First Quarter 2025 Earnings Conference Call. Thank you for joining Reading International's Earnings Call to discuss our 2025 First Quarter. My name is Andrzej Matyczynski, and I am Reading's Executive Vice President of Global Operations. With me are Ellen Cotter, our President and Chief Executive Officer; and Gilbert Avanes, our Executive Vice President, Chief Financial Officer and Treasurer. Before we begin the substance of the call, I will run through the usual caveats. In accordance with the safe harbor provision of the Private Securities Litigation Reform Act of 1995, certain matters that will be addressed in this earnings call may constitute forward-looking statements. Such statements are subject to risks, uncertainties, and other factors that may cause our actual performance to be materially different from the performance indicated or implied by such statements. Such risk factors are clearly set out in our SEC filings. We undertake no obligation to publicly update or revise any forward-looking statements. In addition, we will discuss non-GAAP financial measures on this call. Reconciliations and definitions of non-GAAP financial measures, which are segment operating income, EBITDA and adjusted EBITDA, are included in our recently issued 2025 first quarter earnings release released on May 15 on our company's website. We have adjusted, where applicable, the EBITDA items we believe to be external to our business and not reflective of our cost of doing business or results of operations. Such costs could include legal expenses relating to extraordinary litigation and any other items that we can consider to be nonrecurring in accordance with the 2-year SEC requirement for determining whether an item is nonrecurring, infrequent or unusual in nature. We believe that the adjusted EBITDA is an important supplemental measure of our performance. In today's call, we also use an industry-accepted financial measure called theater level cash flow, TLCF, which is theater level revenue less direct theater level expenses. Average ticket price, ATP, which is calculated by dividing cinema box office revenue by the number of cinema admissions is also used as an accepted industry acronym. We will also use a measure referred to as Food and Beverage Spend Per Patron, F&B SPP, which is a key performance indicator for our cinemas. The F&B SPP is calculated by dividing a cinema's revenues generated by food and beverage sales by the number of admissions at that cinema. Please note that our comments are necessarily summary in nature, and anything we say is qualified by the more detailed disclosure set forth in our Form 10-Q and other filings with the U.S. Securities and Exchange Commission. I would also like to mention that we are presenting this coming Thursday at the Sidoti Virtual Micro-Cap Conference. We will post the presentation deck on the investor relations section of our website at www.readingrdi.com. So, with that behind us, I'll turn it over to Ellen, who will review our 2025 first quarter results and discuss our business strategy going forward, followed by Gilbert, who will provide a more detailed financial review. Ellen?

Thanks Andre, welcome everyone to the call today, and thanks for listening in. Let's start with some significant events that occurred during the first quarter of 2025 and over the early part of the second quarter of 2025. On January 31, 2025, we completed the sale of our assets in Wellington, New Zealand for NZD38 million. Recall that we put these assets up for sale following the unexpected termination of the sale lease back deal we were working on with the Wellington City Council, which deal would have provided funding to cover our pre-development and carrying costs. As a result of the sale of these assets, we did eliminate NZD18.8 million of debt with Westpac and $6.1 million of Bank of America debt and reduced our overall annual interest expense and holding costs. As part of the sale transaction, we entered into an agreement to lease for a renting cinema space in the Courtenay Central building, which historically or before it closed in 2019 for seismic reasons, was one of our global circuit's best performing cinemas and one of the best performing movie theaters in all of New Zealand. The buyer of our Wellington assets, the Primeproperty Group, is actively working on redeveloping and seismically upgrading the building and will likely hand over our cinema tenancy early next year. As the cinema industry continues to strengthen, we anticipate reopening this theater in late 2026, early 2027. And our goal is to relaunch with the best cinematic experience in New Zealand. We've been working with a buyer on the sale of our Cannon Park asset in Townsville, Australia for the last few months. We have an unconditional contract for AUD32 million expected to close May 21, 2025 Australia time. If the buyer doesn't close, we have the option of terminating the…

Thank you, Ellen. Consolidated revenue for the quarter ended March 31, 2025 decreased by 4.9 million to 40.2 million when compared to the first quarter of 2024 as a result of lower attendance in all 3 countries, partially as a result of the 2 cinemas we closed in U.S. and New Zealand since Q1 2024, along with lower performing titles for our U.S. and Australia theater, which was in part due to the external factors surrounding the release of Disney's Snow White. Slight decreases in property rental revenue in all 3 countries. And the weakening of our Australian and New Zealand foreign exchange rate against the U.S. dollar offset by an increase in live theater revenue. Net loss attributable to Reading International Inc. for the quarter ended March 31, 2025 decreased by 8.5 million to a loss of 4.8 million compared to a loss of 13.2 million in Q1 2024. Q1 2025 basic loss per share decreased by $0.38 to a basic loss per share of $0.21 compared to a basic loss per share of $0.59 for Q1 2024. These improved results were primarily due to a gain on sale of assets of 6.5 million as a result of the sale of Courtenay Central property, lower operating expenses, and lower interest expenses compared to the same period in prior year. Our total company depreciation, amortization impairment, and G&A expenses for the quarter ended March 31, 2025 decreased by 1.1 million to 8.5 million compared to Q1 2024. This decrease was primarily due to decreases in depreciation and amortization as a result of the sale of our Culver property in February 2024 and the sale of Courtenay Central in January 2025 and no depreciation on our held for sale properties. Income tax benefit for the quarter ended March 31, 2025 increased…

Thanks Gilbert. First, I'd like to thank our stockholders for forwarding questions to our investor relations email. As usual, in addition to addressing many of your questions in the prepared remarks from Ellen and Gilbert, we selected a few additional questions to offer additional insights from management. The first such question is, what is your cinema CapEX forecast for 2025? What cinema renovation projects are in progress, and what others are planned to start and completion in 2025. Ellen?

In the U.S. during 2025, we've got 1 theater that has plans filed with the city for an upcoming renovation. We're converting 10 auditoriums to recliners and adding a [indiscernible] screen in that theater. In New Zealand, through the rest of 2025, we're working on concepts and plans for the upgrade of our Reading Cinema at Courtenay Central, which will include conversion to recliners, addition of premium experiences, and lobby and F&B upgrades. Right now, we've got 4 other cinemas currently targeted for upgrades in late 2025 and early 2026. With respect to those theaters, 2 in the US, 1 in Australia and another in New Zealand, we're currently working through capital allocation issues and landlord negotiations. So right now we can offer no assurance that those renovations in those 4 theaters will be completed, but we'll be able to have a more definitive report for you in the next quarter.

Thanks Ellen. In the same note, what are Reading's intermediate term plans to maximize and optimize the value of each of Minetta Lane, post the new Amazon audible lease, and Orpheum theater sites. What analysis has management performed as to what is likely far higher value from redeveloping these parcels into alternative use versus the revolving door renting Orpheum to live shows with intermittent costly periods of vacancy. Ellen?

Reducing our debt and rebuilding our operational cash flow base are the 2 of our main priorities for 2025. We're continuously reviewing and weighing our assets against those goals. Our current plan for the Minetta and Orpheum is to continue to rely on the after debt service cash flow they've generated for years. We're in the process of renewing our Santander debt and anticipate that the interest rate will be stable over the year ahead. While we were disappointed to see Stomp close in 2023 after a historic 30-year run, the last 2 calendar quarters, Q4 2024 and Q1 2025 at the Orpheum have delivered cash flow comparable to Q4 2019 and Q1 2020, when Stomp was on stage. While we'd love to have another show, [indiscernible] sit down at the Orpheum-like Stomp as we work to find a show that has those unique and long-term potentials, we're booking well received, engaging in profitable shows that appeal principally to our East Village audience. The Jonathan Larson Project and Big Gay Jamboree are perfect examples of such shows. We also believe that the upcoming Ginger Twinsies, an Off-Broadway parody of The Parent Trap movie opening in about 6 weeks will also be a solid booking. And with respect to the Minetta, we've enjoyed our arrangement with Audible over the last 8 years and expect it to continue for at least the next few years. Audible continues to deliver strong programming. Their current show Sexual Misconduct of the Middle Classes, a New York Times critic pick starring Hugh Jackman, represents one of the best shows ever mounted at the Minetta. And Creditors starring Liev Schreiber, which just earned a New York Times critic pick, looks to be another hit. While focusing on running the theaters and delivering the best product for New Yorkers is our current plan as with all our assets, that operational plan does not prevent us from reviewing any future opportunity and weighing it against all our other options and conditions at the time.

Thanks Ellen. Regarding our debt, the Santander, Minneta, and Orpheum Theater term loan was only rolled forward for another short duration. Do you expect to refinance this loan with Santander or from another source, and how much will further increase in interest rate is expected to result from the refinancing term sheets you have seen. Gilbert?

We're in discussion with Santander to extend existing loan for another year. To be negotiated, the terms of the extension would include a partial paydown over the term of the extension. Also, we expect that the interest rate for the year to be generally within the same range as it is today.

Thanks Gilbert. And our final Q&A, which I filled. The company is presenting this Thursday, May 22 at Sidoti’s Virtual Micro-Cap Conference, as I mentioned up above. In addition to this conference, one of our stockholders asked what additional proactive steps and when will the company take to attract both sell-side analysts and buy-side investors to the company to obtain lower cost of capital and higher valuation on its shares. Apart from presenting at the Sidoti Conference, the company will also host [indiscernible] meetings with potential future shareholders over the 2-day conference. We're also working with our existing analysts to participate in several non-deal roadshows over the next 2 quarters. Whilst we maintain contact with potential sell-side and buy-side analysts, at this point in time, pay for coverage organizations are showing the most interest in our company, and management believes that the cost of such a service, taking into account our liquidity needs, does not seem to provide the best use of our capital.

That marks the conclusion of this -- conference call of 2025, a year in which we are at last beginning to see resurgence of the breadth and depth of the cinematic experience that we aspire to translate into enhanced value for our stockholders.