Seaport Entertainment Group Earnings Call Transcripts
Fiscal Year 2026
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Q3 operating EBITDA turned positive for a second consecutive quarter, while weather disrupted entertainment results. Adjusted losses narrowed, and the 2028 stabilization plan depends on new openings, cost savings, and continued investment.
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Achieved first-ever positive operating EBITDA and non-GAAP adjusted net income, driven by cost reductions, new tenant openings, and strong event activity. All segments posted positive EBITDA, with significant future growth expected from new concepts and stabilized operations by 2028.
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The meeting confirmed a quorum, reelected all directors, and ratified the independent auditor. No shareholder proposals or questions were raised, and final voting results will be filed with the SEC.
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Liquidity improved with the $75M Water Street sale and cost efficiencies, while non-GAAP adjusted net loss narrowed 21% year-over-year. Hospitality EBITDA rose despite revenue declines, and new leases and event-driven programming are expected to drive future growth.
Fiscal Year 2025
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Net loss and adjusted net loss improved significantly year-over-year, driven by cost controls, asset sales, and new event-driven initiatives. The company strengthened its balance sheet, expanded its event and hospitality offerings, and set a new G&A benchmark for 2026.
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Q3 2025 saw modest revenue growth and a significant improvement in adjusted net loss, driven by strong event performance and cost discipline. The pending 250 Water Street sale is set to boost liquidity, while leasing and hospitality initiatives are expected to drive future profitability.
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Q2 2025 saw revenue growth driven by entertainment, strong cost controls, and improved EBITDA across segments. Hospitality faced revenue declines but offset with operational efficiencies, while major events and new leases boosted momentum. Net loss narrowed significantly year-over-year.
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Q1 2025 saw a 12% revenue decline but significant improvements in net loss and EBITDA, driven by cost controls and segment optimization. New event spaces and hospitality initiatives are expected to drive future growth, while strong liquidity supports ongoing transformation.
Fiscal Year 2024
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Q4 2024 saw flat revenues, improved rental income, and a reduced adjusted net loss, despite a higher GAAP net loss due to one-time items. Major partnerships, a strong cash position from a rights offering, and new initiatives in NYC and Las Vegas set the stage for future growth.