Earnings release
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1 Yellow Pages Limited Reports Third Quarter 2025 Financial and Operating Results and Declares a Cash Dividend1 Montreal (Quebec), November 13, 2025 — Yellow Pages Limited (TSX: Y) (the “Company”), a leading Canadian digital media and marketing company, released its operating and financial results today for the quarter and nine-months ended September 30, 2025. “In the third quarter, we continue to achieve good profitability, strong cash generation and continued progress on our revenue initiatives ,” said Sherilyn King, President and CEO of Yellow Pages Limited. King commented on the key developments: • Solid quarterly earnings. “Our Adjusted EBITDA 2 for the quarter was 20.6% of revenue .” • Healthy cash balance. “Our cash on hand at the end of October stood at approximately $59 million.” • Continued progress on revenue initiatives. “We continue to see encouraging progress on key revenue drivers including the stabilized rate of the customer count decline, supported by new customer acquisitions, solid renewal rates and strong average spend per customer. Our new executive leadership team was appointed during the quarter to streng then strategic execution. These fundamentals position us well for continued success in the medium and long term. ” • Progress toward revenue stability. “We reported a total revenue decline of 8.1% for the quarter . Our print revenues were impacted by Canada Post’s labour disruption but by swiftly mobilizing alternate suppliers to distribute our print directories during the strike, the impact was limited to approximately $0.5 million of print revenues which will be recognized in our fourth quarter results. Had the deferred print revenues been recognized in the period, the total revenue decline would have been 7.3%, a modes t improvement compared to the decline rate of 7.4% reported last quarter.” • Pension plan contribution. “During the third quarter, we completed the $2.0 million voluntary contribution to the defined benefit pension plan as approved by the Board on August 5, 2025. This aligns with the announcement made on May 21, 2025, following the annuity purchase, in which the Company indicated its intention to voluntarily contribute an additional $4.0 million to the remaining defined benefit pension plan by the end of June 2026, subject to Board review. ” • Quarterly dividend declared . “Our Board has declared a dividend of $0.25 per common share, to be paid on December 15, 2025 to shareholders of record as of November 26, 2025.” Financial Highlights (In thousands of Canadian dollars, except percentage information and per share information) Yellow Pages Limited For the three-month periods ended September 30, For the nine-month periods ended September 30, 2025 2024 2025 2024 Revenues $48,342 $52,619 $150,832 $163,428 Adjusted EBITDA2 $9,977 $12,526 $32,546 $42,593 Adjusted EBITDA margin2 20.6% 23.8% 21.6% 26.1% Income before income taxes $5,517 $8,586 $14,365 $30,358 Net income $4,046 $6,269 $10,552 $22,290 Basic income per share $0.30 $0.46 $0.78 $1.64 Diluted income per share $0.29 $0.46 $0.76 $1.62 CAPEX2 $384 $310 1,173 $1,995 Adjusted EBITDA less CAPEX2 $9,593 $12,216 $31,373 $40,598 Adjusted EBITDA less CAPEX margin2 19.8% 23.2% 20.8% 24.8% Cash flows from operating activities $7,884 $11,519 $23,306 $30,717 (1) The dividend will be designated as an eligible dividend pursuant to subsection 89(14) of the Income Tax Act (Canada) and any applicable provincial legislation pertaining to eligible dividends. (2) Adjusted EBITDA is equal to Income from operations before depreciation and amortization and restructuring and other charges ( defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s interim condensed consolidated statements of income. Adjusted EBITDA, Adjusted EBITDA margin, CAPEX, Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin are non-GAAP financial measures and do not have any standardized meaning under IFRS ® Accounting Standards. Therefore, they are unlikely to be comparable to similar measures presented by other public companies. Refer to the section on Non-GAAP financial measures at the end of this document for more details.
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2 Third Quarter of 2025 Results • Total Revenues decreased 8.1% year-over-year and amounted to $48.3 million for the three-month period ended September 30, 2025, compared to the decrease of 9.4% reported for the same period last year. • Adjusted EBITDA less CAPEX1 totalled $9.6 million and the EBITDA less CAPEX margin1 was 19.8%. • Net income amounted to $4.0 million, or to $0.29 diluted income per share. Financial Results for the Third Quarter of 2025 Total revenues for the third quarter ended September 30, 2025 decreased by 8.1% year-over-year and amounted to $48.3 million as compared to $52.6 million for the same period last year. The decrease in revenues is mainly due to the decline of our higher margin digital media and print products and to a lesser extent our lower margin digital services products, thereby creating pressure on our gross profit margins. Furthermore, print revenues were negatively impacted by the Canada Post workers’ strike, causing a delay in the distribution of certain print directories and direct mail items during the month of September. This resulted in approximately $0.5 million in print revenues being deferred that will be recognized in the fourth quarter. Had the deferred print revenue been recognized in the quarter, the decline rate for total revenues would have been 7.3% for the quarter compared to the 9.4% reported for the same period last year. Total digital revenues decreased 6. 2% year-over-year and amounted to $ 40.0 million for the three-month period ended September 30, 2025 compared to $42.6 million for the same period last year. The revenue decline is mainly attributable to a decrease in digital customer count , partially offset by an increase in the average spend per customer. Total print revenues decreased 16.3% year-over-year and amounted to $ 8.3 million for the three- month period ended September 30, 2025. The revenue decline is mainly due to the decrease in the number of print customers while the spend per customer has improved year-over-year driven by price increases. Excluding the impact of the Canada Post labour disruption as described above, the year-over-year decline in print revenues would have been 11.8% for the three- month period ended September 30, 2025, this compares to a decline rate of 12.4% for the same period last year. Adjusted EBITDA 1 decreased to $ 10.0 million or 20.6% of revenues in the third quarter ended September 30, 2025, relative to $1 2.5 million or 23.8% of revenues for the same period last year. The decrease in Adjusted EBITDA and Adjusted EBITDA margin 1 for the three-month period ended September 30, 2025 is the result of revenue pressures, the ongoing investments in our tele-sales force capacity, partially offset by the impact of the Company’s share price on cash settled stock-based compensation expense, optimizations in cost of sales, and reductions in other operating costs including reductions in our workforce and associated employee expenses. The revaluation of the cash settled stock-based compensation liabilities based on the change in YP’s share price resulted in a recovery of $0.3 million for the three- month period ended September 30, 2025, compared to a recovery of $0.1 million for the sa me period last year . Revenue pressures and changes in product mix, partially offset by continued optimizations and cost reductions, will continue to cause pressure on margins in upcoming quarters. Adjusted EBITDA less CAPEX decreased by $2.6 million to $9.6 million during the third quarter of 2025, compared to $12.2 million during the same period last year. The decrease in Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin for the three- month period ended September 30, 2025 is driven by the decrease in Adjusted EBITDA, as well the increase in CAPEX spend year-over-year. Net income for the three- month period ended September 30, 2025 amounted to $4.0 million as compared to net income of $6.3 million for the same period last year. The decrease is mainly due to lower Adjusted EBITDA, the increase in restructuring and other charges and the increase in financial charges, partially offset by the decrease in depreciation and amortization and income taxes. Cash flows from operating activities decreased by $3.6 million to $ 7.9 million for the three- month period ended September 30, 2025 from $11.5 million for the same period last year. The decrease is mainly due to lower Adjusted EBITDA of $2.5 million, higher restructuring and other charges paid of $1. 3 million and an increase in funding of post-employment benefit plans of $0.5 million, partially offset by lower income taxes paid of $0.8 million. (1) Adjusted EBITDA is equal to Income from operations before depreciation and amortization and restructuring and other charges ( defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s interim condensed consolidated statements of income. Adjusted EBITDA, Adjusted EBITDA margin, CAPEX, Adjusted EBITDA less CAPEX, Adjusted EBITDA less CAPEX margin are non-GAAP financial measures and do not have any standardized meaning under IFRS Accounting Standards. Therefore, they are unlikely to be comparable to similar measures presented by other public companies. Refer to the section on Non-GAAP financial measures at the end of this document for more details.
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3 Conference Call & Webcast Yellow Pages Limited will hold an analyst and media call and simultaneous webcast at 8:30 a.m. (Eastern Time) on November 13, 2025 to discuss third quarter 2025 results. To join by phone: https://register-conf.media-server.com/register/BI3b111a21be544c7695197c774bc511ad 1. Click on the call link and complete the online registration form. 2. Upon registering you will receive the dial -in info and a unique PIN to join the call as well as an email confirmation with the details. 3. Select a method for joining the call: a. Dial-In: A dial in number and unique PIN are displayed to connect directly from your phone. b. Call Me: Enter your phone number and click “Call Me” for an immediate callback from the system. The call will come from a US number. To join by webcast: • https://edge.media-server.com/mmc/p/res9zx8o The call will be simultaneously webcast on the Company’s website at: https://corporate.yp.ca/en/investors/financial-reports. The conference call will be archived in the Investors section of the site at: https://corporate.yp.ca/en/investors/financial-events-presentations. About Yellow Pages Limited Yellow Pages Limited (TSX: Y) is a Canadian digital media and marketing company that creates opportunities for buyers and sellers to interact and transact in the local economy. Yellow Pages holds some of Canada’s leading local online properties including YP.ca, Canada411 and 411.ca. The Company also holds the YP, Canada411 and 411 mobile applications and Yellow Pages print directories. For more information visit www.corporate.yp.ca. Caution Concerning Forward-Looking Statements This press release contains forward-looking statements about the objectives, strategies, financial conditions and results of operations and businesses of YP (including, without limitation, payment of a cash dividend per share per quarter to its common shareholders ). These statements are forward-looking as they are based on our current expectations, as at November 12, 2025, about our busi ness and the markets we operate in, and on various estimates and assumptions. Our actual results could materially differ from our expectations if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate. As a result, there is no assurance that any forward-looking statements will materialize. R isks that could cause our results to differ materially from our current expectations are discussed in section 5 of our November 12 , 2025 Management’s Discussion and Analysis. We disclaim any intention or obligation to update any forward-looking statements, except as required by law, even if new information becomes available, as a result of future events or for any other reason. Contact: Investors & Media Philip Samman General Counsel & Corporate Secretary investors@yp.ca communications@yp.ca
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4 Non-GAAP Financial Measures Adjusted EBITDA and Adjusted EBITDA margin In order to provide a better understanding of the results, the Company uses the terms Adjusted EBITDA and Adjusted EBITDA margin. Adjusted EBITDA is equal to Income from operations before depreciation and amortization and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s interim condensed consolidated statements of income. Adjusted EBITDA margin is defined as the percentage of Adjusted EBITDA to revenues. Adjusted EBITDA and Adjusted EBITDA margin are not performance measures defined under IFRS Accounting Standards and are not considered an alternative to income from operations or net income in the context of measuring Yellow Pages performance. Adjusted EBITDA and Adjusted EBITDA margin do not have a standardized meaning under IFRS Accounting Standards and are therefore not likely to be comparable to similar measures used by other publicly traded companies. Adjusted EBITDA and Adjusted EBITDA margin should not be used as exclusive measures of cash flow since they do not account for the impact of working capital changes, income taxes, interest payments, pension funding, capital expenditures, debt principal reductions and other sources and uses of cash, which are disclosed on page 11 of our November 12, 2025 MD&A. Management uses Adjusted EBITDA and Adjusted EBITDA margin to evaluate the performance of its business as it reflects its ongoing profitability. Management believes that certain investors and analysts use Adjusted EBITDA and Adjusted EBITDA margin to measure a company’s ability to service debt and to meet other payment obligations or as common measurement to value companies in the media and marketing solutions industry as well as to evaluate the performance of a business. Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin The Company also uses Adjusted EBITDA less CAPEX, which is defined as Adjusted EBITDA, as defined above, less CAPEX which we define as additions to intangible assets and additions to property and equipment as reported in the Investing Activities section of the Company’s consolidated statements of cash flows. Adjusted EBITDA less CAPEX margin is defined as the percentage of Adjusted EBITDA less CAPEX to revenues. Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin are non-GAAP financial measures and do not have any standardized meaning under IFRS Accounting Standards . Therefore, are unlikely to be comparable to similar measures presented by other publicly traded companies. We use Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin to evaluate the performance of our business as it reflects cash generated from business activities. We believe that certain investors and analysts use Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin to evaluate the performance of businesses in our industry. The most comparable financial measure under IFRS Accounting Standards to Adjusted EBITDA less CAPEX is Income from operations before depreciation and amortization and restructuring and other charges (defined above as Adjusted EBITDA) as shown in Yellow Pages Limited’s interim condensed c onsolidated statements of income. Refer to table below for reconciliation of Adjusted EBITDA less CAPEX. Adjusted EBITDA less CAPEX (In thousands of Canadian dollars, except percentage information) For the three and nine-month periods ended September 30, 2025 2024 2025 2024 Income from operations before depreciation and amortization and restructuring and other charges (Adjusted EBITDA) $ 9,977 $ 12,526 $ 32,546 $ 42,593 CAPEX 384 310 1,173 1,995 Total Adjusted EBITDA less CAPEX $ 9,593 $ 12,216 $ 31,373 $ 40,598