Seaport Entertainment Group Inc. · NYSE:SEG
Seaport Entertainment — Q4 2025 Earnings Presentation
34 slides from Seaport Entertainment's earnings presentation, Mar 5, 2026
Slide 1: Q4 and FY 2025 Supplemental
Q4 and FY 2025 SUPPLEMENTAL
Slide 2: Table of Contents
Table of Contents Q4 and Full Year 2025 Earnings Release p. 3 Capitalization p. 12 Debt Summary p. 13 Debt Maturities p. 14 Capital Investments p. 15 Portfolio Summary p. 16 Seaport NYC Detail p. 17 Seaport NYC Leasing or Programming Activity p. 18 Seaport NYC Operating Statistics p. 19 2025 Stateme
Slide 3: Seaport Entertainment Group Reports Fourth Quarter and Full Year 2025 Results
SEAPORT ENTERTAINMENT GROUP REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS NEW YORK, NY, March 4, 2026 – Seaport Entertainment Group Inc. (NYSE: SEG) (“Seaport Entertainment Group,” “SEG,” “we,” “our," or the “Company”) announced today its operating and financial results for the quarter and year
Slide 4: Q4 2025 Net Loss Attributable to Common Stockholders decreased 11.4%
▪ Q4 2025 Net Loss Attributable to Common Stockholders decreased 11.4% year-over-year to ($36.9) million and, on a per share basis, decreased 20.4% year-over-year to ($2.89) per basic and diluted share. ▪ Q4 2025 Non-GAAP Adjusted Net Loss Attributable to Common Stockholders decreased 8.9% year-over
Slide 5: Full Year Results
2 See the “Non-GAAP Financial Measures” and “Reconciliation of Net Loss to Non-GAAP Adjusted Net Loss Attributable to Common Stockholders” sections in this press release for a discussion and reconciliation of net loss attributable to common stockholders to non-GAAP financial measures, including Non-
Slide 6: About Seaport Entertainment Group
To dial into the Telephone Conference Call: Domestic: 1-877-407-3982 International: 1-201-493-6780 Conference Call Playback: Domestic: 1-844-512-2921 International: 1-412-317-6671 Passcode: 13758640 About Seaport Entertainment Group Seaport Entertainment Group (NYSE: SEG) is a premier entertainment
Slide 7: Forward-looking statements and Non-GAAP Financial Measures
and inability to successfully attract desirable strategic partners, including joint venture partners; risks related to the concentration of ownership of the Company’s common stock by Pershing Square; risks related to the Company’s separation from, and relationship with, Howard Hughes Holdings Inc. (
Slide 8: Contacts
SEG Investor Relations website at https://ir.seaportentertainment.com/resources/email-alerts. The contents of these websites are not incorporated by reference into this press release or any report or document SEG files with the SEC, and any references to the websites are intended to be inactive text
Slide 9: Consolidated Balance Sheets
Seaport Entertainment Group Inc. Consolidated Balance Sheets (in thousands, except par value amounts) December December 31, 2025 31, 2024 ASSETS Buildings and equipment $ 537,243 $ 522,667 Less: accumulated depreciation (225,662) (215,484) Land 9,497 9,497 Developments — 146,461 Net investment in re
Slide 10: Consolidated and Combined Statements of Operations
Seaport Entertainment Group Inc. Consolidated and Combined Statements of Operations (in thousands, except per share amounts) (unaudited) Three months ended Years ended December 31, December 31, 2025 2024 2025 2024 REVENUES Hospitality revenue $ 12,221 $ 7,912 $ 51,736 $ 29,995 Entertainment revenue
Slide 11: Reconciliation of Net Loss to Non-GAAP Adjusted Net Loss
Seaport Entertainment Group Inc. Reconciliation of Net Loss to Non-GAAP Adjusted Net Loss Attributable to Common Stockholders (in thousands, except per share amounts) (Unaudited) Three months ended Years ended December 31, December 31, 2025 2024 2025 2024 Net loss $ (36,516) $ (41,276) $ (115,342) $
Slide 12: Capitalization
Capitalization Common stock outstanding 12,777 Period ending common stock price $19.77 Common equity market capitalization $252,601 Series A Preferred Equity outstanding 10 Per share liquidation preference of Series A Preferred Equity $1,000.00 Liquidation preference of Series A Preferred Equity out
Slide 13: Debt Summary
Debt Summary Debt Outstanding Face Value Maturity Date Interest Rate Type 250 Water Street loan1 $61,300 July 2029 7.0% + SOFR2 Floating Las Vegas Ballpark loan 39,090 December 2038 4.9% Fixed Total / Weighted Average $100,390 7.2 years Fixed Rate vs. Variable Rate Debt Face Value % of Total Fixed r
Slide 14: Debt Maturities
Debt Maturities Cumulative % Weighted Average Effective Year Face Value % of Debt Maturing of Debt Maturing Interest Rate 2025 $ − − % − % − % 2026 − − % − % − % 2027 − − % − % − % 2028 − − % − % − % 2029 61,3001 61% 61% 8.3%2 2030 − − % − % − % ↓ ↓ ↓ ↓ ↓ 2038 39,090 39% 100% 4.9% 2039 − − % − % − %
Slide 15: Capital Investments
Capital investments Investment in Previously Occupied Space Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Capital expenditures $1,384 $166 $136 $9 $1,695 Tenant improvement allowance 258 518 − − 776 Leasing commissions − − − − − Total $1,642 $684 $136 $9 $2,471 Investment in Inherited Vacancy Q1 2025 Q2 2025
Slide 16: Portfolio Summary
Portfolio Summary Rentable Square Feet/ Units/ USE Type Capacity/Ownership Interest Seaport Neighborhood1,2 Mixed-Use 480,000 Rentable Square Feet NYC Music Venue 3,500-Person Capacity Concert Venue 85 South Street Multifamily 21 Multifamily Units Las Vegas Ballpark Baseball Stadium 10,000-Person Ca
Slide 17: Seaport NYC Detail
Seaport NYC Detail Notable Leasable In-Place Leased/Programmed Asset Tenants/Concepts USE Type Square Feet Occupancy Occupancy One Seaport Plaza Black Gotham Experience Retail 24,460 8% 8% Schermerhorn Row McNally Jackson, Fulton Stall Market, HIIT the Retail 28,727 73% 78% Deck Boxing, Made with Ma
Slide 18: Seaport NYC Leasing or Programming Activity
Seaport NYC Leasing or programming activity Expected Opening 1 Tenant/concept property TENANT Type Structure Date Square Feet 2024 GITANO NYC Pier 17 Food & Beverage License to Lease Q2 2025 13,605 2025 Meow Wolf Pier 17 Entertainment Lease Q4 2027 74,497 Willett’s NYC Museum Block Food & Beverage L
Slide 19: Seaport NYC Operating Statistics
Seaport NYC Operating Statistics EBITDA Per Square Foot1 Q1 2025 Q2 2025 Q3 2025 Q4 20253 2025 Cobblestones & Other ($5.21) ($0.32) ($2.06) ($3.58) ($11.17) Pier 17 ($28.52) ($2.98) ($4.14) ($17.96) ($53.60) 85 South Street ($0.47) $0.84 $0.81 ($0.79) $0.39 Tin Building by Jean-Georges ($106.99) ($6
Slide 20: 2025 Statement of Operations
2025 Statement of Operations Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Hospitality revenue $7,735 $15,177 $16,603 $12,221 $51,736 Entertainment revenue 4,209 19,908 22,151 12,534 58,802 Rental revenue 3,789 4,232 5,614 4,102 17,737 Other revenue 336 484 682 631 2,133 Total revenues $16,069 $39,801 $45,05
Slide 21: 2024 Pro Forma Statement of Operations
2024 Pro Forma Statement of Operations 1 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Hospitality revenue $10,732 $17,804 $17,242 $15,942 $61,720 Entertainment revenue 3,564 17,153 23,243 7,468 51,428 Rental revenue 3,684 3,831 3,595 3,604 14,714 Other revenue 333 650 594 504 2,081 Total revenues $18,313 $3
Slide 22: Pro Forma Statement of Operations YoY Change
Pro Forma Statement of Operations YOY CHANGE 1 Q1 ’25 −’24 Q2 ’25 −’24 Q3 ’25 −’24 Q4 ’25 −’24 2025 vs. 2024 Hospitality revenue ($2,997) ($2,627) ($639) ($3,721) ($9,984) Entertainment revenue 645 2,755 (1,092) 5,066 7,374 Rental revenue 105 401 2,019 498 3,023 Other revenue 3 (166) 88 127 52 Total
Slide 23: Q4 2025 Segment Adjusted EBITDA
Q4 2025 Segment Adjusted EBITDA Landlord Hospitality Entertainment Operations OTHER Q4 2025 Total revenues $12,264 $12,596 $9,673 $223 $34,756 Hospitality costs (22,769) − − − (22,769) Entertainment costs − (14,506) − − (14,506) Operating costs − − (8,285) − (8,285) Total operating expenses (22,769)
Slide 24: Q4 2024 Pro Forma Segment Adjusted EBITDA
Q4 2024 Pro Forma Segment Adjusted EBITDA 1 Landlord Hospitality Entertainment Operations OTHER Q4 2024 Total revenues $15,941 $7,468 $8,822 − $32,231 Hospitality costs (27,516) − − − (27,516) Entertainment costs − (9,811) − − (9,811) Operating costs − − (6,731) − (6,731) Total operating expenses (2
Slide 25: Pro Forma Segment Adjusted EBITDA YoY Change
Pro Forma Segment Adjusted EBITDA YoY Change 1 Landlord Q4 2025 vs. Hospitality Entertainment Operations OTHER Q4 2024 Total revenues ($3,677) $5,128 $851 $223 $2,525 Hospitality costs $4,747 − − − 4,747 Entertainment costs − (4,695) − − (4,694) Operating costs − − (1,554) − (1,554) Total operating
Slide 26: 2025 Segment Adjusted EBITDA
2025 Segment Adjusted EBITDA Landlord Hospitality Entertainment Operations OTHER 2025 Total revenues $51,890 $59,447 $37,263 $544 $149,144 Hospitality costs (89,325) − − − (89,325) Entertainment costs − (57,526) − − (57,526) Operating costs − − (31,613) − (31,613) Total operating expenses (89,325) (
Slide 27: 2024 Pro Forma Segment Adjusted EBITDA
2024 Pro Forma Segment Adjusted EBITDA 1 Landlord Hospitality Entertainment Operations OTHER 2024 Total revenues $61,719 $51,428 $35,283 − $148,430 Hospitality costs (103,819) − − − (103,819) Entertainment costs − (50,788) − − (50,788) Operating costs − − (35,044) − (35,044) Total operating expenses
Slide 28: Pro Forma Segment Adjusted EBITDA YoY Change
Pro Forma Segment Adjusted EBITDA YoY Change 1 Landlord 2025 vs. Hospitality Entertainment Operations OTHER 2024 Total revenues ($9,829) $8,019 $1,980 $544 $714 Hospitality costs $14,494 − − − 14,494 Entertainment costs − (6,738) − − (6,738) Operating costs − − 3,431 − 3,431 Total operating expenses
Slide 29: Asset-Based Value Components
Asset-Based Value Components + Cash & Cash Equivalents $77.8 $77.8 $77.8 $77.8 $77.8 Seaport Neighborhood Square Feet1 535 535 535 535 535 Per Square Foot Valuations $350.00 $500.00 $650.00 $800.00 $950.00 + Total Seaport Neighborhood $187.2 $267.4 $347.6 $427.9 $508.1 2025 Revenue $37.7 $37.7 $37.7
Slide 30: Contact Information
Contact Information Corporate Office 199 Water Street, 28th Floor New York, NY 10038 Investor Relations (212) 732-8257 ir@seaportentertainment.com Transfer Agent Fidelity Stock TransferSM (FST) (833) 500-1036 https://nb.fidelity.com/ NYSE Ticket Symbol: SEG www.seaportentertainment.com 30
Slide 31: Safe Harbor
Safe Harbor This presentation and accompanying statements contain forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical facts or relating to present facts or current conditions included in this presentation are forward-looking stat
Slide 32: Non-GAAP Financial Measures
Non-GAAP Financial Measures Our reported results are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). We also disclose Non-GAAP Adjusted Net Loss Attributable to Common Stockholders and Non-GAAP Adjusted Net Loss Attributable to Common S
Slide 33: Key Terms and References
Key terms and references References and terms used in this presentation that are in addition to the terms defined in the Safe Harbor and Non-GAAP Financial Measures sections of this presentation, or not already defined in other areas of this presentation, include: This presentation was published on
Slide 34: Seaport Entertainment
SEAPORT ENGRIAINMENT
Seaport Entertainment Group — Q4 2025 Earnings Presentation on 6ix