Thanks for joining the 2025 Fourth Quarter and the Full Year Earnings Call for Reading International Inc. My name is Gilbert Avanes. I'm the company's Chief Financial Officer and the Treasurer. Joining me today is Ellen Cotter, President and CEO. Today, we're going to modify the order of our call. After I run through normal caveats, I'll start first by presenting the results from our 2025 fourth quarter and full year. I will also talk about our balance sheet, liquidity and provide a summary of our debt position. Then I'll turn the call over to Ellen, who will discuss our business strategy. After that, we'll address some specific questions that came in from our stockholders, understanding that we have tried to weave answers to many stockholders' questions into our prepared remarks. So let me start with running through the usual caveats. Some of the statements that we make today regarding our business, operations and financial performance may be considered forward-looking. Such statements are based on our current expectations and assumptions that are subject to a number of risks and uncertainties. We undertake no obligation to update any forward-looking statements. Actual results could differ materially. Please refer to our Forms 10-K and 10-Q, including the risk factors. During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP and GAAP measures is included in our earnings release issued March 31, 2026, which is distributed and available to the public through our website located at investors.readingrdi.com. With that behind us, I will go over the results from Q4 2025 and the full year 2025. But before I do that, I want to point out a few important transactions completed in 2025. In Q1 2025, we completed the sale of our property assets in Wellington, New Zealand for…

Thanks, Gilbert, and welcome, everybody, to the call. While we are disappointed that the global box office resulted in our quarterly and annual revenue results trailing the same periods in 2024, our management teams worked hard through 2025, completing various deals and initiatives that should ultimately lead to a stronger Reading into '26 and beyond. As Gilbert mentioned, 2 major asset sales, Cannon Park and Wellington allowed us to make a sizable reduction in our debt, while we are also retaining the Reading Cinema opportunity through entering into agreements to lease on those properties. The acquisition of Sutton Hill Associates resulted in the company controlling 100% of the Cinema 1, 2, and 3 building and taking Ground Lessee's Interest in the Village East by Angelika Cinema in New York City. Various amendments with our lenders, as Gilbert just outlined, resulted in maturity date and principal payment date extensions. The implementation of key strategic operational initiatives that should result in an overall stronger cinema trading into the future as the box office improves. While the 2025 box office overall disappointed to date, in 2026, we've enjoyed better results. On a flash basis, our global cinemas are trading ahead in 2026 by over 11% on a U.S. dollar basis for the period from January 1 through yesterday, April 1, the very exciting opening day of the Super Mario Galaxy movie. In March 2026, the entirely original movie, Project Hail Mary, which opened to sensational box office and fanfare from critics and audiences reinforced our confidence in the theatrical experience and how movies with compelling stories and heart, coupled with amazing marketing campaigns can create cultural moments for global moviegoers. We're equally excited for the rest of 2026, which includes highly anticipated major releases like The Devil Wears Prada 2, Toy Story 5,…

So with that, I'll take over the Q&A section, and I'll read out the first question, which is for Gilbert. The 10-K now shows the Bank of America facility maturing September 18, 2026, the Santander, Minetta and Orpheum loan maturing June 1, '26, the Valley National Cinema 1, 2, 3 loan maturing October 1, '26 and the 44 Union Square loan maturing November 6, '26, with an extension option to May 6, '27. Please walk through the Board's intended 2026 sequence for addressing these facilities, including which are expected to be repaid from asset monetization versus refinanced and in what order? Gilbert?

To address the liquidity needs, the Board has decided to list the Cinemas 123 buildings for sale. With the sale of the proceeds from this property, we plan to pay off the Valley National loan, which has a current balance of $19.7 million and to pay off the Bank of America loan, which has a current balance of $6 million. While no assurance can be given, we believe it is reasonable to assume that this property can be monetized before the end of third quarter of this year. Regarding the Santander, Minetta and Orpheum loan and the 44 Union Square loan with Emerald Creek Capital, we're currently exploring with lenders to refinance and further extend the maturity dates.

Thanks, Gilbert. I'll read out the second question and provide an answer. Since 2020, you note that 8 cinemas have been wound up and all had negative cash flow in the year of closing. Beyond Queenstown and San Diego, how many additional cinemas are presently on a watch list for closure or lease restructuring? And what operating criteria drive those decisions. Well, at this point, we know we'll be closing at least one additional U.S. theater in 2026. The lease expired on the space without any remaining options, which gave the landlord the opportunity to take back the space and that has been confirmed. They'll do that. Across the U.S., we're in negotiation with most of our cinema landlords. We think that most landlords should be making some sort of occupancy adjustment to reflect the fact that operating expenses have increased across the board. And while we're hopeful that the global cinema business returns to pre-pandemic levels, we need to take a conservative approach in that regard. In Australia and New Zealand, our teams are likewise seeking occupancy reductions with certain third-party cinema landlords. As we work with our landlords in the U.S., Australia and New Zealand, we're evaluating the strength of the potential future cash flows in light of existing business circumstances. If we have an opportunity to exit a theater that we believe will not contribute to our overall circuit cash flow, we will look to exit. We expect over the next 12 to 18 months, there may be a few more cinema closures. But I'll also note that our confidence in the business remains strong, and we'll also continue to evaluate new cinema opportunities in compelling markets as those opportunities present themselves to us. So now there's a third question. I'm going to read out the question…

Regarding our G&A expenses of $19.3 million, our Cinema business is responsible for $4.1 million or 21%, $0.7 million or 4% is attributable to real estate and $14.4 million or 75% attributable to corporate. Our corporate expenses are primarily incurred within the United States as most of the corporate employees are primarily located in Los Angeles area. We have made concrete efforts to lower our G&A expenses and created efficiencies wherever possible. And since 2019, we have lowered our G&A expenses by $6.1 million, which is about 24% reduction. That marks the conclusion of our fourth quarter and the full year 2025 conference call. We appreciate you listening to the call today. Thank you for your attention and support.

Thank you.