SEG Q1 2026 Earnings Transcript

Motley Fool Transcribing, The Motley Fool

Fri, May 8, 2026 astatine 11:05 AM CDT 32 min read

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DATE

Thursday, May 7, 2026 astatine 8:30 a.m. ET

CALL PARTICIPANTS

• Chief Executive Officer — Matthew Partridge

• Chief Financial Officer — Lenah Elaiwat

Full Conference Call Transcript

Matthew Partridge: Thanks, Jason, and bully morning, everyone. Let's commencement with the header items from the archetypal 4 months of 2026, immoderate of which we discussed during our erstwhile net telephone successful March, but are inactive incredibly important accomplishments arsenic we proceed to presumption the enactment arsenic a scalable existent estate-centric hospitality and amusement company. To commencement the year, we completed the merchantability of 250 Water Street, generating much than $75 cardinal of liquidity and eliminating ongoing transportation costs. We leased the Tin Building to Lux Entertainment, the relation of the interactive modern creation experience, Balloon Museum, transitioning the spot to a leased and soon-to-be currency flowing asset.

We opened Sadie's Restaurant successful Garden Bar, our self-developed caller American restaurant, which has received precise affirmative archetypal reviews and has exceeded our expectations. We announced our arts, civilization and hospitality focused concern with Public Service, the originative and curatorial squad down the highly acclaimed conception Public Records to make a caller offering for the Seaport. We've developed a broad calendar of seasonal sporting, taste and evergreen programming, which serves arsenic the instauration for impermanent engagement and accrued visitation. And during the archetypal quarter, we generated a 21% year-over-year betterment successful our non-GAAP adjusted nett loss, which adjusts our GAAP nett nonaccomplishment for definite noncash and nonrecurring items.

These achievements correspond important advancement towards improving liquidity and currency flow, stabilizing and optimizing operations and creating sustainable semipermanent worth for our shareholders, assemblage and different stakeholders. Said differently, this is the turning point. And arsenic a effect of our progress, we judge we are connected a way to thrust affirmative semipermanent operational currency travel and net growth. That said, we are inactive aboriginal successful gathering what Seaport Entertainment Group tin become. The broader accidental for strategical positioning of our institution is centered connected existent property assets with market-specific multi-revenue ecosystems that thrust outsized request to the destinations done integrated experiences and curated placemaking. Consumer wallet stock is being structurally reallocated towards time, societal connections and place-based spending.

As screens get louder, integer contented gets much crowded and AI makes it harder to cognize what is real, we judge radical volition spot adjacent greater worth connected memorable in-person experiences they tin consciousness and stock with others. People privation quality connection, and that is wherever we are focused. By creating places, events and activations that bring radical together, we are giving them a crushed to travel backmost and gathering lasting value. This should yet effect successful much tenant and conception success, starring to semipermanent maturation successful rents and operational currency travel and successful turn, improving wide existent property and organizational value.