TWC Enterprises Limited Announces Third Quarter 2026 Results and Eligible Dividend

KING CITY, Ontario, Oct. 30, 2026 (GLOBE NEWSWIRE) --

Consolidated Financial Highlights (unaudited)

Operating Data

The following is an analysis of net earnings:

The following is a breakdown of net operating income (loss) by segment:

Operating revenue is calculated as follows:

Direct operating expenses are calculated as follows:

⁽¹⁾ Please see Non-IFRS Measures

Third Quarter 2026 Consolidated Operating Highlights

The sale of Kanata Golf Club for the 2026 operating season impacted both operating revenue and expenses for the Canadian golf club operations. A wet summer also contributed to a decline in golf rounds. The demand for golf remains robust and as a result, ClubLink was able to pass through inflationary revenue increases.

Net operating income for the Canadian golf club operations segment increased to $28,098,000 for the three month period ended September 30, 2026 from $26,031,000 in 2025 due to the robust demand for golf allowing for inflationary increases in revenue.

Interest, net and investment income increased 13.6% to income of $2,694,000 for the three month period ended September 30, 2026 from $2,371,000 in 2025.

Other items consist of the following income (loss) items:

At September 30, 2026, the Company recorded an unrealized loss of $7,453,000 on its investment in marketable securities (September 30, 2025 - loss of $1,707,000). This loss is attributable to the fair market value adjustments of the Company's investment in Automotive Properties REIT.

On July 16, 2026, ClubLink sold Kanata Golf Club to separate joint ventures and retained a 44.5% ownership in each. A $15,179,000 gain was recognized on this transaction and is included in the above amount.

Net earnings in the amount of $27,710,000 for the three month period ended September 30, 2026 increased from $16,929,000 in 2025 due to the $15,179,000 gain on the sale of Kanata Golf Club. Basic and diluted earnings per share increased to $1.15 per share for the three month period ended September 30, 2026, compared to basic and diluted earnings per share of $0.70 cents in 2025.

Non-IFRS Measures

TWC uses non-IFRS measures as a benchmark measurement of our own operating results and as a benchmark relative to our competitors. We consider these non-IFRS measures to be a meaningful supplement to net earnings. We also believe these non-IFRS measures are commonly used by securities analysts, investors and other interested parties to evaluate our financial performance. These measures, which included direct operating expenses and net operating income do not have standardized meaning under IFRS. While these non-IFRS measures have been disclosed herein to permit a more complete comparative analysis of the Company’s operating performance and debt servicing ability relative to other companies, readers are cautioned that these non-IFRS measures as reported by TWC may not be comparable in all instances to non-IFRS measures as reported by other companies.

The glossary of financial terms is as follows:

Direct operating expenses = expenses that are directly attributable to company’s business units and are used by management in the assessment of their performance. These exclude expenses which are attributable to major corporate decisions such as impairment.

Net operating income = operating revenue – direct operating expenses

Net operating income is an important metric used by management in evaluating the Company’s operating performance as it represents the revenue and expense items that can be directly attributable to the specific business unit’s ongoing operations. It is not a measure of financial performance under IFRS and should not be considered as an alternative to measures of performance under IFRS. The most directly comparable measure specified under IFRS is net earnings.

Eligible Dividend

Today, TWC Enterprises Limited announced an eligible cash dividend of 10 cents per common share to be paid on December 15, 2026 to shareholders of record as at December 1, 2026.

Corporate Profile

TWC is engaged in golf club operations under the trademark, “ClubLink One Membership More Golf.” TWC is Canada’s largest owner, operator and manager of golf clubs with 46 18-hole equivalent championship and 2.5 18-hole equivalent academy courses (including three managed properties) at 34 locations in Ontario, Quebec and Florida.

For further information please contact:

Andrew Tamlin
Chief Financial Officer
15675 Dufferin Street
King City, Ontario L7B 1K5
Tel: 905-841-5372 Fax: 905-841-8488
[email protected]

Management’s discussion and analysis, financial statements and other disclosure information relating to the Company is available through SEDAR and at www.sedar.com and on the Company website at www.twcenterprises.ca