Earnings release
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Page 1 of 3 News Release FOR IMMEDIATE RELEASE ECN Capital Reports US$0.06 in Adjusted Net Income per Common Share in Q3-2025 Solid Q3 2025 Results Reschedules its earnings call for 5:30 p.m. (ET) on November 13, 2025 Toronto, Canada – November 13, 2025 – ECN Capital Corp. (TSX: ECN) (“ECN Capital” or the “Company”) today reported financial results for the three-month period ended September 30, 2025. For the three-month period ended September 30, 2025, ECN Capital reported Adjusted net income applicable to common shareholders of $16.7 million or $0.06 per share (basic) versus $10.0 million or $0.04 per share (basic) for the previous three-month period and $13.0 million or $0.05 per share (basic) for the prior year comparable period. “Q3 was a strong quarter with Adjusted EPS of $0.06 in line with consensus”, said Steven Hudson, CEO of ECN Capital Corp. “Sales upgrades have commenced across Manufactured Housing and RV and Marine and are bearing fruit.” Originations for the three-month period ended September 30, 2025 were $826.8 million, versus $804.1 million in the previous three-month period and $625.7 million for the prior year comparable period. Originations for the three-month period ended September 30, 2025 include $466.4 million of originations from our Manufactured Housing Finance segment and $360.4 million of originations from our Recreational Vehicle and Marine Finance segment. Managed Assets as at September 30, 2025 were $8.2 billion versus $7.6 billion as at June 30, 2025 and $6.7 billion as at September 30, 2024. Adjusted EBITDA for the three-month period ended September 30, 2025 was $40.6 million versus $31.5 million for the previous three-month period and $36.1 million for the prior year comparable period. Operating Expenses for the three-month period ended September 30, 2025 were $34.0 million versus $30.7 million for the previous three-month period and $30.3 million for the prior year comparable period. Net income attributable to common shareholders for the three-month period ended September 30, 2025 was $11.2 million versus net loss of ($0.3) million for the previous three-month period and net income of $6.8 million for the prior year comparable period. Dividends Declared The Company’s Board of Directors has authorized and declared a quarterly dividend of C$0.01 per outstanding common share to be paid on December 31, 2025, to shareholders of record at the close of business on December 12, 2025. These dividends are designated to be eligible dividends for purposes of section 89(1) of the Income Tax Act (Canada). The Company’s Board of Directors has authorized and declared a quarterly dividend of C$0.4960625 per outstanding Cumulative 5-Year Rate Reset Preferred Share, Series C (TSX: ECN.PR.C) to be paid on December 31, 2025, to shareholders of record on the close of business on December 12, 2025. These dividends are designated to be eligible dividends for purposes of section 89(1) of the Income Tax Act (Canada).
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Page 2 of 3 The Company’s Board of Directors has authorized and declared a semi-annual dividend of C$0.0613 per outstanding Mandatory Convertible Preferred Share, Series E to be paid on December 31, 2025 to shareholders of record on the close of business on December 12, 2025. These dividends are designated to be eligible dividends for purposes of section 89(1) of the Income Tax Act (Canada). In Memoriam: David Morris The Company’s Board of Directors acknowledges the contributions of David Morris, who passed on October 1, 2025. David was an instrumental member of the ECN Board of Directors and a leader to the employees that worked closely with him. He served on ECN Capital’s Board of Directors and was Chair of the Audit Committee. A man of intellect and integrity, David built a distinguished, decades-long career as a senior partner at Deloitte, where he led major engagements for some of the world's leading institutions. His presence and inspiration will be remembered at ECN and with those he leaves behind. Rescheduled Webcast The Company has rescheduled its briefing and will now host the briefing to discuss these results commencing at 5:30 PM (ET) on Thursday, November 13, 2025. The call can be accessed as follows: Webcast https://app.webinar.net/lyd7EenPbvY Toll-free dial in North America International 1-888-304-1803 1-848-488-9277 Presentation slides http://ecncapitalcorp.com/investors/presentations A telephone replay of the conference call may also be accessed until December 13, 2025, by dialing 1-800- 645-7964 and entering the passcode 5036#. Non-IFRS Measures The Company’s interim unaudited consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and the accounting policies we adopted in accordance with IFRS. The Company believes that certain Non-IFRS Measures can be useful to investors because they provide a means by which investors can evaluate the Company’s underlying key drivers and operating performance of the business, exclusive of certain adjustments and activities that investors may consider to be unrelated to the underlying economic performance of the business of a given period. Throughout this news release, management uses a number of terms and ratios which do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other organizations, including adjusted EBITDA, adjusted net income, adjusted net income per common share and managed assets. A full description of these measures, along with a reconciliation to the most directly comparable IFRS measure, where applicable, can be found in the Management Discussion & Analysis (“MD&A”) that accompanies ECN Capital’s financial statements for the three-month period ended September 30, 2025. ECN Capital’s MD&A for the three-month period ended September 30, 2025 has been filed on SEDAR+ (www.sedarplus.com) and is available under the investor section of the Company’s website (www.ecncapitalcorp.com).
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Page 3 of 3 About ECN Capital Corp. With managed assets of US$8.2 billion, ECN Capital Corp. (TSX: ECN) is a leading provider of business services to North American-based banks, institutional investors, insurance company, pension plan, bank and credit union partners (collectively, its “Partners”). ECN Capital originates, manages and advises on credit assets on behalf of its Partners, specifically consumer (manufactured housing and recreational vehicle and marine) loans and commercial (floorplan and rental) loans. Its Partners are seeking high-quality assets to match with their deposits, term insurance or other liabilities. These services are offered through two operating segments: (i) Manufactured Housing Finance, and (ii) Recreational Vehicle and Marine Finance. Contact Katherine Moradiellos 561-631-8739 kmoradiellos@ecncapitalcorp.com Forward-looking Statements This news release includes forward-looking statements regarding ECN Capital and its business. Such statements are based on the current expectations and views of future events of ECN Capital’s management. In some cases the forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “plan”, “anticipate”, “intend”, “potential”, “estimate”, “believe” or the negative of these terms, or other similar expressions intended to identify forward- looking statements. Forward-looking statements in this news release include those relating to the future financial and operating performance of ECN Capital, the strategic advantages, business plans and future opportunities of ECN Capital and the ability of ECN Capital to access adequate funding sources, identify and execute on acquisition opportunities and transition to an asset management business. The forward-looking events and circumstances discussed in this news release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting ECN Capital, including risks regarding the finance industry, economic factors, and many other factors beyond the control of ECN Capital. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. A discussion of the material risks and assumptions associated with this outlook can be found in ECN Capital’s MD&A for the three-month period ended September 30, 2025 and ECN Capital’s 2025 Annual Information Form dated February 27, 2025 for the year ended December 31, 2024 which have been filed on SEDAR+ and can be accessed at www.sedarplus.com. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and ECN Capital does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.