TWC Enterprises Limited Announces Third Quarter 2025 Results and Eligible Dividend

KING CITY, Ontario, Oct. 31, 2025 (GLOBE NEWSWIRE) -- Consolidated Financial Highlights (unaudited) (in thousands of dollars except per share amounts) Three months ended Nine months ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Net earnings 16,929 42,719 39,492 45,177 Basic and diluted earnings per share 0.70 1.75 1.62 1.85 Operating Data   Three months ended Nine months ended   September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Canadian Full Privilege Golf Members     15,397 15,414 Championship rounds – Canada 626,000 567,000 1,031,000 966,000 18-hole equivalent championship golf courses – Canada     37.0 35.5 18-hole equivalent managed championship golf courses – Canada     3.5 3.5 Championship rounds – U.S. 34,000 30,000 164,000 166,000 18-hole equivalent championship golf courses – U.S.     6.5 6.5 The following is an analysis of net earnings:     For the three months ended   (thousands of Canadian dollars)   September 30, 2025 September 30, 2024             Operating revenue   $ 76,699   $ 66,383     Direct operating expenses(1)     51,980     46,099               Net operating income(1)     24,719     20,284               Amortization of membership fees     1,516     1,409               Depreciation and amortization     (3,563 )   (3,565 )             Interest, net and investment income     2,371     2,737               Other items     (1,816 )   32,641               Income taxes     (6,298 )   (10,787 )             Net earnings   $ 16,929   $ 42,719                   For the nine months ended   (thousands of Canadian dollars)   September 30, 2025 September 30, 2024             Operating revenue   $ 179,023   $ 193,912     Direct operating expenses(1)     131,937     160,037               Net operating income(1)     47,086     33,875               Amortization of membership fees     3,779     3,494               Depreciation and amortization     (10,507 )   (10,761 )             Interest, net and investment income     7,360     8,335               Other items     4,795     24,138               Income taxes     (13,021 )   (13,904 )             Net earnings   $ 39,492   $ 45,177               The following is a breakdown of net operating income (loss) by segment:     For the three months ended   (thousands of Canadian dollars)   September 30, 2025 September 30, 2024             Net operating income (loss) by segment         Canadian golf club operations   $ 26,031   $ 21,304     US golf club operations         (2025 - loss US$142,000: 2024 - US$17,000)   (199 )   26     Corporate and other   (1,113 )   (1,046 )             Net operating income(1)   $ 24,719   $ 20,284                   For the nine months ended   (thousands of Canadian dollars)   September 30, 2025 September 30, 2024             Net operating income (loss) by segment         Canadian golf club operations   $ 42,944   $ 35,219     US golf club operations         (2025 - US$3,015,000: 2024 - US $2,647,000)   4,295     3,578     Corporate and other   (153 )   (4,922 )             Net operating income(1)   $ 47,086   $ 33,875               Operating revenue is calculated as follows:     For the three months ended   (thousands of Canadian dollars)   September 30, 2025 September 30, 2024             Annual dues   $ 18,666 $ 17,966   Golf     23,537   18,822   Corporate events     5,714   4,533   Food and beverage     19,831   15,373   Merchandise     6,011   5,478   Real estate     -   1,692   Rooms and other     2,940   2,519             Operating revenue   $ 76,699 $ 66,383                 For the nine months ended   (thousands of Canadian dollars)   September 30, 2025 September 30, 2024             Annual dues   $ 55,309 $ 53,719   Golf     45,289   38,231   Corporate events     9,138   7,321   Food and beverage     33,919   26,438   Merchandise     12,301   11,814   Real estate     18,721   52,582   Rooms and other     4,346   3,807             Operating revenue   $ 179,023 $ 193,912             Direct operating expenses are calculated as follows:     For the three months ended   (thousands of Canadian dollars)   September 30, 2025 September 30, 2024             Operating cost of sales   $ 10,314 $ 9,050             Real estate cost of sales     280   1,951             Labour and employee benefits     27,580   23,890             Utilities     2,809   2,120             Selling, general and administrative expenses   1,568   1,165             Property taxes     590   230             Insurance     1,013   1,121             Repairs and maintenance     1,528   1,609             Turf operating expenses     1,886   1,244             Fuel and oil     501   584             Other operating expenses     3,911   3,135             Direct Operating Expenses(1)   $ 51,980 $ 46,099                 For the nine months ended   (thousands of Canadian dollars)   September 30, 2025 September 30, 2024             Operating cost of sales   $ 19,022 $ 17,181             Real estate cost of sales     16,608   55,161             Labour and employee benefits     60,639   54,259             Utilities     6,448   5,704             Selling, general and administrative expenses   4,310   4,008             Property taxes     2,962   2,778             Insurance     2,901   3,389             Repairs and maintenance     4,148   4,398             Turf operating expenses     4,451   3,772             Fuel and oil     1,037   1,168             Other operating expenses     9,411   8,219             Direct Operating Expenses(1)   $ 131,937 $ 160,037             (1) Please see Non-IFRS Measures Third Quarter 2025 Consolidated Operating Highlights On February 3, 2025, the Company acquired Deer Creek, one of Canada’s largest golf and event complexes, located in Ajax, Ontario, and includes 45-holes of championship golf, a nine-hole short course, large driving range and performance academy. This is a daily fee property with a focus on food and beverage operations. This acquisition is a contributing factor to increases seen in both revenue and operating expenses, specifically golf, corporate events and food and beverage revenue, as well as operating cost of sales and labour and employee benefits. Operating revenue increased 15.5% to $76,699,000 for the three month period ended September 30, 2025 from $66,383,000 in 2024 due to the acquisition of Deer Creek in 2025 and its related revenue streams. Direct operating expenses increased 12.8% to $51,980,000 for the three month period ended September 30, 2025 from $46,099,000 in 2024 due to the acquisition of Deer Creek in 2025 and its related operating expenses. Net operating income for the Canadian golf club operations segment increased to $26,031,000 for the three month period ended September 30, 2025 from $21,304,000 in 2024 due to the Deer Creek acquisition and healthy increases in golf revenue for all properties due to strong demand. Interest, net and investment income decreased 13.4% to income of $2,371,000 for the three month period ended September 30, 2025 from $2,737,000 in 2024 due to a reduction in cash (and resulting interest income on this excess cash) as a result of the Deer Creek acquisition. Other items consist of the following income (loss) items:   For the three months ended     September 30, 2025 September 30, 2024           Foreign exchange gain (loss) $ (75 ) $ 205     Unrealized gain (loss) on investment in marketable securities   (1,707 )   24,839     Gain on sale of property, plant and equipment   190     7,822     Business combination transaction costs   (12 )   -     Equity loss from investments in joint ventures   (7 )     Unrealized loss on real estate fund investments   -     (48 )   Other   (205 )   (177 )           Other items $ (1,816 ) $ 32,641             At September 30, 2025, the Company recorded an unrealized loss of $1,707,000 on its investment in marketable securities (September 30, 2024 - gain of $24,839,000). This loss is attributable to the fair market value adjustments of the Company's investment in Automotive Properties REIT. Net earnings in the amount of $16,929,000 for the three month period ended September 30, 2025 decreased from $42,719,000 in 2024 due to the change in unrealized loss on the Company’s investment in Automotive Properties REIT as compared to 2024. Basic and diluted earnings per share decreased to $0.70 per share in 2025, compared to basic and diluted earnings per share of $1.75 cents in 2024. Non-IFRS Measures TWC uses non-IFRS measures as a benchmark measurement of our own operating results and as a benchmark relative to our competitors. We consider these non-IFRS measures to be a meaningful supplement to net earnings. We also believe these non-IFRS measures are commonly used by securities analysts, investors and other interested parties to evaluate our financial performance. These measures, which included direct operating expenses and net operating income do not have standardized meaning under IFRS. While these non-IFRS measures have been disclosed herein to permit a more complete comparative analysis of the Company’s operating performance and debt servicing ability relative to other companies, readers are cautioned that these non-IFRS measures as reported by TWC may not be comparable in all instances to non-IFRS measures as reported by other companies. The glossary of financial terms is as follows: Directoperatingexpenses = expenses that are directly attributable to company’s business units and are used by management in the assessment of their performance. These exclude expenses which are attributable to major corporate decisions such as impairment. Net operating income = operating revenue – direct operating expenses Net operating income is an important metric used by management in evaluating the Company’s operating performance as it represents the revenue and expense items that can be directly attributable to the specific business unit’s ongoing operations. It is not a measure of financial performance under IFRS and should not be considered as an alternative to measures of performance under IFRS. The most directly comparable measure specified under IFRS is net earnings. Eligible Dividend Today, TWC Enterprises Limited announced an eligible cash dividend of 9 cents per common share to be paid on December 15, 2025 to shareholders of record as at December 1, 2025. Corporate Profile TWC is engaged in golf club operations under the trademark, “ClubLink One Membership More Golf.” TWC is Canada’s largest owner, operator and manager of golf clubs with 47 18-hole equivalent championship and 2.5 18-hole equivalent academy courses (including three managed properties) at 35 locations in Ontario, Quebec and Florida. For further information please contact: Andrew Tamlin Chief Financial Officer 15675 Dufferin Street King City, Ontario L7B 1K5 Tel: 905-841-5372 Fax: 905-841-8488 [email protected] Management’s discussion and analysis, financial statements and other disclosure information relating to the Company is available through SEDAR and at www.sedar.com and on the Company website at www.twcenterprises.ca