Q2/26 Preview: Could be Time to Revisit Spin

Research evidence excerpt

Q2/26 Preview: Could be Time to Revisit Spin

Consumer Discretionary

Spin Master Corp.

TD SECURITIES INC. - CANADA ESTIMATE CHANGES

July 2, 2026

Price: C$20.38 (06/30/2026) Q2/26 Preview: Could be Time to Revisit Spin

Price Target: C$27.00 (Prior C$26.00)

BUY (1)

Brian Morrison, CA^ THE TD COWEN INSIGHT

416 944 6868

A return to historical retail ordering patterns, compelling offering including stabilization of

brian.morrison@tdsecurities.com

M&D, clean channel inventory, and stable POS trends could support Spin outperforming Q2/26

Catherine Sung^ consensus. We forecast y/y growth to accelerate in the seasonally strong Q3/26, improving

416 982 6833 investor confidence in 2026 guidance, that leads to a narrowing of its valuation discount

catherine.sung@tdsecurities.com

currently at historical lows.

Key Data

Symbol TSX: TOY-T Impact: POSITIVE for Thesis

12-Month Div (Est.): C$0.52

Q2/26 Outlook (July 30): Our Q2/26 forecast is slightly above consensus. A compelling

Beta: 0.57

product offering, normalization of retailer order patterns, and stable POS trends support our

12-Month Total

35.0% view of an improving y/y Toy performance as it laps a "soft" comparable period. As such, weReturn:

52-Week Range: C$26.20-C$17.44 have maintained our financial forecast but shifted our financial outlook to a more pronounced

Market Cap: C$2.1B weighting in Q2/Q3 than our prior outlook. TD Cowen Q2/26 adj. EBITDA/EPS: ~$35mm/-

Net Debt (MM): C$431.9 $0.02; Consensus: ~$28mm/-$0.13.

Dil. Shares Out (MM): 102.6

Retail Ordering Normalization: We believe the industry is gradually seeing a shift back toward

Float Shares (mm): 30.5 FOB Port from Domestic, that along with Spin's product lineup, should support a return to