Becker Milk Reports Q1 Fiscal 2027 Results and Dividend

The Becker Milk Company Limited (TSX:BEK.B) reported its financial results for the three months ended July 31, 2026, alongside the declaration of a regular semi-annual dividend. Revenue and Net Operating Income increased from the comparable period, while net income per share declined.

#Revenue and operating results

Total revenue for the three months ended July 31, 2026, was $731,693, compared with $716,740 for the same period in 2025. The company attributed the $14,953 increase to higher property revenue, partly offset by lower finance income.

Net Operating Income, identified by the company as a non-IFRS financial measure, was $614,889 for Q1 fiscal 2027, compared with $606,179 in fiscal 2026. For the three-month period, this represented an increase of $8,710 from the previous year.

Adjusted funds from operations were $182,991 ($0.10 per share), compared with $186,918 ($0.10 per share) in 2025.

#Net income declines from prior year

Year-to-date net income for Q1 fiscal 2027 was $0.07 per share, compared with $0.25 net income per share in Q1 fiscal 2026. Net income for the three months ended July 31, 2026, decreased by $322,673 compared with the corresponding period in 2025.

The company listed several factors behind the change. These included proceeds of expropriation settlement of $ (331,220), a $45,506 decrease in the fair value adjustment, increased administrative expenses of $41,078, reduced finance income of $12,890 and higher deferred tax charges of $3,232.

Partly offsetting those items were an $8,710 increase in Net Operating Income and a $102,543 decrease in current taxes.

#Investment properties and strategic review

The company reported no material change in investment property capitalization rates during the three months ended July 31, 2026. Compared with the same period in 2025, the fair value adjustment to investment properties showed a $45,506 unfavourable change.

The Board of Directors continues to evaluate potential strategic directions and review the company’s strategic alternatives strategy. The company said it will update the market as appropriate and as required by applicable law.

#Regular dividend

Directors declared a regular semi-annual dividend of 40 cents per share on the Class B Special and Common Shares. The dividend will be paid to shareholders of record as of September 21, 2026, and is payable on September 30, 2026.

For Canadian tax purposes, the dividend will be considered an eligible dividend.

#Non-IFRS measure disclosure

The company cautioned that Net Operating Income, Funds From Operations and related measures are not recognised terms under Canadian generally accepted accounting principles. It said these measures may not have standardised meanings and may not be comparable with similarly titled measures reported by other publicly traded entities.

#Key Takeaways

Total revenue was $731,693 for the three months ended July 31, 2026, compared with $716,740 in the same period in 2025.
Net Operating Income was $614,889, compared with $606,179 in fiscal 2026.
Q1 fiscal 2027 net income was $0.07 per share, compared with $0.25 per share in Q1 fiscal 2026.
Directors declared a 40-cent semi-annual dividend, payable on September 30, 2026, to shareholders of record as of September 21, 2026.

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Frequently Asked Questions

The Becker Milk Company Limited (TSX:BEK.B) reported total revenues of $731,693 for the three months ended July 31, 2026, compared to $716,740 for the same period in 2025. The Company said the increase of $14,953 resulted from increased property revenue, partially offset by reduced finance income.

Year-to-date net income for Q1 fiscal 2027 was $0.07 per share, compared to $0.25 net income per share in Q1 fiscal 2026. Net income for the three months ended July 31, 2026 decreased by $322,673 compared to the three months ended July 31, 2025.

The Company attributed the decrease to proceeds of expropriation settlement of $ (331,220), a decrease in the fair value adjustment of $45,506, increased administrative expenses of $41,078, decreased finance income of $12,890 and increased deferred tax charges of $3,232. These were partly offset by an increase in net operating income of $8,710 and a decrease in current taxes of $102,543.

The year-to-date non-GAAP financial measure Net Operating Income for Q1 fiscal 2027 was $614,889, compared to $606,179 in fiscal 2026. For the three months ended July 31, 2026, Net Operating Income was $614,889, an increase of $8,710 compared with the previous year. The Company cautions that Net Operating Income is not a recognised term under Canadian generally accepted accounting principles, may not have a standardised meaning and may not be comparable with similarly titled measures presented by other publicly traded entities.

For the three months ended July 31, 2026, the Company recorded Adjusted funds from operations of $182,991 ($0.10 per share), compared to $186,918 ($0.10 per share) in 2025. The Company states that Funds From Operations and related terms are not recognised terms under Canadian generally accepted accounting principles and may not be comparable with similarly titled measures presented by other publicly traded entities.

The Directors declared the regular semi-annual dividend on Class B Special and Common Shares of 40 cents per share. The dividend will be paid to shareholders of record as of September 21, 2026, and is payable on September 30, 2026. The Company states that the dividends will be considered an eligible dividend for Canadian tax purposes.

The Board of Directors continually evaluates potential strategic directions. The Company said it continues to review its strategic alternatives strategy and will update the market as appropriate and as required by applicable law. There was no material change in investment property capitalisation rates during the three months ended July 31, 2026, while the fair value adjustment to investment properties showed a $45,506 unfavourable change compared with the three months ended July 31, 2025.