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

Consolidated Financial Highlights (unaudited)

(in thousands of dollars except per share amounts)
Three months endedNine months ended
September 30,
2026		September 30,
2025		September 30,
2026		September 30,
2025
Net earnings27,71016,92953,31239,492
Basic and diluted earnings per share1.150.702.211.62


Operating Data

 Three months endedNine months ended
 September 30,
2026		September 30,
2025		September 30,
2026		September 30,
2025
Canadian Full Privilege Golf Members  15,15815,397
Championship rounds – Canada604,000626,000973,0001,031,000
18-hole equivalent championship golf courses – Canada  36.037.0
18-hole equivalent managed championship golf courses – Canada  3.53.5
Championship rounds – U.S.32,00034,000160,000164,000
18-hole equivalent championship golf courses – U.S.  6.56.5


The following is an analysis of net earnings:

  For the three months ended
(thousands of Canadian dollars) September 30, 2026September 30, 2025
Operating revenue $77,910 $76,699 
Direct operating expenses(1)  51,069  51,980 
    
Net operating income(1)  26,841  24,719 
    
Amortization of membership fees  1,586  1,516 
    
Depreciation and amortization  (3,721) (3,563)
    
Interest, net and investment income  2,694  2,371 
    
Other items  7,875  (1,816)
    
Income taxes  (7,565) (6,298)
    
Net earnings $27,710 $16,929 
    


   
  For the nine months ended
(thousands of Canadian dollars) September 30, 2026September 30, 2025
Operating revenue $171,022 $179,023 
Direct operating expenses(1)  125,367  131,937 
    
Net operating income(1)  45,655  47,086 
    
Amortization of membership fees  3,742  3,779 
    
Depreciation and amortization  (10,870) (10,507)
    
Interest, net and investment income  8,072  7,360 
    
Other items  21,184  4,795 
    
Income taxes  (14,471) (13,021)
    
Net earnings $53,312 $39,492 
    

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

  For the three months ended
(thousands of Canadian dollars) September 30, 2026September 30, 2025
    
Net operating income (loss) by segment   
Canadian golf club operations $28,098 $26,031 
US golf club operations   
(2026 - loss US $261,000; 2025 - loss US $142,000)  (365) (199)
Corporate and other  (892) (1,113)
    
    
Net operating income(1) $26,841 $24,719 
    


   
  For the nine months ended
(thousands of Canadian dollars) September 30, 2026September 30, 2025
    
Net operating income (loss) by segment   
Canadian golf club operations $ 44,133 $42,944 
US golf club operations   
 (2026 - US $2,560,000; 2025 - US $3,015,000)  3,513  4,295 
 Corporate and other  (1,991) (153)
    
    
Net operating income (1) $ 45,655 $47,086 
    

Operating revenue is calculated as follows:

  For the three months ended
(thousands of Canadian dollars) September 30, 2026September 30, 2025
Annual dues $19,117$18,666
Golf  23,671 23,537
Corporate events  5,962 5,714
Food and beverage  19,932 19,831
Merchandise  6,006 6,011
Rooms and other  3,222 2,940
    
Operating revenue $77,910$76,699
    


  For the nine months ended
(thousands of Canadian dollars) September 30, 2026September 30, 2025
Annual dues $ 56,295$55,309
Golf  44,938 45,289
Corporate events  9,829 9,138
Food and beverage  34,995 33,919
Merchandise  12,147 12,301
Real estate  8,153 18,721
Rooms and other  4,665 4,346
    
Operating revenue $ 171,022$179,023
    

Direct operating expenses are calculated as follows:

  For the three months ended
(thousands of Canadian dollars) September 30, 2026September 30, 2025
    
Operating cost of sales $10,240$10,314
    
Real estate cost of sales  - 280
    
Labour and employee benefits  27,815 27,580
    
Utilities  2,489 2,809
    
Selling, general and administrative expenses 1,424 1,568
    
Property taxes  611 590
    
Repairs and maintenance  1,494 1,013
    
Insurance  1,108 1,528
    
Turf operating expenses  1,399 1,886
    
Fuel and oil  763 501
    
Other operating expenses  3,726 3,911
    
Direct Operating Expenses(1) $51,069$51,980
    


  For the nine months ended
(thousands of Canadian dollars) September 30, 2026September 30, 2025
    
Operating cost of sales $ 19,111$19,022
    
Real estate cost of sales  7,242 16,608
    
Labour and employee benefits  61,727 60,639
    
Utilities  6,157 6,448
    
Selling, general and administrative expenses 5,048 4,310
    
Property taxes  3,045 2,962
    
Repairs and maintenance  2,937 2,901
    
Insurance  4,740 4,148
    
Turf operating expenses  4,376 4,451
    
Fuel and oil  1,399 1,037
    
Other operating expenses  9,585 9,411
    
Direct Operating Expenses (1) $ 125,367$131,937
    

(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:

 For the three months ended
 September 30, 2026September 30, 2025
   
Foreign exchange gain (loss)$113 $(75)
Unrealized loss on investment in marketable securities (7,453) (1,707)
Gain on sale of property, plant and equipment 15,271  190 
Equity income (loss) from investments in joint ventures (6) (7)
Business combination transaction costs -  (12)
Other (50) (205)
   
Other items$7,875 $(1,816)
   

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
atamlin@clublink.ca

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