Mr. G.W.J. Pottow reports

THREE MONTH FINANCIAL RESULTS AND REGULAR DIVIDEND

The Becker Milk Company Ltd. has released its results for the three months ended July 31, 2026.

Highlights:

• Total revenues for the three months ended July 31, 2026, were $731,693, compared with $716,740 for the same period in 2025.
• The year-to-date non-GAAP (generally accepted accounting principles) financial measure net operating income for Q1 (first quarter) fiscal 2027 was $614,889, compared with $606,179 in fiscal 2026;
• The year-to-date net income for Q1 fiscal 2027 was seven cents per share, compared with 25 cents net income per share in Q1 fiscal 2026.

Financial highlights

Total revenues for the three months ended July 31, 2026, increased $14,953 compared with the three months ended July 31, 2025, a result of increased property revenue partially offset by reduced finance income.

Components of the $322,673 decrease in net income for the three months ended July 31, 2026, compared with the three months ended July 31, 2025, are detailed in an attached table.

There was no material change in investment property capitalization rates during the three months ended July 31, 2026. Compared with the three months ended July 31, 2025, there was a $45,506 unfavourable change in the fair value adjustment to investment properties.

Non-IFRS (international financial reporting standards) financial measures

Net operating income

The non-ifrs financial measure net operating income for the three months ended July 31, 2026, was $614,889, an $8,710 increase compared with the previous year.

Funds from operations and adjusted funds from operations

For the three months ended July 31, 2026, the company recorded adjusted funds from operations of $182,991 (10 cents per share), compared with $186,918 (10 cents per share) in 2025.

Strategic review

The board of directors continually evaluates a variety of potential strategic directions for the company. The company continues to review its strategic alternatives strategy, and will update the market as appropriate and as required by applicable law.

Dividend

The directors of the company have declared the regular semi-annual dividend on Class B special and common shares of 40 cents per share. This dividend of 40 cents will be paid to those shareholders of record as of Sept. 21, 2026, and payable on Sept. 30, 2026.

The dividends for Canadian tax purposes will be considered as an eligible dividend.

The company's interim financial statements for the three months ended July 31, 2026, along with the management's discussion and analysis, will be filed with SEDAR+.

Readers are cautioned that although the terms net operating income and funds from operations are commonly used to measure, compare and explain the operating and financial performance of Canadian real estate companies, and such terms are defined in the management's discussion and analysis, such terms are not recognized terms under Canadian generally accepted accounting principles. Such terms do not necessarily have a standardized meaning and may not be comparable with similarly titled measures presented by the other publicly traded entities.