Glacier Reports Year End 2025 Results

Executive Summary

• Glacier Media reported FY 2025 revenue of $137.5 M (‑3.1% YoY) and EBITDA of $7.5 M, both down from 2024.
• Net income swung to a profit of $6.4 M ($0.05 per share) after a $24.4 M loss in the prior year, driven by divestiture of legacy print assets and improved core margins.
• Capital expenditures increased to $5.2 M, cash balance stood at $5.8 M with $6.4 M of non‑recourse mortgages tied to farm‑show land.

Key Details

• Revenue: $137,506 k (2025) vs $141,946 k (2024); ↓ 3.1% YoY.
• Legacy print revenue down $3.1 M (mainly sold/closed).
• Core operations revenue down $1.3 M (‑1.0%).
• EBITDA: $7,461 k (2025) vs $9,712 k (2024); ↓ $2.3 M; margin fell to 5.4% from 6.8%.
• Net Income: $6,417 k profit in 2025 vs a $(24,442) k loss in 2024; per‑share profit $0.05 vs loss $(0.19).
• Capital Expenditures: $5,221 k (2025) vs $3,848 k (2024); increase reflects strategic growth investments.
• Expense Drivers:
• Direct & G&A expenses down $2.2 M YoY.
• Legacy print expense reduction of $3.5 M due to asset sales/closures.
• Core operation expenses rose from investment spending in growth areas.
• Revenue Mix Changes (Core):
• Advertising revenue ↓ $9.2 M (‑14.4%) – impacted by market uncertainty and closure/sale of community media publications.
• Data & Subscription revenue ↑ $6.6 M (+12.0%) – driven by Environmental Risk & Compliance Information services.
• Events & Services revenue ↓ $0.7 M (‑3.3%).
• Financial Position (Dec 31 2025):
• Cash: $5.8 M.
• Non‑recourse mortgages: $6.4 M (secured by farm‑show land in Saskatchewan & Ontario).
• EBITDA Reconciliation Highlights:
• Net income (loss) attributable to shareholders: $6,417 k (2025) vs $(24,442) k (2024).
• Adjustments include non‑controlling interests (+$2.3 M), interest expense (‑$11.2 M), depreciation & amortization (+$8.9 M), impairment expense (+$5.9 M), and other items detailed in the reconciliation table.

Notable Quotes

• “The turnaround from a loss to profitability underscores the successful execution of our strategic divestitures and focus on higher‑margin data and subscription services,” – Orest Smysnuik, Chief Financial Officer.