Revenue declines in Q4 2025 were primarily driven by a weaker global film slate compared to the record-breaking 'Wicked/Moana/Gladiator' trifecta in late 2024.

Management successfully reduced global debt by approximately 10% in 2025, funded by the strategic monetization of non-core assets in Wellington and Townsville.

Operating income for the cinema segment grew 230% year-over-year despite lower revenues, reflecting disciplined expense management and the closure of eight unprofitable theaters since 2020.

The company is leveraging its dual-segment model by using real estate value to provide liquidity and bridge the gap as cinema attendance continues to trend below pre-pandemic levels.

Food and beverage spend per person reached historical records across all three divisions, bolstered by high-margin movie merchandise and themed menus.

Strategic focus has shifted toward loyalty program expansion, with Australian and New Zealand memberships growing 18% following a rewards program relaunch.

Management anticipates 2026 will be the strongest post-pandemic box office year to date, supported by a robust slate including 'Toy Story 5' and 'Avengers: Doomsday'.

The company plans to monetize the Cinemas 1, 2, and 3 building in Manhattan by Q3 2026 to pay down approximately $25.7 million in specific loan facilities.

Capital expenditure in 2026 is prioritized for high-ROI theater renovations, including adding luxury recliners and premium large format (PLF) screens in California and Wellington.

Ongoing negotiations with third-party landlords aim to realign occupancy costs with current attendance levels and inflationary operating expense pressures.

The company expects to launch a paid premium Angelika monthly membership in the U.S. next quarter to drive recurring revenue and guest frequency.

Completed the acquisition of the remaining 25% interest in Sutton Hill Properties, gaining full control of the Cinemas 1, 2, and 3 building and the Village East ground lease.

The sale of the Napier property in New Zealand for NZD 2.5 million is under contract and expected to close within months to fund Wellington theater renovations.

Foreign exchange volatility remains a headwind, with the New Zealand dollar devaluing 3% against the U.S. dollar in Q4 2025, impacting consolidated international reporting.

The Reading Viaduct remains a key asset under legal appeal; management maintains that any future transaction must reflect fair value for stockholders despite ongoing litigation.

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Management intends to sell the Cinemas 1, 2, and 3 building to repay the $19.7 million Valley National loan and $6 million Bank of America loan.

The company is actively exploring refinancing options for the Santander and Emerald Creek facilities maturing in mid-to-late 2026.

At least one U.S. theater will close in 2026 due to lease expiration, with a few more potential exits over the next 12-18 months if they do not contribute to circuit cash flow.

Decisions are driven by the ability to secure occupancy adjustments from landlords to offset increased operating expenses.

The property is being marketed as a luxury residential or hotel redevelopment opportunity without any requirement for the buyer to continue cinema operations.

Over 50 confidentiality agreements have already been signed, indicating strong market interest in the 'as-is' sale of the Upper East Side asset.

Of the $19.3 million in G&A, 75% is attributable to corporate costs primarily in the U.S., while 21% supports cinema and 4% supports real estate.

Management has reduced total G&A by 24% since 2019 through corporate efficiencies and the sale of the California headquarters.

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