How Can Dye & Durham Report Nearly C$199m of Adjusted EBITDA and Still Lose Money?
An educational reconciliation. Adjusted EBITDA is a non-IFRS measure that excludes finance costs, amortization, impairment, restructuring, stock compensation and certain transaction costs. Reconciling it to the IFRS net loss of C$38.5m shows where the money went.
The concise answer
Dye & Durham reported FY2026 Adjusted EBITDA of C$198.8m and an IFRS net loss of C$38.5m. The gap exists because Adjusted EBITDA is a non-IFRS measure that excludes finance costs (C$147.9m), amortization and impairment (C$127.6m), acquisition/restructuring/other costs (C$49.7m), and other items — partly offset by the gain on the Credas disposal (approximately C$81.5m). Reconciling the two shows where the earnings went.
The waterfall: from Adjusted EBITDA to net loss
Illustrative bridge in C$M. Read the exact figures in the audited financial statements on SEDAR+.
- ›FY2026 Adjusted EBITDA was C$198.8m; the IFRS net loss was C$38.5m.
- ›Finance costs of C$147.9m are excluded from Adjusted EBITDA.
- ›Amortization, depreciation and impairment of C$127.6m are excluded.
- ›Acquisition, restructuring and other costs of C$49.7m are excluded.
- ›The gain on the Credas disposal (approximately C$81.5m) reduced the net loss.
What Adjusted EBITDA excludes
- Finance costs (interest, fair-value changes on debt/derivatives, leases).
- Amortization, depreciation and impairment.
- Acquisition, restructuring and other costs.
- Stock-based compensation (in the Adjusted EBITDA definition).
- Certain transaction costs management considers non-recurring.
Because these exclusions are large, Adjusted EBITDA and IFRS net income can diverge dramatically — as they did here. This site never uses the two interchangeably. See the financial dashboard for the multi-year view.
Frequently asked questions
Why is Adjusted EBITDA so much higher than net income?
Adjusted EBITDA excludes finance costs (C$147.9m), amortization/impairment (C$127.6m), acquisition/restructuring/other costs (C$49.7m) and other items. After those, the IFRS result was a C$38.5m net loss.
Is Adjusted EBITDA an IFRS measure?
No. Adjusted EBITDA is a non-IFRS (alternative) performance measure. It should not be used interchangeably with IFRS net income or cash flow.