Supremex Announces Q4 and Year-End 2025 Results

MONTREAL, Feb. 19, 2026 (GLOBE NEWSWIRE) -- Supremex Inc. (“Supremex” or the “Company”) (TSX: SXP), a leading North American manufacturer and marketer of envelopes and a growing provider of paper-based packaging solutions, today announced its results for the fourth quarter and fiscal year ended December 31, 2025. The Company will hold a conference call to discuss these results today at 10:00 a.m. (Eastern Time). Fourth Quarter Financial Highlights and Recent Events Total revenue of $72.9 million, up 5.6% from $69.1 million in the fourth quarter of 2024. Envelope segment revenue of $48.9 million, versus $48.8 million in the fourth quarter of 2024. Packaging & Specialty Products segment revenue of $24.0 million, up 18.3% from $20.3 million last year. Net earnings totaled $1.3 million, compared to $5.8 million in the fourth quarter of 2024. Earnings per share of $0.05, versus $0.23 in the fourth quarter of 2024. Adjusted EBITDA1 of $9.1 million, or 12.5% of revenue, versus $12.9 million, or 18.7% of revenue, last year. Acquisition on December 8, 2025 of Elite Envelope & Graphics Inc. (“Elite Envelope”), an envelope manufacturer located in Randolph, Massachusetts. On February 18, 2026, the Board of Directors declared a quarterly dividend of $0.05 per common share, payable on April 2, 2026, to shareholders of record at the close of business on March 19, 2026. On February 18, 2026, the Company extended the maturity of the secured revolving credit facility to July 2028. Fiscal Year Highlights Total revenue of $274.8 million, versus $281.0 million last year. Envelope segment revenue of $186.3 million, compared to $199.2 million a year earlier. Packaging & Specialty Products segment revenue of $88.5 million, up 8.1% from $81.9 million in 2024. Net earnings amounted to $12.0 million, compared to a net loss of $11.7 million in 2024. Earnings per share of $0.49, compared to a loss per share of $0.47 a year ago. Adjusted EBITDA1 was $30.0 million, or 10.9% of revenue, versus $40.3 million, or 14.4% of revenue, last year. Completion of a sale and leaseback transaction in respect of two owned properties in LaSalle, Quebec and Etobicoke, Ontario for gross proceeds of $53.0 million. On September 25, 2025, the Company paid a special dividend of $0.50 to shareholders of record at the close of business on September 10, 2025. Acquisition on July 7, 2025, of the assets of Trans-Graphique, a provider of folding carton packaging solutions. Acquisition on July 14, 2025, of the assets of Enveloppe Laurentide, a provider of envelope in Eastern Canada. Purchased 171,098 shares for a consideration of $0.6 million as part of Normal Course Issuer Bid program. Financial Highlights (in thousands of dollars, except for per share amounts and margins) Three-month periods ended December 31 Twelve-month periods ended December 31 2025   2024   2025   2024   Statement of earnings Revenue 72,917   69,075   274,780   281,035   Operating earnings 4,188   8,811   10,022   (4,090 ) Adjusted EBITDA(1) 9,089   12,919   29,952   40,333   Adjusted EBITDA margin(1) 12.5%   18.7%   10.9%   14.4%   Net earnings (loss) 1,284   5,819   12,022   (11,743 ) Basic and diluted net earnings (loss) per share 0.05   0.23   0.49   (0.47 ) Adjusted net earnings(1) 1,528   5,211   8,429   11,874   Adjusted net earnings per share(1) 0.06   0.20   0.34   0.48   Cash Flow Net cash flows related to operating activities 14,088   9,201   20,749   32,087   Free cash flow(1) 13,409   8,676   73,200   31,698   (1) Non-IFRS financial measures or ratios. Non-IFRS financial measures do not have standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures presented by other entities. Refer to the non-IFRS financial measures section for definitions and reconciliations. “While we are not where we expected to be at year-end, we are pleased with sequential revenue and Adjusted EBITDA margin growth for both of our businesses in the fourth quarter of 2025, compared to the third quarter,” said Stewart Emerson, President and CEO of Supremex. “In Envelope, it appears that the significant headwinds created by the Canada post labour disruptions in the first three quarters have ebbed and we continued to penetrate the U.S. market while driving operating efficiency across our network. We also completed another tuck-in acquisition to further enhance our presence in the U.S. Northeast. In Packaging & Specialty Products, continued strong performance from our folding carton activities, along with sustained momentum in e-commerce packaging solutions, generated nearly 20% revenue growth, both sequentially and year-over-year.” “Heading into 2026, Supremex is strongly positioned with a virtually debt-free balance sheet which offers significant flexibility to execute the business plan and sustain long-term profitable growth. Our strategy is focused on maximizing cash flow generation by actively driving revenue growth, tightly managing our costs and enhancing network efficiency. From a value creation standpoint, we remain committed to optimizing returns to our shareholders,” concluded Mr. Emerson. Summary of three and twelve-month periods ended December 31, 2025 Revenue Total revenue for the three-month period ended December 31, 2025, reached $72.9 million, representing an increase of $3.8 million, or 5.6%, from the equivalent quarter of 2024. Total revenue for the twelve-month period ended December 31, 2025, was $274.8 million, representing a decrease of $6.3 million, or 2.2%, from the equivalent period of 2024. Envelope Segment Revenue for the three-month period ended December 31, 2025, was $48.9 million, up slightly from $48.8 million in the equivalent quarter of 2024. The variation reflects a 5.3% increase in the volume of units sold reflecting the contribution of Enveloppe Laurentide, new customer wins and share of wallet growth in the US, as well as volume from Elite Envelope. Volume gains were partially offset by the Canada Post labour disruptions and market uncertainty related thereto. Average selling price decreased by 4.8%, primarily due to a significant reduction in sales to a large US customer in Q4 2025 compared to last year’s fourth quarter and due to the lower average selling price from the volume acquired from Enveloppe Laurentide. The Envelope segment represented 67.1% of total revenue in the quarter, versus 70.6% during the equivalent period of last year. Revenue for the twelve-month period ended December 31, 2025, was $186.3 million, down from $199.2 million in 2024. The variation reflects an average selling price decrease of 7.0% from last year primarily due to the same reasons outlined above. The volume of units sold increased 0.5%, reflecting the contribution of business acquisitions, offset by the Canada Post labour disruption and market uncertainty related thereto. The Envelope segment represented 67.8% of the Company’s revenue for 2025, compared with 70.9% in the prior year. Packaging & Specialty Products Segment Revenue for the three-month period ended December 31, 2025, was $24.0 million, up 18.3% from $20.3 million in the corresponding quarter of 2024. The increase mainly reflects higher folding carton revenue driven by important share of wallet gains with large multi-national consumer packaged goods customers, continued e-commerce secondary packaging market expansion, new business wins from existing customers, and the contribution from Trans‑Graphique, acquired in July 2025. Packaging & Specialty Products represented 32.9% of total revenue in the quarter, compared to 29.4% during the equivalent period of last year. Revenue for the twelve-month period ended December 31, 2025, was $88.5 million, up 8.1% from $81.9 million in 2024. The increase reflects higher folding carton revenue, as detailed above, and continued penetration of the Company’s e‑commerce packaging solutions, reflecting higher demand from existing customers and new customer wins. These gains were partially offset by lower revenue from secular decline and non-envelope direct mail activities in commercial print. Packaging & Specialty Products represented 32.2% of the Company’s revenue in 2025, compared with 29.1% in 2024. EBITDA2 and Adjusted EBITDA2 EBITDA was $8.8 million in the three-month period ended December 31, 2025, versus $13.7 million in the same period last year. Adjusted EBITDA stood at $9.1 million, versus $12.9 million in the fourth quarter of 2024. This decrease reflects higher operating expenses and higher selling, general and administrative expenses, partially offset by higher revenue, as detailed above. The Adjusted EBITDA margin was 12.5% of revenue, versus 18.7% in the equivalent quarter of 2024. EBITDA amounted to $34.8 million in the twelve-month period ended December 31, 2025, including a $6.1 million gain on the sale and leaseback transaction, compared to $15.6 million in 2024, which included $23.4 million in asset impairment charges. Adjusted EBITDA was $30.0 million in the year ended December 31, 2025, compared to $40.3 million a year earlier. The decrease is due to lower revenue, higher operating expenses, and higher selling, general and administrative expenses, as detailed above. The Adjusted EBITDA margin was 10.9% of revenue, compared to 14.4% in 2024. Envelope Segment Adjusted EBITDA for the fourth quarter of 2025 was $7.8 million, down from $9.2 million in the fourth quarter of 2024. The decrease mainly reflects the impact of the lower selling price achieved with a large US customer and the volume reduction associated therewith, as well as the impact of the Canada Post labour events in the second half of 2025. As a percentage of segmented revenue, Adjusted EBITDA from the Envelope segment was 15.9%, compared to 18.8% in the equivalent period of 2024. Adjusted EBITDA for the year ended December 31, 2025, was $27.6 million, down from $36.0 million last year. The decrease reflects lower revenue due to a decrease in the average selling price which is mainly driven by the decrease in volume to a large US customer and further compounded by the Canada Post labour events in the second half of 2025. The items were partially offset by the acquisitions of Envelope Laurentide and Elite Envelope along with new business wins and share of wallet growth with customers in the US. As a percentage of segmented revenue, Adjusted EBITDA from the Envelope segment was 14.8%, compared to 18.1% in 2024. Packaging & Specialty Products Segment Adjusted EBITDA for the fourth quarter of 2025 was $3.2 million, up from $2.4 million a year ago. This increase is mainly due the effect of higher volume however the growth in volume was offset by challenges experienced in the commercial print business related primarily to the Canada Post labour disruptions and continued secular decline. As a percentage of segmented revenue, Adjusted EBITDA from the Packaging & Specialty Products operations was 13.2%, compared to 11.6% in the equivalent period of 2024. Adjusted EBITDA for the year ended December 31, 2025, was $11.5 million, up from $8.8 million in 2024. The increase is reflective of the higher volume on a year over year basis and improved operations partially offset by the challenges experienced in the commercial print business in the second half of 2025 s as a result of the Canada Post labour disruptions and ongoing secular decline. As a percentage of segmented revenue, Adjusted EBITDA from the Packaging & Specialty Products segment was 12.9%, compared to 10.7% in the equivalent period of 2024. Corporate and other non-allocated expenses Corporate and unallocated costs amounted to $1.9 million in the fourth quarter of 2025, compared to a recovery of $1.4 million in the fourth quarter of 2024. The variation is largely explained by a non-cash foreign exchange loss on intercompany trade accounts this year, compared to a foreign exchange gain last year. Corporate and unallocated costs for the year ended December 31, 2025, were $9.6 million, versus $4.5 million in 2024, essentially reflecting the foreign exchange impact mentioned above. Net Earnings (Loss), Adjusted Net Earnings, Net Earnings (Loss) per share and Adjusted Net Earnings per share3 Net earnings were $1.3 million, or net earnings of $0.05 per share, for the three-month period ended December 31, 2025, compared to $5.8 million, or net earnings of $0.23 per share, for the equivalent period last year. Adjusted net earnings were $1.5 million, or adjusted net earnings of $0.06 per share, for the three-month period ended December 31, 2025, compared to $5.2 million, or adjusted net earnings of $0.20 per share, for the equivalent period in 2024. Net earnings were $12.0 million, or net earnings of $0.49 per share, for the twelve-month period ended December 31, 2025, compared to a net loss of $11.7 million, or a net loss of $0.47 per share, for the equivalent period in 2024. Adjusted net earnings were $8.4 million, or adjusted net earnings of $0.34 per share, for the twelve-month period ended December 31, 2025, compared to $11.9 million, or adjusted net earnings of $0.48 per share, for the equivalent period in 2024. Liquidity and Capital Resources Cash Flow Net cash flows from operating activities were $14.1 million during the three-month period ended December 31, 2025, compared to $9.2 million in the equivalent period of 2024. The increase is mainly attributable to a working capital release this year, as opposed to working capital requirements last year, partially offset by lower profitability. Net cash flows from operating activities were $20.7 million during the twelve-month period ended December 31, 2025, compared to $32.1 million in 2024. The variation essentially reflects lower profitability, excluding non-cash elements such as this year’s gain on sale and leaseback and last year’s asset impairment charges, partially offset by a higher working capital release this year compared to last. Free cash flow amounted to $13.4 million in the fourth quarter of 2025, up from $8.7 million for the same period last year, essentially reflecting higher cash flows related to operating activities. Free cash flow totaled $73.2 million in the year ended December 31, 2025, up from $31.7 million in 2024, mainly attributable to proceeds of $53.0 million from the sale and leaseback transaction, partially offset by lower cash flow from operations. Debt and Leverage Total debt decreased to $4.1 million as at December 31, 2025, compared to $43.1 million as at December 31, 2024. The decrease reflects the repayment of $39.0 million in long-term debt during the twelve-month period ended December 31, 2025, stemming from proceeds from the sale and leaseback transaction and the Company’s solid free cash flow generation. As at December 31, 2025, the ratio of Net debt to Adjusted EBITDA4 was 0.03x, down from 1.02x as at December 31, 2024. Subsequent to year-end, the Company extended the maturity of the secured revolving credit facility to July 2028. Dividend Declaration On February 18, 2026, the Board of Directors declared a quarterly dividend of $0.05 per common share, payable on April 2, 2026, to the shareholders of record at the close of business on March 19, 2026. This dividend is designated as an "eligible" dividend for the purpose of the Income Tax Act (Canada) and any similar provincial legislation. Outlook Demand for the Company’s products is affected by the current economic volatility, ongoing trade uncertainty, postage increases and reduced services standards at the United States Postal Service and labour issues at Canada Post which creates a degree of variability in the operating environment. As it continues to expand in the vast and fragmented U.S. envelope market, Supremex will be increasingly subject to competitive pressures, but the Company will rely on its solid reputation and geographic reach to stimulate sales while continuing to proactively control expenses. The Company continues to focus on optimizing operating efficiency, productivity and capacity utilization throughout its network, as well as on capturing all sales and cost synergies from recent business acquisitions. With respect to capital deployment, the Company will continue to look for acquisitions, mainly in the Packaging and Specialty Products segment, while maintaining capital returns to shareholders. February 19, 2026 – Fourth Quarter and Year-End 2025 Results Conference Call: A conference call to discuss the Company’s results for the fourth quarter ended December 31, 2025, will be held Thursday, February 19, 2026, at 10:00 a.m. (Eastern Time). A live broadcast of the Conference Call will be available on the Company’s website, in the Investors section under Webcast. To participate (professional investment community only) or to listen to the live conference call, please dial the following numbers. We suggest that participants call-in at least 5 minutes prior to the scheduled start time: Local (Toronto) and international participants, dial:        647-846-8776 North American participants, dial toll-free:                     1-833-752-3804 A replay of the conference call will be available on the Company’s website in the Investors section under Webcast. To listen to a recording of the conference call, please call toll-free 1-855-669-9658 or 412-317-0088 and enter the code 7908289. The recording will be available until Thursday, February 26, 2026. Non-IFRS Financial Measures Non-IFRS financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies and should not be viewed as alternatives to measures of financial performance prepared in accordance with IFRS. Management considers these metrics to be information which may assist investors in evaluating the Company’s profitability and enable better comparability of the results from one period to another. These Non-IFRS Financial Measures are defined as follows: Non-IFRS Measure Definition EBITDA EBITDA represents earnings before net financing charges, income tax expense, depreciation of property, plant and equipment and right-of-use assets and amortization of intangible assets. The Company uses EBITDA to assess its performance. Management believes this non-IFRS measure, provides users with an enhanced understanding of its operating earnings. Adjusted EBITDA Adjusted EBITDA represents EBITDA adjusted to remove items of significance that are not in the normal course of operations and/or that do not reflect the Company’s operating expenses and are not indicative of the Company’s core operating performance. These items of significance include, when applicable, but are not limited to, charges for impairment of assets, restructuring expenses, value adjustment on inventory acquired, business acquisition costs, and gain on sale and leaseback. The Company uses Adjusted EBITDA to assess its operating performance, excluding items that are not in the normal course of operations and/or that do not reflect the Company’s operating expenses and are not indicative of the Company’s core operating performance. Management believes this non-IFRS measure provides users with enhanced understanding of the Company’s operating earnings and increases the transparency and clarity of the Company’s core results. It also allows users to better evaluate the Company’s operating profitability when compared to previous years. Adjusted EBITDA margin Adjusted EBITDA margin is a percentage corresponding to the ratio of Adjusted EBITDA divided by revenue. The Company uses Adjusted EBITDA margin for the purpose of evaluating business performance, excluding items that are not in the normal course of operations and/or that do not reflect the Company’s operating expenses and are not indicative of the Company’s core operating performance. Management believes this non-IFRS measure, provides users with enhanced understanding of its results and related trends. Adjusted net earnings Adjusted net earnings represents net earnings excluding items of significance listed above under Adjusted EBITDA, net of income taxes. The Company uses Adjusted net earnings to assess its business performance and profitability without the effect of items that are not in the normal course of operations, and/or that do not reflect the Company’s operating expenses and are not indicative of the Company’s core operating performance, net of income taxes. Management believes this non-IFRS measure provides users with an alternative assessment of the Company’s earnings without the effect of items that are not it the normal course of operations or reflective of operating performance, making it valuable to assess ongoing operations and trends in the business performance. Management also believes this non-IFRS measure provides users with enhanced understanding of the Company’s results and provides better comparability between periods. Adjusted net earnings per share Adjusted net earnings per share represents Adjusted net earnings divided by the weighted average number of common shares outstanding for the relevant period. The Company uses Adjusted net earnings per share for the purpose of evaluating performance and profitability, excluding items that are not in the normal course of operations of the Company, net of income taxes, on a per share basis. Free cash flow This measure corresponds to net cash flows related to operating activities according to the consolidated statements of cash flows, less additions (net of disposals) to property, plant and equipment and intangible assets. Management considers Free cash flow to be a good indicator of the Company’s financial strength and operating performance because it shows the amount of funds available to manage growth, repay debt and reinvest in the Company. Management considers this measure useful to provide investors with a perspective on its ability to generate liquidity, after making capital investments required to support business operations and long-term value creation. Net debt Net debt represents the Company’s total debt, net of deferred financing costs and cash. The Company uses Net debt as an indicator of its indebtedness level and financial leverage as it represents the amount of debt that is not covered by available cash. Management believes that investors could benefit from the use of net debt to determine a company’s financial leverage. Net debt to Adjusted EBITDA ratio Net debt to Adjusted EBITDA ratio represents Net debt divided by trailing 12-month (TTM) Adjusted EBITDA. This ratio is used by management to monitor the Company’s financial leverage and management believes certain investors use this ratio as a measure of financial leverage. The following tables provide the reconciliation of Non-IFRS Financial Measures: Reconciliation of Net earnings (loss) to Adjusted EBITDA (in thousands of dollars, except for margins) Three-month periods ended December 31 Twelve-month periods ended December 31 2025   2024   2025   2024   Net earnings (loss) 1,284   5,819   12,022   (11,743 ) Income tax expense (recovery) 1,625   1,814   (657 ) 2,797   Net financing charges 1,279   1,178   4,737   4,856   Depreciation of property, plant and equipment 1,083   1,626   5,629   6,744   Depreciation of right-of-use assets 1,602   1,588   6,172   5,995   Amortization of intangible assets 1,886   1,715   6,903   6,917   EBITDA 8,759   13,740   34,806   15,566   Retroactive COVID-related subsidies —   —   (71 ) —   Acquisition costs related to business combinations 72   7   207   112   Asset impairment 258   —   821   23,412   Restructuring (recovery) expenses —   (828 ) 289   1,297   Value adjustment on acquired inventory through a business combination —   —   —   (54 ) (Gain) on sale and leaseback —   —   (6,100 ) —   Adjusted EBITDA 9,089   12,919   29,952   40,333   Adjusted EBITDA Margin (%) 12.5%   18.7%   10.9%   14.4%   Reconciliation of Net earnings (loss) to Adjusted net earnings and of Net earnings (loss) per share to Adjusted net earnings per share (in thousands of dollars, except for per share amounts) Three-month periods ended December 31 Twelve-month periods ended December 31 2025   2024   2025   2024   Net earnings (loss) 1,284   5,819   12,022   (11,743 ) Adjustments, net of income taxes           Retroactive COVID-related subsidies —   —   (53 ) —   Acquisition costs related to business combinations 53   5   152   83   Asset impairment 191   —   608   22,615   Restructuring (recovery) expenses —   (613 ) 214   959   Value adjustment on acquired inventory through a business combination —   —   —   (40 ) (Gain) on sale and leaseback —   —   (4,514 ) —   Adjusted net earnings 1,528   5,211   8,429   11,874     Net earnings (loss) per share 0.05   0.23   0.49   (0.47 ) Adjustments, net of income taxes, per share 0.01   (0.03 ) (0.15 ) 0.95   Adjusted net earnings per share 0.06   0.20   0.34   0.48   Reconciliation of Cash flows related to operating activities to Free cash flow (in thousands of dollars) Three-month periods ended December 31 Twelve-month periods ended December 31 2025   2024   2025   2024   Cash flows related to operating activities 14,088   9,201   20,749   32,087   (Acquisitions) net of disposals of property, plant and equipment (679 ) (487 ) 52,534   (275 ) Acquisitions of intangible assets —   (38 ) (83 ) (114 ) Free cash flow 13,409   8,676   73,200   31,698   Net debt to Adjusted EBITDA ratio (in thousands of dollars except for ratios) As at December 31, 2025   As at December 31, 2024   Total debt 4,135   43,142   Deferred financing costs (63 ) (159 ) Cash (3,090 ) (1,794 ) Net debt 982   41,189   Adjusted EBITDA – TTM(1) 29,952   40,333   Net debt to Adjusted EBITDA ratio 0.03   1.02   (1) Refer to the ‘’Selected Quarterly Operating Results’’ section for more information on the results of each of the last eight quarters. Forward-Looking Information This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws, including (but not limited to) statements about the EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net earnings, Adjusted net earnings per share, Free cash flow, Net debt, Net debt to Adjusted EBITDA ratio5, split of revenue between its Envelope and Packaging segments, capital expenditures, dividend payments, and future performance of Supremex and similar statements or information concerning anticipated future results, circumstances, performance or expectations. Forward-looking information may include words such as anticipate, assumption, believe, could, expect, goal, guidance, intend, may, objective, outlook, plan, seek, should, strive, target and will. Such information relates to future events or future performance and reflects current assumptions, expectations and estimates of management regarding growth, results of operations, performance, business prospects and opportunities, Canadian economic environment and ability to attract and retain customers. Such forward-looking information reflects current assumptions, expectations and estimates of management and is based on information currently available to Supremex as at the date of this press release. Such assumptions, expectations and estimates are discussed throughout the MD&A for the year ended December 31, 2025. Supremex cautions that such assumptions may not materialize and that economic conditions such as economic uncertainty, downturns or recessions, or the imposition of tariffs or trade restrictions, may render such assumptions, although believed reasonable at the time they were made, subject to greater uncertainty. Forward-looking information is subject to certain risks and uncertainties and should not be read as a guarantee of future performance or results and actual results may differ materially from the conclusion, forecast or projection stated in such forward-looking information. These risks and uncertainties include but are not limited to the following: decline in envelope consumption, growth and diversification strategy, key personnel, labour shortage, contributions to employee benefits plans, raw material price increases, cyber security and data protection, operational disruption, dependence on and loss of customer relationships, increase of competition, economic conditions and uncertainty, risk related to the international trade and tax environment (including tariffs, quotas and custom and other restrictions), exchange rate fluctuation, interest rate fluctuation, credit risks with respect to trade receivables, availability of capital, concerns about protection of the environment, potential risk of litigation and no guarantee to pay dividends. Such risks and uncertainties are discussed throughout the MD&A for the year ended December 31, 2025, particularly in “Risk Factors”. Consequently, the Company cannot guarantee that any forward‑looking information will materialize. Readers should not place any undue reliance on such forward-looking information unless otherwise required by applicable securities legislation. The Company expressly disclaims any intention and assumes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. The Management Discussion and Analysis and Financial Statements can be found on www.sedarplus.ca and on Supremex’ website. About Supremex Supremex is a leading North American manufacturer and marketer of envelopes and a growing provider of paper-based packaging solutions. Supremex operates nine manufacturing facilities across four provinces in Canada and four manufacturing facilities in three states in the United States employing approximately 900 people. Supremex’ extensive network allows it to efficiently manufacture and distribute envelope and packaging solutions designed to the specifications of major national and multinational corporations, direct mailers, resellers, government entities, SMEs and solutions providers. For more information, please visit www.supremex.com. Contact:   Normand Macaulay Martin Goulet, M.Sc., CFA Chief Financial Officer MBC Capital Markets Advisors [email protected] [email protected] 514 595-0555, extension 2316 514 731-0000, extension 229 ______________________________________ 1 Non-IFRS financial measures or ratios. Refer to the non-IFRS financial measures section for definitions and reconciliations. 2 Non-IFRS financial measures or ratios. Refer to the non-IFRS financial measures section for definitions and reconciliations. 3 Non-IFRS financial measures or ratios. Refer to the non-IFRS financial measures section for definitions and reconciliations. 4 Non-IFRS financial measures or ratios. Refer to the non-IFRS financial measures section for definitions and reconciliations. 5 Non-IFRS financial measures or ratios. Refer to the non-IFRS financial measures section for definitions and reconciliations.