SEDAR Interim Financial Statements

YELLOW PAGES LIMITED THIRD QUARTER 2025 1 UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF YELLOW PAGES LIMITED September 30, 2025 and 2024 Table of contents Interim Condensed Consolidated Statements of Income and Other Comprehensive Income (Loss) 2 Interim Condensed Consolidated Statements of Financial Position 3 Interim Condensed Consolidated Statements of Changes in Equity 4 Interim Condensed Consolidated Statements of Cash Flows 5 Notes to the Interim Condensed Consolidated Financial Statements 6-12 YELLOW PAGES LIMITED THIRD QUARTER 2025 2 Interim Condensed Consolidated Statements of Income and Other Comprehensive Income (Loss) (in thousands of Canadian dollars, except share and per share information) For the three and nine-month periods ended September 30, Note 2025 2024 2025 2024 Revenues 3 $ 48,342 $ 52,619 $ 150,832 $ 163,428 Operating costs 38,365 40,093 118,286 120,835 Income from operations before depreciation and amortization, and restructuring and other charges 9,977 12,526 32,546 42,593 Depreciation and amortization 3,008 3,180 9,238 10,247 Restructuring and other charges 4 1,046 508 3,594 1,124 Income from operations 5,923 8,838 19,714 31,222 Financial charges, net 5 406 270 1,379 864 Settlement loss on annuity purchase 8 - - 3,970 - Income before income taxes 5,517 8,568 14,365 30,358 Provision for income taxes 1,471 2,299 3,813 8,068 Net income $ 4,046 $ 6,269 $ 10,552 $ 22,290 Other Comprehensive Income (Loss) Items that will not be reclassified subsequently to net income Actuarial gains (losses) on post-employment benefit plans 8 911 (2,332) (8,515) 8,938 Income taxes relating to items that will not be reclassified subsequently to net income (241) 617 2,250 (2,363) Other comprehensive income (loss) 670 (1,715) (6,265) 6,575 Total comprehensive income $ 4,716 $ 4,554 $ 4,287 $ 28,865 Income per share Basic income per share $ 0.30 $ 0.46 $ 0.78 $ 1.64 Weighted average shares outstanding – basic income per share 9 13,568,659 13,560,840 13,565,054 13,558,573 Diluted income per share $ 0.29 $ 0.46 $ 0.76 $ 1.62 Weighted average shares outstanding – diluted income per share 9 13,758,660 13,752,770 13,761,896 13,752,770 The accompanying notes are an integral part of these interim condensed consolidated financial statements. YELLOW PAGES LIMITED THIRD QUARTER 2025 3 Consolidated Statements of Financial Position (in thousands of Canadian dollars) As at Note September 30, 2025 December 31, 2024 ASSETS CURRENT ASSETS Cash $ 55,054 $ 44,204 Trade and other receivables 7 30,274 33,677 Income taxes receivable 293 995 Prepaid expenses 4,533 4,561 Deferred publication costs 1,486 1,220 Net investment in subleases 2,430 2,253 TOTAL CURRENT ASSETS 94,070 86,910 NON-CURRENT ASSETS Deferred commissions 2,838 2,981 Financial and other assets 6 1,782 1,821 Right-of-use assets 4,291 4,774 Net investment in subleases 19,913 21,758 Property and equipment 2,387 2,644 Intangible assets 23,804 31,196 Deferred income taxes 10,159 11,786 TOTAL NON-CURRENT ASSETS 65,174 76,960 TOTAL ASSETS $ 159,244 $ 163,870 LIABILITIES AND EQUITY CURRENT LIABILITIES Trade and other payables $ 22,771 $ 24,008 Provisions 11,118 16,085 Deferred revenues 1,167 800 Current portion of lease obligations 3,894 3,778 TOTAL CURRENT LIABILITIES 38,950 44,671 NON-CURRENT LIABILITIES Provisions 385 488 Post-employment benefits 8 38,632 28,751 Lease obligations 33,254 36,160 TOTAL NON-CURRENT LIABILITIES 72,271 65,399 TOTAL LIABILITIES 111,221 110,070 CAPITAL --- AND RESERVES 96,379 96,302 DEFICIT (48,356) (42,502) TOTAL EQUITY 48,023 53,800 TOTAL LIABILITIES AND EQUITY $ 159,244 $ 163,870 The accompanying notes are an integral part of these interim condensed consolidated financial statements. YELLOW PAGES LIMITED THIRD QUARTER 2025 4 Consolidated Statements of Changes in Equity (in thousands of Canadian dollars) For the nine-month periods ended September 30, 2025 Note Shareholders’ capital Restricted shares Stock-based compensation and other reserves Total capital and reserves Deficit Total equity Balance, December 31, 2024 $ 95,087 $ (1,198) $ 2,413 $ 96,302 $ (42,502) $ 53,800 Other comprehensive loss - - - - (6,265) (6,265) Net income - - - - 10,552 10,552 Total comprehensive income - - - - 4,287 4,287 Shares issued under the stock option plan 9, 10 65 - - 65 (3) 62 Dividends to shareholders 9 - - - - (10,175) (10,175) Restricted shares settled 10 - 12 - 12 - 12 Restricted shares expense 10 - - 78 78 - 78 Restricted shares reclassification 10 - - (78) (78) 37 (41) Balance, September 30, 2025 $ 95,152 $ (1,186) $ 2,413 $ 96,379 $ (48,356) $ 48,023 2024 Note Shareholders’ capital Restricted shares Stock-based compensation and other reserves Total capital and reserves Deficit Total equity Balance, December 31, 2023 $ 95,087 $ (1,248) $ 2,413 $ 96,252 $ (53,996) $ 42,256 Other comprehensive income - - - - 6,575 6,575 Net income - - - - 22,290 22,290 Total comprehensive income - - - - 28,865 28,865 Dividends to shareholders 9 - - - - (10,170) (10,170) Restricted shares settled 10 - 50 - 50 - 50 Restricted shares expense 10 - - 156 156 - 156 Restricted shares reclassification 10 - - (156) (156) 37 (119) Stock options equity-settled expense 10 - - 23 23 - 23 Stock options reclassification 10 - - (23) (23) (5) (28) Adjustment to transaction costs related to the plan of arrangement 9 - - - - 277 277 Balance, September 30, 2024 $ 95,087 $ (1,198) $ 2,413 $ 96,302 $ (34,992) $ 61,310 The accompanying notes are an integral part of these interim condensed consolidated financial statements. YELLOW PAGES LIMITED THIRD QUARTER 2025 5 Consolidated Statements of Cash Flows (in thousands of Canadian dollars) For the nine-month periods ended September 30, Note 2025 2024 OPERATING ACTIVITIES Net income $ 10,552 $ 22,290 Adjusting items Stock-based compensation expense - equity settled 78 179 Depreciation and amortization 9,238 10,247 Restructuring and other charges 3,594 1,124 Financial charges, net 1,379 864 Settlement loss on annuity purchase 3,970 - Provision for income taxes 3,813 8,068 Change in operating assets and liabilities (404) (1,525) Stock-based compensation cash payments (1,888) (1,162) Funding of post-employment benefit plans in excess of costs (3,823) (6,219) Restructuring and other charges paid (2,804) (1,373) Interest paid (1,200) (1,341) Income taxes received (paid), net 801 (435) Cash from operating activities 23,306 30,717 INVESTING ACTIVITIES Additions to intangible assets (1,140) (1,917) Additions to property and equipment (33) (78) Payments received from net investment in subleases 1,668 1,421 Cash from (used in) investing activities 495 (574) FINANCING ACTIVITIES Dividends paid 9 (10,175) (10,170) Issuance of common shares 62 - Payment of lease obligations (2,838) (2,944) Cash used in financing activities (12,951) (13,114) NET INCREASE IN CASH 10,850 17,029 CASH, BEGINNING OF YEAR 44,204 23,229 CASH, END OF PERIOD $ 55,054 $ 40,258 The accompanying notes are an integral part of these int --- erim condensed consolidated financial statements. Notes to the Interim Condensed Consolidated Financial Statements – September 30, 2025 (all tabular amounts are in thousands of Canadian dollars, except share information) YELLOW PAGES LIMITED THIRD QUARTER REPORT 2025 6 1. Description Yellow Pages Limited, through its subsidiaries, offers local and national businesses access to digital and print media and marketing solutions to reach consumers in all the provinces and territories of Canada. References herein to Yellow Pages Limited (or the “Company”) represent the financial position, financial performance, cash flows and disclosures of Yellow Pages Limited and its subsidiaries on a consolidated basis. Yellow Pages Limited’s registered head office is located at 1751 Rue Richardson, Montreal, Québec, Canada, H3K 1G6 and the common shares of Yellow Pages Limited are listed on the Toronto Stock Exchange (“TSX”) under the symbol “Y”. The Board of Directors (the “Board”) approved the interim condensed consolidated financial statements for the three and nine-month periods ended September 30, 2025 and 2024 on November 12, 2025 for publication on November 13, 2025. 2. Basis of presentation and material accounting policies 2.1 Statement of compliance These interim condensed consolidated financial statements have been prepared in accordance with IAS 34 – Interim Financial Reporting and do not include all of the information required for full annual financial statements. The accounting policies and methods of computation applied in these interim condensed consolidated financial statements are consistent with IFRS® Accounting Standards and are the same as those applied by Yellow Pages Limited in its audited consolidated financial statements as at and for the years ended December 31, 2024 and 2023. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the years ended December 31, 2024 and 2023. 2.2 Accounting Standards that are issued but not yet effective and not yet applied on the interim condensed consolidated financial statements New standard IFRS 18 - Presentation and Disclosures in Financial Statements On April 9, 2024, the International Accounting Standards Board (“IASB”) issued its new standard IFRS 18 Presentation and Disclosures in Financial Statements that will replace IAS 1 Presentation of Financial Statements. The new standard aims at improving how entities communicate in their financial statements by setting new requirements to: • Improve comparability, through a specified structure of the statement of profit and loss that is more comparable between entities; • Enhance disclosure of the management-defined performance measures to improve transparency and make them subject to audit; and • Render the grouping of information more useful and relevant through enhanced guidance on how to organize information in financial statements including note disclosures. IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027. The standard is applied retrospectively, with specific transition provisions, and early adoption is permitted. The Company is assessing the impact of this new standard on its current financial statement presentation. 3. Revenues The Company reviews revenues by similar products and services, such as Print and Digital. Print revenues are recognized at a point in time, whereas 99% of digital revenues were recognized ov --- er the term of the contract and 1% at a point in time for three and nine-month periods ended September 30, 2025 and September 30, 2024. Notes to the Interim Condensed Consolidated Financial Statements – September 30, 2025 (all tabular amounts are in thousands of Canadian dollars, except share information) YELLOW PAGES LIMITED THIRD QUARTER REPORT 2025 7 The following table presents revenue information by similar products and services: For the three and nine-month periods ended September 30, 2025 2024 2025 2024 Digital $ 39,997 $ 42,648 $ 121,656 $ 130,095 Print 8,345 9,971 29,176 33,333 Total revenues $ 48,342 $ 52,619 $ 150,832 $ 163,428 4. Restructuring and Other Charges Yellow Pages Limited recorded restructuring and other charges of $1.0 million during the three-month period ended September 30, 2025, consisting mainly of $1.0 million of employee related costs associated with workforce reductions. Yellow Pages Limited recorded restructuring and other charges of $0.5 million during the third quarter of 2024 consisting mainly of $0.5 million of other charges. The other charges relate to onerous contracts linked to decommissioned servers resulting from our migration to cloud-based services. Yellow Pages Limited recorded restructuring and other charges of $3.6 million during the nine-month period ended September 30, 2025, consisting of $2.6 million of employee related costs associated with workforce reductions, a $0.1 million charge related to future lease costs for vacated office space and $0.9 million of other charges. Yellow Pages Limited recorded restructuring and other charges of $1.1 million during the nine-month period ended September 30, 2024 consisting mainly of restructuring charges of $0.6 million associated with workforce reductions, a $0.4 million charge related to future lease costs for vacated office space and other charges of $0.1 million. 5. Financial charges, net The significant components of the financial charges, net are as follows: For the three and nine-month periods ended September 30, 2025 2024 2025 2024 Interest on lease obligations, net of interest income on investment in subleases $ 185 $ 248 $ 605 $ 774 Net interest on the defined benefit obligations 482 369 1,192 1,107 Interest income on cash balances (401) (399) (1,198) (1,076) Other, net 140 52 780 59 Financial charges, net $ 406 $ 270 $ 1,379 $ 864 6. Financial risk management Fair value hierarchy The three levels of fair value hierarchy are as follows: • Level 1 – inputs are unadjusted quoted prices of identical instruments in active markets. • Level 2 – inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. • Level 3 – inputs used in a valuation technique are not based on observable market data in determining fair values of the instruments. Determination of fair value and the resulting hierarchy requires the use of observable market data whenever available. The classification of a financial instrument in the hierarchy is based upon the lowest level of input that is significant to the measurement of fair value. The fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Cash, trade and other receivables, and trade and other payables and certain provisions are not measured at fair value in the consolidated statement of financial position, as their carrying amount is a reasonable approxima --- tion of fair value due to their short-term maturity. Notes to the Interim Condensed Consolidated Financial Statements – September 30, 2025 (all tabular amounts are in thousands of Canadian dollars, except share information) YELLOW PAGES LIMITED THIRD QUARTER REPORT 2025 8 Asset-Based Loan On August 27, 2025, the Company, through its subsidiary Yellow Pages Digital & Media Solutions Limited, extended the term of its asset-based loan (ABL) to September 2028. The agreement was also amended to reduce the total commitment from $20.0 million to $15.0 million and furthermore, the total commitment will be reduced by $2.5 million annually starting September 2026. The ABL is being used for general corporate purposes. Through the ABL, the Company has access to the funds in the form of prime rate loans or letters of credit. The ABL is subject to a trailing twelve-month fixed charge coverage ratio when there is an event of default or when excess availability is less than 10% of the facility limit. Upon such event, the fixed charged coverage ratio must be a minimum of 1.1 times. As at September 30, 2025, the Company had $0.6 million of letters of credit issued and outstanding, resulting in an availability of $14.4 million remaining under the ABL. As at September 30, 2025, the Company was in compliance with all covenants under the loan agreement governing the ABL. 7. Trade and other receivables As at September 30, 2025 December 31, 2024 Current $ 24,443 $ 26,826 Past due less than 180 days 3,801 5,123 Past due over 180 days 1,903 1,553 Trade receivables1 $ 30,147 $ 33,502 Other receivables $ 127 $ 175 Trade and other receivables $ 30,274 $ 33,677 1 Trade receivables are presented net of allowance for revenue adjustments (“AFRA”) and expected credit loss allowance (“ECL”) of $7.5 million as at September 30, 2025 ($7.4 million as at December 31, 2024). The following table provides information about contract assets, which are included in trade and other receivables. The contract assets, which are included in trade and other receivables, consist of payments for print products on delivered directories that are not yet due from the customer and represent the Company’s right to consideration for the services rendered. Any amount previously recognized as a contract asset is reclassified to trade receivables once it is invoiced to the customer. The change in contract assets for the nine-month period ended September 30, 2025 is primarily related to the fluctuation in print revenue. The revenues related to the performance obligations that are unsatisfied (or partially unsatisfied at the reporting date) are expected to be recognized over the next twelve (12) months. The contract liabilities consist of deferred revenues which primarily relate to the advanced consideration received from customers for which revenue is recognized over time. As at September 30, 2025 December 31, 2024 Contract assets $ 14,564 $ 14,797 Allowance for revenue adjustments and ECL (282) (297) Contract assets net of allowance for revenue adjustments and ECL $ 14,282 $ 14,500 Notes to the Interim Condensed Consolidated Financial Statements – September 30, 2025 (all tabular amounts are in thousands of Canadian dollars, except share information) YELLOW PAGES LIMITED THIRD QUARTER REPORT 2025 9 8. Post-employment benefits Yellow Pages Limited recorded an actuarial gain of $0.7 million in other comprehensive income, net of income taxes of $0.2 million during the third quarter of 2025. The gain of --- $0.9 million resulted from higher-than-expected actual return on plans assets. Yellow Pages Limited recorded an actuarial loss of $1.7 million in other comprehensive income, net of income taxes of 0.6 million during the third quarter of 2024. A loss of $15.3 million due to the decreases in the discount rate from 5.0% to 4.9% was partially offset by a gain of $13.0 million resulting from higher-than-expected actual return on plan assets. Yellow Pages Limited recorded an actuarial loss of $6.3 million in other comprehensive income, net of income taxes of $2.2 million during the nine-month period ended September 30, 2025. A loss of $18.1 million due to lower-than-expected actual return on plans assets and increase in inflation rate from 1.8% to 1.9% was partially offset by a gain of $9.6 million due to the increase in the discount rate from 4.6% to 4.8%. Yellow Pages Limited recorded an actuarial gain of $6.6 million in other comprehensive income, net of income taxes of $2.4 million for the nine-month period ended September 30, 2024. A gain of $9.0 million resulted from higher-than-expected actual return on plan assets. Settlement loss on annuity purchase On May 30, 2025, Yellow Pages Limited completed the purchase of group annuity contracts for $209.9 million from a Canadian insurer. The defined benefit pension plan obligations for the group that are settled via the annuity purchase are $205.9 million. Under the agreement, the Canadian insurer will issue annuities covering the responsibility for pension benefits owed to approximately 860 Yellow Pages pensioners and beneficiaries. The insurer began administering all pension benefits covered by the group annuity in October 2025. Following the transaction, pension benefits for these annuitants are protected under Assuris, the life insurance compensation association designated under the Insurance Companies Act of Canada. For accounting purposes, this buy-out transaction essentially eliminates further legal or constructive obligation for pension benefits covered by the group annuity, and a settlement occurred. As a result of this transaction, a non-cash settlement loss of $4.0 million was recognized during the second quarter of 2025. 9. Shareholders’ capital Common shares - Issued The total number of common shares of Yellow Pages Limited held by the trustee for the purpose of funding the restricted share unit and performance share unit plan (the “RSU and PSU Plan”) amounted to 190,001 as at September 30, 2025 (see Note 10 Stock-based compensation plans for additional details). Under the Stock Option Plan, the maximum number of common shares authorized for issuance upon the exercise of options is 2,806,932 (see Note 10 Stock-based compensation plans for additional details). During the nine-month period ended September 30, 2025, 5,890 common shares were issued upon the exercise of options. Dividends On February 13th, 2024, the Board modified its dividend policy of paying a quarterly cash dividend to its common shareholders by increasing the dividend from $0.20 per share to $0.25 per share. YP’s dividend payout policy and the declaration of dividends on any of the Company’s outstanding common shares are subject to the discretion of the Board and, consequently, there can be no guarantee that the dividend payout policy will be maintained or that dividends will be declared. During the nine-month period ended September 30, 2025, the Company paid quarterly dividends of $0.25 per common share on March --- 17, June 16, and September 15, 2025 for a total consideration of $10.2 million to common shareholders. During the nine-month period ended September 30, 2024, the Company paid quarterly dividends of $0.25 per common share on March 15, June 17, and September 16, 2024 for a total consideration of $10.2 million to common shareholders. Number of Shares Amount Balance, December 31, 2024 13,752,770 $ 95,087 Shares issued under stock option plan 5,890 65 Balance, September 30, 2025 13,758,660 $ 95,152 Notes to the Interim Condensed Consolidated Financial Statements – September 30, 2025 (all tabular amounts are in thousands of Canadian dollars, except share information) YELLOW PAGES LIMITED THIRD QUARTER REPORT 2025 1 0 Income per share The following table presents the weighted average number of shares outstanding used in computing income per share and the weighted average number of shares outstanding used in computing diluted income per share as well as net income used in the computation of basic income per share to net income adjusted for any dilutive effect: For the three and nine-month periods ended September 30, 2025 2024 2025 2024 Weighted average number of shares outstanding used in computing basic income per share1 13,568,659 13,560,840 13,565,054 13,558,573 Dilutive effect of restricted share units 190,001 191,930 190,694 194,197 Dilutive effect of stock options - - 6,148 - Weighted average number of shares outstanding used in computing diluted income per share 13,758,660 13,752,770 13,761,896 13,752,770 For the three and nine-month periods ended September 30, 2025 2024 2025 2024 Net income used in the computation of basic income per share $ 4,046 $ 6,269 $ 10,552 $ 22,290 Impact of assumed conversion of stock options, net of applicable taxes - - (25) - Total net income used in the computation of diluted income per share $ 4,046 $ 6,269 $ 10,527 $ 22,290 1 The weighted average number of shares outstanding used in the income per share calculation is reduced by the shares held by the trustee for the purpose of funding the RSU and PSU Plan. For the three and nine-month periods ended September 30, 2025 and 2024, the diluted income per share calculation did not take into consideration the potential dilutive effect of stock options that are not in the money and therefore not dilutive. 10. Stock-based compensation plans Yellow Pages Limited’s stock-based compensation plans consist of restricted share units, performance share units, deferred share units, stock options and share appreciation rights. Restricted Share Unit and Performance Share Unit Plan On April 18, 2023, a modification to the RSU and PSU Plan, adding a cash alternative at the Participant’s option to the settlement of all unvested RSUs and PSUs outstanding as of such date and all grants subsequent to such date, resulting in an obligation to settle in cash. A reclass from equity to liability was recorded at the modification date, based on the fair value of the unvested RSUs outstanding as of such date. The variation due to change in fair value subsequent to the modification date is included in operating costs. The total number of common shares of Yellow Pages Limited held by the trustee for the purpose of funding the RSU and PSU Plan amounted to 190,001 as at September 30, 2025. There were no PSUs outstanding as at September 30, 2025 and 2024. Notes to the Interim Condensed Consolidated Financial Statements – September 30, 2025 (all tabular amounts are in thousands of Canadian do --- llars, except share information) YELLOW PAGES LIMITED THIRD QUARTER REPORT 2025 1 1 The following table summarizes the continuity of the RSUs during the nine-month periods ended September 30: 2025 2024 Number of RSUs Liability¹ Number of RSUs Liability¹ Outstanding, beginning of year 333,537 $ 2,597 349,405 $ 1,752 Granted2 116,944 405 26,726 50 Dividends credited3 25,005 346 26,704 173 RSUs reclassified from equity-settled to cash settled - 46 (1,574) 119 Settled (153,399) (1,713) (72,884) (681) Forfeited (4,326) (26) (2,121) - Variation due to change in fair value and vesting - 548 - 385 Outstanding, end of period4 317,761 $ 2,203 326,256 $ 1,798 Weighted average remaining life (years) 0.91 1.11 1 The liability related to the RSUs is recorded in trade and other payables, and the expense related to the vested RSUs and the variation due to change in fair value are included in operating costs. 2 The liability related to the RSUs granted represents the portion that is vested as at September 30. 3 Dividends in the form of additional RSUs are credited to the Participant’s account on each dividend payment date and are equivalent in value to the dividend paid on common shares. 4 The number of restricted shares vested as of September 30, 2025 is 196,413 (2024 –185,900). Deferred Share Unit Plan During the fourth quarter of 2024, the Board approved the termination and liquidation of the deferred share unit plan (the “DSU Plan”), effective as of December 16, 2024, and the payment of all accrued benefits so that such amounts are payable in lump sum to the Participants. Pursuant to the DSU plan, each Participant will receive a lump sum cash payment equal to the number of DSUs credited to the Participant’s account multiplied by the VWAP of YP’s common share for the five trading days immediately preceding the effective termination date. As of September 30, 2025, $1.4 million remains payable and is included in Trade and other payables (December 31, 2024 - $2.4 million). Stock options A maximum of 2,806,932 stock options may be granted under the Stock Option Plan. The following table summarizes the continuity of the stock options during the nine-month periods ended September 30: 2025 2024 Number of options Liability¹ Number of options Liability¹ Outstanding, beginning of year 2,020,826 $ 907 1,608,066 $ 397 Granted - - 895,945 147 Stock options reclassified from equity-settled to cash settled - - - 28 Exercised (5,890) (3) - - Settled (212,195) (133) - - Forfeited and cancelled (653,039) (243) (480,124) (25) Variation due to change in fair value and vesting - (133) - (388) Outstanding, end of period2 1,149,702 $ 395 2,023,887 $ 159 1 The liability related to the stock options is recorded in trade and other payables, and the expense related to the vested options and the variation due to change in fair value are included in operating costs. 2 The number of stock options vested as of September 30, 2025 is 963,263 (2024 – 1,173,601). Notes to the Interim Condensed Consolidated Financial Statements – September 30, 2025 (all tabular amounts are in thousands of Canadian dollars, except share information) YELLOW PAGES LIMITED THIRD QUARTER REPORT 2025 1 2 The following table summarizes the continuity of stock options under the Stock Option Plan, during the nine-month periods ended September 30: 2025 2024 Number of options Weighted average exercise price per option Number of options Weighted average exercise price per option Outstanding, beginning of year 2,02 --- 0,826 $ 12.27 1,608,066 $ 13.44 Granted - $ - 895,945 $ 10,60 Exercised (5,890) $ 10.60 - $ - Settled (212,195) $ 10.60 - $ - Forfeited and cancelled (653,039) $ 12.90 (480,124) $ 13.07 Outstanding, end of period 1,149,702 $ 12.23 2,023,887 $ 12.27 Exercisable, end of period 535,923 $ 12.72 269,492 $ 12.71 Share appreciation rights plan The following table summarizes the continuity of the share appreciation rights (“SARs”) during the nine-month periods ended September 30: 2025 2024 Number of SARs Liability¹ Number of SARs Liability1 Outstanding, beginning of year 643,627 $ 343 584,018 $ 169 Granted 2,739,232 468 351,618 64 Settled (87,904) (54) - - Forfeited and cancelled (639,951) (43) - - Variation due to change in fair value and vesting - 52 - (171) Outstanding, end of period2 2,655,004 $ 766 935,636 $ 62 1 The liability related to the SAR Plan is recorded in trade and other payables, and the expense related to the units vested and the variation due to change in fair value are included in operating costs. 2 The number of SARs vested as of September 30, 2025 is 1,075,544 (2024 –617,822). The following table shows the key assumptions used in applying the valuation model for the SARs as at September 30: 2025 2024 Weighted average grant date share price $ 11.19 $ 10.60 Exercise price $ 11.19 $ 10.60 Expected volatility 24.06% 22.45% Expected life (years) 2.2 years 2.7 years Risk-free interest rate 2.80% 4.32% The following amounts for stock-based compensation are recorded in the consolidated statements of income in operating costs: For the three and nine-month periods ended September 30, 2025 2024 2025 2024 RSU plan $ 380 $ 398 $ 1,350 $ 764 DSU plan - 293 - (227) Stock Options (104) 77 (376) (243) SARs 156 30 475 (107) Total expense $ 432 $ 798 $ 1,449 $ 187