Burnaby, British Columbia--(Newsfile Corp. - August 13, 2026) - Canlan Ice Sports Corp. (TSX: ICE) (the "Corporation", "Canlan" or "Canlan Sports") today reported its financial results for the second quarter ended June 30, 2026.

Overview of Q2 2026

• Total operating revenue of $24.9 million increased by $1.4 million or 6.0% compared to a year ago;

• Operating earnings of $2.0 million consistent with 2025;

• Net loss of $0.4 million or $0.03 loss per share compared to net loss of $0.2 million or $0.01 loss per share in 2025; and

• In April 2026, Burnaby BC's Scotia Barn expanded its Game Deck™ to include amusement and redemption games, building on the sports simulator bays launched in 2024. Several other significant renovation projects were also underway during the quarter, aimed at improving operational efficiency and enhancing customer experience across various locations.

Three Months and Six Months Ended June 30, 2026 Results

Second Quarter Results
(three months ended June 30, 2026 compared with three months ended June 30, 2025)

• Total operating revenue of $24.9 million increased by $1.4 million or 6.0% compared to 2025 mainly due to pricing and volume increases in Canlan's adult and youth hockey leagues, 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 $20.2 million increased by $1.2 million or 6.6%, mainly due to higher labour costs from wage increases and staffing for increased traffic, and higher R&M expenses related to major maintenance projects;

• Total G&A expenses of $2.7 million increased by $0.2 million or 6.3% mainly due to increased salary expense from scheduled increments and certain vacancies of corporate roles were filled during the second half of 2025;

• After G&A, operating earnings of $2.0 million which is consistent with 2025; and

• After recording depreciation expense of $2.0 million, net finance costs of $0.7 million, and income tax recovery of $0.3 million, net loss for the quarter was $0.4 million or $0.03 per share compared to net loss of $0.2 million or $0.01 per share in the prior year.

Six Months Ended June 30, 2026 Results
(six months ended June 30, 2026 compared with six months ended June 30, 2025)

• Total operating revenue of $54.3 million increased by $2.8 million or 5.4% compared to 2025 mainly due to pricing and volume increases in third-party surface rentals, adult and youth hockey leagues, and higher tournament registrations. In addition, growth in restaurant and concession traffic resulted in a 6.4% or $0.5 million rise in food and beverage revenue;

• Total operating expenses of $38.3 million increased by $2.3 million or 6.5% mainly due to incremental labour and other variable costs to service increased business activity levels and higher repair and maintenance expenses;

• Total G&A expenses of $5.3 million increased by $0.2 million or 4.6% mainly due to filling vacant positions in mid-year 2025;

• Operating earnings before interest, depreciation and taxes was $10.7 million compared to $10.5 million in 2025; and

• After recording depreciation expense of $4.0 million, net finance costs of $1.2 million, and income tax expense of $1.2 million, net earnings were $4.2 million or $0.31 per share compared to $4.0 million or $0.30 per share in the prior year.

"Our first-half results demonstrate the strength of Canlan's business model and the continued demand for our sports and recreation experiences. Revenue grew 5.4% year over year, driven by strong participation in our adult and youth hockey leagues, tournaments, and the complementary growth of our food and beverage business.

At the same time, we're investing strategically to enhance customer experience across our network. The expansion of the Game Deck at Scotia Barn in Burnaby builds on the success of our York location and reflects our commitment to creating destinations where families and athletes can enjoy more than just ice sports. Combined with ongoing facility upgrades and modernization projects, these investments position us to deliver greater value to our customers while supporting long-term growth," said Joey St-Aubin, President and CEO, Canlan Sports.

"Our capital investment program remains focused on strengthening our facilities while maintaining financial discipline," said Ivan Wu, CFO of Canlan Sports. "During the quarter, we continued advancing major renewal projects, including the modernization of amenities and upgrades to air management systems across several facilities. Despite these significant investments and elevated maintenance activity, our operations generated $4.0 million in cash flow before borrowing costs during the first half of 2026, which represents a significant increase from the $2.1 million generated in the same period last year. Given a healthy balance sheet and Canlan's relatively consistent operating results, the Company's Board of Directors has also approved an increase of our quarterly dividend from $0.03 per share to $0.04 per share."

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 totaling $0.04 per common share that will next be paid on October 15, 2026 to shareholders of record at the close of business September 29, 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's Discussion & Analysis for the quarter ended June 30, 2026 will be available via SEDAR+ (www.sedarplus.ca) on or before August 14, 2026 and through the Company's website, www.canlansports.com.

About Canlan

Canlan Sports is the North American leader in the operations and ownership of multi-purpose recreation and entertainment facilities. We are amongst the largest private sector owners and operators of recreation facilities in North America and currently own, lease and/or manage 15 facilities in Canada and the United States with 47 ice surfaces, as well as 10 indoor soccer fields, and 18 hard court surfaces. To learn more about Canlan please visit www.canlansports.com.

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

Caution concerning forward-looking statements

This News Release may contain information that constitutes "forward-looking" information within the meaning of applicable securities laws. Often, but not always, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information in this press release includes, but is not limited to, anticipated benefits of capital expenditures (including energy efficiencies and enhanced customer experiences) and expectations of business growth. Forward-looking information is based on the reasonable assumptions, estimates, analyses, beliefs and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable at the date that such information is disclosed. Forward-looking information is subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Canlan to control or predict, that may cause Canlan's actual results, performance or achievements to be materially different from those expressed or implied thereby. Material risk factors that could cause actual results to differ materially from the forward-looking information provided herein include those factors identified in Canlan's public disclosure file available at www.sedarplus.ca and, in particular, the risk factors set out under the heading "Risk Factors" in the Company's MD&A available for review on the Company's profile at www.sedarplus.ca. Such forward-looking information represents management's best judgment based on information currently available. Accordingly, readers are advised not to place undue reliance on forward-looking information. The forward-looking information herein is made as of the date of this press release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable securities law.

^[1] Operating earnings is defined as earnings after general and administrative expenses and before interest, depreciation, foreign currency exchange, gain on assets sold and income tax. However, operating earnings are not a term that has specific meaning in accordance with IFRS, and may be calculated differently by other companies. Canlan reconciles operating earnings to its net earnings.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/309516

Source: Canlan Ice Sports Corp.