Reading International Inc · NASDAQ:RDI
Reading International — Shareholder Meeting (December 2024)
84 slides from Reading International's shareholder meeting presentation, Dec 10, 2024
Slide 1: Reading International 2024 Annual Meeting of Stockholders
READING INTERNATIONAL 2024 ANNUAL MEETING OF STOCKHOLDERS DECEMBER 5, 2024
Slide 2: 2024 Annual Meeting Agenda
2024 ANNUAL MEETING OF STOCKHOLDERS AGENDA I. WELCOME AND INTRODUCTIONS MARGARET Cotter Chair, Serving as Presiding Officer II. ESTABLISHMENT OF SATISFACTION OF MEETING PREREQUISITES (Satisfaction of Notice and Quorum Requirements); MEETING CALLED TO ORDER S. Craig Tompkins Executive Vice President
Slide 3: Agenda: Presentation of Proposals and Discussion
2024 ANNUAL MEETING OF STOCKHOLDERS AGENDA IV. PRESENTATION OF PROPOSALS AND DISCUSSION; OPENING OF POLLS o Proposal 1 – To elect Five (5) Directors to serve until our Company’s 2025 Annual Meeting of Stockholders or until their successors are duly elected and qualified. o Proposal 2 – Independent A
Slide 4: Agenda: Voting and Management Presentation
2024 ANNUAL MEETING OF STOCKHOLDERS AGENDA V. VOTING VI. REVIEW AND ANNOUNCEMENT OF PRELIMINARY VOTING RESULTS SYLVIA MORALES Computershare Inspector of Elections VII. ADJOURNMENT OF ANNUAL STOCKHOLDERS MEETING MARGARET Cotter Presiding Officer Chair VIII. MANAGEMENT PRESENTATION AND QUESTION & ANSW
Slide 5: Disclaimers
DISCLAIMERS Our comments today may contain forward-looking statements and management may make additional forward-looking statements in response to your questions. Such written and oral disclosures are made pursuant to the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995.
Slide 6: Financial Reconciliations
FINANCIAL RECONCILIATIONS We use EBITDA in the evaluation of our Company’s performance since we believe that EBITDA provides a useful measure of financial performance and value. We believe this principally for the following reasons: We believe that EBITDA is an accepted industry-wide comparative mea
Slide 7: Two Businesses, Three Countries
TWO BUSINESSES, THREE COUNTRIES REAL ESTATE UP TO 70,077 SF* Retail/office building in NYC 21,000 SF 75% interest in NYC cinema building (potential to build 96,000 SF) 14,000 SF 2 Off Broadway Live Theatre fee properties in NYC 350,000 SF Reading Viaduct Land/Bridgeworks, plus ancillary properties i
Slide 8: Long-Term Mission and 2025 Priorities
LONG-TERM MISSION STRATEGICALLY DRIVE THE DEVELOPMENT AND OPERATION OF OUR GLOBAL CINEMA & REAL ESTATE ASSETS TO CREATE LONG-TERM STOCKHOLDER VALUE. 2025 PRIORITIES 1) RETURN GLOBAL CINEMA BUSINESS TO PROFITABILITY ACROSS ALL THREE COUNTIRES 2) REDUCE GLOBAL DEBT & INTEREST EXPENSE 3) COMPLETE ASSE
Slide 9: Committed to Sustaining Long-Term Stockholder Value
COMMITTED TO SUSTAINING LONG-TERM STOCKHOLDER VALUE DUAL BUSINESS STRATEGY Pre-COVID: Our cinema cash flow supported real estate development. Through and post-COVID: Diverse real estate portfolio supported our Company when cinema cash flow diminished. INTERNATIONAL DIVERSIFICATION RDI maintains siza
Slide 10: Synergistic Diversification Supports Long-Term Value
SYNERGISTIC DIVERSIFICATION SUPPORTS LONG-TERM VALUE Q3 2024 REAL ESTATE & CINEMA REVENUE (Diversified by business line and geography) US CINEMA 45.4% NZ PROPERTY 0.6% AU CINEMA 40.4% NZ CINEMA 6.2% US PROPERTY 2.4% AU PROPERTY 5.0% **Second Highest Total Revenues achieved for any third quarter sinc
Slide 11: Multiple Headwinds Since Q1 2020
SINCE Q1 2020, RDI HAS FACED MULTIPLE HEADWINDS. THE 2023 HOLLYWOOD STRIKES INTERRUPTED RDI’S RECOVERY FROM THE PANDEMIC. LACK OF U.S. FEDERAL FUNDING (Shuttered Venue/Paycheck Protection) 2023 HOLLYWOOD STRIKES COVID-19 PANDEMIC SUPPLY CHAIN ISSUES INCREASE IN INFLATION MATERIAL INCREASE IN GLOBAL
Slide 12: Global Assets Currently Held for Sale
GLOBAL ASSETS CURRENTLY HELD FOR SALE COURTENAY CENTRAL BUILDING, PLUS DEVELOPMENT SITES ON TORY ST. & WAKEFIELD ST. WELLINGTON, NZ CANNON PARK* TOWNSVILLE (QLD), AU FEE PROPERTY IMPROVED WITH READING CINEMA ROTORUA, NZ NEWBERRY YARD WILLIAMSPORT, PA *The Company recently signed a Heads of Agreement
Slide 13: 2024 Global Industry Box Office
2024 GLOBAL INDUSTRY BOX OFFICE PANDEMIC REBOUND INTERRUPTED BY 2023 HOLLYWOOD STRIKES YTD NOV 2019 box office YTD NOV 2023 box office YTD NOV 2024 BOX OFFICE GLOBAL $36.1 Billion $29.0 Billion (down 20% vs. 2019) $25.0 Billion (down 31% vs. 2019) (down 14% vs. 2023) NORTH AMERICA $10.2 Billion $8.3
Slide 14: RDI Global Total Revenue
RDI GLOBAL TOTAL REVENUE (CINEMA & REAL ESTATE) YTD SEPT 2020-2024 $62,841 YID SEP 2020 YID SEP 2021 $155,908 YID SEP2022 PANDEMIC RECOVERY INTERRUPTED BY 2023 HOLLYWOOD STRIKES $177,425 YID SEP 2023 2023 HOLLYWOOD STRIKES IMPACTED FMST HALF 2024, WITH BOX OFFICE REBOUND IN SECOND HALF 2024 $151,951
Slide 15: RDI Total Revenue by Quarter 2020-2024
RDI TOTAL REVENUE - BY QUARTER 2020-2024 PANDEMIC REBOUND INTERRUPTED BY 2023 HOLLYWOOD STRIKES IMPACTED BY IMPACTED BY hollywood IMPACTED BY hollywood STRIKES hollywood STRIKES STRIKES $21,307 $40,200 $45,807 $45,042 $3,422 $36,033 $64,511 $65,055 $46,890 $10,191 $31,803 $51,196 $66,563 $60,090 $15
Slide 16: RDI Operating Income (Loss) by Quarter
RDI OPERATING INCOME (LOSS) - BY QUARTER 2020-2024 PANDEMIC REBOUND INTERRUPTED BY 2023 HOLLYWOOD STRIKES IMPACTED BY IMPACTED BY IMPACTED BY hollywood hollywood hollywood STRIKES STRIKES STRIKES ($13,977) ($11,780) ($7,880) ($7,531) ($22,195) ($12,532) ($1,572) $1,789 ($4,352) ($17,375) ($10,951) (
Slide 17: RDI Adjusted EBITDA by Quarter
RDI ADJUSTED EBITDA – BY QUARTER 2020-2024 PANDEMIC REBOUND INTERRUPTED BY 2023 HOLLYWOOD STRIKES IMPACTED BY IMPACTED BY IMPACTED BY hollywood hollywood hollywood STRIKES STRIKES STRIKES $36,732 ($7,003) ($2,835) ($3,960) ($16,921) $37,059 $7,692 $6,682 ($234) ($11,569) ($2,364) $3,858 $6,148 $2,93
Slide 18: RDI Total Cinema Revenue
RDI TOTAL CINEMA REVENUE (BOX OFFICE, F&B AND ANCILLARY) PANDEMIC REBOUND INTERRUPTED BY 2023 HOLLYWOOD STRIKES YTD SEPTEMBER 2020 – 2024 (in US Dollars) PANDEMIC RECOVERY & 2023 HOLLYWOOD SIRIKES** 2023 HOLLYWOOD STRIKES & BOX OFFICE REBOUND** $147,476 $79,580 $54,866 YID SEP 2023 $140,570 YID SEP
Slide 19: Key Q3 2024 Metrics
KEY Q3 2024 METRICS STRONGEST SINCE Q4 2023 DEMONSTRATING IMPROVED OPERATIONS, DESPITE HEADWINDS $45,319 ($3,685) ($2,238) $45,052 ($7,531) ($3,960) $46,809 ($4,352) ($234) $60,090 ($246) $2,939 TOTAL REVENUE OPERATING INCOME (LOSS) ADJUSTED EBITDA TOTAL REVENUE OPERATING INCOME (LOSS) ADJUSTED EBIT
Slide 20: RDI's US, AU, NZ Cinema Divisions
RDI’s US, AU, NZ CINEMA DIVISIONS Total Cinema Revenue (Box Office, F&B and Ancillary) In USD** YTD SEPTEMBER 2020 – 2024 $24,582 $33,858 $72,532 $90,058 $70,601 $24,942 $37,620 $63,797 $64,338 $60,612 $5,342 $8,102 $11,147 $11,335 $9,357 YTD YTD YTD YTD YTD YTD YTD YTD YTD YTD YTD YTD YTD YTD YTD S
Slide 21: 2025 Capital Allocation Priorities and Balance Sheet Snapshot
2025 CAPITAL ALLOCATION PRIORITIES BALANCE SHEET SNAPSHOT AS OF SEPTEMBER 30, 2024 2025 CAPITAL ALLOCATION PRIORITIES Continue evaluating Real Estate Portfolio to generate liquidity through additional asset sales or refinance. Focus on debt paydown and interest expense reduction Build cash reserves
Slide 22: Our Diverse Global Real Estate Business
OUR DIVERSE GLOBAL REAL ESTATE BUSINESS SUSTAINED US THROUGH FOUR-YEAR HEADWINDS AND NOW GETTING STRONGER
Slide 23: 2025 Global Real Estate Strategy
2025 GLOBAL REAL ESTATE STRATEGY Complete targeted asset sales to raise liquidity and reduce debt: In New Zealand Combined footprint of 3.7 acres across Reading Courtenay Central building and two development sites on Tory Street and Wakefield Street, located in the heart of Wellington’s entertainmen
Slide 24: RDI Global Real Estate Revenue
RDI GLOBAL REAL ESTATE REVENUE YTD SEPTEMBER 2020 – 2024 PANDEMIC SALE OF AUBURN/REDYARD (AU), ROYAL GEORGE AND INVERCARGILL (NZ) SALE OF MAITLAND (AU) PANDEMIC RECOVERY SALE OF CULVER CITY BUILDING PANDEMIC $9,928 $9,948 $12,265 $15,339 $14,844 YTD SEP 2020 YTD SEP 2021 YTD SEP 2022 YTD SEP 2023 YT
Slide 25: RDI Global Real Estate Operating Income (Loss)
RDI GLOBAL REAL ESTATE OPERATING INCOME (LOSS) YTD SEPTEMBER 2020 – 2024 SALE OF MANUKAU, COACHELLA, AUBURN/REDYARD, ROYAL GEORGE, INVERCARGILL SALE OF MAITLAND (AU) PANDEMIC RECOVERY SALE OF CULVER CITY BUILDING PANDEMIC -$1,464 -$3,907 -$122 $3,212 $3,231 YTD SEP 2020 YTD SEP 2021 YTD SEP 2022 YTD
Slide 26: Real Estate Divisions Q3 2024 Operational Records
US, AU & NZ REAL ESTATE DIVISIONS Q3 2024 OPERATIONAL RECORDS SEGMENT REVENUE SECOND HIGHEST THIRD QUARTER EVER FOR US PROPERTY SECOND HIGHEST THIRD QUARTER SINCE Q3 2019 FOR AU PROPERTY SECOND HIGHEST THIRD QUARTER SINCE Q3 2019 FOR WORLD-WIDE PROPERTIES SEGMENT OPERATING INCOME SECOND HIGHEST THIR
Slide 27: AU/NZ Real Estate Portfolio
AU/NZ REAL ESTATE PORTFOLIO MULTI-TENANTED PROPERTIES 297,506 SF (27,639m2) 76 THIRD-PARTY TENANTS 256,219 SF(23,803m2) LAND PARCELS IMPROVED WITH READING CINEMAS 126,282 SF(11,732m2) ASSET GROUPS HELD FOR SALE NZ: Wellington & Rotorua AU: Townsville
Slide 28: AU/NZ Real Estate 2024 Highlights
AU/NZ REAL ESTATE 2024 HIGHLIGHTS 96% THIRD-PARTY TENANT OCCUPANCY RATE Q3 2023 (97%) 76 THIRD PARTY TENANTS 4 VACANCIES 11.700 SF (1.087m2)
Slide 29: AU Property Portfolio
AU PROPERTY PORTFOLIO +2% Q3 2024 AU Third Party Tenant Sales combined increased by 2% vs. Q3 2023
Slide 30: AU Portfolio Improving Percentage Rent
AU PORTFOLIO IMPROVING PERCENTAGE RENT A$292K YTD 11/5/2024 Third Party Tenants Invoiced
Slide 31: Key AU Tenants Upgrade Their Premises in 2024
KEY AU TENANTS UPGRADE THEIR PREMISES IN 2024 ANYTIME FITNESS KINGPIN Property KEY AU Tenant Newmarket Village Anytime Fitness Newmarket Village ALH Newmarket Hotel Cannon Park King Pin Belmont Jugnu JUGNU RESTAURANT ALH HOTEL
Slide 32: AU Real Estate Portfolio Leasing as of Q3 2024
AS OF Q3 2024, AU REAL ESTATE PORTFOLIO* NEW LEASES (47,790 SF) / (4,440 m2 ) Existing tenants with lease expiries signed new leases LEASE RENEWALS (25,440 SF) / (2364 m2 ) 9 lease renewals or other leases completed * The AU/NZ Property team continues to complete all leasing negotiations and documen
Slide 33: Newmarket Village
newmarket VILLAGES WELL-CURATED DEVELOPMENT ANCHORED BY READING CINEMA IN BRISBANE CITY (QLD) THIRD PARTY TENANTS 48 ANCHOR TENANTS Coles Supermarket Reading Cinemas Newmarket Hotel by ALH (recently completed major refurbishments works) Anytime Fitness (recently expanded) NET RENTABLE SQUARE FEET 16
Slide 34: Newmarket Village Tenant Mix
newmarket VILLAGES FOOD & BEVERAGE 22% OFFICE 12% OTHER RETAIL 7% OTHER LEISURE 6% MEDICAL RELATED 4% 1% VACANT READING CINEMAS 25% GROCERY & DRUG STORE 23% TENANT MIX
Slide 35: Cannon Park
CANNON PARK MIXED-USE READING CINEMA ANCHORED CENTER IN TOWNSVILLE (QLD) THIRD PARTY TENANTS 16 ANCHOR TENANTS Reading Cinemas Kingpin QLD Gov’t Dept of Transport NET RENTABLE SQUARE FEET 126,368 SF (11,740m2) OCCUPANCY YTD 94%* WEIGHTED AVERAGE LEASE TERM 5.1 years** NEW LEASES YTD 2 New or Renewed
Slide 36: Cannon Park Tenant Mix
CANNON PARK FOOD & BEVERAGE 20% READING CINEMAS 17% SERVCIE 8% VACANT 5% GOV’T TENANT 3% LEISURE 46% TENANT MIX
Slide 37: The Belmont Common
THE BELMONT COMMON READING CINEMA ANCHORED CENTER IN PERTH (WESTERN AUSTRALIA) THIRD PARTY TENANTS 6 ANCHOR TENANTS Reading Cinemas Dome Cafe NET RENTABLE SQUARE FEET 60,118 SF (5,585 m2) OCCUPANCY YTD 100%* WEIGHTED AVERAGE LEASE TERM 2.0 years** NEW LEASES YTD 1 VACANCIES YTD 0% * Excludes Reading
Slide 38: The Belmont Common Tenant Mix
THE BELMONT COMMON TENANT MIX 0% VACANCIES FOOD & BEVERAGE 24% 1% OTHER RETAIL READING CINEMAS 75%
Slide 39: Retail Ground Lease and South Melbourne Office Building
RETAIL GROUND LEASE REGIONAL MELBOURNE AREA Multi-year ground lease situated in Waurn Ponds, a residential suburb of Victoria. In addition to the 8 screen Reading Cinema with TITAN LUXE, as of today, the property is fully leased to an F&B tenant, an entertainment tenant and one telco tenant. 8000 SF
Slide 40: US Real Estate Portfolio
US REAL ESTATE PORTFOLIO Up to 70,077 SF* of net leasable area (inclusive of potential BOMA adjustments) comprised of retail & office – 44 Union Square 75% interest in a 21,000 SF NYC cinema building (with development potential of 80,000 SF, plus additional 16,000 SF of air rights) – Cinemas 123 9,0
Slide 41: New York City Off-Broadway Theatres
NEW YORK CITY OFF-BROADWAY THEATRES COMPANY OWNS Land & Buildings Minetta lane theatre (approx. 9,000 SF) One stage (399 seats) in the heart of New York City’s West Village Audible Theater, a subsidiary of Amazon, has licensed Minetta through April 2026, with one year option. Since its founding in 2
Slide 42: Union Square
44 UNION SQUARE Petco opened flagship store in mid-2023 “The store blends elements on New York City parks, architecture, and pet shoppers to dazzle shoppers”* “The entire store is nothing if not theatrical, as if a set designer took the subway down from Broadway to create the stage for Petco: The Mu
Slide 43: New York City - Cinemas
NEW YORK CITY - CINEMAS 123 COMPANY OWNS Land & Buildings 7,900 SF gross land area With inclusionary rights, we can build up to a maximum of approx. 96,000 RSF above grade. Currently operated as the Cinemas 123, boutique cinema on Upper East Side of NYC. Historically, asset treated as held for lon
Slide 44: Reading Viaduct & Ancillary Properties
READING VIADUCT & ANCILLARY PROPERTIES PHILADELPHIA, PENNSYLVANIA Over 350,000 SF of land and bridgeworks in the City of Philadelphia. In light of NYC's High Line and London's Camden Highline, potential development benefits are clear. Reading Viaduct, though shorter than NYC’s High Line, is substant
Slide 45: Newberry Yard - Historic Rail Asset
NEWBERRY YARD - HISTORIC RAIL ASSET WILLIAMSPORT, PENNSYLVANIA COMPANY OWNS LAND & BUILDING – ASSET HELD FOR SALE 24-acre industrial site, which includes 30,000 SF rail car building and multiple internal rail lines. Company executed arrangements to clear title issues and to ensure ongoing access to
Slide 46: Global Cinema Business Resilient and Rebounding
OUR GLOBAL CINEMA BUSINESS IS RESILIENT AND REBOUNDING FROM THE UNPRECEDENTED COVID-19 PANDEMIC AND 2023 HOLLYWOOD STRIKE SHUTDOWNS
Slide 47: Movie Theaters Across Australia, New Zealand & United States
57 MOVIE THEATERS (457 SCREENS) ACROSS AUSTRALIA, NEW ZEALAND & UNITED STATES AUSTRALIA 29 locations / 210 screens 4th largest exhibitor* As of today, one new cinema in the pipeline Operations began in 1996 – over 28 years of operating experience NEW ZELAND 9 locations / 54 screens 3rd largest exhib
Slide 48: The Current State of Movie Theaters
CREATIVE & EVOLVING THE CURRENT STATE OF MOVIE THEATERS Excerpts from Statement by Michael O'Leary President & CEO of National Assoc. of Theater Owners (U.S. Trade Assoc.) August 13, 2024 “...While predictions are always that the sky is falling for theatrical, the truth is that our industry continue
Slide 49: The Current State of Movie Theaters (Cont'd)
CREATIVE & EVOLVING THE CURRENT STATE OF MOVIE THEATERS (CONT’D) Excerpts from Statement by Michael O'Leary President & CEO of National Assoc. of Theater Owners (U.S. Trade Assoc.) August 13, 2024 Third, young audiences - one of the most desired demographics with the most competing demands on their
Slide 50: 2024 Blockbusters Overperform and Set Box Office Records
DESPITE MATERIALLY NEGATIVE IMPACTS FROM THE 2023 HOLLYWOOD STRIKES, 2024 BLOCKBUSTERS OVERPERFORM & SET BOX OFFICE RECORDS $1.7 BILLION GLOEALLY Highest grossing animated movie of all time $1.3 BILLION GLOBALLY Highest grossing R-rated movie of all time $969 MILLION GLORALLY 3rd highest grossing fi
Slide 51: Our Audiences Soared
OUR AUDIENCES SOARED FROM OZ TO THE COLOSSEUM SINGING ‘CAN I GET A CHEE HOO’ AUSTRALIA Highest Box Office achieved for any November month ever - Nov 2024 Highest single Box Office day ever - Saturday, Nov 30 2024 Highest single-day F&B revenue ever - Saturday, Nov 30 2024 2nd highest weekend F&B rev
Slide 52: Cinema Portfolio Competitive Advantage
CINEMA PORTFOLIO COMPETITIVE ADVANTAGE INTERNATIONAL PORTFOLIO AU and NZ ARE stable economies with strong local FILM PRODUCTION, ENHANCING programming led BY HOLLYWOOD MOVIES • 48% of our Total Theater Revenues generated in AU and NZ* SPECIALTY AND COMMERCIAL PROGRAMMING INTERNAL box office diversif
Slide 53: Continuing Box Office Trend: AU/NZ Film Production
CONTINUING BOX OFFICE TREND AU/NZ FILM PRODUCTION WILL CONTINUE TO SUPPORT 2025 AU/NZ BOX OFFICE AUSTRALIA magic beach OPENS JAN. 16 AUSTRALIA THE CORRESPONDENT OPENS APR. 17 AUSTRALIA KANGAROO OPENING TBD NEW ZELAND TINā OPEns feb. 27
Slide 54: Angelika in NYC 2024 Specialty Films That Delivered
ANGELIKA IN NYC 2024 SPECIALTY FILMS THAT DELIVERED ANORA Opening Weekend Gross Box Office of $155,340 is the 3rd highest opening weekend gross in last 20 years. Highest grossing opening weekly engagement in North America. KINDS OF KINDNESS Opening Week Gross of $113,529 - 2nd highest of 2024 and 2n
Slide 55: Global Box Office Rebounds from Pandemic
GLOBAL BOX OFFICE REBOUNDS FROM PANDEMIC, DESPITE TEMPORARY NINE MONTH SETBACK (SEP. 2023 - MAY 2024) CREATED BY HOLLYWOOD STRIKES SECOND HALF OF 2024 DELIVERS COMPELLING CONTENT DRIVING CINEMA ADMISSIONS (IN U.S. DOLLARS. PERIOD FIRST NINE MONTHS EACH YEAR (JAN - SEP)) PANDEMIC Global impacts throu
Slide 56: US Cinema Industry Gross Box Office
US CINEMA INDUSTRY GROSS BOX OFFICE REBOUNDING FROM PANDEMIC & 2023 HOLLYWOOD STRIKES (IN U.S. DOLLARS. PERIOD FIRST NINE MONTHS EACH YEAR (JAN - SEP)) PARMC PANDEMIC PANDEMC RECOVERY PANDEMIC RECOVERY & HOLLYWOOD STRIKES HOLLYWOOD SIRIKES & BOX OFFICE REBOUND $6,228.0 $4,991.7 YID SEP 2023 YID SEP
Slide 57: AU Cinema Industry Gross Box Office
AU CINEMA INDUSTRY GROSS BOX OFFICE REBOUNDING FROM PANDEMIC & 2023 HOLLYWOOD STRIKES (IN AU DOLLARS. PERIOD FIRST NINE MONTHS EACH YEAR (JAN - SEP)) YID SEP 2020 YID SEP 2021 YID SEP 2022 PANDEMIC RECOVERY & HOLLYWOOD STRIKES HOLLYWOOD STRIKES & BOX OFFICE REBOUND $315.1 $ 403.4 $ 746.4 $789.7 $715
Slide 58: NZ Cinema Industry Gross Box Office
NZ CINEMA INDUSTRY GROSS BOX OFFICE REBOUNDING FROM PANDEMIC & 2023 HOLLYWOOD STRIKES (IN NEW ZEALAND DOLLARS. PERIOD FIRST NINE MONTHS EACH YEAR (JAN - SEP)) PANDEMC PANDEMIC PANDEMC RECOVERY PANDEMIC RECOVERY & HOLLYWOOD STRIKES $141.8 HOLLYWOOD SIRIKES & BOX OFFICE REBOUND $56.7 $75.8 $117.5 $141
Slide 59: 2024 and 2025 Blockbuster Line-Up
2024 BLOCKBUSTER LINE-UP DISNEY 6 MOVIES MARVEL 4 MOVIES DC 1 MOVIES BLOCKBUSTER FRANCHISES 25+ MOVIES FAMLY FAVORITES 12+ MOVIES 2025 BLOCKBUSTER LINE-UP DISNEY 13 MOVIES MARVEL 3 MOVIES DC 1 MOVIES BLOCKBUSTER FRANCHISES 35 MOVIES FAMILY FAVORITES 15 MOVIES
Slide 60: 2025, 2026 & 2027 Movie Release Schedule Is Encouraging
THE 2025, 2026 & 2027 MOVIE RELEASE SCHEDULE IS ENCOURAGING PwC’s ANNUAL GLOBAL ENTERTAINMENT & MEDIA OUTLOOK JULY 15, 2024 “GLOBAL BOX OFFICE AND GLOBAL TOTAL CINEMA REVENUE WILL SURPASS PRE-COVID 19 PANDEMIC LEVELS IN 2026…” PwC SEES "THE 2019 [GLOBAL] BOX OFFICE REVENUE OF $38.55 BILLION NEARLY R
Slide 61: Major Studio Release Schedule January-June 2025-2027
MAJOR STUDIO MOVIE RELEASE SCHEDULE JANUARY THROUGH JUNE (2025-2027) JANUARY 2025 Paddington in Peru (Jan 17) Wolf Man (Jan 17) 2026 SoulM8te (Jan 2) Untitled Disney (Jan 16) 2027 Untitled Blumhouse Event Film (Jan 15) FEBRUARY 2025 Captain America: Brave New World Marvel (Feb 14) 2026 Untitled Disn
Slide 62: Major Studio Release Schedule July-December 2025-2027
MAJOR STUDIO MOVIE RELEASE SCHEDULE JULY THROUGH DECEMBER (2025-2027) JULY 2025 Jurassic World Rebirth directed by Gareth Edwards (July 2) DC Studios’ Superman (July 11) The Smurfs Movie (July 18) The Fantastic Four: First Steps (July 25) 2026 Shrek 5 (July 1) Moana (July 10) Paw Patrol 3 (J
Slide 63: Disney Is Making a Comeback
DISNEY IS MAKING A COMEBACK** 2020-2023 For decades, Disney dominated the global box office, but over the last few years it delivered disappointing box office results, which impacted the global movie theater industry. 2023 box office misfires include: The Marvels, Ant Man and the Wasp: Quantumania,
Slide 64: Short Term Future Priorities for Global Cinema Business
SHORT TERM FUTURE PRIORITIES FOR RDI’S GLOBAL CINEMA BUSINESS CONTENT AND AUDIENCE EXPANSION & EXPERIMENTATION Repertory Movies & Events Alternative Content, such as Concerts, Comedies, Sports Events, Specialized Films and Documentaries International Content Anime South Asian Films Local Australian
Slide 65: Continue to Delight Guests with Creative Programs
CONTINUE TO DELIGHT OUR GUESTS WITH CREATIVE PROGRAMS & EXPERIENCES To supplement the release schedule and improve overall seat occupancy percentages, our global programming teams will continue to create exclusive content programs or series to keep our audiences engaged with our brands.
Slide 66: Expanding US Cinema Audiences with Loyalty Programs
EXPANDING US CINEMA AUDIENCES WITH NEW & IMPROVED LOYALTY PROGRAMS 1.1 MILLION Today, existing US marketable customers 150,000 Existing Angelika Free to Join Members (since May 2022 for 8 theaters) 182,000 Existing Consolidated Theatres Free to Join Extra Members IN EARLY 2025, WE’LL LAUNCH: A Free
Slide 67: Expanding AU/NZ Audiences Through Loyalty Programs
EXPANDING AU/NZ AUDIENCES THROUGH NEW & IMPROVED LOYALTY PROGRAMS 180,000 Australia Newly launched Free to Join Reading Rewards Members (transitioned from legacy Reading Reel Club) 15,000 Australia Existing Free to Join Angelika Rewards Members (South City Square & State Cinema) 50,000 New Zealand N
Slide 68: F&B Spend Per Person - Global Growth
F&B SPEND PER PERSON – GLOBAL GROWTH (US, AU & NZ) $9 $8 $7 $6 $5 $4.99 $5.52 $5.84 $7.48 $7.60 $7.80 $8.05 $4 $4.62 $4.91 $5.67 $6.73 $7.33 $7.51 $7.76 $3 $4.12 $4.51 $4.90 $5.56 $6.24 $6.64 $6.63 2018 2019 2020 2021 2022 2023 2024 YTD Sep (ALL IN FUNCTIONAL CURRENCY)
Slide 69: Strong F&B Metrics Supported by Movie-Themed Menus
STRONG F&B METRICS SUPPORTED BY MOVIE-THEMED MENUS (US,AU&NZ) Our teams forecast highest grossing movies and eventize our guests’ experience by creating inventive and delicious movie menus, including cocktails, mocktails, specialty popcorn and hot food items. In 2024, special movie menus were create
Slide 70: Growing Demand for Movie Merchandise
GROWING DEMAND FOR MOVIE MERCHANDISE Movie Branded Merchandise (tubs, cups, collectibles) are a growing trend across our global business and industrywide. Effective social and digital marketing has driven 2024 merchandise sales to increase across all three countries.
Slide 71: Cinema Divisions Q3 2024 Operational Records
US, AU & NZ CINEMA DIVISIONS Q3 2024 OPERATIONAL RECORDS F&B PER CAPITA* HIGHEST QUARTER EVER FOR AU CINEMA HIGHEST THIRD QUARTER EVER FOR NZ CINEMA HIGHEST QUARTER EVER FOR US CINEMA (EXCL. PERIODS WITH PANDEMIC RESTRICTED PERIODS) TOTAL REVENUE* HIGHEST THIRD QUARTER EVER FOR AU CINEMA DIVISION WI
Slide 72: US Cinema Operational Performance vs. Industry
US CINEMA OPERATIONAL PERFORMANCE VS. INDUSTRY Our Q3 2024 US cinema circuit performance vs. publicly reported competitors indicates that these US circuit metrics are generally favorable or in line with industry: Total Cinemas Revenue per screen of $144,000 Box Office per U.S. screen of $80,000 F&B
Slide 73: Focus on Elevating the Guest Experience
FOCUS ON ELEVATING THE GUEST EXPERIENCE SIGNIFICANT INVESTMENT MADE IN THE LAST DECADE IN NEW AND EXISTING CINEMA ASSETS LUXURY RECLINER SEATING 57% of US screens feature Luxury Recliner Seating 32% of AU/NZ screens feature Luxury Recliner Seating PREMIUM LARGE FORMAT (PLF) SCREENS 37% of US theater
Slide 74: AU/NZ Cinemas Renovations Scheduled for 2025
AU/NZ CINEMAS RENOVATIONS CURRENTLY SCHEDULED FOR 2025 AUSTRALIA Reading Cinemas in Melton 1 TITAN LUXE with Dolby Atmos (with recliner conversion) 1 Premium auditorium (with recliner conversion) Foyer upgrade Candy bar renovation New kitchen ** Board also approved construction of one new state-of-t
Slide 75: US Cinema Renovations in 2025
US CINEMA RENOVATIONS IN 2025 TWO THEATERS PLANNED FOR UPGRADES 1 8 AUDITORIUMS To BE CONVERTED TO LUXURY MECLINER SEATING TITAI1 LUXE CONVERSIONS KITCHEN UPGRADE
Slide 76: Thank You! See You at the Movies!
THANK YOU! SEE YOU AT THE MOVIES!
Slide 77: Reading International Financial Review
READING INTERNATIONAL FINANCIAL REVIEW GILBERT AVANES EXECUTIVE VICE PRESIDENT CHIEF FINANCIAL OFFICER & TREASURER
Slide 78: Summary Financial Data: Year End December 31
SUMMARY FINANCIAL DATA STATEMENT OF OPERATIONS YEAR END, DECEMBER 31 ($ in thousands, except per share data) 2023 2022 Revenues $ 222,744 $ 203,115 Operating Income (Loss) (12,031) (28,483) Interest Expense, net (19,418) (14,392) Gain (Loss) on Sale of Assets and Other Income (Expense) 398 6,763 Inc
Slide 79: Summary Financial Data: Nine Months Ended September 30
SUMMARY FINANCIAL DATA STATEMENT OF OPERATIONS NINE MONTHS ENDED SEPTEMBER 30 ($ in thousands, except per share data) 2024 2023 2022 Revenues $ 151,951 $ 177,425 $ 155,908 Operating Income (Loss) (12,127) (5,073) (20,080) Interest Expense, net (15,766) (14,063) (10,242) Gain (Loss) on Sale of Assets
Slide 80: Summary Balance Sheet
SUMMARY BALANCE SHEET ($ in thousands) 9/30/24 12/31/23 12/31/22 Cash and Cash Equivalents $ 10,083 $ 12,906 $ 29,947 Receivables 5,435 7,561 6,206 Other Current Assets 43,528 18,243 11,359 Total Current Assets 59,046 38,710 47,512 Operating Property, Net 225,065 262,417 286,952 Operating Lease Righ
Slide 81: Summary Financial Data: Year End December 31
SUMMARY FINANCIAL DATA STATEMENT OF OPERATIONS YEAR END, DECEMBER 31 ($ in thousands, except per share data) 2023 2022 Revenues $ 222,744 $ 203,115 Operating Income (Loss) (12,031) (28,483) Interest Expense, net (19,418) (14,392) Gain (Loss) on Sale of Assets and Other Income (Expense) 398 6,763 Inc
Slide 82: Through 2024, Adjusted Most Debt Facilities
THROUGH 2024, ADJUSTED MOST DEBT FACILITIES Santander – Loan on Live Theatres (NYC) January 2024 - Maturity Date extended to June 1, 2024 August 2024 - Maturity Date further extended to June 1, 2025 Citizens Bank – Loan on Culver City, California Office Building February 2024 - Repaid $8.35 million
Slide 83: Our Founder's Core Values & Guiding Principles
OUR FOUNDER’S CORE VALUES & GUIDING PRINCIPLES CONTINUE TO INSPIRE OUR NAVIGATION OF RECENT HEADWINDS EMPATHETIC approach to our stakeholders ENTREPRENEURIAL approach to our business EDUCATED analysis underpins our strategies ENGAGING our guests is paramount to our success EXECUTION is a focus of ou
Slide 84: Q&A Session
READING INTERNATIONAL Q&A SESSION
Reading International — Shareholder Meeting (December 2024) on 6ix