Yellow Pages (Y) Q2 2025 earnings summary

Executive summary

• Achieved sixth consecutive quarter of improved revenue stability, with a slower rate of revenue decline compared to the previous quarter, reflecting positive momentum in core business metrics.

• Core metrics showed positive trends: slower customer count decline, new customer acquisition, stable renewals, and higher average spend per customer.

• Adjusted EBITDA margin remained strong at 20.7% despite ongoing investments in revenue initiatives.

• Net income for Q2 2025 was CAD 1.5 million, with diluted EPS of $0.11.

• Cash balance at end of July 2025 was approximately CAD 49 million.

Financial highlights

• Total revenues for Q2 2025 were CAD 51.7 million, down 7.4% year-over-year, but an improvement from the 7.6% decrease last quarter.

• Digital revenues fell 6.4% year-over-year to CAD 41 million; print revenues declined 11.2% to CAD 10.7 million.

• Adjusted EBITDA for Q2 2025 was CAD 10.7 million (20.7% of revenue), down from CAD 14.8 million (26.5%) in Q2 2024.

• Adjusted EBITDA less CapEx for the quarter was CAD 10.4 million, with a margin of 20.1%.

• Net income for the quarter was CAD 1.5 million, down from CAD 7.6 million a year ago, impacted by lower EBITDA, a non-cash settlement loss, and higher restructuring charges.

Outlook and guidance

• Revenue decline rate continues to improve, supported by customer acquisition and price increases.

• Margin pressures expected to persist due to revenue mix and continued investment in sales force, partially offset by cost optimizations.