TCL.A: A Solid H2/26 Outlook Intact

研报英文原文证据摘录

TCL.A: A Solid H2/26 Outlook Intact

investors to continue to benefit from ongoing capital returns Prev. 1,189.6 1,198.1 1,189.9 EBITDA 466.2 209.2 210.5 209.4

(dividends, share repurchases) building upon what have been two special Prev. 211.0 215.9 216.7

dividends amounting to $21/share paid over the F2024-F2026 period

(including a reduction of stated capital). EPS, Ops Diluted Q1 Q2 Q3 Q4 2025 0.49A 0.58A 0.70A 0.82A

• A solid H2/26 outlook intact. Despite adjusted EBITDA being down -3.8% 2026 0.08A 0.19A 0.33E 0.47E

YoY in H1/26, F2026 guidance of stable adjusted EBITDA was reiterated Prev. 0.17E 0.36E 0.48E

with the improved H2/26 outlook driven by: (i) low single-digit organic Revenue

revenue growth for ISM (versus flat in Q2/26); (ii) initial traction from 2025 643.0A 684.1A 684.4A 732.4A 2026 263.5A 269.2A 306.8E 337.1E

the national rollout of raddar beginning the week of June 15 (11.6MM Prev. 280.0E 309.0E

copies reaching 3 of 4 Canadians across 537 zones); (iii) the renewal of

newspaper outsourcing contracts (Postmedia, Glacier Media) adding > AllPricedvaluesas ofin priorCAD unlesstradingotherwiseday's marketnoted.close, EST (unless otherwise noted).

$5MM in additional revenues through F2026; (iv) a strengthening new

sales pipeline with book printing helping to mitigate a tough F2025

comparable; (v) strong educational publishing seasonality in the back

half; and (vi) ongoing cost efficiencies with the reduction in corporate

costs following the sale of Packaging on track to hit the targeted run-rate

within 6-12 months as the ProAmpac services agreement tapers off.

• A healthy FCF and capital return set-up. Management continues to

expect strong FCF generation for F2026 (reiterating $55MM-$60MM

in capex with some reversal to the H1/26 working capital drag) with