CORUS ENTERTAINMENT ANNOUNCES FISCAL 2026 SECOND QUARTER RESULTS

• Consolidated revenue decreased 15% for the quarter and 17% for the year-to-date
• Consolidated segment profit⁽¹⁾ increased 72% for the quarter and decreased 14% for the year-to-date
• Consolidated segment profit margin⁽¹⁾ of 13% for the quarter and 18% for the year-to-date
• Net loss attributable to shareholders of $6.1 million ($0.03 loss per share basic) for the quarter and $17.2 million ($0.09 loss per share basic) for the year-to-date
• Free cash flow⁽¹⁾ of $1.3 million for the quarter and a negative $52.3 million for the year-to-date.

TORONTO, April 10, 2026 /CNW/ – Corus Entertainment Inc. (TSX:CJR) announced its second quarter financial results today.

“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.”

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 greenlights new original content. Home Network and Flavour Network celebrated being Canada’s #1 and #2 lifestyle networks respectively following the networks’ inaugural year, alongside The HISTORY^® Channel as the nation’s #1 factual network⁽¹⁾. Building on this success and the ongoing commitment to Canadian original programming, Corus announced seven upcoming 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’ 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.

• Free cash flow⁽¹⁾ of $1.3 million in Q2 and negative $52.3 million year‑to‑date compared to $46.0 million and $35.9 million, respectively, in the same comparable prior year periods. The decrease in free cash flow⁽¹⁾ 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⁽¹⁾ was 6.70 times as at February 28, 2026, up from 6.01 times at August 31, 2025, as a result of the decrease in segment profit⁽¹⁾ and increase in the amount drawn under the revolving credit facility, offset by lower lease liabilities.
• As of February 28, 2026, the Company had $36.1 million of cash and cash equivalents and $35.0 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 (the “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 Inc. reports its financial results in Canadian dollars.

The unaudited interim condensed consolidated financial statements and accompanying notes for the three and six months ended February 28, 2026 and Management’s Discussion and Analysis are available on the Company’s website at www.corusent.com in the Investor Relations section and under the Company’s SEDAR+ profile at www.sedarplus.ca.

A conference call with Corus senior management is scheduled for April 10, 2026 at 10:00 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 use the following URL to easily register and be connected to the conference call automatically: https://emportal.ink/47jG4AL. 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 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#. More information can be found on the Corus Entertainment website at www.corusent.com in the Investor Relations section.

Significant risks and uncertainties affecting the Company and its business are discussed under the heading “Risks and Uncertainties” and “Seasonal Fluctuations” in the 2025 MD&A, as well as in the accompanying quarterly MD&A included in the Second Quarter 2026 Report to Shareholders under the heading “Risks and Uncertainties”. These discussions are important to understanding the assumptions and factors which may affect the Company’s outlook and results and are incorporated by reference.

This press release includes the non‑GAAP or non‑IFRS financial measures of segment profit (loss), segment profit margin, free cash flow, adjusted net income (loss) attributable to shareholders, adjusted basic earnings (loss) per share, net debt to segment profit, as well as supplementary financial measures not presented in the financial statements such as new platform revenue. Non‑GAAP or non‑IFRS measures that are not in accordance with, nor an alternate to, generally accepted accounting principles (“GAAP”) and may be different from non‑GAAP or non‑IFRS measures used by other companies. In addition, these non‑GAAP measures are not based on any comprehensive set of accounting rules or principles.

Non‑GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with IFRS. They are limited in value because they exclude charges that have a material effect on the Company’s reported results and, therefore, should not be relied upon as the sole financial measures to evaluate the Company’s financial results. The non‑GAAP financial measures are meant to supplement, and to be viewed in conjunction with, IFRS financial results. A reconciliation of the Company’s non‑GAAP measures is included in the Company’s most recent Report to Shareholders for the three and six months ended February 28, 2026, which is available on Corus’ website at www.corusent.com as well as on SEDAR+ at www.sedarplus.ca.

This press release contains forward‑looking information and should be read subject to the following cautionary language. To the extent any statements made in this document, or any of the documents referenced herein, contain information that is not historical, these statements are forward‑looking statements and may be forward‑looking information within the meaning of applicable securities laws (collectively, “forward‑looking information”). This forward‑looking information relates to, among other things, the objectives, goals, strategies, targets, intentions, plans, estimates, and outlooks of Corus Entertainment Inc. and its subsidiaries (collectively, “Corus” or the “Company”), including, but not limited to, its: strategic, operational and business plans; anticipated revenue, cost, and subscription trends; applicable regulatory, judicial, and legislative changes, decisions, and regimes; expectations regarding financial and operational performance; expectations regarding costs, tariffs, taxes, and fees; capital, balance sheet management, and liability management plans, strategies, and actions and benefits thereof; ability to repay debt and/or maintain necessary access to loan and credit facilities; and the Company’s previously‑announced proposed recapitalization transaction (the “Recapitalization Transaction”) and the approval and completion thereof. Forward‑looking information can generally be identified by the use of words such as “estimate”, “forecast”, “project”, “believe”, “anticipate”, “expect”, “intend”, “plan”, “will”, “may”, or the negatives of these terms and other similar expressions. In addition, any statements that refer to expectations, anticipated outcomes or impacts, projections, or other characterizations of future events or circumstances may be considered forward‑looking information.

Although Corus believes that the expectations reflected in such forward‑looking information are reasonable, such information involves many material assumptions, risks and uncertainties and undue reliance should not be placed on such statements. Certain material factors or assumptions, which are subject to uncertainty, risk, and change and may cause actual results to differ materially from expectations, calculations, plans, or forecasts, are applied with respect to forward‑looking information. Such factors include, without limitation, factors and assumptions relating to or impacting: the sustainability of Corus’ current or proposed capital and debt structure; Corus’ ability to maintain access to, renegotiate, obtain relief from, and meet covenants under relevant secured and unsecured credit facilities and instruments; Corus’ ability to access sufficient capital and liquidity; macroeconomic, geopolitical, and general business and market conditions; Corus’ ability to execute its strategies and plans; financial and operating results being consistent with expectations; Corus’ ability to attract, retain, and manage fluctuations in revenue; continuity of relationships and arrangements with, and revenue and costs attributed to, suppliers, distributors, partners, clients, and customers on desirable and expected terms; stability of advertising, subscription, production, and distribution markets and revenue; changes to key suppliers and clients; impacts of pending and threatened litigation, regulatory and judicial decisions and interpretations, and appeals thereof; changes in laws and regulations and the interpretation and application thereof, including statements, decisions, and positions by applicable courts and regulators, including, without limitation, the Canadian Radio‑television and Telecommunications Commission; changes to licensing status and conditions; impacts of competition from foreign and domestic competitors, including due to industry mergers and acquisitions and such competitors not being regulated in the same way or to the same degree; strategic opportunities and partnerships (or lack thereof) that may be presented to, pursued, or implemented by the Company; changes to applicable accounting standards and tax, licensing, and regulatory regimes; changes to operating and capital costs and imposed and threatened tariffs, taxes, and fees; impacts of interest rates and inflation; Corus’ ability to source, produce, and sell desirable content; unanticipated and un‑mitigatable changes to programming costs; retention and reputation risks related to employees and contractors; physical and operational changes to facilities and infrastructure; industry or Company‑related labour actions; cybersecurity threats and incidents to the Company or its key suppliers and vendors; and epidemics, pandemics, and other public health and safety crises.

These factors also include factors and assumptions relating to, or impacting, the execution of the Company’s proposed Recapitalization Transaction, including, without limitation: approval of the Recapitalization Transaction, including by applicable regulatory authorities, and stock exchanges; the ability to complete, execute, and implement the Recapitalization Transaction in the time and manner contemplated; the anticipated or expected effect or impacts of the Recapitalization Transaction on the Company and/or its stakeholders; the obligations and abilities of third parties to close or complete actions as part of the Recapitalization Transaction; the anticipated reduction of the Company’s debt and related costs and interest expenses (including the amounts thereof); the exchange of existing equity and debt for new equity and debt; and the dilution or changes to the Company’s outstanding shares in number or value and markets for them. Actual results may differ materially from those expressed or implied in such information and the foregoing list is not exhaustive.

Additional information about these factors and about the material assumptions underlying any forward‑looking information may be found under the heading “Risks and Uncertainties” in the Company’s Management’s Discussion and Analysis (“MD&A”) for the year ended August 31, 2025, as may be updated, supplemented, or amended from …

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