Cineplex, Aritzia Beat Estimates Despite Industry Headwinds

Here’s a round-up of news for Canadian investors this week.

Cineplex
Aritzia
Trilogy Metals
Barrick Mining
Cenovus and MEG Energy

Cineplex reports September box office revenue of $37.7M, up from $35.2M a year earlier

Cineplex (TSX:CGX)

Third-quarter 2025 highlights

Sales: $159.5 million (down from $174.9 million)

Cineplex Inc. reported box office revenues of $37.7 million for September, an increase from $35.2 million in the same month last year. The company attributed the rise in part to strong audience interest in the horror film The Conjuring: Last Rites.

For the third quarter, Cineplex recorded total box office revenue of $159.5 million, down from $174.9 million a year earlier. CEO Ellis Jacob noted the company faced a tough year-over-year comparison because last August saw the release of Deadpool & Wolverine, which boosted results in the prior period. Nevertheless, he said the third-quarter performance held up well and that recent events—such as the Taylor Swift: The Official Release Party of A Showgirl—provided momentum heading into the fourth quarter.

Cineplex operates 171 movie theatres and entertainment venues across Canada and continues to rely on a mix of tentpole releases and special events to drive admissions and concessions revenue.

Aritzia’s Q2 profit surge driven by U.S. customer growth and operational adjustments

Aritzia Inc. (TSX:ATZ)

Second-quarter 2025 results

Profit: $66.3 million (up from $18.2 million)
Sales: $812.1 million (up from $615.7 million)

Vancouver-based fashion retailer Aritzia said its second-quarter results were boosted by rapid growth among U.S. customers and strategic operational changes to limit shipping costs. CEO Jennifer Wong told analysts the company has seen “outstanding new customer growth” in the United States and that its Canadian business also delivered solid results.

Net income for the quarter rose to $66.3 million from $18.2 million a year earlier, while net revenue climbed nearly one-third to $812.1 million from $615.7 million. U.S. net revenue increased by more than 40% to $486.1 million and now represents just under 60% of total revenue. Wong highlighted a new international e-commerce platform launched in August, saying early performance has exceeded expectations and is helping fuel growth.

Operational changes were necessary after the U.S. ended the de minimis exemption in August, which previously allowed shipments under $800 to enter duty-free. Aritzia moved U.S. order fulfillment to its enlarged Ohio distribution centre and added staff to handle increased volumes. Wong said these steps, along with other mitigation strategies, helped limit tariff exposure and preserved the company’s margin outlook for fiscal 2026 at 15.5–16.5%.

Chief Financial Officer Todd Ingledew announced that, based on year-to-date performance and improved expectations for the second half, Aritzia raised its full-year net revenue guidance to $3.3–$3.5 billion, up from a prior forecast of $3.1–$3.25 billion.

U.S. government to take a 10% stake in Trilogy Metals to support Alaska mining development

Vancouver-based Trilogy Metals Inc. (TSX:TMQ) said the U.S. government will acquire a 10% stake in the mineral exploration company, investing US$35.6 million with options to increase its holding later. The deal remains subject to regulatory approvals.

The investment comes amid renewed U.S. interest in developing the Ambler mining district in Alaska—an area rich in copper where Trilogy holds interests through a joint venture. A recent executive order from the U.S. president directs construction of a road to improve access to the region. The Ambler Road project has been the subject of years of debate, previously approved under one administration and later blocked amid environmental and Indigenous rights concerns.

Trilogy CEO Tony Giardini described the partnership as an important step toward securing a domestic supply of critical minerals for the United States and said it highlights the strategic value of Trilogy’s Upper Kobuk Mineral Projects for energy, technology and national security priorities. U.S. Interior Secretary Doug Burgum added the investment will help secure critical mineral supplies and benefit American stakeholders.

Trilogy Metals exploration — Source: Google

Barrick to sell stake in Tongon mine in deal worth up to US$305M

Barrick Mining Corp. (TSX:ABX) reached an agreement to sell its stake in the Tongon gold mine and certain exploration assets in Ivory Coast to the Atlantic Group in a transaction valued at up to US$305 million. Barrick holds an 89.7% interest in Tongon and said proceeds will be used to strengthen its balance sheet and support shareholder returns.

Under the agreement, Barrick will receive US$192 million in cash, which includes a US$23 million shareholder loan repayment due within six months of closing. The sale also includes contingent payments of up to US$113 million tied to gold prices over the next 2.5 years and resource conversions over five years. Tongon’s life was extended through a successful exploration program, and the sale is expected to close later this year, subject to customary approvals including Ivorian government consent.

Cenovus sweetens takeover offer for MEG Energy, increases share component

Cenovus Energy Inc. (TSX:CVE) amended its takeover offer for MEG Energy Corp. (TSX:MEG), increasing the total value to about $8.6 billion (including assumed debt) and raising the share component to a 50/50 split of cash and Cenovus shares. The earlier offer had been 75% cash and 25% shares and valued MEG at roughly $7.9 billion.

The updated proposal comes after MEG shareholders indicated a preference for more equity in the combined company so they can participate in future upside. Cenovus CEO Jon McKenzie said the change responds directly to shareholder feedback and raises the aggregate purchase price.

MEG faces a competing all-stock bid from Strathcona Resources Ltd. (TSX:SCR), which already owns about 14.2% of MEG. Based on recent closing prices, the amended Cenovus offer and Strathcona’s bid were valued very closely on a per-share basis. The MEG shareholder meeting on the Cenovus offer was postponed to Oct. 22, with a new proxy deadline of Oct. 20—coinciding with the expiry of Strathcona’s offer.

Analysts and investors have highlighted the strategic industrial logic of combining MEG and Cenovus, given adjacent oilsands operations at Christina Lake near Fort McMurray, Alta. MEG’s board has recommended the Cenovus offer and the amended terms aim to deliver greater upside to MEG shareholders if the transaction proceeds. Observers expect further moves from Strathcona, and the bidding could evolve before shareholders vote.