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Cision Canada
07-08-2025
- Business
- Cision Canada
Vermilion Energy Inc. Announces Results for the Three and Six Months Ended June 30, 2025
CALGARY, AB, Aug. 7, 2025 /CNW/ - Vermilion Energy Inc. ("Vermilion", "We", "Our", "Us" or the "Company") (TSX: VET) (NYSE: VET) is pleased to report operating and condensed financial results for the three and six months ended June 30, 2025. The unaudited interim financial statements and management discussion and analysis for the three and six months ended June 30, 2025 will be available on the System for Electronic Document Analysis and Retrieval Plus ("SEDAR+") at on EDGAR at and on Vermilion's website at View PDF Highlights Q2 2025 Results Generated $260 million ($1.68/basic share) (2) of fund flows from operations ("FFO") (1), compared to $256 million ($1.66/basic share) in Q1 2025. Exploration and development ("E&D") capital expenditures (3) were $115 million, resulting in free cash flow ("FCF") (5) of $144 million, compared to $74 million in the prior quarter. Reported net loss of $233 million ($1.51/basic share), which consisted of net earnings of $74 million ($0.48/basic share) from continuing operations and net loss of $308 million ($1.99/basic share) from discontinued operations, reflecting a non-cash adjustment to the book value of the Saskatchewan and United States assets held for sale. Vermilion's corporate average realized natural gas price in Q2 2025 was $4.88/mcf, approximately triple the AECO 5A benchmark of $1.69/mcf. Net debt (6) decreased from $2.1 billion at March 31, 2025 to $1.4 billion at June 30, 2025, with a net debt to four quarter trailing FFO (7) of 1.4 times. Net debt at June 30, 2025 includes the net working capital impact of assets held for sale, which represents the estimated cash proceeds received from the Saskatchewan and United States dispositions that closed subsequent to the quarter. Vermilion returned $26 million to shareholders through dividends and share buybacks, comprising $20 million in dividends and $6 million of share buybacks. During the quarter, the Company repurchased and cancelled 0.7 million shares through the NCIB, and announced the renewal of the NCIB for the period of July 12, 2025 to July 11, 2026, subsequent to the quarter. Production averaged 136,002 boe/d (9) (63% natural gas and 37% crude oil and liquids), comprising 106,379 boe/d (9) from the North American assets and 29,623 boe/d (9) from the International assets. Included in production from the North American assets is 15,453 boe/d (9) from the Saskatchewan and the United States assets, which are presented as assets held for sale. Production from the Montney averaged approximately 15,000 boe/d in Q2 2025, an increase of approximately 2,500 boe/d from Q1 2025 due to production from new wells brought online in the quarter and increased takeaway capacity from the operated infrastructure expansion completed earlier this year. Our operational teams achieved a new benchmark for Vermilion with an average DCET cost of $8.5 million per well for the two most recent pads, while maintaining initial production results in-line with expectations. We believe the $8.5 million is repeatable and is now our go-forward cost estimate for an extended-reach Mica well, which reduces our future development cost by an incremental $50 million on a NPV10 (12) basis. Production from the Deep Basin assets averaged 76,000 boe/d, reflecting a full quarter of production from the integrated Westbrick assets. The integration continues to exceed our initial expectations as we identified additional synergies in Q2 2025, bringing our total post-acquisition synergies to over $200 million (NPV10) (12). Production from Germany averaged 6,000 boe/d, including a full quarter contribution from the Osterheide well, which continues to produce above expectations due to stronger than anticipated seasonal demand. With Vermilion's 2024 Scope 1 emissions intensity decreasing 16% from 2019, we are retiring our 2025 target of a 15 to 20% reduction relative to 2019, and are focusing on our 2030 target of a 25 to 30% Scope 1 + Scope 2 emissions intensity reduction relative to 2019. The full Sustainability Report is available at Subsequent to the second quarter, Vermilion closed the previously announced Saskatchewan and United States asset divestments for total gross proceeds of $535 million. The net proceeds were used to reduce debt, positioning us to exit the year with net debt (6) of approximately $1.3 billion (13). The 2025 capital budget and guidance remains unchanged from the updated guidance provided on June 5, 2025, as we continue to prioritize free cash flow and debt reduction, while returning capital to shareholders through the dividend and share buybacks. Vermilion expects Q3 2025 production to average between 117,000 to 120,000 boe/d (67% natural gas) (13), reflecting the respective July 2025 closing dates of the Saskatchewan and United States asset divestments, planned seasonal turnarounds, and shut-in gas due to low summer AECO prices. Declared a quarterly cash dividend of $0.13 per common share, payable on October 15, 2025, to shareholders of record on September 29, 2025. ($M except as indicated) Q2 2025 Q1 2025 Q2 2024 YTD 2025 YTD 2024 Financial Fund flows from operations (1) 259,678 256,029 236,703 515,707 668,061 Fund flows from operations ($/basic share) (2) 1.68 1.66 1.48 3.35 4.16 Fund flows from operations ($/diluted share) (2) 1.67 1.65 1.47 3.35 4.11 Net earnings (loss) Net earnings (loss) from continuing operations 74,385 3,703 (108,807) 78,088 (117,438) Net (loss) earnings from discontinued operations (307,843) 10,307 26,382 (296,593) 37,318 Net (loss) earnings (233,458) 14,953 (82,425) (218,505) (80,120) Net earnings (loss) from continuing operations ($/basic share) 0.48 0.02 (0.68) 0.51 (0.73) Net (loss) earnings from discontinued operations ($/basic share) (1.99) 0.07 0.17 (1.92) 0.23 Net (loss) earnings ($/basic share) (1.51) 0.10 (0.52) (1.42) (0.50) Cash flows from operating activities 140,467 280,384 266,322 420,851 620,617 Cash flows used in investing activities 198,989 1,255,746 153,025 1,454,735 334,368 Capital expenditures (3) 115,489 182,119 110,610 297,608 301,052 Acquisitions (4) 1,591 1,120,998 5,450 1,122,589 15,202 Repurchase of shares 6,323 16,576 46,555 22,899 82,964 Cash dividends ($/share) 0.13 0.13 0.12 0.26 0.24 Dividends declared 20,022 20,043 18,981 40,065 38,164 Free cash flow (5) 144,189 73,910 126,093 218,099 367,009 Long-term debt 1,951,250 1,874,033 915,364 1,951,250 915,364 Net debt (6) 1,413,321 2,062,805 906,715 1,413,321 906,715 Net debt to four quarter trailing fund flows from operations (7) 1.4 1.7 0.7 1.4 0.7 Shares outstanding - basic ('000s) 154,019 154,177 158,174 154,019 158,174 Weighted average shares outstanding - diluted ('000s) (8) 155,778 155,609 161,069 154,258 162,022 Operational Production (9) Crude oil and condensate (bbls/d) 37,449 32,386 32,879 34,933 32,787 NGLs (bbls/d) 12,656 9,167 7,196 10,921 7,121 Natural gas (mmcf/d) 515.38 369.36 269.39 442.78 271.99 Total (boe/d) 136,002 103,115 84,974 119,649 85,240 Average realized prices Crude oil and condensate ($/bbl) 85.07 99.36 108.93 91.75 106.49 NGLs ($/bbl) 24.68 31.56 31.61 27.55 32.87 Natural gas ($/mcf) 4.88 7.80 5.69 6.09 5.90 Average realized price ($/boe) 43.71 61.71 62.46 51.45 62.97 Production mix (% of production) % priced with reference to AECO 50 % 43 % 33 % 46 % 32 % % priced with reference to TTF and NBP 13 % 17 % 20 % 15 % 21 % % priced with reference to WTI 28 % 28 % 32 % 29 % 32 % % priced with reference to Dated Brent 9 % 12 % 15 % 10 % 15 % Netbacks Operating netback ($/boe) (10) 28.60 38.48 40.32 32.85 51.44 Fund flows from operations ($/boe) (11) 21.25 27.77 30.87 24.03 42.61 (1) Fund flows from operations (FFO) is a total of segments and non-GAAP financial measure most directly comparable to net earnings (loss) and is calculated as sales less royalties, transportation expense, operating expense, G&A expense, corporate income tax expense (recovery), PRRT expense, interest expense, equity based compensation settled in cash, realized (gain) loss on derivatives, realized foreign exchange (gain) loss, and realized other (income) expense. The measure is used by management to assess the contribution of each business unit to Vermilion's ability to generate income necessary to pay dividends, repay debt, fund asset retirement obligations, and make capital investments. FFO does not have a standardized meaning under IFRS® Accounting Standards and therefore may not be comparable to similar measures provided by other issuers. More information and a reconciliation to net earnings (loss), the most directly comparable primary financial statement measure, can be found in the "Non-GAAP and Other Specified Financial Measures" section of this document. Fund flows from continuing operations and fund flows from discontinued operations are calculated in the same manner as FFO and are most directly comparable to net earnings (loss) from continuing operations and net earnings (loss) discontinued operations, respectively. (2) Fund flows from operations per basic share and diluted share is calculated by dividing fund flows from operations (total of segments and non-GAAP financial measure) by the basic weighted average shares outstanding as defined under IFRS Accounting Standards. Fund flows from operations per diluted share is calculated by dividing fund flows from operations by the sum of basic weighted average shares outstanding and incremental shares issuable under the equity based compensation plans as determined using the treasury stock method. Management assesses fund flows from operations on a per share basis as we believe this provides a measure of our operating performance after taking into account the issuance and potential future issuance of Vermilion common shares. More information and a reconciliation to cash flows used in investing activities, the most directly comparable primary financial statement measure, can be found in the "Non-GAAP and Other Specified Financial Measures" section of this document. Capital expenditures is also referred to as E&D capital expenditures. Fund flows from continuing operations per basic and diluted share and fund flows from discontinued operations per basic and diluted share are calculated in the same manner as FFO per basic and diluted share. (3) Capital expenditures is a non-GAAP financial measure most directly comparable to cash flows used in investing activities and is calculated as the sum of drilling and development costs and exploration and evaluation costs. Management considers capital expenditures to be a useful measure of our investment in our existing asset base. Capital expenditures does not have a standardized meaning under IFRS Accounting Standards and therefore may not be comparable to similar measures provided by other issuers. More information and a reconciliation to cash flows used in investing activities, the most directly comparable primary financial statement measure, can be found in the "Non-GAAP and Other Specified Financial Measures" section of this document. Capital expenditures is also referred to as E&D capital expenditures. (4) Acquisitions is a non-GAAP financial measure and is not a standardized financial measure under IFRS Accounting Standards and therefore may not be comparable to similar measures disclosed by other issuers. Acquisitions is calculated as the sum of acquisitions, net of cash acquired, acquisitions of securities and net acquired working capital (deficit). Management believes that including these components provides a useful measure of the economic investment associated with our acquisition activity and is most directly comparable to cash flows used in investing activities. More information and a reconciliation to acquisitions, net of cash acquired and acquisition of securities, the most directly comparable primary financial statement measure, can be found in the "Non-GAAP and Other Specified Financial Measures" section of this document. (5) Free cash flow (FCF) and excess free cash flow (EFCF) are non-GAAP financial measures most directly comparable to cash flows from operating activities. FCF is calculated as FFO less drilling and development costs and exploration and evaluation costs and EFCF is calculated as FCF less payments on lease obligations and asset retirement obligations settled. FCF is used by management to determine the funding available for investing and financing activities including payment of dividends, repayment of long-term debt, reallocation into existing business units and deployment into new ventures. EFCF is used by management to determine the funding available to return to shareholders after costs attributable to normal business operations. FCF and EFCF do not have standardized meanings under IFRS Accounting Standards and therefore may not be comparable to similar measures provided by other issuers. More information and a reconciliation to cash flows from operating activities, the most directly comparable primary financial statement measure, can be found in the "Non-GAAP and Other Specified Financial Measures" section of this document. (6) Net debt is a capital management measure in accordance with IAS 1 "Presentation of Financial Statements" that is most directly comparable to long-term debt and is calculated as long-term debt (excluding unrealized foreign exchange on swapped USD borrowings) plus adjusted working deficit (capital), a non-GAAP financial measure described in the "Non-GAAP and Other Specified Financial Measures" section of this document. Management considers this a helpful representation of Vermilion's net financing obligations after adjusting for the timing of working capital fluctuations. More information and a reconciliation to long-term debt, the most directly comparable primary financial statement measure, can be found in the "Non-GAAP and Other Specified Financial Measures" section of this document. (7) Net debt to four quarter trailing fund flows from operations is a non-GAAP ratio and is not a standardized financial measure under IFRS Accounting Standards and therefore may not be comparable to similar measures disclosed by other issuers. Net debt to four quarter FFO is calculated as net debt divided by FFO from the preceding four quarters. Management uses this measure to assess the Company's ability to repay debt. More information can be found in the "Non-GAAP and Other Specified Financial Measures" section of this document. Subsequent to February 26, 2025, net debt to four quarter trailing fund flows from operations is calculated inclusive of Westbrick Energy's pre-acquisition four quarter trailing fund flows from operations, as if the acquisition of Westbrick Energy occurred at the beginning of the four-quarter trailing period, and exclusive of the four quarter trailing fund flows from discontinued operations from assets held for sale to reflect the Company's ability to repay debt on a pro forma basis. (8) Diluted shares outstanding represents the sum of shares outstanding at the period end plus outstanding awards under the Long-term Incentive Plan, based on current estimates of future performance factors and forfeiture rates. (9) Please refer to Supplemental Table 4 "Production" of the accompanying Management's Discussion and Analysis for disclosure by product type. (10) Operating netback is a non-GAAP financial measure that is not standardized under IFRS Accounting Standards and may not be comparable to similar measures disclosed by other issuers. Operating netback is most directly comparable to net (loss) earnings and is calculated as sales less royalties, operating expense, transportation expense, PRRT expense, and realized hedging (gain) loss, and when presented on a per unit basis is a non-GAAP ratio. Management assesses operating netback as a measure of the profitability and efficiency of our field operations. More information and a reconciliation to net (loss) earnings, the most directly comparable primary financial statement measure, can be found in the "Non-GAAP and Other Specified Financial Measures" section of this document. (11) Fund flows from operations per boe is a non-GAAP ratio that is not standardized under IFRS Accounting Standards and may not be comparable to similar measures disclosed by other issuers. FFO per boe is calculated as FFO divided by boe production. FFO per boe is used by management to assess the profitability of Vermilion's business units and Vermilion as a whole. More information can be found in the "Non-GAAP and Other Specified Financial Measures" section of this document. Fund flows from continuing operations per boe and fund flows from discontinued operations per boe are calculated in the same manner as FFO per boe. (12) Net present value ("NPV10") is a supplementary financial measure which represents the total present value of future cash flows, discounted back to their present value using a 10% discount rate. Management uses this measure to determine the current value of long-term cash flow, considering the time value of money over the period assessed. (13) Based on Company estimates as at July 21, 2025. Year-end 2025 net debt reflects 2025 full year average reference prices as follows: WTI US$66.21/bbl, AECO $1.90/mcf, TTF $17.34/mmbtu, USD/CAD 1.39. Message to Shareholders Vermilion significantly advanced its North American high-grading initiative in Q2 2025, announcing the divestment of its Saskatchewan and United States assets. These divestments were a key component of Vermilion's broader strategic transition into a global gas producer, enabling us to enhance operational scale in long-duration assets and better position the company for sustainable, profitable growth. Both divestments were subsequently closed in July 2025 and the proceeds used to reduce our outstanding debt balance. On a go-forward basis, Vermilion has a production base of approximately 120,000 boe/d (70% natural gas) with over 90% of production coming from our global gas assets in Canada and Europe and over 80% of capital directed toward these assets. Following the divestments and continued integration of the Westbrick Energy Ltd. ("Westbrick") acquisition, which closed earlier in the year, we have taken additional steps to further streamline the business by reorganizing our Canadian business unit. This has resulted in dedicated technical and corporate teams concentrating exclusively on our Deep Basin and Montney liquids-rich gas assets. We continue to identify upside as we fully integrate Westbrick, including proving up additional locations with our successful first half drilling program, reducing service costs with the larger development program and renegotiating processing fees on favourable terms. To date, we have identified over $200 million (NPV10) (2) of synergies post-acquisition, which demonstrates the benefits of our dominant Deep Basin position and our continued focus on enhancing profitability. In Germany, the Osterheide deep gas well produced above expectations during its first quarter on production, while the Wisselshorst deep gas well remains on schedule to come online in the first half of 2026. These wells provide Vermilion with organic European gas growth, and we will continue to allocate capital to the Germany deep gas program given strong project economics. In addition, we will continue to evaluate opportunities in our core European operations, specifically pursuing European gas acquisition opportunities that complement our existing portfolio and enhance value for our shareholders. Through these high-grading initiatives, Vermilion has a focused and resilient asset base, underpinned by high-return development opportunities, unique exposure to premium-priced European gas and a lower cost structure that we believe will drive significant shareholder value over the long term. As we look out over the next few years, our efforts will be primarily focused on building out the final phase of our Mica Montney infrastructure in British Columbia to support our target production rate of 28,000 boe/d, optimizing development of our larger Deep Basin assets, and progressing our deep gas exploration program in Germany, where we expect to grow production to over 10,000 boe/d in the coming years. While progressing these core growth initiatives over the next few years, we will continue to prioritize free cash flow generation and debt reduction to further enhance the resiliency of the business. Q2 2025 Review Vermilion generated $260 million of fund flows from operations ("FFO") in Q2 2025, which included a full quarter of contribution from the acquired Westbrick assets as well as the FFO contribution from the Saskatchewan and United States assets that were classified as held for sale at June 30, 2025. E&D capital expenditures of $115 million decreased quarter-over-quarter due to seasonality of drilling activity in Western Canada and the deferral of some E&D capital associated with assets held for sale, resulting in increased free cash flow ("FCF") of $144 million. Production for Q2 2025 averaged 136,002 boe/d (63% gas) (1), representing a 32% increase over the prior quarter primarily due to a full quarter contribution from the Westbrick assets. Production from Vermilion's North American operations averaged 106,379 boe/d (1) in Q2 2025, an increase of 44% from the previous quarter primarily due to the Westbrick assets and new production brought online in the Montney. Production from Vermilion's International operations averaged 29,623 boe/d (1) in Q2 2025, an increase of 1% from the previous quarter due to new production in Germany and Croatia, partially offset by natural declines. Capital activity during Q2 2025 remained focused on our global gas assets in the Mica Montney, Alberta Deep Basin and Germany. At Mica, Vermilion completed five (5.0 net) and brought on production eleven (11.0 net) Montney liquids-rich shale gas wells. Production in the Montney averaged approximately 15,000 boe/d in Q2 2025, with production from the new wells and increased takeaway capacity from the operated infrastructure expansion completed earlier this year. Our operational teams achieved a new benchmark for Vermilion with an average DCET cost of $8.5 million per well for the two most recent pads, while maintaining initial production results in-line with expectations. We believe the $8.5 million is repeatable and is now our go-forward cost estimate for an extended reach Mica well, which reduces our future development cost by an incremental $50 million on a NPV10 (2) basis. In the Deep Basin, the Company executed a one-rig program and drilled four (3.4 net), completed three (2.4 net), and brought on production three (2.4 net) liquids-rich conventional natural gas wells. We plan to add two rigs and execute a three-rig program during the second half of 2025. In Germany, Vermilion drilled, completed and brought on production two (2.0 net) light and medium crude oil wells. Facility and tie-in activity on the Osterheide well (1.0 net) was completed during Q1 2025 and the well produced approximately 1,100 boe/d in Q2 2025, which is above original constrained expectations. Production from the well remains above expectations due to stronger than anticipated seasonal demand. In Croatia, the Company drilled, completed and brought on production one (1.0 net) conventional natural gas well on the SA-10 block, which began producing through the existing facility in May 2025. Outlook and Guidance Update Vermilion expects Q3 2025 production to average between 117,000 to 120,000 boe/d (67% natural gas) (3) factoring in the divestment of the Saskatchewan and United States assets in July 2025, the impact of planned turnaround activity, and shut-in gas due to low summer AECO prices. The 2025 capital budget and guidance remain unchanged as we continue to prioritize free cash flow and debt reduction, while continuing to return capital to shareholders through the dividend and share buybacks. Our capital program will continue to be focused on our global gas assets with continued investment in the Montney, Deep Basin and Germany gas program. Sustainability At year-end 2024, Vermilion had achieved an approximately 16% reduction in Scope 1 emissions intensity compared to 2019 (0.016 tCO2e/boe from 0.019 tCO2e/boe), which was good progress toward our target of 15 to 20% by year-end 2025. Given the structural changes to the business, we have decided to retire our 2025 target and focus now on evaluating the emission profile of our new assets, looking ahead to the 2030 target that we announced last year – a goal of reducing Scope 1 plus Scope 2 emissions by 25 to 30% versus 2019. While we are no longer referencing net zero in the aspirations we have for the future, we remain committed to our Climate Strategy, which comprises four pillars to support our management of climate risks and opportunities from now through 2050: emission reduction, calibration of our portfolio, adaptation to new technologies, and offsets. More information can be found in our Sustainability Report, available at Commodity Hedging Vermilion hedges to manage commodity price exposures and increase the stability of our cash flows. In aggregate, we have 56% of our expected net-of-royalty production hedged for the remainder of 2025. With respect to individual commodity products, we have hedged 53% of our European natural gas production, 57% of our crude oil production, and 55% of our North American natural gas volumes, respectively. Please refer to the Hedging section of our website under Invest With Us for further details using the following link: Board of Directors Vermilion is pleased to announce the appointment of Mr. Corey Bieber to its Board of Directors, effective August 8, 2025. Mr. Bieber brings over 40 years of financial, strategic and operational leadership across the energy sector, with deep expertise in capital markets, corporate governance, investor relations and enterprise risk management. He served in multiple executive roles at Canadian Natural Resources Limited ("CNRL"), including Chief Financial Officer and Executive Advisor where he was a member of CNRL's Management Committee for over a decade. Prior to CNRL, Mr. Bieber was engaged in various financial and leadership roles at Enbridge Inc., Nexen Inc. and KPMG where he developed extensive financial and reporting skills as well as significant experience in financial oversight and systems of internal control. Mr. Bieber currently serves on the board of Trans Mountain Corporation, and previously served on the Board of Veren Inc. Mr. Bieber's community efforts include active involvement of various industry initiatives and with charitable activities such as the United Way and as a Member of the Heart & Stroke Alberta Board. (Signed "Dion Hatcher") Dion Hatcher President & Chief Executive Officer August 7, 2025 (1) Please refer to Supplemental Table 4 "Production" of the accompanying Management's Discussion and Analysis for disclosure by product type. (2) Net present value ("NPV10") is a supplementary financial measure which represents the total present value of future cash flows, discounted back to their present value using a 10% discount rate. Management uses this measure to determine the current value of long-term cash flow, considering the time value of money over the period assessed. (3) Based on Company estimates as at July 21, 2025. Conference Call Vermilion will discuss these results in a conference call and webcast presentation on Friday, August 8, 2025, at 9:00 AM MT (11:00 AM ET). To participate, call 1-888-510-2154 (Canada and US Toll Free) or 437-900-0527 (International and Toronto Area). A recording of the conference call will be available for replay by calling 1-888-660-6345 (Canada and US Toll Free) or 1-289-819-1450 (International and Toronto Area) and using conference replay entry code 89233 # from August 8, 2025, at 12:00 PM MT to August 15, 2025, at 12:00 PM MT. To join the conference call without operator assistance, you may register and enter your phone number at to receive an instant automated call back. You may also access the webcast at The webcast link will be available on Vermilion's website at under Upcoming Events prior to the conference call. Non-GAAP and Other Specified Financial Measures This report and other materials released by Vermilion includes financial measures that are not standardized, specified, defined, or determined under IFRS Accounting Standards and are therefore considered non-GAAP or other specified financial measures and may not be comparable to similar measures presented by other issuers. These financial measures include: Total of Segments Measures Fund flows from operations (FFO): Most directly comparable to net loss, FFO is a non-GAAP financial measure and total of segments measure comprised of sales less royalties, transportation, operating, G&A, corporate income tax, PRRT, interest expense, equity based compensation settled in cash, realized gain (loss) on derivatives, realized foreign exchange gain (loss), and realized other income (expense). The measure is used by management to assess the contribution of each business unit to Vermilion's ability to generate income necessary to pay dividends, repay debt, fund asset retirement obligations and make capital investments. Reconciliation to the most directly comparable primary financial statement measures can be found below. Fund flows from continuing operations and fund flows from discontinued operations are calculated in the same manner as FFO and is most directly comparable to net earnings (loss) from continuing operations and net earnings (loss) discontinued operations, respectively. Q2 2025 Q2 2024 YTD 2025 YTD 2024 $M $/boe $M $/boe $M $/boe $M $/boe Sales 90,314 64.23 126,288 81.63 190,467 69.89 238,656 76.67 Royalties (16,800) (11.95) (24,886) (16.09) (35,999) (13.21) (47,653) (15.31) Transportation (2,999) (2.13) (3,497) (2.26) (5,944) (2.18) (6,793) (2.18) Operating (25,819) (18.36) (28,065) (18.14) (53,698) (19.70) (62,935) (20.22) General and administration (10,334) (7.35) (6,275) (4.06) (15,206) (5.58) (12,540) (4.03) Corporate income tax expense — — (16) (0.01) — — (19) (0.01) Fund flows from discontinued operations 34,362 24.44 63,549 41.07 79,620 29.22 108,716 34.92 Unrealized loss on derivative instruments (1) (11,047) — (11,047) — Unrealized foreign exchange (loss) gain (1) (552) 725 (437) 291 Accretion (2,156) (2,063) (4,235) (4,093) Depletion and depreciation (18,406) (29,358) (46,511) (59,615) Deferred tax recovery (expense) 62,342 (6,471) 58,403 (7,981) Impairment expense (372,386) — (372,386) — Net (loss) earnings from discontinued operations (307,843) 26,382 (296,593) 37,318 Fund flows from operations 259,678 21.25 236,703 30.87 515,707 24.03 668,061 42.61 Net loss (233,458) (82,425) (218,505) (80,120) (1) Unrealized gain (loss) on derivative instruments, Unrealized foreign exchange gain (loss), and Unrealized other expense are line items from the respective Consolidated Statements of Cash Flows. Non-GAAP Financial Measures and Non-GAAP Ratios Fund flows from operations per basic and diluted share: FFO per basic share and diluted share are non-GAAP ratios. Management assesses fund flows from operations on a per share basis as we believe this provides a measure of our operating performance after taking into account the issuance and potential future issuance of Vermilion common shares. Fund flows from operations per basic share is calculated by dividing fund flows from operations (total of segments measure) by the basic weighted average shares outstanding as defined under IFRS Accounting Standards. Fund flows from operations per diluted share is calculated by dividing fund flows from operations by the sum of basic weighted average shares outstanding and incremental shares issuable under the equity based compensation plans as determined using the treasury stock method. Fund flows from continuing operations per basic and diluted share and fund flows from discontinued operations per basic and diluted share are calculated in the same manner as FFO per basic and diluted share. Fund flows from operations per boe: Management uses fund flows from operations per boe to assess the profitability of our business units and Vermilion as a whole. Fund flows from operations per boe is calculated by dividing fund flows from operations (total of segments measure) by boe production. Fund flows from continuing operations per boe and fund flows from discontinued operations per boe are calculated in the same manner as FFO per boe. Free cash flow (FCF) and excess free cash flow (EFCF): Most directly comparable to cash flows from operating activities, FCF is a non-GAAP financial measure calculated as fund flows from operations less drilling and development costs and exploration and evaluation costs and EFCF is comprised of FCF less payments on lease obligations and asset retirement obligations settled. FCF is used by management to determine the funding available for investing and financing activities including payment of dividends, repayment of long-term debt, reallocation into existing business units and deployment into new ventures. EFCF is used by management to determine the funding available to return to shareholders after costs attributable to normal business operations. Reconciliation to the primary financial statement measures can be found in the following table. Capital expenditures: Most directly comparable to cash flows used in investing activities, capital expenditures is a non-GAAP financial measure calculated as the sum of drilling and development costs and exploration and evaluation costs as derived from the Consolidated Statements of Cash Flows. We consider capital expenditures to be a useful measure of our investment in our existing asset base. Capital expenditures are also referred to as E&D capital. Reconciliation to the primary financial statement measures can be found below. Payout and payout % of FFO: Payout and payout % of FFO are, respectively, a non-GAAP financial measure and non-GAAP ratio. Payout is most directly comparable to dividends declared. Payout is comprised of dividends declared plus drilling and development costs, exploration and evaluation costs, and asset retirement obligations settled, and payout % of FFO is calculated as payout divided by FFO. The measure is used by management to assess the amount of cash distributed back to shareholders and reinvested in the business for maintaining production and organic growth. Payout as a percentage of FFO is also referred to as the payout ratio or sustainability ratio. The reconciliation of the measure to the primary financial statement measure can be found below. Return on capital employed (ROCE): A non-GAAP ratio, ROCE is a measure that management uses to analyze our profitability and the efficiency of our capital allocation process; the comparable primary financial statement measure is earnings before income taxes. ROCE is calculated by dividing net loss before interest and taxes ("EBIT") by average capital employed over the preceding twelve months. Capital employed is calculated as total assets less current liabilities while average capital employed is calculated using the balance sheets at the beginning and end of the twelve-month period. Adjusted working capital (deficit): Adjusted working capital (deficit) is a non-GAAP financial measure calculated as current assets less current liabilities, excluding current derivatives and current lease liabilities. The measure is used by management to calculate net debt, a capital management measure disclosed below. (1) Current lease liability includes the lease liability associated with assets held for sale. Current derivative liability includes the derivative liability associated with assets held for sale. See Note 4 - "Discontinued Operations" for more information. Acquisitions: Acquisitions is a non-GAAP financial measure and is calculated as the sum of acquisitions, net of cash acquired and acquisitions of securities from the Consolidated Statements of Cash Flows, Vermilion common shares issued as consideration, the estimated value of contingent consideration, the amount of acquiree's outstanding long-term debt assumed, and net acquired working capital deficit or surplus. Management believes that including these components provides a useful measure of the economic investment associated with our acquisition activity and is most directly comparable to cash flows used in investing activities. A reconciliation to the acquisitions line items in the Consolidated Statements of Cash Flows can be found below. Operating netback: Operating netback is non-GAAP financial measure and is calculated as sales less royalties, operating expense, transportation costs, PRRT, and realized hedging gains and losses, and when presented on a per unit basis is a non-GAAP ratio. Operating netback is most directly comparable to net loss. Management assesses operating netback as a measure of the profitability and efficiency of our field operations. Net debt to four quarter trailing fund flows from operations: Management uses net debt (a capital management measure, as defined below) to four quarter trailing fund flows from operations to assess the Company's ability to repay debt. Net debt to four quarter trailing fund flows from operations is a non-GAAP ratio calculated as net debt (capital management measure) divided by fund flows from operations (total of segments measure) from the preceding four quarters. Capital Management Measure Net debt: Net debt is a capital management measure in accordance with IAS 1 "Presentation of Financial Statements" that is most directly comparable to long-term debt. Net debt is comprised of long-term debt (excluding unrealized foreign exchange on swapped USD borrowings) plus adjusted working capital (defined as current assets less current liabilities, excluding current derivatives and current lease liabilities), and represents Vermilion's net financing obligations after adjusting for the timing of working capital fluctuations. (1) Adjusted working capital is defined as current assets (excluding current derivatives), less current liabilities (excluding current derivatives and current lease liabilities). These figures include amounts for assets held for sale and liabilities associated with assets held for sale which represent the estimated cash proceeds from dispositions that closed subsequent to June 30, 2025. (2) Subsequent to February 26, 2025, net debt to four quarter trailing fund flows from operations is calculated inclusive of Westbrick Energy's pre-acquisition four quarter trailing fund flows from operations, as if the acquisition of Westbrick Energy occurred at the beginning of the four-quarter trailing period, and exclusive of the four quarter trailing fund flows from discontinued operations from assets held for sale to reflect the Company's ability to repay debt on a pro forma basis. Supplementary Financial Measures Diluted shares outstanding: The sum of shares outstanding at the period end plus outstanding awards under the Long-term Incentive Plan ("LTIP"), based on current estimates of future performance factors and forfeiture rates. Production per share growth: Calculated as the change in production determined on a per weighted average shares outstanding basis over a predefined period of time, expressed as a compounded, annualized return percentage. Measuring production growth per share better reflects the interests of our existing shareholders by reflecting the dilutive impact of equity issuances. F&D (finding and development) and FD&A (finding, development and acquisition) costs: used as a measure of capital efficiency, calculated by dividing the applicable capital expenditures for the period, including the change in undiscounted FDC (future development capital), by the change in the reserves, incorporating revisions and production, for the same period. Operating Recycle Ratio: A non-GAAP ratio that is calculated by dividing the Operating Netback, excluding realized gain (loss) on derivatives and petroleum resource rent tax, by the cost of adding reserves (F&D and FD&A cost). Management assesses operating recycle ratio as a measure of the reinvestment of earnings. Management's Discussion and Analysis and Consolidated Financial Statements To view Vermilion's Management's Discussion and Analysis and Interim Condensed Consolidated Financial Statements for the three and six months ended June 30, 2025 and 2024, please refer to SEDAR+ ( or Vermilion's website at About Vermilion Vermilion is a global gas producer that seeks to create value through the acquisition, exploration and development of liquids-rich natural gas in Canada and conventional natural gas in Europe while optimizing low-decline oil assets. This diversified portfolio delivers outsized free cash flow through direct exposure to global commodity prices and enhanced capital allocation optionality. Vermilion's priorities are health and safety, the environment, and profitability, in that order. Nothing is more important than the safety of the public and those who work with Vermilion, and the protection of the natural surroundings. In addition, the Company emphasizes strategic community investment in each of its operating areas. Vermilion trades on the Toronto Stock Exchange and the New York Stock Exchange under the symbol VET. Disclaimer Certain statements included or incorporated by reference in this document may constitute forward-looking statements or information under applicable securities legislation. Such forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking statements or information in this document may include, but are not limited to: capital expenditures, including Vermilion's 2025 guidance, and Vermilion's ability to fund such expenditures; the flexibility of Vermilion's capital program and operations; business strategies and objectives; operational and financial performance; wells expected to be drilled and the timing thereof; exploration and development plans and the timing thereof; future drilling prospects; the ability of our asset base to deliver modest production growth; the evaluation of international acquisition opportunities; statements regarding the return of capital; our asset petroleum and natural gas sales; future production levels and the timing thereof, including Vermilion's 2025 guidance, and rates of average annual production growth; the effect of changes in crude oil and natural gas prices, changes in exchange and inflation rates; the payment and amount of future dividends; the effect of possible changes in critical accounting estimates; the Company's review of the impact of potential changes to financial reporting standards; the potential financial impact of climate-related risks; Vermilion's goals regarding its debt levels, including maintenance of a ratio of net debt to four quarter trailing fund flows from operations; statements regarding Vermilion's hedging program and the stability of our cash flows; operating and other expenses; royalty and income tax rates and Vermilion's expectations regarding future taxes and taxability and the timing of regulatory proceedings and approvals. Such forward-looking statements or information are based on a number of assumptions, all or any of which may prove to be incorrect. In addition to any other assumptions identified in this document, assumptions have been made regarding, among other things: the ability of Vermilion to obtain equipment, services and supplies in a timely manner to carry out its activities in Canada and internationally; the ability of Vermilion to market crude oil, natural gas liquids, and natural gas successfully to current and new customers; the timing and costs of pipeline and storage facility construction and expansion and the ability to secure adequate product transportation; the timely receipt of required regulatory approvals; the ability of Vermilion to obtain financing on acceptable terms; foreign currency exchange rates and interest rates; future crude oil, natural gas liquids, and natural gas prices; management's expectations relating to the timing and results of exploration and development activities; the impact of Vermilion's dividend policy on its future cash flows; credit ratings; hedging program; expected earnings/(loss) and adjusted earnings/(loss); expected earnings/(loss) or adjusted earnings/(loss) per share; expected future cash flows and free cash flow and expected future cash flow and free cash flow per share; estimated future dividends; financial strength and flexibility; debt and equity market conditions; general economic and competitive conditions; ability of management to execute key priorities; and the effectiveness of various actions resulting from the Vermilion's strategic priorities. Although Vermilion believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Vermilion can give no assurance that such expectations will prove to be correct. Financial outlooks are provided for the purpose of understanding Vermilion's financial position and business objectives, and the information may not be appropriate for other purposes. Forward-looking statements or information are based on current expectations, estimates, and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by Vermilion and described in the forward-looking statements or information. These risks and uncertainties include, but are not limited to: the ability of management to execute its business plan; the risks of the oil and gas industry, both domestically and internationally, such as operational risks in exploring for, developing and producing crude oil, natural gas liquids, and natural gas; risks and uncertainties involving geology of crude oil, natural gas liquids, and natural gas deposits; risks inherent in Vermilion's marketing operations, including credit risk; the uncertainty of reserves estimates and reserves life and estimates of resources and associated expenditures; the uncertainty of estimates and projections relating to production and associated expenditures; potential delays or changes in plans with respect to exploration or development projects; Vermilion's ability to enter into or renew leases on acceptable terms; fluctuations in crude oil, natural gas liquids, and natural gas prices, foreign currency exchange rates, interest rates and inflation; health, safety, and environmental risks; uncertainties as to the availability and cost of financing; the ability of Vermilion to add production and reserves through exploration and development activities; the possibility that government policies or laws may change or governmental approvals may be delayed or withheld; uncertainty in amounts and timing of royalty payments; risks associated with existing and potential future law suits and regulatory actions against or involving Vermilion; and other risks and uncertainties described elsewhere in this document or in Vermilion's other filings with Canadian securities regulatory authorities. References to Vermilion or the Company in this document include Westbrick Energy Ltd. ("Westbrick" or "Westbrick Energy") which was acquired by Vermilion Energy Inc. on February 26, 2025. The forward-looking statements or information contained in this document are made as of the date hereof and Vermilion undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events, or otherwise, unless required by applicable securities laws. This document discloses certain oil and gas metrics, including DCET costs, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included in this MD&A to provide readers with additional measures to evaluate the Company's performance; however, such measures are not reliable indicators of the Company's future performance and future performance may not compare to the Company's performance in previous periods and therefore such metrics should not be unduly relied upon. DCET costs includes all capital spent to drill, complete, equip and tie-in a well. Additional oil and gas metrics in this document may include, but are not limited to: Boe Equivalency: Per barrel of oil equivalent amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil equivalent (6:1). Barrel of oil equivalents (boe) may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, as the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. Estimates of Drilling Locations: Unbooked drilling locations are the internal estimates of Vermilion based on Vermilion's prospective acreage and an assumption as to the number of wells that can be drilled per section based on industry practice and internal review. Unbooked locations do not have attributed reserves or resources (including contingent and prospective). Unbooked locations have been identified by Vermilion's management as an estimation of Vermilion's multi-year drilling activities based on evaluation of applicable geologic, seismic, engineering, production and reserves information. There is no certainty that Vermilion will drill all unbooked drilling locations and if drilled there is no certainty that such locations will result in additional oil and natural gas reserves, resources or production. The drilling locations on which Vermilion will actually drill wells, including the number and timing thereof is ultimately dependent upon the availability of funding, regulatory approvals, seasonal restrictions, oil and natural gas prices, costs, actual drilling results, additional reservoir information that is obtained and other factors. While a certain number of the unbooked drilling locations have been de-risked by Vermilion drilling existing wells in relative close proximity to such unbooked drilling locations, the majority of other unbooked drilling locations are farther away from existing wells where management of Vermilion has less information about the characteristics of the reservoir and therefore there is more uncertainty whether wells will be drilled in such locations and if drilled there is more uncertainty that such wells will result in additional oil and gas reserves, resources or production. Financial data contained within this document are reported in Canadian dollars, unless otherwise stated.
Cision Canada
07-08-2025
- Business
- Cision Canada
Saltire Capital Ltd. Reports Q2 2025 Financial Results
TORONTO, Aug. 7, 2025 /CNW/ - Saltire Capital Ltd. (TSX: SLT.U) (TSX: SLT) (TSX: (TSX: (" Saltire" or the " Company") today reported its unaudited financial results for the three and six-month period ended June 30, 2025. The Company's unaudited condensed consolidated interim financial statements (" Financial Statements") and management's discussion and analysis (" MD&A") have been filed on the System for Electronic Document Analysis and Retrieval Plus (" SEDAR+") and may be viewed under the Company's profile at All references to "$" herein are to United States Dollars. Q2 2025 Highlights For the six months ended June 30, 2025, the Company reported revenue of $9.3 million, an increase of 23.8% compared to $7.5 million for the same period in 2024. Growth was driven by a 35% increase in cinema-related sales, supported by strong order volumes from key clients including IMAX ®. Non-cinema revenues declined approximately 19% in the quarter due to the timing of immersive project deliveries, which are expected to shift into Q3. Gross profit increased to $3.8 million, up 25.6% year-over-year, with gross margins of 40.9% (Q2 2024: 40.3%). Margin improvement was driven by favorable product mix, reduced raw material waste, and improved throughput efficiency. Operating income was $1.2 million, compared to $1.3 million in the prior year period, reflecting higher public company costs following Saltire's reverse takeover in late 2024. The Company reported a net loss of $11.4 million, compared to net income of $1.0 million in Q2 2024, due entirely to a non-cash fair value loss of $11.3 million on warrant liabilities, driven by market-based inputs such as volatility and rate changes. Adjusted EBITDA for the period was $1.0 million, down from $1.8 million in the prior year, primarily due to higher general & administrative and finance costs. MDI's core operating performance remained strong. The project pipeline for Strong/MDI Screen Systems, Inc. (" MDI") heading into Q3 remains active, particularly across immersive and simulation markets, with multiple deliveries expected in the second half of 2025. Additionally, subsequent to quarter-end, Saltire completed the acquisition ("the Acquisition") of SanStone Investments Limited, (" SanStone") a leading owner and operator of heavy equipment dealerships and agricultural equipment dealerships in Eastern Canada that owns and operates the Wilson Equipment and Tidal Tractor dealership brands. In conjunction with the Acquisition, the Company entered into a loan agreement (the " Loan Agreement") with, among others, Sagard Holdings Manager LP, as administrative agent and collateral agent, and Sagard Credit Partners II, LP (" Sagard") and the other lenders party thereto from time to time (together with Sagard, the " Lenders"), pursuant to which the Lenders will, subject to the satisfaction of certain conditions precedent, make available certain credit facilities to Saltire up to an aggregate principal amount of US$100 million (the " Credit Facility"). The proceeds from the initial draw under the Credit Facility were used to, among other things, finance part of the cash purchase price under the Acquisition. The additional availability under the Credit Facility will be used to support future growth. The Acquisition marks Saltire's second platform investment and represents a meaningful step in advancing its long-term strategy to build a portfolio of high-quality private businesses. "We're very encouraged by the momentum we're seeing across the business," said Andrew Clark, CEO of Saltire. "MDI continues to deliver solid performance, and our new partnership with SanStone opens up exciting opportunities in a space we know well. With two strong platforms now in place, Saltire is entering its next phase of growth — and we're focused on scaling with purpose, discipline, and long-term conviction." Note: As disclosed in the MD&A, Saltire's results reflect the reverse takeover accounting treatment under IFRS, with MDI as the accounting acquirer and Saltire as the acquiree. Comparative figures prior to September 25, 2024, reflect MDI standalone operations. "EBITDA" and "Adjusted EBITDA" are non-IFRS measures. See "Non-IFRS Measures" below. *IMAX ® is a registered trademark of IMAX Corporation. Non-IFRS Measures EBITDA and Adjusted EBITDA are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement the IFRS measures disclosed in the Financial Statements by providing further understanding of Saltire's results of operations from management's perspective. Accordingly, these measures should neither be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS. EBITDA and Adjusted EBITDA are used to provide shareholders with supplemental measures of the Company's operating performance and thus highlight trends in the Company's business that may not otherwise be apparent when relying solely on IFRS measures. Securities regulations require non-IFRS measures to be clearly defined and reconciled with their most directly comparable IFRS measure. Management believes that EBITDA and Adjusted EBITDA are useful measures to assess the performance of the Company as they provide more meaningful operating results by excluding the effects of items that are not reflective of underlying business performance and other one-time or non-recurring items. The following table provides the reconciliation of net income to EBITDA and Adjusted EBITDA for the six-month periods ended June 30, 2025 and 2024: About Saltire Saltire is a long-term capital partner that allocates capital to equity, debt and/or hybrid securities of high-quality private companies. Investments made by Saltire consist of meaningful and influential stakes in carefully selected private companies that it believes are under-valued businesses with the potential to significantly improve fundamental value over the long-term. These business will generally have high barriers to entry, predictable revenue streams and cash flows and defensive characteristics. Although Saltire primarily allocates capital to private companies, Saltire may, in certain circumstances if the opportunity arises, also pursue opportunities with orphaned or value-challenged small and micro-cap public companies. Saltire provides investors with access to private and control-level investments typically reserved for larger players, while maintaining liquidity. Forward Looking Information This press release may contain forward-looking information and forward-looking statements within the meaning of applicable securities laws (" Forward-Looking Statements"). The Forward-Looking Statements contained in this press release relate to future events or Saltire's future plans, operations, strategy, performance or financial position and are based on Saltire's current expectations, estimates, projections, beliefs and assumptions, including, among other things, in respect of MDI's performance and project pipeline, Saltire's ability to satisfy the conditions to funding additional draws under the Loan Agreement, the future performance of SanStone, Saltire's ability to maintain compliance with covenants under the Loan Agreement, and management's ability to execute on Saltire's growth plans. Such Forward-Looking Statements have been made by Saltire in light of the information available to it at the time the statements were made and reflect its experience and perception of historical trends. All statements and information other than historical fact may be Forward-Looking Statements. Such Forward-Looking Statements are often, but not always, identified by the use of words such as "may", "would", "should", "could", "expect", "intend", "estimate", "anticipate", "plan", "foresee", "believe", "continue", "expect", "potential", "proposed" and other similar words and expressions. Forward-Looking Statements are based on certain expectations and assumptions and are subject to known and unknown risks and uncertainties and other factors, many of which are beyond Saltire's control, that could cause actual events, results, performance and achievements to differ materially from those anticipated in these Forward-Looking Statements. Forward-Looking Statements are provided for the purpose of assisting the reader in understanding Saltire and its business, operations, prospects and risks at a point in time in the context of historical and possible future developments, and the reader is therefore cautioned that such information may not be appropriate for other purposes. Forward-Looking Statements should not be read as guarantees of future performance or results. Readers are cautioned not to place undue reliance on Forward-Looking Statements, which speak only as of the date of this press release. Unless otherwise noted or the context otherwise indicates, the Forward-Looking Statements contained herein are provided as of the date hereof, and Saltire disclaims any intention or obligation, except to the extent required by law, to update or revise any Forward-Looking Statements as a result of new information or future events, or for any other reason. This press release should be read in conjunction with the management's discussion and analysis and unaudited condensed consolidated interim financial statements and notes thereto as at and for the three months ended June 30, 2025 and Saltire's Annual Information Form for the year ended December 31, 2024 dated March 28, 2025. Additional information about Saltire, including with respect to the risk factors that should be taken into consideration when reading this press release and the Forward-Looking Statements, is available on Saltire's profile on SEDAR+ at
Cision Canada
26-06-2025
- Business
- Cision Canada
MERCER PARK OPPORTUNITIES CORP. ANNOUNCES FILING OF ANNUAL INFORMATION FORM AND INVESTOR CONFERENCE CALL
TORONTO, June 26, 2025 /CNW/ - Mercer Park Opportunities Corp. (TSX: SPAC.U) (TSX: and (TSX: ("Mercer" or the "Corporation") filed its annual information form on the System for Electronic Document Analysis and Retrieval Plus ("SEDAR+") and may be viewed by interested parties under the Corporation's profile at The Corporation would also like to provide a brief update on the status of its qualifying acquisition. The Corporation is currently in the process of identifying specific target business(es) with which to pursue a qualifying acquisition but has not entered into any definitive agreement with respect to a qualifying acquisition as of the date hereof. Consistent with its IPO prospectus, the Corporation is considering potential targets in a few different industries and business sectors, including cannabis, for its qualifying acquisition. Senior management will be hosting an investor conference call to provide a business update and allow holders of Class A restricted voting shares the opportunity to hear from and ask questions of management. The call will be hosted by: Jonathan Sandelman, Chief Executive Officer, Chairman and Director and Joshua Snyder, Head of Mergers & Acquisitions. Conference Call Details: Please call in at least 10 minutes prior to the call. Date: July 2, 2025, at 10:00 a.m. (Eastern Time) Dial-in Number: 203-626-2883 About Mercer Park Opportunities Corp. Mercer Park Opportunities Corp. is a special purpose acquisition corporation incorporated under the laws of the Cayman Islands for the purpose of effecting a qualifying acquisition. The Corporation's registered and head offices are both located at the offices of CO Services Cayman Limited, Willow House, Cricket Square, Grand Cayman KY1 1001, Cayman Islands. About Mercer Park III, L.P. Mercer Park III, L.P. is a limited partnership formed under the laws of Delaware that is indirectly controlled by Jonathan Sandelman. Forward-Looking Statements This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects the Corporation's and Mercer Park III L.P.'s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the control of the Corporation and Mercer Park III, L.P., that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, intentions related to the Corporation's qualifying acquisition and related transactions, and the factors discussed under "Risk Factors" in the annual information form dated June 26, 2025 and the prospectus dated July 16, 2024. Neither Corporation nor Mercer Park III, L.P. undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. SOURCE Mercer Park Opportunities Corp.
Yahoo
12-05-2025
- Business
- Yahoo
Saltire Capital Ltd. Reports Q1 2025 Financial Results
TORONTO, May 12, 2025 /CNW/ - Saltire Capital Ltd. (TSX: SLT.U) (TSX: SLT) (TSX: (TSX: ("Saltire" or the "Company") today reported its unaudited financial results for the three-month period ended March 31, 2025. The Company's unaudited condensed consolidated interim financial statements ("Financial Statements") and management's discussion and analysis ("MD&A") have been filed on the System for Electronic Document Analysis and Retrieval Plus ("SEDAR+") and may be viewed under the Company's profile at All references to "$" herein are to United States Dollars. Q1 2025 Highlights For the three months ended March 31, 2025, the Company reported revenue of $4.3 million, representing an increase of 24.9% compared to revenue of $3.5 million for the three months ended March 31, 2024. The growth in revenue was primarily driven by a 39% increase in cinema-related sales, reflecting robust order volumes from major clients. Non-cinema and special project revenues also contributed positively, increasing by 16% quarter-over-quarter, supported by immersive content deliveries. Gross profit for the quarter was $1.8 million, compared to $1.4 million in the prior year period, representing a 31.3% increase. The increase was attributable to improved production floor efficiencies, favorable procurement, and a higher proportion of premium-margin products, such as IMAX® certified screens*. Margin improvement also benefited from better absorption of fixed manufacturing costs as volumes increased. Operating income for Q1 2025 was $0.6 million, compared to $0.7 million for Q1 2024. The slight decline was primarily due to higher general and administrative expenses, including payroll, legal, and compliance costs, following the Company's transition as an operating public company after the Qualifying Acquisition (as defined below) in 2024. Net income for the quarter was $10.3 million, compared to $0.6 million for the prior year period. The significant increase was mainly driven by a gain of $10.1 million related to the fair value remeasurement of warrant liabilities, which are non-cash in nature. Earnings before interest, taxes, depreciation and amortization ("EBITDA") for Q1 2025 was $10.8 million, compared to $1.0 million in Q1 2024, with the increase similarly driven by the warrant valuation gain. Adjusted EBITDA, which excludes the fair value remeasurement of warrants and other non-operating items, was $0.7 million, compared to $1.0 million in Q1 2024. The decline in Adjusted EBITDA reflects increased operating expenses as a reporting issuer, partially offset by stronger sales and improved gross margins. "EBITDA" and "Adjusted EBITDA" are non-IFRS measures. See "Non-IFRS Measures" below. "MDI's performance this quarter reflects the operational strength and market position we envisioned when acquiring the business", said Andrew Clark, CEO of Saltire. "The company continues to benefit from strong demand in premium cinema formats and immersive entertainment, while also improving manufacturing efficiency. With a robust sales pipeline heading into the second quarter, we remain confident in MDI's trajectory and are focused on long-term value creation for Saltire shareholders." *IMAX® is a registered trademark of IMAX Corporation. Non-IFRS Measures EBITDA and Adjusted EBITDA are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement the IFRS measures disclosed in the Financial Statements by providing further understanding of Saltire's results of operations from management's perspective. Accordingly, these measures should neither be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS. EBITDA and Adjusted EBITDA are used to provide shareholders with supplemental measures of the Company's operating performance and thus highlight trends in the Company's business that may not otherwise be apparent when relying solely on IFRS measures. Securities regulations require non-IFRS measures to be clearly defined and reconciled with their most directly comparable IFRS measure. Management believes that EBITDA and Adjusted EBITDA are useful measures to assess the performance of the Company as they provide more meaningful operating results by excluding the effects of items that are not reflective of underlying business performance and other one-time or non-recurring items. The following table provides the reconciliation of net income to EBITDA and Adjusted EBITDA for the three-month periods ended March 31, 2025 and 2024: (in millions) Q1 2025 Q1 2024 Net Income $10.26 $0.60 Interest Expense $0.17 $0.13 Income Tax Expense $0.25 $0.16 Depreciation & Amortization $0.12 $0.13 EBITDA $10.80 $1.03 Fair Value Gain on Warrants $(10.11) – Stock-Based Compensation $0.05 $0.01 Adjusted EBITDA $0.74 $1.04 Qualifying Acquisition and Private Placement As previously announced and reported, Saltire completed the acquisition of Strong/MDI Screen Systems, Inc. ("MDI") on September 25, 2024 (the "MDI Acquisition"). The MDI Acquisition, together with the establishment of Saltire's investment platform, constituted Saltire's qualifying acquisition (the "Qualifying Acquisition"). As consideration for the MDI Acquisition, Saltire issued to Strong Global Entertainment Inc., MDI's parent company, 1,972,723 common shares ("Common Shares") valued at $10.00 per share, 900,000 Series A preferred shares (with an initial redemption value of $9 million), and approximately $0.8 million in cash (collectively, the "Acquisition Consideration"). Concurrent with the acquisition, Saltire completed a private placement offering of 433,559 Common Shares at $10.00 per share, raising gross proceeds of approximately $4.3 million (the "Private Placement"). In accordance with IFRS® Accounting Standards, the Qualifying Acquisition was accounted for as a reverse takeover ("RTO"), whereby MDI is deemed the accounting acquirer and Saltire the accounting acquiree. As MDI was deemed to be the acquirer for accounting purposes, its assets, liabilities and operations since incorporation are included in the Financial Statements at their historical carrying values. Saltire's standalone results of operations have been included from the acquisition date of September 25, 2024. About Saltire Saltire is a long-term capital partner that allocates capital to equity, debt and/or hybrid securities of high-quality private companies. Investments made by Saltire consist of meaningful and influential stakes in carefully selected private companies that the management believes are under-valued businesses with high barriers to entry, predictable revenue streams and cash flows and defensive characteristics, with a view to significantly improve the fundamental value over the long-term. Although Saltire primarily allocates capital to private companies, Saltire may, in certain circumstances if the opportunity arises, also pursue opportunities with orphaned or value-challenged small and micro-cap public companies. Saltire provides investors with access to private and control-level investments typically reserved for larger players, while maintaining liquidity. Forward Looking Information Certain statements in this press release are prospective in nature and constitute forward-looking information and/or forward-looking statements within the meaning of applicable securities laws (collectively, "forward-looking statements"). Forward-looking statements include, but are not limited to, statements concerning Saltire's initiatives and the impact of same on shareholder value, as well as other statements with respect to management's beliefs, plans, estimates and intentions, and similar statements concerning anticipated future events, results, outlook, circumstances, performance or expectations that are not historical facts. Forward-looking statements generally, but not always, can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "could", "would", "will", "expect", "intend", "estimate", "forecasts", "seek", "anticipate", "believes", "should", "plans" or "continue" or similar expressions suggesting future outcomes or events and the negative of any of these terms. Forward-looking statements reflect management's current beliefs, expectations and assumptions and are based on information currently available to management. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve known and unknown risks and uncertainties and other factors that could cause actual results to differ materially from those contemplated by such statements. Factors that could cause such differences include but are not limited to those risk factors set out in the Company's annual information form dated March 28, 2025, which is available on the Company's SEDAR+ profile at All forward-looking statements included in and incorporated into this press release are qualified by these cautionary statements. Unless otherwise indicated, the forward-looking statements contained herein are made as of the date of this press release, and except as required by applicable law, the Company does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. SOURCE Saltire Capital Ltd. View original content:
Cision Canada
12-05-2025
- Business
- Cision Canada
Saltire Capital Ltd. Reports Q1 2025 Financial Results
TORONTO , May 12, 2025 /CNW/ - Saltire Capital Ltd. (TSX: SLT.U) (TSX: SLT) (TSX: (TSX: ("Saltire" or the "Company") today reported its unaudited financial results for the three-month period ended March 31, 2025 . The Company's unaudited condensed consolidated interim financial statements ("Financial Statements") and management's discussion and analysis ("MD&A") have been filed on the System for Electronic Document Analysis and Retrieval Plus ("SEDAR+") and may be viewed under the Company's profile at All references to "$" herein are to United States Dollars. Q1 2025 Highlights For the three months ended March 31, 2025 , the Company reported revenue of $4.3 million , representing an increase of 24.9% compared to revenue of $3.5 million for the three months ended March 31, 2024 . The growth in revenue was primarily driven by a 39% increase in cinema-related sales, reflecting robust order volumes from major clients. Non-cinema and special project revenues also contributed positively, increasing by 16% quarter-over-quarter, supported by immersive content deliveries. Gross profit for the quarter was $1.8 million , compared to $1.4 million in the prior year period, representing a 31.3% increase. The increase was attributable to improved production floor efficiencies, favorable procurement, and a higher proportion of premium-margin products, such as IMAX® certified screens*. Margin improvement also benefited from better absorption of fixed manufacturing costs as volumes increased. Operating income for Q1 2025 was $0.6 million , compared to $0.7 million for Q1 2024. The slight decline was primarily due to higher general and administrative expenses, including payroll, legal, and compliance costs, following the Company's transition as an operating public company after the Qualifying Acquisition (as defined below) in 2024. Net income for the quarter was $10.3 million , compared to $0.6 million for the prior year period. The significant increase was mainly driven by a gain of $10.1 million related to the fair value remeasurement of warrant liabilities, which are non-cash in nature. Earnings before interest, taxes, depreciation and amortization ("EBITDA") for Q1 2025 was $10.8 million , compared to $1.0 million in Q1 2024, with the increase similarly driven by the warrant valuation gain. Adjusted EBITDA, which excludes the fair value remeasurement of warrants and other non-operating items, was $0.7 million , compared to $1.0 million in Q1 2024. The decline in Adjusted EBITDA reflects increased operating expenses as a reporting issuer, partially offset by stronger sales and improved gross margins. "EBITDA" and "Adjusted EBITDA" are non-IFRS measures. See "Non-IFRS Measures" below. "MDI's performance this quarter reflects the operational strength and market position we envisioned when acquiring the business", said Andrew Clark , CEO of Saltire. "The company continues to benefit from strong demand in premium cinema formats and immersive entertainment, while also improving manufacturing efficiency. With a robust sales pipeline heading into the second quarter, we remain confident in MDI's trajectory and are focused on long-term value creation for Saltire shareholders." *IMAX® is a registered trademark of IMAX Corporation. Non-IFRS Measures EBITDA and Adjusted EBITDA are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement the IFRS measures disclosed in the Financial Statements by providing further understanding of Saltire's results of operations from management's perspective. Accordingly, these measures should neither be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS. EBITDA and Adjusted EBITDA are used to provide shareholders with supplemental measures of the Company's operating performance and thus highlight trends in the Company's business that may not otherwise be apparent when relying solely on IFRS measures. Securities regulations require non-IFRS measures to be clearly defined and reconciled with their most directly comparable IFRS measure. Management believes that EBITDA and Adjusted EBITDA are useful measures to assess the performance of the Company as they provide more meaningful operating results by excluding the effects of items that are not reflective of underlying business performance and other one-time or non-recurring items. The following table provides the reconciliation of net income to EBITDA and Adjusted EBITDA for the three-month periods ended March 31, 2025 and 2024: (in millions) Q1 2025 Q1 2024 Net Income $10.26 $0.60 Interest Expense $0.17 $0.13 Income Tax Expense $0.25 $0.16 Depreciation & Amortization $0.12 $0.13 EBITDA $10.80 $1.03 Fair Value Gain on Warrants $(10.11) – Stock-Based Compensation $0.05 $0.01 Adjusted EBITDA $0.74 $1.04 Qualifying Acquisition and Private Placement As previously announced and reported, Saltire completed the acquisition of Strong/MDI Screen Systems, Inc. ("MDI") on September 25, 2024 (the "MDI Acquisition"). The MDI Acquisition, together with the establishment of Saltire's investment platform, constituted Saltire's qualifying acquisition (the "Qualifying Acquisition"). As consideration for the MDI Acquisition, Saltire issued to Strong Global Entertainment Inc., MDI's parent company, 1,972,723 common shares ("Common Shares") valued at $10.00 per share, 900,000 Series A preferred shares (with an initial redemption value of $9 million ), and approximately $0.8 million in cash (collectively, the "Acquisition Consideration"). Concurrent with the acquisition, Saltire completed a private placement offering of 433,559 Common Shares at $10.00 per share, raising gross proceeds of approximately $4.3 million (the "Private Placement"). In accordance with IFRS® Accounting Standards, the Qualifying Acquisition was accounted for as a reverse takeover ("RTO"), whereby MDI is deemed the accounting acquirer and Saltire the accounting acquiree. As MDI was deemed to be the acquirer for accounting purposes, its assets, liabilities and operations since incorporation are included in the Financial Statements at their historical carrying values. Saltire's standalone results of operations have been included from the acquisition date of September 25, 2024 . About Saltire Saltire is a long-term capital partner that allocates capital to equity, debt and/or hybrid securities of high-quality private companies. Investments made by Saltire consist of meaningful and influential stakes in carefully selected private companies that the management believes are under-valued businesses with high barriers to entry, predictable revenue streams and cash flows and defensive characteristics, with a view to significantly improve the fundamental value over the long-term. Although Saltire primarily allocates capital to private companies, Saltire may, in certain circumstances if the opportunity arises, also pursue opportunities with orphaned or value-challenged small and micro-cap public companies. Saltire provides investors with access to private and control-level investments typically reserved for larger players, while maintaining liquidity. Forward Looking Information Certain statements in this press release are prospective in nature and constitute forward-looking information and/or forward-looking statements within the meaning of applicable securities laws (collectively, "forward-looking statements"). Forward-looking statements include, but are not limited to, statements concerning Saltire's initiatives and the impact of same on shareholder value, as well as other statements with respect to management's beliefs, plans, estimates and intentions, and similar statements concerning anticipated future events, results, outlook, circumstances, performance or expectations that are not historical facts. Forward-looking statements generally, but not always, can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "could", "would", "will", "expect", "intend", "estimate", "forecasts", "seek", "anticipate", "believes", "should", "plans" or "continue" or similar expressions suggesting future outcomes or events and the negative of any of these terms. Forward-looking statements reflect management's current beliefs, expectations and assumptions and are based on information currently available to management. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve known and unknown risks and uncertainties and other factors that could cause actual results to differ materially from those contemplated by such statements. Factors that could cause such differences include but are not limited to those risk factors set out in the Company's annual information form dated March 28, 2025 , which is available on the Company's SEDAR+ profile at All forward-looking statements included in and incorporated into this press release are qualified by these cautionary statements. Unless otherwise indicated, the forward-looking statements contained herein are made as of the date of this press release, and except as required by applicable law, the Company does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. SOURCE Saltire Capital Ltd. FOR FURTHER INFORMATION PLEASE CONTACT: Andrew Clark, Director & Chief Executive Officer, Saltire Capital Ltd., [email protected], (416) 419-9405
