Thunderbird Entertainment Group Reports Fiscal 2026 First Quarter Results

Thunderbird Entertainment Group Inc. (TSXV: TBRD, OTCQX: THBRF) (“Thunderbird” or the “Company”), a global award-winning, full-service multiplatform production, distribution and rights management company, today announced its first quarter fiscal 2026 results for the three-month period ended September 30, 2025, and provided a corporate update.

First Quarter Fiscal 2026 Guidance and Summary (compared to prior-year quarter)

• Approximately 76% of revenue from Thunderbird’s current production slate is already approved and in progress. Based on current visibility, the Company expects full-year revenue growth in the mid- to high-single digits year over year, along with a corresponding increase in Adjusted EBITDA¹ and margins consistent with the prior year.

• The Company recently announced Blue Ant Media Corporation’s (“Blue Ant”) proposed acquisition of Thunderbird. This strategic acquisition, if completed, is expected to expand Blue Ant’s financial and operational scale, adding complementary capabilities to drive long-term growth. The proposed transaction remains subject to customary approvals and closing conditions and no assurance can be given that the transaction will be completed on the terms announced or at all. For more information, see the Company’s press release dated November 26, 2025, a copy of which can be found here.

• Revenue was $36.8 million, down 19% from $45.7 million in the prior year quarter. This decrease is primarily attributable to the delay of certain productions shifting to later in fiscal 2026.

• Net loss was $500,000 compared to net income of $1.6 million in the prior year period. This decrease is due to there being no deliveries of IP projects in the current quarter, slightly offset by a decrease in development costs.

• Adjusted EBITDA¹ was $1.4 million, down from $4.1 million in the prior year period. This decrease was mainly due to the decrease in revenues related to the delay of certain productions. Over the same period, Adjusted EBITDA margins¹ decreased by 500 basis points, from 8.9% to 3.9%.

“With roughly three-quarters of our expected production revenue already greenlit and in motion, we have strong visibility into the year ahead,” said Jennifer Twiner McCarron, Chief Executive Officer and Chair of Thunderbird. “Our teams are managing 26 programs in various stages of production, up from 25 last quarter. While our quarterly results reflect timing shifts in greenlit productions, we evaluate performance across broader production cycles rather than individual quarters. With a strong slate of compelling work and sustained demand, we remain confident in our trajectory and optimistic about the future.”

Simon Bodymore, Chief Financial Officer of Thunderbird, added, “We are managing multiple high-profile projects across development, production, and post-production, including several IP-driven titles that will contribute meaningful revenue in future quarters. Our cash flow and balance sheet remain healthy, and our teams are fully engaged, positioning us well to generate value for our shareholders.”

Normal Course Issuer Bid

On December 4, 2024, Thunderbird announced its application was approved for a Normal Course Issuer Bid (the “2025 NCIB”), pursuant to which it may repurchase its own common shares for cancellation through the facilities of the TSX Venture Exchange (“TSXV”) in an amount not to exceed 10% of its public float, as may be permitted by the TSXV and applicable securities laws. Purchases under the 2025 NCIB may continue for up to one year from the commencement day of December 9, 2024.

For the three months ended September 30, 2025, the Company repurchased for cancellation 250,000 common shares under the 2025 NCIB for a total consideration of $0.5 million, representing an average price of $1.77 per common share, compared to repurchasing nil in the comparative period.

Thunderbird’s Fiscal 2026 Q1 Corporate Highlights

• In fiscal 2026 Q1, the Company had 26 programs in various stages of production and was working with 16 clients. Of the 26 programs in production, six were Thunderbird IP, and 20 were service productions.

• Thunderbird Kids & Family, producing under Atomic Cartoons (“Atomic”), was in production on 18 programs, and working for 10 clients, including: Super Team Canada (Season 2) for Bell Media’s Crave, The Day You Begin for PBS Kids, Marvel’s Iron Man and his Awesome Friends for Disney Junior, Marvel's Spidey and His Amazing Friends (Season 4) for Disney Junior, and Dr. Seuss’s Red Fish, Blue Fish for Netflix, among others.

• Thunderbird Unscripted, producing under Great Pacific Media (“GPM”), was in production on five unscripted series in Q1, including: Timber Titans (Season 2) for USA Network (Canada), Highway Thru Hell (Season 14) for USA Network (Canada), and Wild Rose Vets (Season 2) for APTN, among others.

• GPM was also in production under Thunderbird Scripted on three scripted projects in Q1, including, but not limited to, How to Lose a Popularity Contest for Tubi, and Crew Girl for Netflix.

• Thunderbird Distribution announced a landmark collaboration with Disney Branded Television, bringing acquired production BeddyByes to audiences worldwide on Disney Jr. in the U.S. and Disney+ globally, with the series set to premiere early next year.

• Thunderbird Brands announced new consumer product licensing partnerships for Company IP Mermicorno: Starfall in categories spanning publishing, personal care, footwear, bedding and bath, and sleepwear.

• During the quarter, Thunderbird was recognized among Canada’s Top Growing Companies by The Globe and Mail, marking the third consecutive year the Company has earned a place on the list.

Results of Operations

For more information, please see the financial statements and the management’s discussion and analysis (MD&A) for the first quarter results for fiscal 2026, which ended September 30, 2025, available on SEDAR+ and the Company’s website.

For information on Thunderbird and to subscribe to the Company’s investor list for news updates, go to www.thunderbird.tv.

ABOUT THUNDERBIRD ENTERTAINMENT GROUP

Thunderbird Entertainment Group Inc. is a global award-winning, full-service multiplatform production, distribution and rights management company, headquartered in Vancouver, with a team in Los Angeles. Thunderbird creates award-winning scripted, unscripted, and animated programming for the world’s leading digital platforms, as well as Canadian and international broadcasters. The Company develops, produces, and distributes animated, factual, and scripted content through its various content arms, including Thunderbird Kids and Family (Atomic Cartoons), Thunderbird Unscripted (Great Pacific Media) and Thunderbird Scripted. Productions under the Thunderbird umbrella include Mermicorno: Starfall, Super Team Canada, Molly of Denali, Highway Thru Hell, Kim’s Convenience, Boot Camp and Sidelined: The QB and Me. Thunderbird Distribution and Thunderbird Brands manage global media and consumer products rights, respectively, for the Company and select third parties. Thunderbird is on Facebook, X, and Instagram at @tbirdent. For more information, visit: www.thunderbird.tv.

Source: Thunderbird Entertainment Group Inc.

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release, which has been prepared by management.

Cautionary Statement Regarding Forward-Looking Information

Certain statements in this press release contain “forward-looking information” for the purposes of applicable securities laws (“forward-looking statements”). Forward-looking information may be identified by words such as “anticipate”, “continue”, “estimate”, “expect”, “forecast”, “may”, “will”, “plan”, “project”, “should”, “believe”, “intend”, or similar expressions concerning matters that are not historical facts. Examples of forward-looking statements in this press release include, but are not limited to: expectations for fiscal 2026 revenue growth; anticipated increases in Adjusted EBITDA and related margins; the timing and delivery of productions; the potential completion and expected benefits of Blue Ant’s proposed acquisition of Thunderbird, including required approvals and closing timing; continued use of the 2025 NCIB; the contribution of current projects and IP-driven titles to revenue in future quarters; demand for the Company’s content and the strength of its production pipeline; and the Company’s liquidity, cash flows and ability to execute its strategic priorities.

Financial outlook and future-oriented financial information, as with forward-looking information generally, are, without limitation, based on the assumptions and estimates and subject to various risks. The targets, forecasts and projections included herein, and the related assumptions, involve known and unknown risks and uncertainties that may cause actual results to differ materially. While management of Thunderbird believes there is a reasonable basis for these targets, forecasts and projections, such targets, forecasts, or projections may not be achieved. The Company’s actual financial position and results of operations may differ materially from management’s current expectations and, as a result, among other things, the Company’s future revenue and Adjusted EBITDA¹ may differ materially from the financial outlooks and future-oriented information provided in this news release. Accordingly, investors are cautioned not to place undue reliance on the foregoing information.

Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; risks related to the proposed acquisition by Blue Ant (including the receipt of required approvals, the timing of closing, and the risk that the transaction does not close or that anticipated benefits are not realized); market segment conditions; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; product capability and acceptance; international risk and currency exchange rates; and technology changes. An assessment of these risks that could cause actual results to materially differ from current expectations is contained in the “Risks and Uncertainty” section of the Company’s September 30, 2025, MD&A. The foregoing is not an exhaustive list. Additional risks and uncertainties not presently known to Thunderbird or that management believes to be less significant may also adversely affect the Company. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements contained in this document (including statements containing future-oriented financial information) are reasonable, undue reliance should not be placed on these statements which represent the Company’s views as of the date hereof and as such information should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release. The Company undertakes no obligation to update publicly or revise any forward-looking statements, whether because of new information, future events or otherwise, unless so required by applicable securities laws. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements.

NON-IFRS MEASURES

In addition to the results reported in accordance with IFRS, the Company uses various non-IFRS financial measures which are not recognized under IFRS and therefore do not have standardized meanings prescribed by IFRS, as supplemental indicators of our operating performance and financial position. The Company’s method of calculating such financial measures may differ from the methods used by other issuers and, accordingly, our definition of these non-IFRS financial measures may not be comparable to similar measures presented by other issuers. These non-IFRS financial measures are provided to enhance the user’s understanding of our historical and current financial performance and our prospects for the future. Management believes that these measures provide useful information in that they exclude amounts that are not indicative of our core operating results and ongoing operations and provide a more consistent basis for comparison between periods. The following discussion explains the Company’s use of Adjusted EBITDA, Adjusted EBITDA Margin and Gross Margin.

“Adjusted EBITDA” is calculated based on EBITDA before share-based compensation, unrealized foreign exchange gain/loss and items of an unusual or one-time nature that do not reflect our ongoing operations. Adjusted EBITDA is commonly reported and widely used by investors and lenders as an indicator of a company’s operating performance and ability to incur and service debt, and as a valuation metric. The most directly comparable measure under IFRS is net income.

“Adjusted EBITDA Margin” is calculated as a ratio of AEBITDA over total revenues. Margin is a non-IFRS ratio when applied to non-IFRS financial measures.

"Gross Margin" is calculated as a ratio of revenue that exceeds direct operating costs. Management considers Gross Margin a useful indicator of profitability before operating and other expenses, aiding in the assessment of the Company's ability to generate net earnings and cash flow. The most directly comparable measure under IFRS is gross profit.

Non-IFRS Measures Reconciliations

The following table presents the reconciliation from net income (loss) to EBITDA and Adjusted EBITDA, for the three months ended September 30, 2025 and 2024.

The following table presents the reconciliation from Gross Profit to Gross Margin, for the three months ended September 30, 2025 and 2024.

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