Chorus Announces Redemption of its Remaining 6.00% Convertible Senior Unsecured Debentures due June 30, 2026 Français
On the Redemption Date, holders of Series B Debentures will (unless converted prior to the Redemption Date in accordance with the Indenture) receive approximately $1,015 for each $1,000 principal amount of Series B Debentures, representing their principal amount, plus all accrued and unpaid interest thereon to but excluding the Redemption Date. The Series B Debentures will cease to bear interest from and after the Redemption Date. Formal notice of the Redemption is being delivered today to the Trustee and holders of the Series B Debentures in accordance with the terms of the Indenture.
Holders of Series B Debentures have the right, by giving a conversion notice and all necessary documentation to the Trustee by no later than 5:00 p.m. (Toronto time) on September 8, 2025, to elect to convert their Series B Debentures into Class A Variable Voting Shares or Class B Voting Shares of Chorus at the conversion price in effect on the date of conversion in accordance with the terms of the Indenture. In circumstances where Series B Debentures are held through a broker or other financial institution, the broker or financial institution should be contacted well in advance of the conversion deadline to ensure sufficient time to comply with the conversion process and internal deadlines set by their broker or financial institution. No action is required to be taken by holders who wish to have their Series B Debentures redeemed in cash.
The aggregate principal amount of Series B Debentures outstanding as of the date hereof is $28,727,000. Chorus will use cash on hand to fund the Redemption.
Forward-Looking Information
This news release contains forward-looking information and statements within the meaning of applicable securities laws (collectively, " forward-looking information"). Forward-looking information may be identified by the use of terms such as "believes", "expects", "anticipates", "assumes", "outlook", "plans", "targets", "could", "intend", "may", "project" or other similar terms and phrases, including negative versions thereof, although not all forward-looking information contains these identifying words. Examples of forward-looking information in this news release include statements and expectations regarding the Redemption. Actual results could differ materially from those described in forward-looking information due to known or unknown risks, including, but not limited to, the risk factors described in Chorus' most recent Annual Information Form, Management's Discussion and Analysis and public disclosure record available under Chorus' profile on SEDAR+ at www.sedarplus.ca.
The forward-looking information contained in this news release represents Chorus' expectations as of the date of this news release (or as of the date they are otherwise stated to be made) and is subject to change after such date. Chorus disclaims any intention or obligation to update or revise any forward-looking information as a result of new information, subsequent events or otherwise, except as required by applicable securities laws. Readers are cautioned that the foregoing factors and risks are not exhaustive.
About Chorus Aviation Inc.
Chorus is a holding company which owns the following principal operating subsidiaries: Jazz Aviation, the largest regional operator in Canada and provider of regional air services under the Air Canada Express brand; Voyageur Aviation, a leading provider of specialty charter, aircraft modifications, parts provisioning and in-service support services; and Cygnet Aviation Academy, an industry leading accredited training academy preparing pilots for direct entry into airlines. Together, Chorus' subsidiaries provide services that encompass every stage of an aircraft's lifecycle, including: contract flying, aircraft refurbishment, engineering, modification, repurposing and transition; aircraft and component maintenance, disassembly, and parts provisioning; aircraft acquisition and leasing; and pilot training.
Chorus Class A Variable Voting Shares and Class B Voting Shares trade on the Toronto Stock Exchange under the trading symbol 'CHR'. Chorus' 6.00% Convertible Senior Unsecured Debentures due June 30, 2026 and 5.75% Senior Unsecured Debentures due June 30, 2027 trade on the Toronto Stock Exchange under the trading symbols 'CHR.DB.B' and 'CHR.DB.C', respectively. For further information on Chorus, please visit www.chorusaviation.com.
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Globe and Mail
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- Globe and Mail
Slate Grocery REIT Reports Second Quarter 2025 Results
Slate Grocery REIT (TSX: SGR.U) (TSX: (the "REIT"), an owner and operator of U.S. grocery- anchored real estate, today announced its financial results and highlights for the three and six months ended June 30, 2025. "The strength of our portfolio is reflected in another quarter of healthy same-property NOI growth, supported by sustained demand for our high-quality spaces and consistent double-digit renewal spreads," said Blair Welch, Chief Executive Officer of Slate Grocery REIT. "At the same time, we remain focused on prudently managing the REIT's balance sheet and upcoming debt maturities. Against a backdrop of favorable fundamentals and attractive supply-demand dynamics in the grocery-anchored sector, we believe our portfolio – anchored by below-market rents – is well positioned to drive stable growth and long-term value." For the CEO's letter to unitholders for the quarter, please follow the link here. Highlights (1) As of March 31, 2025, the REIT revised its 'Deal Types' methodology. Refer to 'Leasing and Property Portfolio' in Part II of Management's Discussion and Analysis for further details. (2) CBRE Econometric Advisors, Q2 2025 Summary of Q2 2025 Results Three months ended June 30, (thousands of U.S. dollars, except per unit amounts) 2025 2024 Change % Rental revenue $ 52,385 $ 51,818 1.1% NOI 1 2 $ 41,660 $ 41,442 0.5% Net income 2 $ 13,081 $ 14,003 (6.6)% Same-property NOI (3 month period, 114 properties) 1 2 $ 41,390 $ 40,930 1.1% Same-property NOI (12 month period, 111 properties) 1 2 $ 159,856 $ 154,863 3.2% New leasing (square feet) 2 33,516 84,679 (60.4)% New leasing spread 2 28.8% 28.0% 2.9% Total leasing (square feet) 2 423,894 706,811 (40.0)% Total leasing spread 2 11.6% 10.0% 16.0% Weighted average number of units outstanding ("WA units") 60,403 60,327 0.1% FFO 1 2 $ 15,883 $ 17,472 (9.1)% FFO per WA units 1 2 $ 0.26 $ 0.29 (10.3)% FFO payout ratio 1 2 81.6% 74.2% 10.0% AFFO 1 2 $ 12,624 $ 14,095 (10.4)% AFFO per WA units 1 2 $ 0.21 $ 0.23 (8.7)% AFFO payout ratio 1 2 102.7% 92.0% 11.6% Fixed charge coverage ratio 1 3 1.9x 2.0x (5.0)% (thousands of U.S. dollars, except per unit amounts) June 30, 2025 December 31, 2024 Change % Total assets $ 2,241,469 $ 2,233,699 0.3% Total assets, proportionate interest 1 2 $ 2,449,571 $ 2,444,143 0.2% Debt $ 1,177,515 $ 1,166,655 0.9% Debt, proportionate interest 1 2 $ 1,379,662 $ 1,370,530 0.7% Net asset value per unit $ 13.78 $ 13.84 (0.4)% Number of properties 2 116 116 —% Portfolio occupancy 2 94.0% 94.8% (0.8)% Debt / GBV ratio 52.5% 52.2% 0.6% (1) Refer to 'Non-IFRS Measures' section below. (2) Includes the REIT's share of joint venture investments. (3) As of March 31, 2025, the REIT transitioned from disclosing interest coverage ratio to fixed charge coverage ratio. Refer to 'Fixed Charge Coverage Ratio' in Part IV of Management's Discussion and Analysis for further details. Conference Call and Webcast Senior management will host a live conference call at 9:00 am ET on August 7, 2025 to discuss the results and ongoing business initiatives of the REIT. The conference call can be accessed by dialing (289) 514-5100 or 1 (800) 717-1738. Additionally, the conference call will be available via simultaneous audio found at A replay will be accessible until August 21, 2025 via the REIT's website or by dialing (289) 819-1325 or 1 (888) 660-6264 (access code 47849#) approximately two hours after the live event. About Slate Grocery REIT (TSX: SGR.U / Slate Grocery REIT is an owner and operator of U.S. grocery-anchored real estate. The REIT owns and operates approximately $2.4 billion of critical real estate infrastructure across major U.S. metro markets that communities rely upon for their everyday needs. The REIT's resilient grocery-anchored portfolio and strong credit tenants are expected to provide unitholders with durable cash flows and the potential for capital appreciation over the longer term. Visit to learn more about the REIT. About Slate Asset Management Slate Asset Management is a global investor and manager focused on essential real estate and infrastructure assets. We focus on fundamentals with the objective of creating long-term value for our investors and partners across the real assets space. We are supported by exceptional people and flexible capital, which enable us to originate and execute on a wide range of compelling investment opportunities. Visit to learn more, and follow Slate Asset Management on LinkedIn, X (Twitter), and Instagram. Supplemental Information All interested parties can access Slate Grocery's Supplemental Information online at in the Investors section. These materials are also available on SEDAR+ or upon request to the REIT at info@ or (416) 644-4264. Forward Looking Statements Certain information herein constitutes 'forward-looking information' as defined under Canadian securities laws which reflect management's expectations regarding objectives, plans, goals, strategies, future growth, results of operations, performance, business prospects and opportunities of the REIT. The words 'plans', 'expects', 'does not expect', "forecasts", 'scheduled', 'estimates', 'intends', 'anticipates', 'does not anticipate', 'projects', 'believes', or variations of such words and phrases or statements to the effect that certain actions, events or results 'may', 'will', 'could', 'would', 'might', 'occur', 'be achieved', or 'continue' and similar expressions identify forward-looking statements. Management believes that the expectations reflected in its forward-looking statements are based upon reasonable assumptions, however, management can give no assurance that actual results, performance or achievements will be consistent with these forward-looking statements. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management as of the date hereof, are inherently subject to significant business, economic and competitive uncertainties and contingencies. When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties, and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. A number of factors could cause actual results to differ, possibly materially, from the results discussed in the forward- looking statements. Additional information about risks and uncertainties is contained in the filings of the REIT with securities regulators. Non-IFRS Measures This news release and accompanying financial statements are based on IFRS® Accounting Standards ('IFRS Accounting Standards'), as issued by the International Accounting Standards Board ('IASB'). We disclose a number of financial measures in this news release that are not measures used under IFRS Accounting Standards, including NOI, same-property NOI, FFO, FFO payout ratio, AFFO, AFFO payout ratio, adjusted EBITDA, fixed charges and the fixed charge coverage ratio, in addition to certain measures on a per unit basis. NOI is defined as rental revenue less operating expenses, prior to straight-line rent, IFRIC 21, Levies ("IFRIC 21") property tax adjustments and adjustments for equity investments. Same-property NOI includes those properties owned by the REIT for each of the current period and the relevant comparative period, excluding those properties under development. FFO is defined as net income adjusted for certain items including transaction/disposition costs, change in fair value of properties, change in fair value of financial instruments, deferred income taxes, unit income (expense), adjustments for equity investments and IFRIC 21 property tax adjustments. AFFO is defined as FFO adjusted for straight-line rental revenue and revenue sustaining capital, leasing costs and tenant improvements. FFO payout ratio and AFFO payout ratio are defined as distributions declared divided by FFO and AFFO, respectively. FFO per WA unit and AFFO per WA unit are defined as FFO and AFFO divided by the weighted average class U equivalent units outstanding, respectively. Adjusted EBITDA is defined as NOI less general and administrative expenses at the REIT's proportionate interest. Fixed charges include principal payments and cash interest paid, net at the REIT"s proportionate interest. Fixed charge coverage ratio is defined as adjusted EBITDA divided by fixed charges at the REIT's proportionate interest. Net asset value is defined as the aggregate of the carrying value of the REIT's equity, deferred income taxes and exchangeable units of subsidiaries. Proportionate interest represents financial information adjusted to reflect the REIT's equity accounted joint ventures and financial real estate assets and its share of net income (losses) from equity accounted joint ventures and financial real estate assets on a proportionately consolidated basis at the REIT's ownership percentage of the related investment. We utilize these measures for a variety of reasons, including measuring performance, managing the business, capital allocation and the assessment of risk. Descriptions of why these non-IFRS measures are useful to investors and how management uses each measure are included in Management's Discussion and Analysis. We believe that providing these performance measures on a supplemental basis to our IFRS Accounting Standards results is helpful to investors in assessing the overall performance of our businesses in a manner similar to management. These financial measures should not be considered as a substitute for similar financial measures calculated in accordance with IFRS Accounting Standards. We caution readers that these non-IFRS financial measures may differ from the calculations disclosed by other businesses, and as a result, may not be comparable to similar measures presented by others. SGR-FR Calculation and Reconciliation of Non-IFRS Measures The table below summarizes a calculation of non-IFRS measures based on financial information in accordance with IFRS Accounting Standards. Three months ended June 30, (in thousands of U.S. dollars, except per unit amounts) 2025 2024 Rental revenue $ 52,385 $ 51,818 Straight-line rent revenue (111) (30) Property operating expenses (9,071) (9,134) IFRIC 21 property tax adjustment (6,983) (6,696) Contribution from joint venture investments 5,440 5,484 NOI 1 2 $ 41,660 $ 41,442 Cash flow from operations $ 21,187 $ 19,582 Changes in non-cash working capital items (3,761) (1,224) Disposition costs — 290 Finance charge and mark-to-market adjustments (1,120) (436) Interest, net and TIF note adjustments 141 22 Adjustments for joint venture investments 2,748 2,665 Non-controlling interest (3,276) (3,678) Taxes on dispositions — 297 Capital expenditures (1,798) (1,407) Leasing costs (803) (611) Tenant improvements (694) (1,405) AFFO 1 2 $ 12,624 $ 14,095 Net income 2 $ 13,081 $ 14,003 Change in fair value of financial instruments 608 (272) Disposition costs — 290 Change in fair value of properties 8,454 11,706 Deferred income tax expense 2,174 1,570 Unit expense (income) 1,122 (325) Adjustments for joint venture investments 1,432 1,348 Non-controlling interest (4,005) (4,449) Taxes on dispositions — 297 IFRIC 21 property tax adjustment (6,983) (6,696) FFO 1 2 $ 15,883 $ 17,472 Straight-line rental revenue (111) (30) Capital expenditures (1,798) (1,407) Leasing costs (803) (611) Tenant improvements (694) (1,405) Adjustments for joint venture investments (582) (695) Non-controlling interest 729 771 AFFO 1 2 $ 12,624 $ 14,095 (1) Refer to 'Non-IFRS Measures' section above. (2) Includes the REIT's share of joint venture investments. Three months ended June 30, (in thousands of U.S. dollars, except per unit amounts) 2025 2024 NOI 1 2 $ 41,660 $ 41,442 General and administrative expenses (3,996) (3,949) Cash interest, net (14,419) (13,560) Finance charge and mark-to-market adjustments (1,120) (436) Current income tax (expense) recovery (238) 518 Adjustments for joint venture investments (2,692) (2,819) Non-controlling interest (3,276) (3,678) Capital expenditures (1,798) (1,407) Leasing costs (803) (611) Tenant improvements (694) (1,405) AFFO 1 2 $ 12,624 $ 14,095 (1) Refer to 'Non-IFRS Measures' section above. (2) Includes the REIT's share of joint venture investments. Three months ended June 30, (in thousands of U.S. dollars, except per unit amounts) 2025 2024 Net income 1 $ 13,081 $ 14,003 Interest and finance costs 15,539 13,996 Change in fair value of financial instruments 608 (272) Disposition costs — 290 Change in fair value of properties 8,454 11,706 Deferred income tax expense 2,174 1,570 Current income tax expense (recovery) 238 (221) Unit expense (income) 1,122 (325) Adjustments for joint venture investments 3,331 3,261 Straight-line rent revenue (111) (30) IFRIC 21 property tax adjustment (6,983) (6,696) Adjusted EBITDA 1 2 $ 37,453 $ 37,282 Adjusted EBITDA 1 2 $ 37,453 $ 37,282 Cash interest paid (16,656) (15,814) Principal payments (2,913) (2,997) Total fixed charges 1 $ (19,569) $ (18,811) Fixed charge coverage ratio 1 2 3 1.9x 2.0x (1) Includes the REIT's share of joint venture investments. (2) Refer to 'Non-IFRS Measures' section above. (3) As of March 31, 2025, the REIT transitioned from disclosing interest coverage ratio to fixed charge coverage ratio. Refer to 'Fixed Charge Coverage Ratio' in Part IV of Management's Discussion and Analysis for further details. June 30, 2025 December 31, 2024 (in thousands of U.S. dollars, except per unit amounts) Statement of Financial Position Joint Venture Investments Proportionate Share (Non-IFRS) Statement of Financial Position Joint Venture Investments Proportionate Share (Non-IFRS) ASSETS Non-current assets Properties $ 2,065,464 $ 312,300 $ 2,377,764 $ 2,054,511 $ 310,400 $ 2,364,911 Joint venture investments 118,961 (118,961) — 112,429 (112,429) — Interest rate swaps — — — 4,690 — 4,690 Other assets 3,558 — 3,558 3,624 — 3,624 $ 2,187,983 $ 193,339 $ 2,381,322 $ 2,175,254 $ 197,971 $ 2,373,225 Current assets Cash 25,603 7,305 32,908 22,668 4,851 27,519 Accounts receivable 20,502 1,014 21,516 23,417 1,723 25,140 Other assets 4,572 5,657 10,229 4,327 4,629 8,956 Prepaids 2,146 701 2,847 5,050 1,025 6,075 Interest rate swaps 663 86 749 2,983 245 3,228 $ 53,486 $ 14,763 $ 68,249 $ 58,445 $ 12,473 $ 70,918 Total assets $ 2,241,469 $ 208,102 $ 2,449,571 $ 2,233,699 $ 210,444 $ 2,444,143 LIABILITIES Non-current liabilities Debt $ 1,162,289 $ 59,371 $ 1,221,660 $ 1,120,616 $ 59,914 $ 1,180,530 Interest rate swaps 1,545 — 1,545 — — — Deferred income taxes 156,968 — 156,968 153,580 2 153,582 Other liabilities 4,256 876 5,132 4,378 837 5,215 $ 1,325,058 $ 60,247 $ 1,385,305 $ 1,278,574 $ 60,753 $ 1,339,327 Current liabilities Debt 15,226 142,776 158,002 46,039 143,961 190,000 Accounts payable and accrued liabilities 42,449 5,079 47,528 42,071 5,730 47,801 Exchangeable units of subsidiaries 9,583 — 9,583 8,733 — 8,733 Distributions payable 4,323 — 4,323 4,323 — 4,323 $ 71,581 $ 147,855 $ 219,436 $ 101,166 $ 149,691 $ 250,857 Total liabilities $ 1,396,639 $ 208,102 $ 1,604,741 $ 1,379,740 $ 210,444 $ 1,590,184 EQUITY Unitholders' equity $ 666,007 $ — $ 666,007 $ 673,474 $ — $ 673,474 Non-controlling interest 178,823 — 178,823 180,485 — 180,485 Total equity $ 844,830 $ — $ 844,830 $ 853,959 $ — $ 853,959 Total liabilities and equity $ 2,241,469 $ 208,102 $ 2,449,571 $ 2,233,699 $ 210,444 $ 2,444,143
Cision Canada
a few seconds ago
- Cision Canada
GDI Integrated Facility Services Inc. Releases its Financial Results for the Second Quarter Ended June 30, 2025 Français
Q2 2025 revenue of $610 million, a decrease of $29 million, or 5%, over Q2 2024. Q2 2025 Adjusted EBITDA* of $34 million, representing an Adjusted EBITDA* margin of 6%, compared to $34 million and 5% in Q2 2024. Q2 2025 net loss of $1 million or $0.04 per share compared with net income of $2 million or $0.07 per share for the second quarter of 2024. Adjusting for the net of tax effect of a $5 million unrealized foreign exchange loss during the quarter, net income would have been $3 million or $0.12 per share. LASALLE, QC, Aug. 6, 2025 /CNW/ - GDI Integrated Facility Services Inc. ("GDI" or the "Company") (TSX: GDI) is pleased to announce its financial results for the second quarter ended June 30, 2025. Financial Highlights For the second quarter of 2025: Revenue reached $610 million, a decrease of $29 million, or 5%, over the second quarter of 2024 mainly attributable to the organic decline of 4%. Adjusted EBITDA* amounted to $34 million, representing an Adjusted EBITDA* margin of 6% compared to $34 million and 5% in Q2 2024. Net loss was $1 million or $0.04 per share compared to $2 million or $0.07 per share in Q2 2024. During Q2 2025, the Company recorded a $5 million unrealized foreign exchange loss due to the revaluation of a U.S. dollar intercompany loan in our Canadian operations. The offsetting gain is recorded in Other comprehensive income through the currency conversion of our U.S. subsidiary, creating an accounting mismatch with no cash flow impact. Without this expense and considering the related income tax benefit of $1 million, net income would have been $3 million or $0.12 per share. For the second quarters of 2025 and 2024, the business segments performed as follows: Note: The 2024 results were recast to reflect i) the transfer of the Integrated Facility Services business from Corporate and Other to Technical Services since January 1, 2025; and ii) the allocation of corporate technology costs, moving some from the Corporate and Other segment to the operating Business Segments. For the six-month period ended June 30, 2025: Revenue reached $1.23 billion, a decrease of $57 million, or 4%, over the corresponding period of 2024, comprised of 5% organic decline and 1% decrease from acquisitions and disposals, partially offset by 2% growth attributable to the currency translation. Adjusted EBITDA* amounted to $67 million, an increase of $6 million, or 10%, over the corresponding period of 2024. Net income was $5 million or $0.22 per share compared to $2 million or $0.09 per share over the corresponding period of 2024. The increase is mainly due to higher operating income of $14 million mainly attributable to the increase in Adjusted EBITDA* and to the decrease in amortization and depreciation expense. Last year included additional amortization expense due to the significant reduction of an important customer contract. The increase in 2025 was partially offset by higher net finance expense of $11 million which includes a $5 million unrealized foreign exchange loss due to the revaluation of a U.S. dollar intercompany loan in our Canadian operations. For the first two quarters of 2025 and 2024, the business segments performed as follows: Note: The 2024 results were recast to reflect i) the transfer of the Integrated Facility Services business from Corporate and Other to Technical Services since January 1, 2025 and ii) the allocation of corporate technology costs, moving some from the Corporate and Other segment to the operating Business Segments Financial results for the second quarter 2025 GDI's Business Services Canada segment recorded $147 million in revenue while generating $10 million in Adjusted EBITDA *, representing an Adjusted EBITDA margin * of 7%. GDI's Business Services USA segment recorded revenue of $204 million and Adjusted EBITDA * of $14 million, representing an Adjusted EBITDA margin * of 7%. Business Services USA organic decline in Q2 reflects the paring down of low margin accounts from our Atalian acquisition which was carried out through the course of fiscal 2024 as well as the loss of the remaining 20% of the large client lost during Q1 fiscal 2024. In addition, revenue generated by one customer fluctuated based on the volume of recurring project work which was lower in the second quarter of 2025. The Technical Services segment recorded revenue of $252 million and Adjusted EBITDA * of $14 million, up by $2 million compared to Q2 2024, representing an Adjusted EBITDA margin * of 6% compared to 5% in Q2 2024, mainly attributable to higher margins in project revenues compared to previous year. GDI's Corporate and Other segment recorded revenue of $7 million and negative Adjusted EBITDA* of $4 million compared to $9 million and negative $3 million in Q2 2024, respectively. "I am relatively pleased with GDI's Q2 2025 performance," stated Claude Bigras, President & CEO of GDI. "Our Business Services Canada delivered results in-line with historic, with 1% organic growth and a slight decline in Adjusted EBITDA. We are experiencing a degree of softness in our Business Services Canada segment due to a higher levels of contract churn and margin pressure on existing accounts. These trends reflect broader challenges in the Canadian real estate sector, where higher vacancy rates and economic uncertainty from tariffs are weighing on customer operating budgets. In response, we are actively implementing strategic initiatives to align our cost structure, enhance client retention, and preserve margins in this evolving environment. GDI's Business Services USA segment delivered solid results with an Adjusted EBITDA margin of 7%, an increase over the prior year's quarter. As previously announced, the business recorded an organic revenue decline in Q2 reflecting the paring down of low margin accounts from our Atalian USA acquisition which was carried out through the course of fiscal 2024 as well as the loss of the remaining 20% of the business' largest client lost in Q1 fiscal 2024. The Business Services USA segment has secured several new contracts wins which are expected to be starting in Q3 and we expect this business to perform well for the remainder of the year. Our Technical Services business had a very good quarter compared to Q2 last year, generating $252 million in revenue and a 6% Adjusted EBITDA margin which represents a 17% increase in Adjusted EBITDA over Q2 2024. Our Ainsworth business is continuing to perform well. It is generating higher than historic profitability and the outlook remains positive," stated Mr. Bigras. "GDI's balance sheet management initiatives continue to deliver results with a slight decrease in long-term debt over Q1 2025 and stability in working capital levels. Our leverage ratio remains comfortably below three times Adjusted EBITDA, our balance sheet is strong, and we are well positioned to continue to execute on our growth through M&A strategy," concluded Mr. Bigras. _________________________________ * The terms "Adjusted EBITDA", "Adjusted EBITDA Margin", Long-term debt, net of cash, and net operating working capital do not have standardized definitions prescribed by International Financial Reporting Standards and therefore, may not be comparable to similar measures presented by other companies. "Adjusted EBITDA" is defined as operating income before depreciation and amortization, transaction, reorganization and other costs, share-based compensation and strategic information technology projects configuration and customization costs. The Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by revenues. For more details and for a reconciliation of that measure to the most directly comparable IFRS measure, consult the "Operating and Financial Results" section of the Company's Management Discussion & Analysis ("MD&A"). Long-term debt, net of cash, and net operating working capital details and calculation is descripted in the section "consolidated financial position" of the MD&A. ABOUT GDI GDI is a leading integrated commercial facility services provider which offers a range of services in Canada and the United States to owners and managers of a variety of facility types including office buildings, educational facilities, distribution centers, industrial facilities, healthcare establishments, stadiums and event venues, hotels, shopping centres, airports and other transportation facilities. GDI's commercial facility services capabilities include commercial janitorial and building maintenance, energy advisory and system optimization, the installation, maintenance and repair of HVAC-R, mechanical, electrical and building automation systems, as well as other complementary services such as janitorial products manufacturing and distribution. GDI's subordinate voting shares are listed on the Toronto Stock Exchange (TSX: GDI). Additional information on GDI can be found on its website at CAUTION CONCERNING FORWARD-LOOKING STATEMENTS Certain statements in this press release may constitute forward-looking information within the meaning of securities laws. Forward looking information may relate to GDI's future outlook and anticipated events, business, operations, financial performance, financial condition or results and, in some cases, can be identified by terminology such as "may"; "will"; "should"; "expect"; "plan"; "anticipate"; "believe"; "intend"; "estimate"; "predict"; "potential"; "continue"; "foresee"; "ensure" or other similar expressions concerning matters that are not historical facts. In particular, statements regarding GDI's future operating results and economic performance, and its objectives and strategies are forward-looking statements. These statements are based on certain factors and assumptions including expected growth, results of operations, performance and business prospects and opportunities, which GDI believes are reasonable as of the current date. While management considers these assumptions to be reasonable based on information currently available to the Company, they may prove to be incorrect. It is impossible for GDI to predict with certainty the impact that the current economic uncertainties may have on future results. Forward-looking information is also subject to certain factors, including risks and uncertainties (described in the "Risk Factors" section) that could cause actual results to differ materially from what GDI currently expects. Namely, these factors include risks pertaining to unsuccessful implementation of the business strategy, changes to business structure, inherent operating risks from acquisition activity, failure to integrate an acquired company, decline in commercial real estate occupancy levels, increase in costs which cannot be passed on to customers, labour shortages, disruption in information technology systems and execution issues with Strategic IT projects, increases in interest rates, exchange rate fluctuations, deterioration in economic conditions, Government Policies on International trade and Investment, including sanctions and actions in respect to global trade, tariffs, and trade agreement, increase in competition, influence of the principal shareholders, loss of key or long-term customers, public procurement laws and regulations, legal proceedings, reputational damage, labour disputes, disputes with franchisees, environmental, social and governance ("ESG") considerations, goodwill and long-lived assets impairment charges, tax matters, key employees, participation in multi-employer pension plans, legislation or other governmental action, cybersecurity, data confidentiality and data protection, and public perception of our environmental footprint, many of which are beyond the Company's control. Therefore, future events and results may vary significantly from what management currently foresees. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While management may elect to, the Company is under no obligation and does not undertake to update or alter this information at any particular time, except as may be required by law. June 30, 2025 unaudited condensed consolidated interim financial statements and accompanied Management & Discussion Analysis are filed on Three-months period ended June 30, 2025 Business Services Canada Business Services USA Technical Services Corporate and Other Total Recurring/contractual services 129 193 42 – 364 On-call services 10 11 69 – 90 Projects – – 141 – 141 Manufacturing and distribution – – – 10 10 Other revenues 5 – – – 5 Total external revenues 144 204 252 10 610 Inter-segment revenues 3 – – (3) ‒ Revenues 147 204 252 7 610 Income (loss) before income taxes 8 8 5 (23) (2) Net finance expense – – 2 10 12 Operating income (loss) 8 8 7 (13) 10 Depreciation and amortization 2 6 7 3 18 Transaction, reorganization, and other costs – – – 2 2 Share-based compensation (1) – – – 3 3 Strategic information technology projects configuration and customization costs – – – 1 1 Adjusted EBITDA 10 14 14 (4) 34 Total assets 251 362 525 100 1,238 Total liabilities 67 91 248 334 740 Additions to property, plant and equipment 3 8 2 – 13 Additions to intangible assets – – – 1 1 Goodwill recorded on business acquisitions – – 2 – 2 (1) Includes stock option, performance share unit and restricted share unit plans. GDI INTEGRATED FACILITY SERVICES INC. SEGMENTED INFORMATION (CONTINUED) (UNAUDITED) (IN MILLIONS OF CANADIAN DOLLARS) Three-months period ended June 30, 2024 Business Services Canada Business Services USA Technical Services Corporate and Other (3) Total Recurring/contractual services 127 200 36 ‒ 363 On-call services 10 21 69 ‒ 100 Projects ‒ ‒ 159 ‒ 159 Manufacturing and distribution ‒ ‒ ‒ 12 12 Other revenues 5 ‒ ‒ ‒ 5 Total external revenues 142 221 264 12 639 Inter-segment revenues 3 ‒ ‒ (3) ‒ Revenues 145 221 264 9 639 Income (loss) before income taxes (4) 8 8 1 (12) 5 Net finance expense ‒ 1 2 2 5 Operating income (loss) 8 9 3 (10) 10 Depreciation and amortization 3 5 9 2 19 Transaction, reorganization, and other costs ‒ ‒ ‒ 2 2 Share-based compensation (1) ‒ ‒ ‒ 2 2 Strategic information technology projects configuration and customization costs ‒ ‒ ‒ 1 1 Adjusted EBITDA 11 14 12 (3) 34 Total assets (2) 254 416 526 89 1,285 Total liabilities (2) 72 114 246 357 789 Additions to property, plant and equipment 1 5 8 2 16 Additions to intangible assets – 1 3 – 4 Goodwill recorded on business acquisitions – 7 2 – 9 (1) Includes stock option, performance share unit and restricted share unit plans. (2) As at December 31, 2024. (3) The 2024 figures were recast to reflect the January 1, 2025 reorganization change where facility management services now report into the Technical Serviced segment as opposed to Corporate and Other as published in 2024. (4) The 2024 figures were recast to reflect a change in the allocation of corporate technology costs, moving from the Corporate and Other segment to the operating segments. This change was implemented to provide a more meaningful view of segment profitability. GDI INTEGRATED FACILITY SERVICES INC. SEGMENTED INFORMATION (CONTINUED) (UNAUDITED) (IN MILLIONS OF CANADIAN DOLLARS) Six-months period ended June 30, 2025 Business Services Canada Business Services USA Technical Services Corporate and Other Total Recurring/contractual services 258 399 80 – 737 On-call services 18 22 133 – 173 Projects – – 285 – 285 Manufacturing and distribution – – – 19 19 Other revenues 12 – – – 12 Total external revenues 288 421 498 19 1,226 Inter-segment revenues 6 – – (6) ‒ Revenues 294 421 498 13 1,226 Income (loss) before income taxes 16 18 7 (34) 7 Net finance expense – 1 3 11 15 Operating income (loss) 16 19 10 (23) 22 Depreciation and amortization 5 9 16 6 36 Transaction, reorganization, and other costs – – – 3 3 Share-based compensation (1) – – – 5 5 Strategic information technology projects configuration and customization costs – – – 1 1 Adjusted EBITDA 21 28 26 (8) 67 Total assets 251 362 525 100 1,238 Total liabilities 67 91 248 334 740 Additions to property, plant and equipment 4 18 4 1 27 Additions to intangible assets – – – 1 1 Goodwill recorded on business acquisitions – – 2 – 2 (1) Includes stock option, performance share unit and restricted share unit plans. GDI INTEGRATED FACILITY SERVICES INC. SEGMENTED INFORMATION (CONTINUED) (UNAUDITED) (IN MILLIONS OF CANADIAN DOLLARS) Six-month period ended June 30, 2024 Business Services Canada Business Services USA Technical Services Corporate and Other (3) Total Recurring/contractual services 253 403 72 ‒ 728 On-call services 18 43 143 ‒ 204 Projects ‒ ‒ 309 ‒ 309 Manufacturing and distribution ‒ ‒ ‒ 29 29 Other revenues 13 ‒ ‒ ‒ 13 Total external revenues 284 446 524 29 1,283 Inter-segment revenues 6 ‒ ‒ (6) ‒ Revenues 290 446 524 23 1,283 Income (loss) before income taxes (4) 15 11 (2) (20) 4 Net finance expense ‒ 1 1 2 4 Operating income (loss) 15 12 (1) (18) 8 Depreciation and amortization 6 14 19 6 45 Transaction, reorganization, and other costs ‒ 1 ‒ 2 3 Share-based compensation (1) ‒ ‒ ‒ 4 4 Strategic information technology projects configuration and customization costs ‒ ‒ ‒ 1 1 Adjusted EBITDA 21 27 18 (5) 61 Total assets (2) 254 416 526 89 1,285 Total liabilities (2) 72 114 246 357 789 Additions to property, plant and equipment 3 6 16 3 28 Additions to intangible assets – 1 3 1 5 Goodwill recorded on business acquisitions – 10 2 – 12 (1) Includes stock option, performance share unit and restricted share unit plans. (2) As at December 31, 2024. (3) The 2024 figures were recast to reflect the January 1, 2025 reorganization change where facility management services now report into the Technical Services segment as opposed to Corporate and Other as published in 2024. (4) The 2024 figures were recast to reflect a change in the allocation of corporate technology costs, moving from the Corporate and Other segment to the operating segments. This change was implemented to provide a more meaningful view of segment profitability. GDI INTEGRATED FACILITY SERVICES INC. CONSOLIDATED FINANCIAL POSITION (UNAUDITED) (IN MILLIONS OF CANADIAN DOLLARS) June 30, December 31, (in millions of Canadian dollars) 2025 2024 Net operating working capital: Trade and other receivables and contract assets 529 565 Inventories 32 33 Prepaid expenses and other 22 16 Other financial assets ‒ 15 Trade and other payables (274) (306) Provisions (26) (32) Contract liabilities (35) (33) Net operating working capital 248 258 Long-term debt, including current portion, net of Cash (bank indebtedness): Cash, net of bank indebtedness 25 12 Long-term debt, including current portion (378) (383) Long-term debt, including current portion, net of cash (353) (371) Other financial position accounts: Property, plant and equipment 120 119 Intangible assets 104 115 Goodwill 370 378 Other long-term assets 22 20 Assets held for sale 6 6 Other long-term liabilities (6) (9) Net current tax (liabilities) assets (2) (5) Net deferred tax (liabilities) assets (11) (15) GDI INTEGRATED FACILITY SERVICES INC. SUPPLEMENTARY QUARTERLY FINANCIAL INFORMATION THREE-MONTH PERIODS (UNAUDITED) (IN MILLIONS OF CANADIAN DOLLARS) Period ended June March December September (in millions of Canadian dollars, except per share data) (1) 2025 2025 2024 2024 Revenue 610 616 634 640 Operating income 10 12 15 15 Depreciation and amortization 18 18 22 20 Transaction, reorganization and other costs 2 1 (2) 1 Share-based compensation 3 3 2 3 Strategic information technology projects configuration and customization costs 1 ‒ 1 ‒ Adjusted EBITDA 34 34 38 39 Net (loss) income for the period (1) 6 23 7 Earnings per share Basic (0.04) 0.26 1.00 0.28 Diluted (0.04) 0.26 0.99 0.28 Period ended June March December September (in millions of Canadian dollars, except per share data) (1) 2024 2024 2023 2023 Revenue 639 644 622 615 Operating (loss) income 10 (2) 9 16 Depreciation and amortization 19 26 22 19 Transaction, reorganization and other costs 2 1 2 ‒ Share-based compensation 2 2 2 2 Strategic information technology projects configuration and customization costs 1 1 2 2 Adjusted EBITDA 34 28 37 39 Net income for the period 2 ‒ 6 8 Earnings per share Basic 0.07 0.02 0.26 0.35 Diluted 0.07 0.02 0.25 0.35 (1) The differences between the quarters are mainly the results of business acquisitions, as well as seasonality in the Technical Services segment and also reflect the timing of certain projects. SOURCE GDI Integrated Facility Services Inc.
Cision Canada
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- Cision Canada
FY26 Guidance
Group mine and milling outputs to lift, delivering improved free cash flow in FY26 PERTH, Western Australia, Aug. 7, 2025 /CNW/ - Westgold Resources Limited (ASX: WGX) (TSX: WGX) – Westgold or the Company) is pleased to present its FY26 Guidance. Highlights View PDF Production guidance of 345-385koz - at AISC of $2,600-$2,900/oz Non-sustaining capex guidance of $270M investing predominantly in Bluebird-South Junction and Great Fingall mines Exploration and resource definition guidance of $50M Multi - year outlook expected in September following release of FY25 Mineral Resource Estimate and Ore Reserve Westgold Managing Director and CEO Wayne Bramwell commented: "Westgold is now leveraging our expanded scale and continuing to optimise our largest mines and mills for grade and enhanced free cash flow in FY26. Consistency in delivery is key – driven by continued investment in drilling, improving operational efficiency and prudently allocating capital where it delivers the greatest return. This strategy is already bearing fruit with a $132 million treasury build in Q4 and FY25 closing on a record $364 million in cash, bullion and investments. Our team remains focussed on delivering enhanced shareholder returns through the delivery of safe and profitable ounces. With a robust balance sheet, full exposure to the gold price and a clear path to organic growth, Westgold is committed to becoming the leading Australian gold company." Westgold FY26 Guidance Group Production Within the FY26 production guidance of 345-385koz, Westgold forecasts 330-355koz being produced from Westgold assets and circa 15-30koz from the processing of purchased ores. Group production is back-end weighted to H2, FY26 due to the timing of mine ramp ups at Bluebird-South Junction, Great Fingall and from ore sourced from third parties. Murchison Fortnum Processing Hub Milled grade at the Fortnum Processing Hub is expected to lift across FY26, underpinned by ore from the Starlight underground mine. Mine performance is expected to remain consistent year-on-year, supported by high-grade ore from the Galaxy and Nightfall zones within the Starlight complex. Bluebird Processing Hub Milled grade at the Bluebird Processing Hub at Meekatharra is expected to lift across FY26 as run of mine stocks build and higher-grade ore sources displace lower grade stocks. Those opportunities include: Bluebird-South Junction mine - the establishing of additional work areas and introduction of paste fill in this mine will result in lower production rates in H1 FY26 3, with the asset expected to reach a steady-state run rate of 1-1.2Mtpa by the end of FY26. Great Fingall mine - first ore from higher grade virgin stopes at Great Fingall is expected in Q2 FY26, ramping up through FY26 with the asset reaching commercial production in FY27. Third party ore supply – from opportunities within trucking distance of Westgold processing hubs. __________________________________ 1 Westgold's FY26 production guidance assumes ~15,000 – 30,000 ounces of production from purchased third party ore. 2 Included in Westgold's AISC/oz guidance are indicative costs for third party purchased ore. 3 Refer to ASX announcement titled "June 2025 Quarterly Results" – 23 July 2025 Tuckabianna Processing Hub Milled grade at the Tuckabianna Processing Hub near Cue is expected to remain consistent across FY26 with increasing outputs from the lower grade Upper Cave at Big Bell, offsetting a planned reduction in mined output from the higher-grade Lower Cave. This shift in ore sourcing is anticipated to deliver a more favourable cost profile for several years, deferring the capital-intensive development of the Big Bell Deeps. Southern Goldfields Higginsville Processing Hub In the Southern Goldfields, Westgold continues to debottleneck and optimise the Higginsville Processing Hub and anticipates milled throughputs and grades to lift across FY26 as run of mine stocks build and greater volumes of higher-grade ore from Beta Hunt and Two Boys is processed. At Beta Hunt (the primary ore source for Higginsville), the completion of key infrastructure projects at Beta Hunt is expected to unlock higher productivity and support a ramp-up towards a 2Mtpa mining rate. AISC Westgold forecasts FY26 AISC between A$2,600 - A$2,900/oz. Included in Westgold's AISC/oz guidance are indicative costs for purchased ore. Non-Sustaining Capital Westgold's non-sustaining capital investment of $270M is predominantly at growth projects within the Murchison - specifically at Bluebird-South Junction ($81M) and Great Fingall ($97M). This investment is largely attributable to increased underground development at these two long life assets. At Fortnum, Westgold is investing $21M in upgrades to the primary ventilation and power infrastructure associated with the Starlight underground mine, and the next tailing storage facility (TSF). In the Southern Goldfields, Westgold is closing out capital projects relating to Beta Hunt mine infrastructure and investing in TSF expansions and processing plant debottlenecking opportunities at Higginsville ($62M). The FY26 non-sustaining capex estimated breakdown is shown below: Exploration Westgold plans to invest $50M in exploration and resource definition in FY26, with the expenditure split approximately evenly between the two functions. Westgold is targeting 100km in exploration drilling over the year, with expenditure evenly across both the Murchison and the Southern Goldfields packages. Resource definition and conversion drilling will primarily focus on Bluebird-South Junction and Beta Hunt. Westgold has 17 underground drill rigs operating across the package currently with 3 additional surface drill rigs provided by third parties. This announcement is authorised for release to the ASX by the Board. Compliance Statements Forward Looking Statements These materials prepared by Westgold Resources Limited (or the " Company") include forward looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as "may", "will", "expect", "intend", "believe", "forecast", "predict", "plan", "estimate", "anticipate", "continue", and "guidance", or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs. Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance, and achievements to differ materially from any future results, performance, or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation. Forward looking statements are based on the Company and its management's good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company's business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company's business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company's control. Although the Company attempts, and has attempted, to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. In addition, the Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of the factors outlined in the "Risk Factors" section of the Company's continuous disclosure filings available on SEDAR+ or the ASX, including, in the Company's current annual report, half year report or most recent management discussion and analysis. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in events, conditions or circumstances.
