Pinetree Capital Announces Unaudited Financial Results for the Period Ended March 31, 2026

About this update from Pinetree Capital Ltd.

TORONTO, ON / ACCESS Newswire / April 30, 2026 / Pinetree Capital Ltd. (TSX:PNP) ("Pinetree" or the "Company") today announced its financial results for the three months ended March 31, 2026. All financial information provided in this press release is unaudited and all figures are in $'000 except per share amounts and shares outstanding. Unaudited financial results for the period ended March 31, 2026 The following information should be read in conjunction with our annual audited Consolidated Financial Statements, prepared in accordance with International Financial Reporting Standards ("IFRS") and our annual Management Discussion and Analysis for the year ended December 31, 2025, which can be found on SEDAR+ at www.sedarplus.com. Selected Financial Information 1 Refer to "Use of Non-IFRS Financial Measures" Shares Outstanding and Equity amounts are as at the Quarter End date. Expense amounts are for the Three months ending the Quarter End date As at March 31, 2026, Pinetree's equity was $68,584 which compares to $87,586 as at December 31, 2025. This resulted in Pinetree's BVPS decreasing from $9.33 as at December 31, 2025 to $7.31 as at March 31, 2026. The change represents an decrease of $2.02 or 22%. Since the end of the quarter, one of the Company's largest investments has received a takeover offer at a significant premium which has resulted in a meaningful increase in BVPS as of the date of this report. Expenses for the twelve months ended March 31, 2026 were $1,737 which corresponds to 2.5% of book value as at March 31, 2025. This compares to expenses of $1,189 for the twelve months ended March 31, 2025 which corresponds to 1.3% of book value as at March 31, 2025. Included in expenses are foreign exchange fluctuations resulting from cash balances held in currencies other than Canadian dollars. The net investment losses for the three months ended March 31, 2026 were $19,400 (three months ended March 31, 2025 - gains of $11,068) as a result of net realized losses on investments and the net change in unrealized gains and losses. For the three months ended March 31, 2026, other income totaled $924 as compared to other income of $41 for the three months ended March 31, 2025. Other income is comprised of dividend and interest income of $923 and $1, respectively (three months ended March 31, 2025 - divi...

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