CORUS ENTERTAINMENT ANNOUNCES FISCAL 2025 FOURTH QUARTER AND YEAR END RESULTS

About this update from Corus Entertainment Inc. Class B

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MARGIN-BOTTOM:0em; MARGIN-LEFT:4.17em !IMPORTANT } .prnml30{ MARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:2.50em !IMPORTANT } .prnml8{ MARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.67em !IMPORTANT } .prnml6{ MARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.50em !IMPORTANT } .prnml10{ MARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.83em !IMPORTANT } .prnbcc{ BORDER-COLLAPSE: COLLAPSE } .prnml20{ MARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:1.67em !IMPORTANT } .prnml40{ MARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:3.33em !IMPORTANT } Canada NewsWire Consolidated revenue decreased 14% for the quarter and 11% for the year Consolidated segment profit (1) decreased 39% for the quarter and 33% for the year Consolidated segment profit margin (1) of 11% for the quarter and 17% for the year Net loss attributable to shareholders of $277.1 million ( $1.39 loss per share basic) for the quarter and $328.4 million ( $1.65 loss per share basic) for the year, which include non-cash impairment charges of $263.6 million ( $194.0 million after tax) for both periods Free cash flow (1) of negative $25.2 million for the quarter and negative $21.8 million for the year TORONTO , Oct. 30, 2025 /CNW/ - Corus Entertainment Inc.  (TSX: CJR.B) announced its fourth quarter and year end financial results today. "Our fourth quarter results reflect television advertising revenues that were modestly lower than our expectations, even as industry challenges persisted," said John Gossling , Chief Executive Officer. "By continuing our focus on finding efficiencies, we once again captured meaningful cost savings this quarter as we have throughout the year. We have just launched our fall TV season with an impressive line-up of new and returning hits across Global, our specialty channels and streaming services, with time spent on our streaming services growing as we expand our digital offerings. Despite headwinds currently impacting the industry, we remain committed to building on our portfolio of premium brands and content and our unparalleled ability to bring the greatest value to our clients." Financial Highlights Three months ended August 31, % Year ended August 31, % (in thousands of Canadian dollars except per share amounts) 2025 2024 Change 2025 2024 Change Revenue Television 212,810 248,048 (14 %) 1,042,769 1,176,738 (11 %) Radio 19,280 21,305 (10 %) 84,651 93,860 (10 %) 232,090 269,353 (14 %) 1,127,420 1,270,598 (11 %) Segment profit (loss) (1) Television 30,103 45,707 (34 %) 201,346 294,780 (32 %) Radio 2,597 1,407 85 % 12,975 9,442 37 % Corporate (6,708) (4,814) (39 %) (24,996) (20,793) (20 %) 25,992 42,300 (39 %) 189,325 283,429 (33 %) Segment profit margin (1) Television 14 % 18 % 19 % 25 % Radio 13 % 7 % 15 % 10 % Consolidated 11 % 16 % 17 % 22 % Net loss attributable to shareholders (277,097) (25,675) (328,405) (772,641) Adjusted net income (loss) attributable to shareholders (1) (70,871) (4,003) (73,459) 11,427 Earnings (loss) per share: Basic and diluted ($1.39) ($0.13) ($1.65) ($3.87) Adjusted basic (1) ($0.36) ($0.02) ($0.37) $0.06 Free  cash flow  (1) (25,153) 39,142 (164 %) (21,811) 114,152 (119 %) (1) In addition to disclosing results in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"), the Company also provides supplementary non-IFRS measures as a method of evaluating the Company's performance and to provide a better understanding of how management views the Company's performance. These non-IFRS or non-Generally Accepted Accounting Principles ("GAAP") measures can include: segment profit (loss), segment profit margin, free cash flow, adjusted net income (loss) attributable to shareholders, adjusted basic earnings (loss) per share, net debt to segment profit, and new platform revenue. These are not measurements in accordance with IFRS and should not be considered as an alternative to any other measure of performance under IFRS. Please see additional discussion and reconciliations under the Key Performance Indicators and Non-GAAP Financial Measures section of the Company's Fourth Quarter 2025 Report to Shareholders. Segment Revenue Three months ended Year ended August 31, % August 31, % (in thousands of Canadian dollars) 2025 2024 Change 2025 2024 Change Revenue   212,810   1,042,769 Television 248,048 (14 %) 1,176,738 (11 %) Advertising 88,720 115,865 (23 %) 545,881 652,322 (16 %) Subscriber 110,279 117,883 (6 %) 448,949 470,332 (5 %) Distribution, production and other 13,811 14,300 (3 %) 47,939 54,084 (11 %) Radio 19,280 21,305 (10 %) 84,651 93,860 (10 %) Total  Revenue 232,090 269,353 (14 %) 1,127,420 1,270,598 (11 %) New   platform   revenue   percentage   (1) 16 % 13 % 1 % 13 % 12 % (6 %) (1) New platform revenue does not have a standardized meaning prescribed by IFRS. For definition and explanation, see the discussion under the Key Performance Indicators and Non-GAAP Financial Measures section of the Fourth Quarter 2025 Report to Shareholders. Operational Highlights Corus launched a strong schedule across Global and its specialty networks for Fall 2025. Total hours streamed across streaming platforms (STACKTV and the Global TV App) increased this Fall. In addition, Corus continued to implement cost savings initiatives. Global's fall 2025 programming slate features three new series and more top 20 returning hits than any other network. (1) Global TV's fall lineup includes the return of #1 reality series, Survivor, #1 late night show Saturday Night Live , #1 Comedy Ghosts, top 5 hit 9-1-1 (2) , three series from the NCIS franchise and more. New series debuts include Blake Shelton and Keith Urban's singing competition series The Road, ensemble workplace comedy DMV, and Fire Country universe expansion Sheriff Country. Corus introduces strong fall 2025 lineup of Canadian originals on its Specialty networks. On Flavour Network, new series Halloween Bakeshop and Holiday Bakeshop, produced in association with Corus Studios, join the list of culinary competition shows alongside Season 12 of Top Chef Canada. The HISTORY ® Channel welcomes Season 12 of Ice Road Truckers , produced for The HISTORY ® Channel and Corus Entertainment, and Season 3 of Deadman's Curse distributed by Corus Studios. Home Network features three exclusive Canadian series including new originals Building Baeumler and Rentovation , produced in association with Corus Studios, and new series Beer Budget Reno . In addition, production began for Season 3 of Renovation Resort , produced in association with Corus Studios for Home Network, with the series slated to premiere in spring 2026. (1) Numeris Personal People Meter Data, Fall'24 (September 16 – December 22, 2024) - confirmed data, 3+ airings, Adults aged 25-54, Average Minute Audience (000), Total Canada, Canadian Conventional Commercial English national networks based on 'Total' except for CTV Com. (2) Numeris Personal People Meter Data, Fall'24 (September 16 - December 22, 2024) - confirmed data, 3+ airings, Adults aged 25-54, Average Minute Audience (000's), Total Canada, Canadian Conventional Commercial English national networks based on 'Total' except for CTV Com. Financial Highlights Free cash flow (1) of a negative $25.2 million in Q4 and negative $21.8 million for the year compared to a positive $39.1 million and $114.2 million , respectively, in the same comparable prior year periods. The decrease in free cash flow (1) for the fourth quarter and year end is mainly attributable to lower cash provided by operating activities. The decrease for the year is mainly attributable to lower cash provided by operating activities, partially offset by higher proceeds from sale of property. Net debt to segment profit (1) was 6.01 times as at August 31, 2025 , up from 3.84 times at August 31, 2024 , as a result of the decrease in segment profit. As of August 31, 2025 , the Company had $59.6 million of cash and cash equivalents and $35.0 million available to be drawn under its Revolving Facility. On October 29, 2025 , Corus completed an agreement to amend its Eighth Amended and Restated Credit Agreement to increase the maximum amount the Company may request as an advance on a "revolving" basis from $75.0 million to $125.0 million . (1) Free cash flow, segment profit and net debt to segment profit do not have standardized meanings prescribed by IFRS. The Company reports on these because they are key measures used to evaluate performance. For definitions and explanations, see the discussion under the Key Performance Indicators and Non-GAAP Financial Measures section of the Fourth Quarter 2025 Report to Shareholders and/or Management's Discussion and Analysis in the Company's Annual Report for the year ended August 31, 2025 ("2025 MD&A"). Corus Entertainment Inc. reports its financial results in Canadian dollars. The unaudited interim condensed consolidated financial statements and accompanying notes for the three months ended August 31, 2025 and the audited annual financial statements and accompanying notes for the year ended August 31, 2025 and the associated Management's Discussion and Analysis for each period are available on the Company's website at  www.corusent.com in the Investor Relations section and under the Company's SEDAR+ profile at www.sedarplus.ca . A conference call with Corus senior management is scheduled for October 30, 2025 at 1:00 p.m. ET . While this call is directed at analysts and investors, members of the media are welcome to listen in. To instantly join the conference call by phone, please use the following URL to easily register and be connected to the conference call automatically:  https://emportal.ink/4hhdEet . You can also dial direct to be entered into the call by an Operator. The dial-in number for the conference call for local and international callers is 1.416.945.7677 and for North America is 1.888.699.1199. This call will be archived and available for replay in the Investor Relations section of the Corus website beginning October 30, 2025 , at 4 p.m. ET or accessible by telephone until November 6, 2025 , at 1.888.660.6345 (toll-free North America) or 289.819.1450 (local or international), using replay code 27806#. More information can be found on the Corus Entertainment website at www.corusent.com in the Investor Relations section. Risks and Uncertainties Significant risks and uncertainties affecting the Company and its business are discussed under the heading "Risks and Uncertainties" and "Seasonal Fluctuations" in the 2025 MD&A, as well as in the accompanying quarterly MD&A included in the Fourth Quarter 2025 Report to Shareholders under the heading "Risks and Uncertainties". These discussions are important to understanding the assumptions and factors which may affect the Company's outlook and results and are incorporated by reference. Outlook In the first quarter of fiscal 2026, we expect geopolitical and economic uncertainty and the continued shift in advertising demand to digital platforms will contribute to continued lower demand for linear advertising. As such, the year-over-year percentage decline in Television advertising revenue in the first quarter of fiscal 2026 is expected to be similar to the fourth quarter of fiscal 2025. Amortization of TV program rights in the quarter is expected to decrease in the range of 5% to 10% year-over-year. The Company will continue with its implementation of additional cost reduction initiatives and expects general and administrative expenses to decline in the range of 10 to 15% for the first quarter versus the prior year, excluding any potential benefit from the Independent Local News Fund. Use of Non-GAAP Financial Measures This press release includes the non-GAAP or non-IFRS financial measures of segment profit (loss), segment profit margin, free cash flow, adjusted net income (loss) attributable to shareholders, adjusted basic earnings (loss) per share, net debt to segment profit, as well as supplementary financial measures not presented in the financial statements such as new platform revenue. Non-GAAP or non IFRS measures that are not in accordance with, nor an alternate to, generally accepted accounting principles ("GAAP") and may be different from non-GAAP or non-IFRS measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with IFRS. They are limited in value because they exclude charges that have a material effect on the Company's reported results and, therefore, should not be relied upon as the sole financial measures to evaluate the Company's financial results. The non-GAAP financial measures are meant to supplement, and to be viewed in conjunction with, IFRS financial results. A reconciliation of the Company's non-GAAP measures is included in the Company's most recent Report to Shareholders for the three months and year ended August 31, 2025 , which is available on Corus' website at www.corusent.com  as well as on SEDAR+ at  www.sedarplus.ca . Caution Concerning Forward-Looking Information This press release contains forward-looking information and should be read subject to the following cautionary language: To the extent any statements made in this document, or any of the documents referenced in herein, contain information that is not historical, these statements are forward-looking statements and may be forward-looking information within the meaning of applicable securities laws (collectively, "forward-looking information"). This forward-looking information relates to, among other things, Corus Entertainment Inc.'s ("Corus" or the "Company") objectives, goals, strategies, targets, intentions, plans, estimates and outlooks and includes but is not limited to: the adoption and anticipated impact of the Company's capital allocation strategy, capital structure and liability management including liquidity and leverage targets; Corus' ability to repay debt and/or maintain necessary access to loan and credit facilities; the Company's strategic, operation or business plans; anticipated revenue and subscription trends; and expectations regarding financial or operational performance, operating costs, tariffs, taxes and fees.  The foregoing can generally be identified by the use of words such as "believe", "anticipate", "expect", "intend", "plan", "will", "may" or the negatives of these terms and other similar expressions.  In addition, any statements that refer to expectations, anticipated outcomes or impacts, projections or other characterizations of future events or circumstances may be considered forward-looking information.  Although Corus believes that the expectations reflected in such forward-looking information are reasonable, such information involves many material assumptions, risks and uncertainties and undue reliance should not be placed on such statements.  Certain material factors or assumptions are applied with respect to the forward-looking information, which are subject to risk or change and may cause actual results to differ materially from expectations, calculations, plans, or forecasts, including without limitation, factors and assumptions relating to or impacting: the sustainability of Corus' current or proposed capital and debt structure; the ability to maintain access, renegotiate, obtain relief from, or meet covenants under the Company's senior credit facility, senior unsecured notes or other instruments or facilities; the Company's ability to access sufficient capital to provide liquidity to manage its cash flow requirements; general economic, business and market conditions; the ability of management to execute its business strategies and plans; the Company's financial and operating results being consistent with expectations; the Company's ability to attract, retain and manage fluctuations in advertising or subscription revenue; the continuity of relationships with Corus' key suppliers, partners, clients and customers; the impact of macroeconomic and geopolitical conditions; the impact of pending or threatened litigation, regulatory decisions, or appeals thereof; changes in laws or regulations or the interpretation or application of those laws and regulations including statements, decisions or positions by applicable courts or regulators including, without limitation, the Canadian Radio-television and Telecommunications Commission ("CRTC"), Canadian Heritage and Innovation, Science and Economic Development Canada ("ISED"); changes to licensing status or conditions; impacts of new competition, and industry mergers and acquisitions and the ability to compete in any of the industries in which it does business including with competitors that may not be regulated in the same way or to the same degree; strategic opportunities or partnerships (or lack thereof) that may be presented to and pursued by the Company; changes to applicable tax, licensing and regulatory regimes; operating and capital costs and tariffs, taxes and fees; impacts of interest rates, inflation and imposed and threatened tariffs; the Company's ability to source, produce or sell desirable content; unanticipated or un-mitigatable programming costs; retention and reputation risks related to its employees, contractors and on-air talent; physical and operational changes to the Company's key facilities and infrastructure; industry or Company labour actions; cybersecurity threats or incidents to the Company or its key suppliers and vendors; epidemics, pandemics or other public health and safety crises in Canada and globally; and changes in accounting standards.  Actual results may differ materially from those expressed or implied in such information and the foregoing list is not exhaustive. Additional information about these material risk factors and assumptions underlying any forward-looking information may be found under the heading "Risks and Uncertainties" in Company's Management's Discussion and Analysis for the year ended August 31, 2025 (the "2025 MD&A"), which disclosure may be supplemented or amended by subsequent disclosures in the Company's quarterly management's discussion and analysis or by subsequent press releases, which are also filed on SEDAR+.  Corus cautions that the foregoing list of important assumptions and factors that may affect future results is not exhaustive. When relying on the Company's forward-looking information to make decisions with respect to Corus, investors and others should carefully consider all the foregoing information, including any incorporated by reference, and any other uncertainties and potential events.  Unless otherwise specified, all forward-looking information in this document speaks as of the date of this document and may be updated or amended from time to time.  Except as otherwise required by applicable securities laws, Corus disclaims any intention or obligation to publicly update or revise any forward-looking information whether as a result of new information, events or circumstances that arise after the date thereof or otherwise.   About Corus Entertainment Inc. | Corus Entertainment Inc. (TSX: CJR.B) is a leading media and content company that develops, delivers and distributes high quality brands and content across platforms for audiences around the world. Engaging audiences since 1999, the company's portfolio of multimedia offerings encompass 25 specialty television services, 36 radio stations, 15 conventional television stations, digital and streaming platforms, and social digital agency and media services. Corus' roster of premium brands includes Global Television, W Network, Flavour Network, Home Network, The HISTORY ® Channel, Showcase, Slice, Adult Swim, National Geographic and Global News, along with streaming platforms STACKTV, TELETOON+, the Global TV App and Curiouscast. For more information visit www. corusent.com. CORUS ENTERTAINMENT INC. INTERIM   CONDENSED   CONSOLIDATED   STATEMENTS   OF   FINANCIAL   POSITION   (unaudited - in thousands of Canadian dollars) As at August 31, As at August 31, 2025 2024 ASSETS Current Cash and cash equivalents 59,555 82,422 Accounts receivable 186,685 232,040 Income taxes recoverable — 25,006 Prepaid expenses and other assets 18,945 17,857 Total current  assets 265,185 357,325 Tax credits receivable 17,230 19,756 Investments and other assets 46,036 57,325 Property, plant and equipment, net 231,330 250,810 Program rights 603,961 494,022 Film investments 30,860 55,312 Intangible assets 71,519 252,358 Total  assets 1,266,121 1,486,908 LIABILITIES AND DEFICIT Current Accounts payable and accrued liabilities 357,851 488,098 Current portion of long-term debt — 9,903 Current portion of provisions 21,790 25,467 Income taxes payable 1,794 — Total  current liabilities 381,435 523,468 Long-term debt 1,089,741 1,042,931 Other long-term liabilities 435,150 197,499 Provisions 8,674 10,697 Deferred income tax liabilities 19,463 54,041 Total  liabilities 1,934,463 1,828,636 DEFICIT Share capital 281,052 281,052 Contributed surplus 2,102,623 2,013,797 Accumulated deficit (3,109,685) (2,784,729) Accumulated other comprehensive income 19,453 24,481 Total deficit attributable to shareholders (706,557) (465,399) Equity attributable to non-controlling interests 38,215 123,671 Total  deficit (668,342) (341,728) Total liabilities and deficit 1,266,121 1,486,908 CORUS ENTERTAINMENT INC. INTERIM CONDENSED CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS Three months ended Year ended August 31, August 31, (unaudited - in thousands of Canadian dollars except per share amounts) 2025 2024 2025 2024 Revenues 232,090 269,353 1,127,420 1,270,598 Direct cost of sales, general and administrative expenses 206,098 227,053 938,095 987,169 Depreciation and amortization 22,588 23,513 90,335 111,078 Interest expense 27,921 24,662 120,801 107,827 Goodwill, broadcast licence and other asset impairment 263,626 — 266,482 960,000 Debt refinancing — — 7,333 753 Restructuring and other costs 17,711 28,264 72,108 55,225 Loss on business divestiture — 584 — 584 Other income, net (431) (1,793) (27,606) (1,658) Loss before income taxes (305,423) (32,930) (340,128) (950,380) Income tax recovery (29,382) (9,966) (18,298) (183,636) Net loss for the period (276,041) (22,964) (321,830) (766,744)   Other comprehensive income (loss), net of income taxes Items that may be reclassified subsequently to loss: Unrealized change in fair value of cash flow hedges — (3,754) 1,588 (6,533) Unrealized foreign currency translation adjustment 11 (259) 348 57 11 (4,013) 1,936 (6,476) Items that will not be reclassified to loss: Unrealized change in fair value of financial assets (772) (680) (6,964) (6,884) Actuarial gain (loss) on post-retirement benefit plans 10,374 2,887 3,449 (969) 9,602 2,207 (3,515) (7,853) Other comprehensive income (loss), net of income taxes 9,613 (1,806) (1,579) (14,329) Comprehensive loss for the period (266,428) (24,770) (323,409) (781,073) Net loss attributable to: Shareholders (277,097) (25,675) (328,405) (772,641) Non-controlling interests 1,056 2,711 6,575 5,897 (276,041) (22,964) (321,830) (766,744)   Comprehensive loss attributable to: Shareholders (267,484) (27,481) (329,984) (786,970) Non-controlling interests 1,056 2,711 6,575 5,897 (266,428) (24,770) (323,409) (781,073) Loss per share attributable to shareholders: Basic ($1.39) ($0.13) ($1.65) ($3.87) Diluted ($1.39) ($0.13) ($1.65) ($3.87) CORUS ENTERTAINMENT INC. INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIT)       (unaudited - in thousands of Canadian dollars)       Share capital       Contributed surplus       Accumulated deficit   Accumulated other comprehensive income     Total deficit attributable to shareholders Equity attributable to non- controlling interests       Total deficit As at August 31, 2024 281,052 2,013,797 (2,784,729) 24,481 (465,399) 123,671 (341,728) Comprehensive income (loss) — — (328,405) (1,579) (329,984) 6,575 (323,409) Dividends declared — — — — — (3,300) (3,300) Purchase of minority interest — 88,731 — — 88,731 (88,731) — Actuarial gain on post-retirement benefit plans — — 3,449 (3,449) — — — Share-based compensation expense — 95 — — 95 — 95 As at August 31, 2025 281,052 2,102,623 (3,109,685) 19,453 (706,557) 38,215 (668,342)       (unaudited - in thousands of Canadian dollars)       Share capital       Contributed surplus       Accumulated deficit     Accumulated other comprehensive income     Total equity (deficit) attributable to shareholders   Equity attributable to non- controlling interests       Total equity (deficit) As at August 31, 2023 281,052 2,012,936 (2,014,077) 37,841 317,752 141,248 459,000 Comprehensive income (loss) — — (772,641) (14,329) (786,970) 5,897 (781,073) Dividends declared — — — — — (12,373) (12,373) Disposition of Aircraft Pictures — — 1,655 — 1,655 102 1,757 Actuarial loss on post-retirement benefit plans — — (969) 969 — — — Share-based compensation expense — 861 — — 861 — 861 Reallocation of equity interest — — 1,303 — 1,303 (5,303) (4,000) Return of capital to non-controlling interest — — — — — (5,900) (5,900) As at August 31, 2024 281,052 2,013,797 (2,784,729) 24,481 (465,399) 123,671 (341,728) CORUS ENTERTAINMENT INC. INTERIM   CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Three months ended Year ended August 31, August 31, (unaudited - in thousands of Canadian dollars) 2025 2024 2025 2024 OPERATING   ACTIVITIES Net loss for the period (276,041) (22,964) (321,830) (766,744) Adjustments to reconcile net loss to cash flow from operations: Amortization of program rights 106,566 104,775 496,927 479,170 Amortization of film investments 3,726 1,513 6,123 15,724 Depreciation and amortization 22,588 23,513 90,335 111,078 Deferred income tax recovery (34,394) (1,937) (36,994) (191,362) Goodwill, broadcast licence and other asset impairment 263,626 — 266,482 960,000 Loss on business divestiture — 584 — 584 Foreign exchange loss (gain) 216 (1,283) (13,568) (560) Gain on sale of assets (66) (119) (9,723) (1,106) Share-based compensation expense 4 288 95 861 Imputed interest 11,741 8,544 49,250 41,819 Debt refinancing — — 7,333 753 Payment of program rights (120,292) (134,380) (528,705) (550,543) Net recovery (spend) on film investments 10,324 10,955 (1,812) (10,672) Other 1 682 706 1,140 Cash flow from operations (12,001) (9,829) 4,619 90,142 Net change in non-cash working capital balances related to operations (2,851) 55,670 (18,189) 40,515 Cash provided by (used in) operating activities (14,852) 45,841 (13,570) 130,657   INVESTING ACTIVITIES Additions to property, plant and equipment (9,784) (5,854) (16,668) (17,785) Proceeds from sale of property 67 10 10,165 2,271 Acquisition of non-controlling interest — (4,000) — (4,000) Business divestiture, net of divested cash — (2,801) — (2,801) Net cash flows for intangibles, investments and other assets (584) (856) (1,738) (1,338) Cash used in investing activities (10,301) (13,501) (8,241) (23,653)   FINANCING ACTIVITIES Increase (decrease) in credit facility borrowings 10,000 (2,736) 28,435 (38,805) Financing fees — (591) (1,344) (1,210) Return of capital to non-controlling interest — (5,900) — (5,900) Payment of lease liabilities (4,828) (4,496) (18,845) (18,108) Dividends paid to non-controlling interests (1,250) (2,300) (3,300) (12,373) Other (1,076) (1,103) (6,002) (4,349) Cash provided by (used in) financing activities 2,846 (17,126) (1,056) (80,745) Net change in cash and cash equivalents during the period (22,307) 15,214 (22,867) 26,259 Cash and cash equivalents, beginning of the period 81,862 67,208 82,422 56,163 Cash and cash equivalents, end of the period 59,555 82,422 59,555 82,422 CORUS ENTERTAINMENT INC. BUSINESS SEGMENT INFORMATION (unaudited - in thousands of Canadian dollars) Three months ended August 31, 2025 Television Radio Corporate Consolidated Revenues 212,810 19,280 — 232,090 Direct cost of sales, general and administrative expenses 182,707 16,683 6,708 206,098 Segment profit (loss) (1) 30,103 2,597 (6,708) 25,992 Depreciation and amortization 22,588 Interest expense 27,921 Broadcast licence and other asset impairment 263,626 Restructuring and other costs 17,711 Other income, net (431) Loss before income taxes (305,423)   Three months ended August 31, 2024 Television Radio Corporate Consolidated Revenues 248,048 21,305 — 269,353 Direct cost of sales, general and administrative expenses 202,341 19,898 4,814 227,053 Segment profit (loss) (1) 45,707 1,407 (4,814) 42,300 Depreciation and amortization 23,513 Interest expense 24,662 Restructuring and other costs 28,264 Loss on business divestiture 584 Other income, net (1,793) Loss before income taxes (32,930)   Year ended August 31, 2025 Television Radio Corporate Consolidated Revenues 1,042,769 84,651 — 1,127,420 Direct cost of sales, general and administrative expenses 841,423 71,676 24,996 938,095 Segment profit (loss) (1) 201,346 12,975 (24,996) 189,325 Depreciation and amortization 90,335 Interest expense 120,801 Broadcast licence and other asset impairment 266,482 Debt refinancing 7,333 Restructuring and other costs 72,108 Other income, net (27,606) Loss before income taxes (340,128)   Year ended August 31, 2024 Television Radio Corporate Consolidated Revenues 1,176,738 93,860 — 1,270,598 Direct cost of sales, general and administrative expenses 881,958 84,418 20,793 987,169 Segment profit (loss) (1) 294,780 9,442 (20,793) 283,429 Depreciation and amortization 111,078 Interest expense 107,827 Goodwill, broadcast licence and other asset impairment 960,000 Debt refinancing 753 Restructuring and other costs 55,225 Loss on business divestiture 584 Other income, net (1,658) Loss before income taxes (950,380) (1) Segment profit (loss) does not have a standardized meaning prescribed by IFRS.  For definitions and explanations, see discussion under the Key Performance Indicators and Non-GAAP Financial Measures section of the Fourth Quarter 2025 Report to Shareholders. REVENUE BY TYPE Three months ended Year ended August 31, August 31, (unaudited - in thousands of Canadian dollars) 2025 2024 2025 2024 Advertising 106,758 135,970 625,329 740,446 Subscriber 110,279 117,883 448,949 470,332 Distribution, production and other 15,053 15,500 53,142 59,820 232,090 269,353 1,127,420 1,270,598   NON-GAAP FINANCIAL MEASURES Three months ended Year ended (unaudited - in thousands of Canadian dollars, except percentages) August 31, % August 31, % New platform revenue 2025 2024 Change 2025 2024 Change New platform revenue (numerator) 31,475 31,256 1 % 129,093 137,111 (6 %)   Television advertising revenue   88,720   115,865   (23 %)   545,881   652,322   (16 %) Television subscriber revenue 110,279 117,883 (6 %) 448,949 470,332 (5 %) Total Television advertising and subscriber revenue (denominator)   198,999   233,748   (15 %)   994,830   1,122,654   (11 %) New platform revenue percentage 16 % 13 % 13 % 12 %   Three months ended Year ended (unaudited - in thousands of Canadian dollars, except per share amounts)  August 31, August 31, Adjusted Net Income (Loss) Attributable to Shareholders 2025 2024 2025 2024 Net loss attributable to shareholders (277,097) (25,675) (328,405) (772,641) Adjustments, net of income tax: Goodwill, broadcast licence and other asset impairment 194,009 — 196,121 742,016 Debt refinancing — — 5,400 555 Loss on business divestiture — 584 — 584 Restructuring and other costs 12,217 21,088 53,425 40,913 Adjusted net income (loss) attributable to shareholders (70,871) (4,003) (73,459) 11,427 Basic loss per share ($1.39) ($0.13) ($1.65) ($3.87) Adjustments, net of income tax: Goodwill, broadcast licence and other asset impairment $0.97 — $0.98 $3.72 Debt refinancing — — $0.03 — Loss on business divestiture — — — — Restructuring and other costs $0.06 $0.11 $0.27 $0.21 Adjusted basic earnings (loss) per share ($0.36) ($0.02) ($0.37) $0.06   Three months ended   Year ended (unaudited - in thousands of Canadian dollars) August 31, August 31, Free Cash Flow 2025 2024 2025 2024 Cash provided by (used in): Operating activities (14,852) 45,841 (13,570) 130,657 Investing activities (10,301) (13,501) (8,241) (23,653)   Add: cash used in business acquisitions and strategic investments  (1) (25,153) 32,340 (21,811) 107,004 — 6,802 — 7,148 Free cash flow (25,153) 39,142 (21,811) 114,152 (1) Strategic investments are comprised of investments in venture funds and associated companies.                                                                                                  (unaudited - in thousands of Canadian dollars) As at August 31, As at August 31, Net Debt and Net Debt to Segment Profit 2025 2024 Total debt, net of unamortized financing fees and prepayment options 1,089,741 1,052,834 Lease liabilities 106,998 116,834 Cash and cash equivalents (59,555) (82,422) Net debt (numerator) 1,137,184 1,087,246 Segment profit (denominator)  (1) 189,325 283,429 Net debt to segment profit 6.01 3.84 (1) Reflects aggregate amounts for the most recent four quarters, as detailed in the table in the Quarterly Consolidated Financial Information section of the Fourth Quarter 2025 Report to Shareholders. SOURCE Corus Entertainment Inc (IR Group) View original content: http://www.newswire.ca/en/releases/archive/October2025/30/c6910.html

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