Glacier Reports Third Quarter 2025 Results
MWN-AI** Summary
Glacier Media Inc. (TSX: GVC) released its third-quarter results for 2025 on November 6, showcasing a stable financial performance amid a shifting revenue landscape. For the quarter ending September 30, 2025, the company reported revenues of $40.3 million, slightly up from $40.2 million in the same period last year. However, year-to-date revenues have decreased from $108.5 million in 2024 to $105.4 million in 2025.
One of the notable highlights of the quarter was the increase in EBITDA, which rose to $6.5 million, compared to $5.9 million in Q3 2024. This improvement in EBITDA margin to 16.2% from 14.6% reflects a better mix of revenues, particularly from higher-margin business lines, including subscriptions, data services, events, and environmental risk compliance products. Despite the modest growth in overall revenue, the company faced headwinds from declining advertising revenues due to ongoing market uncertainty and the reduction of community media publications.
Capital expenditures amounted to $0.9 million, remaining consistent with previous spending levels. The company reported a net income attributable to common shareholders of $6.7 million for the quarter, significantly improved from just $37,000 the previous year. Year-to-date, however, Glacier posted a net loss of $2.8 million, a marked improvement from a loss of $7.7 million in the same timeframe last year.
As of September 30, 2025, Glacier maintained a cash balance of $4.7 million against $6.5 million in non-recourse mortgages. The company continues to adapt its operations in a challenging advertising market while capitalizing on its transition to more profitable revenue streams.
MWN-AI** Analysis
Glacier Media Inc. (TSX: GVC) has exhibited notable resilience in its Q3 2025 results, with total revenue remaining stable at approximately $40.3 million, slightly up from $40.2 million in Q3 2024, and a solid EBITDA growth of 12% year-over-year. This performance reflects a strategic shift toward higher-margin revenue streams such as subscriptions, data services, and environmental compliance products, despite ongoing weaknesses in the advertising sector.
Investors should take note of the mixed signals presented by Glacier's financials. On the one hand, the flat revenue indicates stabilization, but the lack of growth when compared to the previous year, along with a substantial decline in advertising revenue largely attributable to external market conditions, is concerning. The movement away from unprofitable print operations could be a strategic benefit in the long run, but it may take time for the effects to be fully realized in the company’s top line.
The improvement in EBITDA margin to 16.2% from 14.6% is commendable and reflects efficient cost management and a conscious redirection toward more profitable sectors. The company’s decision to invest approximately $0.9 million in capital expenditures shows a commitment to strategic growth, particularly in areas that promise higher returns.
Additionally, Glacier's financial health appears stable, with a cash balance of $4.7 million and only $6.5 million in non-recourse mortgages, which minimizes financial risk.
To summarize, while Glacier’s recent performance indicates strategic shifts that may yield positive long-term outcomes, volatility in advertising revenues and overall flat growth necessitate cautious optimism. Investors may consider monitoring the effectiveness of Glacier’s pivot to higher-margin products while evaluating timing for potential investment, focusing on broader market trends that could impact advertising in the near future. Potential investors should remain vigilant to observe further developments in Q4 2025 and beyond.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
VANCOUVER, British Columbia, Nov. 06, 2025 (GLOBE NEWSWIRE) -- Glacier Media Inc. (TSX: GVC) (“Glacier” or the “Company”) reported revenue and earnings for the period ended September 30, 2025.
Summary Results
| (thousands of dollars) | Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
| except share and per share amounts | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenue | $ | 40,263 | $ | 40,239 | $ | 105,362 | $ | 108,521 | ||||||||
| EBITDA (1) | $ | 6,518 | $ | 5,867 | $ | 4,841 | $ | 6,452 | ||||||||
| EBITDA (1) margin | 16.2 | % | 14.6 | % | 4.6 | % | 5.9 | % | ||||||||
| EBITDA (1) per share | $ | 0.05 | $ | 0.04 | $ | 0.04 | $ | 0.05 | ||||||||
| Capital expenditures | $ | 899 | $ | 954 | $ | 3,673 | $ | 2,942 | ||||||||
| Net (loss) income attributable to common shareholder | $ | 6,742 | $ | 37 | $ | (2,765 | ) | $ | (7,672 | ) | ||||||
| Net (loss) income attributable to common shareholder per share | $ | 0.05 | $ | 0.00 | $ | (0.02 | ) | $ | (0.06 | ) | ||||||
| Weighted average shares outstanding, net | 131,131,598 | 131,131,598 | 131,131,598 | 131,131,598 | ||||||||||||
(1) EBITDA is considered a non-GAAP measure. Refer to “EBITDA Reconciliation” below for a reconciliation of the Company’s net (loss) income attributable to common shareholders as reported under IFRS to EBITDA.
Q3 2025 performance
Consolidated revenue for the quarter ended September 30, 2025, was $40.3 million, consistent with the same quarter in the prior year. EBITDA for the quarter was $6.5 million, an increase of $0.7 million, from EBITDA of $5.9 million for the same quarter in the prior year. Capital expenditure for the quarter was $0.9 million compared to $1.0 million for the same quarter in the prior year.
While revenues were flat quarter over quarter, the composition of revenues continued to shift. Subscriptions, data, services, and events revenues increased while advertising revenues continued to be soft. Environmental Risk and Compliance Information products resulted in much of the increase in revenue. Increases were partially offset by lower advertising revenues which continue to be negatively impacted by market uncertainty and the closure or sale of community media publications over the past 12 months.
The EBITDA increase of $0.7 million quarter over quarter was driven by a combination of a change in the mix of revenue to higher margin businesses, the sale or closure of unprofitable print operations, and monitoring of the investment spending in strategic growth areas.
Financial position
As at September 30, 2025, the Company had a cash balance of $4.7 million and $6.5 million of non-recourse mortgages (which relate to land for the farm shows in Saskatchewan and Ontario).
For further information please contact Mr. Orest Smysnuik, Chief Financial Officer, at 604-708-3264.
About the Company
Glacier Media Inc. is a broad portfolio of business information and consumer digital businesses. Serving a diverse array of industries and users, the businesses are typically leaders in their respective industry and/or geographic markets.
Non-IFRS financial measures
Earnings before interest, taxes, depreciation and amortization (“EBITDA”), EBITDA margin and EBITDA per share, are not generally accepted measures of financial performance under IFRS. Management utilizes EBITDA as a financial performance measure to assess profitability and return on equity in its decision making. In addition, the Company, its lenders and its investors use EBITDA to measure performance and value for various purposes. Investors are cautioned; however, that EBITDA should not be construed as an alternative to net income (loss) attributable to common shareholders determined in accordance with IFRS as an indicator of the Company’s performance.
The Company’s method of calculating these financial performance measures may differ from other companies and, accordingly, they may not be comparable to measures used by other companies. A quantitative reconciliation of these non-IFRS measures is included in the section entitled EBITDA Reconciliation.
EBITDA Reconciliation
| Three months ended | Nine months ended | |||||||||||||||
| (thousands of dollars) | September 30, | September 30, | ||||||||||||||
| except share and per share amounts | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net (loss) income attributable to common shareholders | $ | 6,742 | $ | 37 | $ | (2,765 | ) | $ | (7,672 | ) | ||||||
| Add (deduct): | ||||||||||||||||
| Non-controlling interests | $ | 1,252 | $ | 724 | $ | 1,483 | $ | 982 | ||||||||
| Interest expense, net | $ | 1,016 | $ | 1,515 | $ | 3,222 | $ | 4,547 | ||||||||
| Depreciation and amortization | $ | 2,271 | $ | 2,641 | $ | 6,785 | $ | 8,485 | ||||||||
| Gain on disposal, net | $ | (510 | ) | $ | (2,748 | ) | $ | (510 | ) | $ | (2,635 | ) | ||||
| Share of earnings from joint ventures and associates | $ | (340 | ) | $ | (191 | ) | $ | (1,468 | ) | $ | (471 | ) | ||||
| Other income | $ | (236 | ) | $ | (336 | ) | $ | (508 | ) | $ | (782 | ) | ||||
| Restructuring and other expenses | $ | 226 | $ | 3,707 | $ | 2,316 | $ | 6,069 | ||||||||
| Unrealized foreign exchange losses (gains) | $ | (440 | ) | $ | 307 | $ | 1,020 | $ | (387 | ) | ||||||
| Income tax (recovery) expense | $ | (3,463 | ) | $ | 211 | $ | (4,734 | ) | $ | (1,684 | ) | |||||
| EBITDA (1) | $ | 6,518 | $ | 5,867 | $ | 4,841 | $ | 6,452 | ||||||||
| Notes: | ||||||||||||||||
| (1) Refer to "Non-IFRS Measures" section of MD&A for discussion of non-IFRS measures used in this table. |
FAQ**
How does Glacier Media Inc. GVC:CC plan to address the continued softness in advertising revenues that negatively impacted growth during the last reported quarter?
Can you elaborate on the strategic growth areas Glacier Media Inc. GVC:CC is focusing on, especially in light of the increase in subscription and data services revenues this quarter?
What specific initiatives led to the EBITDA margin increase for Glacier Media Inc. GVC:CC from 14.6% in Q3 2024 to 16.2% in Q3 2025, despite flat overall revenues?
With the closure of unprofitable print operations, what steps is Glacier Media Inc. GVC:CC taking to ensure long-term sustainability and profitability moving forward?
**MWN-AI FAQ is based on asking OpenAI questions about Glacier Media Inc. (TSXC: GVC:CC).
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