CORUS ENTERTAINMENT ANNOUNCES FISCAL 2026 FIRST QUARTER RESULTS

CORUS ENTERTAINMENT ANNOUNCES FISCAL 2026 FIRST QUARTER RESULTS Canada NewsWire TORONTO, Jan. 14, 2026 Consolidated revenue decreased 18% for the quarter Consolidated segment profit(1) decreased 32% for the quarter Consolidated segment profit margin(1) of 21% for the quarter Net loss attributable to shareholders of $11.1 million ($0.06 loss per share basic) for the quarter Free cash flow(1) of a negative $53.6 million for the quarter TORONTO, Jan. 14, 2026 /CNW/ - Corus Entertainment Inc. (TSX: CJR.B) announced its first quarter financial results today. "Our first quarter results were in line with our expectations, with persistent market headwinds and industry conditions continuing to impact both advertising and subscriber revenue," said John Gossling, Chief Executive Officer. "We are pleased with our significant progress in respect of the proposed recapitalization transaction first announced in November. When completed, the proposed transaction is expected to deliver substantial balance sheet improvements, including reductions of indebtedness and other liabilities of more than $500 million and annual cash interest savings of up to $40 million, as well as extended maturity dates for credit facilities and notes. Our management information circular with details about the proposed transaction has been mailed to eligible securityholders, and the Board of Directors encourages voting in favour of the resolutions to be passed at the related meetings, which will be held on January 30th." Financial Highlights Three months ended November 30,  % (in thousands of Canadian dollars except per share amounts) 2025 2024 Change Revenue Television 245,074 303,629 (19 %) Radio 22,492 23,542 (4 %) 267,566 327,171 (18 %) Segment profit (loss) (1) Television 55,945 85,964 (35 %) Radio 5,344 3,867 38 % Corporate (4,041) (5,608) 28 % 57,248 84,223 (32 %) Segment profit margin (1) Television 23 % 28 % Radio 24 % 16 % Consolidated 21 % 26 % Net income (loss) attributable to shareholders (11,108) 11,908 Adjusted net income (loss) attributable to shareholders(1) (1,789) 28,372 Earnings (loss) per share: Basic and diluted ($0.06) $0.06 Adjusted basic (1) ($0.01) $0.14 Free cash flow (1) (53,587) (10,149) (428 %) (1) In addition to disclosing results in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"), the Company also provides supplementary non-IFRS measures as a method of evaluating the Company's performance and to provide a better understanding of how management views the Company's performance. These non-IFRS or non-Generally Accepted Accounting Principles ("GAAP") measures can include: segment profit (loss), segment profit margin, free cash flow, adjusted net income (loss) attributable to shareholders, adjusted basic earnings (loss) per share, net debt to segment profit, and new platform revenue. These are not measurements in accordance with IFRS and should not be considered as an alternative to any other measure of performance under IFRS. Please see additional discussion and reconciliations under the Key Performance Indicators and Non-GAAP Financial Measures section of the Company's First Quarter 2026 Report to Shareholders. Segment Revenue Three months ended November 30,  % (in thousands of Canadian dollars) 2025 2024 Change Revenue 245,074 Television 303,629 (19 %) Advertising 135,339 176,689 (23 %) Subscriber 98,763 115,698 (15 %) Distribution, production and other 10,972 11,242 (2 %) Radio 22,492 23,542 (4 %) Total Revenue 267,566 327,171 (18 %) New platform revenue percentage (1) 15 % 12 % (1) New platform revenue does not have a standardized meaning prescribed by IFRS. For definition and explanation, see the discussion under the Key Performance Indicators and Non-GAAP Financial Measures section of the First Quarter 2026 Report to Shareholders. Operational Highlights  Corus announced a strong schedule across Global and its specialty networks for Winter 2025. Global announces its winter 2026 lineup. On December 11, 2025, Global announced its slate of winter 2026 premieres anchored by Season 50 of Canada's #1 reality series Survivor.[1] Global's midseason lineup includes new series CIA, reality competition show America's Culinary Cup and true-crime series Harlan Coben's Final Twist. Returning top hits feature Global original Family Law, joined by new seasons of Emmy® Award-winning comedy Abbott Elementary, #1 new comedy DMV and top 20-ranked series Matlock, Saturday Night Live, NCIS, Sheriff Country[1] and more. Showcase and W Network announce midseason programming slate. On December 8, 2025, Showcase announced new titles joining the lineup including Peacock Original's The Copenhagen Test, PONIES, and Devil in Disguise: John Wayne Gacy along with Sky Original limited series Amadeus. W Network's schedule includes new Peacock Original series The 'Burbs, and new comedy Z Suite, alongside returning favourites The Chicken Sisters, When Calls the Heart and Outlander. Corus' lifestyle and factual specialty networks launch 50 new and returning series. On January 5, 2026, Canada's most-watched lifestyle brands, Flavour Network and Home Network, and #1 factual brand The HISTORY® Channel(2), announced more than 50 new and returning series across the networks' winter lineups. Flavour Network features The Great British Baking Show: The Professionals, Stanley Tucci's Searching for Italy and Gordon Ramsay's Secret Service. Home Network's programming includes Love it or List it UK and The Block Australia. The HISTORY® Channel sees the return of Curse of Oak Island and The Unbelievable with Dan Aykroyd, along with new series History's Deadliest with Ving Rhames. (1) Numeris Personal People Meter Data. Total Canada. Fall'25 season-to-date (September 15 to November 23, 2025) – confirmed until November 26, 2025, Adults aged 25-54, Monday-Sunday 2am-2am, Average Minute Audience (000), Canadian Conventional Commercial English, all stations based on 'Total' except for CTV COM, 3+ airings, excludes MLB Playoffs. (2) Numeris Personal People Meter Data. Total Canada. Fall'25 season-to-date (September 1 to December 23, 2025) – confirmed until December 14, 2025, Adults aged 25-54, Monday-Sunday 2am-2am, Average Minute Audience (000), Canadian Specialty Commercial English. Financial Highlights Free cash flow(1) of a negative $53.6 million in Q1 2026 compared to a negative $10.1 million in the same comparable prior year period. The decrease in free cash flow(1) for the first quarter is mainly attributable to lower cash provided by operating activities and higher proceeds from sale of property in the prior year. Net debt to segment profit(1) was 7.39 times as at November 30, 2025, up from 6.01 times at August 31, 2025, as a result of the decrease in segment profit and increase in the amount drawn under the revolving credit facility. As of November 30, 2025, the Company had $45.2 million of cash and cash equivalents and $35.0 million available to be drawn under its Revolving Facility. On October 29, 2025, Corus completed an agreement to amend its Eighth Amended and Restated Credit Agreement to increase the maximum amount the Company may request as an advance on a "revolving" basis from $75.0 million to $125.0 million. (1) Free cash flow, segment profit and net debt to segment profit do not have standardized meanings prescribed by IFRS. The Company reports on these because they are key measures used to evaluate performance. For definitions and explanations, see the discussion under the Key Performance Indicators and Non-GAAP Financial Measures section of the First Quarter 2026 Report to Shareholders and/or Management's Discussion and Analysis in the Company's Annual Report for the year ended August 31, 2025 ("2025 MD&A"). Recapitalization Transaction Corus announced a proposed recapitalization transaction (the "Proposed Transaction") on November 3, 2025, that is expected to strengthen its financial foundation, support its business strategy, and enable the continuity of business operations. Corus' board of directors (the "Board") has undertaken extensive efforts since early 2024 to address the Company's balance sheet and financial challenges. This included conducting a comprehensive strategic review and, after an exhaustive evaluation of alternatives, the Board determined that the Proposed Transaction represents the best viable option to secure Corus' future while maintaining as much value as possible for all stakeholders. The Proposed Transaction will be implemented through a plan of arrangement under the Canada Business Corporations Act, on and subject to the conditions and basis described in the Meeting Materials (indicated below). On December 17, 2025, the Ontario Superior Court of Justice (Commercial List) granted an interim order in connection with the Proposed Transaction. Class A Voting Shares, Class B Non-Voting Shares and holders of the Company's outstanding, unsecured, senior notes (collectively, the "Securityholders") will be asked to approve the Proposed Transaction at two separate, consecutive meetings to be held on Friday, January 30, 2026. Corus mailed and filed with securities regulators its notice of meeting, management information circular, and related documents (the "Meeting Materials") to Securityholders on January 8, 2026.  The Meeting Materials are also available on SEDAR+ at www.sedarplus.ca and on the Company's website at www.corusent.com The Board unanimously recommended in the Meeting Materials that Securityholders vote in favour of the Proposed Transaction and encourages Securityholders to vote in advance of the relevant proxy deadlines on January 28, 2026 at 10:00 a.m. (Toronto time) using one of the methods described in the Meeting Materials.  Corus Entertainment Inc. reports its financial results in Canadian dollars. The unaudited interim condensed consolidated financial statements and accompanying notes for the three months ended November 30, 2025 and Management's Discussion and Analysis are available on the Company's website at www.corusent.com in the Investor Relations section and under the Company's SEDAR+ profile at www.sedarplus.ca. A conference call with Corus senior management is scheduled for January 14, 2026 at 8:00 a.m. ET. While this call is directed at analysts and investors, members of the media are welcome to listen in. To instantly join the conference call by phone, please use the following URL to easily register and be connected to the conference call automatically: https://emportal.ink/4sulVkl. You can also dial direct to be entered into the call by an Operator. The dial-in number for the conference call for local and international callers is 1.416.945.7677 and for North America is 1.888.699.1199. This call will be archived and available for replay in the Investor Relations section of the Corus website beginning January 14, 2026, at 11 a.m. ET or accessible by telephone until January 21, 2026, at 1.888.660.6345 (toll-free North America) or 289.819.1450 (local or international), using replay code 52733#. More information can be found on the Corus Entertainment website at www.corusent.com in the Investor Relations section. Risks and Uncertainties Significant risks and uncertainties affecting the Company and its business are discussed under the heading "Risks and Uncertainties" and "Seasonal Fluctuations" in the 2025 MD&A, as well as in the accompanying quarterly MD&A included in the First Quarter 2026 Report to Shareholders under the heading "Risks and Uncertainties". These discussions are important to understanding the assumptions and factors which may affect the Company's outlook and results and are incorporated by reference. Use of Non-GAAP Financial Measures This press release includes the non-GAAP or non-IFRS financial measures of segment profit (loss), segment profit margin, free cash flow, adjusted net income (loss) attributable to shareholders, adjusted basic earnings (loss) per share, net debt to segment profit, as well as supplementary financial measures not presented in the financial statements such as new platform revenue. Non-GAAP or non-IFRS measures that are not in accordance with, nor an alternate to, generally accepted accounting principles ("GAAP") and may be different from non-GAAP or non-IFRS measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with IFRS. They are limited in value because they exclude charges that have a material effect on the Company's reported results and, therefore, should not be relied upon as the sole financial measures to evaluate the Company's financial results. The non-GAAP financial measures are meant to supplement, and to be viewed in conjunction with, IFRS financial results. A reconciliation of the Company's non-GAAP measures is included in the Company's most recent Report to Shareholders for the three months ended November 30, 2025, which is available on Corus' website at www.corusent.com as well as on SEDAR+ at www.sedarplus.ca. Caution Concerning Forward-Looking Information This press release contains forward-looking information and should be read subject to the following cautionary language. To the extent any statements made in this document, or any of the documents referenced herein, contain information that is not historical, these statements are forward-looking statements and may be forward-looking information within the meaning of applicable securities laws (collectively, "forward-looking information"). This forward-looking information relates to, among other things, Corus Entertainment Inc.'s or its subsidiaries' (together, "Corus" or the "Company") objectives, goals, strategies, targets, intentions, plans, estimates and outlooks, including, but not limited to, its: strategic, operational and business plans; anticipated revenue, cost and subscription trends; applicable regulatory, judicial and legislative changes, decisions, and regimes; expectations regarding financial and operational performance; expectations regarding costs, tariffs, taxes and fees; capital, balance sheet management and liability management plans, strategies and actions and benefits thereof; ability to repay debt and/or maintain necessary access to loan and credit facilities; and announced proposed recapitalization transaction and the approval and consummation thereof. Forward-looking information can generally be identified by the use of words such as "estimate", "forecast", "project", "believe", "anticipate", "expect", "intend", "plan", "will", "may" or the negatives of these terms and other similar expressions. In addition, any statements that refer to expectations, anticipated outcomes or impacts, projections or other characterizations of future events or circumstances may be considered forward-looking information. Although Corus believes that the expectations reflected in such forward-looking information are reasonable, such information involves many material assumptions, risks and uncertainties and undue reliance should not be placed on such statements. Certain material factors or assumptions, which are subject to uncertainty, risk or change and may cause actual results to differ materially from expectations, calculations, plans, or forecasts, are applied with respect to forward-looking information. Such factors include, without limitation, factors and assumptions relating to or impacting: the sustainability of Corus' current or proposed capital and debt structure; Corus' ability to maintain access to, renegotiate, obtain relief from, or meet covenants under relevant secured and unsecured credit facilities or instruments; Corus' ability to access sufficient capital and liquidity; macroeconomic, geopolitical, and general business and market conditions; Corus' ability to execute its strategies and plans; financial and operating results being consistent with expectations; Corus' ability to attract, retain and manage fluctuations in revenue; continuity of relationships and arrangements with or revenue or costs attributed to, suppliers, distributors, partners, clients and customers on desirable and expected terms; stability of advertising, subscription, production and distribution markets and revenue; changes to key suppliers or clients; impacts of pending or threatened litigation, regulatory or judicial decisions or interpretations, or appeals thereof; changes in laws or regulations or the interpretation or application of those laws and regulations, including statements, decisions or positions by applicable courts or regulators including, without limitation, the Canadian Radio-television and Telecommunications Commission; changes to licensing status or conditions; impacts of competition from foreign and domestic competitors, including due to industry mergers and acquisitions or such competitors not being regulated in the same way or to the same degree; strategic opportunities or partnerships (or lack thereof) that may be presented to, pursued or implemented by the Company; changes to applicable accounting standards or tax, licensing or regulatory regimes; changes to operating and capital costs or imposed or threatened tariffs, taxes or fees; impacts of interest rates or inflation; Corus' ability to source, produce and sell desirable content; unanticipated or un-mitigatable changes to programming costs; retention and reputation risks related to employees and contractors; physical and operational changes to facilities and infrastructure; industry or Company-related labour actions; cybersecurity threats and incidents to the Company or its key suppliers and vendors; epidemics, pandemics or other public health and safety crises. These also include, without limitation, factors and assumptions relating to, or impacting, the execution of the Company's proposed recapitalization transaction; the anticipated or expected effect or impacts of the proposed transaction on the Company and/or its stakeholders; the anticipated reduction of the Company's debt and related costs and interest expenses (including the amounts thereof); approval of the proposed transaction; implementation and execution of the proposed transaction as contemplated; exchange of existing equity and debt for new equity and debt; obligations and abilities of third parties to close or complete actions as part of the proposed transaction; the ability to complete the proposed transaction in the time and manner contemplated; and the dilution or changes to the Company's outstanding shares in number or value. Actual results may differ materially from those expressed or implied in such information and the foregoing list is not exhaustive. Additional information about these material risk factors and assumptions underlying any forward-looking information may be found under the heading "Risks and Uncertainties" in the Company's Management's Discussion and Analysis for the year ended August 31, 2025 (the "2025 MD&A"), which disclosure may be updated, supplemented or amended by subsequent disclosures in the Company's quarterly management's discussion and analysis or by subsequent press releases, which are also filed on SEDAR+. Corus cautions that the foregoing list of important assumptions and factors that may affect future results is not exhaustive. When relying on the Company's forward-looking information to make decisions with respect to Corus, investors and others should carefully consider all the foregoing information, including any incorporated by reference, and any other uncertainties and potential events. Unless otherwise specified, all forward-looking information in this document speaks as of the date of this document and may be updated or amended from time to time. Except as otherwise required by applicable securities laws, Corus disclaims any intention or obligation to publicly update or revise any forward-looking information whether as a result of new information, events or circumstances that may be made or arise from time to time. About Corus Entertainment Inc. Corus Entertainment Inc. (TSX: CJR.B) is a leading media and content company that develops, delivers and distributes high quality brands and content across platforms for audiences around the world. Engaging audiences since 1999, the company's portfolio of multimedia offerings encompass 25 specialty television services, 36 radio stations, 15 conventional television stations, digital and streaming platforms, and social digital agency and media services. Corus' roster of premium brands includes Global Television, W Network, Flavour Network, Home Network, The HISTORY® Channel, Showcase, Slice, Adult Swim, National Geographic and Global News, along with streaming platforms STACKTV, TELETOON+, the Global TV App and Curiouscast. For more information visit www. corusent.com. CORUS ENTERTAINMENT INC. INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (unaudited - in thousands of Canadian dollars) As at November 30, As at August 31, 2025 2025 ASSETS Current Cash and cash equivalents 45,220 59,555 Accounts receivable 246,020 186,685 Income taxes recoverable 5,683 -- Prepaid expenses and other assets 21,683 18,945 Total current assets 318,606 265,185 Tax credits receivable 14,999 17,230 Investments and other assets 56,983 46,036 Property, plant and equipment, net 224,475 231,330 Program rights 647,150 603,961 Film investments 23,745 30,860 Intangible assets 83,708 71,519 Total assets 1,369,666 1,266,121 LIABILITIES AND DEFICIT Current Accounts payable and accrued liabilities 407,836 357,851 Current portion of provisions 18,094 21,790 Income taxes payable -- 1,794 Total current liabilities 425,930 381,435 Long-term debt 1,139,906 1,089,741 Other long-term liabilities 445,818 435,150 Provisions 8,368 8,674 Deferred income tax liabilities 21,573 19,463 Total liabilities 2,041,595 1,934,463 DEFICIT Share capital 281,052 281,052 Contributed surplus 2,102,646 2,102,623 Accumulated deficit (3,113,633) (3,109,685) Accumulated other comprehensive income 19,736 19,453 Total deficit attributable to shareholders (710,199) (706,557) Equity attributable to non-controlling interests 38,270 38,215 Total deficit (671,929) (668,342) Total liabilities and deficit 1,369,666 1,266,121 CORUS ENTERTAINMENT INC. INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) Three months ended November 30, (unaudited - in thousands of Canadian dollars except per share amounts) 2025 2024 Revenues 267,566 327,171 Direct cost of sales, general and administrative expenses 210,318 242,948 Depreciation and amortization 15,535 22,376 Interest expense 30,486 25,134 Debt refinancing -- 4,377 Restructuring and other costs 12,679 16,509 Other expense (income), net 7,692 (5,282) Income (loss) before income taxes (9,144) 21,109 Income tax expense 1,209 6,030 Net income (loss) for the period (10,353) 15,079 Other comprehensive income, net of income taxes Items that may be reclassified subsequently to income (loss): Unrealized change in fair value of cash flow hedges -- (885) Unrealized foreign currency translation adjustment 158 901 158 16 Items that will not be reclassified to income (loss): Unrealized change in fair value of financial assets 125 (508) Actuarial gain on post-retirement benefit plans 7,160 2,638 7,285 2,130 Other comprehensive income, net of income taxes 7,443 2,146 Comprehensive income (loss) for the period (2,910) 17,225 Net income (loss) attributable to: Shareholders (11,108) 11,908 Non-controlling interests 755 3,171 (10,353) 15,079 Comprehensive income (loss) attributable to: Shareholders (3,665) 14,054 Non-controlling interests 755 3,171 (2,910) 17,225 Earnings (loss) per share attributable to shareholders: Basic ($0.06) $0.06 Diluted ($0.06) $0.06   CORUS ENTERTAINMENT INC. INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN DEFICIT (unaudited - in thousands of Canadian dollars) Share capital Contributed surplus Accumulated deficit Accumulated other comprehensive income Total deficit attributable to shareholders Equity attributable to non- controlling interests Total deficit As at August 31, 2025 281,052 2,102,623 (3,109,685) 19,453 (706,557) 38,215 (668,342) Comprehensive income (loss) -- -- (11,108) 7,443 (3,665) 755 (2,910) Dividends declared -- -- -- -- -- (700) (700) Actuarial gain on post-retirement benefit plans -- -- 7,160 (7,160) -- -- -- Share-based compensation expense -- 23 -- -- 23 -- 23 As at November 30, 2025 281,052 2,102,646 (3,113,633) 19,736 (710,199) 38,270 (671,929) (unaudited - in thousands of Canadian dollars) Share capital Contributed surplus Accumulated deficit Accumulated other comprehensive income Total deficit attributable to shareholders Equity attributable to non- controlling interests Total deficit As at August 31, 2024 281,052 2,013,797 (2,784,729) 24,481 (465,399) 123,671 (341,728) Comprehensive income -- -- 11,908 2,146 14,054 3,171 17,225 Actuarial gain on post-retirement benefit plans -- -- 2,638 (2,638) -- -- -- Share-based compensation expense -- 28 -- -- 28 -- 28 As at November 30, 2024 281,052 2,013,825 (2,770,183) 23,989 (451,317) 126,842 (324,475)   CORUS ENTERTAINMENT INC. INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Three months ended November 30, (unaudited - in thousands of Canadian dollars) 2025 2024 OPERATING ACTIVITIES Net income (loss) for the period (10,353) 15,079 Adjustments to reconcile net income (loss) to cash flow from operations: Amortization of program rights 113,367 122,904 Amortization of film investments 2,079 2,689 Depreciation and amortization 15,535 22,376 Deferred income tax expense (recovery) (407) 169 Foreign exchange loss 6,913 3,791 Gain on sale of assets (53) (9,647) Share-based compensation expense 23 28 Imputed interest 14,071 8,499 Debt refinancing -- 4,377 Payment of program rights (122,004) (111,408) Net recovery (spend) on film investments 211 (5,780) Other (2) (47) Cash flow from operations 19,380 53,030 Net change in non-cash working capital balances related to operations (71,374) (71,053) Cash used in operating activities (51,994) (18,023) INVESTING ACTIVITIES Additions to property, plant and equipment (1,181) (1,946) Proceeds from sale of property 92 10,080 Net cash flows for intangibles, investments and other assets (504) (260) Cash provided by (used in) investing activities (1,593) 7,874 FINANCING ACTIVITIES Increase in credit facility borrowings 50,000 22,257 Financing fees -- (1,250) Payment of lease liabilities (4,670) (4,610) Dividends paid to non-controlling interests (700) -- Other (5,378) (1,072) Cash provided by financing activities 39,252 15,325 Net change in cash and cash equivalents during the period (14,335) 5,176 Cash and cash equivalents, beginning of the period 59,555 82,422 Cash and cash equivalents, end of the period 45,220 87,598   CORUS ENTERTAINMENT INC. BUSINESS SEGMENT INFORMATION (unaudited - in thousands of Canadian dollars) Three months ended November 30, 2025 Television Radio Corporate Consolidated Revenues 245,074 22,492 -- 267,566 Direct cost of sales, general and administrative expenses 189,129 17,148 4,041 210,318 Segment profit (loss) (1) 55,945 5,344 (4,041) 57,248 Depreciation and amortization 15,535 Interest expense 30,486 Restructuring and other costs 12,679 Other expense, net 7,692 Loss before income taxes (9,144)   Three months ended November 30 2024 Television Radio Corporate Consolidated Revenues 303,629 23,542 -- 327,171 Direct cost of sales, general and administrative expenses 217,665 19,675 5,608 242,948 Segment profit (loss) (1) 85,964 3,867 (5,608) 84,223 Depreciation and amortization 22,376 Interest expense 25,134 Debt refinancing 4,377 Restructuring and other costs 16,509 Other income, net (5,282) Income before income taxes 21,109  (1) Segment profit (loss) does not have a standardized meaning prescribed by IFRS. For definitions and explanations, see discussion under the Key Performance Indicators and Non-GAAP Financial Measures section of the First Quarter 2026 Report to Shareholders.   REVENUE BY TYPE Three months ended November 30, (unaudited - in thousands of Canadian dollars) 2025 2024 Advertising 156,385 198,904 Subscriber 98,763 115,698 Distribution, production and other 12,418 12,569 267,566 327,171   NON-GAAP FINANCIAL MEASURES Three months ended (unaudited - in thousands of Canadian dollars, except percentages) November 30, % New platform revenue 2025 2024 Change New platform revenue (numerator) 33,984 34,768 (2 %) Television advertising revenue 135,339 176,689 (23 %) Television subscriber revenue 98,763 115,698 (15 %) Total Television advertising and subscriber revenue (denominator) 234,102 292,387 (20 %) New platform revenue percentage 15 % 12 %   Three months ended (unaudited - in thousands of Canadian dollars, except per share amounts) November 30, Adjusted Net Income (Loss) Attributable to Shareholders 2025 2024 Net income (loss) attributable to shareholders (11,108) 11,908 Adjustments, net of income tax: Debt refinancing -- 3,223 Restructuring and other costs 9,319 13,241 Adjusted net income (loss) attributable to shareholders (1,789) 28,372 Basic earnings (loss) per share ($0.06) $0.06 Adjustments, net of income tax: Debt refinancing -- $0.02 Restructuring and other costs $0.05 $0.06 Adjusted basic earnings (loss) per share ($0.01) $0.14 (unaudited - in thousands of Canadian dollars)       Three months ended  November 30, Free Cash Flow 2025 2024 Cash provided by (used in): Operating activities (51,994) (18,023) Investing activities (1,593) 7,874 Add: cash used in business acquisitions, divestitures and strategic investments (1) (53,587) (10,149) -- -- Free cash flow (53,587) (10,149) (1) Strategic investments are comprised of investments in venture funds and associated companies.                                                                      (unaudited - in thousands of Canadian dollars)   As at November 30, As at August 31, Net Debt and Net Debt to Segment Profit 2025 2025 Total debt, net of unamortized financing fees and prepayment options 1,139,906 1,089,741 Lease liabilities 104,953 106,998 Cash and cash equivalents (45,220) (59,555) Net debt (numerator) 1,199,639 1,137,184 Segment profit (denominator) (1) 162,350 189,325 Net debt to segment profit 7.39 6.01 (1) Reflects aggregate amounts for the most recent four quarters, as detailed in the table in the Quarterly Consolidated Financial Information section of the First Quarter 2026 Report to Shareholders. SOURCE Corus Entertainment Inc (IR Group) View original content: http://www.newswire.ca/en/releases/archive/January2026/14/c3655.html Contact: Investor inquiries: Heidi Kucher, Director, Investor Relations, Corus Entertainment Inc., [email protected]; Media inquiries: Melissa Eckersley, Head of Corporate Communications & Relations, Corus Entertainment Inc., [email protected]