CORUS ENTERTAINMENT ANNOUNCES FISCAL 2026 THIRD QUARTER RESULTS — TradingView News

• Consolidated revenue decreased 16% for the quarter and 17% for the year-to-date
• Consolidated segment profit(1) decreased 53% for the quarter and 29% for the year-to-date
• Consolidated segment profit margin(1) of 12% for the quarter and 16% for the year-to-date
• Net loss attributable to shareholders of $36.5 million ($0.18 loss per share basic) for the quarter and $53.7 million ($0.27 loss per share basic) for the year-to-date
• Free cash flow(1) of $6.2 million for the quarter and a negative $46.1 million for the year-to-date.

TORONTO, June 26, 2026 /CNW/ – Corus Entertainment Inc. (TSX: CJR.B) announced its third quarter financial results today.

“During the third quarter, we advanced key business objectives, including securing a strong Fall/Winter programming line-up and progressing new growth opportunities,” said John Gossling, Chief Executive Officer. “Our results reflect significant savings from cost management initiatives, which helped partially offset continued pressure on linear television advertising demand. As we move through the next phase of our proposed recapitalization transaction, we remain focused on strengthening our financial foundation and creating value for audiences and advertisers across our multi-platform portfolio.”

Financial Highlights

• (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 Third Quarter 2026 Report to Shareholders.

Segment Revenue

• (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 Third Quarter 2026 Report to Shareholders.

Operational Highlights

Corus unveiled a strong 2026/27 schedule across Global and its specialty networks, including an extension of Global’s The Morning Show with the launch of new afternoon lifestyle program TMS2 coming this fall. The Company also expanded its streaming portfolio with the addition of French-language platform Vivéo. In addition, Corus continued to implement cost savings initiatives.

• Global expands its 2026/27 slate of top returning shows to add new high-profile series, including new Canadian productions. Global TV’s roster will deliver 16.5 hours of primetime simulcast this fall and introduces new NCIS universe expansion NCIS: New York, dramas Cupertino and Einstein, comedy Eternally Yours, and Global Original Private Eyes West Coast. The fall schedule also features the return of #1 reality series Survivor, #1 drama 9-1-1, and #1 new spring show CIA alongside more Top 20 hits than any other broadcaster.(1)
• Corus announces 2026/27 slate of Canadian Originals and acquisitions across its Specialty networks and STACKTV. Corus continues its content partnership with NBC Universal, delivering Peacock and Sky Original series including The Five Star Weekend, TED: The Animated Series, and Dig alongside returning hits The Paper, The Day of the Jackal and The ‘Burbs. Corus’ unscripted and reality networks will see the return of Top Chef Canada, The Curse of Oak Island and Corus Original series Rock Solid Builds, Halloween Bakeshop and Holiday Bakeshop, alongside new series Gordon Ramsay’s Secret Service, The Real Housewives Ultimate Girls Trip: Roaring 20th, and new Canadian original titles Love It or List It West, Top Chef Canada: The Dessert Table and Mountain Men: Wild North.
• Global extends The Morning Show with launch of new afternoon lifestyle program TMS2. Corus announced the #1 Canadian news/lifestyle morning show(2), The Morning Show, is expanding this fall with a new daily afternoon show, TMS2. Hosted by award-winning entertainment news personality Morgan Hoffman, the new hour-long program will air on Global and stream exclusively on STACKTV beginning September 2026. TMS2 will also give viewers new ways to engage through shoppable and interactive features powered by Corus’ commerce platform, NextScreen.
• Corus launches new French-language streaming platform Vivéo. On April 30, 2026, Corus strengthened its digital presence with the launch of Vivéo, a new French-language streaming platform containing more than 200 series and nearly 2,000 hours of content at release. Vivéo is available through Prime Video Add-on Subscriptions across Canada, offering subscribers a diverse catalogue of content at a competitive price of $4.99 per month.

Financial Highlights

• Free cash flow(1) of $6.2 million in Q3 and negative $46.1 million year-to-date compared to a negative $32.5 million and $3.3 million, respectively, in the same comparable prior year periods. The increase in free cash flow(1) for the third quarter is mainly attributable to higher cash provided by operating activities. The decrease in the year-to-date 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 8.20 times as at May 31, 2026, up from 6.01 times at August 31, 2025, as a result of the decrease in segment profit(1) and increase in the amount drawn under the revolving credit facility, offset by lower lease liabilities.
• As of May 31, 2026, the Company had $56.8 million of cash and cash equivalents and $15.0 million available to be drawn under its Revolving Facility.
• On March 24, 2026, Corus received an order from the Ontario Superior Court of Justice (Commercial List) to proceed with its previously announced recapitalization transaction (the “Recapitalization Transaction”), pursuant to a plan of arrangement under the Canada Business Corporations Act. The Recapitalization Transaction remains subject to, among other things, satisfaction of the terms and conditions in the support agreements with key stakeholders and the receipt of all customary and necessary regulatory approvals, including from the Canadian Radio-television and Telecommunications Commission and the Toronto Stock Exchange.

(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 Third 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”).

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

The unaudited interim condensed consolidated financial statements and accompanying notes for the three and nine months ended May 31, 2026 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 June 26, 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/43WS6Oi . 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 June 26, 2026, at 11 a.m. ET or accessible by telephone until July 3, 2026, at 1.888.660.6345 (toll-free North America) or 289.819.1450 (local or international), using replay code 67283#. 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 Third 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 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 and nine months ended May 31, 2026, 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, the objectives, goals, strategies, targets, intentions, plans, estimates, and outlooks of Corus Entertainment Inc. and its subsidiaries (collectively, “Corus” or the “Company”), 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 the Company’s previously-announced proposed recapitalization transaction (the “Recapitalization Transaction”) and the approval and completion 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, and 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, and meet covenants under relevant secured and unsecured credit facilities and 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, and revenue and 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 and clients; impacts of pending and threatened litigation, regulatory and judicial decisions and interpretations, and appeals thereof; changes in laws and regulations and the interpretation and application thereof, including statements, decisions, and positions by applicable courts and regulators, including, without limitation, the Canadian Radio-television and Telecommunications Commission; changes to licensing status and conditions; impacts of competition from foreign and domestic competitors, including due to industry mergers and acquisitions and such competitors not being regulated in the same way or to the same degree; strategic opportunities and partnerships (or lack thereof) that may be presented to, pursued, or implemented by the Company; changes to applicable accounting standards and tax, licensing, and regulatory regimes; changes to operating and capital costs and imposed and threatened tariffs, taxes, and fees; impacts of interest rates and inflation; Corus’ ability to source, produce, and sell desirable content; unanticipated and 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; and epidemics, pandemics, and other public health and safety crises.

These factors also include factors and assumptions relating to, or impacting, the execution of the Company’s proposed Recapitalization Transaction, including, without limitation: approval of the Recapitalization Transaction, including by applicable regulatory authorities and stock exchanges; the ability to complete, execute, and implement the Recapitalization Transaction in the time and manner contemplated; the anticipated or expected effect or impacts of the Recapitalization Transaction on the Company and/or its stakeholders; the obligations and abilities of third parties to close or complete actions as part of the Recapitalization Transaction; the anticipated reduction of the Company’s debt and related costs and interest expenses (including the amounts thereof); the exchange of existing equity and debt for new equity and debt; and the dilution or changes to the Company’s outstanding shares in number or value and markets for them. Actual results may differ materially from those expressed or implied in such information and the foregoing list is not exhaustive.

Additional information about these factors and about the material assumptions underlying any forward-looking information may be found under the heading “Risks and Uncertainties” in the Company’s Management’s Discussion and Analysis (“MD&A”) for the year ended August 31, 2025, as may be updated, supplemented, or amended from time to time, including by quarterly MD&A, press releases, or other subsequent disclosure, any and all of which will be made available on SEDAR+ at www.sedarplus.ca. 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 or the Recapitalization Transaction, investors and others should carefully consider the foregoing information, including as 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+, Vivéo, the Global TV App and Curiouscast. For more information visit www.corusent.com.

CORUS ENTERTAINMENT INC.INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

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

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INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN DEFICIT

CORUS ENTERTAINMENT INC.INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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BUSINESS SEGMENT INFORMATION

• (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 Third Quarter 2026 Report to Shareholders.

REVENUE BY TYPE

NON-GAAP FINANCIAL MEASURES

SOURCE Corus Entertainment Inc (IR Group)