Reading International’s 744% EBITDA Surge and 10% Debt Reduction in 2025
Reading International’s adjusted EBITDA for 2025 soared 744% driven by asset sales and operating gains, while the company reduced debt by nearly 10% through strategic property divestments. However, consolidated revenue fell 4%, net loss per share widened to $0.11, and global cinema revenue dropped 14% in Q4.
1. Loyalty and F&B Program Growth
Reading’s loyalty programs saw 18% membership growth in Australia and New Zealand, with paid memberships up 27%, while food and beverage sales reached record levels aided by strong demand for movie-themed merchandise.
2. Record Adjusted EBITDA and Debt Reduction
Adjusted EBITDA for full-year 2025 jumped 744% versus prior year, driven by asset sale gains and improved operations. The company also cut total debt by nearly 10% through strategic property divestments.
3. Declines in Revenue and Profitability
Consolidated revenue declined 4% year-over-year in 2025, as weaker film slates and unfavorable currency rates weighed on results. The net loss per share widened to $0.11 in Q4, with global cinema revenue down 14% and operating income falling 76%.
4. Asset Monetization and Debt Strategy
To address maturing debt, Reading plans to monetize Cinemas 1, 2, 3 properties to cover a $19.7 million and $6 million loan by Q3 2026, while exploring refinancing for other facilities. Additional assets in Pennsylvania and New Zealand are under contract, and select theaters face potential closure or lease restructuring.