Glacier Reports Year End 2025 Results
MWN-AI** Summary
Glacier Media Inc. (TSX: GVC) reported its financial results for the fiscal year ending December 31, 2025, showcasing mixed performance amid a challenging advertising landscape. Total revenue fell to $137.5 million, down 3.1% from the previous year's $141.9 million, largely attributed to a $3.1 million decline in legacy print operations, which were mostly sold or closed by year-end. Core operations saw a slight revenue dip of $1.3 million, or 1.0%, with specific declines in advertising revenue by 14.4%, equating to a loss of $9.2 million, reflecting ongoing market uncertainty. However, this was somewhat mitigated by a 12.0% increase in Data and Subscription revenue, which grew by $6.6 million, driven mainly by Environmental Risk and Compliance Information services.
EBITDA also encountered a decrease, dropping from $9.7 million in 2024 to $7.5 million in 2025, marking a 23.6% decline. The EBITDA margin decreased to 5.4% from 6.8%. Glacier's capital expenditures rose to $5.2 million, up from $3.8 million the previous year, indicating a continued investment in strategic growth areas despite decreased overall profitability. In terms of net income, the company reported a profit of $6.4 million, a significant turnaround from the $24.4 million loss recorded in 2024.
As of December 31, 2025, Glacier held a cash balance of $5.8 million and maintained $6.4 million in non-recourse mortgages related to its farm shows in Saskatchewan and Ontario. The company continues to adapt its operations to navigate the shifting landscape within its sectors while focusing on sustainable revenue growth avenues.
MWN-AI** Analysis
Glacier Media Inc. (TSX: GVC) has reported a mixed financial performance for the year ended December 31, 2025. Revenues fell to $137.5 million, a decrease of 3.1% from the previous year, primarily due to declines in legacy print operations. However, the company has successfully pivoted towards its core businesses, with Data and Subscription revenues growing by 12%, indicating a positive shift in revenue mix despite the 14.4% slump in Advertising revenues.
Investors should note that Glacier’s earnings have rebounded significantly, with net income attributable to common shareholders reaching $6.4 million, a stark contrast to a loss of $24.4 million in 2024. This recovery in profitability underscores the effectiveness of Glacier’s strategic decisions, such as exiting less profitable print operations that weighed heavily on previous results. The management's commitment to investing in growth areas has resulted in a decrease in direct and administrative expenses by $2.2 million, leading to a healthier EBITDA margin of 5.4%, despite a decline in overall EBITDA.
The current financial position shows a cash balance of $5.8 million, which provides some buffer. However, the company's non-recourse mortgages worth $6.4 million need to be monitored closely, especially in relation to cash flows from operations.
Moving forward, investors looking at Glacier Media should be cautious but optimistic. The diversification towards digital and subscription services appears promising, but reliance on advertising revenues remains a concern amid ongoing market volatility. Hence, potential investors may want to consider other indicators, such as the company's ability to sustain and grow its newer revenue streams, before making significant investments. Overall, while the company has made strides in profitability, sustained growth will depend on its adaptability in a rapidly changing media landscape.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
VANCOUVER, British Columbia, March 19, 2026 (GLOBE NEWSWIRE) -- Glacier Media Inc. (TSX: GVC) (“Glacier” or the “Company”) reported revenue and earnings for the year ended December 31, 2025.
Summary Results
| (thousands of dollars) | ||||||
| except share and per share amounts | 2025 | 2024 | ||||
| Revenue | $ | 137,506 | $ | 141,946 | ||
| EBITDA (1) | $ | 7,461 | $ | 9,712 | ||
| EBITDA (1) margin | 5.4% | 6.8% | ||||
| EBITDA (1) per share | $ | 0.06 | $ | 0.07 | ||
| Capital expenditures | $ | 5,221 | $ | 3,848 | ||
| Net income (loss) attributable to common shareholder | $ | 6,417 | $ | (24,442 | ) | |
| Net income (loss) attributable to common shareholder per share | $ | 0.05 | $ | (0.19 | ) | |
| Weighted average shares outstanding, net | 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. |
2025 performance
Consolidated revenue for the year ended December 31, 2025, was $137.5 million, a decrease of $4.4 million or 3.1%. Consolidated EBITDA for the year was $7.5 million, a decrease of $2.3 million, from EBITDA of $9.7 million in the prior year. Capital expenditure for the year was $5.2 million compared to $3.8 million in the prior year.
Of the $4.4 million decrease in total revenue, $3.1 million related to legacy print operations, the majority of which were sold or closed by the end of 2025. Revenue from core operations decreased $1.3 million, or 1.0%.
While revenues decreased overall in aggregate, the composition of revenues continued to shift. Changes in core revenue mix are as follows: Advertising revenue decreased by $9.2 million, or 14.4%, including sold and closed operations, Data and Subscription revenue increased $6.6 million or 12.0%, and Events and Services revenue decreased $0.7 million or 3.3%.
Advertising revenue has continued to be negatively impacted by market uncertainty and the closure or sale of community media publications over the past 12 months. The decrease in advertising revenue had an impact on the Commodity Information, Consumer Information and Print Community Media operations. These advertising revenue decreases were partially offset by the increases coming from Data and Subscription revenues, which were mainly in the Environmental Risk and Compliance Information operations.
The EBITDA decrease of $2.3 million year over year was largely driven by decreases in revenue in core operations. Overall, direct and general and administrative expenses were down $2.2 million year over year. Legacy print operations resulted in decreased expenses of $3.5 million, mostly due to the sale or closure of the operations. The increase in expenses in core operations was the result of investment spending in strategic growth areas.
Financial position
As at December 31, 2025, the Company had a cash balance of $5.8 million and $6.4 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
| (thousands of dollars) | |||||||
| except share and per share amounts | 2025 | 2024 | |||||
| Net income (loss) attributable to common shareholders | $ | 6,417 | $ | (24,442 | ) | ||
| Add (deduct): | |||||||
| Non-controlling interests | $ | 2,324 | $ | 1,015 | |||
| Interest (recovery) expense, net | $ | (11,163 | ) | $ | 4,951 | ||
| Depreciation and amortization | $ | 8,937 | $ | 11,231 | |||
| Gain on disposal, net | $ | (522 | ) | $ | (2,683 | ) | |
| Impairment expense | $ | 5,943 | $ | 18,964 | |||
| Share of earnings from joint ventures and associates | $ | (2,894 | ) | $ | (850 | ) | |
| Other income | $ | (696 | ) | $ | (1,027 | ) | |
| Restructuring and other expenses | $ | 3,641 | $ | 7,499 | |||
| Unrealized foreign exchange losses (gains) | $ | 1,119 | $ | (1,978 | ) | ||
| Income tax (recovery) expense | $ | (5,645 | ) | $ | (2,968 | ) | |
| EBITDA (1) | $ | 7,461 | $ | 9,712 | |||
| Notes: | |||||||
| (1) Refer to "Non-IFRS Measures" section of MD&A for discussion of non-IFRS measures used in this table. |
FAQ**
What strategies is Glacier Media Inc (GLMFF) implementing to offset the decline in advertising revenue, which decreased by 14.4% in 2025?
How does Glacier Media Inc (GLMFF) plan to enhance its Data and Subscription revenue streams, which saw a 12.0% increase despite overall revenue decline?
What specific areas is Glacier Media Inc (GLMFF) investing in with the increased capital expenditures noted in the 2025 financial report?
How does Glacier Media Inc (GLMFF) plan to improve its EBITDA margin, which decreased from 6.8% in 2024 to 5.in 2025, amidst changing revenue streams and operational challenges?
**MWN-AI FAQ is based on asking OpenAI questions about Glacier Media Inc. (TSXC: GVC:CC).
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