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Corus Entertainment Inc

CORUS ENTERTAINMENT ANNOUNCES FISCAL 2026 FIRST QUARTER RESULTS

  • Consolidated revenue decreased 18% for the quarter
  • Consolidated segment profit(1) decreased 32% for the quarter
  • Consolidated segment profit margin(1) of 21% for the quarter
  • Net loss attributable to shareholders of $11.1 million ($0.06 loss per share basic) for the quarter
  • Free cash flow(1) of a negative $53.6 million for the quarter

TORONTO , Jan. 14, 2026 /CNW/ - Corus Entertainment Inc. (TSX: CJR.B) announced its first quarter financial results today.

"Our first quarter results were in line with our expectations, with persistent market headwinds and industry conditions continuing to impact both advertising and subscriber revenue," said John Gossling, Chief Executive Officer. "We are pleased with our significant progress in respect of the proposed recapitalization transaction first announced in November. When completed, the proposed transaction is expected to deliver substantial balance sheet improvements, including reductions of indebtedness and other liabilities of more than $500 million and annual cash interest savings of up to $40 million, as well as extended maturity dates for credit facilities and notes. Our management information circular with details about the proposed transaction has been mailed to eligible securityholders, and the Board of Directors encourages voting in favour of the resolutions to be passed at the related meetings, which will be held on January 30th."

Financial Highlights



Three months ended
November 30, 

%

(in thousands of Canadian dollars except per share amounts)

2025

2024

Change

Revenue




Television

245,074

303,629

(19 %)

Radio

22,492

23,542

(4 %)


267,566

327,171

(18 %)




Segment profit (loss) (1)




Television

55,945

85,964

(35 %)

Radio

5,344

3,867

38 %

Corporate

(4,041)

(5,608)

28 %


57,248

84,223

(32 %)




Segment profit margin (1)




Television

23 %

28 %


Radio

24 %

16 %


Consolidated

21 %

26 %





Net income (loss) attributable to shareholders

(11,108)

11,908


Adjusted net income (loss) attributable to shareholders(1)

(1,789)

28,372





Earnings (loss) per share:




Basic and diluted

($0.06)

$0.06


Adjusted basic (1)

($0.01)

$0.14





Free cash flow (1)

(53,587)

(10,149)

(428 %)

(1)

In addition to disclosing results in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"), the Company also provides supplementary non-IFRS measures as a method of evaluating the Company's performance and to provide a better understanding of how management views the Company's performance. These non-IFRS or non-Generally Accepted Accounting Principles ("GAAP") measures can include: segment profit (loss), segment profit margin, free cash flow, adjusted net income (loss) attributable to shareholders, adjusted basic earnings (loss) per share, net debt to segment profit, and new platform revenue. These are not measurements in accordance with IFRS and should not be considered as an alternative to any other measure of performance under IFRS. Please see additional discussion and reconciliations under the Key Performance Indicators and Non-GAAP Financial Measures section of the Company's First Quarter 2026 Report to Shareholders.

Segment Revenue



Three months ended
November 30, 

%

(in thousands of Canadian dollars)

2025

2024

Change

Revenue

245,074



Television

303,629

(19 %)

Advertising

135,339

176,689

(23 %)

Subscriber

98,763

115,698

(15 %)

Distribution, production and other

10,972

11,242

(2 %)

Radio

22,492

23,542

(4 %)

Total Revenue

267,566

327,171

(18 %)




New platform revenue percentage (1)

15 %

12 %


(1)

New platform revenue does not have a standardized meaning prescribed by IFRS. For definition and explanation, see the discussion under the Key Performance Indicators and Non-GAAP Financial Measures section of the First Quarter 2026 Report to Shareholders.

Operational Highlights 

Corus announced a strong schedule across Global and its specialty networks for Winter 2025.

  • Global announces its winter 2026 lineup. On December 11, 2025, Global announced its slate of winter 2026 premieres anchored by Season 50 of Canada's #1 reality series Survivor.[1] Global's midseason lineup includes new series CIA, reality competition show America's Culinary Cup and true-crime series Harlan Coben's Final Twist. Returning top hits feature Global original Family Law, joined by new seasons of Emmy® Award-winning comedy Abbott Elementary, #1 new comedy DMV and top 20-ranked series Matlock, Saturday Night Live, NCIS, Sheriff Country[1] and more.
  • Showcase and W Network announce midseason programming slate. On December 8, 2025, Showcase announced new titles joining the lineup including Peacock Original's The Copenhagen Test, PONIES, and Devil in Disguise: John Wayne Gacyalong with Sky Original limited series Amadeus. W Network's schedule includes new Peacock Original series The 'Burbs, and new comedy Z Suite, alongside returning favourites The Chicken Sisters, When Calls the Heart and Outlander.
  • Corus' lifestyle and factual specialty networks launch 50 new and returning series. On January 5, 2026, Canada's most-watched lifestyle brands, Flavour Network and Home Network, and #1 factual brand The HISTORY® Channel(2), announced more than 50 new and returning series across the networks' winter lineups. Flavour Network features The Great British Baking Show: The Professionals, Stanley Tucci's Searching for Italyand Gordon Ramsay'sSecret Service. Home Network's programming includes Love it or List it UKand The Block Australia. The HISTORY® Channel sees the return of Curse of Oak Island and The Unbelievable with Dan Aykroyd, along with new series History's Deadliest with Ving Rhames.

(1)

Numeris Personal People Meter Data. Total Canada. Fall'25 season-to-date (September 15 to November 23, 2025) – confirmed until November 26, 2025, Adults aged 25-54, Monday-Sunday 2am-2am, Average Minute Audience (000), Canadian Conventional Commercial English, all stations based on 'Total' except for CTV COM, 3+ airings, excludes MLB Playoffs.

(2)

Numeris Personal People Meter Data. Total Canada. Fall'25 season-to-date (September 1 to December 23, 2025) – confirmed until December 14, 2025, Adults aged 25-54, Monday-Sunday 2am-2am, Average Minute Audience (000), Canadian Specialty Commercial English.

Financial Highlights

  • Free cash flow(1) of a negative $53.6 million in Q1 2026 compared to a negative $10.1 million in the same comparable prior year period. The decrease in free cash flow(1) for the first quarter is mainly attributable to lower cash provided by operating activities and higher proceeds from sale of property in the prior year.
  • Net debt to segment profit(1) was 7.39 times as at November 30, 2025, up from 6.01 times at August 31, 2025, as a result of the decrease in segment profit and increase in the amount drawn under the revolving credit facility.
  • As of November 30, 2025, the Company had $45.2 million of cash and cash equivalents and $35.0 million available to be drawn under its Revolving Facility.
  • On October 29, 2025, Corus completed an agreement to amend its Eighth Amended and Restated Credit Agreement to increase the maximum amount the Company may request as an advance on a "revolving" basis from $75.0 million to $125.0 million.

(1)

Free cash flow, segment profit and net debt to segment profit do not have standardized meanings prescribed by IFRS. The Company reports on these because they are key measures used to evaluate performance. For definitions and explanations, see the discussion under the Key Performance Indicators and Non-GAAP Financial Measures section of the First Quarter 2026 Report to Shareholders and/or Management's Discussion and Analysis in the Company's Annual Report for the year ended August 31, 2025 ("2025 MD&A").

Recapitalization Transaction

Corus announced a proposed recapitalization transaction (the "Proposed Transaction") on November 3, 2025, that is expected to strengthen its financial foundation, support its business strategy, and enable the continuity of business operations. Corus' board of directors (the "Board") has undertaken extensive efforts since early 2024 to address the Company's balance sheet and financial challenges. This included conducting a comprehensive strategic review and, after an exhaustive evaluation of alternatives, the Board determined that the Proposed Transaction represents the best viable option to secure Corus' future while maintaining as much value as possible for all stakeholders.

The Proposed Transaction will be implemented through a plan of arrangement under the Canada Business Corporations Act, on and subject to the conditions and basis described in the Meeting Materials (indicated below). On December 17, 2025, the Ontario Superior Court of Justice (Commercial List) granted an interim order in connection with the Proposed Transaction. Class A Voting Shares, Class B Non-Voting Shares and holders of the Company's outstanding, unsecured, senior notes (collectively, the "Securityholders") will be asked to approve the Proposed Transaction at two separate, consecutive meetings to be held on Friday, January 30, 2026. Corus mailed and filed with securities regulators its notice of meeting, management information circular, and related documents (the "Meeting Materials") to Securityholders on January 8, 2026.  The Meeting Materials are also available on SEDAR+ at www.sedarplus.ca and on the Company's website at www.corusent.com

The Board unanimously recommended in the Meeting Materials that Securityholders vote in favour of the Proposed Transaction and encourages Securityholders to vote in advance of the relevant proxy deadlines on January 28, 2026 at 10:00 a.m. (Toronto time) using one of the methods described in the Meeting Materials. 

Corus Entertainment Inc. reports its financial results in Canadian dollars.

The unaudited interim condensed consolidated financial statements and accompanying notes for the three months ended November 30, 2025 and Management's Discussion and Analysis are available on the Company's website at www.corusent.com in the Investor Relations section and under the Company's SEDAR+ profile at www.sedarplus.ca.

A conference call with Corus senior management is scheduled for January 14, 2026 at 8:00 a.m. ET. While this call is directed at analysts and investors, members of the media are welcome to listen in. To instantly join the conference call by phone, please use the following URL to easily register and be connected to the conference call automatically: https://emportal.ink/4sulVkl. You can also dial direct to be entered into the call by an Operator. The dial-in number for the conference call for local and international callers is 1.416.945.7677 and for North America is 1.888.699.1199. This call will be archived and available for replay in the Investor Relations section of the Corus website beginning January 14, 2026, at 11 a.m. ET or accessible by telephone until January 21, 2026, at 1.888.660.6345 (toll-free North America) or 289.819.1450 (local or international), using replay code 52733#. More information can be found on the Corus Entertainment website at www.corusent.com in the Investor Relations section.

Risks and  Uncertainties
 Significant risks and uncertainties affecting the Company and its business are discussed under the heading "Risks and Uncertainties" and "Seasonal Fluctuations" in the 2025 MD&A, as well as in the accompanying quarterly MD&A included in the First Quarter 2026 Report to Shareholders under the heading "Risks and Uncertainties". These discussions are important to understanding the assumptions and factors which may affect the Company's outlook and results and are incorporated by reference.

Use of Non-GAAP Financial Measures

This press release includes the non-GAAP or non-IFRS financial measures of segment profit (loss), segment profit margin, free cash flow, adjusted net income (loss) attributable to shareholders, adjusted basic earnings (loss) per share, net debt to segment profit, as well as supplementary financial measures not presented in the financial statements such as new platform revenue. Non-GAAP or non-IFRS measures that are not in accordance with, nor an alternate to, generally accepted accounting principles ("GAAP") and may be different from non-GAAP or non-IFRS measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles.

Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with IFRS. They are limited in value because they exclude charges that have a material effect on the Company's reported results and, therefore, should not be relied upon as the sole financial measures to evaluate the Company's financial results. The non-GAAP financial measures are meant to supplement, and to be viewed in conjunction with, IFRS financial results. A reconciliation of the Company's non-GAAP measures is included in the Company's most recent Report to Shareholders for the three months ended November 30, 2025, which is available on Corus' website at www.corusent.com as well as on SEDAR+ at www.sedarplus.ca.

Caution Concerning Forward-Looking Information

This press release contains forward-looking information and should be read subject to the following cautionary language. To the extent any statements made in this document, or any of the documents referenced herein, contain information that is not historical, these statements are forward-looking statements and may be forward-looking information within the meaning of applicable securities laws (collectively, "forward-looking information"). This forward-looking information relates to, among other things, Corus Entertainment Inc.'s or its subsidiaries' (together, "Corus" or the "Company") objectives, goals, strategies, targets, intentions, plans, estimates and outlooks, including, but not limited to, its: strategic, operational and business plans; anticipated revenue, cost and subscription trends; applicable regulatory, judicial and legislative changes, decisions, and regimes; expectations regarding financial and operational performance; expectations regarding costs, tariffs, taxes and fees; capital, balance sheet management and liability management plans, strategies and actions and benefits thereof; ability to repay debt and/or maintain necessary access to loan and credit facilities; and announced proposed recapitalization transaction and the approval and consummation thereof.

Forward-looking information can generally be identified by the use of words such as "estimate", "forecast", "project", "believe", "anticipate", "expect", "intend", "plan", "will", "may" or the negatives of these terms and other similar expressions. In addition, any statements that refer to expectations, anticipated outcomes or impacts, projections or other characterizations of future events or circumstances may be considered forward-looking information.

Although Corus believes that the expectations reflected in such forward-looking information are reasonable, such information involves many material assumptions, risks and uncertainties and undue reliance should not be placed on such statements. Certain material factors or assumptions, which are subject to uncertainty, risk or change and may cause actual results to differ materially from expectations, calculations, plans, or forecasts, are applied with respect to forward-looking information. Such factors include, without limitation, factors and assumptions relating to or impacting: the sustainability of Corus' current or proposed capital and debt structure; Corus' ability to maintain access to, renegotiate, obtain relief from, or meet covenants under relevant secured and unsecured credit facilities or instruments; Corus' ability to access sufficient capital and liquidity; macroeconomic, geopolitical, and general business and market conditions; Corus' ability to execute its strategies and plans; financial and operating results being consistent with expectations; Corus' ability to attract, retain and manage fluctuations in revenue; continuity of relationships and arrangements with or revenue or costs attributed to, suppliers, distributors, partners, clients and customers on desirable and expected terms; stability of advertising, subscription, production and distribution markets and revenue; changes to key suppliers or clients; impacts of pending or threatened litigation, regulatory or judicial decisions or interpretations, or appeals thereof; changes in laws or regulations or the interpretation or application of those laws and regulations, including statements, decisions or positions by applicable courts or regulators including, without limitation, the Canadian Radio-television and Telecommunications Commission; changes to licensing status or conditions; impacts of competition from foreign and domestic competitors, including due to industry mergers and acquisitions or such competitors not being regulated in the same way or to the same degree; strategic opportunities or partnerships (or lack thereof) that may be presented to, pursued or implemented by the Company; changes to applicable accounting standards or tax, licensing or regulatory regimes; changes to operating and capital costs or imposed or threatened tariffs, taxes or fees; impacts of interest rates or inflation; Corus' ability to source, produce and sell desirable content; unanticipated or un-mitigatable changes to programming costs; retention and reputation risks related to employees and contractors; physical and operational changes to facilities and infrastructure; industry or Company-related labour actions; cybersecurity threats and incidents to the Company or its key suppliers and vendors; epidemics, pandemics or other public health and safety crises.

These also include, without limitation, factors and assumptions relating to, or impacting, the execution of the Company's proposed recapitalization transaction; the anticipated or expected effect or impacts of the proposed transaction on the Company and/or its stakeholders; the anticipated reduction of the Company's debt and related costs and interest expenses (including the amounts thereof); approval of the proposed transaction; implementation and execution of the proposed transaction as contemplated; exchange of existing equity and debt for new equity and debt; obligations and abilities of third parties to close or complete actions as part of the proposed transaction; the ability to complete the proposed transaction in the time and manner contemplated; and the dilution or changes to the Company's outstanding shares in number or value.

Actual results may differ materially from those expressed or implied in such information and the foregoing list is not exhaustive.

Additional information about these material risk factors and assumptions underlying any forward-looking information may be found under the heading "Risks and Uncertainties" in the Company's Management's Discussion and Analysis for the year ended August 31, 2025 (the "2025 MD&A"), which disclosure may be updated, supplemented or amended by subsequent disclosures in the Company's quarterly management's discussion and analysis or by subsequent press releases, which are also filed on SEDAR+. Corus cautions that the foregoing list of important assumptions and factors that may affect future results is not exhaustive.

When relying on the Company's forward-looking information to make decisions with respect to Corus, investors and others should carefully consider all the foregoing information, including any incorporated by reference, and any other uncertainties and potential events. Unless otherwise specified, all forward-looking information in this document speaks as of the date of this document and may be updated or amended from time to time. Except as otherwise required by applicable securities laws, Corus disclaims any intention or obligation to publicly update or revise any forward-looking information whether as a result of new information, events or circumstances that may be made or arise from time to time.

About Corus Entertainment Inc.

Corus Entertainment Inc. (TSX: CJR.B) is a leading media and content company that develops, delivers and distributes high quality brands and content across platforms for audiences around the world. Engaging audiences since 1999, the company's portfolio of multimedia offerings encompass 25 specialty television services, 36 radio stations, 15 conventional television stations, digital and streaming platforms, and social digital agency and media services. Corus' roster of premium brands includes Global Television, W Network, Flavour Network, Home Network, The HISTORY® Channel, Showcase, Slice, Adult Swim, National Geographic and Global News, along with streaming platforms STACKTV, TELETOON+, the Global TV App and Curiouscast. For more information visit www. corusent.com.

CORUS ENTERTAINMENT INC.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(unaudited - in thousands of Canadian dollars)

As at November 30,

As at August 31,

2025

2025

ASSETS



Current



Cash and cash equivalents

45,220

59,555

Accounts receivable

246,020

186,685

Income taxes recoverable

5,683

—

Prepaid expenses and other assets

21,683

18,945

Total current assets

318,606

265,185

Tax credits receivable

14,999

17,230

Investments and other assets

56,983

46,036

Property, plant and equipment, net

224,475

231,330

Program rights

647,150

603,961

Film investments

23,745

30,860

Intangible assets

83,708

71,519

Total assets

1,369,666

1,266,121

LIABILITIES AND DEFICIT



Current



Accounts payable and accrued liabilities

407,836

357,851

Current portion of provisions

18,094

21,790

Income taxes payable

—

1,794

Total current liabilities

425,930

381,435

Long-term debt

1,139,906

1,089,741

Other long-term liabilities

445,818

435,150

Provisions

8,368

8,674

Deferred income tax liabilities

21,573

19,463

Total liabilities

2,041,595

1,934,463

DEFICIT



Share capital

281,052

281,052

Contributed surplus

2,102,646

2,102,623

Accumulated deficit

(3,113,633)

(3,109,685)

Accumulated other comprehensive income

19,736

19,453

Total deficit attributable to shareholders

(710,199)

(706,557)

Equity attributable to non-controlling interests

38,270

38,215

Total deficit

(671,929)

(668,342)

Total liabilities and deficit

1,369,666

1,266,121

CORUS ENTERTAINMENT INC.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)



Three months ended
November 30,

(unaudited - in thousands of Canadian dollars except per share amounts)

2025

2024

Revenues

267,566

327,171

Direct cost of sales, general and administrative expenses

210,318

242,948

Depreciation and amortization

15,535

22,376

Interest expense

30,486

25,134

Debt refinancing

—

4,377

Restructuring and other costs

12,679

16,509

Other expense (income), net

7,692

(5,282)

Income (loss) before income taxes

(9,144)

21,109

Income tax expense

1,209

6,030

Net income (loss) for the period

(10,353)

15,079

Other comprehensive income, net of income taxes



Items that may be reclassified subsequently to income (loss):



Unrealized change in fair value of cash flow hedges

—

(885)

Unrealized foreign currency translation adjustment

158

901


158

16

Items that will not be reclassified to income (loss):



Unrealized change in fair value of financial assets

125

(508)

Actuarial gain on post-retirement benefit plans

7,160

2,638


7,285

2,130

Other comprehensive income, net of income taxes

7,443

2,146

Comprehensive income (loss) for the period

(2,910)

17,225




Net income (loss) attributable to:



Shareholders

(11,108)

11,908

Non-controlling interests

755

3,171


(10,353)

15,079

Comprehensive income (loss) attributable to:



Shareholders

(3,665)

14,054

Non-controlling interests

755

3,171


(2,910)

17,225




Earnings (loss) per share attributable to shareholders:



Basic

($0.06)

$0.06

Diluted

($0.06)

$0.06

 

CORUS ENTERTAINMENT INC.








INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN DEFICIT

(unaudited - in thousands of Canadian dollars)

Share capital

Contributed

surplus

Accumulated

deficit

Accumulated

other
comprehensive

income

Total deficit
attributable to
shareholders

Equity
attributable

to non-
controlling

interests

Total deficit

As at August 31, 2025

281,052

2,102,623

(3,109,685)

19,453

(706,557)

38,215

(668,342)

Comprehensive income (loss)

—

—

(11,108)

7,443

(3,665)

755

(2,910)

Dividends declared

—

—

—

—

—

(700)

(700)

Actuarial gain on post-retirement

benefit plans

—

—

7,160

(7,160)

—

—

—

Share-based compensation

expense

—

23

—

—

23

—

23

As at November 30, 2025

281,052

2,102,646

(3,113,633)

19,736

(710,199)

38,270

(671,929)

(unaudited - in thousands of Canadian dollars)

Share
capital

Contributed

surplus

Accumulated

deficit

Accumulated

other
comprehensive

income

Total deficit
attributable to
shareholders

Equity
attributable

to non-
controlling

interests

Total deficit

As at August 31, 2024

281,052

2,013,797

(2,784,729)

24,481

(465,399)

123,671

(341,728)

Comprehensive income

—

—

11,908

2,146

14,054

3,171

17,225

Actuarial gain on post-retirement

benefit plans

—

—

2,638

(2,638)

—

—

—

Share-based compensation

expense

—

28

—

—

28

—

28

As at November 30, 2024

281,052

2,013,825

(2,770,183)

23,989

(451,317)

126,842

(324,475)

 

CORUS ENTERTAINMENT INC.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three months ended
November 30,

(unaudited - in thousands of Canadian dollars)

2025

2024

OPERATING ACTIVITIES



Net income (loss) for the period

(10,353)

15,079

Adjustments to reconcile net income (loss) to cash flow from operations:



Amortization of program rights

113,367

122,904

Amortization of film investments

2,079

2,689

Depreciation and amortization

15,535

22,376

Deferred income tax expense (recovery)

(407)

169

Foreign exchange loss

6,913

3,791

Gain on sale of assets

(53)

(9,647)

Share-based compensation expense

23

28

Imputed interest

14,071

8,499

Debt refinancing

—

4,377

Payment of program rights

(122,004)

(111,408)

Net recovery (spend) on film investments

211

(5,780)

Other

(2)

(47)

Cash flow from operations

19,380

53,030

Net change in non-cash working capital balances related to operations

(71,374)

(71,053)

Cash used in operating activities

(51,994)

(18,023)

INVESTING ACTIVITIES



Additions to property, plant and equipment

(1,181)

(1,946)

Proceeds from sale of property

92

10,080

Net cash flows for intangibles, investments and other assets

(504)

(260)

Cash provided by (used in) investing activities

(1,593)

7,874

FINANCING ACTIVITIES



Increase in credit facility borrowings

50,000

22,257

Financing fees

—

(1,250)

Payment of lease liabilities

(4,670)

(4,610)

Dividends paid to non-controlling interests

(700)

—

Other

(5,378)

(1,072)

Cash provided by financing activities

39,252

15,325

Net change in cash and cash equivalents during the period

(14,335)

5,176

Cash and cash equivalents, beginning of the period

59,555

82,422

Cash and cash equivalents, end of the period

45,220

87,598

 

CORUS ENTERTAINMENT INC.
BUSINESS SEGMENT INFORMATION

(unaudited - in thousands of Canadian dollars)





Three months ended November 30, 2025






Television

Radio

Corporate

Consolidated

Revenues

245,074

22,492

—

267,566

Direct cost of sales, general and administrative expenses

189,129

17,148

4,041

210,318

Segment profit (loss) (1)

55,945

5,344

(4,041)

57,248

Depreciation and amortization




15,535

Interest expense




30,486

Restructuring and other costs




12,679

Other expense, net




7,692

Loss before income taxes




(9,144)

 

Three months ended November 30 2024






Television

Radio

Corporate

Consolidated

Revenues

303,629

23,542

—

327,171

Direct cost of sales, general and administrative expenses

217,665

19,675

5,608

242,948

Segment profit (loss) (1)

85,964

3,867

(5,608)

84,223

Depreciation and amortization




22,376

Interest expense




25,134

Debt refinancing




4,377

Restructuring and other costs




16,509

Other income, net




(5,282)

Income before income taxes




21,109

 (1)

Segment profit (loss) does not have a standardized meaning prescribed by IFRS. For definitions and explanations, see discussion under the Key Performance Indicators and Non-GAAP Financial Measures section of the First Quarter 2026 Report to Shareholders.

 

REVENUE BY TYPE





Three months ended



November 30,

(unaudited - in thousands of Canadian dollars)

2025

2024

Advertising

156,385

198,904

Subscriber

98,763

115,698

Distribution, production and other

12,418

12,569


267,566

327,171

 

NON-GAAP FINANCIAL MEASURES






Three months ended


(unaudited - in thousands of Canadian dollars, except percentages)


November 30,

%

New platform revenue

2025

2024

Change

New platform revenue (numerator)

33,984

34,768

(2 %)

Television advertising revenue

135,339

176,689

(23 %)

Television subscriber revenue

98,763

115,698

(15 %)

Total Television advertising and subscriber revenue (denominator)

234,102

292,387

(20 %)

New platform revenue percentage

15 %

12 %

 

Three months ended

(unaudited - in thousands of Canadian dollars, except per share amounts)


November 30,

Adjusted Net Income (Loss) Attributable to Shareholders

2025

2024

Net income (loss) attributable to shareholders

(11,108)

11,908

Adjustments, net of income tax:



Debt refinancing

—

3,223

Restructuring and other costs

9,319

13,241

Adjusted net income (loss) attributable to shareholders

(1,789)

28,372

Basic earnings (loss) per share

($0.06)

$0.06

Adjustments, net of income tax:



Debt refinancing

—

$0.02

Restructuring and other costs

$0.05

$0.06

Adjusted basic earnings (loss) per share

($0.01)

$0.14




(unaudited - in thousands of Canadian dollars)      


Three months ended 
November 30,

Free Cash Flow

2025

2024

Cash provided by (used in):



Operating activities

(51,994)

(18,023)

Investing activities

(1,593)

7,874

Add: cash used in business acquisitions, divestitures and strategic investments (1)

(53,587)

(10,149)

—

—

Free cash flow

(53,587)

(10,149)

(1) Strategic investments are comprised of investments in venture funds and associated companies.

                                                                    

(unaudited - in thousands of Canadian dollars)  

As at November 30,

As at August 31,

Net Debt and Net Debt to Segment Profit

2025

2025

Total debt, net of unamortized financing fees and prepayment options

1,139,906

1,089,741

Lease liabilities

104,953

106,998

Cash and cash equivalents

(45,220)

(59,555)

Net debt (numerator)

1,199,639

1,137,184

Segment profit (denominator) (1)

162,350

189,325

Net debt to segment profit

7.39

6.01

(1)

Reflects aggregate amounts for the most recent four quarters, as detailed in the table in the Quarterly Consolidated Financial Information section of the First Quarter 2026 Report to Shareholders.

SOURCE Corus Entertainment Inc (IR Group)