Mcan Mortgage Corporation · TSX:MKP
Mcan Mortgage — FY2025 Earnings Presentation
21 slides from Mcan Mortgage's earnings presentation, Feb 23, 2026
Slide 1: 2025 Results
2025 Results TSX: MKP February 23, 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: 2025 Financial Highlights
2025 Financial Highlights • 33% Y/Y uninsured residential mortgage $74.9M Net Income originations growth (PPPT Income1,2 $88.1M) • Launch of our uninsured securitization program $1.89 Earnings per Share with a major Canadian (PPPT EPS1,2 $2.23) bank • 5% Y/Y growth in our construction and 12.07% Ret
Slide 6: Impaired Mortgage Loans Trending Down; PCL Elevated in Current Uncertain Environment
Impaired Mortgage Loans Trending Down; PCL Elevated in Current Uncertain Environment Impaired Mortgage Loans ($M) PCL - Performing Mortgage Loans ($M) $1.7 2.61% 2.46% 2.31% 2.34% $0.7 $0.3 $0.3 1.69% $(0.2) $47.6 $52.7 $45.3 $44.5 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 $29.3 PCL - Performing $15.2
Slide 7: Quality Returns to Shareholders
Quality Returns to Shareholders Dividends Total Shareholder Return 3% CAGR1 of regular $0.97 dividends $0.85 5,375% TSR1 since inception $1.56 $1.64 $1.36 $1.36 $1.44 $1.48 2020 2021 2022 2023 2024 2025 1992 1997 2001 2006 2011 2016 2021 Today Regular Dividend per Share MCAN Financial S&P/TSX Compos
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: 2025 Financial Overview
2025 Financial Overview • Net interest income only down slightly as higher asset In $M, unless otherwise noted and except for 2025 Y/Y growth was offset by lower per share amounts net interest margins in a Net interest income $95.8 -1% declining rate environment Non-interest income $51.4 +37% • Non-
Slide 12: Net Interest Income Spreads Relatively Stable
Net Interest Income Spreads Relatively Stable Net Interest Income ($M) and Spread1 • NII stable Y/Y as loan growth offset lower spreads ◦ While prime rates declined 100bps in $3.6 $3.1 $4.3 2025, our spread only $3.1 $3.8 reduced by 17 bps due $21.1 $20.7 $20.5 $20.0 $20.3 to pricing and hedging str
Slide 13: Mortgage Balance Growth Driven by Strong Fundings
Mortgage Balance Growth Driven by Strong Fundings Mortgage Balances ($M) • Mortgage balances higher Q/Q despite +12% tough market $5,938 ◦ Total uninsured residential $5,317 $4,884 $4,898 $5,170 mortgage balances (securitized and non-securitized) increased by $3,459 $2,420 $2,354 $2,429 $2,781 +24%
Slide 14: Well-Established and Growing Funding Base
Well-Established and Growing Funding Base Funding ($B) • Funding base well established +23% and diversified to support $5.8 business growth $5.2 • Securitization and term deposits $5.0 $4.7 $4.8 provide a source of low-cost funding 48% 48% 46% 46% 39% • MCAN Wealth direct-to- consumer term deposits
Slide 15: Well Reserved for Current Mortgage Credit Cycle
Well Reserved for Current Mortgage Credit Cycle Allowance on Performing Mortgage Loans ($M) $1.7 $10.1 • Performing (Stage 1 and 2) $1.1 ◦ Increase due to asset $7.3 growth and current economic environment • Impaired (Stage 3) ◦ Q/Q increase due primarily to interest accruals on Allowance Macroecono
Slide 16: Non-Interest Income
Non-Interest Income Non-Interest Income ($M) 2025 Y/Y Equity income from MCAP Commercial LP 33,444 16 % Distribution income from securities 9,933 (8) % Fees 3,485 (1) % Net gain (loss) on securities 2,109 133 % Other 2,447 n/a Gain on dilution of investment in MCAP Commercial LP — (100) % Total non-
Slide 17: Non-Interest Expense
Non-Interest Expense Non-Interest Expense ($M) Efficiency Ratio1 $16.6 69% $14.9 $15.1 $14.6 $14.6 $7.8 $7.8 $7.7 $8.2 $8.2 38% 39% 43% 33% 40% 39% 36% $8.8 $7.1 $6.9 $6.9 $6.4 30% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2023 2024 2024 2024 2024 2025 2025 2025 2025 Salarie
Slide 18: Capital Ratios - Healthy and Within Regulatory and Internal Risk Appetite Guidelines
Capital Ratios - Healthy and Within Regulatory and Internal Risk Appetite Guidelines Capital Ratios 19.28% 19.43% 19.22% 19.32% 19.14% • Capital ratios continue to reflect the realization of our business strategy of optimizing the balance sheet by growing assets 9.72% 9.64% and utilizing excess capi
Slide 19: Closing Comments - 2025 Review
Closing Comments - 2025 Review 1 Successful launch of our uninsured securitization program 2 Strong originations in our mortgage lending business 3 Solid contribution to results from our investment in MCAP 4 Prudent underwriting and appropriate provisioning in existing economic uncertainty 5 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: Contact: Derek Sutherland and Santokh Birk
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 | [email protected] mcanfinancial.com | TSX: MKP