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News Release – Q3 2024 – Sedar

Burnaby, B.C., November 13, 2024 – Canlan Ice Sports Corp. (the “Company” or
“Corporation”) (TSX: ICE) today reported its financial results for the third quarter ended
September 30, 2024.

Overview of Q3 2024

1. Total operating revenue of $20.0 million (a record high for Q3) increased by $2.7 million
or 15.7% compared to a year ago;
2. Facility operating loss was $0.7 million compared to a loss of $3.3 million in 2023;
3. The Company continued to invest in capital projects to enhance customer experience
and to expand the Company’s activity offerings. These projects were completed or
close to completion during the quarter and include the construction of new golf/sports
simulators at the Scotia Barn and Canlan Sports York facilities, the renovation of the
Canlan Sports York sports bar, and the addition of new soccer pitches at Canlan Sports
Libertyville; and
4. The Company is also continuing its quarterly dividend policy with the declaration of
eligible dividends totaling $0.03 per common share that will next be paid on January 15,
2025 to shareholders of record at the close of business December 31, 2024.

Three Months and Nine Months Ended September 30, 2024 Results

“Summer revenue from our leagues, tournaments, surface rentals, and food and beverage
exceeded expectations, thanks to the dedicated efforts of our team members across all
facilities. Through timely, targeted marketing and exceptional customer service, we saw strong
engagement,” said Canlan’s President & CEO, Joey St-Aubin. “I’m particularly encouraged by
the significant growth in teams playing in our Adult Safe Hockey League (ASHL) this fall/winter
season. Additionally, our customers are thrilled about the completion or near-completion of
three major projects planned in 2024:
1. The new Game Deck Interactive Sports (golf and sports simulators) at Canlan Sports –
Scotia Barn and Canlan Sports – York;
2. A substantial renovation at Canlan Sports – Libertyville, doubling our indoor turf capacity
from two to four turf surfaces; and
3. A complete refresh of our restaurant and sports bar at Canlan Sports – York.
These projects are strategically designed to broaden our activity offerings, and enhance the
customer experience across our sports complexes.”

Third Quarter Results

(three months ended September 30, 2024 compared with three months ended September 30, 2023)
1. Total operating revenue of $20.0 million increased by $2.7 million or 15.7% compared to
2023. Pricing and volume growth in summer hockey leagues, third-party surface rentals,
and tournament activity were key drivers of the increase. This in turn, elevated restaurant
and concession traffic, which resulted in increased food and beverage revenue by 11.6%;
2. Total operating expenses (which include the Company’s roof remediation program costs)
of $17.9 million decreased by $0.4 million or 2.4% mainly due to a reduction in repair and
maintenance costs due to timing of projects. Maintenance costs incurred during the
quarter mainly related to the Company’s roof remediation program and projects to improve
dressing rooms, playing surfaces and parking lots;
3. Operating earnings before G&A expenses, excluding roof remediation costs, were $4.4
million compared to $2.1 million in 2023;
4. Total G&A expenses of $2.8 million increased by $0.6 million or 27.5% mainly due to
increased provisions related to the Company’s long-term incentive compensation plan
(LTIP) and retirement compensation for a member of the senior management team;
5. After G&A, operating loss was $0.7 million compared to $3.3 million in 2023; and
6. After recording depreciation expense of $1.9 million, finance costs of $0.5 million, interest
rate swap contract valuation loss of $1.1 million, and income tax recovery of $1.5 million,
net loss for the quarter was $2.6 million or $0.20 per share compared to a loss of $3.9
million or $0.29 per share in the prior year.

Nine Months Ended September 30, 2024 Results

(nine months ended September 30, 2024 compared with nine months ended September 30, 2023)
1. Total operating revenue of $68.0 million increased by $6.5 million or 10.5% principally due
to increased adult hockey league registrations, higher third-party surface rentals, growth in
tournament registrations and food and beverage revenue;
2. Total operating expenses of $51.8 million increased by $2.9 million or 6.0% mainly due to
increased labour and other expenses to service higher customer volumes, increased
utilities, and property tax expenses;
3. Earnings before G&A expenses, excluding roof remediation costs, were $19.4 million
compared to $16.2 million in 2023;
4. Total G&A expenses of $7.7 million increased by $1.4 million or 22.6% mainly due to
increased accounting accruals related to retirement compensation for a me mber of the
senior management team, and the Company’s LTIP;
5. Operating earnings before interest, depreciation and taxes was $8.5 million compared to
$6.4 million in 2023; and
6. After recording depreciation expense of $5.6 million, net finance costs of $1.8 million,
mark-to-market loss of $0.8 million from a change in the value of interest rate swap
contracts, and income tax recovery of $39,000, net earnings were $0.4 million or $0.03 per
share, consistent with the prior year.

Dividend Policy

Canlan’s Board of Directors has approved the continuation of the Corporation’s quarterly
dividend policy. As such, the Board declares eligible dividends totaling $0.03 per common
share that will next be paid on January 15, 2025 to shareholders of record at the close of
business December 31, 2024. Canlan’s Board of Directors reviews the Corporation’s dividend
policy on a quarterly basis. Canlan’s dividend is designated as an “eligible” dividend under the
Income Tax Act (Canada) and any corresponding provincial legislation. Under this legislation,
individuals resident in Canada may be entitled to enhanced dividend tax credits, which reduce
income tax otherwise payable.

Filings

Canlan’s financial statements and Management’s Discussion & Analysis for the quarter ended
September 30, 2024 will be available via SEDAR+ on or before November 14, 2024 and
through the Company’s website, www.canlansports.com.

About Canlan

Canlan Ice Sports Corp. (operating as Canlan Sports) is the North American leader in the
ownership, operations and programming of multi-purpose recreation and entertainment
facilities. We currently own, lease and/or manage 16 facilities in Canada and the United States
with 48 ice surfaces, as well as five indoor soccer fields, and 20 sport, volleyball, and
basketball courts. To learn more about Canlan please visit www.canlansports.com.
Canlan Ice Sports Corp. is listed on the Toronto Stock Exchange under the symbol “ICE.”

Caution concerning forward-looking information
This News Release may contain information that constitutes “forward-looking” information within the
meaning of applicable securities laws. Often, but not always, forward-looking information can be
identified by the use of forward-looking terminology such as “plans”, “expects”, “is expected”, “budgets”,
“scheduled”, “estimates”, “forecasts”, “predicts”, “projects”, “intends”, “targets”, “aims”, “anticipates” or
“believes” or variations (including negative variations) of such words and phrases or may be identified by
statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken,
occur or be achieved. Forward-looking information in this press release includes, but is not limited to,
anticipated benefits of capital expenditures (including energy efficiencies and enhanced customer
experiences) and expectations of business growth. Forward-looking information is based on the
reasonable assumptions, estimates, analyses, beliefs and opinions of management made in light of its
experience and perception of trends, current conditions and expected developments, as well as other
factors that management believes to be relevant and reasonable at the date that such information is
disclosed. Forward-looking information is subject to various known and unknown risks and uncertainties,
many of which are beyond the ability of Canlan to control or predict, that may cause Canlan’s actual
results, performance or achievements to be materially different from those expressed or implied thereby.
Material risk factors that could cause actual results to differ materially from the forward-looking
information provided herein include those factors identified in Canlan’s public disclosure file available at
www.sedarplus.ca and, in particular, the risk factors set out under the heading “Risk Factors” in the
Company’s MD&A available for review on the Company’s profile at www.sedarplus.ca. Such forward looking information represents management’s best judgment based on information currently available.
Accordingly, readers are advised not to place undue reliance on forward-looking information. The
forward-looking information herein is made as of the date of this press release only, and the Company
does not assume any obligation to update or revise them to reflect new information, estimates or
opinions, future events or results or otherwise, except as required by applicable securities law.

For more information:

Canlan Ice Sports Corp.
Ivan Wu
CFO
604 736 9240

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