Seaport Entertainment Group Inc. · NYSE:SEG
Seaport Entertainment — Q3 2025 Earnings Presentation
30 slides from Seaport Entertainment's earnings presentation, Nov 10, 2025
Slide 1: Seaport Entertainment Group Q3 2025
SI : : ( DI R | : ENTERTAINMENT Q3 2025
Slide 2: Table of Contents
Table of Contents 2 Q3 2025 Earnings Release p. 3 Capitalization p. 11 Debt Summary p. 12 Debt Maturities p. 13 Capital Investments p. 14 Portfolio Summary p. 15 Seaport NYC Detail p. 16 Seaport NYC Leasing or Programming Activity p. 17 Seaport NYC Operating Statistics p. 18 2025 Statement of Operat
Slide 3: Seaport Entertainment Group Reports Third Quarter 2025 Results
SEAPORT ENTERTAINMENT GROUP REPORTS THIRD QUARTER 2025 RESULTS NEW YORK, NY, November 10, 2025 – 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 ended September 30,
Slide 4: Year-to-date highlights and quarterly results
▪ Uplisted to the NYSE from the NYSE American and was added to the Russell 2000 Index and Russell Microcap Index. ▪ Leased, programmed, or established development plans for approximately 113,100 square feet of space within the Seaport neighborhood, including signed agreements with Meow Wolf, Willett
Slide 5: Quarterly results table, net loss per share
Net loss attributable to common stockholders per share $ (6.29) $ (20.21) $ 13.92 68.9% Non-GAAP Adjusted Net Loss Attributable to Common Stockholders2 $ (36,653) $ (88,823) $ 52,170 58.7% Non-GAAP Adjusted Net Loss Attributable to Common Stockholders Per Share2 $ (2.89) $ (16.09) $ 13.20 82.0% Note
Slide 6: About Seaport Entertainment Group; Safe Harbor and Forward-Looking Statements
entertainment, sports, retail and hospitality offerings integrated into one-of-a-kind real estate that redefine entertainment and hospitality. For more information, please visit www.seaportentertainment.com. Safe Harbor and Forward-Looking Statements This press release includes forward-looking state
Slide 7: Non-GAAP Financial Measures
Non-GAAP Adjusted Net Loss Attributable to Common Stockholders and Non-GAAP Adjusted Net Loss Attributable to Common Stockholders Per Share do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements. Accordingly, they shou
Slide 8: Consolidated Balance Sheets
Seaport Entertainment Group Consolidated Balance Sheets (in thousands, except par value amounts) (Unaudited) September 30, 2025 December 31, 2024 ASSETS Buildings and equipment $ 538,948 $ 522,667 Less: accumulated depreciation (221,205) (215,484) Land 9,497 9,497 Developments — 146,461 Net investme
Slide 9: Consolidated and Combined Statements of Operations
Seaport Entertainment Group Consolidated and Combined Statements of Operations (in thousands, except per share amounts) (Unaudited) Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 REVENUES Hospitality revenue $ 16,603 $ 8,954 $ 39,515 $ 22,084 Entertainment reven
Slide 10: Reconciliation of Net Loss to Non-GAAP Adjusted Net Loss
Seaport Entertainment Group Reconciliation of Net Loss to Non-GAAP Adjusted Net Loss Attributable to Common Stockholders (in thousands, except per share amounts) (Unaudited) Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Net loss $ (32,864) $ (32,274) $ (78,826)
Slide 11: Capitalization
Common stock outstanding 12,735 Period ending common stock price $22.92 Common equity market capitalization $291,886 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 outstanding $10,00
Slide 12: Debt Summary
Debt Summary 12 Debt Outstanding Face Value Maturity Date Interest Rate Type 250 Water Street loan $61,300 July 2029 7.0% + SOFR1 Floating Las Vegas Ballpark loan 40,101 December 2038 4.9% Fixed Total / Weighted Average $101,401 7.5 years Fixed Rate vs. Variable Rate Debt Face Value % of Total Fixed
Slide 13: Debt Maturities
Debt Maturities 13 Year Face Value % of Debt Maturing Cumulative % of Debt Maturing Weighted Average Effective Interest Rate 2025 $ − − % − % − % 2026 − − % − % − % 2027 − − % − % − % 2028 − − % − % − % 2029 61,300 60% 60% 8.8%1 2030 − − % − % − % ↓ ↓ ↓ ↓ ↓ 2038 40,101 40% 100% 4.9% 2039 − − % − % −
Slide 14: Capital Investments
Capital investments 14 Investment in Previously Occupied Space Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Capital expenditures $1,384 $166 $136 $1,686 Tenant improvement allowance 258 518 − 776 Leasing commissions − − − − Total $1,642 $684 $136 $2,462 Investment in Inherited Vacancy Q1 2025 Q2 2025 Q3 202
Slide 15: Portfolio Summary
Portfolio Summary 15 Note: As of September 30, 2025. 1 Seaport Neighborhood includes the following buildings: Fulton Market Building, Schermerhorn Row, One Seaport Plaza, Museum Block, Seaport Translux, 117 Beekman, John Street Service Building, 85 South Street, the Tin Building and 250 Water Street
Slide 16: Seaport NYC Detail
Seaport NYC Detail 16 Note: For the quarter ended September 30, 2025. $ in thousands. Any differences a result of rounding. 1 Square footage and leased or programmed occupancy for Pier 17 does not include The Rooftop at Pier 17 concert venue. 2 250 Water Street is zoned for 547,000 square feet of ma
Slide 17: Seaport NYC Leasing or Programming Activity
Seaport NYC Leasing or programming activity 17 Note: Any differences a result of rounding. 1 Leased or programmed spaces include: spaces occupied under a lease agreement with a third-party lessee; spaces where the Company operates a venue under a wholly owned concept or brand, or via a licensed conc
Slide 18: Seaport NYC Operating Statistics
Seaport NYC Operating Statistics 18 EBITDA Per Square Foot1 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Cobblestones & Other ($5.21) ($0.32) ($2.06) ($7.59) Pier 17 ($28.52) ($2.98) ($4.14) ($35.64) 85 South Street ($0.47) $0.84 $0.81 $1.18 Tin Building by Jean-Georges ($106.99) ($67.91) ($70.28) ($245.18)
Slide 19: 2025 Statement of Operations
2025 Statement of Operations Note: $ in thousands. Any differences a result of rounding. 19 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Hospitality revenue $7,735 $15,177 $16,603 $39,515 Entertainment revenue 4,209 19,908 22,151 46,268 Rental revenue 3,789 4,232 5,614 13,635 Other revenue 336 484 682 1,502
Slide 20: 2024 Pro Forma Statement of Operations
2024 Pro Forma1 Statement of Operations 20 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Hospitality revenue $10,732 $17,804 $17,242 $45,778 Entertainment revenue 3,564 17,153 23,243 43,960 Rental revenue 3,684 3,831 3,595 11,110 Other revenue 333 650 594 1,577 Total revenues $18,313 $39,438 $44,674 $102,425
Slide 21: Pro Forma Statement of Operations YoY Change
Pro Forma1 Statement of Operations YOY CHANGE 21 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Hospitality revenue ($2,997) ($2,627) ($639) ($6,263) Entertainment revenue 645 2,755 (1,092) 2,308 Rental revenue 105 401 2,019 2,525 Other revenue 3 (166) 88 (75) Total revenues ($2,244) $363 $376 ($1,505) Hospit
Slide 22: Q3 2025 Segment Adjusted EBITDA
Q3 2025 Segment Adjusted EBITDA Note: $ in thousands. Any differences a result of rounding. 22 Hospitality Entertainment Landlord Operations OTHER Q3 2025 Total revenues $16,694 $22,524 $9,019 $321 $48,558 Hospitality costs (23,049) − − − (23,049) Entertainment costs − (20,532) − − (20,533) Operatin
Slide 23: Q3 2024 Pro Forma Segment Adjusted EBITDA
Q3 2024 Pro Forma1 Segment Adjusted EBITDA 23 Hospitality Entertainment Landlord Operations OTHER Q3 2025 Total revenues $17,242 $23,243 $8,905 − $49,390 Hospitality costs (26,463) − − − (26,463) Entertainment costs − (19,671) − − (19,671) Operating costs − − (9,375) − (9,375) Total operating expens
Slide 24: Pro Forma Segment Adjusted EBITDA YoY Change
Pro Forma1 Segment Adjusted EBITDA YoY Change 24 Hospitality Entertainment Landlord Operations OTHER Q3 2025 vs. Q3 2024 Total revenues ($548) ($719) $114 $321 ($832) Hospitality costs 3,414 − − − 3,414 Entertainment costs − (861) − − (861) Operating costs − − 1,865 − 1,865 Total operating expenses
Slide 25: Asset-Based Value Components
Asset-Based Value Components 25 + Cash & Cash Equivalents $106.2 $106.2 $106.2 $106.2 $106.2 Seaport Neighborhood Square Feet1 544 544 544 544 544 Per Square Foot Valuations $350.00 $500.00 $650.00 $800.00 $950.00 + Total Seaport Neighborhood $190.5 $272.2 $353.9 $435.5 $517.2 Aviators TTM Revenue $
Slide 26: Contact Information
Contact Information 26 Corporate Office 199 Water Street, 28th Floor New York, NY 10038 Investor Relations (212) 732-8257 ir@seaportentertainment.com www.seaportentertainment.com Transfer Agent Computershare Trust Company, N.A. (800) 368-5948 www.computershare.com Ticker Symbol NYSE: SEG
Slide 27: 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 statements. Forw
Slide 28: 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 Stockholders Per Share, each
Slide 29: 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 30: Entertainment
ENTERTAINMENT
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