Mr. David Kinder reports

BIG ROCK BREWERY INC. ANNOUNCES 2026 FIRST QUARTER RESULTS

Big Rock Brewery Inc. has released its financial results for the three months ended March 31, 2026.

Financial summary

For the three months ended March 31, 2026, compared with the three months ended March 31, 2025, the corporation reported:

• Net revenue remained consistent at $10.1-million;
• Total sales volumes down 14.9 per cent to 58,138 hectolitres (hl), compared with 68,344 hl, driven by a 22.8-per-cent decrease in co-packing sales volumes;
• Operating loss was $1.0-million, a decrease of $1.1-million from $100,000;
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) decreased by $1.0-million to negative $300,000. Adjusted EBITDA is a non-GAAP (generally accepted accounting principles) financial measure.

In the first quarter of 2026, net revenues stayed consistent compared with the first quarter of 2025, at $10.1-million. Sales volumes declined by 14.9 per cent compared the first quarter of 2025, due to decreased co-packing sales volumes, which were down 22.8 per cent.

"Big Rock experienced seasonally slow activity this quarter, consistent with industry trends and with the cyclical nature of this industry. The corporation used this time of slower sales and production to focus on our innovations and marketing objectives for the upcoming season. We are thrilled to launch a number of new and exciting products in the spring and summer of 2026, and as we enter our busiest time of the year we are already seeing early signs of stabilization in our wholesale volumes. We remain confident that our process efficiencies will help us come out of our slower season stronger than ever and in line for a great 2026," said David Kinder, Big Rock's president and chief executive officer.

Additional information

The unaudited condensed interim consolidated financial statements of the corporation and the corporation's management discussion and analysis for the three months ended March 31, 2026, dated May 14, 2026, can be viewed on Big Rock's website and on SEDAR+ under Big Rock Brewery.

Big Rock is also pleased to announce that the annual general meeting (AGM) of Big Rock shareholders is expected to be held on May 20, 2026, at 2 p.m. Mountain Standard Time. Further details of the AGM will follow in due course.

Non-GAAP (generally accepted accounting principles) measures

The corporation uses certain financial measures referred to in this news release to quantify its results that are not prescribed by generally accepted accounting principles (GAAP). Such financial measures do not have a standardized meaning under GAAP and therefore may not be comparable with similar measures presented by other issuers. The non-GAAP financial measures should not be considered in isolation, as an alternative to or more meaningful than the most directly comparable GAAP measures, which are prepared in accordance with IFRS (international financial reporting standards) accounting standards.

Adjusted EBITDA is a non-GAAP financial measure that the corporation uses to measure operating performance and borrowing capacity. The most directly comparable GAAP measure with adjusted EBITDA is net income or net loss, as applicable. An attached table details the composition of adjusted EBITDA and its reconciliation to net income or net loss.

About Big Rock Brewery Inc.

In 1985, Ed McNally founded Big Rock to contest the time's beer trends. Three bold, European-inspired offerings -- bitter, porter and traditional ale -- forged an industry at a time heavy on easy-drinking lagers and light on flavour. Today, the company's extensive portfolio of signature beers, continuing seasonal offerings, six ciders (Rock Creek Cider series), custom-crafted private-label products and other notable, licensed alcoholic beverages keeps the company at the forefront of the craft beer revolution and still proudly contesting the beer and alcoholic beverage trends of today. Big Rock has brewing operations in Calgary, Alta., British Columbia and Ontario. Big Rock trades on the Toronto Stock Exchange under the symbol BR.

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