Yellow Pages (Y) Q3 2025 earnings summary

Executive summary

• Revenue declined 8.1% year-over-year in Q3 2025, with stabilization in customer count decline and strong average spend per customer.

• New executive leadership team appointed to strengthen strategic execution.

• Achieved solid profitability with Adjusted EBITDA at 20.6% of revenue for Q3 2025.

• Cash on hand at end of October was approximately CAD 59 million.

• Revenue initiatives showed progress, with stabilized customer count decline and strong average spend per customer.

Financial highlights

• Total revenue for Q3 2025 was CAD 48.3 million, down 8.1% year-over-year; digital revenues fell 6.2% to CAD 40 million, print revenues dropped 16.3% to CAD 8.3 million.

• Adjusted EBITDA was CAD 10 million (20.6% margin), down from CAD 12.5 million (23.8%) in Q3 2024.

• Net income for Q3 2025 was CAD 4 million, or CAD 0.29 diluted EPS, compared to CAD 6.3 million, or CAD 0.46 diluted EPS, in Q3 2024.

• Cash flows from operating activities were CAD 7.9 million, down from CAD 11.5 million year-over-year.

• Adjusted EBITDA less CapEx was CAD 9.6 million (19.8% margin), down CAD 2.6 million year-over-year.

Outlook and guidance

• Revenue and margin pressures expected to continue due to product mix changes and ongoing cost optimizations.

• Deferred print revenues due to Canada Post strike will be recognized in Q4.

• Continued focus on revenue stabilization, customer acquisition, and maintaining strong average spend per customer.