Yellow Pages (Y) investor relations material

Executive summary

• Delivered strong profitability and maintained a robust cash balance in Q4 2025, with continued momentum in revenue initiatives and improved year-over-year revenue decline rates.

• Revenue decline rates for total, digital, and print segments improved year-over-year, reflecting stabilization in customer count and higher average spend per customer.

• Declared a quarterly dividend of CAD 0.25 per share, payable March 16, 2026.

Financial highlights

• Q4 2025 revenues were CAD 48 million, down 6.5% year-over-year; full-year revenues were CAD 198.9 million, down 7.4%.

• Adjusted EBITDA for Q4 2025 was CAD 10.5 million (21.8% margin), up 27.3% year-over-year; full-year Adjusted EBITDA was CAD 43 million (21.6% margin).

• Net income for Q4 2025 increased to CAD 7.6 million from CAD 2.7 million a year ago; full-year net income was CAD 18.1 million.

• Cash on hand at end of January 2026 was approximately CAD 64 million.

• Cash flows from operating activities for Q4 increased to CAD 11.7 million from CAD 8.3 million; full-year cash flows were CAD 35 million.

Outlook and guidance

• Revenue pressures and ongoing investment in telesales force capacity are expected to continue to impact margins in upcoming quarters.

• Management remains focused on optimizing costs and stabilizing customer count to mitigate revenue declines.