Canada, ON: Waterloo Brewing posts 29% growth in net revenue for 2021

Waterloo Brewing Ltd. ("Waterloo Brewing" or the "Company"), Ontario's largest Canadian-owned brewery, has released results for the fourth quarter and full-year ended January 31, 2022. Waterloo Brewing posted a record annual EBITDA of C$21.0 million on net revenue of C$111.8 million, which represents growth of 38% and 29% respectively, Yahoo Finance reported on April 7.

"We are very proud of these results," said George Croft, President, and Chief Executive Officer of Waterloo Brewing. "Despite challenges across the industry such as supply chain disruptions, inflationary cost pressures and overall beer category softness, Waterloo Brewing continues to grow aggressively."

Waterloo Brewing was a top performer in an industry that experienced an overall volume decline of 3.2%. Nonetheless, Waterloo Brewing was able to attract and retain co-manufacturing partners and deliver strong results. Versus the prior year, co- manufacturing volume grew by 73% and overall owner brands volume remained flat. The Company's current record of performance is unique in the industry and is a testament to the Company's ability to capitalize on opportunities and maximize the potential for growth.

"Co-manufacturing is an essential part of our business," said Croft. "We are grateful for our partners and look forward to another successful year where we produce really innovative products for other growing brands."

With the newly installed second can line now fully operational, Waterloo Brewing is experiencing margin and revenue growth. To maintain this momentum and mitigate supply chain risks in the coming year, Waterloo Brewing is proactively securing supply of critical materials, as well as locking in pricing on key contracts in anticipation of continued rising supply costs.

"We would not see this level of growth without our phenomenally committed team," Croft said. "The level of dedication here at Waterloo Brewing is what will propel us forward into another year of great success and rapid growth."

The following financial information should be read in conjunction with the audited annual financial statements of the Company prepared under IFRS for the year ended January 31, 2022.

08 April, 2022