Yellow Pages Limited Reports Fourth Quarter and Full Year 2025 Financial and Operating Results and Declares a Cash Dividend(1)
Executive Summary
- Yellow Pages Limited reported Q4 2025 revenue of C$48.0 M (‑6.5% YoY) and full‑year 2025 revenue of C$198.9 M (‑7.4% YoY).
- Adjusted EBITDA improved quarter‑over‑quarter to C$10.5 M (21.8% margin) but declined year‑over‑year to C$43.0 M (21.6% margin).
- The Board declared a cash dividend of $0.25 per common share payable March 16, 2026.
Key Details
- Quarterly Financial Highlights (Q4 2025)
- Revenues: C$48,045 k vs. C$51,401 k in Q4 2024 (‑6.5%).
- Adjusted EBITDA: C$10,496 k vs. C$8,243 k in Q4 2024; margin 21.8% vs. 16.0%.
- Net income: C$7,555 k vs. C$2,687 k in Q4 2024; diluted EPS $0.55.
- Cash flow from operations: C$7,884 k (up from C$8,307 k prior year).
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CAPEX: C$367 k (down from C$485 k).
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Annual Financial Highlights (FY 2025)
- Total revenues: C$198,877 k vs. C$214,829 k in FY 2024 (‑7.4%).
- Adjusted EBITDA: C$43,042 k vs. C$50,836 k in FY 2024; margin down to 21.6% from 23.7%.
- Net income: C$18,107 k vs. C$24,977 k prior year; diluted EPS $1.31.
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Cash flow from operations: C$35,407 k vs. C$39,024 k prior year.
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Revenue Segments
- Digital revenues: C$161,300 k (‑6.3% YoY).
- Print revenues: C$37,600 k (‑12.1% YoY).
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Digital revenue decline driven by lower customer count; offset partially by higher spend per customer.
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Operational Commentary
- Improved decline rates across total, digital, and print revenues versus prior year.
- Cost efficiencies from workforce reductions, variable compensation adjustments, and lower CAPEX contributed to EBITDA improvement quarter‑over‑quarter.
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Ongoing pressure on margins expected due to revenue declines and continued investment in tele‑sales capacity.
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Pension Contribution
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Board approved remaining $2.0 M of voluntary cash contribution to defined benefit pension plan (total target $4.0 M).
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Dividend Declaration
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Cash dividend of $0.25 per common share, payable March 16, 2026 to shareholders of record February 25, 2026.
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Analyst Call
- Management conference call/webcast scheduled for 8:30 a.m. ET on February 12, 2026 (dial‑in and webcast links provided).
Notable Quotes
“In the fourth quarter, we delivered good profitability, strong cash balance and continued momentum across our revenue initiatives.” – Sherilyn King, President & CEO
“Our cash on hand at the end of January stood at approximately $64 million.” – Sherilyn King
All figures are presented in thousands of Canadian dollars unless otherwise noted.