The Westaim Corporation (WED) investor relations material

Executive summary

• Q4 2025 marked a transition to an operating entity post-Strategic Transaction with CC Capital, impacting reporting standards and segment structure.

• Asset Management delivered positive Adjusted EBITDA in Q4 2025, reflecting business transformation.

• Insurance segment launched MYGA policies in September 2025 and FIA products in February 2026, achieving $40 million in premiums and rapid agent onboarding.

• Significant management changes and restructuring in Asset Management, including closure of Singapore operations and winddown of certain businesses.

• Operational momentum in annuity policy issuance, with MYGA and FIA products driving growth.

Financial highlights

• Q4 2025 consolidated loss attributable to controlling interests was $18.2 million ($0.56 diluted loss/share), improved from $21.3 million ($0.99/share) in Q4 2024.

• Full year 2025 loss attributable to controlling interests was $37.2 million ($1.25/share), compared to $16.2 million ($0.75/share) in 2024.

• Book value per fully diluted share was $19.60 (C$26.89) at December 31, 2025, a 5.2% discount to market value.

• Shareholders’ equity attributable to controlling interests rose to $653.2 million at Q4 2025 from $497.4 million at Q4 2024, with 33,331,704 shares outstanding.

• Cash and investments at year-end totaled $668.6 million, supporting ongoing commitments.

Outlook and guidance

• Insurance segment expects operating leverage to become more evident in 2026 as technology and processes scale.

• MYGA and FIA policy issuance is pacing close to previous guidance, expected to drive asset growth.

• Management anticipates continued growth in agent onboarding and policy applications for Ceres Life.

• Asset Management anticipates further growth in fee-paying AUM and operating leverage as the insurance asset management business expands.

• Arena's management team has actionable plans for further business growth in 2026 and beyond.