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Strictly Confidential Management Presentation NYSE American: PAPL
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Legal Disclaimer Pineapple - 01 This presentation of Pineapple Financial Inc. (the “company,” “Pineapple,” “we,” “us,” or “our”) includes "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These statements relate to future events or to our future financial performance and involved known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. These statements include statements or assumptions about our plans, strategies, financial performance, financing plans, prospects, capital structure, cash flow, liquidity, goals and objectives for future operations or growth or future events. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. These statements may be identified by the use of words like "anticipate", "believe", "estimate", "expect", "intend", "may", "plan", "will", "should", "seek" and similar expressions and include any projections or estimates set forth herein. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by the company and its management team, are inherently uncertain. A more complete description of these risks and uncertainties can be found in the company’s filings with the U.S. Securities and Exchange Commission available for free at www.sec.gov. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this presentation. We undertake no obligation to update any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
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Pineapple Financial: Today Pineapple - 02 We are a technology-led mortgage brokerage company bringing the Canadian home-buying experience into the future through data, innovation, and digital finance. Scaled Mortgage Platform Canadian mortgage brokerage with ~$3B in annual originations and coast-to-coast licensing 700+ brokers focused on quality, retention, and improving revenue per funded loan Transitioning from infrastructure build to operating discipline, margin expansion, and earnings quality Quality-First Agent Network Operating Leverage Focus Proprietary Mortgage Data Tokenized loan-level data platform enabling analytics, efficiency, and future recurring revenue Clear FY 2026 revenue outlook ($7 . 7–$9 . 5M) with improving unit economics and cash efficiency ~$ 42. 7 M digital asset treasury designed to enhance capital efficiency and earnings durability Disciplined C apital Allocation G overnance-Led Digital Asset Treasury
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Re-Engineering the Mortgage Journey Pineapple - 03 From Acquisition to Retention Pineapple provides a unified, cloud- based mortgage platform that automates the entire lifecycle from lead to close and cross-sell, helping agents close up to 300% more deals. The platform powers acquisition, loan management, and retention through targeted digital applications, policy aligned underwriting, and renewal driven campaigns. MyPineapple: A customizable, all-in-one broker app for lead management, deal tracking, documents, CRM, and automated communications across desktop and mobile. PineappleONE: An end-to-end deal management system enabling brokers to originate, manage, and submit mortgages through a single automated workflow Pineapple Core: A centralized hub that unifies all Pineapple tools, applications, dashboards, and access points into one operating platform. Product Suite
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Pineapple Financial: Tomorrow Pineapple - 04 From Infrastructure Build-out to Execution and Operating Performance 2026 Operating Model is focused on resilience through: Fixed cost discipline Recurring data components Treasury staking income as a structural buffer These initiatives transition Pineapple from a primarily transactional brokerage model to a platform with: Higher gross margins Recurring and data- driven revenue streams Compounding treasury earnings Forward execution will be organized around three integrated pillars: Core mortgage platform efficiency Data modernization and tokenization enablement Disciplined DAT strategy S cale wi th rec u rrin g renewal s : ~$3B CADA nnual originations on platform N a t ionwi d e b ro k er ne t wor k : 700+B rokers on platform R e s e t f oc us : Effi cienc yL owering cost per funded loan
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The New Operating Model Three Pillars. One System. Pineapple - 05
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Three Strategic Pillars Pineapple - 06 One operating model that compounds over time How it all works together Pillar I Pillar II Pillar III drives cash flow, scale, and high-quality data. modernizes and monetizes data through tokenization products. improves capital efficiency and earnings durability through yield. Together, they create resilience and reduce volatility over time. INJ Digital Asset Treasury Data + Tokenization Mortgage Platform
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Pillar I: Core Mortgage Platform Pineapple - 07 Quality drives volume and margin drives throughput Execution funnel: Operating Priorities Improve agent economics via retention, productivity, and unit-margin discipline. Top Producer Retention Program with tiered economics tied to quality and completeness. Measurable recruiting funnel management and onboarding SLAs to improve conversion. Operational SLAs across submission, approval, and funding to reduce cycle times. Expand take-rate through pricing discipline and ancillary revenue streams. Recruit and onboard Increase utilization Reduce cycle time Optimize take-rate Drive operating leverage
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Pillar I: Core Mortgage Platform — Key Value Drivers Pineapple - 08 Growth Driver Sustain ~3% monthly net gross-agent growth (recruiting engine + retention) Increase activation + productivity (deals per active agent) and reduce cycle timesEfficiency Driver Improve revenue per loan and take-rate via pricing discipline + ancillary servicesEconomics Driver Lock OpEx run-rate improvements (payroll, software stack, professional fees)Cost Driver
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Pillar II: Mortgage Data and Tokenization Pineapple - 09 What Tokenization Enables & How it is Monetized Unified, auditable on-chain loan master record Mortgage data becomes structured, compliant, and queryable Mortgage Data Marketplace: subscription analytics via APIs and dashboards Institutional access for lenders, funds, and AI models Pineapple Prime: mortgage-backed on-chain yield products Q1 build → Q2 lender pilots → Q3 scale subscriptions From fragmented documents to a unified loan master record Initial Phase Completed: 1,899Mortgages already on-chain On-chain funded volume: ~$1. 1B CADTokenized loan records Target portfolio migration: ~29,000 Loans
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Pineapple - 10 Pillar II: Tokenization & Data Services — What It Is Standardized, auditable loan record lifecycle events log (not selling mortgages on-chain) + Unify siloed data sources improve underwriting transparency monetize analytics ↓ ↓ Internal ‘single source of truth’ first external lender subscriptions second registry optionality third ↓ ↓ Tokenization Near-Term Focus Product Path
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Pillar III: Digital Asset Treasury Strategy Pineapple - 11 Guardrails & Governance Minimum operating cash buffer and policy-driven deployment sequencing. Disciplined pacing via staking, DCA, and OTC execution where appropriate. Price-band controls that adjust buying behavior based on market conditions. Multi-signature custody, circuit breakers, and transparent disclosures. 2026 Treasury Execution Plan: Govern cash → reserve buffers → DCA INJ accumulation + staking yield Capital efficiency, yield, and governance-led deployment Target Staking Yield: ~6% Annualized Baseline Estimate
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Pineapple - 12 Pillar III: Yield Stack — Division of Labor Kraken: custody, staking rails, OTC execution, fiat/stablecoin on/off-ramps Monarq: portfolio construction + yield optimization (staking, short-duration yield, delta-neutral strategies) FalconX: collateralized facility rails (conservative sizing, collateral buffers, explicit downside terms) Controls: no rehypothecation, no open-ended leverage, position limits, and circuit breakers Illustrative Yield Stack at Closing: Target Allocation: 65% / 35% → INJ / USDT & USDT equivalents Target Yield: 6%+ / 4.5%+ → INJ / USDT & USDT equivalents
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Pineapple - 13 How the Pillars Work Together Compounding platform model with diversified revenue streams Mortgage platform drives volume, take-rate, and operating leverage The Goal: a disciplined operating flywheel that compounds economics and improves visibility into 2026 Tokenization products layer higher-margin, subscription-like revenue Treasury yield improves capital efficiency and helps reduce volatility Cash Flow + Scale Recurring Revenue Earnings Durability
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Execution Focus & Accountability Pineapple - 14 Cost & Operating Discipline Lock in OpEx run-rate improvements Accelerate workflow and vendor rationalization Revenue Quality & Economics Lender conversion + revenue per loan initiatives Consistent unit economics reporting cadence Infrastructure Delivery Complete tokenization integration Finalize data governance + reporting automation Treasury Governance Formalized transparency and committee reporting Monthly operating leverage, pillar milestone, and quarterly run-rate review Management Cadence
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12 to 24 Month Strategic Plan Pineapple - 15 Pillar I: Mortgage Platform Grow agent base Improve productivity Lower cost per funded loan Pillar II: Data & Tokenization Unify data and launch lender products Scale recurring revenue Build out analytics for monetization Pillar III: Digital Asset Treasury Staking yield as liquidity buffer Maintain strict governance and reporting Optimize capital efficiency over time Three Pillars, one system, entering 2026 with repeatable execution Objective: transition from “process” to repeatable execution and earnings quality entering 2027
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Pineapple & Injective: Strategic Alignment Pineapple - 16 Pineapple and Injective share a common mission — bridging traditional finance and decentralized infrastructure. Injective’s infrastructure supports compliant, real-world mortgage data on-chain, enabling Pineapple to scale tokenized loan records and institutional data products. Staking yields and controlled liquidity participation improve treasury efficiency, while cross-marketing and recruiting expand access to the Web3 finance community. Mortgage Renewal Market Recognition Valuation Growth Staking Yield Generation $INJ Validation Competitive Differentiation New Revenue Streams Institutional Adoption Capital Allocation to $INJ Blockchain-Native Liquidity Rails & Infrastructure E cosystem Growt h Real-World Assets O n-Chain Mortgage Initiation $INJ Integration into Core Business Blockchain Validation T oken Visibility
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Outlook & Guidance Pineapple - 17
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Pineapple - 18 Financial Snapshot – Q1 FY 2026 Scale, discipline, and balance-sheet strength Metric Q1 FY 2026 Gross Billings $4. 1M $0.7M $0.5M $7 .3M $1.5M Revenue Net Cash Used in Operations Total Expenses Cash on Hand (Nov 30, 2025) Context Largely reflects a $6.1M non-cash fair value adjustment related to the Digital Asset Treasury, not core operating expenses Continued improvement in operating cash efficiency year-over-year Reflects net revenue generated from funded mortgage transactions Consistent transaction activity across the national mortgage platform Operating cash, exclusive of treasury-designated assets ~$42.7MD i g i t al Ass e t Tr ea sury su pp ort in g c api t al fl e x i b ili ty, y iel d g ene r a t i o n , an d l o n g - t e rm ea r nin gs dur a b ili ty
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Pineapple - 19 FY 2026 Outlook & Guidance Reflecting improved visibility, operating discipline, and earnings quality Metric FY 2026 Guidance Gross Billings $17 .5M – $20.8M $7 .7M – $9.5M Expected to be positive Revenue Operating Income Continued expansion and quality improvement across the national agent network Higher productivity per agent supported by improved utilization and retention Ongoing improvement in unit economics driven by pricing discipline and lower cost per funded loan Fiscal 2026 expected to mark the transition from infrastructure deployment to early-stage commercialization of data initiatives Operating and Strategic Expectations
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mNA V Calculation Pineapple - 20 From regulatory clearance to execution-driven value creation (+) Existing Shares (+) New ly lssued Shares 1,345,941.00 24,742,710.00 1,655,560.00 24,642,700.00 18,848,060.59 2,576,605.96 18,848,060.59 2,576,605.96 7 ,195,145.58 $3.05 $21,945,194.01 20,793,887 .04 7 ,195,145.58 $3.05 $21,945,194.01 20,793,887 .04 $0.71 26,088,651.00 26,298,260.00 $18,671,764.60 $34,943,219.23 $0.71 $18,522,942.21 $34,794,396.84 $42,739,081.05 $42,739,081.05 0.81x 0.82x Share Price (NYSE PAPL) (+)Total Debt (-) Cash & Cash Equivalents INJ Holdings (Units) INJ Spot Price (USD) M ar k et V alue o f INJ Holdings O ther DAT Assets M a rke t Valu e o f D A T A sse t s E nt erpr i se Valu e Eq uit y M a rke t Ca p itali z ation T otal Sh a res O ut s tan d in g mNA V O ut s tan d in g F ull y D ilut ed 1. Fully Diluted Newly Issued Shares (NYSE: PAPL) exclude 1,039,346.00 of consultant (Meteora) warrant shares (exercise $3.80) 2. Based on the closing share price of PAPL and the INJ spot price as of February 11, 2026 3. Calculated as Enterprise Value divided by the Market Value of INJ Holdings 2 2 3 1
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Investment Highlights Pineapple - 21 From regulatory clearance to execution-driven value creation Strong Team in Place: Provent management, Board and Advisory committee members in place to lead the next phase of growth Pillars II & III De-risked: Tokenization and Digital Asset Treasury positioned to scale within a clear framework Executing to Drive Valuation: Margin expansion, OpEx discipline, and recurring revenue quality SEC Effectiveness Achieved: Regulatory overhang removed, focus shifts to operating execution Fundamentals Remain Intact: Core platform, execution roadmap, and monetization strategy unchanged
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Leadership Pineapple - 22
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Senior Leadership Team Pineapple - 23 Shubha Dasgupta Kendall Marin Sarfraz Habib CEO, Co-Founder & Director President, COO, Co-Founder & Director Chief Financial Officer Mortgage and fintech executive with 16+ years of experience; three-time Mortgage Global 100 honoree and former President of the CMBA Ontario Board. Operations-focused mortgage executive with 10+ years of experience; former Associate Director at Bell Canada managing 320+ reports. Finance executive with 25+ years of public- company experience; CPA and Chartered Accountant.
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Pineapple - 24 Board of Directors Drew Green Chairman & Co-Founder Paul Barron Director Tasis Giannoukakis Director Drew is President and Chief Executive Officer of INDOCHINO, growing the brand by over 600% between 2015- 2023. As a mentor to Canadian entrepreneurs, Drew is the founder, chairman, and/or a shareholder in dozens of private and public companies that drive innovation and growth. Paul is a veteran real estate executive with over 30 years of experience working with both residential and commercial properties. Paul is currently the owner of Century 21 Leading Edge Realty, a real estate brokerage with nine offices, six satellite offices, and over 800 agents and employees. Tasis is an owner, broker and manager of Century 21 Leading Edge Realty, overseeing nine offices, six satellite offices and over 800 agents and employees. In 2019, his team had more sales than any other Century 21 franchise in Canada and broke into the company’s worldwide top five. Anthony is a General Partner at Innovating Capital, investing in cybersecurity, enterprise infrastructure, and Web3. He previously worked at First Round Capital and studied finance, management, and computer science at the University of Pennsylvania. Anthony Georgiades Director
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Pineapple - 25 DAT Advisory Committee Members Eric Chen Advisory Board Chairman Experienced crypto entrepreneur, investor and thought leader CEO & Co-founder of Injective Foundation Mirza Uddin Advisory Board President Head of Business at Injective Foundation Co-founder and GP at Vessel Capital Former VC at Two Sigma B.A. Harvard Cooper Emmons Institutional Markets Advisor Institutional Lead at Injective Foundation Former Investor at Revolution Ventures
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Strictly Confidential Thank Y ou!Contact Us: info@pineapple.com pineapple@kcsa.com 833-347-7799 200-111 Gordon Baker Road, Toronto, ON M2H 3R1 NYSE American: PAPL