Goodfellow Reports Its Results for the Third Quarter Ended August 31, 2025

DELSON, Quebec, Oct. 14, 2025 (GLOBE NEWSWIRE) -- Goodfellow Inc. (TSX: GDL) (the “Company” or “Goodfellow”) announced today its financial results for the third quarter ended August 31, 2025.

For the three months ended August 31, 2025, the Company reported net earnings of $3.7 million or $0.45 per share compared to net earnings of $5.8 million or $0.68 per share a year ago. Consolidated sales were $142 million compared to $140 million last year.

For the nine months ended August 31, 2025, the Company reported net earnings of $3.9 million or $0.47 per share compared to net earnings of $11 million or $1.29 per share a year ago, while consolidated sales were $406 million compared to $385 million last year.

In the third quarter of 2025, Goodfellow navigated on-going varying economic conditions nationally by focusing on disciplined cost management, margin protection, and targeted growth opportunities in value-added products and specialty markets. These measures, combined with its diversified business model and customer-focused approach, resulted in higher turnover and sales.

The Board of Directors declared an eligible dividend of $0.35 per share payable on November 11, 2025 to shareholders of record at the close of business on October 28, 2025. This dividend is designated as an eligible dividend under the Income Tax Act (Canada). The declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors.

About Goodfellow

Goodfellow is a diversified manufacturer of value-added lumber products, as well as a wholesale distributor of building materials and floor coverings. With a distribution footprint from coast-to-coast in Canada and in the Northeastern U.S., Goodfellow effectively serves commercial and residential sectors through lumber yard retailer networks, manufacturers, industrial and infrastructure project partners, and floor covering specialists. Goodfellow also leverages its value-added product capabilities to serve lumber markets internationally. Goodfellow Inc. is a publicly traded company, and its shares are listed on the Toronto Stock Exchange under the symbol “GDL”.

GOODFELLOW INC. Consolidated Statements of Comprehensive Income For the three and nine months ended August 31, 2025 and 2024 (in thousands of dollars, except per share amounts) Unaudited For the three months endedFor the nine months endedAugust 31
2025August 31
2024August 31
2025August 31
2024 $$$$ Sales 141,910139,668406,030 385,336Expenses Cost of goods sold106,690 105,280312,594 294,025Selling, administrative and general expenses28,779 25,44784,719 74,439Net financial costs1,242 9553,2401,662 136,711 131,682400,553370,126 Earnings before income taxes5,1997,9865,47715,210 Income taxes1,456 2,2361,534 4,259 Total comprehensive income3,743 5,7503,943 10,951 Net earnings per share – Basic0.450.680.471.29Net earnings per share – Diluted0.440.680.471.29

GOODFELLOW INC. Consolidated Statements of Financial Position (in thousands of dollars) Unaudited As atAs atAs atAugust 31
2025November 30
2024August 31
2024 $$$Assets Current Assets Cash4,098 5,3146,273Trade and other receivables64,632 56,60173,775Income taxes receivable5,003 6,6344,849Inventories148,403 131,284131,853Prepaid expenses1,640 4,0472,101Total Current Assets223,776 203,880218,851 Non-Current Assets Property, plant and equipment42,545 43,88343,610Intangible assets483 8961,044Right-of-use assets20,356 19,93615,818Defined benefit plan asset21,385 21,92515,325Other assets1,8851,3361,343Total Non-Current Assets86,654 87,97677,140Total Assets310,430291,856295,991 Liabilities Current Liabilities Bank indebtedness22,0005,91321,636Trade and other payables50,23449,02850,043Provision804 9301,747Current portion of lease liabilities6,562 6,2715,326Total Current Liabilities79,60062,14278,752 Non-Current Liabilities Lease liabilities15,447 15,20311,966Deferred income taxes8,3038,3034,112Total Non-Current Liabilities23,750 23,50616,078Total Liabilities103,350 85,64894,830 Shareholders’ Equity Share capital9,2149,3099,337Retained earnings197,866196,899191,824 207,080206,208201,161Total Liabilities and Shareholders’ Equity310,430291,856295,991

GOODFELLOW INC. Consolidated Statements of Cash Flows For the three and nine months ended August 31, 2025 and August 31, 2024 (in thousands of dollars)
Unaudited For the three months endedFor the nine months ended August 31
2025August 31
2024August 31
2025August 31
2024 $$$$Operating Activities Net earnings3,7435,7503,94310,951Adjustments for: Depreciation and amortization of: Property, plant and equipment1,3081,0993,8572,816 Intangible assets147 148438 443 Right-of-use assets1,597 1,2664,607 3,389 Gain on disposal of property, plant and equipment(3)(18)(12)(95) Provision16 (1,027)(126)(1,042) Income taxes1,456 2,2361,534 4,259 Interest expense610 5191,442 894 Interest on lease liabilities362 2121,068 486 Funding in excess (deficit) of pension plan expense169 (61)540 22 Share-based compensation89-89- Other(4)(19)(185)(11) 9,490 10,10517,195 22,112 Changes in non-cash working capital items30,03417,964(21,600)(38,912)Interest paid(979)(706)(2,447)(1,413)Income taxes recovered (paid)10720197(2,822) 29,16217,459(23,950)(43,147)Net Cash Flows from Operating Activities 38,65227,564(6,755)(21,035) Financing Activities Net (decrease) increase in bank loans-(6,000)2,000-Net (decrease) increase in CORRA loans(35,000)(3,000)20,00015,000Payment of lease liabilities(1,488)(1,322)(4,307)(3,778)Redemption of shares(216)(368)(1,055)(537)Dividends paid--(2,105)(4,256)Net Cash Flows from Financing Activities (36,704)(10,690)14,5336,429 Investing Activities Acquisition of property, plant and equipment(1,009)(10,082)(2,519)(13,982)Increase in intangible assets(15)-(25)-Proceeds on disposal of property, plant and equipment32212412Other assets9(116)(549)(566)Net Cash Flows from Investing Activities (1,012)(10,176)(3,081)(14,136) Net cash (outflow) inflow9366,6984,697(28,742)Cash position, beginning of period3,162 (7,061)(599)28,379Cash position, end of period4,098(363)4,098(363) Cash position is comprised of Cash4,098 6,2734,098 6,273Bank overdraft-(6,636)-(6,636) 4,098(363)4,098(363)

GOODFELLOW INC.Consolidated Statements of Changes in Shareholders’ Equity For the nine months ended August 31, 2025 and August 31, 2024(in thousands of dollars)
Unaudited Share
CapitalRetained
EarningsTotal $$$ Balance as at November 30, 20239,379185,624195,003 Net earnings-10,95110,951 Total comprehensive income-10,95110,951 Dividend-(4,256)(4,256)Redemption of Shares(42)(495)(537) Balance as at August 31, 20249,337191,824201,161 Balance as at November 30, 20249,309196,899206,208 Net earnings -3,9433,943 Total comprehensive income -3,9433,943 Dividend-(2,105)(2,105)Share-based compensation -8989Redemption of Shares (95)(960)(1,055) Balance as at August 31, 20259,214197,866207,080

From:Goodfellow Inc.
Patrick Goodfellow
President and CEO
T: 450 635-6511
F: 450 635-3730
[email protected]