MONTREAL, Quebec — February 12, 2026 — Leads & Copy — Yellow Pages Limited (TSX: Y) today released its operating and financial results for the quarter and year ended December 31, 2025.
Sherilyn King, President and CEO of Yellow Pages Limited, noted the company delivered good profitability, a strong cash balance, and continued momentum across its revenue initiatives in the fourth quarter.
King highlighted progress on revenue initiatives, stating the company continues to see encouraging progress on key revenue drivers as the decline rate of total revenues, digital revenues, and print revenues all improved year-over-year. The total revenue decline of 7.4% for 2025 compares to 10.3% reported for 2024.
Adjusted EBITDA for the quarter and full year was 21.8% and 21.6% of revenue, respectively. The company’s cash on hand at the end of January stood at approximately $64 million.
The Board approved the completion of the remaining $2.0 million of announced voluntary cash contributions to its defined benefit pension plan by the end of the first quarter 2026. The company had announced on May 21, 2025, its intention to voluntarily contribute an additional $4.0 million to the plan by the end of June 2026, subject to review by the Board of Directors.
The Board has declared a dividend of $0.25 per common share, to be paid on March 16, 2026, to shareholders of record as of February 25, 2026.
Total revenues decreased 6.5% year-over-year, amounting to $48.0 million for the three-month period ended December 31, 2025, compared to a decrease of 8.1% reported for the same period last year.
Adjusted EBITDA less CAPEX totaled $10.1 million, and the EBITDA less CAPEX margin was 21.1%.
Net income amounted to $7.6 million, or $0.55 diluted income per share.
Total revenues for the fourth quarter ended December 31, 2025, decreased by 6.5% year-over-year to $48.0 million, compared to $51.4 million for the same period last year. The decrease in revenues is mainly due to the decline of higher margin digital media and print products and, to a lesser extent, lower margin digital services products.
Print revenues in the fourth quarter were favorably impacted by the recognition of approximately $0.5 million in revenues that had been deferred from the third quarter due to the Canada Post workers’ strike, which had delayed the distribution of certain print directories and direct mail items during September.
Total digital revenues decreased 5.6% year-over-year to $39.7 million for the three-month period ended December 31, 2025, compared to $42.0 million for the same period last year.
Total print revenues decreased 10.9% year-over-year to $8.4 million for the three-month period ended December 31, 2025, compared to $9.4 million in the fourth quarter of 2024.
Adjusted EBITDA increased to $10.5 million, or 21.8% of revenues, in the fourth quarter ended December 31, 2025, relative to $8.2 million, or 16.0% of revenues, for the same period last year.
Adjusted EBITDA less CAPEX increased by $2.3 million to $10.1 million during the fourth quarter of 2025, compared to $7.8 million during the same period last year.
Net income for the three-month period ended December 31, 2025, amounted to $7.6 million, compared to net income of $2.7 million for the same period last year.
Cash flows from operating activities increased by $3.4 million to $11.7 million for the three-month period ended December 31, 2025, from $8.3 million for the same period last year.
Total revenues for the year ended December 31, 2025, decreased by 7.4% to $198.9 million, compared to $214.8 million for the same period last year.
Total digital revenues decreased 6.3% year-over-year to $161.3 million for the year ended December 31, 2025, compared to $172.1 million for the same period last year.
Total print revenues decreased 12.1% year-over-year and amounted to $37.6 million for the year ended December 31, 2025.
For the year ended December 31, 2025, Adjusted EBITDA decreased by $7.8 million, or 15.3%, to $43.0 million, compared to $50.8 million for the same period last year.
For the year ended December 31, 2025, Adjusted EBITDA less CAPEX decreased by $6.9 million, or 14.2%, to $41.5 million, compared to $48.4 million for the same period last year.
Net income decreased to $18.1 million for the year ended December 31, 2025, compared to net income of $25.0 million for the same period last year.
Cash flows from operating activities decreased by $4.0 million to $35.0 million for the year ended December 31, 2025, from $39.0 million for the same period last year.
Yellow Pages Limited will hold an analyst and media call and simultaneous webcast at 8:30 a.m. (Eastern Time) on February 12, 2026, to discuss fourth quarter 2025 results.
Yellow Pages Limited is a Canadian digital media and marketing company.
Source: Yellow Pages Limited
