Seaport Entertainment Group Inc.

For Q2 2026, total operating EBITDA improved by $5.6 million year over year to $4.5 million from a loss of $1.1 million, with all segments positive. Net loss attributable to common stockholders improved 29% year over year to $10.5 million, and net loss per share improved to $0.82 from $1.16. Non-GAAP adjusted net income was $320,000 versus a non-GAAP adjusted net loss of $7.4 million a year ago; on a per-share basis it was $0.02 versus a loss of $0.58. Landlord revenue increased $2.8 million, or 67%, and landlord operating EBITDA was $600,000; hospitality operating EBITDA was approximately $280,000; entertainment operating EBITDA declined by $1 million, or 23%, year over year. G&A totaled $6.6 million, down $1.7 million, or 20%, from $8.3 million. Capital expenditures were $14.8 million, and the company ended the quarter with a net cash position of $88.9 million and $127 million of cash, cash equivalents and restricted cash, with $38.1 million of debt outstanding. Management said $70 million to $90 million of CapEx had been expected overall, with about $50 million to $70 million remaining over the next 2 years. No formal next-quarter or full-year financial guidance was given, but management said the next 3 quarters should show year-over-year improvement and that earnings should improve in 2027 and more so in 2028 as openings ramp.

Matt Partridge framed the quarter as a major milestone and said the company is progressing from stabilization toward a more durable growth profile. He emphasized that the business is intentionally building complementary assets around events, entertainment and place-making rather than behaving like a traditional real estate company. His tone was optimistic but measured: he noted that seasonal factors, tenant timing and event scheduling can cause volatility, even as he said the company remains on track for initial stabilization in 2028.

Lenah Elaiwat focused on the quarter’s financial improvement, pointing to the shift to positive operating EBITDA, the turnaround to positive adjusted net income, and continued cost discipline. She cited G&A of $6.6 million, down $1.7 million year over year, and said the company has already received $20.8 million of the $27.8 million Water Street escrow, while ending with $88.9 million of net cash and only the $38.1 million Las Vegas ballpark loan outstanding. She also said most of the $14.8 million of quarterly CapEx went to landlord work for upcoming concepts and that the remaining CapEx target is $50 million to $70 million over the next 2 years.

Analysts focused on CapEx, remaining leasing opportunities, potential internal concepts, and balance-sheet capital allocation. Management said remaining CapEx should be $50 million to $70 million over the next 2 years, and that smaller remaining spaces are likely to be leased to third-party operators rather than developed internally, since the company wants to reserve internal execution for systemically important assets like Sadie’s, the concert venue and the planned event space. They also said there is no imminent capital raise, that buybacks remain a possible tool but would not be discussed until they happen, and that the biggest variable in future EBITDA is the ramp of the new event space.