Corby Spirit and Wine Limited (CSW.A)

J.P. Wiser's Reimagines the Art of the Blend with Exclusive Master Blender SeriesMay 25, 2026 10:00 AM
PR Newswire (Canada) The inaugural release, J.P. Wiser's Master Blender Series 2026 Release, is available as a distillery exclusive and offers avid whisky drinkers a chance to own a piece of Master Blender Dr. Don Livermore's 30-year legacyWINDSOR, ON, May 25, 2026 /CNW/ - Today, J.P. Wiser's is proud to announce the launch of the Master Blender Series, a new collection released annually which celebrates the pinnacle of blending innovation, with the inaugural Master Blender Series 2026 Release now available as a distillery exclusive. The expression reframes blending as the ultimate mark of expertise and creativity, challenging the long-standing misconception that blending is a compromise in quality, and coincides with the celebration of Master Blender Dr. Don Livermore's 30th anniversary at the historic Hiram Walker Distillery. As one of the world's few Master Blenders with a PhD in wood science and a background in microbiology, Dr. Don Livermore has spent three decades pushing the boundaries of Canadian whisky. The Master Blender Series 2026 Release draws inspiration from his academic roots, mirroring the foundations of his renowned Dissertation whisky. It utilizes an identical grain composition of rye and corn and a dual-distillation approach in both column and pot stills, the very method that earned him his PhD."In my 30 years at the Hiram Walker distillery, I've had the opportunity to work on a number of high-quality J.P. Wiser's Canadian whiskies," says Master Blender Dr. Don Livermore. "By returning to the foundations of my original 'Dissertation' blend, I wanted to take the scientific roots of rye, corn, and dual-distillation, and push them into exciting new territory to create the Master Blender Series."While rooted in tradition, Dr. Don has advanced this blend into new territory by layering a global character through a sophisticated multi-cask finishing process. Bottled at 46.1% abv, this intricate harmony of wood and spirit yields a deeply complex, velvety profile featuring notes of succulent Bosc pear, indulgent dark chocolate, and the warm, artisanal spice of rye sourdough. The whisky was finished in a unique combination of:Black Sea OakOnce-used Speyside Malt BarrelsPort CasksHeavily Charred White Oak"The Master Blender Series is about showcasing the incredible complexity that true blending expertise can achieve," says Maura Cowan, VP of Marketing. "By introducing a global character through unique cask finishes like Black Sea Oak and Speyside barrels, this inaugural release shows exactly how J.P. Wiser's continues to redefine the Canadian whisky landscape. It is a true testament to the artistry and innovation behind Canadian whisky."This release is a true distillery exclusive available only through jpwisers.com for $89.95. With only 1,500 bottles produced, the Master Blender Series 2026 Release offers enthusiasts a chance to own a piece of Dr. Don Livermore's 30-year legacy and is a testament to the innovation redefining the Canadian whisky landscape. Get yours today!About Corby Spirit and Wine 
Corby Spirit and Wine Limited ("Corby") is a leading Canadian manufacturer, marketer and distributor of spirits, wines and ready-to-drink beverages. Corby's portfolio of owned-brands includes some of the most renowned brands in Canada, including J.P. Wiser's®, Lot 40®, and Pike Creek® Canadian whiskies, Polar Ice® vodka, Lamb's® rum, and McGuinness® liqueurs, Cottage Springs® and Nude® ready-to-drink beverages, as well as Ungava® gin, Cabot Trail® maple-based liqueurs, and Foreign Affair® wines. Through its affiliation with Pernod Ricard S.A., a global leader in the spirits and wine industry, Corby also represents leading international brands such as Absolut® vodka, Chivas Regal®, The Glenlivet® and Ballantine's® Scotch whiskies, Jameson® Irish whiskey, Beefeater® gin, Malibu® rum, Kahlúa® liqueur, and Mumm® champagne. Corby also represents Vinarchy's Jacob's Creek®, Wyndham Estate®, Stoneleigh®, and Campo Viejo® wines. Corby is a publicly traded company based in Toronto, Ontario, and listed on the Toronto Stock Exchange under the trading symbols CSW.A and CSW.B. For further information, please visit our website or follow us on LinkedIn, or Instagram. SOURCE Corby Spirit and Wine Limited (Communications) Original: J.P. Wiser's Reimagines the Art of the Blend with Exclusive Master Blender Series

Corby Spirit and Wine Limited reports record high Q3 fiscal 2026 results and declares quarterly dividend of $0.24 per shareMay 14, 2026 4:13 PM
PR Newswire (Canada) TORONTO, May 14, 2026 /CNW/ - Corby Spirit and Wine Limited ("Corby" or the "Company") (TSX: CSW.A, CSW.B), a leading Canadian manufacturer, marketer and importer of spirits, wines and ready-to-drink cocktails ("RTDs"), today announced its financial results for the fiscal third quarter ("Q3") and the nine-month period ended March 31, 2026 ("FYTD March"). Record high Q3 and FYTD March results driven by ongoing RTD business expansion, favourable LCBO order phasing, and continued market share gains in spirits Q3 Revenue of $58.3 million (+21% year-over-year) and Organic Revenue1 +22%
FYTD March Revenue of $200.6 million (+15%) and Organic Revenue1 +16%Q3 Adjusted EBITDA1 of $15.2 million (+30%)
FYTD March Adjusted EBITDA1 of $52.8 million (+9%)Q3 Adjusted Net Earnings1 of $7.6 million (+67%) (Reported +97%)
FYTD March Adjusted Net Earnings1 of $27.7 million (+20%) (Reported +27%)Quarterly Dividend declared at $0.24 per shareFINANCIAL RESULTSQ3 FY26 results: Revenue for the third quarter of fiscal 2026 was $58.3 million, an increase of $10.2 million or 21% compared to the same period last year. Organic revenue1, which excludes the contributions in both the current period and the comparable period from non-core brands that have been disposed, saw slightly higher growth of 22% year-over-year, driven by the following:Domestic case goods revenue of $48.2 million, up 35% year-over-year, driven primarily by continued strength in the RTD business across Western Canada and Ontario, benefitting from the route-to-market ("RTM") modernization and LCBO markup change in Ontario. LCBO order phasing was also favourable in Q3 as certain shipments were pulled forward ahead of the LCBO Enterprise Resource Planning system upgrade. In addition, Corby's spirits business continues to benefit from the removal of US-origin products from retail shelves in key provinces, resulting in market share gains in spirits despite a declining spirits market (see Market Trends section);Commissions of $6.0 million, down 11% year-over-year, impacted by the represented wines portfolio lapping a higher comparison basis in Q3 FY25 impacted by RTM modernization pipeline fill in Ontario;Export case goods sales of $3.3 million, down 20% year-over-year, impacted by unfavourable shipment phasing following a strong first half of the fiscal year, plus the prior-year comparison period reflecting pipeline fill in the U.S. in anticipation of tariffs.In the third quarter of fiscal 2026, gross margin rate remained stable year-over-year at 51% despite Corby RTDs comprising a greater share of total revenue, benefitting from margin optimization within the RTD portfolio.In the third quarter of fiscal 2026, marketing, sales and administrative expenses were $17.9 million (+5% year-over-year), which grew at a slower rate than revenue, reflecting targeted investment behind key brands and careful resource management to support the rapid growth of Corby's RTD business.Earnings from Operations and Adjusted Earnings from Operations1 totaled $12.5 million and $11.6 million respectively in the third quarter of fiscal 2026, representing year-over-year growth of 63% and 52%, respectively, reflecting strong revenue growth and disciplined cost management.Adjusted EBITDA1 for the third quarter of fiscal 2026 was $15.2 million, an increase of 30% compared to the same period last year. Net Earnings was $7.9 million and Adjusted Net Earnings1 was $7.6 million in Q3 FY26, an increase of 97% and 67% year-over-year, respectively.FYTD March 2026 results: Revenue for the first nine months of fiscal 2026 totaled $200.6 million, an increase of $25.8 million or 15% year-over-year. Excluding the impact from non-core disposed brands in both the current period and the comparable period, organic revenue1 grew $27.2 million or 16%, driven primarily by:Domestic case goods revenue of $161.9 million, up 20% year-over-year, driven by the continued expansion of the RTD business across key provinces, strong spirits market share gains partly due to the removal of US-origin products from retail shelves in key provinces and favourable LCBO shipment timing;Commissions revenue of $22.0 million, down 4% year-over-year, impacted by the represented wines portfolio lapping a higher comparison basis in the prior-year impacted by RTM modernization pipeline fill in Ontario;Export revenue of $13.0 million, up 17% year-over-year, driven by new channel pipeline fill in strategic Eastern European markets, as well as improved volume-to-value conversion of Lamb's rum in the UK.Marketing, sales and administrative expenses were $56.4 million in the first nine months of fiscal 2026, an increase of $3 million, or 6% compared to the prior year period, significantly below revenue growth, reflecting ongoing diligent cost management. Those investments reflect continued support for the growing RTD business, brand-building initiatives, and strategic partnerships for our spirits brands – notably the J.P. Wiser's multi-year Canadian partnership with the National Hockey League.Earnings from Operations and Adjusted Earnings from Operations1 totaled $42.8 million and $41.9 million, respectively in the first nine month of fiscal 2026, increasing by 20% and 16% year-over-year. Strong revenue growth and diligent cost management was partly offset by an RTD-skewed portfolio mix and channel mix impacts on gross margin.Adjusted EBITDA1 for the first nine months of fiscal 2026 was $52.8 million, an increase of 9% compared to the same period last year. The new representation agreement with Vinarchy, signed in the first quarter of fiscal year 2026, resulted in lower amortization of upfront fees relative to when the brands were owned by Pernod Ricard in the same period last year, resulting in a slower growth rate in Adjusted EBITDA1 compared to Adjusted Earnings from Operations1. Average annualized cash flows over the life of the agreements are expected to remain broadly consistent.Corby reported Net Earnings of $26.9 million and Adjusted Net Earnings1 of $27.7 million in the first nine months of fiscal 2026, an increase of 27% and 20% year-over-year, respectively.In the first nine months of fiscal 2026, Corby's cash flow from operating activities totaled $19.4 million, a decrease of $9.8 million or 34% year-over-year, primarily due to working capital changes driven by increased receivables with customers due to sales phasing in the quarter, as well as increased inventory to support RTD business growth ahead of summer season. Despite this, Corby closed Q3 FY26 with a Net Debt / Adjusted EBITDA1 ratio (on a rolling 12-month basis) of 1.4x, illustrating the continued health of its balance sheet. Corby recorded a dividend payout ratio1 of 76% over the last four quarters, reflecting its sustainable shareholder return policy and balanced capital allocation strategy.Corby's President and Chief Executive Officer, Florence Tresarrieu, stated,"Q3 marked a quarter of very strong earnings growth for Corby as we continue to build on the momentum established in the first half of the fiscal year. Revenue grew at a strong pace, driven by the expansion of our RTD portfolio, and benefiting from LCBO order phasing in Q3, while disciplined cost management and strong commercial execution supported even stronger earnings growth. As expected, Q4 is anticipated to be significantly softer as LCBO ordering patterns normalize and spirits market declines persist. Despite this, we remain on track to deliver high single–digit revenue growth for FY2026, reaching a record revenue level for the company.Despite a volatile industry backdrop, our team has demonstrated resilience and agility, enabling us to capture incremental market share across both spirits and RTDs. This reflects the strength of our strategy, portfolio, and partnerships. Looking ahead, our focus remains on delivering sustainable, profitable growth, while maintaining a healthy balance sheet to continue delivering a sustainable dividend to our shareholders. We will achieve this through continued investment in our core brands, continuing to support our RTD business expansion, and capitalizing on new opportunities as the Canadian retail and regulatory landscape evolves, while keeping a prudent approach to managing costs.I would like to thank our employees, customers, and partners for their continued commitment, which positions Corby to deliver long-term value for our shareholders."For further details, please refer to Corby's Management's Discussion and Analysis and interim condensed consolidated financial statements and accompanying notes for the three-month and nine-month periods ended March 31, 2026, prepared in accordance with IFRS Accounting Standards, available on www.sedarplus.ca and www.corby.ca/investors.MARKET TRENDSIn the third quarter of fiscal 2026, Corby delivered strong performance in a market impacted by structural changes in Ontario's beverage alcohol retail environment. While the overall spirits category declined 4.2% in value year-over-year, Corby maintained stable retail sales value, extending its track record of outperformance. As a result, Corby's total represented spirits (including PR spirits) outpaced the Canadian spirits market in value for the fourteenth consecutive quarter.Corby's RTD2 portfolio also continued to significantly outperform category trends, growing 22% in value in Q3 FY26 year-over-year, compared to 10% growth for the overall RTD category. Category growth continues to be driven by evolving consumer preferences and expanded distribution in Ontario.On a rolling twelve-month basis ended March 31, 2026, Corby spirits portfolio delivered 3.1% value growth despite the industry declining 3.6% in value, while Corby RTDs2 grew 32% year-over-year, significantly outperforming the market. This consistent short- and long-term outperformance reflects the strength of Corby's brand portfolio, impactful execution, and ability to navigate evolving retail and market dynamics.QUARTERLY DIVIDENDThe Corby Board of Directors is pleased to declare a regular quarterly dividend of $0.24 per Voting Class A Common Share and Non-Voting Class B Common Share of the Company. This dividend is payable on June 10, 2026, to shareholders of record as at the close of business on May 27, 2026. The Board of Directors assesses the dividend on a quarterly basis. Prior to this announcement, the quarterly dividend was last increased concurrently with the release of Q2 FY26 results.QUARTERLY CONFERENCE CALLCorby management will host a conference call on Friday, May 15, 2026, at 9:00 a.m. (EST) to review and discuss the financial and operational results for the Q3 and FYTD March 2026 periods. Corby welcomes stakeholders, investors, and other individual followers to access the conference call by dialing 1-437-900-0527 or toll free 1-888-510-2154 before the start of the call, or by joining via webcast at Corby Spirit and Wine Limited – Q3 Earnings Call. Following the conclusion of the call, a playback of the conference call will be available for 7 days by calling 289-819-1450 or 888-660-6345 and entering passcode 28750 #. A replay of the webcast will also be posted on Corby's website under the "Investors" section at www.corby.ca/investors.1) NON-IFRS FINANCIAL MEASURES & RATIOSIn addition to using financial measures prescribed under IFRS, references are made in this news release to "Adjusted Earnings from Operations", "Adjusted Net Earnings", "Adjusted Basic Earnings per Share", "Adjusted Diluted Earnings per Share", "Organic Revenue", "Total Debt", "Net Debt", "Adjusted EBITDA" and "Dividend Payout Ratio" which are non-IFRS financial measures or ratios. Non-IFRS financial measures and ratios do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers.Management believes the non-IFRS measures included in this news release are important supplemental measures of operating performance and highlight trends in the core business that may not otherwise be apparent when relying solely on IFRS financial measures.Management believes that these measures allow for assessment of the Company's operating performance and financial condition on a basis that is more consistent and comparable between reporting periods.Adjusted Earnings from Operations is equal to earnings from operations before interest and taxes for the period adjusted to remove the impact of the revised estimate of the contingency provision related to the LCBO pricing dispute, and costs incurred for business combination inventory fair value adjustments.Adjusted EBITDA is equal to Adjusted Earnings from Operations adjusted to remove depreciation and amortization disclosed in Corby's financial statements.Adjusted Net Earnings is equal to net earnings for the period adjusted to remove the impact of the revised estimate of the contingency provision related to the LCBO pricing dispute, costs incurred for business combination inventory fair value adjustments, the notional interest charges related to the NCI obligation, and the fair value adjustments of the NCI obligation net of tax calculated using the effective tax rate.Adjusted Basic Net Earnings Per Share is computed in the same way as basic net earnings per share and diluted net earnings per share, respectively, using the aforementioned Adjusted Net Earnings non-IFRS financial measure in place of reported Net Earnings.Adjusted Diluted Earnings Per Share is computed in the same way as basic net earnings per share and diluted net earnings per share, respectively, using the aforementioned Adjusted Net Earnings non-IFRS financial measure in place of reported Net Earnings.The following table presents a reconciliation of Adjusted Earnings from Operations, Adjusted EBITDA and Adjusted Net Earnings to their most directly comparable financial measures for the three-month and nine-month periods ended March 31, 2026, and 2025:












Three months ended
Nine months ended

Mar. 31,Mar. 31,


Mar. 31,Mar. 31,

(in millions of Canadian dollars)
20262025 $ Change% Change
20262025 $ Change% Change










Earnings from operations
$                  12.57.7$              4.963 %
$                  42.835.7$              7.120 %Adjustments:









Fair value adjustment to inventory1
---n/a
-0.6(0.6)(100 %)Revised estimate for LCBO dispute2
(0.9)-(0.9)n/a
(0.9)-(0.9)n/aAdjusted Earnings from operations
$                  11.67.7$              4.052 %
$                  41.936.3$              5.616 %










Adjusted for Depreciation and amortization
3.64.1(0.5)(12 %)
10.912.2(1.3)(10 %)Adjusted EBITDA
$                  15.211.7$              3.530 %
$                  52.848.4$              4.49 %










Net earnings
$                    7.94.0$              3.997 %
$                  26.921.2$              5.727 %Adjustments:









Fair value adjustment to inventory1
---n/a
-0.4(0.4)(100 %)Revised estimate for LCBO dispute2
(0.6)-(0.6)n/a
(0.6)-(0.6)n/aNCI Obligation3
0.30.5(0.2)(42 %)
0.91.5(0.6)(42 %)Fair value adjustment to NCI Obligation4
---n/a
0.5-0.5n/aAdjusted Net earnings
$                    7.64.5$              3.167 %
$                  27.723.2$              4.520 %
(1)  Costs related to fair value adjustments to inventory due to business combination(2)   Impact of revised estimate contingency provision related to LCBO dispute


(3)  Notional interest costs related to non-controlling interest obligation for ABG

(4)  Costs related to fair value adjustmenst to non-controlling interest obligation for ABG

 

Three months ended
Nine months ended

Mar. 31,Mar. 31, $ Change% Change
Mar. 31,Mar. 31, $ Change% Change(in Canadian dollars)
20262025
20262025










Per common share









-   Basic net earnings
$                  0.280.14$            0.1497 %
$                  0.950.75$            0.2027 %-   Diluted net earnings
0.280.14$            0.1497 %
0.950.75$            0.2027 %










Basic Net earnings per share
$                  0.280.14$            0.1497 %
$                  0.950.75$            0.2027 %Adjustments:









Fair value adjustment to inventory1
---n/a
-0.02(0.02)(100 %)Revised estimate for LCBO dispute2
(0.02)-(0.02)n/a
(0.02)-(0.02)n/aNCI Obligation3
0.010.02(0.01)(42 %)
0.030.05(0.02)(42 %)Fair value adjustment to NCI Obligation4
---n/a
0.02-0.02n/aAdjusted Basic Net earnings per share
$                  0.270.16$            0.1167 %
$                  0.970.81$            0.1620 %










Dilluted Net earnings per share
$                  0.280.14$            0.1497 %
$                  0.950.75$            0.2027 %Adjustments:









Fair value adjustment to inventory1
---n/a
-0.02(0.02)(100 %)Revised estimate for LCBO dispute2
(0.02)-(0.02)n/a
(0.02)-(0.02)n/aNCI Obligation3
0.010.02(0.01)(42 %)
0.030.05(0.02)(42 %)Fair value adjustment to NCI Obligation4
---n/a
0.02-0.02n/aAdjusted Dilluted Net earnings per share
$                  0.270.16$            0.1167 %
$                  0.970.81$            0.1620 %
(1)  Costs related to fair value adjustments to inventory due to business combination(2)   Impact of revised estimate contingency provision related to LCBO dispute


(3)  Notional interest costs related to non-controlling interest obligation for ABG

(4)  Costs related to fair value adjustmenst to non-controlling interest obligation for ABG

The following table presents a reconciliation of Adjusted EBITDA to its most directly comparable financial measures for the three-month period ended March 31, 2026 to the three-month period ended June 30, 2024:

Three months ended

Mar. 31,Dec. 31,Sep. 30,Jun. 30,Mar. 31,Dec. 31,Sep. 30,Jun. 30,
(in millions of Canadian dollars)20262025202520252025202420242024










Earnings from operations$         12.513.816.410.47.713.015.08.7
Adjustments:








Transaction related costs1-------0.6
Portfolio rationalization costs2-(0.0)0.00.8----
Restructuring costs3---0.3---(0.3)
Fair value adjustment to inventory4------0.60.2
Revised estmate forLCBO dispute5(0.9)-------
Adjusted Earnings from operations$         11.613.816.511.57.713.015.69.2
Adjusted for depreciation & amortization3.63.53.84.14.14.13.94.1
Adjusted EBITDA$         15.217.320.315.611.717.219.513.3


(1)  Costs related to the acquisitions of ABG and Nude Beverages brands

(2)  (Reversal of) Costs related to rationalizing brand portfolio, including costs incurred to dispose or discontinue product lines following strategic portfolio review

(3)  (Income) / costs related to organizational restructuring and provisions

(4)  Costs related to fair value adjustments to inventory due to business combination

(5)    Impact of revised estimate contingency provision related to LCBO dispute

Organic revenue growth is measured as the difference between revenue excluding case goods revenue from acquired or disposed brands compared to revenue in the preceding fiscal period during which the acquisition or disposal had not yet occurred.The following table presents a reconciliation of total organic revenue and organic case goods revenue to their most directly comparable financial measures for the three-month and nine-month periods ended March 31, 2026, and 2025:
Three months ended
Nine months ended
Mar. 31Mar. 31 $ Change % Change
Mar. 31Mar. 31 $ Change % Change(in millions of Canadian dollars)20262025(1)
20262025(1)









Case Goods - Domestic Revenue$        48.236.212.033 %
$      163.0137.825.218 %  Adjusted for revenue from acquired or disposed brands-(0.4)0.4(100 %)
(1.0)(2.4)1.4(57 %)Case Goods - Domestic Organic Revenue$        48.235.812.435 %
$      161.9135.326.620 %Case Goods - International Revenue3.34.2(0.8)(20 %)
13.011.21.817 %Net commissions6.06.8(0.7)(11 %)
22.022.9(0.8)(4 %)Other services0.70.9(0.2)(23 %)
2.53.0(0.4)(15 %)Total Organic Revenue$        58.347.610.722 %
$      199.5172.327.216 %
(1) Certain comparative information has been reclassified to conform to the current year's presentation. Total Debt refers to debt of the Company, which includes bank indebtedness and credit facilities payable, lease liabilities and long-term debt.Net Debt refers to the cash and deposits in cash management pools of the Company, less bank indebtedness and credit facilities payable and long-term debt.The following table presents a reconciliation of total debt and net debt to their most directly comparable financial measures as at March 31, 2026 and 2025:
Mar. 31,Mar. 31,(in millions of Canadian dollars)20262025


Bank indebtedness$                    (6.5)$                    (0.9)Credit facilities payable-(1.9)Lease liabilities(9.0)(3.7)Long-term debt(96.0)(102.0)Total debt$                (111.5)(108.5)


Cash$                      0.6-Deposits in cash management pools4.25.7


Bank indebtedness(6.5)(0.9)Credit facilities payable-(1.9)Long-term debt(96.0)(102.0)Net debt$                  (97.7)(99.1)Dividend Payout Ratio refers to the Rolling 12-month Dividend Payout Ratio to the quarterly dividends paid and quarterly cash flow from operating activities:
Twelve months ended
Mar. 31,(in millions of Canadian dollars except per share amounts)2026

Dividend paid per share$                            0.93Shares outstanding28,468,856Total dividends paid$                            26.5Cash flow from operating activities34.9Dividend Payout Ratio76 %Please refer to the "Non-IFRS Financial Measures" & "Non-IFRS Financial Ratios" section of our MD&A for the three-month and nine-month periods ended March 31, 2026 as filed on SEDAR+ for further information regarding Non-IFRS measures.2) RETAIL SALES DATA SCOPEPlease note that retail sales data for Nude Beverages in the province of Alberta is not reported consistently in ACD data across the current and comparative period, and as such, has been excluded from retail sales measures discussed in this document.FORWARD-LOOKING STATEMENTSThis press release contains forward-looking statements, including statements concerning possible or assumed future results of Corby's operations. Forward-looking statements typically are preceded by, followed by or include the words "believes", "expects", "anticipates", "estimates", "intends", "plans" or similar expressions. These statements are being provided for the purposes of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of our anticipated financial position, results of operations and operating environment. Readers are cautioned that such information may not be appropriate for other purposes and are not guarantees of future performance. Although Corby believes that the forward-looking information in this press release is based on information, assumptions and beliefs which are current, reasonable and complete, this information is necessarily subject to a number of factors, risks and uncertainties that could cause actual results to differ materially from management's expectations and plans as set forth in such forward-looking information. For more information on the risks, uncertainties and assumptions that could cause Corby's actual results to differ from current expectations, refer to the Risks and Risk Management section of our Management's Discussion and Analysis for the three-month and nine-month periods ended March 31, 2026 as well as Corby's other public filings, available at https://www.sedarplus.ca and at https://corby.ca/en/investors/. Corby does not undertake to update any forward-looking information, whether written or oral, that may be made from time to time by it or on its behalf, to reflect new information, future events or otherwise, except as is required by applicable securities laws. Accordingly, readers should not place undue reliance on forward-looking statements. All financial results are reported in Canadian dollars.About Corby Spirit and Wine LimitedCorby Spirit and Wine Limited is a leading Canadian manufacturer, marketer and distributor of spirits and imported wines, and ready-to-drink beverages. Corby's portfolio of owned-brands includes some of the most renowned brands in Canada, including J.P. Wiser's®, Lot 40®, and Pike Creek® Canadian whiskies, Lamb's® rum, Polar Ice® vodka and McGuinness® liqueurs, as well as the Ungava® gin, Cabot Trail® maple-based liqueurs and Chic Choc® spiced rum, Cottage Springs® and Nude® ready-to-drink beverages and Foreign Affair® wines. Through its affiliation with Pernod Ricard S.A., a global leader in the spirits and wine industry, Corby represents leading international brands such as ABSOLUT® vodka, Chivas Regal®, The Glenlivet® and Ballantine's® Scotch whiskies, Jameson® Irish whiskey, Beefeater® gin, Malibu® rum, Olmeca Altos® and Código 1530® tequilas, Jefferson's™ and Rabbit Hole® bourbons, Kahlúa® liqueur, and Mumm® champagne. Corby also provides representation for certain selected, unrelated third-party brands such as Jacob's Creek®, Wyndham Estate®, Stoneleigh®, and Campo Viejo® wines. Corby is a publicly traded company based in Toronto, Ontario, and is listed on the Toronto Stock Exchange under the trading symbols CSW.A and CSW.B. For further information, please visit our website or follow us on LinkedIn.SOURCE Corby Spirit and Wine Limited Original: Corby Spirit and Wine Limited reports record high Q3 fiscal 2026 results and declares quarterly dividend of $0.24 per share

Corby Announces Third Quarter 2026 Results Release Date and Conference CallApril 13, 2026 11:41 AM
PR Newswire (Canada)

TORONTO, April 13, 2026 /CNW/ - Corby Spirit and Wine Limited ("Corby" or the "Company") (TSX: CSW.A) (TSX: CSW.B) announced today that it will report its 2026 third quarter results after market closes on Thursday, May 14, 2026. Florence Tresarrieu, President, and Chief Executive Officer, and Juan Alonso, Vice-President and Chief Financial Officer will host a conference call for the investment community the following day, Friday, May 15, 2026, at 9:00 a.m. (ET).To access the conference call, please dial 1-437-900-0527 or toll-free 1-888-510-2154. You can also join via webcast here:About Corby Spirit and Wine Limited Corby Spirit and Wine Limited ("Corby") is a leading Canadian manufacturer, marketer and distributor of spirits, wines and ready-to-drink beverages. Corby's portfolio of owned-brands includes some of the most renowned brands in Canada, including J.P. Wiser's®, Lot 40®, and Pike Creek® Canadian whiskies, Polar Ice® vodka, Lamb's® rum, and McGuinness® liqueurs, Cottage Springs® and Nude® ready-to-drink beverages, as well as Ungava® gin, Cabot Trail® maple-based liqueurs, and Foreign Affair® wines. Pernod Ricard S.A. indirectly owns in excess of 50% of Corby's issued and outstanding voting common shares and is considered to be Corby's ultimate parent. Through its affiliation with Pernod Ricard S.A., a worldwide leader in the spirits and champagne industry, Corby also represents leading international brands such as Absolut® vodka, Chivas Regal®, The Glenlivet® and Ballantine's® Scotch whiskies, Jameson® Irish whiskey, Beefeater® gin, Malibu® rum, Kahlúa® liqueur, and Mumm® champagne. In addition, Corby represents Vinarchy's Jacob's Creek®, Wyndham Estate®, Stoneleigh®, and Campo Viejo® wines. Corby is a publicly traded company based in Toronto, Ontario, and is listed on the Toronto Stock Exchange under the trading symbols CSW.A and CSW.B. For further information, please visit our website or follow us on LinkedIn.SOURCE Corby Spirit and Wine Limited

Original: Corby Announces Third Quarter 2026 Results Release Date and Conference Call

Corby's Ace Beverage Group Partners with Canada Dry Mott'sFebruary 17, 2026 7:53 PM
PR Newswire (Canada)

Agreement to represent Mott's® Clamato®, Snapple®, Tahiti Treat®, Hires® RTD brands in Canada  TORONTO, Feb. 17, 2026 /CNW/ - Corby Spirit and Wine Limited's ("Corby") subsidiary, Ace Beverage Group Inc. ("ABG"), and Canada Dry Mott's Inc. ("CDMI") announced today that they have entered into an agreement, effective as of March 1, 2026, providing ABG the exclusive rights to represent certain CDMI ready-to-drink ("RTD") brands in Western & Central Canada provinces until August 31, 2029, subject to the terms of the agreement.Under the agreement, ABG will represent CDMI's Mott's® Clamato®, Snapple®, Tahiti Treat®, and Hires® RTD brands in the provinces of Ontario, British Columbia, Alberta, Saskatchewan, and Manitoba. The CDMI portfolio offers a diverse portfolio of ready-to-drink beverages to satisfy every need, anytime and anywhere, including, the iconic Mott's Clamato RTD."We are looking forward to partnering with the CDMI team and to represent their portfolio of brands. The Bloody Caesar is widely considered Canada's national cocktail, with National Caesar Day celebrated on the Thursday before Victoria Day in May, and Mott's Clamato Caesar is the leading Caesar RTD. We plan to grow their RTD brands together with ours in the dynamic RTD category in Canada," added Cam McDonald, ABG's Chief Executive Officer. "We are excited to partner with one of North America's leading beverage companies. The CDMI portfolio of RTDs complements our current RTD portfolio perfectly, which, combined, shall make us the leading RTD player in Canada," said Florence Tresarrieu, Corby's President and Chief Executive Officer."RTD is no longer just about what's in the can — it's about how brands show up in culture, in store and in moments that matter to consumers," said Chris McMahon, Vice-President, Ready-to-Drink & Commercial Sales at CDMI. "Consumer demand, regulatory frameworks and retail dynamics vary significantly by province, shaping how brands are discovered, activated and experienced in market. Winning in RTD increasingly depends on being close to those realities. Our new partnership with ABG was developed specifically to support this next phase of growth for our RTD portfolio".About Corby Spirit and Wine Limited Corby Spirit and Wine Limited ("Corby") is a leading Canadian manufacturer, marketer and distributor of spirits, wines and ready-to-drink beverages. Corby's portfolio of owned-brands includes some of the most renowned brands in Canada, including J.P. Wiser's®, Lot 40®, and Pike Creek® Canadian whiskies, Polar Ice® vodka, Lamb's® rum, and McGuinness® liqueurs, as well as the Ungava® gin, Cabot Trail® maple-based liqueurs and Chic Choc® spiced rum, Cottage Springs® ready-to-drink beverages, and Foreign Affair® wines. Through its affiliation with Pernod Ricard S.A., a global leader in the spirits and wine industry, Corby also represents leading international brands such as ABSOLUT® vodka, Chivas Regal®, The Glenlivet® and Ballantine's® Scotch whiskies, Jameson® Irish whiskey, Beefeater® gin, Malibu® rum, Kahlúa® liqueur, and Mumm® champagne. Corby also represents Vinarchy's Jacob's Creek®, Wyndham Estate®, Stoneleigh®, and Campo Viejo® wines. Corby is a publicly traded company based in Toronto, Ontario, and is listed on the Toronto Stock Exchange under the trading symbols CSW.A and CSW.B. For further information, please visit our website or follow us on LinkedIn.About Ace Beverage Group Inc.Ace Beverage Group Inc. ("ABG") is a leading better-for-you ("BFY") beverage alcohol company in Canada. Its flagship brand, Cottage Springs, is one of the biggest and fastest growing ready-to-drink brands in Canada. Additional popular brands include Nude, Casa Del Ray and Cabana Coast. ABG's mission is to develop, launch and market the world's best tasting BFY alcoholic beverages.About Canada Dry Mott's Inc.Canada Dry Mott's Inc. ("CDMI") is a leading beverage business marketing a wide range of soft drinks, juices, teas, mixers and other premium beverages throughout Canada. CDMI is part of Keurig Dr Pepper Canada, which, from coast to coast, provides a broad range of beverages for every need, available everywhere people shop and consume. Keurig Dr Pepper Canada offers a wide variety of hot and cold beverages marketed under more than 60 flagship brands, including Canada Dry®, Mott's Clamato®, Snapple®, and others. The Company's principal Canadian offices and executive team are located in Montreal, Quebec and Mississauga, Ontario.www.Corby.caSOURCE Corby Spirit and Wine Limited

Original: Corby's Ace Beverage Group Partners with Canada Dry Mott's

Corby Spirit and Wine Limited reports strong Q2 fiscal 2026 results and increases quarterly dividend by 4.3% to $0.24 per shareFebruary 11, 2026 4:15 PM
PR Newswire (Canada)

TORONTO, Feb. 11, 2026 /CNW/ - Corby Spirit and Wine Limited ("Corby" or the "Company") (TSX: CSW.A) (TSX: CSW.B), a leading Canadian manufacturer, marketer and importer of spirits, wines and ready-to-drink cocktails ("RTDs"), today announced its financial results for the fiscal second quarter ("Q2") and the six-month period ended December 31, 2025 ("H1").
Strong Q2 and record H1 results led by continued RTD business expansion (+28% and +37% in retail sales value year-over-year, respectively) and significant market share gains in spirits (outpacing the market +689bps year-over-year in Q2)Q2 Revenue of $66.9 million (+9% year-over-year) and Organic Revenue1 +10%
Record H1 Revenue at $142.3 million (+12%) and Organic Revenue1 +13%Q2 Adjusted Net Earnings1 at $9.1 million (+8%) (Reported +12%)
H1 Adjusted Net Earnings1 at $20.1 million (+8%) (Reported +11%)Quarterly Dividend declared of $0.24 per share, an increase of +4.3%FINANCIAL RESULTSQ2 FY26 results: Revenue for the second quarter of fiscal 2026 was $66.9 million, reflecting strong growth of $5.3 million or 9% compared to the same period last year. Organic revenue1, which excludes the contributions in both the current period and the comparable period from non-core brands disposed in the second quarter of fiscal 2026, saw very dynamic growth of 10% compared to the prior year period owing to the following drivers:Domestic case goods revenue of $53.4 million, up 12% compared to the prior year period. This growth was primarily led by the RTD business expansion following the route-to-market ("RTM") modernization in Ontario. In addition, Corby delivered value growth and market share gains in spirits, despite the spirits market declining on a year-over-year basis (see Market Trends section);Commissions of $7.8 million, reflecting a decline of 8% year-over-year, with a strong comparable period in Q2 FY25 that reflected pipeline fill in new channels. These impacts were partially offset by favourable LCBO ordering patterns; andExport case goods sales of $4.8 million, an increase of 25% compared to the prior year period, led by strong sales execution and renewed channel pipeline fill in strategic markets.In the second quarter of fiscal 2026, marketing, sales and administrative expenses remain broadly stable at $18.4 million (+1%), reflecting purposeful investments behind key brands and ongoing diligent cost management.Earnings from Operations and Adjusted Earnings from Operations1 totaled $13.8 million in the second quarter of fiscal 2026, representing year-over-year growth of 6% for both metrics. Strong revenue growth and diligent cost management was partly offset by an RTD-skewed portfolio mix and channel mix impacts on gross margin.Adjusted EBITDA1 for the second quarter of fiscal 2026 was $17.3 million, an increase of 1% compared to the same period last year. The new representation agreement with Vinarchy, signed in the first quarter of fiscal year 2026, resulted in lower amortization of upfront fees relative to when the brands were owned by Pernod Ricard in the same period last year, resulting in an unfavorable year–over–year impact on Adjusted EBITDA1.Net Earnings was $8.8 million and Adjusted Net Earnings1 was $9.1 million in Q2 FY26, an increase of 12% and 8% year-over-year, respectively.H1 FY26 results: Revenue for the first half of fiscal 2026 totaled $142.3 million, an increase of $15.5 million or 12% compared to the same period last year, marking the highest H1 revenue reported in Corby's history. Excluding the impact from non-core disposed brands in both the current period and the comparable period, Corby delivered organic revenue1 growth of $16.5 million or 13%. This performance was supported by excellent sales execution, continued RTD business expansion, and enhanced shelf visibility for owned and represented spirits amid provincial trade measures: Domestic case goods revenue of $113.7 million, up 14% year-over-year. Factors supporting the strong revenue performance included the continued expansion of the RTD business, supported by significant spirits market share gains, in part owing to the removal of US-origin products in key provinces, and the cycling of the LCBO labour strike impact last year;Commissions revenue was $16.0 million, reflecting a modest 1% year-over-year contraction, impacted by the represented wines portfolio lapping a higher comparison basis in H1 FY25 due to RTM modernization pipeline fill in that period; andExport revenue totaled $9.7 million, an increase of 38% year-over-year, driven by new channel pipeline fill in strategic markets, as well as a strong recovery of shipments to the US and innovation launches in the UK.Marketing, sales and administrative expenses were $38.5 million in the first half of fiscal 2026, an increase of $2.2 million, or 6% compared to the prior year period, significantly below Net Sales growth, reflecting ongoing diligent cost management. Those investments reflect continued support for the growing RTD business, brand-building initiatives, and strategic partnerships – notably the J.P. Wiser's multi-year Canadian partnership with the National Hockey League - while cycling a low comparison basis last year given the Ontario liquor board strike in that period.Earnings from Operations and Adjusted Earnings from Operations1 totaled $30.3 million in the first half of fiscal 2026, increasing by 8% and 6% year-over-year, respectively. Strong revenue growth and diligent cost management was partly offset by an RTD-skewed portfolio mix and channel mix impacts on gross margin.Adjusted EBITDA1 for the first half of fiscal 2026 was $37.6 million, an increase of 2% compared to the same period last year. The new representation agreement with Vinarchy, signed in the first quarter of fiscal year 2026, resulted in lower amortization of upfront fees relative to when the brands were owned by Pernod Ricard in the same period last year, resulting in an unfavorable year–over–year impact on Adjusted EBITDA1. Average annualized cash flows over the life of the agreements are expected to remain broadly consistent.Corby reported Net Earnings of $19.0 million and Adjusted Net Earnings1 of $20.1 million in the first half of fiscal 2026, an increase of 11% and 8% year-over-year, respectively.The Company continued to generate strong cash flow in the first half of fiscal 2026, with Cash Flow from Operating Activities totaling $37.0 million, an increase of $1.5 million or 4% year-over-year. Corby closed Q2 FY26 with a Net Debt / Adjusted EBITDA1 ratio (on a rolling 12-month basis) of 1.1x, an improvement over the prior quarter at 1.4x, illustrating the continued strengthening of its balance sheet. Corby recorded a dividend payout ratio1 of 57% over the last four quarters, reflecting its sustainable shareholder return policy and balanced capital allocation strategy.Corby's President and Chief Executive Officer, Florence Tresarrieu, stated,"Corby delivered another strong quarter in Q2, further strengthening the momentum we have built in the first half of the fiscal year. Our record H1 revenue and continued earnings growth attest to the strength and balance of our diversified portfolio, the ongoing success of our RTD expansion, and the disciplined commercial execution of our teams across the country. In a volatile and declining market environment, our team has responded with tenacity and resilience to capture significant incremental market share in both spirits and RTDs, highlighting the relevance of our strategy, the power of our partnerships, and Corby's ability to deliver strong performance irrespective of the market backdrop.I am inspired by the strong foundation the organization has built and the results delivered. Looking ahead, our focus remains clear: to continue outperforming the market in a sustainable and profitable manner. We will achieve this through focused and diligent investments in our core brands, further accelerating our RTD business expansion, and unlocking new opportunities as the Canadian retail and regulatory landscape evolve, while remaining disciplined on costs. Signaling our continued confidence in the outlook ahead, the Board has approved an increase in our dividend this quarter of approximately 4%, our third announced dividend increase in less than 18 months.I sincerely thank our employees, customers, and partners for their trust and dedication. Their unwavering commitment positions Corby uniquely to continue navigating industry complexity with agility, while building on our strong track-record of creating sustainable long–term value for our shareholders."For further details, please refer to Corby's Management's Discussion and Analysis and interim condensed consolidated financial statements and accompanying notes for the three-month and six-month periods ended December 31, 2025, prepared in accordance with IFRS Accounting Standards, available on www.sedarplus.ca and www.corby.ca/investors.MARKET TRENDSIn Q2 FY26, Corby delivered exceptional results in a weaker market impacted by changes in the beverage alcohol landscape in Ontario, further compounded by the British Columbia General Employees' Union (BCGEU) labour strike. While the overall spirits category declined 4% in value relative to the comparable period last year, Corby's spirits retail sales achieved value growth of 2%. Corby's total represented spirits (including PR spirits) have now outperformed the Canadian spirits market in value for thirteen consecutive quarters. Corby RTDs2 increased 28% in value in Q2 FY26 compared to the same quarter last year, significantly outperforming the overall RTD2 category, which grew 11% in value, as the category continues to be shaped by evolving consumer preferences and expanded distribution points in Ontario.In the last twelve months ended December 31, 2025, Corby spirits posted 2% value growth year-over-year in a spirits market that declined 4%, and Corby RTDs2 were dynamic, increasing 28% in value year-over-year, also significantly outpacing the RTD market, which grew 12% year-over-year. This outperformance reflects the strength of Corby's diversified product portfolio, local brand resonance, excellent sales execution and continued innovation success as well as its sustained ability to successfully navigate a shifting retail landscape and ongoing supply and labour disruptions coast-to-coast.QUARTERLY DIVIDENDThe Corby Board of Directors is pleased to declare a regular quarterly dividend of $0.24 per Voting Class A Common Share and Non-Voting Class B Common Share of the Company, an increase of $0.01, or +4.3% from the previous quarterly dividend of $0.23 per share. This dividend is payable on March 11, 2026, to shareholders of record as at the close of business on February 25, 2026. The Board of Directors assesses the dividend on a quarterly basis. Previous to this announcement, the quarterly dividend was last increased concurrent with the release of Q2 FY25 results.QUARTERLY CONFERENCE CALLCorby management will host a conference call on Thursday, February 12, 2026, at 9:00 a.m. (EST) to review and discuss the financial and operational results for the Q2 and H1 FY26 periods. Corby welcomes stakeholders, investors, and other individual followers to access the conference call by dialing 1-437-900-0527 or toll free 1-888-510-2154 before the start of the call, or by joining via webcast at Corby Spirit and Wine Limited – Q2 Earnings Call. Following the conclusion of the call, a playback of the conference call will be available for 7 days by calling 289-819-1450 or 888-660-6345 and entering passcode 61911 #. A replay of the webcast will also be posted on Corby's website under the "Investors" section at www.corby.ca/investors.1)  NON-IFRS FINANCIAL MEASURES & RATIOSIn addition to using financial measures prescribed under IFRS, references are made in this news release to "Adjusted Earnings from Operations", "Adjusted Net Earnings", "Adjusted Basic Earnings per Share", "Adjusted Diluted Earnings per Share", "Organic Revenue", "Total Debt", "Net Debt", "Adjusted EBITDA" and "Dividend Payout Ratio" which are non-IFRS financial measures or ratios. Non-IFRS financial measures and ratios do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers.Management believes the non-IFRS measures included in this news release are important supplemental measures of operating performance and highlight trends in the core business that may not otherwise be apparent when relying solely on IFRS financial measures.Management believes that these measures allow for assessment of the Company's operating performance and financial condition on a basis that is more consistent and comparable between reporting periods.Adjusted Earnings from Operations is equal to earnings from operations before interest and taxes for the period adjusted to remove portfolio rationalization costs, and costs incurred for business combination inventory fair value adjustments.Adjusted EBITDA is equal to Adjusted Earnings from Operations adjusted to remove depreciation and amortization disclosed in Corby's financial statements.Adjusted Net Earnings is equal to net earnings for the period adjusted to remove portfolio rationalization costs, costs incurred for business combination inventory fair value adjustments, the notional interest charges related to the NCI obligation, and the fair value adjustments of the NCI obligation net of tax calculated using the effective tax rate.Adjusted Basic Net Earnings Per Share is computed in the same way as basic net earnings per share and diluted net earnings per share, respectively, using the aforementioned Adjusted Net Earnings non-IFRS financial measure in place of reported Net Earnings.Adjusted Diluted Earnings Per Share is computed in the same way as basic net earnings per share and diluted net earnings per share, respectively, using the aforementioned Adjusted Net Earnings non-IFRS financial measure in place of reported Net Earnings.The following table presents a reconciliation of Adjusted Earnings from Operations, Adjusted EBITDA and Adjusted Net Earnings to their most directly comparable financial measures for the three-month and six-month periods ended December 31, 2025, and 2024:

Three months ended
Six months ended

Dec. 31,Dec. 31,


Dec. 31,Dec. 31,

(in millions of Canadian dollars)
20252024 $ Change % Change
20252024 $ Change % Change










Earnings from operations
$                  13.8$                  13.0$              0.86 %
$                  30.3$                  28.0$              2.28 %Adjustments:









Portfolio rationalization costs1
(0.0)-(0.0)n/a
---n/aFair value adjustment to inventory2
---n/a
-0.6(0.6)(100 %)Adjusted Earnings from operations
$                  13.8$                  13.0$              0.86 %
$                  30.3$                  28.6$              1.66 %










Adjusted for Depreciation and amortization
3.54.1(0.7)(16 %)
7.38.1(0.8)(10 %)Adjusted EBITDA
$                  17.3$                  17.2$              0.11 %
$                  37.6$                  36.7$              0.92 %










Net earnings
$                    8.8$                    7.9$              0.912 %
$                  19.0$                  17.2$              1.811 %Adjustments:









Portfolio rationalization costs1
(0.0)-(0.0)n/a
---n/aFair value adjustment to inventory2
---n/a
-0.4(0.4)(100 %)NCI Obligation3
0.30.5(0.2)(42 %)
0.61.0(0.4)(42 %)Fair value adjustment to NCI Obligation4
---n/a
0.5-0.5n/aAdjusted Net earnings
$                    9.1$                    8.4$              0.78 %
$                  20.1$                  18.6$              1.58 %























Three months ended
Six months ended

Dec. 31,Dec. 31, $ Change % Change
Dec. 31,Dec. 31, $ Change % Change(in Canadian dollars)
20252024
20252024










Per common share









-   Basic net earnings
$                  0.31$                  0.28$            0.0312 %
$                  0.67$                  0.60$            0.0611 %-   Diluted net earnings
$                  0.31$                  0.28$            0.0312 %
$                  0.67$                  0.60$            0.0611 %










Basic Net earnings per share
$                  0.31$                  0.28$            0.0312 %
$                  0.67$                  0.60$            0.0611 %Adjustments:









Portfolio rationalization costs1
(0.00)-(0.00)n/a
---n/aFair value adjustment to inventory2
---n/a
-0.02(0.02)(100 %)NCI obligation3
0.010.02(0.01)(42 %)
0.020.04(0.01)(42 %)Fair value adjustment to NCI obligation4
---n/a
0.02-0.02n/aAdjusted Basic Net earnings per share
$                  0.32$                  0.30$            0.028 %
$                  0.71$                  0.66$            0.058 %










Dilluted Net earnings per share
$                  0.31$                  0.28$            0.0312 %
$                  0.67$                  0.60$            0.0611 %Adjustments:









Portfolio rationalization costs1
(0.00)-(0.00)n/a
---n/aFair value adjustment to inventory2
---n/a
-0.02(0.02)(100 %)NCI obligation3
0.010.02(0.01)(42 %)
0.020.04(0.01)(42 %)Fair value adjustment to NCI obligation4
---n/a
0.02-0.02n/aAdjusted Dilluted Net earnings per share
$                  0.32$                  0.30$            0.028 %
$                  0.71$                  0.66$            0.058 %










(1)Costs related to rationalizing brand portfolio, including costs incurred to dispose or discontinue product
lines following strategic portfolio review(2)Costs related to fair value adjustments to inventory due to business combination(3)Notional interest costs related to non-controlling interest obligation for ABG(4)Costs related to fair value adjustmenst to non-controlling interest obligation for ABGThe following table presents a reconciliation of Adjusted EBITDA to its most directly comparable financial measures for the three-month period ended December 31, 2025 to the three-month period ended March 31, 2024:
Three months ended
Dec. 31,Sep. 30,Jun. 30,Mar. 31,Dec. 31,Sep. 30,Jun. 30,Mar. 31,(in millions of Canadian dollars)20252025202520252024202420242024








Earnings from operations$         13.8$         16.4$         10.4$           7.7$         13.0$         15.0$           8.7$           9.2Adjustments:







Transaction related costs1------0.6-Portfolio rationalization costs2(0.0)0.00.8-----Restructuring costs3--0.3---(0.3)-Fair value adjustment to inventory4-----0.60.2-Adjusted Earnings from operations$         13.8$         16.5$         11.5$           7.7$         13.0$         15.6$           9.2$           9.2Adjusted for depreciation & amortization3.53.84.14.14.13.94.13.8Adjusted EBITDA$         17.3$         20.3$         15.6$         11.7$         17.2$         19.5$         13.3$         13.0(1)Costs related to the acquisitions of ABG and Nude Beverages brands(2)(Reversal of) Costs related to rationalizing brand portfolio, including costs incurred to dispose or discontinue product lines following strategic portfolio review(3)(Income) / costs related to organizational restructuring and provisions(4)Costs related to fair value adjustments to inventory due to business combinationOrganic revenue growth is measured as the difference between revenue excluding case goods revenue from acquired or disposed brands compared to revenue in the preceding fiscal period during which the acquisition or disposal had not yet occurred.The following table presents a reconciliation of total organic revenue and organic case goods revenue to their most directly comparable financial measures for the three-month and six-month periods ended December 31, 2025, and 2024:
Three months ended
Six months ended(in millions of Canadian dollars)Dec. 31 2025Dec. 312024(1)$ Change  % Change 
Dec. 31 2025Dec. 31 2024(1) $ Change  % Change 









Case Goods - Domestic Revenue$        53.4$        48.2$          5.211 %
$      114.8$      101.6$        13.213 %  Adjusted for revenue from acquired or disposed brands(0.0)(0.8)0.7(94 %)
(1.0)(2.0)1.0(49 %)Case Goods - Domestic Organic Revenue$        53.4$        47.4$          5.912 %
$      113.7$        99.5$        14.214 %Case Goods - International Revenue4.83.80.925 %
9.77.02.738 %Net commissions7.88.4(0.7)(8 %)
16.016.1(0.1)(1 %)Other services0.91.2(0.2)(21 %)
1.92.1(0.2)(12 %)Total Organic Revenue$        66.9$        60.9$          6.010 %
$      141.3$      124.7$        16.513 %(1) Certain comparative information has been reclassified to conform to the current year's presentation. Total Debt refers to debt of the Company, which includes bank indebtedness and credit facilities payable, lease liabilities and long-term debt.Net Debt refers to the cash and deposits in cash management pools of the Company, less bank indebtedness and credit facilities payable and long-term debt.The following table presents a reconciliation of total debt and net debt to their most directly comparable financial measures as at December 31, 2025 and 2024:
Dec. 31,Dec. 31,(in millions of Canadian dollars)20252024


Credit facilities payable$                         -$                    (2.2)Lease liabilities(7.6)(4.1)Long-term debt(96.0)(108.0)Total debt$                (103.6)$                (114.3)


Cash$                      2.1$                      1.4Deposits in cash management pools21.824.0


Credit facilities payable-(2.2)Long-term debt(96.0)(108.0)Net debt$                  (72.1)$                  (84.8)Dividend Payout Ratio refers to the Rolling 12-month Dividend Payout Ratio to the quarterly dividends paid and quarterly cash flow from operating activities:
Twelve months ended
Dec. 31,(in millions of Canadian dollars except per share amounts)2025

Dividend paid per share$                            0.92Shares outstanding28,468,856Total dividends paid$                            26.2Cash flow from operating activities46.2Dividend Payout Ratio57 %Please refer to the "Non-IFRS Financial Measures" & "Non-IFRS Financial Ratios" section of our MD&A for the three-month and six-month periods ended December 31, 2025 as filed on SEDAR+ for further information regarding Non-IFRS measures.2)  RETAIL SALES DATA SCOPEPlease note that retail sales data for Nude Beverages in the province of Alberta is not reported consistently in ACD data across the current and comparative period, and as such, has been excluded from retail sales measures discussed in this document.FORWARD-LOOKING STATEMENTSThis press release contains forward-looking statements, including statements concerning possible or assumed future results of Corby's operations. Forward-looking statements typically are preceded by, followed by or include the words "believes", "expects", "anticipates", "estimates", "intends", "plans" or similar expressions. These statements are being provided for the purposes of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of our anticipated financial position, results of operations and operating environment. Readers are cautioned that such information may not be appropriate for other purposes and are not guarantees of future performance. Although Corby believes that the forward-looking information in this press release is based on information, assumptions and beliefs which are current, reasonable and complete, this information is necessarily subject to a number of factors, risks and uncertainties that could cause actual results to differ materially from management's expectations and plans as set forth in such forward-looking information. For more information on the risks, uncertainties and assumptions that could cause Corby's actual results to differ from current expectations, refer to the Risks and Risk Management section of our Management's Discussion and Analysis for the three-month and six-month periods ended December 31, 2025 as well as Corby's other public filings, available at https://www.sedarplus.ca and at https://corby.ca/en/investors/. Corby does not undertake to update any forward-looking information, whether written or oral, that may be made from time to time by it or on its behalf, to reflect new information, future events or otherwise, except as is required by applicable securities laws. Accordingly, readers should not place undue reliance on forward-looking statements. All financial results are reported in Canadian dollars.About Corby Spirit and Wine LimitedCorby Spirit and Wine Limited is a leading Canadian manufacturer, marketer and distributor of spirits and imported wines, and ready-to-drink beverages. Corby's portfolio of owned-brands includes some of the most renowned brands in Canada, including J.P. Wiser's®, Lot 40®, and Pike Creek® Canadian whiskies, Lamb's® rum, Polar Ice® vodka and McGuinness® liqueurs, as well as the Ungava® gin, Cabot Trail® maple-based liqueurs and Chic Choc® spiced rum, Cottage Springs® and Nude® ready-to-drink beverages and Foreign Affair® wines. Through its affiliation with Pernod Ricard S.A., a global leader in the spirits and wine industry, Corby represents leading international brands such as ABSOLUT® vodka, Chivas Regal®, The Glenlivet® and Ballantine's® Scotch whiskies, Jameson® Irish whiskey, Beefeater® gin, Malibu® rum, Olmeca Altos® and Código 1530® tequilas, Jefferson's™ and Rabbit Hole® bourbons, Kahlúa® liqueur, and Mumm® champagne. Corby also provides representation for certain selected, unrelated third-party brands such as Jacob's Creek®, Wyndham Estate®, Stoneleigh®, and Campo Viejo® wines. Corby is a publicly traded company based in Toronto, Ontario, and is listed on the Toronto Stock Exchange under the trading symbols CSW.A and CSW.B. For further information, please visit our website or follow us on LinkedIn.www.Corby.caSOURCE Corby Spirit and Wine Limited

Original: Corby Spirit and Wine Limited reports strong Q2 fiscal 2026 results and increases quarterly dividend by 4.3% to $0.24 per share