Star Metro - Pinetree Capital Ltd Announces Audited Financial Results for the Year Ended December 31, 2025 and Director Appointment

Financial results for the three months and year ended December 31, 2025

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.ca.

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 December 31, 2025, Pinetree's equity was $87,586 which compares to $77,699 as at December 31, 2024. This resulted in Pinetree's BVPS increasing from $8.28 as at December 31, 2024 to $9.33 as at December 31, 2025. The change represents an increase of $1.05 or 13%.

Compared to the prior period, Pinetree's BVPS has declined approximately 1%. Since the end of the period, the software and technology sector has continued to face headwinds and the value of several of Pinetree's investments has continued to decline.

Expenses for the twelve months ended December 31, 2025 were $1,640 which corresponds to 1.9% of equity as at December 31, 2025. This compares to expenses of $939 for the twelve months ended December 31, 2024 which corresponds to 1.2% of equity as at December 31, 2024. 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 December 31, 2025 were $523 (three months ended December 31, 2024 - gains of $17,788) as a result of net realized gains on investments and the net change in unrealized gains.

For the three months ended December 31, 2025, other income totalled $77 (three months ended December 31, 2024 - $25). Other income is comprised of dividend income of $68 and interest income of $9 (three months ended December 31, 2024 - interest income of $10 and dividend income of $15).

Director Appointment

Pinetree is pleased to announce the appointment of Henry Rachfalowski to the board of directors. Mr. Rachfalowski worked at Metropolitan Life, Canada Life and Manulife for a total of more than 30 years focusing on a mix of fixed income and equity investments, retiring in 2023. He also spent 5 years at OMERS overseeing private debt and equity investments from 1992 to 1997. Henry holds both an LLB and MBA from the University of Western Ontario.

Forward Looking Statements

Certain statements herein may be "forward looking" statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Pinetree or the industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward-looking statements. These forward-looking statements reflect current assumptions and expectations regarding future events and operating performance and are made as of the date hereof and Pinetree assumes no obligation, except as required by law, to update any forward-looking statements to reflect new events or circumstances.

Non-IFRS Measures, Non-GAAP Measures

BVPS (book value per share) is a non-IFRS (international financial reporting standards) measure calculated as the value of total assets less the value of total liabilities divided by the total number of common shares outstanding as at a specific date. The term BVPS does not have any standardized meaning according to IFRS and therefore may not be comparable to similar measures presented by other companies. There is no comparable IFRS measure presented in Pinetree's consolidated financial statements and thus no applicable quantitative reconciliation for such non-IFRS financial measure. The Company has calculated BVPS consistently for many years and believes that BVPS can provide information useful to its shareholders in understanding its performance and may assist in the evaluation of its business relative to that of its peers.

About Pinetree Capital Ltd.

Pinetree is a value-oriented investment and merchant banking company focused on the technology sector. Pinetree's common shares are listed on the TSX under the symbol "PNP".

For further information:

John Bouffard
Chief Financial Officer
416-941-9600 x 200
[email protected]
www.pinetreecapital.com

SOURCE: Pinetree Capital Ltd.

View the original press release on ACCESS Newswire

S.Cloutier--SMC