Value Line (VALU) investor relations material

Executive summary

• Net income for the nine months ended January 31, 2026, rose 7.9% year-over-year to $18,052,000 ($1.92 per share), with EPS up 8.0% and investment gains up 51.2%.

• Publishing revenues declined 4.7% year-over-year, with both print and digital revenues decreasing.

• Income from operations fell 22.2% year-over-year, offset by higher non-voting revenues and profits interests from EAM and strong investment gains.

• Cash and liquid assets increased to $84.6 million as of January 31, 2026, supporting strong liquidity.

• Retained earnings grew 7.8% to $122,285,000 and shareholders' equity increased 8.1% to $107,759,000 as of January 31, 2026.

Financial highlights

• Total publishing revenues for the nine months were $25.4 million, down from $26.7 million year-over-year.

• Copyright fees declined 7.0% to $7.4 million.

• Operating expenses decreased slightly to $21.4 million.

• Investment gains surged 51.2% to $5,379,000, driven by unrealized gains on equity securities.

• Net income for the quarter was $5.9 million, up 14.5% year-over-year.

Outlook and guidance

• Management expects sufficient liquidity for the next twelve months and beyond, with no anticipated borrowings.

• Dividend payments are expected to continue as a primary use of cash.

• Forward-looking statements caution that actual results may differ due to risks such as economic conditions, interest rates, and market volatility.

• Ongoing focus on subscription revenue and product innovation.