Goodfellow Reports its Results for the First Quarter Ended February 28, 2026

DELSON, Quebec, April 08, 2026 (GLOBE NEWSWIRE) -- Goodfellow Inc. (TSX: GDL) (the “Company” or “Goodfellow”) announced today its financial results for the first quarter ended February 28, 2026. For the three months ended February 28, 2026, Goodfellow reported a net loss of $3.1 million or $0.38 per share compared to a net loss of $2.3 million or $0.27 per share a year ago, while consolidated sales were $108.7 million compared to $111.2 million last year. First quarter results reflect a resilient performance relative to extremely challenging market conditions. An excessively cold winter set against a backdrop of continued economic uncertainty, elevated interest rates and high household debt levels have compromised consumer confidence. Tariff concerns weighed on construction activity and customer demand, particularly in Central Canada. Goodfellow leveraged its diversified product offering, disciplined inventory management and strong customer relationships to navigate margin pressures and regional disparities. The Company anticipates continued market uncertainty, with Q2 seasonal demand offering some support in achieving critical sales volumes. In this environment, Goodfellow remains focused on operational discipline, margin management and capturing opportunities in value-added and infrastructure-driven segments as market conditions evolve. About Goodfellow Goodfellow is a diversified manufacturer of value-added lumber products, as well as a wholesale distributor of building materials and floor coverings. With a distribution footprint from coast-to-coast in Canada and in the Northeastern U.S., Goodfellow effectively serves commercial and residential sectors through lumber yard retailer networks, manufacturers, industrial and infrastructure project partners, and floor covering specialists. Goodfellow also leverages its value-added product capabilities to serve lumber markets internationally. Goodfellow Inc. is a publicly traded company, and its shares are listed on the Toronto Stock Exchange under the symbol “GDL”. GOODFELLOW INC.     Consolidated Statements of Comprehensive Income   For the three months ended February 28, 2026 and 2025   (in thousands of dollars, except per share amounts) Unaudited           February 28 2026 February 28 2025 (Restated)1   $ $       Sales 108,729   111,180   Expenses     Cost of goods sold 90,235   91,700   Selling, administrative and general expenses 22,007   21,832   Net financial costs 837   786     113,079   114,318         Loss before income taxes (4,350 ) (3,138 )       Income taxes (1,218 ) (878 )       Total comprehensive loss (3,132 ) (2,260 )       Net loss     -per share –Basic (0.38 ) (0.27 ) -per share –Diluted (0.36 ) (0.27 ) 1 In the fourth quarter of 2025, the Company corrected an error in presentation for certain production related expenses that were recognized as selling, administrative and general expenses and recording them to cost of goods sold (with no impact to any associated subtotals or totals). The comparative financial information for the first quarter 2025 has been restated for this presentation adjustment. The impact was a decrease to selling, administrative and general expenses for $5,987, with a corresponding increase to cost of goods sold. This presentation adjustment has no impact on earnings before income taxes or net earnings. The presentation adjustment also had no impact on the consolidated statement of financial position, statement of cash flows and statement of changes in shareholders equity. GOODFELLOW INC.       Consolidated Statements of Financial Position       (in thousands of dollars)       Unaudited         As at As at As at   February 28 2026 November 30 2025 February 28 2025   $ $ $ Assets       Current Assets       Cash 4,117 3,767 4,237 Trade and other receivables 64,214 55,471 69,995 Income taxes receivable 3,357 1,360 7,513 Inventories 165,175 144,484 158,879 Prepaid expenses 5,231 3,168 4,051 Total Current Assets 242,094 208,250 244,675         Non-Current Assets       Property, plant and equipment 42,218 42,625 43,552 Intangible assets 309 381 751 Right-of-use assets 18,394 19,304 20,863 Defined benefit plan asset 21,540 21,739 21,747 Deferred income taxes - 744 - Other assets 1,936 1,875 1,327 Total Non-Current Assets 84,397 86,668 88,240 Total Assets 326,491 294,918 332,915         Liabilities       Current Liabilities       Bank indebtedness 44,488 17,564 42,385 Trade and other payables 52,041 42,629 55,494 Provision 625 624 818 Dividends payable 1,249 - 2,105 Current portion of lease liabilities 6,415 6,485 6,418 Total Current Liabilities 104,818 67,302 107,220         Non-Current Liabilities       Lease liabilities 13,739 14,551 15,985 Deferred income taxes 4,692 5,436 8,303 Total Non-Current Liabilities 18,431 19,987 24,288 Total Liabilities 123,249 87,289 131,508         Shareholders’ Equity       Share capital 9,167 9,184 9,271 Retained earnings 194,075 198,445 192,136   203,242 207,629 201,407 Total Liabilities and Shareholders’ Equity 326,491 294,918 332,915 GOODFELLOW INC.     Consolidated Statements of Cash Flows     For the three months ended February 28, 2026 and 2025   (in thousands of dollars) Unaudited       February 28 2026 February 28 2025   $ $ Operating Activities     Net loss (3,132 ) (2,260 ) Adjustments for:     Depreciation and amortization of:     Property, plant and equipment 1,213   1,262   Intangible assets 150   145   Right-of-use assets 1,489   1,495   Gain on disposal of property, plant and equipment (10 ) (6 ) Provision 1   (112 ) Income taxes (1,218 ) (878 ) Interest expense 321   239   Interest on lease liabilities 330   341   Funding in excess of pension plan expense 199   178   Share-based compensation 317   -   Other (53 ) (58 )   (393 ) 346         Changes in non-cash working capital items (22,207 ) (34,562 ) Interest paid (672 ) (545 ) Income taxes paid (779 ) (1 )   (23,658 ) (35,108 ) Net Cash Flows from Operating Activities (24,051 ) (34,762 )       Financing Activities     Net increase in bank loans 2,000   4,000   Net increase in CORRA loans 23,000   24,000   Payment of lease liabilities (1,480 ) (1,435 ) Redemption of shares (179 ) (436 ) Net Cash Flows from Financing Activities 23,341   26,129         Investing Activities     Acquisition of property, plant and equipment (806 ) (931 ) Acquisition of intangible assets (78 ) -   Proceeds on disposal of property, plant and equipment 10   6   Other assets 10   9   Net Cash Flows from Investing Activities (864 ) (916 )       Net decrease in cash (1,574 ) (9,549 ) Cash (bank indebtedness), beginning of period 3,203   (599 ) Cash (bank indebtedness), end of period 1,629   (10,148 )       Cash position is comprised of:     Cash 4,117   4,237   Bank overdraft (2,488 ) (14,385 )   1,629   (10,148 ) GOODFELLOW INC.       Consolidated Statements of Changes in Shareholders’ Equity       For the three months ended February 28, 2026 and 2025       (in thousands of dollars)       Unaudited                 Share Capital Retained Earnings Total   $ $ $         Balance as at November 30, 2024 9,309   196,899   206,208           Net loss -   (2,260 ) (2,260 )         Total comprehensive loss -   (2,260 ) (2,260 )         Dividend -   (2,105 ) (2,105 ) Redemption of Shares (38 ) (398 ) (436 )         Balance as at February 28, 2025 9,271   192,136   201,407                   Balance as at November 30, 2025 9,184   198,445   207,629           Net loss -   (3,132 ) (3,132 )         Total comprehensive loss -   (3,132 ) (3,132 )         Dividend -   (1,249 ) (1,249 ) Share-Based compensation -   173   173   Redemption of Shares (17 ) (162 ) (179 )         Balance as at February 28, 2026 9,167   194,075   203,242   From:   Goodfellow Inc.     Patrick Goodfellow     President and CEO     T: 450 635-6511     F: 450 635-3730     [email protected]