Slide 1: Q4 2025 Financial Results
Q4 2025 FINANCIAL RESULTS November 20, 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: Fiscal 2025 Highlights
Fiscal 2025 Highlights • Resilience and competitive strength throughout fiscal 2025 • Launched 17 new clients • Expanded market share, top of the scorecard performance • Maintained strong financial discipline, delivered solid operating leverage • $40 million in cash and no debt • Pool of potential r
Slide 4: Pent-Up Demand Continues to Build
Pent-Up Demand Continues to Build Current U.S. Outstanding Mortgages by Interest Rate 12M ~30% mortgages YoY increase with rates in refinance 22% >6.0% candidate pool 17% 33% 11% 11% 8% 6% 6% 5% 5% 4% 4% <= 2.5% 2.6-3.0% 3.1-3.5% 3.6-4.0% 4.1-4.5% 4.6-5.0% 5.1-5.5% 5.6-6.0% 6.1-6.5% 6.6-7.0% >7.0% S
Slide 5: Q4 2025 Financial Summary
Q4 2025 Financial Summary U.S. Appraisal • Revenues of $33.1M -2% YoY: lower purchase addressable market, Q4’24 included higher origination volumes from temporary reallocation of market share with one of our leading clients $46.0M • Net Revenue1 margin of 25.5%: -120 bps YoY due to geography, client
Slide 6: Q4 2025 and Fiscal 2025 Financial Highlights
Q4 2025 and Fiscal 2025 Financial Highlights QoQ YoY YoY millions of U.S. dollars Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 F2025 F2024 Change Change Change Revenues U.S. Appraisal $33.1 $32.6 $26.7 $29.4 $33.8 2% -2% $121.8 $130.7 -7% U.S. Title 2.9 2.8 2.3 2.5 2.4 4% 18% 10.4 8.6 21% Canada 10.0 10.
Slide 7: Q4 2025 and Fiscal 2025 Non-GAAP Measures
Q4 2025 and Fiscal 2025 Non-GAAP Measures QoQ YoY YoY millions of U.S. dollars Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 F2025 F2024 Change Change Change 1 Net Revenue U.S. Appraisal $8.4 $8.5 $7.3 $7.8 $9.0 -1% -6% $32.1 $36.1 -11% 1 Net Revenue Margin 25.5% 26.2% 27.3% 26.5% 26.7% 26.3% 27.6% U.S. T
Slide 8: 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 9: 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