Mr. Joey St-Aubin reports

CANLAN SPORTS DELIVERS STRONG Q3 RESULTS WITH SIGNIFICANT REVENUE GROWTH

Canlan Ice Sports Corp. has released its financial results for the third quarter ended Sept. 30, 2026.

Overview of Q3 2026:

• Total operating revenue of $22.8-million increased by $1.7-million, or 8.1 per cent, compared with a year ago.
• Net loss for Q3 was $1-million, or eight cents share, compared with net loss of $2.5-million, or 19 cents per share in 2025.
• Operating earnings was $1.2-million, compared with an operating loss of $400,000 in 2025.
• The major renovation at Canlan Sports Winnipeg began in 2025 and was substantially complete by the end of Q3. The project included a new parking lot, a fully renovated building facade and front entrance, and complete roof remediation.

Third quarter results (three months ended Sept. 30, 2026, compared with three months ended Sept. 30, 2025):

• Operating revenue of $22.8-million increased by $1.7-million, or 8.1 per cent, compared with 2025, mainly due to pricing and volume increases in Canlan's adult and youth hockey leagues, third party ice rentals, instructional skating programs, tournaments, and food and beverage operations. In addition, sponsorship and advertising revenue increased from added facility naming rights agreements that were entered into at the beginning of 2026.
• Total operating expenses of $19-million rose by a net $100,000, or 0.6 per cent, over the prior year. Higher labour and customer service expenses to support increased business activity were offset by lower repair and maintenance (R&M) costs. The decline in R&M costs mainly reflected the progressive completion of roof refurbishment projects undertaken over the past seven years.
• Total G&A (general and administrative) expenses of $2.6-million remained consistent with prior year. After G&A expenses, operating earnings were $1.2-million, compared with an operating loss of $400,000 in 2025.
• Total depreciation expense of $2.1-million increased by $100,000 from the prior year and net finance expense was $500,000, down from $700,000 in 2025.
• After recording provision for income tax recovery of $300,000 (2025: $600,000), net loss was $1-million, or eight cents per share, compared with net loss of $2.5-million, or 19 cents per share in 2025.

Nine months ended Sept. 30, 2026, results (nine months ended Sept. 30, 2026, compared with nine months ended Sept. 30, 2025):

• Operating revenue rose $4.5-million, or 6.2 per cent, to $77.1-million, compared with 2025, mainly driven by pricing, higher adult and youth hockey league and tournament registrations, increased skating program participation and greater third party ice rentals. This volume growth boosted restaurant and concession traffic, increasing food and beverage revenue by $700,000, or 6.5 per cent. New facility sponsorship activity also contributed to revenue growth.
• Total operating expenses of $57.3-million increased by $2.5-million, or 4.5 per cent, over the prior year, mainly due to incremental labour and other variable costs to service increased business activity levels.
• G&A expenses rose $200,000, or 2.5 per cent, over the prior year to $7.9-million, mainly reflecting regular annual wage increases. After G&A expenses, operating earnings of $11.9-million increased by $1.8-million, or 18.2 per cent, compared with 2025.
• After recording depreciation expense of $6.1-million, net finance costs of $1.7-million, and income tax expense of $900,000, net earnings were $3.2-million, or 24 cents per share, compared with $1.6-million, or 12 cents per share, in the prior year.

"Our third quarter results reflect the strength of our core business and the continued demand for the recreational experiences we deliver across our markets," said Joey St-Aubin, president and chief executive officer of Canlan Sports. "Strong participation in our youth and adult hockey leagues, tournaments, camps and instructional programs contributed to 8-per-cent revenue growth, while disciplined cost management and operating efficiencies drove a meaningful improvement in profitability. What is particularly encouraging is the momentum we are carrying into the final quarter of the year, with strong registrations across our core programs and continued investment in our facilities and customer experience. The recently completed building refresh and parking lot improvements at Canlan Sports Winnipeg have been particularly well received by customers. As we look ahead to 2027, our focus remains on maximizing the potential of our existing assets, introducing new experiences that attract and engage customers, and executing on the strategic growth opportunities that will position Canlan Sports for long-term success."

"The recent increase in our quarterly dividend from three cents to four cents per share reflects the board's confidence in the Company's financial position and our commitment to shareholder returns," added Ivan Wu, Canlan Sports's chief financial officer. "In addition, we have accepted terms to renew our long-term debt package that was set to mature starting September, 2027. The renewed debt package will extend the maturity date out Q3 2030 and will provide greater long-term financial stability and flexibility, allowing us to remain focused on executing our strategic priorities, investing in our facilities and supporting the continued growth of our business."

Dividend policy

Canlan's board of directors has approved the continuation of the corporation's quarterly dividend policy. As such, the board declared eligible dividends totalling four cents per common share that will next be paid on Jan. 14, 2027, to shareholders of record at the close of business on Dec. 31, 2026. Canlan's board of directors reviews the corporation's dividend policy on a quarterly basis. Canlan's dividend is designated as an eligible dividend under the Income Tax Act (Canada) and any corresponding provincial legislation. Under this legislation, individuals resident in Canada may be entitled to enhanced dividend tax credits, which reduce income tax otherwise payable.

Filings

Canlan's financial statements and management discussion and analysis for the quarter ended Sept. 30, 2026, will be available on SEDAR+ on or before Nov. 14, 2026, and through the company's website.

About Canlan Ice Sports Corp.

Canlan is the North American leader in the operations and ownership of multipurpose recreation and entertainment facilities. Canlan is amongst the largest private-sector owners and operators of recreation facilities in North America and currently owns, leases and/or manages 15 facilities in Canada and the United States, with 47 ice surfaces as well as 10 indoor soccer fields and 18 hard court surfaces.

Canlan Ice Sports has proudly been listed on the Toronto Stock Exchange for over 35 years and the stock trades under the symbol ICE.

We seek Safe Harbor.