Revenues of $732.4 million for the quarter ended October 26, 2025; operating earnings of $66.9 million; and net earnings attributable to shareholders of the Corporation of $42.9 million ($0.51 per share).
Adjusted operating earnings before depreciation and amortization(1) of $137.6 million for the quarter ended October 26, 2025; adjusted operating earnings(1) of $100.6 million; and adjusted net earnings attributable to shareholders of the Corporation(1) of $68.6 million ($0.82 per share).
Revenues of $2,743.9 million for fiscal year 2025; operating earnings of $264.1 million; and net earnings attributable to shareholders of the Corporation of $171.0 million ($2.04 per share).
Adjusted operating earnings before depreciation and amortization(1) of $466.2 million for fiscal year 2025; adjusted operating earnings(1) of $315.7 million; and adjusted net earnings attributable to shareholders of the Corporation(1) of $217.2 million ($2.59 per share).
Decline in net earnings attributable to shareholders of the Corporation per share of 10.5% for the fourth quarter of 2025 and growth of 44.7% for fiscal year 2025.
Growth in adjusted net earnings attributable to shareholders of the Corporation per share(1) of 3.8% for the fourth quarter of 2025 and 10.7% for fiscal year 2025.
Business acquisitions completed during the fiscal year to accelerate the growth of in-store marketing activities.
Renewal of the printing contract for The Globe and Mail for a 10-year period.
Subsequent to the end of fiscal year 2025, announcement of the sale of the Packaging Sector for $2.1 billion(2).
(1) Please refer to the section entitled "Non-IFRS Financial Measures" in this press release for a definition of these measures.(2) Converted at an exchange rate of 1.38 CAD/USD.
MONTREAL, Dec. 10, 2025 (GLOBE NEWSWIRE) -- Transcontinental Inc. (TSX:TCL) announces its results for the fourth quarter and fiscal year 2025, which ended October 26, 2025.
"For the fourth consecutive quarter, we improved our adjusted net earnings per share, which continues to demonstrate the positive impact of the implementation of our program aimed at improving our profitability and our financial position," said Thomas Morin, President and Chief Executive Officer of TC Transcontinental. "These strong results, combined with our solid financial position, position us well to begin a new chapter in our history.
"Despite the adverse impact of the economic climate on demand, the Packaging Sector posted a modest increase in volume in the fourth quarter. Thanks to our cost reduction initiatives, we improved the sector's operating earnings in the fourth quarter. The sale of our Packaging Sector will create significant value for our shareholders, and I wish to thank our colleagues for their commitment and efforts, which enabled us to build this sector over the last 11 years.
"After delivering an excellent performance for the first nine months of the fiscal year, the Retail Services and Printing Sector experienced a challenging fourth quarter, caused in part by the labour conflict at Canada Post. With distribution fully resumed since the beginning of December, the impact of the labour conflict on our earnings should be reduced in fiscal 2026. Lastly, the renewal of the printing contract for The Globe and Mail is excellent news for our newspaper printing activities and will bring further stability to this niche."
"The decrease in our financial expenses as a result of the significant reduction in net indebtedness, combined with our share repurchase program, allowed us to significantly grow net earnings per share for the fiscal year," added Donald LeCavalier, Executive Vice President and Chief Financial Officer of TC Transcontinental. "Our balance sheet is solid, and we are well positioned to take advantage of growth opportunities in our retail services and printing activities as well as in our educational publishing activities."
Financial Highlights
(in millions of dollars, except per share amounts)
Q4-2025
Q4-2024
Variationin %
Fiscal Year2025
Fiscal Year2024
Variationin %
Revenues
$
732.4
$
749.3
(2.3
)%
$
2,743.9
$
2,812.9
(2.5
)%
Operating earnings before depreciation and amortization
118.2
131.8
(10.3
)
473.1
424.7
11.4
Adjusted operating earnings before depreciation and amortization(1)
137.6
142.2
(3.2
)
466.2
469.4
(0.7
)
Operating earnings
66.9
79.3
(15.6
)
264.1
209.5
26.1
Adjusted operating earnings(1)
100.6
105.1
(4.3
)
315.7
320.6
(1.5
)
Net earnings attributable to shareholders of the Corporation
42.9
47.9
(10.4
)
171.0
121.3
41.0
Net earnings attributable to shareholders of the Corporation per share
0.51
0.57
(10.5
)
2.04
1.41
44.7
Adjusted net earnings attributable to shareholders of the Corporation(1)
68.6
67.3
1.9
217.2
201.4
7.8
Adjusted net earnings attributable to shareholders of the Corporation per share(1)
0.82
0.79
3.8
2.59
2.34
10.7
(1) Please refer to the section entitled "Reconciliation of Non-IFRS Financial Measures" in this Press release for adjusted data presented above.
Results for the Fourth Quarter of Fiscal Year 2025
Revenues decreased by $16.9 million, or 2.3%, from $749.3 million in the fourth quarter of fiscal year 2024 to $732.4 million in the corresponding period of 2025. This decrease is mainly due to lower volume in the Retail Services and Printing Sector and the impact of the sale of the industrial packaging operations, partially offset by the recent acquisition in our in-store marketing activities, higher volume in the Packaging Sector and the favourable exchange rate effect.
Operating earnings before depreciation and amortization decreased by $13.6 million, or 10.3%, from $131.8 million in the fourth quarter of fiscal year 2024 to $118.2 million in the fourth quarter of fiscal year 2025. This decrease is mainly due to lower volume in the Retail Services and Printing Sector, caused in particular by the impact of the labour conflict at Canada Post, the increase in restructuring and other costs as well as the sale of the industrial packaging operations. The decrease was partially offset by higher volume in the Packaging Sector, the favourable impact of cost reduction initiatives, the recent acquisitions and the favourable exchange rate effect.
Adjusted operating earnings before depreciation and amortization decreased by $4.6 million, or 3.2%, from $142.2 million in the fourth quarter of fiscal year 2024 to $137.6 million in the fourth quarter of fiscal year 2025. This decrease is mainly due to lower volume in the Retail Services and Printing Sector, caused in particular by the impact of the labour conflict at Canada Post, and the sale of the industrial packaging operations. The decrease was partially offset by higher volume in the Packaging Sector, the favourable impact of cost reduction initiatives, the recent acquisitions and the favourable exchange rate effect.
Net earnings attributable to shareholders of the Corporation decreased by $5.0 million, or 10.4%, from $47.9 million in the fourth quarter of fiscal year 2024 to $42.9 million in the fourth quarter of fiscal year 2025. This decrease is mainly due to the previously explained decrease in operating earnings before depreciation and amortization, partially offset by lower financial expenses, income taxes and, to a lesser extent, depreciation and amortization. On a per share basis, net earnings attributable to shareholders of the Corporation decreased by 10.5%, from $0.57 to $0.51, respectively.
Adjusted net earnings attributable to shareholders of the Corporation increased by $1.3 million, or 1.9%, from $67.3 million in the fourth quarter of fiscal year 2024 to $68.6 million in the fourth quarter of fiscal year 2025. This increase is mainly attributable to lower financial expenses and adjusted income taxes, partially offset by the decrease in adjusted operating earnings. On a per share basis, adjusted net earnings attributable to shareholders of the Corporation increased by 3.8%, from $0.79 to $0.82, respectively.
Results for Fiscal Year 2025
Revenues decreased by $69.0 million, or 2.5%, from $2,812.9 million in fiscal year 2024 to $2,743.9 million in the corresponding period of 2025. This decrease is mainly due to the impact of the sale of the industrial packaging operations and lower volume, partially offset by the favourable exchange rate effect and the acquisitions in the in-store marketing activities.
Operating earnings before depreciation and amortization increased by $48.4 million, or 11.4%, from $424.7 million in fiscal year 2024 to $473.1 million in the corresponding period of 2025. This increase is mainly attributable to the favourable impact of cost reduction initiatives, the decrease in restructuring and other costs (revenues), the favourable exchange rate effect and the recent acquisitions, partially offset by lower volume and the sale of the industrial packaging operations.
Adjusted operating earnings before depreciation and amortization decreased by $3.2 million, or 0.7%, from $469.4 million in fiscal year 2024 to $466.2 million in the corresponding period of 2025. This decrease is mainly due to lower volume and the sale of the industrial packaging operations, mostly offset by the favourable impact of cost reduction initiatives, the favourable exchange rate effect and the recent acquisitions.
Net earnings attributable to shareholders of the Corporation increased by $49.7 million, or 41.0%, from $121.3 million in fiscal year 2024 to $171.0 million in the corresponding period of 2025. This increase is mainly attributable to the previously explained rise in operating earnings before depreciation and amortization as well as lower financial expenses and depreciation and amortization, partially offset by higher income taxes. On a per share basis, net earnings attributable to shareholders of the Corporation increased by 44.7%, from $1.41 to $2.04, respectively.
Adjusted net earnings attributable to shareholders of the Corporation increased by $15.8 million, or 7.8%, from $201.4 million in fiscal year 2024 to $217.2 million in the corresponding period of 2025. This increase is mainly attributable to lower financial expenses and adjusted income taxes, partially offset by the decrease in adjusted operating earnings. On a per share basis, adjusted net earnings attributable to shareholders of the Corporation increased by 10.7%, from $2.34 to $2.59, respectively.
For more detailed financial information, please see the Management's Discussion and Analysis for the fiscal year ended October 26, 2025, as well as the financial statements in the "Investors" section of our website at www.tc.tc.
Outlook
The sale of our Packaging Sector should close in the first quarter of calendar year 2026, subject to meeting applicable closing conditions and receiving applicable authorizations by regulatory authorities.
We anticipate lower volumes in our traditional activities, including book printing, which experienced a very high growth in fiscal year 2025. This decrease should be partially offset by growth in our in-store marketing activities, including the positive impact of the acquisitions.
At the consolidated level, we expect adjusted operating earnings before depreciation from continuing operations for fiscal year 2026 to remain stable compared to fiscal year 2025.
Lastly, we expect to continue generating significant cash flows from operating activities, which will enable us to continue to reduce net indebtedness while investing in our growth and returning capital to our shareholders.
Non-IFRS Financial Measures
In this document, unless otherwise indicated, all financial data are prepared in accordance with International Financial Reporting Accounting Standards ("IFRS") and the term "dollar", as well as the symbol "$" designate Canadian dollars.
In addition, in this press release, we also use certain non-IFRS financial measures for which a complete definition is presented below and for which a reconciliation to financial information in accordance with IFRS is presented in the section entitled "Reconciliation of Non-IFRS Financial Measures" and in Note 3, "Segmented Information", to the audited annual consolidated financial statements for the fiscal year ended October 26, 2025.
Terms Used
Definitions
Adjusted operating earnings before depreciation and amortization
Operating earnings before depreciation and amortization including realized gains (losses) on non-designated foreign exchange contracts and excluding restructuring and other costs (revenues) as well as impairment of assets.This measure is used to assess the operating performance of the Corporation and its sectors on a comparable basis.
Adjusted operating earnings
Operating earnings including realized gains (losses) on non-designated foreign exchange contracts and excluding restructuring and other costs (revenues), amortization of intangible assets arising from business combinations as well as impairment of assets.This measure is used to better assess the current operating performance of the Corporation and its sectors on a comparable basis.
Adjusted income taxes
Income taxes before income taxes on restructuring and other costs (revenues), amortization of intangible assets arising from business combinations, impairment of assets as well as the recognition of previous years tax assets of an acquired company.
Adjusted net earnings attributable to shareholders of the Corporation
Net earnings attributable to shareholders of the Corporation before restructuring and other costs (revenues), amortization of intangible assets arising from business combinations and impairment of assets, net of related income taxes as well as the recognition of previous years tax assets of an acquired company.This measure is used to assess the financial performance of the Corporation and its sectors on a comparable basis.
Net indebtedness
Total of long-term debt, of current portion of long-term debt, of lease liabilities and of current portion of lease liabilities, less cash.This measure is used to calculate the net indebtedness ratio.
Net indebtedness ratio
Net indebtedness divided by the last 12 months' adjusted operating earnings before depreciation and amortization.This ratio is used by the Corporation to measure its ability to repay its debts and assess its financial leverage.
Reconciliation of Non-IFRS Financial Measures
The financial information has been prepared in accordance with IFRS. However, financial measures used, namely adjusted operating earnings before depreciation and amortization, adjusted operating earnings, adjusted income taxes, adjusted net earnings attributable to shareholders of the Corporation, adjusted net earnings attributable to shareholders of the Corporation per share, net indebtedness and net indebtedness ratio, for which a reconciliation is presented in the following table, do not have any standardized meaning under IFRS. They may be calculated differently by other companies, and may not be comparable to similar measures presented by other companies. We believe that many of our readers analyze the financial performance of the Corporation's activities based on these non-IFRS financial measures as such measures may allow for easier comparisons between periods. These measures should be considered as a complement to financial performance measures in accordance with IFRS. They do not substitute and are not superior to them.
The Corporation also believes that these measures are useful indicators of the performance of its operations and its ability to meet its financial obligations. Furthermore, management also uses some of these non-IFRS financial measures to assess the performance of its activities and managers.
Reconciliation of operating earnings - Fourth quarter and fiscal year
Three months ended
Year ended
(in millions of dollars)
October 26,2025
October 27,2024
October 26,2025
October 27,2024
Operating earnings
$
66.9
$
79.3
$
264.1
$
209.5
Including
Realized gains (losses) on non-designated foreign exchange contracts(1)
(0.4
)
—
0.8
—
Excluding
Restructuring and other costs (revenues)
16.0
7.1
(17.2
)
33.9
Amortization of intangible assets arising from business combinations(2)
14.3
15.4
58.5
66.4
Impairment of assets
3.8
3.3
9.5
10.8
Adjusted operating earnings
$
100.6
$
105.1
$
315.7
$
320.6
Depreciation and amortization(3)
37.0
37.1
150.5
148.8
Adjusted operating earnings before depreciation and amortization
$
137.6
$
142.2
$
466.2
$
469.4
(1) To mitigate the impact of foreign currency fluctuations when consolidating the Packaging Sector's earnings, the Corporation sometimes uses foreign exchange contracts. These contracts are not designated as part of a hedge accounting relationship, and resulting exchange gains or losses are added to adjusted operating earnings and adjusted operating earnings before depreciation and amortization.(2) Amortization of intangible assets arising from business combinations include our customer relationships, educational book titles, non-compete agreements, trade names with finite useful lives and rights of first refusal.(3) Depreciation and amortization excludes the amortization of intangible assets arising from business combinations.
Reconciliation of operating earnings -Fourth quarter and fiscal yearfor the Packaging Sector
Three months ended
Year ended
(in millions of dollars)
October 26,2025
October 27,2024
October 26,2025
October 27,2024
Operating earnings
$
32.7
$
30.6
$
159.2
$
114.7
Including
Realized gains (losses) on non-designated foreign exchange contracts(1)
(0.4
)
—
0.8
—
Excluding
Restructuring and other costs (revenues)
2.2
1.5
(38.9
)
11.2
Amortization of intangible assets arising from business combinations(2)
13.3
14.4
54.4
60.9
Impairment of assets
—
—
—
0.6
Adjusted operating earnings
$
47.8
$
46.5
$
175.5
$
187.4
Depreciation and amortization(3)
20.1
19.2
82.1
74.8
Adjusted operating earnings before depreciation and amortization
$
67.9
$
65.7
$
257.6
$
262.2
(1) To mitigate the impact of foreign currency fluctuations when consolidating the Packaging Sector's earnings, the Corporation sometimes uses foreign exchange contracts. These contracts are not designated as part of a hedge accounting relationship, and resulting exchange gains or losses are added to adjusted operating earnings and adjusted operating earnings before depreciation and amortization.(2) Amortization of intangible assets arising from business combinations includes our customer relationships.(3) Depreciation and amortization excludes the amortization of intangible assets arising from business combinations.
Reconciliation of operating earnings -Fourth quarter and fiscal yearfor the Retail Services and Printing Sector
Three months ended
Year ended
(in millions of dollars)
October 26,2025
October 27,2024
October 26,2025
October 27,2024
Operating earnings
$
38.7
$
47.5
$
146.2
$
118.6
Excluding
Restructuring and other costs
2.9
2.5
10.4
22.1
Amortization of intangible assets arising from business combinations(1)
0.6
0.4
2.3
3.4
Impairment of assets
1.2
2.2
1.2
9.1
Adjusted operating earnings
$
43.4
$
52.6
$
160.1
$
153.2
Depreciation and amortization(2)
10.7
11.0
42.3
47.8
Adjusted operating earnings before depreciation and amortization
$
54.1
$
63.6
$
202.4
$
201.0
(1) Amortization of intangible assets arising from business combinations includes our customer relationships, non-compete agreements and trade names with finite useful lives.(2) Depreciation and amortization excludes the amortization of intangible assets arising from business combinations.
Reconciliation of operating earnings -Fourth quarter and fiscal yearfor the Other Sector
Three months ended
Year ended
(in millions of dollars)
October 26,2025
October 27,2024
October 26,2025
October 27,2024
Operating earnings
$
(4.5
)
$
1.2
$
(41.3
)
$
(23.8
)
Excluding
Restructuring and other costs (revenues)
10.9
3.1
11.3
0.6
Amortization of intangible assets arising from business combinations(1)
0.4
0.6
1.8
2.1
Impairment of assets
2.6
1.1
8.3
1.1
Adjusted operating earnings
$
9.4
$
6.0
$
(19.9
)
$
(20.0
)
Depreciation and amortization(2)
6.2
6.9
26.1
26.2
Adjusted operating earnings before depreciation and amortization
$
15.6
$
12.9
$
6.2
$
6.2
(1) Amortization of intangible assets arising from business combinations includes our rights of first refusal and educational book titles.(2) Depreciation and amortization excludes the amortization of intangible assets arising from business combinations.
Reconciliation of net earnings attributable to shareholders of the Corporation -Fourth quarter and fiscal year
Three months ended
Year ended
(in millions of dollars, except per share amounts)
October 26,2025
October 27,2024
October 26,2025
October 27,2024
Net earnings attributable to shareholders of the Corporation
$
42.9
$
47.9
$
171.0
$
121.3
Excluding
Restructuring and other costs (revenues)
16.0
7.1
(17.2
)
33.9
