<span item_type="fundamental" item_id="b5e5c8d417d5475de9e4f866d1fd7a85" counter_id="ST/US/KFS" env="prod"></span><span item_type="announcement" item_id="625543837443753857" env="prod"></span><p>Revenue: As of FY2025 Q4, the actual value is USD 38.6 M.</p><p></p><h4>Fourth Quarter 2025 vs. Fourth Quarter 2024</h4><h5>Consolidated Metrics</h5><ul><li>Consolidated revenue increased 30.1% to $38.6 million, compared to $29.6 million in the fourth quarter of 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1072627/000143774926007967/ex_879805.htm"></span></li><li>Consolidated net loss was - $1.6 million, compared to a net loss of - $1.5 million in the fourth quarter of 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1072627/000143774926007967/ex_879805.htm"></span></li><li>Consolidated adjusted EBITDA was $2.7 million, compared to $3.4 million in the fourth quarter of 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1072627/000143774926007967/ex_879805.htm"></span></li></ul><h5>Segment Revenue</h5><ul><li>Kingsway Search Xcelerator (KSX) revenue increased 63.6% to $20.3 million, compared to $12.4 million in the fourth quarter of 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1072627/000143774926007967/ex_879805.htm"></span></li><li>Extended Warranty revenue increased 6.1% to $18.3 million, compared to $17.2 million in the fourth quarter of 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1072627/000143774926007967/ex_879805.htm"></span></li></ul><h5>Operational Metrics</h5><ul><li>Extended Warranty cash sales increased 11.3% in the fourth quarter of 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1072627/000143774926007967/ex_879805.htm"></span></li><li>KSX adjusted EBITDA increased by 28.6% to $2.5 million, compared to $1.9 million in the fourth quarter of 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1072627/000143774926007967/ex_879805.htm"></span></li><li>Extended Warranty adjusted EBITDA was $0.8 million, compared to $2.4 million in the fourth quarter of 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1072627/000143774926007967/ex_879805.htm"></span></li></ul><h5>Debt</h5><ul><li>The Company had total net debt of $62.4 million as of December 31, 2025, compared with $61.4 million as of September 30, 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1072627/000143774926007967/ex_879805.htm"></span></li></ul><h4>Full Year 2025 vs. Full Year 2024</h4><h5>Consolidated Metrics</h5><ul><li>Consolidated revenue increased 23.4% to $135.0 million, compared to $109.4 million in the full year 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1072627/000143774926007967/ex_879805.htm"></span></li><li>Consolidated net loss was - $10.3 million, compared to a net loss of - $8.3 million in the full year 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1072627/000143774926007967/ex_879805.htm"></span></li><li>Consolidated adjusted EBITDA was $7.8 million, compared to $11.0 million in the full year 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1072627/000143774926007967/ex_879805.htm"></span></li></ul><h5>Segment Revenue</h5><ul><li>KSX revenue increased 58.5% to $64.2 million, compared to $40.5 million in the full year 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1072627/000143774926007967/ex_879805.htm"></span></li><li>Extended Warranty revenue increased 2.8% to $70.8 million, compared to $68.9 million in the full year 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1072627/000143774926007967/ex_879805.htm"></span></li></ul><h5>Operational Metrics</h5><ul><li>Extended Warranty cash sales increased 9.2% for the full year 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1072627/000143774926007967/ex_879805.htm"></span></li><li>KSX adjusted EBITDA increased by 40.8% to $9.5 million, compared to $6.7 million in the full year 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1072627/000143774926007967/ex_879805.htm"></span></li><li>Extended Warranty adjusted EBITDA was $3.1 million, compared to $7.5 million in the full year 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1072627/000143774926007967/ex_879805.htm"></span></li></ul><h5>Debt</h5><ul><li>The Company had total net debt of $62.4 million as of December 31, 2025, compared with $52.0 million as of December 31, 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1072627/000143774926007967/ex_879805.htm"></span></li></ul><h5>Unique Metrics</h5><ul><li>Portfolio LTM EBITDA for the operating companies was $22.0 million to $23.0 million as of December 31, 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1072627/000143774926007967/ex_879805.htm"></span></li><li>The acquisition of Ledgers, Inc. by Ravix Group, Inc. on January 5, 2026, is expected to add unaudited pro-forma annual adjusted EBITDA of $0.4 million to Kingsway Financial Services Inc..<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1072627/000143774926007967/ex_879805.htm"></span></li></ul><h4>Outlook / Guidance</h4><p>Kingsway Financial Services Inc. reiterates its target of 3 to 5 acquisitions in 2026 through its KSX platform.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1072627/000143774926007967/ex_879805.htm"></span> The company is budgeting double-digit organic growth in revenue and adjusted EBITDA for the KSX segment in 2026.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1072627/000143774926007967/ex_879805.htm"></span> Additionally, double-digit organic growth in revenue and Modified Cash adjusted EBITDA is budgeted for the Extended Warranty segment in 2026.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1072627/000143774926007967/ex_879805.htm"></span></p>

Kingsway Financial | 8-K: FY2025 Q4 Revenue: USD 38.6 M