Mr. John Gossling reports

CORUS ENTERTAINMENT ANNOUNCES FISCAL 2026 SECOND QUARTER RESULTS

Corus Entertainment Inc. has released its second quarter financial results.

"Our second quarter results reflect improved profitability, primarily driven by programming schedule timing, the absence of certain one-time costs incurred in the prior year and ongoing cost-containment initiatives," said John Gossling, chief executive officer. "Despite continued industry and macroeconomic pressures on linear advertising demand, we are making meaningful progress on initiatives that build on the strength of our leading brands, content and client offerings. We are also pleased to be moving expeditiously into the next phase of our recapitalization transaction, which will strengthen our financial foundation and support a sustainable business strategy."

Operational highlights

Corus delivered strong content and distribution momentum, led by top-ranked Canadian networks, new Canadian original greenlights and premieres, and expanded international sales reach:

• Corus green-lights new original content: Home Network and Flavour Network celebrated being Canada's No. 1 and No. 2 lifestyle networks respectively following the networks' inaugural year, alongside The History Channel as the nation's No. 1 factual network. Building on this success and the continuing commitment to Canadian original programming, Corus announced seven coming Canadian original series, including the greenlight of new Home Network series Property Pursuit and season 2 of Beer Budget Reno as well as a new A+E Global Media co-production, Countdown to Zero Hour, for The History Channel.
• Corus's original series premiere on Home Network: Corus unveiled Home Network's spring lineup, including two Corus original series, all-new Life Is Messy with Kortney Wilson and Kenny Brain, and season 3 of Renovation Resort with Scott McGillivray and Bryan Baeumler. Rounding out the programming lineup are new and returning international acquisition series, including Rachael Ray's Rebuild and George Clarke's Flipping Fast.

Financial highlights:

• Free cash flow of $1.3-million in Q2 and negative $52.3-million year to date compared with $46-million and $35.9-million, respectively, in the same comparable prior-year periods. The decrease in free cash flow for the second quarter is mainly attributable to lower cash provided by operating activities. The decrease in the year to date is mainly attributable to lower cash provided by operating activities and higher proceeds from sale of property in the prior year.
• Net debt to segment profit was 6.70 times as at Feb. 28, 2026, up from 6.01 times at Aug. 31, 2025, as a result of the decrease in segment profit and increase in the amount drawn under the revolving credit facility, offset by lower lease liabilities.
• As of Feb. 28, 2026, the company had $36.1-million of cash and cash equivalents and $35-million available to be drawn under its revolving facility.
• On March 24, 2026, Corus received an order from the Ontario Superior Court of Justice (Commercial List) to proceed with its previously announced recapitalization transaction, pursuant to a plan of arrangement under the Canada Business Corporations Act. The recapitalization transaction remains subject to, among other things, satisfaction of the terms and conditions in the support agreements with key stakeholders and the receipt of all customary and necessary regulatory approvals, including from the Canadian Radio-television and Telecommunications Commission and the Toronto Stock Exchange.

Corus Entertainment reports its financial results in Canadian dollars.

The unaudited interim condensed consolidated financial statements and accompanying notes for the three and six months ended Feb. 28, 2026, and management discussion and analysis are available on the company's website in the investor relations section and under the company's SEDAR+ profile.

A conference call with Corus senior management is scheduled for April 10, 2026, at 10 a.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 register on-line and be connected to the conference call automatically. 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 callers is 1-888-699-1199. This call will be archived and available for replay in the investor relations section of the Corus website beginning April 10, 2026, at 1 p.m. ET or accessible by telephone until April 17, 2026, at 1-888-660-6345 (toll-free North America) or 289-819-1450 (local or international), using replay code 65167 followed by the number sign.

About Corus Entertainment Inc.

Corus Entertainment 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 encompasses 25 specialty television services, 36 radio stations, 15 conventional television stations, digital and streaming platforms, and social digital agency and media services. Corus's 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.

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