Mcan Mortgage Corporation · TSX:MKP
Mcan Mortgage — Q1 2026 Earnings Presentation
21 slides from Mcan Mortgage's earnings presentation, Apr 30, 2026
Slide 1: Q1 2026 Results
Q1 2026 Results TSX: MKP April 30, 2026
Slide 2: Reimagining opportunity to drive growth for Canadian communities
Reimagining opportunity to drive growth for Canadian communities
Slide 3: Forward-Looking Information; Non-GAAP and Other Financial Measures
Forward-Looking Information This presentation may contain forward-looking information within the meaning of applicable Canadian securities laws, including statements regarding the business and anticipated financial performance of MCAN Mortgage Corporation d/b/a MCAN Financial Group and its subsidiar
Slide 4: Business Overview
Business Overview
Slide 5: Q1 2026 Financial Highlights
Q1 2026 Financial Highlights • Strong results despite $23.0M Net Income (+31% from Q4 2025) current environment (PPPT Income1,2 $24.3M) highlights strength of lending business $0.57 Earnings per Share (+30% from Q4 2025) • Construction and (PPPT EPS1,2 $0.60) commercial loan advances of $85 million
Slide 6: Impaired Mortgage Loans Steady in Current Uncertain Environment
Impaired Mortgage Loans Steady in Current Uncertain Environment Impaired Mortgage Loans ($M) PCL - Performing Mortgage Loans ($M) $1.7 $1.5 $0.7 1.20% 1.25% 1.25% 0.99% 0.70% $0.3 $47.6 $52.7 $44.5 $46.4 $(0.2) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 $29.3 PCL - Performing $14.4 $17.1 $13.9 $12.5 $1
Slide 7: Quality Returns to Shareholders
Quality Returns to Shareholders Dividends Total Shareholder Return 3% CAGR1 of 5,864% regular TSR1 since $0.97 dividends inception $0.85 DRIP participation $1.64 provides $1.48 $1.56 $1.36 $1.44 $0.43 enhanced returns $0.43 2021 2022 2023 2024 2025 YTD 2026 1992 1997 2001 2006 2011 2016 2021 Today R
Slide 8: Recent Awards
Recent Awards MCAN recognized as one of Canada's Best WorkplacesTM in Financial Services and Insurance by Great Places to Work® Canada for 2025 MCAN recognized for 2025 Most Admired Cultures by Waterstone Human Capital MCAN Home, our residential mortgage business, recognized by Canadian Mortgage Pro
Slide 9: Business Model and Value Proposition
Business Model and Value Proposition MCAN provides sustainable growth and returns to shareholders by leveraging our real estate expertise and providing our shareholders with unique access to investments in the Canadian real estate market Federally Regulated Financial Institution since 1991 • Strong
Slide 10: Financial Overview
=> Financial Overview L
Slide 11: Q1 2026 Financial Overview
Q1 2026 Financial Overview In $M, except for %, ratio and per share Q1 2026 Q/Q Y/Y amounts Net interest income $25.6 +4% +8% • Net interest income higher despite ongoing Non-interest income $16.0 +24% +53% geopolitical and economic Provision for credit losses $1.5 -76% -53% uncertainty; solid loan
Slide 12: Net Interest Income Spreads Relatively Stable
Net Interest Income Spreads Relatively Stable Net Interest Income ($M) and Spread1 • NII rising from loan balance grow and spreads $25.6 normalizing $24.7 $23.8 $23.7 $23.8 ◦ While prime rates declined 100bps in 2025, our NII increased in Q4 2025 and Q1 2026 from loan growth and pricing and hedging
Slide 13: Mortgage Balance Growth Driven by Strong Fundings
Mortgage Balance Growth Driven by Strong Fundings Mortgage Balances ($M) +2% • Mortgage balances higher Q/Q despite $5,938 $6,054 $5,31 7 tough geopolitical and economic $5,1 70 $4,898 environment $3,459 +4% $3,611 ◦ Total uninsured residential $2,429 $2,781 $2,354 mortgage balances (securitized and
Slide 14: Well-Established and Growing Funding Base
Well-Established and Growing Funding Base Funding ($B) +24% • Funding base well established $6.0 $5.8 and diversified to support business growth $5.2 $5.0 $4.8 • Securitization and term deposits provide a source of low-cost 48% 46% 46% 39% 38% funding ◦ Growth in our uninsured 5% 7% securitization p
Slide 15: Well Reserved for Current Mortgage Credit Cycle
Well Reserved for Current Mortgage Credit Cycle Allowance on Performing Mortgage Loans ($M) • Performing (Stage 1 and 2) $0.6 $11 .6 $1 0.1 $0.9 ◦ Q/Q stabilization compared to previous quarters - increase driven by loan growth and uncertain economic forecasts Allowance Macroeconomic Factors Portfol
Slide 16: Non-Interest Income
Non-Interest Income Non-Interest Income ($M) Q1 2026 Q/Q Y/Y Equity income from MCAP Commercial LP 7,939 2 % 43 % Distribution income from securities 2,799 9 % 2 % Fees 976 35 % (10) % Net gain (loss) on securities 3,289 256 % 199 % Other 1,030 11 % 38 % Total non-interest income 16,033 24 % 53 % •
Slide 17: Non-Interest Expense
Non-Interest Expense Non-Interest Expense ($M) Efficiency Ratio1 $1 7.3 $1 4.9 $1 5.1 $1 4.6 $1 4.6 $9.6 69% $7.8 $7.7 $8.2 42% $8.2 36% 38% 43% 39% 40% 39% 30% $7.1 $7.7 $6.9 $6.9 $6.4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 2024 2024 2024 2024 2025 2025 2025 2025 2026 Sa
Slide 18: Good Steward Of Our Capital
Good Steward Of Our Capital Key Performance Ratios 1 4.1 7% • ROE trending within our targeted range; ahead of 1 3.1 9% 1 3.09% 38% prior quarters 1 0.99% 11 .02% • Focus on growing our assets while managing our capital; CET1 Ratio steady 30% 24% despite growth 21 % • Capital raising activities 5.1
Slide 19: Closing Comments - Q1 2026 Review
Closing Comments - Q1 2026 Review 1 Solid originations in our mortgage lending business 2 Prudent underwriting and appropriate provisioning in existing economic uncertainty 3 Higher contribution to results from our investment in MCAP 4 Capital optimization with assets growing faster than capital
Slide 20: Long Term Objectives
Long Term Objectives 1 Sustained 13-15% average ROE 2 Sustained 10% average annual growth in assets 3 Sustained and prudent dividend growth
Slide 21: Derek Sutherland, Santokh Birk contact details
Derek Sutherland Santokh Birk President and Chief Executive Officer SVP and Chief Financial Officer (416) 203-5931 (289) 454-4196 MCAN Financial Group 700-200 King Street West, Toronto, ON M5H 3T4 (416) 572-4880 | mcanexecutive@mcanfinancial.com mcanfinancial.com | TSX: MKP