Here are 1-3 brief analogies to describe Reading International (RDI):

• A Cinemark with its own real estate development arm.
• A real estate developer like Simon Property Group, but operating its own movie theaters.

• Cinema Exhibition: Operates movie theaters, offering film screenings and associated concessions like food and beverages to the public.
• Real Estate Development and Management: Owns, develops, and manages a diverse portfolio of commercial, residential, and retail properties.

Major Customers of Reading International (RDI)

Reading International, Inc. (symbol: RDI) operates primarily in two segments: Cinema Exhibition and Real Estate. Based on its revenue distribution, the company's Cinema Exhibition segment generates significantly more revenue than its Real Estate segment. Therefore, the company sells primarily to individuals.

The company serves the following categories of individual customers through its cinema operations:

• General Moviegoers / Entertainment Seekers: This is the broadest category, encompassing individuals and small groups of all demographics who attend cinemas for general entertainment, to watch current film releases, and to enjoy the overall cinema experience, including food and beverage concessions.
• Families and Children: This segment is specifically targeted by family-friendly film content. Families attend with children, often seeking age-appropriate entertainment and contributing significantly to concession sales with group purchases.
• Event Attendees / Niche Audiences: This category includes individuals who attend special events hosted at cinemas, such as live performance broadcasts (e.g., opera, ballet), film festivals, special limited-run film screenings, or themed movie nights, which cater to specific interests beyond typical new releases.

• The Walt Disney Company (DIS)
• Warner Bros. Discovery, Inc. (WBD)
• Paramount Global (PARA)
• Sony Group Corporation (SONY)
• Comcast Corporation (CMCSA)
• Lions Gate Entertainment Corp. (LGF.A)

Ellen M. Cotter, Chief Executive Officer and President, Vice-Chair of the Board
Ellen M. Cotter joined Reading International in March 1998 and has served as Chief Executive Officer and President since January 2016, following an interim period. Prior to this, she was the Chief Operating Officer of the company's domestic cinema operations for over ten years, responsible for the acquisition, development, marketing, and operation of cinemas in the United States. Before joining Reading International, Ms. Cotter worked as a corporate attorney for four years at the law firm White & Case in New York City. She holds a Juris Doctor from Georgetown University Law Center and is a graduate of Smith College. She also serves as a director for Cecelia Packing Corporation and is a Co-Executor of her late father's estate, holding positions in various real estate entities.

Gilbert Avanes, Executive Vice President, Chief Financial Officer and Treasurer
Gilbert Avanes was appointed Executive Vice President, Chief Financial Officer, and Treasurer of Reading International on November 5, 2019. He has been with the company since August 2007, initially as a consultant and then as an employee. His previous roles include Interim Chief Financial Officer and Treasurer, Vice President of Financial Planning and Analysis, Senior Director of Financial Planning and Analysis, and Senior Finance Manager.

Margaret Cotter, Chair of the Board and Executive Vice President-Real Estate Management and Development
Margaret Cotter joined Reading International's Board in September 2002 and became Chair of the Board in December 2020. Since March 2016, she has served as Executive Vice President-Real Estate Management and Development. Before this full-time appointment, Ms. Cotter owned and served as President of OBI, LLC, which managed Reading International's live theatre operations and provided development services for New York theatre and cinema properties under a management agreement from 2002 until 2016.

Andrzej Matyczynski, Executive Vice President – Global Operations
Andrzej Matyczynski was appointed Executive Vice President – Global Operations for Reading International on March 10, 2016. He previously served as the company's Strategic Corporate Advisor and was the Chief Financial Officer and Treasurer from November 1999 to May 2015. Before his tenure at Reading International, Mr. Matyczynski held various senior international roles at Beckman Coulter Inc. for 20 years. He earned a Master's Degree in Business Administration from the University of Southern California.

Robert F. Smerling, President of US Cinemas
Robert F. Smerling has been President of Reading International's domestic cinema operations since 1994, overseeing the acquisition and development of all existing cinemas. Prior to joining Reading International, Mr. Smerling served as President of Loews Theaters, where he was responsible for the operations of approximately 600 cinemas and the development of more than 25 new multiplex cinemas.

• Near-Term Liquidity and Debt Pressure: Reading International faces significant challenges with its balance sheet structure, including a negative stockholders' equity and a substantial negative working capital position. The company has a limited cash reserve and upcoming debt obligations, placing it under constant pressure to manage short-term liabilities, despite proactive measures like strategic real estate sales to service debt.
• Structural Challenges in the Global Cinema Industry: The company's core cinema exhibition segment is a major "headwind" due to volatile revenue streams that are highly dependent on unpredictable box office performance. Furthermore, the company has deferred non-essential expenditures on cinema upgrades and refurbishments, which could impact its competitive standing in the long term.
• Real Estate Market Fluctuations and Regulatory Changes: Although Reading International's real estate portfolio serves as a diversified asset, this segment is exposed to market-specific challenges such as fluctuating demand in commercial spaces and evolving city planning and zoning laws.

The ongoing shift in major studio distribution strategies, prioritizing streaming-first releases for a significant portion of their content and maintaining flexible or shorter theatrical windows for even some higher-profile films. This trend directly diminishes the consistent supply of diverse, exclusive content available for cinema exhibition, increasing Reading International's revenue volatility and reliance on a narrower slate of blockbuster titles.

The sustained downturn in the commercial real estate market, characterized by rising vacancy rates, declining property valuations, and higher financing costs across various sectors, including office and retail. This directly impacts Reading International's ability to lease its extensive real estate portfolio, maintain or grow rental income, and profitably pursue new development projects.

Reading International (RDI) operates primarily in two segments: Cinema Exhibition and Real Estate. The addressable markets for these main products and services are as follows:

Cinema Exhibition

• United States: The movie theaters industry in the United States is projected to have a market size of $16.0 billion in 2025.
• Australia: The Cinemas industry in Australia is estimated to have a market size of $1.4 billion in 2025.
• New Zealand: The Cinemas industry in New Zealand is projected to have a market size of $270.1 million in 2025.

Real Estate

• United States Commercial Real Estate: The Commercial Real Estate industry in the United States is estimated to be $1.5 trillion in 2025.
• Australia Retail Property: The Retail Property Operators industry in Australia is projected to have a market size of $37.2 billion in 2025. The broader Australian commercial real estate market size was USD 33.88 billion in 2024 and is expected to reach almost USD 72.47 billion by 2034.
• New Zealand Commercial Property: The commercial property market in New Zealand is anticipated to surpass $400 billion in 2025. The Commercial Property Operators industry in New Zealand is projected to have a market size of $28.2 billion in 2025.

• Cinema Business Rebound and Blockbuster Releases: Following the impacts of the 2023 Hollywood strikes, Reading International anticipates a recovery in its cinema segment, bolstered by a strong pipeline of blockbuster film releases. The company reported higher box office revenues in the fourth quarter of 2024 due to "record setting industry releases". Successful film releases, such as *Minecraft Movie*, *Lilo & Stitch*, and *Mission: Impossible*, were cited as contributors to strong box office performance in the second quarter of 2025. This trend is expected to continue, driving increased attendance and ticket sales.
• Luxury Recliner Conversions: Reading International is investing in upgrading its cinema infrastructure to enhance the customer experience. In the United States, the company aims to convert 23 screens to luxury recliners across three theaters within the next 24 months. These upgrades typically attract more patrons and allow for higher ticket pricing, contributing to revenue growth.
• Optimized Real Estate Performance and Strategic Asset Management: While the company has engaged in strategic asset sales that temporarily affected real estate revenues, its focus on optimizing remaining properties and increasing operating income is a key driver. In Q4 2024, global real estate revenues and operating income increased, supported by higher rental and ancillary income and a 96% leasing rate for non-cinema rental space. Strategic moves, such as the long-term leaseback and potential refurbishment of the Courtenay Central multiplex in Wellington, New Zealand, are anticipated to contribute to future real estate revenue streams.
• Growth in Average Ticket Price (ATP) and Food & Beverage Spend Per Patron (F&B SPP): Reading International has demonstrated an ability to increase per-customer spending. The U.S. cinema circuit achieved its highest-ever average ticket price of $13.44 in Q2 2025. Additionally, Food & Beverage Spend Per Patron reached record highs across Australian, New Zealand, and U.S. markets in the same quarter. Continued success in these areas will drive revenue growth even with stable attendance.

Share Repurchases

• On March 10, 2020, Reading International's Board of Directors authorized a $25.0 million increase to its existing stock repurchase program, bringing the total authorized amount to $26.0 million. This program was set to expire on March 2, 2022.
• The last share repurchase made by the company occurred on March 5, 2020, involving 25,000 shares at an average cost of $7.30 per share.
• No shares have been repurchased by Reading International since March 10, 2020, and the authorized stock repurchase program expired on March 10, 2024, with $26.0 million remaining available at the time of expiration.

Share Issuance

• Between March 30, 2023, and March 28, 2024, the number of Class A non-voting common stock shares outstanding increased from 20,501,150 to 20,675,185.
• As of August 13, 2025, there were 21,036,670 shares of Class A non-voting common stock outstanding, an increase from March 2024.
• Additional paid-in capital increased by $945,000 between December 31, 2024, and June 30, 2025, reflecting proceeds from share issuance.

Capital Expenditures

• Reading International's capital expenditures were $4.711 million in 2023, $9.780 million in 2022, and $14.428 million in 2021.
• The company significantly reduced capital expenditures in 2021 to manage negative operating cash flow, primarily due to the COVID-19 pandemic's impact on its cinema business.
• Reduced depreciation and amortization expenses in both the fourth quarters of 2023 and 2024 were attributed to delays in capital expenditure spending, indicating a continued conservative approach.