Yellow Pages Limited Reports Narrowed Revenue Decline but Pressures on Margins Persist — Yellow Pages Limited

Event summary

Fourth-quarter revenues declined 6.5% year-over-year to $48 million, an improvement from the 8.1% drop in Q4 2024.
Full-year revenue decline of 7.4% in 2025 compared to 10.3% in 2024, driven by stabilization in customer count and higher average spend per customer.
Adjusted EBITDA margin improved to 21.8% in Q4 2025 from 16.0% in Q4 2024, but full-year margin decreased to 21.6% from 23.7%.
Board approved $2 million pension plan contribution by end of Q1 2026 and declared a $0.25 per share dividend payable March 16, 2026.

The big picture

Yellow Pages Limited's latest results reflect a mixed picture of operational improvements and persistent challenges. While revenue decline rates have improved year-over-year across digital and print segments, the company continues to face margin pressures from shifting product mix and strategic investments. The declaration of a quarterly dividend signals confidence in cash flow stability, but investors will be watching closely how the company balances growth initiatives with financial discipline in a competitive local media landscape.

What we're watching

Revenue Stabilization: Whether Yellow Pages can sustain the improved revenue decline rates in digital and print segments amid ongoing customer count pressures.
Margin Pressures: How continued investments in tele-sales force capacity and revenue mix shifts will impact profitability in upcoming quarters.
Cash Position Strategy: The pace at which the company will deploy its $64 million cash balance, particularly with pending pension contributions and dividend commitments.