193
Debt - long-term portion		127,601		105,239
Subordinated debt - long-term portion		27,561		27,394
Total borrowings	$	171,613	$	201,826

Minetta and Orpheum Theatres Loan

Our $7.1 million loan with Santander Bank is secured by our Minetta and Orpheum Theatres. It had previously matured on June 1, 2025, required monthly principal and interest payments with a balloon payment of $7.7 million on maturity, and carried an interest rate of 7.0%. On July 18, 2025, we extended the maturity of this loan to June 1, 2026, with various paydowns throughout the year, and a final repayment upon maturity.

Bank of America Credit Facility

On March 27, 2024, we amended our $6.7 million Bank of America facility to, among things, (i) extend the Maturity Date to August 18, 2025, (ii) require a $275,000 principal paydown, (iii) eliminate the minimum liquidity covenant, (iv) reduce the principal amortization amounts and provide a principal holiday period, and (v) require certain paydowns on the sale of certain real estate assets. Interest is charged at 2.5% above the Bank of America Prime rate, which itself has a floor of 1.0%. Payment-in-kind interest at a rate of 0.5% commenced on January 1, 2024, and continued until December 31, 2024, increasing to 1.5% on January 1, 2025, until the facility is repaid in full. This loan is subject to mandatory prepayment out of a portion of the net proceeds realized by us in the event that we determine to sell certain specified assets. In October 2024, we amended this facility to defer the monthly principal payments required in October, November and December, to the end of 2024. All deferred payments were made as contracted. Upon the sale of our Wellington Property assets including Courtenay Central, we repaid $6.1 million of this facility on February 5, 2025. Upon the sale of our Cannon Park property, we repaid $1.5 million of this facility.

On April 3, 2025, we further amended the facility to defer certain scheduled pay downs, which were subsequently paid upon the sale of our Cannon Park property. On July 3, 2025, we extended the maturity date to May 18, 2026.

Cinemas 1,2,3 Term Loan

Our $20.4 million Cinemas 1,2,3 Term Loan is held by Sutton Hill Properties LLC (“SHP”), a 75% owned subsidiary of RDI. On February 26, 2025, we exercised the last of our extension options on this loan, extending the maturity to October 1, 2025. The loan is with Valley National Bank, which carries an interest rate of 5.0% above monthly SOFR, with a floor of 7.50%. On November 13, 2025, we extended the maturity of this loan to October 1, 2026. As a result of this extension, we carry the loan long term on our September 30, 2025, consolidated balance sheet.

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Union Square Financing

Our $49.0 million loan facility, executed in 2021 with Emerald Creek Capital, is secured by our 44 Union Square property and certain limited guarantees. It bears a variable interest rate of term SOFR plus 6.9% and includes provisions for a prepaid interest and property tax reserve fund. On April 23, 2024, we executed the first twelve month extension on this loan, taking the maturity to May 6, 2025.

On May 2, 2025, we extended the maturity date of this loan to November 6, 2026, with one option to extend further to May 6, 2027. The extension provided for principal payments of $500,000 on or before May 21, 2025, and on or before and February 6, 2026. This modification and a subsequent repayment reduced the facility limit from $55.0 million to $49.0 million.

Debt denominated in foreign currencies

Australian NAB Corporate Term Loan (AU)

Prior to March 31, 2024, our Revolving Corporate Markets Loan Facility with National Australia Bank (“NAB”) matured on July 31, 2025. It consisted of (i) an AU$100.0 million Corporate Loan facility at 1.75% above BBSY, of which AU $60.0 million was revolving and AU$40.0 million was core and (ii) a Bank Guarantee Facility of AU$5.0 million at a rate of 1.9% per annum.

On April 4, 2024, we amended this facility, which then had a maturity on July 31, 2026. As part of the amendment, we obtained an additional AU$20.0 million bridge facility (the “Bridge Loan”), which was repaid on May 21, 2025. We were also required, from March 31, 2025, to make quarterly repayments of AU$1.5 million against the AU$100.0 million Corporate Loan facility, until maturity date, representing permanent reductions in that facility’s ceiling. No other changes were made. On April 2, 2025, we executed an amendment that among other things, increased the bank guarantee facility from AU$3.0 million to AU$4.0 million.

Effective June 28, 2024, we entered into an Interest Rate Hedging Agreement with NAB on AU$50.0 million of the Corporate Loan Facility with a termination date of July 31, 2026. The Interest Rate Collar transaction has a floor of 4.18% and a cap of 4.78%.

On November 12, 2025, we extended the maturity of this loan to July 31, 2030. As a result of this extension, we carry the loan long term on our September 30, 2025, consolidated balance sheet, less any required paydowns to be made in the coming twelve months.

Westpac Bank Corporate Credit Facility (NZ)

We repaid our Westpac Bank Corporate Credit Facility in full on January 31, 2025.

Note 14 – Other Liabilities

Other liabilities are summarized as follows:

	September 30,		December 31,
(Dollars in thousands)	2025		2024
Current liabilities
Lease liability	$	5,900	$	5,900
Accrued pension		496		500
Security deposit payable		146		117
Finance lease liabilities		11		43
Other		34		33
Other current liabilities	$	6,587	$	6,593
Other liabilities
Lease make-good provision		6,170		5,908
Accrued pension		1,908		2,312
Deferred rent liability		3,833		3,786
Environmental reserve		1,656		1,656
Other non-current liabilities	$	13,567	$	13,662

Pension Liability – Supplemental Executive Retirement Plan

Details of our Supplemental Executive Retirement Plan are disclosed in Note 14 – Pension and Other Liabilities in our 2024 Form 10-K.

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Included in our current and non-current liabilities are accrued pension costs of $2.4 million on September 30, 2025. The benefits of our pension plan are fully vested and therefore no service costs were recognized for the quarter and nine months ended September 30, 2025, and 2024. Our pension plan is unfunded.

During the quarter and nine months ended September 30, 2025, the interest cost was $33,000 and $106,000, respectively, and the actuarial loss was $52,000 and $155,000, respectively. During the quarter and nine months ended September 30, 2024, the interest cost was $40,000 and $126,000, respectively, and the actuarial loss was $52,000 and $156,000, respectively.

Note 15 – Accumulated Other Comprehensive Income

The following table summarizes the changes in each component of accumulated other comprehensive income attributable to RDI:

(Dollars in thousands)	Foreign ‎Currency ‎Items		Unrealized ‎Gain (Losses) ‎on Available- ‎for-Sale ‎Investments		Accrued ‎Pension ‎Service Costs		Hedge ‎Accounting ‎Reserve		Total
Balance at January 1, 2025	$	(5,521)	$	(18)	$	(1,497)	$	(137)	$	(7,173)
Change related to derivatives
Total change in hedge fair value recorded in Other Comprehensive Income		—		—		—		39		39
Amounts reclassified from accumulated other comprehensive income		—		—		—		(33)		(33)
Net change related to derivatives		—		—		—		6		6
Net current-period other comprehensive income (loss)		2,384		(2)		155		6		2,543
Balance at September 30, 2025	$	(3,137)	$	(20)	$	(1,342)	$	(131)	$	(4,630)

Note 16 – Commitments and Contingencies

Litigation Matters

We are currently involved in certain legal proceedings, and we may from time to time, in the normal course of business, be a party to various ordinary course claims from vendors, landlords, tenants, employees and competitors and to other legal proceedings. If management believes that a loss arising from the action is probable and can reasonably be estimated, the Company records the amount of the loss or the minimum estimated liability when the loss is estimated using a range and no point in the range is more probable than another. Management believes that the ultimate outcome of the matters discussed below, individually and in the aggregate, will not likely have a material adverse effect on the Company’s financial position or overall trends in results of operations. However, litigation and claims are subject to inherent uncertainties and unfavorable outcomes can occur. An unfavorable outcome might include monetary damages. If an unfavorable outcome were to occur, there exists the possibility of a material adverse impact on the results of operation in the period in which the outcome occurs or in future periods. An unfavorable outcome could also have a material adverse effect on the Company’s financial position or the market prices of the Company’s securities.

Environmental and Asbestos Claims on Reading Legacy Operations

Certain of our subsidiaries were historically involved in railroad operations, coal mining, and manufacturing. Certain of these subsidiaries appear in the chain-of-title of properties that may suffer from environmental issues. Accordingly, certain of these subsidiaries have, from time to time, been named in and may in the future be named in various actions brought under applicable environmental laws. We are in the real estate development business and may encounter from time-to-time environmental conditions at properties that we have acquired for development and which will need to be addressed in the future as part of the development process. These environmental conditions can increase the cost of such projects and adversely affect the value and potential for profit of such projects. We do not currently believe that our exposure under applicable environmental laws is material in amount.

From time to time, there are claims brought against us relating to the exposure of former employees to asbestos and/or coal dust. These are generally covered by an insurance settlement reached in September 1990 with our insurance providers. However, this insurance settlement does not cover litigation by people who were not employees of our historic railroad operations and who may claim direct or second-hand exposure to asbestos, coal dust and/or other chemicals or elements now recognized as potentially causing cancer in humans. Our known exposure to these types of claims, asserted or probable of being asserted, is in our opinion not material.

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Certain Civil Litigation

Putative Class Action Litigation

The Company is a defendant in two actions asserting putative class action claims under the Video Privacy Protection Act (the “VPPA”):  Daniel Valentini and Dallace Butler v. Reading International, Inc (2:24-cv-00255-RFB-MDC (D. Nev.)) (“The Valentini Case”), and Berryman v. Reading International, Inc. (1:24-cv-00750-PAE (S.D.N.Y.)) (“The Berryman Case”).  The plaintiffs in these cases allege that the Company is a video tape service provider and knowingly disclosed plaintiff’s movie purchase and video-viewing habits to third parties in violation of the VPPA.  Valentini and Butler also allege violation of a parallel state statute (California Code section 1799.3 (the “California Statute”)). Berryman also asserts claims under a similar statute (New York General Business Law Section 671 et seq (the “NY Statute”) and under the NY Arts and Cultural Affairs Law Section 25.07(4) (the “NY AC Statute”) which regulates the disclosure requirements applicable to ticketing service charges and provides a right to recover “actual damages or fifty dollars, whichever is greater.”

Only limited case law exists as to claims regarding the VPPA, a federal statute enacted in 1988.  Insofar as we have been able to determine, no case in the U.S. has resulted in an adverse VPPA judgment against a motion picture exhibition company on facts substantially similar to our own.  Further, except as discussed below, the precedent that does exist suggests that theatres with websites selling tickets to showings at physical locations are not video tape service providers under the statute, even if they operate websites to sell tickets. 

The Company has filed motions to dismiss the Valentini and the Berryman claims under Federal rule of Procedure 12(b)(6) for failure to state a claim for which relief can be provided. The Valentini motion is on hold, pending the outcome of an appeal to the Ninth Circuit of a trial court decision which the Company believes, if affirmed, will likely result in the dismissal of the Valentini case. The District Court in Berryman denied the Company’s motion, but only on the basis that all of the allegations in the Berryman complaint were assumed to be true including allegations as to knowledge. The determination by the Berryman Court at the pleadings stage that a motion picture exhibitor can be a video tape service provider is inconsistent with decisions by U.S. District Courts for the Central District and Northern District of California, Kansas, Minnesota, and North Carolina. In light of recent case law developments related to what constitutes “personally identifiable information,” the Company has filed a new motion to dismiss Berryman’s VPPA and NY Statute Claims.

The Company believes that it has valid defenses to these VPPA claims, and that there are also material issues to class certification.  As the Company does not believe that liability is probable, or that any class will be certified, no reserve has been established. Damages cannot reasonably be estimated with respect to the VPPA claim.

Berryman also asserts claims under the NY AC Statute alleging deficiencies in the disclosure provided by our Company with respect to service charges to residents of New York who purchased tickets online to our New York cinemas.    We believe that our disclosure at all times satisfied the requirements of the NY  AC Statute.   The Company believes that it has valid defenses to this claim.   As the Company does not believe that liability is probable, no reserve has been established.

Wellington Construction Damage Litigation

A subsidiary of the Company is the defendant in litigation in Wellington, New Zealand titled (Body Corporate 78693 v Courtenay Car Park Limited & Ors CIV-2021-485-612 & CIV-2023-485-67) which involves various claims related to the dropping of a concrete beam onto adjacent property by a construction subcontractor working for the general contractor engaged to do demolition work on our subsidiary’s property. Trial was completed on July 25, 2025, and the court has reserved its decision on the outcome of the matter.

We believe that there is a reasonable possibility that the Company could be held liable under a contractual indemnity theory, for the defense costs incurred by our general contractor and its sub-contractor in the litigation. The Company has estimated such exposure to be in the range of $0 to $1 million. As the liability is not probable, no reserve has been accrued.

Philadelphia Code Violation Litigation

Subsequent to the end of the 2nd quarter of 2025, the Company was served with a petition styled City of Philadelphia-Plaintiff vs. Reading International, Inc. Control Number 25074006 filed in the Court of Common Pleas under the City’s Code Enforcement Case Program, which among other things, (i) alleges violations of certain sections of the Philadelphia Code on property allegedly owned or under the control of Reading International in Philadelphia; (ii) seeks an order imposing statutory fines and reinspection fees and allowing the Department of Licenses and Inspections to enter the premises identified as 1120 Callowhill Street, Philadelphia Pennsylvania (the “Premises”) to conduct an interior inspection; and (iii) seeks an order compelling the Defendants to correct all alleged violations. The Company is currently reviewing the claims in the Petition, and has not yet formed a view as to the scope and extent of the Company’s exposure, if any.

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Note 17 – Non-controlling Interests

These are composed of the following enterprises:

Australia Country Cinemas Pty Ltd. - 25% noncontrolling interest owned by Panorama Group International Pty Ltd;

Shadow View Land and Farming, LLC - 50% noncontrolling membership interest owned by the estate of Mr. James J. Cotter, Sr. (the “Cotter Estate”). This limited liability company has no assets, known liabilities or ongoing business activities; and,

Sutton Hill Properties, LLC - 25% noncontrolling interest owned by Sutton Hill Capital, LLC (which in turn is indirectly 50% owned by the Cotter Estate). On September 30, 2025, we entered into an agreement to purchase the remaining interest in Sutton Hill Properties, LLC so that RDI will own 100% of this subsidiary, subject to satisfaction of certain terms prior to closing which is expected in Q4 2025.

The components of noncontrolling interests are as follows:

	September 30,		December 31,
(Dollars in thousands)	2025		2024
Australian Country Cinemas, Pty Ltd	$	126	$	128
Shadow View Land and Farming, LLC		(2)		(2)
Sutton Hill Properties, LLC		(1,074)		(552)
Noncontrolling interests in consolidated subsidiaries	$	(950)	$	(426)

The components of income attributable to noncontrolling interests are as follows:

	Quarter Ended				Nine Months Ended
	September 30,				September 30,
(Dollars in thousands)	2025		2024		2025		2024
Australian Country Cinemas, Pty Ltd	$	15	$	39	$	45	$	30
Shadow View Land and Farming, LLC		—		—		—		—
Sutton Hill Properties, LLC		(163)		(150)		(522)		(511)
Net income (loss) attributable to noncontrolling interests	$	(148)	$	(111)	$	(477)	$	(481)

Summary of Controlling and Noncontrolling Stockholders’ Equity

A summary of the changes in controlling and noncontrolling stockholders’ equity is as follows:

	Common Stock								Retained				Accumulated		Reading
	Class A	Class A		Class B	Class B		Additional		Earnings				Other		International Inc.				Total
	Non-Voting	Par		Voting	Par		Paid-In		(Accumulated		Treasury		Comprehensive		Stockholders’		Noncontrolling		Stockholders’
(Dollars in thousands, except shares)	Shares	Value		Shares	Value		Capital		Deficit)		Shares		Income (Loss)		Equity		Interests		Equity
At January 1, 2025	20,743	$	238	1,681	$	17	$	157,751	$	(114,790)	$	(40,407)	$	(7,173)	$	(4,364)	$	(426)	$	(4,790)
Net income (loss)	—		—	—		—		—		(4,756)		—		—		(4,756)		(191)		(4,947)
Other comprehensive income, net	—		—	—		—		—		—		—		452		452		1		453
Share-based compensation expense	—		—	—		—		600		—		—		—		600		--		600
At March 31, 2025	20,743	$	238	1,681	$	17	$	158,351	$	(119,546)	$	(40,407)	$	(6,721)	$	(8,068)	$	(616)	$	(8,684)
Net income	—		—	—