Seaport Entertainment Group Inc. · NYSE:SEG
Seaport Entertainment — Q1 2026 Earnings Presentation
26 slides from Seaport Entertainment's earnings presentation, May 6, 2026
Slide 1: Q1 2026 Supplemental
Q1 2026 SUPPLEMENTAL exhibit 99.2
Slide 2: Table of Contents
T ble of 2 Q1 2026 Earnings Release p. 3 Capitalization p. 10 Debt Summary p. 11 Capital Investments p. 12 Portfolio Summary p. 13 Seaport NYC Detail p. 14 Seaport NYC Leasing or Programming Activity p. 15 2026 Statement of Operations p. 1 6 2025 Statement of Operations p. 1 7 Statement of Operation
Slide 3: Seaport Entertainment Group Reports First Quarter 2026 Results
SEAPORT ENTERTAINMENT GROUP REPORTS FIRST QUARTER 2026 RESULTS NEW YORK, NY, May 6, 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 ended March 31, 2026. “We
Slide 4: Three Months Ended March 31, 2026 Results Summary
For the Three Months Ended March 31, 2026 For the Three Months Ended March 31, 2025 Variance to Comparable Period in Prior Year Total revenues $ 12,737 $ 16,069 $ (3,332) (20.7%) Net loss $ (43,753) $ (31,538) $ (12,215) (38.7%) Net loss attributable to common stockholders $ (44,103) $ (31,888) $ (1
Slide 5: Safe Harbor and Forward-Looking Statements
Safe Harbor and Forward-Looking Statements This press release includes forward-looking statements within the meaning of the federal securities laws. Such forward-looking statements include, but are not limited to, statements concerning the Company’s plans, goals, objectives, outlook, expectations, a
Slide 6: 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 7: Consolidated Balance Sheets
Seaport Entertainment Group Inc. Consolidated Balance Sheets (in thousands, except par value amounts) (Unaudited) March 31, 2026 December 31, 2025 ASSETS Buildings and equipment $ 514,821 $ 537,243 Less: accumulated depreciation (223,599) (225,662) Land 9,497 9,497 Net investment in real estate 300,
Slide 8: Consolidated Statements of Operations
Seaport Entertainment Group Inc. Consolidated Statements of Operations (in thousands, except per share amounts) (Unaudited) Three months ended March 31, 2026 2025 REVENUES Hospitality revenue $ 5,108 $ 7,735 Entertainment revenue 4,498 4,209 Rental revenue 2,782 3,789 Other revenue 349 336 Total rev
Slide 9: 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 March 31, 2026 2025 Net loss $ (43,753) $ (31,538) Preferred distributions to noncontrolling interest
Slide 10: Capitalization
Common stock outstanding 12,806 Period ending common stock price $21.48 Common equity market capitalization $275,073 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 11: Debt Summary
Debt 11 Debt Otstandig ac Las Vegas Ballpark loan $39,090 December 2038 4.9% Fixed Fixe Rt Fixed rate debt $39,090 Leverag Face value of debt outstanding $39,090 Cash, restricted cash, and cash equivalents (144,695) Net debt ($105,605) Total capitalization $324,163 Cash, restricted cash, and cash eq
Slide 12: Capital Investments
Cap 12 Investment in Previously Occupied Space Q1 2026 Q2 Capital expenditures $11 $11 Tenant improvement allowance − − Leasing commissions − − Total $11 $11 Investment in Inherited Vacancy Q1 2026 Q2 2026 Capital expenditures $5,358 $5,358 Tenant improvement allowance − − Leasing commissions − − To
Slide 13: Portfolio Summary
Portfolio S 13 Note: As of March 31, 2026. 1 Seaport Neighborhood includes the following buildings: Pier 17, Fulton Market Building, Schermerhorn Row, One Seaport Plaza, Museum Block, Translux, 117 Beekman, John Street Service Building, 85 South Street, and the Tin Building. 2 Rentable square feet i
Slide 14: Seaport NYC Detail
Seaport 14 Note: For the quarter ended March 31, 2026. Any differences a result of rounding. 1 Rentable square feet is calculated using the REBNY standard of measurement and subject to change based on revised use of the usable space. 2 Square footage for Pier 17 includes the revised square footage o
Slide 15: Seaport NYC Leasing or Programming Activity
Seaport NYC Leasing or p 15 Tenant/concept propert Expecte Date GITANO NYC Pier 17 Food & Beverage License to Lease Q2 2025 14,757 Meow Wolf Pier 17 Entertainment Lease Q4 2027 82,279 Willett’s NYC Museum Block Food & Beverage Lease Q3 2026 4,478 Cork Schermerhorn Row Food & Beverage Lease Q2 2026 1
Slide 16: 2026 Statement of Operations
2026 Statemen Note: $ in thousands. Any differences a result of rounding. 16 Q1 2026 Q2 2026 Q3 2026 Q4 2026 2026 Hospitality revenue $5,108 $5,108 Entertainment revenue 4,498 4,498 Rental revenue 2,782 2,782 Other revenue 349 349 Total revenues $12,737 $12,737 Hospitality costs 10,227 10,227 Entert
Slide 17: 2025 Statement of Operations
2025 Statemen Note: $ in thousands. Any differences a result of rounding. 17 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Hospitality revenue $7,735 $7,735 Entertainment revenue 4,209 4,209 Rental revenue 3,789 3,789 Other revenue 336 336 Total revenues $16,069 $16,069 Hospitality costs 15,742 15,742 Entert
Slide 18: Statement of Operations YoY Change
Statementof O 18 Q1 ’26 −’25 Q2 ’26 −’25 Q3 ’26 −’25 Q4 ’26−’25 2026 vs. 20 Hospitality revenue ($2,627) ($2,627) Entertainment revenue 289 289 Rental revenue (1,007) (1,007) Other revenue 13 13 Total revenues ($3,332) ($3,332) Hospitality costs (5,515) (5,515) Entertainment costs 211 211 Operating
Slide 19: Q1 2026 Segment Operating EBITDA
Q1 2026 SEGMENT OPERATING 19 Hospital Landl Operations OTH Total revenues $5,119 $4,498 $5,472 $125 $15,214 Hospitality costs (12,701) − − − (12,701) Entertainment costs − (7,290) − − (7,290) Operating costs − − (6,985) − (6,985) Total operating expenses (12,701) (7,290) (6,985) − (26,976) Operating
Slide 20: Q1 2025 Segment Operating EBITDA
Q1 2025 SEGMENT OPERATING 20 Hospital Landl Operations OTH Total revenues $7,735 $4,209 $8,800 $11 $20,755 Hospitality costs (20,428) − − − (20,428) Entertainment costs − (7,077) − − (7,077) Operating costs − − (8,079) − (8,079) Total operating expenses (20,428) (7,077) (8,079) − (35,584) Operating
Slide 21: Q1 Segment Operating EBITDA YoY Change
Q1 SEGMENT OPERATINGEBITD 21 Hospital Landl Operat Q1 2026 VS. Q1 2025 Total revenues ($2,616) $289 ($3,328) $114 ($5,541) Hospitality costs 7,727 − − − 7,727 Entertainment costs − (213) − − (213) Operating costs − − 1,094 − 1,094 Total operating expenses 7,727 (213) 1,094 − 8,608 Operating EBITDA $
Slide 22: Asset-Based Value Components
Asset-Bas 22 + Cash, Restricted Cash, & Cash Equivalents $144.7 $144.7 $144.7 $144.7 $144.7 Seaport Neighborhood Square Feet1,2,3 514 514 514 514 514 Hypothetical Per Square Foot Valuations $350.00 $500.00 $650.00 $800.00 $950.00 + Total Seaport Neighborhood $179.9 $257.0 $334.1 $411.2 $488.3 Las Ve
Slide 23: Contact Information
Contact 23 Corporate 199 Water Street New York, NY 10038 Inves (212) 732-8257 ir@seaportentertainment.com Transfe Fidelity Stock TransferSM (FST) (833) 500-1036 nb.fidelity.com NYS Ticker Symbol: SEG www.seaportentertainment.com
Slide 24: 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 25: Key Terms and References
Key terms References and terms used in this presentation that are in addition to the terms defined in the Safe Harbor section of this presentation, or not already defined in other areas of this presentation, include: This presentation was published on May 6, 2026. All information is as of, or for th
Slide 26: Entertainment
ENTERTAINMENT
Seaport Entertainment Group — Q1 2026 Earnings Presentation on 6ix