Slide 1: Q3 2025 Financial Results
Q3 2025 FINANCIAL RESULTS July 31, 2025 (all amounts are expressed in U.S. dollars, excluding per share amounts and unless otherwise stated)
Slide 2: Cautionary Note Regarding Forward-Looking Information
Cautionary Note Regarding Forward-Looking Information This presentation contains “forward-looking information” within the meaning of applicable Canadian securities laws. Words such as “aim”, “could”, “forecast”, “target”, “may”, “might”, “will”, “would”, “expect”, “anticipate”, “estimate”, “intend”,
Slide 3: Q3 2025 Highlights
Q3 2025 Highlights • Double digit QoQ growth in all three segments despite soft spring market. • Launched four new clients (including largest credit union in U.S. Title), doubled market share QoQ in U.S. Title with largest reverse mortgage lender. • Top of the scorecard performance. • Post quarter-e
Slide 4: Q3 2025 Financial Summary
Q3 2025 Financial Summary U.S. Appraisal • Revenues of $32.6M +22% QoQ principally due to seasonality $45.4M • Net Revenue1 margin of 26.2% (within Target Operating Model range) • Adjusted EBITDA1 of $4.0M vs. $2.6M in Q2’25 due to revenue growth and lower opex Consolidated Revenues • Launched one n
Slide 5: Q3 2025 and Fiscal 2025 Financial Highlights
Q3 2025 and Fiscal 2025 Financial Highlights QoQ YoY YoY millions of U.S. dollars Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 YTD 2025 YTD 2024 Change Change Change Revenues U.S. Appraisal $32.6 $26.7 $29.4 $33.8 $37.5 22% -13% $88.6 $96.9 -8% U.S. Title 2.8 2.3 2.5 2.4 2.1 23% 30% 7.6 6.2 22% Canada 10
Slide 6: Q3 2025 and Fiscal 2025 Non-GAAP Measures
Q3 2025 and Fiscal 2025 Non-GAAP Measures QoQ YoY YoY millions of U.S. dollars Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 YTD 2025 YTD 2024 Change Change Change 1 Net Revenue U.S. Appraisal $8.5 $7.3 $7.8 $9.0 $10.3 17% -17% $23.6 $27.0 -13% 1 Net Revenue Margin 26.2% 27.3% 26.5% 26.7% 27.6% 26.6% 27.9
Slide 7: Appendix A – Non-GAAP Measures
Appendix A – Non-GAAP Measures Net Revenue represents the difference between revenues and transaction costs. Net Revenue margin is calculated as Net Revenue divided by Revenues. The reconciling items between net income or loss and Net Revenue for the periods present below were as follows: Quarter en
Slide 8: Appendix A – Non-GAAP Measures
Appendix A – Non-GAAP Measures Adjusted EBITDA represents net income or loss before stock-based compensation expense, amortization, restructuring expenses, interest expense, interest income, net foreign exchange gain or loss, gain or loss on fair value of derivatives and income tax expense or recove