KILLAM APARTMENT REIT ANNOUNCES STRONG Q2-2025 OPERATING PERFORMANCE AND FINANCIAL RESULTS
"We are pleased with our strong financial and operating performance for the second quarter of 2025, which demonstrates Killam's established position in the market. Strong leasing in the second quarter delivered 6.0% same property revenue growth across all operating segments, resulting in a 6.7% increase in both same property NOI [net operating income] and FFO [funds from operations] per unit compare to Q2-2024," noted Philip Fraser, President and CEO. "Based on these results and our outlook for the second half of the year, we expect to achieve same property NOI growth above 6% for 2025.
"AFFO [adjusted funds from operations] per unit increased by 8.0% from Q2-2024, and we expect this positive trajectory to continue as proceeds from the sale of older and more capital-intensive properties are used to purchase or build newer, more efficient buildings.
"Momentum from our capital recycling program picked up after quarter-end with the sale of a townhouse complex in Prince Edward Island for $9 million, and conditions were waived on the sale of a portfolio of PEI properties for $81.9 million, expected to close by August 8, 2025. Once complete, total disposition volume for 2025 will be $128 million. Capital from our disposition program is being used to support acquisition activity in 2025. In July, Killam purchased a 114-unit property in Fredericton, New Brunswick, for $28.7 million and the remaining 50% ownership interest in three properties in Ottawa, Ontario, for $136 million.
"In June, we began welcoming residents at The Carrick, in Waterloo, Ontario. This 138-suite development, built with innovative sustainable features and resident-focused amenity spaces, is 60% leased. Waterloo remains a key focus for Killam, and this strong leasing demand highlights the strength of the market.
"Finally, we are proud to deliver another quarter of improved debt metrics. Our debt-to-total assets ratio has improved for the sixth consecutive quarter, and as of June 30th sits at 39.6%."
Q2-2025 Financial & Operating Highlights
Reported net income of $33.1 million compared to $114.5 million in Q2-2024. Killam recorded fair value gains on investment properties of $3.8 million in Q2-2025, compared to fair value gains of $85.5 million in Q2-2024.
Generated net operating income of $64.1 million, a 6.9% increase from $59.9 million in Q2-2024.
Achieved a 6.0% increase in same property revenue compared to Q2-2024 and generated 6.7% same property NOI growth compared to Q2-2024. 1
Earned FFO per unit of $0.32, a 6.7% increase from the $0.30 earned in Q2-2024. 2
Earned AFFO per unit of $0.27, an 8.0% increase from $0.25 in Q2-2024 3, and improved the rolling 12-month AFFO payout ratio by 400 basis points (bps) to 69%, from 73% in Q2-2024. 2
Same property apartment occupancy remained strong in Q2-2025 at 97.5%, compared o 97.8% in Q2-2024. 1
Ended the second quarter with debt as a percentage of total assets of 39.6% and debt to normalized EBITDA of 9.58x , the lowest debt ratio levels in Killam's operating history. 4
____________________________
(1) Same property revenue, same property NOI, and same property apartment occupancy are supplementary financial measures. An explanation of the composition of these measures can be found under "Supplementary Financial Measures." Occupancy represents actual residential rental revenue, net of vacancy, as a percentage of gross potential residential rent.
(2) FFO and AFFO, and applicable per unit amounts, are not defined by International Financial Reporting Standards (IFRS) and do not have a standardized meaning according to IFRS; therefore, they may not be comparable to similar measures presented by other companies. For information regarding non-IFRS measures, including reconciliations to the most comparable IFRS measure, if applicable, see "Non-IFRS Measures."
(3) The maintenance capital expenditures used to calculate AFFO and AFFO payout ratio for the three and six months ended June 30, 2024, were updated to reflect the maintenance capex reserve of $1,100 per apartment unit, $310 per manufactured home community (MHC) site and $1.10 per square foot (SF) for commercial properties that were used in the calculation for the 12 months ended December 31, 2024.
(4) Net debt to normalized adjusted earnings before interest, tax, depreciation and amortization (EBITDA) is a non-IFRS ratio. An explanation of the composition of this measure can be found under the heading "Non-IFRS Ratios." Debt as a percentage of total assets is a capital management financial measure. An explanation of the composition of this measure can be found under the heading "Capital Management Financial Measure."
Three months ended June 30,
Six months ended June 30,
(000s)
2025
2024
Change
2025
2024
Change
Property revenue
$95,646
$90,776
5.4 %
$188,669
$178,281
5.8 %
Net operating income
$64,075
$59,923
6.9 %
$123,069
$114,944
7.1 %
Net income
$33,134
$114,452
(71.0) %
$135,045
$241,693
(44.1) %
FFO (1)
$39,400
$36,673
7.4 %
$73,640
$68,053
8.2 %
FFO per unit (diluted) (1)
$0.32
$0.30
6.7 %
$0.59
$0.55
7.3 %
AFFO (1)(2)
$33,643
$30,846
9.1 %
$62,190
$56,425
10.2 %
AFFO per unit (diluted) (1)(2)
$0.27
$0.25
8.0 %
$0.50
$0.46
8.7 %
AFFO payout ratio – diluted (1)(2)
67 %
70 %
(300) bps
72 %
76 %
(400) bps
AFFO payout ratio – rolling 12 months (1)(2)
69 %
73 %
(400) bps
Same property apartment occupancy (3)
97.5 %
97.8 %
(30) bps
Same property revenue growth (3)
6.0 %
6.3 %
Same property NOI growth (3)
6.7 %
7.2 %
(1) FFO, FFO per unit, AFFO, AFFO per unit, and AFFO payout ratio are non-IFRS measures. A reconciliation from net income to FFO and a reconciliation from FFO to AFFO can be found under the heading "Non-IFRS Reconciliation."
(2) The maintenance capital expenditures used to calculate AFFO and AFFO payout ratio for the three and six months ended June 30, 2024, were updated to reflect the maintenance capex reserve of $1,100 per apartment unit, $310 per MHC site and $1.10 per SF for commercial properties that were used in the calculation for the 12 months ended December 31, 2024.
(3) Same property apartment occupancy, same property revenue, and same property NOI are supplementary financial measures. An explanation of the composition of these measures can be found under the heading "Supplementary Financial Measures."
(1) Interest coverage ratio and debt to normalized EBITDA are non-IFRS ratios. An explanation of the composition of these measures can be found under the heading "Non-IFRS Ratios."
Summary of Q2-2025 Results and Operations
Delivered 6.7% FFO per Unit Growth and 8.0% AFFO per Unit Growth
Killam delivered FFO per unit of $0.32 in Q2-2025, representing a 6.7% increase over $0.30 in Q2-2024. AFFO per unit grew 8.0% to $0.27, up from $0.25 in the same period in 2024. The growth in FFO and AFFO reflects strong same property NOI and contributions from recently completed developments, partially offset by higher interest and administrative expenses. The increase in AFFO per unit growth of 8.0% corresponds with the success of Killam's capital recycling program, which focuses on selling older, capital-intensive properties and replacing them with newer, more efficient buildings through acquisitions and development.
Achieved Same Property NOI Growth of 6.7%
Killam achieved same property NOI growth of 6.7% during the quarter and a 40 bps improvement to the same property operating margin. This growth was driven by a 6.0% increase in same property revenue, supported by a 6.0% year-over-year increase in apartment rental rates and higher ancillary revenue. This was partially offset by a modest 30 bps decline in same property occupancy to 97.5%, compared to Q2-2024. The weighted average rental rate increase on units that renewed and turned during the quarter was 6.1%, a combination of 13.0% growth from units that turned during the period and 3.7% on renewals. This growth compares to 8.2% in Q2-2024. Rental incentives have also increased quarter-over-quarter; however, they continue to be location and property specific and remain less than 0.6% of total residential rent.
Total same property operating expenses increased 4.5% in the quarter. Same property tax expense rose 5.0%, reflecting higher assessments and mill rate increases across the portfolio. Same property utility and fuel costs increased 3.2%, primarily due to higher natural gas pricing in Nova Scotia and New Brunswick, as well as higher water costs. Same property general operating expenses were up 4.8%, driven by higher salary costs and the timing of repairs and maintenance. Based on results to date, Killam expects same property NOI growth for the year to exceed 6.0%.
Generated Net Income of $33.1 Million
In Q2-2025, Killam generated net income of $33.1 million, compared to $114.5 million in Q2-2024. The decline in net income is primarily due to lower fair value gains on investment properties, with $3.8 million recognized in Q2-2025 compared to $85.5 million in Q2-2024. The reduction in fair value gains quarter-over-quarter reflects stabilization in rental rate growth and marginal capitalization rate expansion for select assets. These impacts were partially offset by a $4.2 million increase in NOI and a $12.7 million reduction in deferred tax expense related to the internal reorganization that was completed by way of a plan of arrangement effective November 30, 2024.
Progress on Killam's Capital Recycling Strategy
Killam's capital recycling program is focused on the disposition of non-core and slower-growth properties, or those that may be more capital or carbon intensive. During the quarter, Killam completed the sale of two MHC sites located in Gander and Corner Brook, Newfoundland and Labrador (NL), for gross proceeds of $4.8 million; two apartment properties located in Grand Falls, NL, for gross proceeds of $13.7 million; and three apartment properties located in Charlottetown, Prince Edward Island (PEI), for gross proceeds of $15.9 million. Subsequent to quarter-end, Killam completed the disposition of a 60-unit townhouse complex located in PEI for gross proceeds of $9.0 million and has a firm commitment to sell an additional 521 units located in PEI for net proceeds of $81.9 million, which is expected to close by August 8, 2025. Completion of these transactions will bring the 2025 disposition total to $127.9 million, in line with Killam's 2025 strategic target of disposing of $100–$150 million of assets.
Proceeds from these dispositions will be used to fund acquisitions subsequent to quarter-end, including 114 units in Fredericton, New Brunswick, and the remaining 50% interest in three assets held through a joint venture partnership located in Ottawa.
Refinanced Mortgages at 3.52%
Killam manages interest rate risk through the strategic staggering of mortgage maturities. During Q2-2025, Killam refinanced $94.6 million of maturing mortgages with $119.2 million of new debt at a weighted average interest rate of 3.52%, 165 bps higher than the weighted average interest rate of the maturing debt. Overall, Killam's weighted average mortgage interest rate increased 8 bps at the end of Q2-2025 to 3.53%, compared to 3.45% as at December 31, 2024. The weighted average term to maturity is 3.8 years.
ESG Update
Killam's 2024 ESG report was released on June 12, 2025, and can be accessed on its website at https://killamreit.com/esg. The report summarizes Killam's commitment to creating and maintaining sustainable communities and details its progress and future plans to achieve its long-term ESG targets. During the quarter, Killam completed its seventh annual GRESB submission, demonstrating commitment to transparent ESG disclosures.
Financial Statements
Killam's condensed consolidated interim Financial Statements and Management's Discussion and Analysis (MD&A) for the three and six months ended June 30, 2025, are posted under Financial Reports in the Investor Relations section of Killam's website at www.killamreit.com, and are available on SEDAR+ at www.sedarplus.ca. Readers are directed to these documents for financial details and a discussion of Killam's results.
Results Conference Call
Management will host a webcast and conference call to discuss these results and current business initiatives on Thursday, August 7, 2025, at 9:00 AM Eastern Time. The webcast will be accessible on Killam's website at the following link: http://www.killamreit.com/investor-relations/events-and-presentations. A replay of the webcast will be available at the same link for one year after the event.
The dial-in numbers for the conference call are as follows:
North America (toll free): 1-888-699-1199
Overseas or local (Toronto): 1-416-945-7677
Profile
Killam Apartment REIT, based in Halifax, Nova Scotia, is one of Canada's largest residential real estate investment trusts, owning, operating, managing and developing a $5.5 billion portfolio of apartments and manufactured home communities. Killam's strategy to enhance value and profitability focuses on three priorities: 1) increase earnings from its existing portfolio; 2) expand the portfolio and diversify geographically through accretive acquisitions which target newer properties and through the disposition of non-core assets; and 3) develop high-quality properties in its core markets.
Non-IFRS Measures
Management believes the following non-IFRS financial measures, ratios and supplementary information are relevant measures of the ability of Killam to earn revenue and to evaluate Killam's financial performance. Non-IFRS measures should not be construed as alternatives to net income or cash flow from operating activities determined in accordance with IFRS, as indicators of Killam's performance or the sustainability of Killam's distributions. These measures do not have standardized meanings under IFRS and, therefore, may not be comparable to similarly titled measures presented by other publicly traded organizations.
Non-IFRS Financial Measures
FFO is a non-IFRS financial measure of operating performance widely used by the Canadian real estate industry based on the definition set forth by REALPAC. FFO, and applicable per unit amounts, are calculated by Killam as net income adjusted for fair value gains (losses), interest expense related to Exchangeable Units, gains (losses) on disposition, deferred tax expense (recovery), internal commercial leasing costs, depreciation on an owner-occupied building, and change in principal related to lease liabilities. FFO is calculated in accordance with the REALPAC definition. A reconciliation between net income and FFO is included below.
AFFO is a non-IFRS financial measure of operating performance widely used by the Canadian real estate industry based on the definition set forth by REALPAC. AFFO, and applicable per unit amounts and payout ratios, are calculated by Killam as FFO less an allowance for maintenance capital expenditures ("capex") (a three-year rolling historical average capital investment to maintain and sustain Killam's properties), internal and external commercial leasing costs and commercial straight-line rents. AFFO is calculated in accordance with the REALPAC definition. Management considers AFFO an earnings metric. A reconciliation from FFO to AFFO is included below.
Adjusted earnings before interest, tax, depreciation and amortization ("adjusted EBITDA") is a non-IFRS financial measure calculated by Killam as net income before fair value adjustments, gains (losses) on disposition, deferred tax (recovery) expenses, financing costs, restructuring costs, depreciation and amortization. A reconciliation between net income and adjusted EBITDA is included below.
Normalized adjusted EBITDA is a non-IFRS financial measure calculated by Killam as adjusted EBITDA that has been normalized for a full year of stabilized earnings from recently completed acquisitions, dispositions and developments, on a forward-looking basis. Transaction costs associated with the Plan of Arrangement are excluded from adjusted EBITDA. In addition, adjustments have been made to eliminate earnings associated with properties sold in the last twelve months. A reconciliation between adjusted EBITDA and normalized adjusted EBITDA is included below.
Net debt is a non-IFRS measure used by Management in the computation of debt to normalized adjusted EBITDA. Net debt is calculated as the sum of all interest bearing debt, being mortgages and loans payable, credit facilities and construction loans, reduced by the cash balances at the end of the period. The most directly comparable IFRS measure to net debt is debt. A reconciliation is included below.
Non-IFRS Ratios
Interest coverage is calculated by dividing adjusted EBITDA by mortgage, loan and construction loan interest and interest on credit facilities.
Per unit calculations are calculated using the applicable non-IFRS financial measures noted above, i.e. FFO and AFFO, divided by the diluted number of units outstanding at the end of the relevant period.
Payout ratios are calculated using the distribution rate for the applicable period divided by the applicable per unit amount, i.e. AFFO per unit.
Debt to normalized adjusted EBITDA is calculated by dividing net debt by normalized adjusted EBITDA.
Supplementary Financial Measures
Same property NOI is a supplementary financial measure defined as NOI for stabilized properties that Killam has owned for equivalent periods in 2025 and 2024. Same property revenue is a supplementary financial measure defined as revenue for stabilized properties that Killam has owned for equivalent periods in 2025 and 2024. Same property results represent 97.3% of the fair value of Killam's investment property portfolio as at June 30, 2025. Excluded from same property results in 2025 are acquisitions, dispositions and developments completed in 2024 and 2025.
Same property apartment occupancy is a supplemental financial measure defined as actual residential rental revenue, net of vacancy, as a percentage of gross potential residential rent for stabilized properties that Killam has owned for equivalent periods in 2025 and 2024.
Capital Management Financial Measure
Total debt as a percentage of total assets is a capital management financial measure and is calculated by dividing total debt by total assets, excluding right-of-use assets. This measure is reconciled in note 23 of the unaudited condensed consolidated interim financial statements.
Non-IFRS Reconciliation (in thousands, except per unit amounts)
Reconciliation of Net Income to FFO
Three months ended June 30,
Six months ended June 30,
2025
2024
2025
2024
Net income
$33,134
$114,452
$135,045
$241,693
Fair value adjustments
4,068
(91,946)
(64,468)
(205,769)
Internal commercial leasing costs
75
45
150
135
Deferred tax expense
—
12,689
—
29,658
Interest expense on Exchangeable Units (1)
638
682
1,339
1,364
Loss on disposition
1,459
721
1,526
913
Depreciation on owner-occupied building
23
24
47
48
Change in principal related to lease liabilities
3
6
1
11
FFO
$39,400
$36,673
$73,640
$68,053
FFO per unit – diluted
$0.32
$0.30
$0.59
$0.55
(1) "Exchangeable Units" are Class B limited partnership units of Killam Apartment Limited Partnership. Exchangeable Units are intended to be economically equivalent to and are redeemable on a one-for-one basis for Trust Units of Killam at the option of the holder and are accompanied by Special Voting Units of Killam that provide their holders with equivalent voting rights to holders of Trust Units.
(1) The maintenance capital expenditures for the three and six months ended June 30, 2024, were updated to reflect the maintenance capex-reserve of $1,100 per apartment unit, $310 per MHC site and $1.10 per SF for commercial properties that were used in the calculation for the 12-months ended December 31, 2024.
(2) Based on Killam's annual distribution of $0.71332 for the 12-month period ended June 30, 2025, and $0.69996 for the 12-month period ended
June 30, 2024.
Normalized Adjusted EBITDA
Twelve months ended,
June 30, 2025
December 31, 2024
% Change
Net income
$561,196
$667,844
(16.0) %
Deferred tax recovery
(308,632)
(278,975)
10.6 %
Financing costs
81,309
79,712
2.0 %
Depreciation
1,056
1,065
(0.8) %
Loss on disposition
4,291
3,678
16.7 %
Restructuring costs
5,904
5,904
— %
Fair value adjustment on unit-based compensation
231
(931)
(124.8) %
Fair value adjustment on Exchangeable Units
8,953
(3,352)
(367.1) %
Fair value adjustment on investment properties
(124,528)
(252,361)
(50.7) %
Adjusted EBITDA
229,780
222,584
3.2 %
Normalizing adjustment (1)
(1,602)
2,352
(168.1) %
Normalized adjusted EBITDA
$228,178
$224,936
1.4 %
Total interest-bearing debt
$2,195,780
$2,193,881
0.1 %
Cash and cash equivalents
(10,826)
(13,211)
(18.1) %
Net debt
$2,184,954
$2,180,670
0.2 %
Debt to normalized adjusted EBITDA
9.58x
9.69x
(1.1) %
(1) Killam's normalizing adjustment includes NOI adjustments for recently completed acquisitions, dispositions and developments to account for the difference between NOI booked in the period and stabilized NOI over the next 12 months.
For information, please contact:
Claire Hawksworth, CPA
Senior Manager, Investor Relations
[email protected]
(902) 442-5322
Note: The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein. Certain statements in this press release may constitute forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "commit," "estimate," "potential," "continue," "remain," "forecast," "opportunity," "future","proposed" or the negative of these terms or other comparable terminology, and by discussions of strategies that involve risks and uncertainties. Such forward-looking statements may include, among other things, statements regarding: Killam's same property NOI growth for 2025; Killam's AFFO; the use of proceeds of Killam's dispositions and the anticipated effect on Killam's business; Killam's capital recycling program; the amount, locations, timing and consideration for or proceeds of Killam's future acquisitions and dispositions, as applicable; Killam's key markets; Killam's commitment to environmental, social and governance (ESG) and sustainability; Killam's commitment to transparent ESG disclosures; investment in ESG initiatives and technology and their impact on Killam's energy consumption and costs; the installation of PV solar arrays and the expected annual energy production, annual return and emissions reductions from such PV arrays; and Killam's priorities.
Readers should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those anticipated or implied, or those suggested by any forward-looking statements, including: the effects and duration of local, international and global events, any government responses thereto and the effectiveness of measures intended to mitigate any impacts thereof; competition; government legislation and the interpretation and enforcement thereof; litigation to which Killam may be subject; global, national and regional economic conditions (including interest rates and inflation); the availability of capital to fund further investments in Killam's business; and other factors identified under the "Risk Factors" section of Killam's most recently filed annual information form, under the "Risks and Uncertainties" of Killam's most recently filed MD&A, and in other documents Killam files from time to time with securities regulatory authorities in Canada, each of which is available on SEDAR+ at www.sedarplus.ca. Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements contained in this press release. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events may not occur. Although Management believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that future results, levels of activity, performance or achievements will occur as anticipated. Further, a forward-looking statement speaks only as of the date on which such statement is made and should not be relied upon as of any other date. While Killam anticipates that subsequent events and developments may cause its views to change, Killam does not intend to update or revise any forward-looking statement, whether as a result of new information, future events, circumstances, or such other factors that affect this information, except as required by law. The forward-looking statements in this press release are provided for the limited purpose of enabling current and potential investors to evaluate an investment in Killam
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Concurrently, we will continue to maintain a balanced capital allocation strategy, capitalizing on strategic growth opportunities while maintaining financial flexibility and returning capital to our shareholders through our attractive quarterly distribution. I am confident that we have the teams and capabilities to continue proactively navigating challenges and capitalizing on emerging opportunities and we look forward to building on our strong track-record of performance to drive additional long-term shareholder value." For further details, please refer to Corby's Management's Discussion and Analysis and consolidated financial statements and accompanying notes for the three-months and year-ended June 30, 2025, prepared in accordance with International Financial Reporting Standards, available on and In Q4 FY25, Corby delivered standout performance in a market that continued to face headwinds. While the overall spirits category declined 5% in value relative to the comparable period last year, Corby's over-the-counter spirits sales grew 4%, driven by strong sales execution across both owned and represented brands to increase presence on shelf following the removal of US-origin spirits in key provinces. Meanwhile, Corby RTDs surged 22% in Q4 FY25 compared to the prior year period, outperforming the overall RTD category, which grew 9% in value, in a landscape shaped by shifting consumer preferences and expanding RTD distribution points in Ontario. In the full-year FY25, the overall spirits market also declined 5% in value, notably impacted by the LCBO labour strike in July 2024 and reduced purchasing patterns observed as a result of the new channel expansion in Ontario. The RTD category was also impacted by the strike during the first fiscal quarter but benefited from the subsequent RTM modernization in Ontario and remained the fastest growing category overall in the last twelve months, increasing by 7% in value. In that context, Corby's total represented spirits (including PR spirits) have outperformed the Canadian spirits market in value for three fiscal years in a row. In the full-year FY25, Corby spirits demonstrated resilience, declining by only 2% year-over-year, and Corby RTDs (excl. Nude) were dynamic, increasing 10% year-over-year, both outpacing the market in value growth. This outperformance reflects Corby's ability to successfully navigate the LCBO labour strike in July 2024 and Ontario retail modernization changes thanks to a diversified product portfolio and local brand strength, along with successful new product launches. On July 17, 2024, Pernod Ricard announced the sale of its international strategic wine brands to Australian Wine Holdco Limited, which closed effective April 30, 2025. The transaction includes the sale of a wide portfolio of international wine brands owned and produced by Pernod Ricard Winemakers from three origins including Jacob's Creek ® from Australia; Stoneleigh ®, Brancott Estate ® from New Zealand; and Campo Viejo ® from Spain. As a result of this transaction, Corby has continued to represent these brands in Canada during a transition period ending August 31, 2025 under the same terms as those contained in the Pernod Ricard Representation agreement. During fiscal 2025, these wine brands collectively represented 2% of Corby's revenue. Discussions with the new owner to continue the representation and distribution of the acquired wine brands in Canada beyond the end of the transition period are progressing positively. QUARTERLY DIVIDEND The Corby Board of Directors is pleased to declare a dividend of $0.23 per Voting Class A Common Share and Non-Voting Class B Common Share of the Company, consistent with the amount of the last dividend payment. This dividend is payable on September 26, 2025 to shareholders of record as at the close of business on September 10, 2025. QUARTERLY CONFERENCE CALL Corby management will host a conference call on Thursday, August 21, 2025, at 9:00 a.m. (EST) to review and discuss the financial and operational results for the Q4 and FY25 periods. Corby welcomes stakeholders, investors, and other individual followers to access the conference call by dialing 416-764-8659 or toll free 1-888-664-6392 before the start of the call, or by joining via webcast at Corby FY25 Year End Earnings Call. Following the conclusion of the call, a playback of the conference call will be available for 30 days by calling 416-764-8677 or 1-888-390-0541 and entering passcode 474210 #. A replay of the webcast will also be posted on Corby's website under the "Investors" section at 1) NON-IFRS FINANCIAL MEASURES & RATIOS In addition to using financial measures prescribed under IFRS, references are made in this news release to "Adjusted Earnings from Operations", "Adjusted Net Earnings", "Adjusted Basic Earnings per Share", "Adjusted Diluted Earnings per Share", "Total Debt", "Net Debt", "Organic Revenue" and "Adjusted EBITDA" which are non-IFRS financial measures. Non-IFRS financial measures and ratios do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. Management believes the non-IFRS measures included in this news release are important supplemental measures of operating performance and highlight trends in the core business that may not otherwise be apparent when relying solely on IFRS financial measures. Management believes that these measures allow for assessment of the Company's operating performance and financial condition on a basis that is more consistent and comparable between reporting periods. Adjusted Earnings from Operations is equal to earnings from operations before interest and taxes for the period adjusted to remove the costs incurred for business combination inventory fair value adjustments, restructuring provisions and portfolio rationalization costs; and in FY24, adjusted to remove the costs incurred for business combination inventory fair value adjustments, one-time termination fees related to distributor transitions, restructuring provisions and the transaction costs related to the acquisition of ABG and Nude assets. Adjusted EBITDA refers to Adjusted Earnings from Operations adjusted to remove amortization and depreciation disclosed in Corby's financial statements. Adjusted Net Earnings is equal to net earnings for the period adjusted to remove the costs incurred for business combination inventory fair value adjustments, restructuring provisions, portfolio rationalization costs and the notional interest charges related to NCI obligation, net of tax calculated using the effective tax rate; and in FY24, adjusted to remove the costs incurred for business combination inventory fair value adjustments, one-time termination fees related to distributor transitions, restructuring provisions, the transaction costs related to the acquisition of ABG and Nude assets and the notional interest charges related to NCI obligation, net of tax calculated using the effective tax rate. Adjusted Basic Net Earnings Per Share is computed in the same way as basic net earnings per share and diluted net earnings per share, respectively, using the aforementioned Adjusted Net Earnings non-IFRS financial measure in place of reported Net Earnings. Adjusted Diluted Earnings Per Share is computed in the same way as basic net earnings per share and diluted net earnings per share, respectively, using the aforementioned Adjusted Net Earnings non-IFRS financial measure in place of reported Net Earnings. The following table presents a reconciliation of Adjusted Earnings from Operations, Adjusted EBITDA and Adjusted Net Earnings to their most directly comparable financial measures for the three-months and year ended June 30, 2025, and 2024: Three months ended Year ended June 30, June 30, June 30, June 30, (in millions of Canadian dollars) 2025 2024 $ Change % Change 2025 2024 $ Change % Change Earnings from operations $ 10.4 8.7 $ 1.7 20 % $ 46.1 40.7 $ 5.4 13 % Adjustments: Transaction related costs 1 - 0.6 (0.6) (100 %) - 1.2 (1.2) (100 %) Portfolio rationalization costs 2 0.8 - 0.8 n.a. 0.8 - 0.8 n.a. Restructuring costs 3 0.3 (0.3) 0.5 (197 %) 0.3 (0.3) 0.5 (197 %) Fair value adjustment to inventory 4 - 0.2 (0.2) (100 %) 0.6 3.2 (2.6) (81 %) Distributor transition 5 - - - n.a. - (0.3) 0.3 (100 %) Adjusted Earnings from operations $ 11.5 9.2 $ 2.3 25 % $ 47.8 44.6 $ 3.2 7 % Adjusted for Depreciation and amortization 4.1 4.1 0.0 1 % 16.3 15.4 0.8 5 % Adjusted EBITDA $ 15.6 13.3 $ 2.3 18 % $ 64.0 60.0 $ 4.0 7 % Net earnings $ 6.2 $ 4.8 $ 1.4 30 % $ 27.4 23.9 $ 3.5 15 % Adjustments: Transaction related costs 1 - 0.3 (0.3) (100 %) - 0.9 (0.9) (100 %) Portfolio rationalization costs 2 0.6 - 0.6 n.a. 0.6 - 0.6 n.a. Restructuring costs 3 0.2 (0.3) 0.4 (171 %) 0.2 (0.3) 0.4 (171 %) Fair value adjustment to inventory 4 - 0.1 (0.1) (100 %) 0.4 2.4 (1.9) (81 %) Distributor transition 5 - - - n.a. - (0.2) 0.2 (100 %) NCI Obligation 6 0.5 0.5 0.1 12 % 2.0 1.8 0.2 12 % Adjusted Net earnings $ 7.5 $ 5.4 $ 2.0 37 % $ 30.6 28.5 $ 2.1 7 % Three months ended Year ended June 30, June 30, June 30, June 30, (in Canadian dollars) 2025 2024 $ Change % Change 2025 2024 $ Change % Change Per common share - Basic net earnings $ 0.22 0.17 $ 0.05 30 % $ 0.96 0.84 $ 0.12 15 % - Diluted net earnings $ 0.22 0.17 $ 0.05 30 % $ 0.96 0.84 $ 0.12 15 % Basic net earnings per share $ 0.22 0.17 $ 0.05 30 % $ 0.96 0.84 $ 0.12 15 % Adjustments: Transaction related costs 1 - 0.01 (0.01) (100 %) - 0.03 (0.03) (100 %) Portfolio rationalization costs 2 0.02 - 0.02 n.a. 0.02 - 0.02 n.a. Restructuring costs 3 0.01 (0.01) 0.02 (171 %) 0.01 (0.01) 0.02 (171 %) Fair value adjustment to inventory 4 - 0.00 (0.00) (100 %) 0.02 0.08 (0.07) (81 %) Distributor transition 5 - - - n.a. - (0.01) 0.01 (100 %) NCI Obligation 6 0.02 0.02 0.00 12 % 0.07 0.06 0.01 12 % Adjusted Basic, net earnings per share $ 0.26 0.19 $ 0.07 37 % $ 1.08 1.00 $ 0.07 7 % Dilluted net earnings per share $ 0.22 0.17 $ 0.05 30 % $ 0.96 0.84 $ 0.12 15 % Adjustments: Transaction related costs 1 - 0.01 (0.01) (100 %) - 0.03 (0.03) (100 %) Portfolio rationalization costs 2 0.02 - 0.02 n.a. 0.02 - 0.02 n.a. Restructuring costs 3 0.01 (0.01) 0.02 (171 %) 0.01 (0.01) 0.02 (171 %) Fair value adjustment to inventory 4 - 0.00 (0.00) (100 %) 0.02 0.08 (0.07) (81 %) Distributor transition 5 - - - n.a. - (0.01) 0.01 (100 %) NCI Obligation 6 0.02 0.02 0.00 12 % 0.07 0.06 0.01 12 % Adjusted Diluted, net earnings per share $ 0.26 0.19 $ 0.07 37 % $ 1.08 $ 1.00 $ 0.07 7 % Organic revenue growth is measured as the difference between revenue excluding case goods revenue from acquired or disposed brands compared to revenue in the preceding fiscal period during which the acquisition or disposal had not yet occurred. For fiscal year 2025, organic revenue excludes revenue from Nude Beverages from July 2024 to April 2025 since the comparative period did not have revenues prior to the acquisition in May 2024. The following table presents a reconciliation of total organic revenue and organic case goods revenue to their most directly comparable financial measures for the three-months and year ended June 30, 2025, and 2024: Year ended Jun 30, June 30, Organic Growth (in millions of Canadian dollars) 2025 2024 Revenue Streams: Consolidated Adjusted for revenue from acquired or disposed entities Organic Consolidated $ Change % Change Domestic case goods revenue $ 197.3 (13.3) $ 184.1 $ 181.8 $ 2.3 1 % Export case goods revenue 14.9 - 14.9 17.0 (2.0) (12 %) Total commissions 30.6 - 30.6 26.6 4.0 15 % Other services 3.9 - 3.9 4.3 (0.4) (9 %) Total Revenue $ 246.8 (13.3) $ 233.5 $ 229.7 $ 3.9 2 % Total Debt refers to debt of the Company, which includes bank indebtedness and credit facilities payable, lease liabilities and long-term debt. Net Debt refers to the cash and deposits in cash management pools of the Company, less bank indebtedness and credit facilities payable and long-term debt. The following table presents a reconciliation of total debt and net debt to their most directly comparable financial measures as at June 30, 2025 and 2024: June 30, June 30, (in millions of Canadian dollars) 2025 2024 Bank indebtedness $ (3.5) $ - Credit facilities payable (1.5) (17.8) Lease liabilities (3.6) (3.0) Long-term debt (102.0) (120.0) Total debt $ (110.6) $ (140.8) Cash $ 0.2 $ 4.6 Deposits in cash management pools $ 15.8 $ 27.4 Bank indebtedness (3.5) - Credit facilities payable (1.5) (17.8) Long-term debt (102.0) (120.0) Net debt $ (91.0) $ (105.8) Dividend Payout Ratio refers to annualized dividends paid divided by Cash Flow from Operating Activities. Please refer to the "Non-IFRS Financial Measures" & "Non-IFRS Financial Ratios" section of our MD&A for the three-months and year ended June 30, 2025 as filed on SEDAR+ for further information regarding Non-IFRS measures. FORWARD-LOOKING STATEMENTS This press release contains forward-looking statements, including statements concerning possible or assumed future results of Corby's operations. Forward-looking statements typically are preceded by, followed by or include the words "believes", "expects", "anticipates", "estimates", "intends", "plans" or similar expressions. These statements are being provided for the purposes of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of our anticipated financial position, results of operations and operating environment. Readers are cautioned that such information may not be appropriate for other purposes and are not guarantees of future performance. Although Corby believes that the forward-looking information in this press release is based on information, assumptions and beliefs which are current, reasonable and complete, this information is necessarily subject to a number of factors, risks and uncertainties that could cause actual results to differ materially from management's expectations and plans as set forth in such forward-looking information. For more information on the risks, uncertainties and assumptions that could cause Corby's actual results to differ from current expectations, refer to the Risks and Risk Management section of our Management's Discussion and Analysis for the three-and-twelve month period ended June 30, 2025 as well as Corby's other public filings, available at and at Corby does not undertake to update any forward-looking information, whether written or oral, that may be made from time to time by it or on its behalf, to reflect new information, future events or otherwise, except as is required by applicable securities laws. Accordingly, readers should not place undue reliance on forward-looking statements. All financial results are reported in Canadian dollars. About Corby Spirit and Wine Limited Corby Spirit and Wine Limited is a leading Canadian manufacturer, marketer and distributor of spirits and imported wines, and ready-to-drink beverages. Corby's portfolio of owned-brands includes some of the most renowned brands in Canada, including J.P. Wiser's ®, Lot 40 ®, and Pike Creek ® Canadian whiskies, Lamb's ® rum, Polar Ice ® vodka and McGuinness ® liqueurs, as well as the Ungava ® gin, Cabot Trail ® maple-based liqueurs and Chic Choc ® spiced rum, Cottage Springs ® and Nude ® ready-to-drink beverages and Foreign Affair ® wines. Through its affiliation with Pernod Ricard S.A., a global leader in the spirits and wine industry, Corby also represents leading international brands such as ABSOLUT ® vodka, Chivas Regal ®, The Glenlivet ® and Ballantine's ® Scotch whiskies, Jameson ® Irish whiskey, Beefeater ® gin, Malibu ® rum, Olmeca Altos® and Código 1530® tequilas, Jefferson's™ and Rabbit Hole® bourbons, Kahlúa ® liqueur, Mumm ® champagne, and Jacob's Creek ®, Wyndham Estate ®, Stoneleigh ®, Campo Viejo ®, and Kenwood ® wines. Corby is a publicly traded company based in Toronto, Ontario, and is listed on the Toronto Stock Exchange under the trading symbols CSW.A and CSW.B. For further information, please visit our website or follow us on LinkedIn.
Toronto Star
an hour ago
- Toronto Star
Titan Announces Results of its Annual Shareholders' Meeting
GOUVERNEUR, N.Y., Aug. 20, 2025 (GLOBE NEWSWIRE) — Titan Mining Corporation (TSX:TI, OTCQB: TIMCF) ('Titan' or the 'Company') announces that all matters presented for approval at Titan's annual meeting of shareholders held today, as more particularly set out in the Company's Management Information Circular dated July 9, 2025, have been approved. A summary of the results for the election of Titan's Board of Directors is provided below:
Cision Canada
an hour ago
- Cision Canada
FVF PARTICIPAÇÕES LTDA. ANNOUNCES SHAREHOLDINGS IN SOUTH STAR BATTERY METALS CORP.
VANCOUVER, BC, Aug. 20, 2025 /CNW/ - FVF Participações Ltda. (" FVF"), is the investment fund manager of Annapurna Investment Fund Ltd., (the " Fund"). In its role as the investment fund manager to the Fund, FVF exercises control and direction over common shares (" Shares") and warrants to purchase Shares of South Star Battery Metals Corp. (" South Star"). On August 15, 2025, Annapurna Investment Fund Ltd. terminated its investment management agreement with Fitpart Fund Administration Services Ltd. and immediately entered into an investment management agreement with FVF. As a result, FVF, on behalf of the Fund it manages, now exercises control and direction over 4,261,003 Shares, representing approximately 6.88% of the issued and outstanding Shares of South Star and 3,624,452 warrants. Assuming the exercise of the warrants, FVF on behalf of the Fund it manages, will exercise control and direction over 7,885,455 Common Shares, representing approximately 12.03% of the issued and outstanding common shares of South Star. FVF, on behalf of the Fund it manages, exercises control and direction over the Shares of South Star for investment purposes. FVF may acquire additional securities or dispose of securities of South Star in the future either on the open market, privately or otherwise depending on market conditions, reformulation of plans, other available investment business opportunities and/or other relevant factors. A copy of the Early Warning Report will be available under South Star's profile at or may be obtained by contacting Antonio Carlos de Freitas Valle at Avenida Brigadeiro Faria Lima n° 2.277, conj. 1601, São Paulo, São Paulo, Brazil, CEP 01452-000 or at [email protected].
