• Dorel Juvenile reports strong results with significant revenue growth
• Dorel Home underperforms as the furniture industry remains difficult

Montréal, November 14, 2024 — Dorel Industries Inc. (TSX: DII.B, DII.A) today announced its financial results for the third quarter and nine months ended September 30, 2024.

Third quarter revenue was US$354.2 million, compared to US$359.7 million, down 1.5% from the same period a year ago. Reported net loss was US$21.9 million or US$0.67 per diluted share, compared to US$10.4 million or US$0.32 per diluted share last year. Adjusted net loss¹ for 2024 was US$20.2 million or US$0.62 per diluted share as compared to US$10.4 million or US$0.32 per diluted share last year.
 
Revenue for the nine months was US$1,053.4 million, compared to US$1,038.1 million, up 1.5% from the prior year. Reported net loss was US$99.0 million or US$3.04 per diluted share, compared to US$58.6 million or US$1.80 per diluted share a year ago. Adjusted net loss¹ for the first nine months of 2024 was US$50.7 million or US$1.56 per diluted share as compared to US$58.6 million or US$1.80 per diluted share a year ago.

“Dorel Juvenile earnings again exceeded last year’s comparative quarter, driven by an organic revenue¹ increase of over 9%. Impressively, this revenue growth was in all three of our regions; North America, Europe and International. We had several significant customers events in the quarter and the reception to our new product launches in all regions has been very strong, with key deliveries beginning in the quarter. Conversely, Dorel Home faced significant challenges, resulting in a 14% decline in revenue compared to the same period last year. Within our categories, positive momentum in indoor seating, TV stands and step stools were not enough to offset declines in other categories. We continue to drive sales with promotional pricing, which coupled with lower production efficiency meant our gross margins were lower than expected. We initiated substantial cost reduction initiatives in the quarter as we continue to right-size the business to current realities,” stated Dorel President & CEO, Martin Schwartz.

^{1This is a non-GAAP financial ratio or measure with no standardized meaning prescribed by IFRS and therefore is unlikely to be comparable to similar measures presented by other issuers. Refer to the section “Definition and reconciliation of non-GAAP financial ratios and measures” in this press release.}