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- **Revenue Resilience**: Q3 revenue flat YoY (pro forma), with 11% same-store growth in Hospitality and event-driven Entertainment gains.
- **Cost Efficiency**: Non-GAAP net loss narrows 71% YoY to $7.2M, driven by $18M G&A savings and operational cost-cutting.
- **Strategic Sales**: 250 Water Street sale price increases to $152M, with closing by Dec 15 to reduce annual cash burn by $7M.
- **Growth Catalysts**: 100,000 sq ft of new leases in pipeline, 2026 event expansion, and centralized tech systems driving 40% EBITDA improvement.
- **Risk Management**: Negative net debt position ($117M cash vs $101M debt) provides flexibility for selective investments.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 revenue of $45.1M, up 1% YoY (pro forma). Hospitality segment saw 11% same-store growth, driven by new concepts like Duutano and event-driven demand. Entertainment segment faced 5% revenue decline due to timing of concerts.
- **Key Initiatives**: 
  - Flanker Kitchen & Sports Bar and Hidden Boot Saloon set to open in 2026, adding 14,000 sq ft of dining & nightlife space.
  - Centralized POS and procurement systems completed, improving margin optimization.
  - 250 Water Street sale extended to Dec 15, with price increased to $152M, expected to reduce cash burn by $7M annually.
- **Leasing Momentum**: 100,000 sq ft of remaining vacancy (excluding Nike space returning in 2027). Cork and Willets expected to open mid-2026, with Flanker targeting late 2026.
- **Event Strategy**: Macy's 4th of July generated record revenue, with 35,000 attendees. 2026 plans include expanding event programming on rooftops and piers.

**【CFO Financial Commentary】**
- **Profitability**: Non-GAAP adjusted net loss narrowed to $7.2M (Q3 2025) vs $24.2M (Q3 2024), driven by cost-cutting and event revenue.
- **Segment Performance**: 
  - **Hospitality**: Adjusted EBITDA up 40% YoY (excl. one-time items), supported by Lawn Club and Duutano.
  - **Entertainment**: EBITDA down 51% YoY due to lower concert count and sponsorship costs.
  - **Landlord**: EBITDA down 45% YoY (incl. $6M non-recurring charges), but core growth 76% YoY from rental income and cost savings.
- **Balance Sheet**: $117M cash, $101.4M debt, and negative 2% net debt ratio.
- **Capital Expenditures**: $4.8M in Q3, with $50M+ committed for 2026 projects (e.g., Meow Wolf, Flanker).

**【Q&A Highlights】**
- **Profitability Levers**: Filling 100,000 sq ft of remaining space, operational efficiency improvements, and event-driven revenue.
- **Leasing Demand**: Strong interest in food & beverage tenants; focusing on right mix for diverse customer base.
- **Tin Building Restructuring**: Transitioning to in-house management to reduce fees; plan to announce 2026 strategy in next earnings call.
- **Capital Allocation**: Prioritizing cash-generative projects like 250 Water Street sale and event programming over high-capital developments.
- **2026 Outlook**: Expect velocity pickup in back half of 2026 with new tenant openings and Meow Wolf activation.

Seaport Entertainment Group Inc. (SEG) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Net Income

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SEG

SEG fundamentals

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