Star Metro - GECC Reports F2026 Q1 Financial Results

The following table presents selected financial data from the Q1 2026 Financial Report with comparisons to the period ended November 30, 2024 ("Q1 2025"). All figures are in thousands of Canadian dollars, except share and per share data, unless otherwise stated.

(1) See the section titled "Non-IFRS Financial Measures" for more information on each non-IFRS specified financial measure.

(2) Percentage change amounts reflect the relative change in the individual balance with the impact (negative or positive) on net income.

"GECC's Q1 2026 financial results represent our first quarterly report since divesting of a marjor part of our educational division to focus on student housing," said Toby Chu, Chairman, President, and CEO. "These results demonstrate a disciplined commitment to scaling our student housing portfolio. Some of the several tangible milestones reached are as follows:

• GEC^® Oakridge: Construction has reached the 12th floor as of January 13, 2026. The 18-story project remains on time and on budget. It is situated across from the Oakridge Shopping Centre, the largest urban redevelopment project in Vancouver's history.

• GEC Education Mega Center^® (Surrey): The Building Permit application was formally submitted on December 23, 2025, with the excavation permit application currently in process.

• GEC^® Langara: The rezoning application received council approval on January 13, 2026, and has progressed to the Development Permit phase.

• With the exception of one smaller property, all other GEC^® operational properties have converted their mortgages to CMHC-sponsored financing with below-market interest rates.

• Operational Excellence: All but one GEC^® operational properties across the city maintain near-zero vacancy rates and higher rental rates compared to conventional rentals due to GEC^®'s fully furnished facilities, providing students with a turnkey solution.

"We will continue to pursue strategic expansion opportunities throughout 2026 to achieve greater economies of scale for our GEC^® Living platform," Mr. Chu added.

About GECC:

For nearly 32 years, GECC has been a leader in Canada's education and student housing landscape. Serving a vibrant community of nearly 10,000 domestic and international students annually, GECC operates across 24 student housing apartments, campuses, and offices in Canada and abroad.

Student housing and education super-centres:

GECC is committed to solving Metro Vancouver's critical student housing challenges under the GEC^® Living brand. GECC specializes in developing and managing off-campus student-centric rental apartments and pioneering the concept of education super-centres. The GEC^® portfolio, comprising both operational properties and development budgets for the pipeline, exceeds $1.3 billion. GECC provides housing solutions to 95 schools in Metro Vancouver, serving domestic and international students from across Canada and 79 countries worldwide. Visit us at: www.gecliving.com.

Education Services

GECC was the owner of Sprott Shaw College until its divestiture in August 2025. GECC's current academic division includes SSLC Language College, SSLC Business College (formerly Vancouver International College) and CIBT School of Business & Technology. These institutions offer a diverse range of business programs and ESL programs (English as a Second Language) designed to meet the evolving needs of international learners. Visit us at: www.studySSLC.com.

As part of its infrastructure, GECC also owns Global Education Alliance Inc. This student recruitment agency connects students with top-tier North American schools and places students into GECC's student housing properties. Irix Design is a leading design and media communications firm based in Vancouver.

Visit GECC online at www.GEChq.com to explore our services and watch our corporate video. Check out our video library on YouTube.com: https://www.youtube.com/gecliving

For more information, contact:

Toby Chu
Chairman, President & CEO
Global Education Communities Corp.

Investor Relations Contact: 1-604-871-9909 extension 319 or | Email: [email protected]

FORWARD-LOOKING STATEMENTS

Some statements in this news release contain forward-looking information (the "forward-looking statements") about the Company and its plans. Forward-looking statements are statements that are not historical facts. Forward-looking statements in this news release include, without limitation, the scaling of GECC's student housing portfolio and pursuit of strategic expansion opportunities to achieve greater economies of scale for the GEC^® Living platform. The forward-looking statements are subject to various risks, uncertainties and other factors (collectively, the "Risks") that could cause GECC's actual results or achievements to differ materially from those expressed in or implied by forward-looking statements. The Risks include, without limitation, identifying available properties for GEC^® and acquiring such properties customary risks of the construction industry, unexpected delays or requirements of the applicable municipalities, and the risk factors identified in the MD&A forming part of the 2026 Q1 Financial Report. Forward-looking statements are based on the beliefs, opinions and expectations of GECC's management at the time they are made, and the Company does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances should change, except as may be required by law.

NON-IFRS FINANCIAL MEASURES [This section not substantively reviewed by Owen Bird]

The Company has included certain non-IFRS financial measures throughout this document including: (a) Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA"); (b) Adjusted EBITDA which is EBITDA adjusted for the gain (loss) on change in fair value of the Company's investment properties, the provision for (recovery of) expected credit losses on development and other assets, the impairment of development assets, the gain (loss) on change in fair value of derivative instruments, and gain from legal settlement. These non-IFRS financial measurements do not have any standardized meaning as prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. Accordingly, these performance measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Management uses EBITDA and Adjusted EBITDA metrics to measure the profit trends of the business units and segments in the consolidated group since it eliminates the effects of financing decisions. Certain investors, analysts and others utilize these non-IFRS financial metrics in assessing the Company's financial performance. These non-IFRS financial measurements have not been presented as an alternative to net income (loss) or any other financial measure of performance prescribed by IFRS. Reconciliation of the non-IFRS measures have been provided throughout the Company's MD&A, as applicable, filed under the Company's profile on www.sedarplus.ca.

SOURCE: Global Education Communities Corp

View the original press release on ACCESS Newswire

S.Belanger--SMC