WILD: Focus Fully Shifts to F2027 and F2028

研报英文原文证据摘录

WILD: Focus Fully Shifts to F2027 and F2028

uing operations were $61.2MM and $5.8MM, Prev. (0.26) 0.09 0.10

respectively, versus our estimates of $76.4MM and $5.6MM. Content P/AEPS NM NM 15.8x 10.5x

Creation and Audience Engagement revenues were $36.1MM (-34.6%

YoY) versus our estimate of $56.8MM driven by lower production Revenue Q1 Q2 Q3 Q4 2025 111.0A 133.1A 140.1A 139.1A

revenues mainly due to timing. Global Licensing revenues were $25.1MM 2026 58.6A 72.4A 61.2A 66.3E

(+34.6 YoY) versus our estimate of $19.6MM driven by growth in core IP Prev. 76.4E 80.8E

brands and WildBrain CPLG. Adjusted EBITDA margin were 45.7%, ahead All values in CAD unless otherwise noted.

of our +36.7% estimate reflecting the stronger mix shift towards higher Priced as of prior trading day's market close, EST (unless otherwise noted).

margin revenues.

• Focus fully shifts to F2027 and F2028 with new reporting segments

beginning in Q4/26. F2026 guidance continues to remain on pause

(as expected) with guidance expected to resume F2027. Management

remains focused on executing internal transformation initiatives that are

designed to optimize the cost structure and better position the company

to capitalize on its growth opportunities. Specifically: (i) six internal

technology projects are underway spanning finance modernization,

enterprise data and workflow automation with SG&A benefits expected

to flow through in F2027 and F2028; (ii) beginning with Q4/26 results,

management will introduce new segmented reporting - Franchise

and Global Licensing, Content (including studios and distribution) and

WildBrain Network (capturing audience engagement).

• Other notables from the quarter. (i) Strawberry Shortcake is gaining

retail traction underpinned by 38 new episodes in 2026, while