Canlan Sports Delivers Strong Q3 Results with Significant Revenue Growth

Rhea-AI Summary

Canlan Sports (CNLFF) reported third-quarter revenue of $22.8 million, with a narrower net loss and a return to operating profit. Revenue rose 8.1% from Q3 2025, supported by pricing and higher activity. Operating earnings reached $1.242 million versus a $381,000 loss. Net loss narrowed to $1.036 million, or $0.08 per share, from $2.471 million, or $0.19 per share.

For the nine months ended September 30, 2026, revenue reached $77.1 million, up 6.2%, and net earnings rose to $3.158 million from $1.552 million. Canlan accepted debt-renewal terms that would extend maturities to Q3 2030. Its quarterly dividend recently increased from $0.03 to $0.04 per share; the next payment is January 14, 2027, for holders of record December 31, 2026. The Winnipeg renovation was substantially complete by quarter-end. Cash was $15.045 million and debt was $44.062 million at September 30.

16 points · 0 major

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0 major · 9 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointQ3 revenue rose 8.1% to $22.8 million, supported by pricing, participation and rental growth.
• Moderate pointQ3 operating earnings reached $1.242 million, versus a $381,000 operating loss a year earlier.
• Moderate pointQ3 net loss narrowed to $1.036 million, or $0.08 per share, from $2.471 million, or $0.19.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Accepted debt-renewal terms would extend maturities to Q3 2030 from maturities starting September 2027.
• Minor pointNine-month revenue increased 6.2% to $77.1 million compared with 2025.

11 minor points

• Minor pointNine-month operating earnings rose 18.2% to $11.9 million compared with 2025.
• Minor pointNine-month net earnings reached $3.158 million, or $0.24 per share, versus $1.552 million, or $0.12.
• Minor point. Forward-looking: it has not happened yet and may not happen.Quarterly dividend increased from $0.03 to $0.04 per share, with the next payment January 14, 2027.
• Minor pointCash increased to $15.045 million at September 30, 2026, from $14.105 million at December 31, 2025.
• Minor pointLease liabilities declined to $8.302 million from $9.274 million at December 31, 2025.
• Minor pointShareholders' equity increased to $38.983 million from $36.002 million at December 31, 2025.
• Minor pointNine-month food and beverage revenue rose $0.7 million, or 6.5%, supported by increased traffic.
• Minor pointNew facility naming-rights agreements entered into at the beginning of 2026 increased sponsorship and advertising revenue.
• Minor pointQ3 repair and maintenance costs declined as roof refurbishment projects progressed toward completion.
• Minor pointQ3 net finance expense fell to $0.5 million from $0.7 million in 2025.
• Minor pointWinnipeg renovation was substantially complete by Q3-end after beginning in 2025.

Negative

• Moderate pointDebt increased to $44.062 million at September 30, 2026, from $42.156 million at December 31, 2025.
• Moderate pointNine-month operating expenses increased 4.5% to $57.3 million, reflecting higher labour and other variable costs.
• Minor pointQ3 operating expenses increased 0.6% to $19.0 million compared with 2025.
• Minor pointNine-month general and administrative expenses rose 2.5% to $7.9 million, mainly reflecting annual wage increases.
• Minor pointQ3 depreciation increased to $2.079 million from $1.982 million a year earlier.

4 minor points

• Minor pointNine-month depreciation increased to $6.125 million from $5.908 million a year earlier.
• Minor pointNine-month interest expense increased to $2.147 million from $1.911 million in 2025.
• Minor pointQ3 income tax recovery decreased to $310,000 from $621,000 in 2025.
• Minor pointNine-month income tax expense increased to $931,000 from $574,000 in 2025.

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Burnaby, British Columbia--(Newsfile Corp. - November 13, 2026) - Canlan Ice Sports Corp. (TSX: ICE) (the "Corporation", "Canlan" or "Canlan Sports") today reported its financial results for the third quarter ended September 30, 2026.

Overview of Q3 2026

• Total operating revenue of $22.8 million increased by $1.7 million or 8.1% compared to a year ago;

• Net loss for Q3 was $1.0 million or $0.08 per share compared to net loss of $2.5 million or $0.19 per share in 2025;

• Operating earnings was $1.2 million compared to an operating loss of $0.4 million in 2025; and

• The major renovation at Canlan Sports Winnipeg began in 2025 and was substantially complete by the end of Q3. The project included a new parking lot, a fully renovated building façade and front entrance, and complete roof remediation.

Three Months and Nine Months Ended September 30, 2026 Results

		For the 3 months ended September 30										For the 9 months ended September 30
(in thousands)		2026					2025					2026							2025
Ice rink & recreational facilities revenue	$	22,842				$	21,140				$	77,113						$	72,614
Operating expense		19,045					18,928					57,329							54,865
		3,797					2,212					19,784							17,749
G&A expense		2,555					2,593					7,853							7,658
Operating earnings (loss)1	$	1,242					($381			)	$	11,931						$	10,091
Operating earnings (loss) per share	$	0.09					($0.03			)	$	0.89						$	0.76
Depreciation		2,079					1,982					6,125							5,908
Interest		724					693					2,147							1,911
Interest rate swap (gain) loss		(230			)		40					(412					)		138
Foreign exchange (gain) loss		15					(4			)		(18					)		8
Income tax expense (recovery)		(310			)		(621			)		931							574
Net earnings (loss)		($1,036			)		($2,471			)	$	3,158						$	1,552
Net earnings (loss) per share		($0.08			)		($0.19			)	$	0.24						$	0.12

 

Key Balance Sheet Figures (in thousands)
			September 30, 2026											December 31, 2025
Assets
Cash and cash equivalents			$	15,045										$	14,105
Property plant and equipment				94,384											94,825
Other assets				12,261											10,852
Total assets			$	121,690										$	119,782
Liabilities and Equity
Debt			$	44,062										$	42,156
Lease liabilities				8,302											9,274
Accounts payable and accrued liabilities				10,752											13,201
Deferred revenue				15,718											14,067
Other liabilities				3,873											5,082
Total liabilities				82,707											83,780
Share capital and contributed surplus				63,652											63,652
Foreign currency translation reserve				5,211											4,054
Deficit				(29,880									)		(31,704					)
Total shareholders' equity				38,983											36,002
Total liabilities and equity			$	121,690										$	119,782

 

Third Quarter Results
(three months ended September 30, 2026 compared with three months ended September 30, 2025)

• Operating revenue of $22.8 million increased by $1.7 million or 8.1% compared to 2025 mainly due to pricing and volume increases in Canlan's adult and youth hockey leagues, third-party ice rentals, instructional skating programs, tournaments, and food and beverage operations. In addition, sponsorship and advertising revenue increased from added facility naming rights agreements that were entered into at the beginning of 2026;

• Total operating expenses of $19.0 million rose by a net $0.1 million or 0.6% over the prior year. Higher labour and customer service expenses to support increased business activity were offset by lower repair and maintenance (R&M) costs. The decline in R&M mainly reflected the progressive completion of roof refurbishment projects undertaken over the past seven years;

• Total G&A expenses of $2.6 million remained consistent with prior year. After G&A, operating earnings were $1.2 million compared to an operating loss of $0.4 million in 2025;

• Total depreciation expense of $2.1 million increased by $0.1 million from the prior year and net finance expense was $0.5 million, down from $0.7 million in 2025; and

• After recording provision for income tax recovery of $0.3 million (2025 – $0.6 million), net loss was $1.0 million or $0.08 per share compared to net loss of $2.5 million or $0.19 per share in 2025.

Nine Months Ended September 30, 2026 Results
(Nine months ended September 30, 2026 compared with nine months ended September 30, 2025)

• Operating revenue rose $4.5 million or 6.2% to $77.1 million compared to 2025, mainly driven by pricing, higher adult and youth hockey league and tournament registrations, increased skating program participation, and greater third-party ice rentals. This volume growth boosted restaurant and concession traffic, increasing food and beverage revenue by $0.7 million or 6.5%. New facility sponsorship activity also contributed to revenue growth;

• Total operating expenses of $57.3 million increased by $2.5 million or 4.5% over the prior year mainly due to incremental labour and other variable costs to service increased business activity levels;

• G&A expenses rose $0.2 million or 2.5% over the prior year to $7.9 million, mainly reflecting regular annual wage increases. After G&A expenses, operating earnings of $11.9 million increased by $1.8 million or 18.2% compared to 2025; and

• After recording depreciation expense of $6.1 million, net finance costs of $1.7 million, and income tax expense of $0.9 million, net earnings were $3.2 million or $0.24 per share compared to $1.6 million or $0.12 per share in the prior year.

"Our third-quarter results reflect the strength of our core business and the continued demand for the recreational experiences we deliver across our markets," said Joey St-Aubin, President and CEO of Canlan Sports. "Strong participation in our youth and adult hockey leagues, tournaments, camps and instructional programs contributed to 8% revenue growth, while disciplined cost management and operating efficiencies drove a meaningful improvement in profitability. What is particularly encouraging is the momentum we are carrying into the final quarter of the year, with strong registrations across our core programs and continued investment in our facilities and customer experience. The recently completed building refresh and parking lot improvements at Canlan Sports Winnipeg have been particularly well received by customers. As we look ahead to 2027, our focus remains on maximizing the potential of our existing assets, introducing new experiences that attract and engage customers, and executing on the strategic growth opportunities that will position Canlan Sports for long-term success."

"The recent increase in our quarterly dividend from $0.03 to $0.04 per share reflects the Board's confidence in the Company's financial position and our commitment to shareholder returns," added Ivan Wu, Canlan Sports's CFO. "In addition, we have accepted terms to renew our long-term debt package that was set to mature starting September 2027. The renewed debt package will extend the maturity date out Q3 2030 and will provide greater long-term financial stability and flexibility, allowing us to remain focused on executing our strategic priorities, investing in our facilities and supporting the continued growth of our business."

Dividend Policy

Canlan's Board of Directors has approved the continuation of the Corporation's quarterly dividend policy. As such, the Board declared eligible dividends totaling $0.04 per common share that will next be paid on January 14, 2027 to shareholders of record at the close of business on December 31, 2026. Canlan's Board of Directors reviews the Corporation's dividend policy on a quarterly basis. Canlan's dividend is designated as an "eligible" dividend under the Income Tax Act (Canada) and any corresponding provincial legislation. Under this legislation, individuals resident in Canada may be entitled to enhanced dividend tax credits, which reduce income tax otherwise payable.

Filings

Canlan's financial statements and Management's Discussion & Analysis for the quarter ended September 30, 2026 will be available via SEDAR+ (www.sedarplus.ca) on or before November 14, 2026 and through the Company's website, www.canlansports.com.

About Canlan

Canlan Sports is the North American leader in the operations and ownership of multi-purpose recreation and entertainment facilities. We are amongst the largest private sector owners and operators of recreation facilities in North America and currently own, lease and/or manage 15 facilities in Canada and the United States with 47 ice surfaces, as well as 10 indoor soccer fields, and 18 hard court surfaces. To learn more about Canlan please visit www.canlansports.com.

Canlan Ice Sports Corp. has proudly been listed on the Toronto Stock Exchange for over 35 years and the stock trades under the symbol "ICE."

Caution concerning forward-looking statements

This News Release may contain information that constitutes "forward-looking" information within the meaning of applicable securities laws. Often, but not always, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information in this press release includes, but is not limited to, anticipated benefits of capital expenditures (including energy efficiencies and enhanced customer experiences) and expectations of business growth. Forward-looking information is based on the reasonable assumptions, estimates, analyses, beliefs and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable at the date that such information is disclosed. Forward-looking information is subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Canlan to control or predict, that may cause Canlan's actual results, performance or achievements to be materially different from those expressed or implied thereby. Material risk factors that could cause actual results to differ materially from the forward-looking information provided herein include those factors identified in Canlan's public disclosure file available at www.sedarplus.ca and, in particular, the risk factors set out under the heading "Risk Factors" in the Company's MD&A available for review on the Company's profile at www.sedarplus.ca. Such forward-looking information represents management's best judgment based on information currently available. Accordingly, readers are advised not to place undue reliance on forward-looking information. The forward-looking information herein is made as of the date of this press release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable securities law.

For more information:
Canlan Ice Sports Corp.
Ivan Wu
CFO
604 736 9240

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¹ Operating earnings is defined as earnings after general and administrative expenses and before interest, depreciation, foreign currency exchange, gain on assets sold and income tax. However, operating earnings are not a term that has specific meaning in accordance with IFRS, and may be calculated differently by other companies. Canlan reconciles operating earnings to its net earnings.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/323849

FAQ

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What were Canlan Sports' Q3 2026 earnings results?

Canlan reported a net loss of $1.036 million, or $0.08 per share, compared with a loss of $2.471 million, or $0.19 per share, in Q3 2025. Revenue increased 8.1% to $22.8 million, and operating earnings were $1.242 million versus a $381,000 operating loss.

When is Canlan Sports paying its next dividend?

Canlan's next $0.04-per-common-share dividend is payable January 14, 2027, to shareholders of record at the close of business on December 31, 2026. The quarterly dividend recently increased from $0.03 per share.

How does Canlan Sports define operating earnings?

Canlan defines operating earnings as earnings after general and administrative expenses but before interest, depreciation, foreign currency exchange, gains on assets sold and income tax. This measure has no specific meaning under International Financial Reporting Standards and may be calculated differently by other companies.