Postmedia Reports Fourth Quarter Results
Executive Summary
- Postmedia reported Q4 2025 revenue of C$101.2 M (+8.7% YoY) but a net loss of C$44.7 M, driven by higher operating expenses and impairment charges.
- Full‑year 2025 revenue reached C$431.5 M (+9.0% YoY); net loss widened to C$77.3 M versus C$49.7 M a year earlier.
- Operating income before depreciation, amortization, impairment, restructuring and other (EBITDAR) fell to C$4.6 M in Q4 and was C$25.2 M for the year, reflecting both revenue growth and cost increases.
Key Details
- Quarterly Revenue: C$101.2 M vs. C$93.2 M YoY (+8.7%).
- Advertising: +C$3.2 M (7.5%)
- Circulation: +C$1.9 M (5.8%)
- Parcel services: +C$3.6 M (29.4%)
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Other revenue: –C$0.6 M (10.4%)
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Quarterly Operating Expenses (ex‑depr., amort., impairment, restructuring): C$15.6 M increase (+19.3% YoY). Main drivers were higher compensation and distribution/production costs; newsprint expense declined.
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Quarterly Operating Income (EBITDAR): C$4.6 M, down C$7.6 M YoY. Excluding Saltwire acquisition impact: C$1.6 M.
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Quarterly Net Loss: C$44.7 M vs. C$3.1 M a year earlier; loss driven by lower operating income, higher impairment and restructuring expenses, reduced foreign‑exchange gains, partially offset by gains on derivative instruments.
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Full‑Year Revenue: C$431.5 M vs. C$395.9 M YoY (+9.0%).
- Advertising: +C$22.7 M (12.3%)
- Circulation: +C$10.6 M (8.1%)
- Parcel services: +C$4.4 M (8.6%)
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Other revenue: –C$2.1 M (7.0%)
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Full‑Year Operating Expenses (ex‑depr., amort., impairment, restructuring): C$25.2 M increase (+6.6% YoY). Excluding Saltwire impact, expenses decreased by C$17.1 M (‑4.5%).
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Full‑Year Operating Income (EBITDAR): C$25.2 M, up C$10.4 M YoY; excluding Saltwire impact: C$16.6 M.
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Full‑Year Net Loss: C$77.3 M vs. C$49.7 M a year earlier; loss widened due to higher operating expenses, increased interest expense and foreign‑exchange losses, partially offset by gains on asset disposals.
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Key Non‑Operating Items
- Impairment expense Q4: C$14.996 M (none disclosed for full year).
- Restructuring expense Q4: C$19.738 M; FY: C$24.255 M.
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Gains on derivative financial instruments: Q4 loss of C$357 K; FY loss of C$526 K.
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Liquidity & Capital Structure (selected)
- Cash at period end: C$3.278 M (up from C$2.454 M).
- Long‑term debt increased to C$388.964 M from C$352.638 M.
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Asset‑based lending facility advances: C$6.435 M in Q4; C$11.841 M FY.
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Earnings per Share
- Basic & diluted Q4 loss: $(0.45) vs. $(0.03) YoY.
- Full‑year loss: $(0.78) vs. $(0.50) YoY.
Notable Quotes
- “Postmedia’s fourth quarter results mark the conclusion of a year that has seen growth and strategic progress in spite of continued challenges… Gains across advertising, circulation and parcel delivery demonstrate our strategy is working.” – Andrew MacLeod, President & CEO
- “We’re entering the next fiscal year with a clear focus on building a business model that will ensure Postmedia’s long‑term sustainability…” – Andrew MacLeod
All amounts are in Canadian dollars unless otherwise noted.