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Press Releases Back to News Back to News Montreal (Quebec), February 10, 2022 — Yellow Pages Limited (TSX: Y) (the “Company”), a leading Canadian digital media and marketing company, released its operating and financial results today for the quarter and year ended December 31, 2021. “We are very pleased with our fourth quarter and full year results, which further reflect our steady march toward revenue stability,” said David A. Eckert, President and CEO of Yellow Pages Limited. Eckert commented on the key developments: More progress toward revenue stability. “For the fifth consecutive quarter since COVID-19 hit, and the tenth of the last twelve quarters overall, we report a favorable ‘bending of the revenue curve’ in Q4, with a better rate of change in revenue than reported for the previous quarter.” Continued favorable trends in bookings. “The trends in our bookings continue to be quite strong, as we continue to approach revenue stability.” Concrete investments in revenue initiatives. “We continue to make progress on executing on our programs to expand our tele-sales force and to add to our strong product portfolio, including two key strategic partnerships announced earlier today.” Strong quarterly earnings. “Our Adjusted EBITDA2 for the quarter and full year was a very strong 35.5% of revenue, despite our focus on and investments in revenue initiatives.” Ever-growing cash balance. “Our steadily strong cash generation has grown cash on hand to approximately $130 million as of the end of January.” Pension plan funding on track. “Consistent with our previously announced deficit-reduction plan, in 2021 alone we made $4.0 million of voluntary incremental payments toward our Defined Benefit Pension Plan’s wind-up deficit.” Quarterly dividend declared. “Our Board has declared a dividend of $0.15 per common share, to be paid on March 15, 2022 to shareholders of record as of February 25, 2022.” Continuing common stock NCIB. “Under our current NCIB program commenced August 10, 2021, at the end of the year the Company had purchased 251,376 common shares for cash of $3.6 million.” (1) The dividend will be designated as an eligible dividend pursuant to subsection 89(14) of the Income Tax Act (Canada) and any applicable provincial legislation pertaining to eligible dividends. (2) Adjusted EBITDA is equal to Income from operations before depreciation and amortization and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s consolidated statements of income. Adjusted EBITDA, Adjusted EBITDA margin, CAPEX, Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin are non-GAAP financial measures and do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other public companies. Refer to the section on Non-GAAP financial measures on page 5 of this document for more details. Fourth Quarter 2021 Results Total revenues decreased 10.5% year-over-year and amounted to $68.6 million for the three-month period ended December 31, 2021, an improvement from the decrease of 11.7% reported last quarter. Adjusted EBITDA less CAPEX totalled $23.1 million and the EBITDA less CAPEX margin was 33.7%. Net earnings increased to $38.7 million, or to $1.46 per diluted share. Financial Results for the Fourth Quarter of 2021 Total revenues for the fourth quarter ended December 31, 2021 decreased by 10.5% year-over-year and amounted to $68.6 million as compared to $76.7 million for the same period last year. The decrease for the quarter ended December 31, 2021 is due to the decline of our higher margin YP digital media and print products and to a lesser extent to our lower margin digital services products, thereby creating pressure on our gross profit margins. Adjusted EBITDA1 decreased to $24.4 million or 35.5% of revenues in the fourth quarter ended December 31, 2021, relative to $27.6 million or 36.0% of revenues for the same period last year. The decrease in Adjusted EBITDA and Adjusted EBITDA margin in the three-month period ended December 31, 2021 is the result of revenue pressures, investments in our tele-sales force capacity, and lower wage subsidies received, partially offset by efficiencies from optimization in cost of sales and reductions in other operating costs including reductions in our workforce and associated employee expenses. Revenue pressures, coupled with increased headcount in our salesforce partially offset by continued optimization, will create some pressure on margin in upcoming quarters. Adjusted EBITDA less CAPEX decreased by $3.1 million to $23.1 million during the fourth quarter of 2021, compared to $26.2 million during the same period last year. The decrease in Adjusted EBITDA less CAPEX for the three-month period ended December 31, 2021 is mainly due to lower Adjusted EBITDA partially offset by lower capital expenditures. Net earnings for the three-month ended December 31, 2021 amounted to $38.7 million as compared to net earnings of $16.8 million for the same period last year due to higher recognition of previously unrecognized tax attributes and temporary differences. Earnings before taxes decreased from $19.2 million for the fourth quarter of 2020 to $15.9 million for the three-month period ended December 31, 2021, explained principally by lower Adjusted EBITDA and the increase in restructuring and other charges, partially offset by decreases in depreciation and amortization and financial charges. (1) Adjusted EBITDA is equal to Income from operations before depreciation and amortization and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s consolidated statements of income. Adjusted EBITDA, Adjusted EBITDA margin, CAPEX, Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin are non-GAAP financial measures and do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other public companies. Refer to the section on Non-GAAP financial measures on page 5 of this document for more details. Cash flows from operating activities decreased by $6.6 million to $28.8 million for the three-month period ended December 31, 2021 from $35.4 million last year. The decrease is mainly due to lower Adjusted EBITDA1 of $3.3 million, increased funding of post-employment benefit plans of $1.7 million and a decrease of $6.5 million from the change in operating assets and liabilities, partially offset by lower interest paid of $4.4 million and lower payments for restructuring and other charges of$0.3 million. Financial Results for the Year Ended December 31, 2021 Total revenues for the year ended December 31, 2021 decreased by 13.8% to $287.6 million, as compared to $333.5 million for the same period last year. The decrease in revenues is mainly due to the decline of our higher margin digital media and print products and to a lesser extent to our lower margin digital services products, thereby creating pressure on our gross profit margins. For the year ended December 31, 2021 Adjusted EBITDA decreased by $27.4 million or 21.2% to $102.0 million or 35.5% of revenues, compared to $129.4 million or 38.8% of revenues for the same period last year. The decrease in Adjusted EBITDA is the result of revenue pressures, investments in our tele-sales force capacity, as well as the impact of the Company’s share-price on cash settled stock-based compensation expense and lower wage subsidies received, partially offset by efficiencies from optimization in cost of sales and reductions in other operating costs including reductions in our workforce and associated employee expenses as well the Company’s office space footprint and other spending across the Company. For the year ended December 31, 2021 Adjusted EBITDA less CAPEX1 decreased by $26.9 million or 21.8% to $96.9 million, compared to $123.9 million for the same period last year. The decrease is mainly driven by the decrease in Adjusted EBITDA, partially offset by lower capital expenditures driven by lower spend in software development year-over-year. Net earnings increased to $70.6 million for the year ended December 31, 2021 compared to net earnings of $60.3 million, for the same period last year due to higher recognition of previously unrecognized tax attributes and temporary differences. Earnings before income taxes decreased from $78.7 million to $59.9 million for the year ended December 31, 2021, explained principally by lower Adjusted EBITDA and the loss on early repayment of debt, partially offset by decreases in depreciation and amortization, restructuring and other charges, and financial charges. Cash flows from operating activities decreased by $22.4 million to $104.6 million for the year ended December 31, 2021 from $127.0 million last year. The decrease is mainly due to lower Adjusted EBITDA of $27.4 million and increased funding of post-employment benefit plans of $4.2 million, partially offset by lower payments for restructuring and other charges of $4.1 million, and lower interest paid of $4.2 million. As at December 31, 2021, the Company had $123.6 million of cash. (1) Adjusted EBITDA is equal to Income from operations before depreciation and amortization and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s consolidated statements of income. Adjusted EBITDA, Adjusted EBITDA margin, CAPEX, Adjusted EBITDA less CAPEX, Adjusted EBITDA less CAPEX margin are non-GAAP financial measures and do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other public companies. Refer to the section on Non-GAAP financial measures on page 5 of this document for more details. Conference Call & Webcast Yellow Pages Limited will hold an analyst and media call and simultaneous webcast at 8:30 a.m. (Eastern Time) on February 10, 2022 to discuss fourth quarter 2021 results. The call may be accessed by dialing 416-695-6725 within the Toronto area, or 1-866-696-5910 outside of Toronto, Passcode 3151105#. Please be prepared to join the conference at least 5 minutes prior to the conference start time. The call will be simultaneously webcast on the Company’s website at: https://corporate.yp.ca/en/investors/financial-reports . The conference call will be archived in the Investors section of the site at: https://corporate.yp.ca/en/investors/financial-events-presentations . About Yellow Pages Limited Yellow Pages Limited (TSX: Y) is a Canadian digital media and marketing company that creates opportunities for buyers and sellers to interact and transact in the local economy. Yellow Pages holds some of Canada’s leading local online properties including YP.ca , Canada411 and 411.ca . The Company also holds the YP, Canada411 and 411 mobile applications and Yellow Pages print directories. For more information visit www.corporate.yp.ca . Caution Concerning Forward-Looking Statements This press release contains forward-looking statements about the objectives, strategies, financial conditions and results of operations and businesses of YP (including, without limitation, payment of a cash dividend per share per quarter to its common shareholders; the number of Shares purchased by the Company during the NCIB; and the intention to limit purchases to $16.0 million).These statements are forward-looking as they are based on our current expectations, as at February 9, 2022, about our business and the markets we operate in, and on various estimates and assumptions. Our actual results could materially differ from our expectations if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate. As a result, there is no assurance that any forward-looking statements will materialize. Risks that could cause our results to differ materially from our current expectations are discussed in section 5 of our February 9, 2022 Management’s Discussion and Analysis. We disclaim any intention or obligation to update any forward-looking statements, except as required by law, even if new information becomes available, as a result of future events or for any other reason. Contacts: Investors Franco Sciannamblo Senior Vice-President and Chief Financial Officer investors@yp.ca Media Treena Cooper Senior Vice President, Secretary and General Counsel communications@yp.ca Non-GAAP Financial Measures Adjusted EBITDA and Adjusted EBITDA margin In order to provide a better understanding of the results, the Company uses the terms Adjusted EBITDA and Adjusted EBITDA margin. Adjusted EBITDA is equal to Income from operations before depreciation and amortization and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s consolidated statements of income. Adjusted EBITDA margin is defined as the percentage of Adjusted EBITDA to revenues. Adjusted EBITDA and Adjusted EBITDA margin are not performance measures defined under IFRS and are not considered an alternative to income from operations or net earnings in the context of measuring Yellow Pages performance. Adjusted EBITDA and Adjusted EBITDA margin do not have a standardized meaning under IFRS and are therefore not likely to be comparable to similar measures used by other publicly traded companies. Adjusted EBITDA and Adjusted EBITDA margin should not be used as exclusive measures of cash flow since they do not account for the impact of working capital changes, income taxes, interest payments, pension funding, capital expenditures, business acquisitions, debt principal reductions and other sources and uses of cash, which are disclosed on page 22 of our February 9, 2022 MD&A. Management uses Adjusted EBITDA and Adjusted EBITDA margin to evaluate the performance of its business as it reflects its ongoing profitability. Management believes that certain investors and analysts use Adjusted EBITDA and Adjusted EBITDA margin to measure a company’s ability to service debt and to meet other payment obligations or as common measurement to value companies in the media and marketing solutions industry as well as to evaluate the performance of a business. Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin The Company also uses Adjusted EBITDA less CAPEX, which is defined as Adjusted EBITDA, as defined above, less CAPEX which we define as additions to intangible assets and additions to property and equipment as reported in the Investing Activities section of the Company’s consolidated statements of cash flows. Adjusted EBITDA less CAPEX margin is defined as the percentage of Adjusted EBITDA less CAPEX to revenues. Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin are non-GAAP financial measures and do not have any standardized meaning under IFRS. Therefore, are unlikely to be comparable to similar measures presented by other publicly traded companies. We use Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin to evaluate the performance of our business as it reflects cash generated from business activities. We believe that certain investors and analysts use Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin to evaluate the performance of businesses in our industry. The most comparable IFRS financial measure to Adjusted EBITDA less Capex is Income from operations before depreciation and amortization and restructuring and other charges (defined above as Adjusted EBITDA) as shown in Yellow Pages Limited’s consolidated statements of income. Refer to pages 9 and 17 of the February 9, 2022 MD&A for a reconciliation of Adjusted EBITDA less CAPEX. Yellow Pages Limited Reports Strong Fourth Quarter and Full Year 2021 Financial and Operating Results and Declares a Cash Dividend1 Back to News Print Print

Press Releases Back to News Back to News Montreal (Quebec), August 5, 2021 — Yellow Pages Limited (TSX: Y) (the “Company”), a leading Canadian digital media and marketing company, released its operating and financial results today for the quarter and six months ended June 30, 2021. “We are very pleased with our second quarter results, which reflect our continuing progress,” said David A. Eckert, President and CEO of Yellow Pages Limited. Eckert commented on the key developments: Continued rebound of the “revenue curve.” “For the third consecutive quarter since COVID-19 hit, we report a favorable ‘bending of the revenue curve’ in Q2, with a better rate of change in revenue than reported for the previous quarter.” Promising trends in bookings. “The trends in our bookings continue to be quite strong, suggesting further improvement in our revenue curve in coming quarters, as the sales levels already booked become reported revenue.” Progress on revenue initiatives. “We continue to make progress on executing on our programs to expand our tele-sales force and to add to our strong product portfolio.” Good quarterly earnings. “Our Adjusted EBITDA for the quarter was a healthy 32.8% of revenue, despite the COVID-19 crisis, our investments in revenue initiatives, and a 4.5 percentage point charge related to stock-based compensation, caused by the trading price of our shares continuing to increase during Q2.” Debt-free. “On May 31, 2021, we paid off the principal amount of our Exchangeable Debentures of $107.0 million, at par, plus any related interest owing, which were our only remaining debt, excluding lease obligations.” Still healthy cash balance. “Despite having repaid our debt, due to our continued strong cash generation our cash on hand was approximately $95.0 million as of the end of July.” Quarterly dividend2 declared. “Our Board has declared a dividend of $0.15 per common share, to be paid on September 15, 2021 to shareholders of record as of August 25, 2021.” Pension plan being funded. “Consistent with last quarter’s announcement, we have begun making voluntary incremental payments toward the Plan’s wind-up deficit, per our deficit-reduction plan.” New common stock NCIB to be launched. “As approved by our Board, the Company will enter into a new normal course issuer bid (“NCIB”), commencing August 10, 2021, to purchase up to 5% of the Company’s outstanding shares for cancellation during a twelve-month period. The Company intends to limit aggregate purchases under the new NCIB to $16.0 million.” (1) Adjusted EBITDA is equal to Income from operations before depreciation and amortization and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s interim condensed consolidated statements of income. Adjusted EBITDA, Adjusted EBITDA margin, CAPEX, Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin are non-IFRS financial measures and do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other public companies. Refer to the section on Non-IFRS financial measures on page 5 of this document for more details. (2) The dividend will be designated as an eligible dividend pursuant to subsection 89(14) of the Income Tax Act (Canada) and any applicable provincial legislation pertaining to eligible dividends. Second Quarter of 2021 Results Total revenues decreased 15.5% year-over-year and amounted to $74.6 million for the three-month period ended June 30, 2021, an improvement from the decrease of 16.8% reported last quarter. Adjusted EBITDA less CAPEX1 totaled $23.1 million and the EBITDA less CAPEX margin1 was 31.0%. Net earnings decreased to $6.0 million, or $0.22 per diluted share. Financial Results for the Second Quarter of 2021 Total revenues for the second quarter ended June 30, 2021 of $74.6 million decreased by $13.7 million or 15.5% as compared to $88.3 million for the same period last year. The decrease in revenues for the three-month period ended June 30, 2021 is mainly due to the decline of our higher margin digital media and print products and to a lesser extent to our lower margin digital services products, thereby creating pressure on our gross profit margins. Adjusted EBITDA1 for the three-month period ended June 30, 2021 totalled $24.4 million compared to $41.9 million for the same period last year. The Adjusted EBITDA margin 1 decreased to 32.8% in the second quarter of 2021 compared to 47.5% for the same period last year. The decrease in Adjusted EBITDA for the three-month period ended June 30, 2021, is the result of revenue pressures, investments in our tele-sales force capacity, as well as the impact of the increase in the Company’s share-price on cash settled stock-based compensation expense and lower wage subsidy received, partially offset by efficiencies from optimization in cost of sales and reductions in other operating costs including reductions in our workforce and associated employee expenses as well as in the Company’s office space footprint and other spending across the Company. The increase in YP’s share price resulted in an incremental charge related to cash settled stock-based compensation expense of $3.4 million in the second quarter of 2021 compared to a charge of $0.8 million for the comparative three-month period ended June 30, 2020. The Company received a $2.3 million emergency wage subsidy during the second quarter compared to $4.8 million for the three-month period ended June 30, 2020. Furthermore, the second quarter of 2020 benefited from paused spending and the delayed revenue impacts related to the COVID-19 pandemic. Revenue pressures, coupled with increased headcount in our salesforce partially offset by continued optimization, will continue to cause some pressure on margin in upcoming quarters. Adjusted EBITDA less CAPEX1 for the three-month period ended June 30, 2021 totalled $23.1 million compared to $40.4 million for the same period last year. The decrease for the three-month period ended June 30, 2021 is driven by the decrease in Adjusted EBITDA as CAPEX was relatively stable year-over-year. 1) Adjusted EBITDA is equal to Income from operations before depreciation and amortization and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s interim condensed consolidated statements of income. Adjusted EBITDA, Adjusted EBITDA margin, CAPEX, Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin are non-IFRS financial measures and do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other public companies. Refer to the section on Non-IFRS financial measures on page 5 of this document for more details. Net earnings for the three-month period ended June 30, 2021 decreased to $6.0 million as compared to net earnings of $22.0 million for the same period last year. The decrease in net earnings of $16.0 million for the three-month period ended June 30, 2021, compared to the same period last year, is explained principally by lower Adjusted EBITDA1 and the loss on early repayment of debt, partially offset by decreases in depreciation and amortization, financial charges and provision for income taxes. Cash flows from operating activities decreased by $3.1 million to $28.6 million for the three-month period ended June 30, 2021 compared to $31.7 million for the same period last year, mainly due to lower Adjusted EBITDA of $17.5 million partially offset by an increase of $14.5 million from the change in operating assets and liabilities. The change in operating assets and liabilities mainly results from the increase in accounts payable due to the impact of the share price on the cash settled stock-based compensation expense of $3.4 million for the three-month period ended June 30, 2021, and the timing of certain accounts payable as well as the decrease in trade receivables. During the quarter, the Company fully repaid the principal amount of Exchangeable Debentures of $107.0 million at par plus any accrued and unpaid interest. As at June 30, 2021, the Company had $85.5 million of cash. Common Share NCIB The Toronto Stock Exchange (the “ TSX ”) has accepted a notice filed by the Company of its intention to make a Normal Course Issuer Bid (the “ Bid ”) to be transacted through the facilities of the TSX or any alternative Canadian trading system. The notice provides that the Company may, during the twelve-month period commencing on August 10, 2021 and ending on August 9, 2022, purchase up to 1,386,184 common shares (“ Shares ”), being approximately 5% of the Company’s 27,723,697 issued and outstanding common shares as of July 27, 2021. The price which the Company will pay for any such Shares will be the prevailing market price at the time of acquisition. The actual number of Shares which may be purchased pursuant to the Bid will be determined by management of the Company. All Shares will be purchased for cancellation. Notwithstanding the foregoing, the Company will limit the purchase of common shares to approximately $16.0 million. Pursuant to TSX policies, the maximum amount of Shares that may be purchased in one day pursuant to the Bid will be 1,487 Shares, representing 25% of 5,951 Shares, being the average daily trading volume of the Shares on the TSX for the six months endedJuly 31, 2021. In addition, the Company may make, once per week, a block purchase of Shares not directly or indirectly owned by insiders of the Company, in accordance with TSX policies. In connection with the Bid, the Company entered into an automatic securities purchase plan (“ ASPP ”) with a designated broker. The ASPP is intended to allow for the purchase of Shares when the Company would ordinarily not be permitted to purchase Shares due to regulatory restrictions and customary self-imposed blackout periods. Pursuant to the ASPP, before entering into a blackout period, the Company may, but is not required to, instruct the designated broker to make purchases under the Bid in accordance with the terms of the ASPP and TSX policies during the blackout period. Such purchases will be determined by the designated broker at its sole discretion based on purchasing parameters set by the Company in accordance with the rules of the TSX and any applicable alternative Canadian trading system, applicable securities laws and the terms of the ASPP. The ASPP will be in effect for the term of the bid. All purchases made under the ASPP will be included in computing the number of Shares purchased under the Bid. The board of directors of the Company (the “ Board ”) believes that during the course of the Bid the market price of the Shares may not, from time to time, reflect the inherent value of the issuer and purchases of Shares pursuant to the bid may represent an appropriate and desirable use of funds that allows the issuer to return excess cash to shareholders, while still having sufficient cash available to fund all of its growth capital expenditure requirements. Under the Company’s current normal course issuer bid that commenced August 10, 2020 and terminates August 9, 2021, the Company was authorized to purchase up to 1,403,765 Shares. Under that bid, the Company has purchased 403,220 Shares through open market purchases at a volume weighted average price of $12.40 per Share. 1) Adjusted EBITDA is equal to Income from operations before depreciation and amortization and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s interim condensed consolidated statements of income. Adjusted EBITDA, Adjusted EBITDA margin, CAPEX, Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin are non-IFRS financial measures and do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other public companies. Refer to the section on Non-IFRS financial measures on page 5 of this document for more details. Conference Call & Webcast Yellow Pages Limited will hold an analyst and media call and simultaneous webcast at 8:30 a.m. (Eastern Time) on August 5, 2021 to discuss second quarter 2021 results. The call may be accessed by dialing 416-695-6725 within the Toronto area, or 1-866-696-5910 outside of Toronto, passcode 8577790#. Please be prepared to join the conference at least 5 minutes prior to the conference start time. The call will be simultaneously webcast on the Company’s website at: https://corporate.yp.ca/en/investors/financial-reports . The conference call will be archived in the Investors section of the site at: https://corporate.yp.ca/en/investors/financial-events-presentations . About Yellow Pages Limited Yellow Pages Limited (TSX: Y) is a Canadian digital media and marketing company that creates opportunities for buyers and sellers to interact and transact in the local economy. Yellow Pages holds some of Canada’s leading local online properties including YP.ca , Canada411 and 411.ca . The Company also holds the YP, Canada411 and 411 mobile applications and Yellow Pages print directories. For more information visit www.corporate.yp.ca . Caution Concerning Forward-Looking Statements This press release contains forward-looking statements about the objectives, strategies, financial conditions and results of operations and businesses of YP (including, without limitation, payment of a cash dividend per share per quarter to its common shareholders; the number of Shares purchased by the Company during the NCIB; and the intention to limit purchases to $16.0 million).These statements are forward-looking as they are based on our current expectations, as at August 4, 2021, about our business and the markets we operate in, and on various estimates and assumptions. Our actual results could materially differ from our expectations if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate. As a result, there is no assurance that any forward-looking statements will materialize. Risks that could cause our results to differ materially from our current expectations are discussed in section 5 of our August 4, 2021 Management’s Discussion and Analysis. We disclaim any intention or obligation to update any forward-looking statements, except as required by law, even if new information becomes available, as a result of future events or for any other reason. Contacts: Investors Franco Sciannamblo Senior Vice-President and Chief Financial Officer investors@yp.ca Media Treena Cooper Senior Vice President, Secretary and General Counsel communications@yp.ca Non-IFRS Financial Measures Adjusted EBITDA and Adjusted EBITDA margin In order to provide a better understanding of the results, the Company uses the terms Adjusted EBITDA and Adjusted EBITDA margin. Adjusted EBITDA is equal to Income from operations before depreciation and amortization and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s interim condensed consolidated statements of income. Adjusted EBITDA margin is defined as the percentage of Adjusted EBITDA to revenues. Adjusted EBITDA and Adjusted EBITDA margin are not performance measures defined under IFRS and are not considered an alternative to income from operations or net earnings in the context of measuring Yellow Pages performance. Adjusted EBITDA and Adjusted EBITDA margin do not have a standardized meaning under IFRS and are therefore not likely to be comparable to similar measures used by other publicly traded companies. Adjusted EBITDA and Adjusted EBITDA margin should not be used as exclusive measures of cash flow since they do not account for the impact of working capital changes, income taxes, interest payments, pension funding, capital expenditures, business acquisitions, debt principal reductions and other sources and uses of cash, which are disclosed on page 14 of our August 4, 2021 MD&A. Management uses Adjusted EBITDA and Adjusted EBITDA margin to evaluate the performance of its business as it reflects its ongoing profitability. Management believes that certain investors and analysts use Adjusted EBITDA and Adjusted EBITDA margin to measure a company’s ability to service debt and to meet other payment obligations or as common measurement to value companies in the media and marketing solutions industry as well as to evaluate the performance of a business. Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin The Company also uses Adjusted EBITDA less CAPEX, which is defined as Adjusted EBITDA, as defined above, less CAPEX which we define as additions to intangible assets and additions to property and equipment as reported in the Investing Activities section of the Company’s interim condensed consolidated statements of cash flows. Adjusted EBITDA less CAPEX margin is defined as the percentage of Adjusted EBITDA less CAPEX to revenues. Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin are non-IFRS financial measures and do not have any standardized meaning under IFRS. Therefore, are unlikely to be comparable to similar measures presented by other publicly traded companies. We use Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin to evaluate the performance of our business as it reflects cash generated from business activities. We believe that certain investors and analysts use Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin to evaluate the performance of businesses in our industry. The most comparable IFRS financial measure to Adjusted EBITDA less Capex is Income from operations before depreciation and amortization and restructuring and other charges (defined above as Adjusted EBITDA) as shown in Yellow Pages Limited’s interim condensed consolidated statements of income. Refer to page 8 of the August 4, 2021 MD&A for a reconciliation of Adjusted EBITDA less CAPEX. Yellow Pages Limited Reports Second Quarter 2021 Financial and Operating Results, Declares a Cash Dividend and Confirms a New Normal Course Issuer Bid (NCIB) Back to News Print Print

Yellow pages apps and website services helping consumers discover their neighbourhoods. Copyright © 2023 Yellow Pages Digital & Media Solutions Limited. All Rights Reserved. We’re focused on giving Canadians the best local information on their neighbourhoods, whether urban, suburban or rural. We offer a suite of apps, websites and print media to suit the search preferences of all Canadians. Our Properties for People An Entire Neighbourhood at Your Fingertips Discover everything the neighbourhood has to offer with a click, tap or swipe of a finger. Whether you’re looking for goods or services, directions, deals or even the cheapest gas around, you can find it all with the YP app. Your neighbourhood search engine YP.ca helps you easily access local listings for 2.2 million businesses across Canada. Download App YP.ca Available Also available for Desktop and Tablet "The YP mobile and tablet applications allow you to discover your local neighbourhood, and make smarter decisions with the help of reviews, photos, videos, maps and more information on your great local businesses." The People Finder Canada411 is a free and easy to use platform, offering the most efficient way to find contact information for any person, as well as local businesses, across Canada. Download App www.canada411.ca Available Also available for Desktop and Tablet The Yellow Pages Print Directory A staple in a majority of households across Canada. All the numbers and addresses for your local communities can be found in one place alongside great local editorial content and local activities. If you’re a print lover or just want to keep a directory as back-up, the Yellow Pages directory is up to the task. Do you prefer using our digital products? You can choose to opt-in or opt-out of receiving our Yellow Pages print directory here . eDirectories The free YP eDirectories app is an electronic version of the Yellow Pages print directory. Fully searchable, it has the same content, layout and extra time-saving features to easily find what you’re looking for, all in a convenient format for tablets and desktops. Download App www.edirectories.yp.ca What we do for businesses: We leverage the power of our digital marketing solutions and network to help businesses expand their reach and attract clients. Learn About Our Services

Back to News 31 mai 2016 Chambre de commerce du Montréal métropolitain - Conférence Ajouter à mon agenda Retour aux événements Événements

Press Releases Back to News Back to News Montreal (Quebec), July 16, 2025 — Yellow Pages Limited (TSX: Y) (the “Company” or “YP”), a leading Canadian digital media and marketing company, announced today that Sherilyn King has officially stepped into the role of President and Chief Executive Officer, succeeding David A. Eckert, who retired on July 15, 2025. This announcement follows the Company's Press Release issued on March 6, 2025, which announced Mr. Eckert’s planned retirement and named Sherilyn as his successor after a thorough internal succession process. Sherilyn brings nearly 30 years of experience with Yellow Pages, having joined in 1996 as a Sales Administration Clerk. Her leadership journey has spanned key departments including sales, marketing, customer service, operations, and product innovation. Before stepping into her new role, she was Senior Vice President Sales, Marketing and Customer Service. “It is a privilege to lead an organization that has played such a vital role in the success of local Canadian businesses for over a century,” said Sherilyn King. “As we write this new chapter, we are committed to delivering real, measurable value to our customers and helping small and medium-sized businesses grow through effective digital marketing solutions.” Building on its legacy as a print directory, Yellow Pages has transformed into a national leader in digital marketing solutions. While continuing to publish its iconic print directories, which remain valuable in many communities, the Company helps small and medium-sized businesses navigate digital transformation with confidence and focus on what matters most: growing their business. Through strong partnerships with Microsoft Advertising, Meta, Canada Post, Wix, Google, and more, Yellow Pages ensures businesses are discoverable across all major platforms. At the same time, as artificial intelligence transforms the marketing landscape, the company offers trusted expertise and innovative tools to help business owners navigate change and thrive in an increasingly complex world. Sherilyn King’s appointment marks a rare and inspiring career progression story - rising from entry-level to the highest leadership role within a publicly traded Canadian company. The Company looks forward to her leadership as it continues to innovate and support local businesses nationwide. The Company also extends its deep appreciation to Mr. David A. Eckert for his eight years of transformative leadership. During his tenure, Yellow Pages underwent a remarkable financial and operational turnaround, regaining stability and sustained profitability. He significantly strengthened the funding position of the Company's defined benefit pension plan and led a high-performing management team that repositioned Yellow Pages for long-term success. Thanks to Mr. Eckert’s leadership, the Company is well positioned to continue delivering value to shareholders and helping local businesses connect with their communities. About Yellow Pages Limited Yellow Pages Limited (TSX: Y) is a Canadian digital media and marketing company that creates opportunities for buyers and sellers to interact and transact in the local economy. Yellow Pages holds some of Canada’s leading local online properties including YP.ca , Canada411 and 411.ca . The Company also holds the YP, Canada411, and 411 mobile applications and Yellow Pages print directories. For more information, visit www.corporate.yp.ca . Contact: Investors & Media Philip Samman Director, Legal Affairs investors@yp.ca communications@yp.ca Yellow Pages Canada Confirms Leadership Transition to Sherilyn King as President and CEO Back to News Print Print

Press Releases Back to News Back to News Montreal (Quebec), July 16, 2020 — Yellow Pages Limited (TSX: Y) (the “Company”), a leading Canadian digital media and marketing company, announced today an agreement to extend the tenure of its President and CEO, David A. Eckert, for another 3 years. The Company’s Board of Directors approved the arrangement at a meeting late today. “We are delighted and encouraged that David will be continuing to lead the Company as we build on the strong momentum of the past 3 years and aim to complete the turnaround of the business,” said Susan Kudzman, Chair of the Board of Yellow Pages Limited. Eckert said, “I am honored to be able to continue leading the terrific team of terrific people at YP.” He continued, “I believe there is much opportunity at YP, as we are building a great company, for the benefit of our shareholders, our retirees, our employees, our customers, and our communities. I believe our future is bright, and I am glad I will be a part of it.” About Yellow Pages Limited Yellow Pages Limited (TSX: Y) is a Canadian digital media and marketing company that creates opportunities for buyers and sellers to interact and transact in the local economy. Yellow Pages holds some of Canada’s leading local online properties including YP.ca , Canada411 and 411.ca . The Company also holds the YP, Canada411 and 411 mobile applications and Yellow Pages print directories. For more information visit www.corporate.yp.ca . Caution Concerning Forward-Looking Statements This press release contains forward-looking statements about the objectives, strategies, financial conditions and businesses of the Company. These statements are forward-looking as they are based on our current expectations, as at July 16, 2020, about our business and the markets we operate in, and on various estimates and assumptions. Our actual results could materially differ from our expectations if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate. As a result, there is no assurance that any forward-looking statements will materialize. Risks that could cause our results to differ materially from our current expectations are discussed in section 5 of our May 12, 2020 Management’s Discussion and Analysis. We disclaim any intention or obligation to update any forward-looking statements, except as required by law, even if new information becomes available, as a result of future events or for any other reason. Contacts: Investors Franco Sciannamblo Senior Vice-President and Chief Financial Officer investors@yp.ca Media John Ireland Senior Vice-President, Organizational Effectiveness communications@yp.ca David A. Eckert to Continue as CEO of Yellow Pages Limited under New 3-year Agreement Back to News Print Print

Press Releases Back to News Back to News Montreal (Quebec), May 21, 2025 — Yellow Pages Limited (TSX: Y) (the “Company”), a leading Canadian digital media and marketing company, today announced the purchase of group annuity contracts from BMO Life Assurance Company (“BMO Insurance”) that will facilitate the transfer of approximately $210 million of its defined benefit pension plan (the “Pension Plan”) obligations, and related assets for certain retirees and beneficiaries. Under the agreement, BMO Insurance will issue annuities covering the responsibility for pension benefits of approximately 860 pensioners and beneficiaries of the Company, which represents a significant portion of the Company’s Pension Plan members, and will begin administering all benefits to these members beginning October 2025. There will be no change to the pension benefits for any plan participants as a result of the transaction. Following the transaction, benefits for transferred plan participants will be protected under Assuris, the life insurance compensation association designated under the Insurance Companies Act of Canada. “We are pleased to have reached this agreement as it strengthens our balance sheet and lowers the risk from pension obligations, while allowing the pensioners and beneficiaries to receive equivalent pension benefits from BMO Insurance, a highly rated Canadian insurer with strong expertise in long-term management of retirement benefits. The Company intends to reallocate the benefits of the reduced risk towards activities that will continue to “bend the revenue curve”” said David A. Eckert, CEO of Yellow Pages Limited. This transaction is aligned with the plan to derisk the Pension Plan and protect the realized investment gains and wind-up ratio. Following the transaction, the Company will have reduced its Pension Plan obligations by approximately 50 percent. The purchase of the group annuity contracts will be funded directly by assets of the Pension Plan. The Company also intends to voluntarily contribute an additional $4 million to the Pension Plan by the end of June 2026, subject to review by its board of directors. As a result of the transaction, the Company expects to recognize a non-cash net settlement loss during the second quarter of 2025. TELUS Health acted as advisor to the Company in this transaction. About Yellow Pages Limited Yellow Pages Limited (TSX: Y) is a Canadian digital media and marketing company that creates opportunities for buyers and sellers to interact and transact in the local economy. Yellow Pages holds some of Canada’s leading local online properties including YP.ca , Canada411 and 411.ca . The Company also holds the YP, Canada411 and 411 mobile applications and Yellow Pages print directories. For more information visit www.corporate.yp.ca . Caution Concerning Forward-Looking Statements This press release contains certain statements related to future events and expectations, and as such constitute forward-looking statements within the meaning of applicable securities laws. Statements regarding management’s views with respect to future events relating to and the financial impact of the Company’s agreement with BMO Life Assurance Company to purchase a group annuity contract (the “Agreement”) are subject to risks, uncertainties and other factors that could cause actual results to differ materially from historical experience or from future results expressed or implied by such forward-looking statements. We disclaim any intention or obligation to update any forward-looking statements, except as required by law, even if new information becomes available, as a result of future events or for any other reason. Contact: Investors & Media Franco Sciannamblo Senior Vice-President and Chief Financial Officer investors@yp.ca communications@yp.ca Yellow Pages Limited Purchases Group Annuity Contracts De-Risking Its Defined Benefit Pension Plan Back to News Print Print

Communiqués de presse Back to News Retour aux nouvelles Print Retour aux nouvelles Print Montréal (Québec), le 14 mai 2025 – Pages Jaunes Limitée (TSX : Y) (la « Société »), un chef de file en matière de médias numériques et de solutions marketing au Canada, a publié aujourd’hui ses résultats financiers et d’exploitation pour le trimestre clos le 31 mars 2025. « Nos résultats du premier trimestre montrent une progression constante continue vers l’atteinte de la stabilité des produits, une rentabilité satisfaisante et un solde de trésorerie robuste », a déclaré M. David A. Eckert, chef de la direction de Pages Jaunes Limitée. M. Eckert a commenté les principaux faits nouveaux : · Progression vers l’atteinte de la stabilité des produits. « Nous présentons, pour un cinquième trimestre consécutif, une accentuation favorable de la courbe des produits au premier trimestre, car notre taux de variation des produits a été meilleur que celui enregistré au trimestre précédent. » · Bénéfice trimestriel solide. « Notre BAIIA ajusté2 s’est chiffré à 23,4 % des produits pour le trimestre, même en tenant compte de nos investissements continus dans des initiatives à l’égard des produits, y compris l’augmentation constante continue de notre effectif de vente. » · Solde de trésorerie robuste. « Malgré certains importants décaissements saisonniers effectués au cours du trimestre, la trésorerie s’élevait toujours à environ 49 M$ à la fin du mois d’avril. » Mme Sherilyn King, présidente de Pages Jaunes Limitée, a ajouté : « Nous continuons d’être extrêmement satisfaits des progrès réalisés sur les mesures qui sous-tendent la génération de produits, notamment la taille de notre effectif de vente, la baisse constante du taux de diminution du nombre de clients découlant de l’acquisition de nouveaux clients et des taux de renouvellement stables, de même que les solides dépenses moyennes par client. Nous sommes d’avis que ces éléments fondamentaux sont de bon augure pour notre avenir à moyen et à long terme. En outre, notre conseil a encore une fois déclaré un dividende de 0,25 $ par action ordinaire, devant être versé le 16 juin 2025 aux actionnaires inscrits le 27 mai 2025. » 1. Le dividende sera désigné comme dividende déterminé en vertu du paragraphe 89(14) de la Loi de l’impôt sur le revenu (Canada) et de toute loi provinciale applicable se rapportant aux dividendes déterminés. 2. Le BAIIA ajusté correspond au bénéfice d’exploitation avant amortissements et frais de restructuration et autres charges (défini aux présentes comme le « BAIIA ajusté »), tel qu’il est présenté dans les états consolidés intermédiaires résumés du résultat net de Pages Jaunes Limitée. Le BAIIA ajusté, la marge sur BAIIA ajusté, les dépenses d’investissement, le BAIIA ajusté moins les dépenses d’investissement et la marge sur BAIIA ajusté moins les dépenses d’investissement sont des mesures financières non conformes aux PCGR et n’ont pas de signification normalisée selon les Normes IFRS® de comptabilité. Il est donc peu probable qu’ils soient comparables à des mesures semblables employées par d’autres sociétés ouvertes. Pour en savoir davantage, se reporter à la section « Mesures financières non conformes aux PCGR », à la fin du présent document. Résultats du premier trimestre de 2025 • Le total des produits a diminué de 7,6 % d’un exercice à l’autre pour s’établir à 50,8 M$ pour le trimestre clos le 31 mars 2025, ce qui représente une amélioration par rapport à la baisse de 8,1 % enregistrée au trimestre précédent. • Le BAIIA ajusté moins les dépenses d’investissement1 a totalisé 11,4 M$ et la marge sur BAIIA ajusté moins les dépenses d’investissement1 s’est établie à 22,5 %. • Le bénéfice net s’est établi à 5,0 M$, soit un bénéfice dilué de 0,35 $ par action. Résultats financiers pour le premier trimestre de 2025 Pour le premier trimestre clos le 31 mars 2025, le total des produits a diminué de 7,6 % d’un exercice à l’autre, pour s’établir à 50,8 M$, comparativement à 55,0 M$ pour la période correspondante de l’exercice précédent. La diminution des produits est essentiellement attribuable au recul de nos médias numériques et médias imprimés à marge plus élevée et, dans une moindre mesure, de nos services numériques à marge moins élevée, ce qui a exercé une pression sur nos marges bénéficiaires brutes. Pour le trimestre clos le 31 mars 2025, le total des produits tirés des médias et solutions numériques a diminué de 6,8 % d’un exercice à l’autre, pour s’établir à 40,7 M$, comparativement à 43,7 M$ pour la période correspondante de l’exercice précédent. La baisse des produits est principalement attribuable à la diminution du nombre de clients des médias numériques, qui a été contrebalancée en partie par une hausse des dépenses moyennes par client. Pour le trimestre clos le 31 mars 2025, le total des produits tirés des médias imprimés a diminué de 10,5 % d’un exercice à l’autre, pour s’établir à 10,1 M$. La baisse des produits est principalement attribuable à une diminution du nombre de clients des médias imprimés, alors que les dépenses par client ont augmenté d’un exercice à l’autre, en raison des hausses de prix. Les taux de diminution du total des produits, des produits tirés des médias et solutions numériques et des produits tirés des médias imprimés se sont tous améliorés d’un exercice à l’autre. L’amélioration des taux de diminution des produits est essentiellement attribuable à la baisse du taux de diminution du nombre de clients découlant d’une hausse au titre de l’acquisition de nouveaux clients, alors que les taux de renouvellement des clients sont demeurés relativement stables, et à une augmentation des dépenses moyennes par client découlant en partie des hausses de prix. Le BAIIA ajusté1 a diminué pour s’établir à 11,9 M$, ou 23,4 % des produits, au cours du premier trimestre clos le 31 mars 2025, comparativement à 15,3 M$, ou 27,8 % des produits pour la période correspondante de l’exercice précédent. La diminution du BAIIA ajusté et de la marge sur BAIIA ajusté1 pour le trimestre clos le 31 mars 2025 est attribuable aux pressions exercées sur les produits, aux investissements continus dans notre effectif de télévente et à l’incidence du cours de l’action de la Société sur la charge de rémunération fondée sur des actions réglée en trésorerie, facteurs contrebalancés en partie par l’optimisation du coût des produits vendus et par les réductions des autres coûts d’exploitation, y compris les réductions de la main-d’œuvre et des charges connexes liées aux employés. La réévaluation des passifs liés à la rémunération fondée sur des actions réglée en trésorerie a donné lieu à un recouvrement de 1,3 M$ pour le trimestre clos le 31 mars 2025, comparativement à un recouvrement de 1,9 M$ pour la période correspondante de l’exercice précédent. Les pressions exercées sur les produits par la composition des produits, de même que les investissements dans notre effectif de télévente, contrebalancés en partie par l’optimisation continue et des réductions de coûts, exerceront encore une pression sur les marges au cours des prochains trimestres. Le BAIIA ajusté moins les dépenses d’investissement a diminué de 2,9 M$, pour s’établir à 11,4 M$ au premier trimestre de 2025, comparativement à 14,3 M$ pour la période correspondante de l’exercice précédent. La diminution du BAIIA ajusté moins les dépenses d’investissement et de la marge sur BAIIA ajusté moins les dépenses d’investissement pour le trimestre clos le 31 mars 2025 découle de la diminution du BAIIA ajusté, partiellement contrebalancée par une diminution des dépenses d’investissement d’un exercice à l’autre. Pour le trimestre clos le 31 mars 2025, le bénéfice net s’est établi à 5,0 M$, comparativement à un bénéfice net de 8,4 M$ pour la période correspondante de l’exercice précédent. La diminution s’explique principalement par la baisse du BAIIA ajusté et l’augmentation des frais de restructuration et autres charges, facteurs contrebalancés en partie par la diminution de l’impôt sur le résultat. Les flux de trésorerie provenant des activités d’exploitation ont diminué de 2,2 M$, pour s’établir à 3,3 M$ pour le trimestre clos le 31 mars 2025, comparativement à 5,5 M$ pour la période correspondante de l’exercice précédent. La diminution est essentiellement attribuable à la baisse de 3,4 M$ du BAIIA ajusté, contrebalancée en partie par une baisse de 1,5 M$ de la capitalisation des régimes d’avantages postérieurs à l’emploi. 1. Le BAIIA ajusté correspond au bénéfice d’exploitation avant amortissements et frais de restructuration et autres charges (défini aux présentes comme le « BAIIA ajusté »), tel qu’il est présenté dans les états consolidés intermédiaires résumés du résultat net de Pages Jaunes Limitée. Le BAIIA ajusté, la marge sur BAIIA ajusté, les dépenses d’investissement, le BAIIA ajusté moins les dépenses d’investissement et la marge sur BAIIA ajusté moins les dépenses d’investissement sont des mesures financières non conformes aux PCGR et n’ont pas de signification normalisée selon les Normes IFRS de comptabilité. Il est donc peu probable qu’ils soient comparables à des mesures semblables employées par d’autres sociétés ouvertes. Pour en savoir davantage, se reporter à la section « Mesures financières non conformes aux PCGR », à la fin du présent document. Conférence téléphonique et webdiffusion Pages Jaunes Limitée tiendra une conférence téléphonique et une webdiffusion simultanées à l’intention des analystes et des médias à 8 h 30 (heure de l’Est) le 14 mai 2025 pour commenter les résultats du premier trimestre de 2025. On peut assister à cette conférence en composant le 416 695-6725 dans la région de Toronto ou le 1 866 696-5910 à l’extérieur de cette zone. Le mot de passe est 4418135#. Veuillez joindre la conférence au moins cinq minutes avant le début de celle-ci. La conférence sera aussi disponible par webdiffusion à partir du site Web de la Société, à l’adresse https://corporate.yp.ca/fr/investisseurs/financial-reports . La conférence téléphonique sera archivée dans la section « Investisseurs » du site Web, à l’adresse https://corporate.yp.ca/fr-evenements-financiers-presentations . À propos de Pages Jaunes Limitée Pages Jaunes Limitée (TSX : Y) est une société canadienne de médias numériques et de solutions marketing qui offre des occasions aux vendeurs et aux acheteurs d’interagir et de faire des affaires au sein de l’économie locale. Pages Jaunes détient certains des principaux médias locaux en ligne au Canada, notamment PJ.ca , Canada411 et 411.ca , ainsi que les applications mobiles PJ, Canada411 et 411, de même que les annuaires imprimés Pages Jaunes. Pour plus d’informations, visitez notre site Web au https://corporate.yp.ca/fr . Mise en garde concernant les déclarations prospectives Le présent communiqué contient des déclarations prospectives au sujet des objectifs, des stratégies, de la situation financière et des résultats d’exploitation et des activités de PJ (y compris, sans s’y limiter, le versement d’un dividende en trésorerie par action par trimestre à ses actionnaires ordinaires). Ces déclarations sont prospectives puisqu’elles sont fondées sur nos attentes, en date du 13 mai 2025, en ce qui concerne nos activités et les marchés sur lesquels nous les exerçons, ainsi que sur différentes estimations et hypothèses. Nos résultats réels pourraient différer de manière importante de nos attentes si des risques connus ou inconnus touchaient nos activités ou si nos estimations ou hypothèses se révélaient inexactes. Par conséquent, nous ne pouvons garantir que l’une ou l’autre de nos déclarations prospectives se réalisera. Les risques qui pourraient faire en sorte que nos résultats réels diffèrent de façon importante de nos attentes actuelles sont analysés dans la section 5 de notre rapport de gestion en date du 13 mai 2025. Nous n’avons aucune intention ni ne nous engageons à le faire, sauf si cela est exigé conformément à la loi, de mettre à jour les déclarations prospectives même si de nouveaux renseignements venaient à notre connaissance, par suite d’événements futurs ou pour toute autre raison. Personne-ressource : Investisseurs et médias Franco Sciannamblo Premier vice-président et chef de la direction financière investisseurs@pj.ca communications@pj.ca Mesures financières non conformes aux PCGR BAIIA ajusté et marge sur BAIIA ajusté De manière à offrir une meilleure compréhension des résultats, la Société utilise les termes BAIIA ajusté et marge sur BAIIA ajusté. Le BAIIA ajusté correspond au bénéfice d’exploitation avant amortissements et frais de restructuration et autres charges (défini aux présentes comme le « BAIIA ajusté »), tel qu’il est présenté dans les états consolidés intermédiaires résumés du résultat net de Pages Jaunes Limitée. Nous définissons la marge sur BAIIA ajusté en tant que le BAIIA ajusté en pourcentage des produits. Le BAIIA ajusté et la marge sur BAIIA ajusté ne sont pas des mesures de la performance conformes aux Normes IFRS de comptabilité et ils ne sont pas considérés comme un substitut du bénéfice d’exploitation ou du bénéfice net pour mesurer la performance de Pages Jaunes. Le BAIIA ajusté et la marge sur BAIIA ajusté n’ont pas de signification normalisée selon les Normes IFRS de comptabilité; il est donc peu probable qu’ils soient comparables à des mesures semblables employées par d’autres sociétés cotées en bourse. Le BAIIA ajusté et la marge sur BAIIA ajusté ne devraient pas être utilisés comme mesures exclusives des flux de trésorerie, car ils ne tiennent pas compte de l’incidence des variations du fonds de roulement, de l’impôt sur le résultat, des paiements d’intérêts, de la capitalisation des régimes, des dépenses d’investissement, des réductions du capital de la dette ainsi que des autres provenances et utilisations des flux de trésorerie, qui sont présentées à la page 11 de notre rapport de gestion au 13 mai 2025. La direction utilise le BAIIA ajusté et la marge sur BAIIA ajusté pour évaluer la performance de ses activités, car ils reflètent la rentabilité continue. La direction est d’avis que certains investisseurs et analystes utilisent le BAIIA ajusté et la marge sur BAIIA ajusté pour évaluer la capacité d’une société à assurer le service de sa dette et à satisfaire à d’autres obligations de paiement ou comme mesure courante pour évaluer les sociétés exerçant leurs activités dans le secteur des médias et des solutions de marketing ainsi que pour évaluer la performance d’une entreprise. BAIIA ajusté moins les dépenses d’investissement et marge sur BAIIA ajusté moins les dépenses d’investissement La Société utilise aussi le BAIIA ajusté moins les dépenses d’investissement, que nous définissons comme le BAIIA ajusté, tel qu’il est défini ci-dessus, moins les dépenses d’investissement, que nous définissons comme les acquisitions d’immobilisations incorporelles et les acquisitions d’immobilisations corporelles, présentées dans la section « Activités d’investissement » des tableaux consolidés des flux de trésorerie de la Société. Nous définissons la marge sur BAIIA ajusté moins les dépenses d’investissement en tant que le BAIIA ajusté moins les dépenses d’investissement en pourcentage des produits. Le BAIIA ajusté moins les dépenses d’investissement et la marge sur BAIIA ajusté moins les dépenses d’investissement sont des mesures financières non conformes aux PCGR et n’ont pas de signification normalisée selon les Normes IFRS de comptabilité. Il est donc peu probable qu’ils soient comparables à des mesures semblables employées par d’autres sociétés cotées en bourse. Nous utilisons le BAIIA ajusté moins les dépenses d’investissement et la marge sur BAIIA ajusté moins les dépenses d’investissement pour évaluer la performance de nos activités, car ils reflètent les flux de trésorerie provenant de nos activités commerciales. Nous sommes d’avis que certains investisseurs et analystes utilisent le BAIIA ajusté moins les dépenses d’investissement et la marge sur BAIIA ajusté moins les dépenses d’investissement pour évaluer la performance des entreprises de notre secteur. La mesure financière conforme aux Normes IFRS de comptabilité qui s’apparente le plus au BAIIA ajusté moins les dépenses d’investissement est le bénéfice d’exploitation avant amortissements et frais de restructuration et autres charges (défini ci-dessus comme le « BAIIA ajusté »), tel qu’il est présenté dans les états consolidés intermédiaires résumés du résultat net de Pages Jaunes Limitée. Se reporter au tableau ci-dessous pour un rapprochement du BAIIA ajusté moins les dépenses d’investissement. Pages Jaunes Limitée présente ses résultats financiers et d’exploitation pour le premier trimestre de 2025 et déclare un dividende en trésorerie