TORONTO, Dec. 11, 2025 (GLOBE NEWSWIRE) — The Becker Milk Company Limited (the “Company”) (TSX-BEK.B) is pleased to report the results for the six months ended October 31, 2025.
HIGHLIGHTS
- Total revenues for the six months ended October 31, 2025 were $1,428,054 compared to $1,451,462 for the same period in 2024;
- The year-to-date non-GAAP financial measure Net Operating Income for Q2 fiscal 2026 was $1,137,175 compared to $1,191,698 in fiscal 2025;
- The year-to-date net income for Q2 fiscal 2026 was $0.39 per share, compared to $0.78 net income per share in Q2 fiscal 2025.
FINANCIAL HIGHLIGHTS
Total revenues for the six months ended October 31, 2025 fell $23,408 compared to the six months ended October 31, 2024, a result of reduced finance income.
| Six months ended | |||||||||
| October 31 | |||||||||
| 2025 | 2024 | ||||||||
| Property revenue | $ | 1,369,949 | $ | 1,362,324 | |||||
| Finance income | 58,105 | 89,138 | |||||||
| Total revenues | $ | 1,428,054 | $ | 1,451,462 | |||||
| Net income attributable to common | |||||||||
| and special shareholders | $ | 712,962 | $ | 1,408,754 | |||||
| Average common and special shares outstanding | 1,808,360 | 1,808,360 | |||||||
| Income per share | $ | 0.39 | $ | 0.78 | |||||
Components of the $695,792 decrease in net income for the six months ended October 31, 2025 compared to the six months ended October 31, 2024 are:
| Changes in Net Income – Six months ended October 31, 2025 |
|||||||
| compared to six months ended October 31, 2024 | |||||||
| Provision for environmental liability | |||||||
| Decrease in deferred tax charges | $ | 1,159,205 | |||||
| Proceeds of expropriation settlement | 331,220 | ||||||
| Increase in administrative expenses | (22,427 | ) | |||||
| Decrease in finance income | (31,033 | ) | |||||
| Increase in current taxes | (49,672 | ) | |||||
| Decrease in net operating income | (54,523 | ) | |||||
| Decrease in the fair value adjustment | (2,028,562 | ) | |||||
| Decrease in net income | ($ | 695,792 | ) | ||||
Investment property capitalization rates were unchanged during the six months ended October 31, 2025. Compared to the six months ended October 31, 2024, there was a $1,019,292 unfavourable change in the fair value adjustment to investment properties.
Non-IFRS financial measures
Net operating income
The non-IFRS financial measure Net Operating Income for the six months ended October 31, 2025 was $1,137,175, a $54,523 decrease compared with the previous year.
| Six months ended | |||||||||||
| October 31 | |||||||||||
| 2025 | 2024 | ||||||||||
| Property revenue | $ | 1,369,949 | $ | 1,362,324 | |||||||
| Property operating expenses | (232,774 | ) | (170,626 | ) | |||||||
| Net operating income | $ | 1,137,175 | $ | 1,191,698 | |||||||
Funds from operations and adjusted funds from operations
For the six months ended October 31, 2025 the Company recorded Adjusted funds from operations of $391,854 ($0.22 per share) compared to $300,304 ($0.17 per share) in 2024.
| Six months ended | |||||||||||
| October 31 | |||||||||||
| 2025 | 2024 | ||||||||||
| Net income | $ | 712,962 | $ | 1,408,754 | |||||||
| Add (deduct) items not affecting cash: | |||||||||||
| Adjustment to fair value of investment properties | (69,656 | ) | (2,098,218 | ) | |||||||
| Porceeds of expropriation settlement | (331,220 | ) | – | ||||||||
| Tax on expropriation settlement | 112,767 | – | |||||||||
| Deferred income taxes | 12,345 | 1,171,550 | |||||||||
| Funds from operations | 437,198 | 482,086 | |||||||||
| Deduct non-operating items: | |||||||||||
| Expenses related to strategic review | – | – | |||||||||
| Sustaining capital expenditures | (45,344 | ) | (181,782 | ) | |||||||
| Adjusted funds from operations | $ | 391,854 | $ | 300,304 | |||||||
| Adjusted funds from operations per share | $ | 0.22 | $ | 0.17 | |||||||
STRATEGIC REVIEW
The Board of Directors continually evaluates strategic directions for the Company. Although the Company has previously engaged in discussions with potential acquirers, none of those discussions are active currently. The Company continues to review its strategic alternatives and will update the market as appropriate, and as required.
The Company’s interim financial statements for the six months ended October 31, 2025, along with the Management’s Discussion and Analysis will be filed with SEDAR at www.sedar.com.
Readers are cautioned that although the terms “Net Operating Income”, and “Funds From Operations” are commonly used to measure, compare and explain the operating and financial performance of Canadian real estate companies and such terms are defined in the Management’s Discussion and Analysis, such terms are not recognized terms under Canadian generally accepted accounting principles. Such terms do not necessarily have a standardized meaning and may not be comparable to similarly titled measures presented by the other publicly traded entities.
For the Board of Directors
G.W.J. Pottow, President
Tel: 416-698-2591
