Yellow Pages (Y) Q1 2026 earnings summary

Executive summary

• Delivered stable revenue performance in Q1 2026 despite global economic challenges, maintaining strong profitability and cash generation with adjusted EBITDA margin at 19.3% of revenue.

• Net income for the quarter was CAD 4.1 million ($0.30 per diluted share), down from the prior year.

Financial highlights

• Total revenues for Q1 2026 were CAD 46.8 million ($46.8 million), down 7.8% year-over-year, mainly due to declines in digital media and print products.

• Adjusted EBITDA was CAD 9 million ($9.0 million), a 24% decrease year-over-year, with margin falling to 19.3% from 23.4%.

• Adjusted EBITDA less CapEx for the quarter was CAD 8.5 million ($8.5 million), down year-over-year, with a margin of 18.1%.

• Net cash outflows from operating activities were $2.5 million, compared to inflows of $3.3 million last year, mainly due to higher stock-based compensation and pension funding.

• Cash on hand at end of April was approximately CAD 58 million ($58 million).

Outlook and guidance

• Margin pressure is expected to continue due to revenue mix and ongoing cost optimizations, with revenue pressures and product mix changes impacting future quarters.