Goodfellow Reports Its Results for the Second Quarter Ended May 31, 2026

DELSON, Quebec, July 10, 2026 (GLOBE NEWSWIRE) -- Goodfellow Inc. (TSX: GDL) (the “Company” or “Goodfellow”) announced today its financial results for the second quarter ended May 31, 2026.

For the three months ended May 31, 2026, Goodfellow reported net earnings of $2.1 million or $0.25 per share compared to net earnings of $2.5 million or $0.29 per share a year ago, while consolidated sales were $142.7 million compared to $152.9 million last year.

For the six months ended May 31, 2026, the Company reported a net loss of $1.1 million or $(0.13) per share compared to net earnings of $0.2 million or $0.02 per share a year ago, while consolidated sales were $251.4 million compared to $264.1 million last year.

At the midpoint of fiscal 2026, Goodfellow continued to operate in a complex environment characterized by persistent macroeconomic uncertainty, difficult housing market conditions, softer consumer demand and pricing volatility. Customers maintained a disciplined approach to purchasing and inventory management, contributing to a slower start to the building season, while regional differences in construction activity resulted in uneven market conditions across the Company's operating network. Performance for the first half of the year reflects these ongoing challenges. Goodfellow remains well positioned for future growth through its strong balance sheet, diversified product offering and continued focus on delivering exceptional customer service as market conditions improve.

About Goodfellow

Goodfellow is a diversified manufacturer of value-added lumber products, as well as a wholesale distributor of building materials and floor coverings. With a distribution footprint from coast-to-coast in Canada and in the Northeastern U.S., Goodfellow effectively serves commercial and residential sectors through lumber yard retailer networks, manufacturers, industrial and infrastructure project partners, and floor covering specialists. Goodfellow also leverages its value-added product capabilities to serve lumber markets internationally. Goodfellow Inc. is a publicly traded company, and its shares are listed on the Toronto Stock Exchange under the symbol “GDL”.


GOODFELLOW INC.
Consolidated Statements of Comprehensive Income (Loss)
For the three and six months ended May 31, 2026 and 2025
(in thousands of dollars, except per share amounts) Unaudited

	For the three months ended		For the six months ended
	May 31 2026	May 31 2025 (Restated)¹	May 31 2026	May 31 2025 (Restated)¹
	$	$	$	$

Sales	142,686	152,940	251,415	264,120
Expenses
Cost of goods sold	114,685	126,265	204,920	217,965
Selling, administrative and general expenses	23,933	22,047	45,940	43,879
Net financial costs	1,218	1,212	2,055	1,998
	139,836	149,524	252,915	263,842

Earnings (loss) before income taxes	2,850	3,416	(1,500)	278

Income taxes	798	956	(420)	78

Total comprehensive income (loss)	2,052	2,460	(1,080)	200

Net earnings (loss)
-per share –Basic	0.25	0.29	(0.13)	0.02
-per share –Diluted	0.25	0.29	(0.13)	0.02

¹In the fourth quarter of 2025, the Company corrected an error in presentation for certain production-related expenses that were recognized as selling, administrative and general expenses instead of cost of goods sold (with no impact to any associated subtotals or totals). The comparative financial information for the second quarter 2025 has been restated for this presentation adjustment. The impact was a decrease to selling, administrative and general expenses for the three months ended May 31, 2025 of $6,074 and for the six months ended May 31, 2025 of $12,061, with a corresponding increase to cost of goods sold. This presentation adjustment has no impact on earnings before income taxes or net earnings. The presentation adjustment also had no impact on the consolidated statement of financial position, statement of cash flows and statement of changes in Shareholders’ Equity.


GOODFELLOW INC.
Consolidated Statements of Financial Position
(in thousands of dollars)
Unaudited
	As at	As at	As at
	May 31 2026	November 30 2025	May 31 2025
	$	$	$
Assets
Current Assets
Cash	4,167	3,767	3,379
Trade and other receivables	89,291	55,471	96,247
Income taxes receivable	2,590	1,360	6,566
Inventories	165,363	144,484	151,384
Prepaid expenses	5,330	3,168	3,059
Total Current Assets	266,741	208,250	260,635

Non-Current Assets
Property, plant and equipment	42,960	42,625	42,844
Intangible assets	183	381	615
Right-of-use assets	18,118	19,304	21,368
Defined benefit plan asset	21,330	21,739	21,554
Deferred income taxes	744	744	-
Other assets	1,919	1,875	1,894
Total Non-Current Assets	85,254	86,668	88,275
Total Assets	351,995	294,918	348,910

Liabilities
Current Liabilities
Bank indebtedness	69,805	17,564	57,217
Trade and other payables	51,205	42,629	56,222
Provision	602	624	788
Current portion of lease liabilities	6,349	6,485	6,297
Total Current Liabilities	127,961	67,302	120,824

Non-Current Liabilities
Lease liabilities	13,588	14,551	16,319
Deferred income taxes	5,436	5,436	8,303
Total Non-Current Liabilities	19,024	19,987	24,622
Total Liabilities	146,985	87,289	145,446

Shareholders’ Equity
Share capital	9,140	9,184	9,234
Retained earnings	195,870	198,445	194,230
	205,010	207,629	203,464
Total Liabilities and Shareholders’ Equity	351,995	294,918	348,910

GOODFELLOW INC.
Consolidated Statements of Cash Flows
For the three and six months ended May 31, 2026 and 2025
(in thousands of dollars) Unaudited
	For the three months ended		For the six months ended
	May 31 2026	May 31 2025	May 31 2026	May 31 2025
	$	$	$	$
Operating Activities
Net earnings (loss)	2,052	2,460	(1,080)	200
Adjustments for:
Depreciation and amortization of:
Property, plant and equipment	1,232	1,287	2,445	2,549
Intangible assets	152	146	302	291
Right-of-use assets	1,502	1,515	2,991	3,010
Gain on disposal of property, plant and equipment	-	(3)	(10)	(9)
Provision	(23)	(30)	(22)	(142)
Income taxes	798	956	(420)	78
Interest expense	671	593	992	832
Interest on lease liabilities	337	365	667	706
Funding in excess of pension plan expense	210	193	409	371
Share-based compensation	47	-	364	-
Other	22	(123)	(31)	(181)
	7,000	7,359	6,607	7,705

Changes in non-cash working capital items	(26,110)	(17,072)	(48,317)	(51,634)
Interest paid	(1,134)	(923)	(1,806)	(1,468)
Income taxes paid	(31)	(9)	(810)	(10)
	(27,275)	(18,004)	(50,933)	(53,112)
Net Cash Flows from Operating Activities	(20,275)	(10,645)	(44,326)	(45,407)

Financing Activities
Net increase (decrease) in bank loans	-	(2,000)	2,000	2,000
Net increase in CORRA loans	25,000	31,000	48,000	55,000
Payment of lease liabilities	(1,465)	(1,384)	(2,945)	(2,819)
Redemption of shares	(295)	(403)	(474)	(839)
Dividends paid	(1,249)	(2,105)	(1,249)	(2,105)
Net Cash Flows from Financing Activities	21,991	25,108	45,332	51,237

Investing Activities
Acquisition of property, plant and equipment	(1,974)	(579)	(2,780)	(1,510)
Acquisition of intangible assets	(26)	(10)	(104)	(10)
Proceeds on disposal of property, plant and equipment	-	3	10	9
Other assets	17	(567)	27	(558)
Net Cash Flows from Investing Activities	(1,983)	(1,153)	(2,847)	(2,069)

Net (decrease) increase in cash	(267)	13,310	(1,841)	3,761
Cash (bank indebtedness), beginning of period	1,629	(10,148)	3,203	(599)
Cash (bank indebtedness), end of period	1,362	3,162	1,362	3,162

Cash position is comprised of:
Cash	4,167	3,379	4,167	3,379
Bank overdraft	(2,805)	(217)	(2,805)	(217)

GOODFELLOW INC.
Consolidated Statements of Changes in Shareholders’ Equity
For the six months ended May 31, 2026 and 2025
(in thousands of dollars)
Unaudited

	Share Capital	Retained Earnings	Total
	$	$	$

Balance as at November 30, 2024	9,309	196,899	206,208

Net earnings	-	200	200

Total comprehensive income	-	200	200

Dividend	-	(2,105)	(2,105)
Redemption of Shares	(75)	(764)	(839)

Balance as at May 31, 2025	9,234	194,230	203,464


Balance as at November 30, 2025	9,184	198,445	207,629

Net loss	-	(1,080)	(1,080)

Total comprehensive loss	-	(1,080)	(1,080)

Dividend	-	(1,249)	(1,249)
Share-Based compensation	-	184	184
Redemption of Shares	(44)	(430)	(474)

Balance as at May 31, 2026	9,140	195,870	205,010

From:	Goodfellow Inc. Patrick Goodfellow President and CEO T: 450 635-6511 F: 450 635-3730 info@goodfellowinc.com

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