Kingsway Financial Services (KFS) investor relations material

Executive summary

• Q3 2025 revenue grew 37% year-over-year to $37.2 million, with KSX segment revenue up 104% to $19 million and becoming the largest contributor for the first time.

• Four acquisitions completed in 2025, including Southside Plumbing, Bud's Plumbing, Roundhouse, Advanced Plumbing, AAA Flexible Pipe Cleaning, and The HR Team, expanding the skilled trades and industrial services portfolio.

• Net loss attributable to common shareholders was $2.8 million for Q3 2025, compared to $2.4 million and $2.3 million losses in other reports.

• Strong business momentum across subsidiaries, with several outperforming underwriting expectations.

• Nine-month revenues reached $96.4 million, up from $79.7 million year-over-year.

Financial highlights

• Q3 consolidated revenue reached $37.2 million, up from $27.1 million in the prior year.

• Adjusted consolidated EBITDA was $2.1 million, down from $3 million in the prior year.

• KSX segment adjusted EBITDA rose 90% to $2.7 million; Extended Warranty adjusted EBITDA fell to $0.8 million from $2.1 million.

• Amortization of intangible assets increased to $2.4 million in Q3 2025, reflecting recent acquisitions.

• Cash and cash equivalents plus restricted cash totaled $16.8 million at September 30, 2025.

Outlook and guidance

• Management expects continued growth from recent acquisitions and recurring revenue businesses, with a robust acquisition pipeline and high single-digit organic growth targeted.

• Three OIRs actively searching for new platforms, with a focus on asset-light, recurring revenue models.

• No explicit forward-looking financial guidance, but management expresses confidence in sustainable growth.