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Canlan Ice Sports Corp. (TSX: ICE) reported financial results for the year ended December 31, 2025, highlighting a milestone of $100.0 million in total operating revenue and higher profitability despite ongoing cost pressures.
For 2025, Canlan said the increase in total operating revenue was driven by price and volume growth in adult and youth hockey leagues, tournament activity, soccer leagues, field rentals, and food and beverage (F&B) sales.
Facility operating expenses were $73.6 million, up $4.3 million or 6.1% from 2024, primarily due to higher labour and other variable expenses to support increased business volumes. The company also reported elevated repair and maintenance costs to enhance dressing room facilities and maintain essential equipment for air quality and ice conditions.
Earnings from facility operations were $26.4 million before general and administrative (G&A) expenses, up $1.7 million or 7.1% from 2024. After G&A expense of $10.7 million, operating earnings were $15.7 million, up $2.0 million or 14.3% from 2024.
In the three months ended December 31, 2025, Canlan reported total operating revenue of $27.4 million, up $1.4 million or 5.3% from the same period in 2024, driven by higher revenue from adult and youth hockey and soccer leagues, tournament registrations, and F&B operations.
Facility operating expenses were $18.8 million, up $1.2 million or 6.7% year over year, mainly due to higher labour and other variable expenses tied to increased business volumes. After G&A expenses of $3.1 million, operating earnings were $5.6 million, up $0.4 million or 7.3% from 2024. Net earnings for the quarter were $2.3 million, or $0.17 per share, compared with $2.4 million or $0.18 per share a year earlier.
For the 3 months ended December 31, 2025 vs. 2024
For the year ended December 31, 2025 vs. 2024
In remarks accompanying the results, Canlan’s President and CEO Joey St-Aubin said consolidated revenue for fiscal 2025 surpassed $100.0 million, and that the company achieved 14% growth in operating earnings while continuing to invest in facility upgrades and maintenance. He also cited progress in Illinois operations, including the acquisition of a hockey club in Romeoville, new leadership in West Dundee, and improvements to multi-sport facilities in Lake Barrington and Libertyville.
Canlan’s CFO Ivan Wu said the company continued investing in capital upgrades aimed at improving operational efficiency and supporting long-term facility performance. The investments include modernization of legacy equipment and technologies, and expansion of the Game Deck pilot at Canlan Sports York to include amusement games alongside sports simulators.
Canlan reported that two special dividend distributions were paid during 2025 totaling $1.00 per share, with two special dividend declarations of $0.50 per share each during the year.
Separately, the company’s board approved the continuation of its quarterly dividend policy. The board declared eligible dividends totaling $0.03 per common share, payable on April 15, 2026 to shareholders of record as of March 31, 2026. The company noted that the dividend is designated as an “eligible” dividend under the Income Tax Act (Canada).
Canlan said its financial statements and Management’s Discussion and Analysis for the year ended December 31, 2025 will be available via SEDARplus before March 31, 2026 and through the company’s website.
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