ECN Capital (ECN) Q3 2025 earnings summary

Executive summary

• Announced definitive agreement to be acquired by an investor group led by Warburg Pincus at CAD 3.10 per share, a 13% premium to closing price, in an all-cash transaction expected to close in H1 2026, pending approvals.

• Q3 2025 adjusted net income per share was $0.06, up from $0.05 year-over-year, matching consensus estimates.

• Total originations reached $826.8 million, with strong growth in both Manufactured Housing and RV & Marine segments.

• Transaction provides a significant liquidity event for shareholders, with favorable terms and minimal closing conditions.

• Taking private supports further simplification and cost reduction for manufactured housing and RV marine businesses.

Financial highlights

• Q3 2025 total originations reached $826.8 million, with $466.4 million from manufactured housing and $360.4 million from RV and marine.

• Adjusted operating income before tax was $24.4 million, up from $19.5 million year-over-year.

• Adjusted net income to common shareholders was $16.7 million, or $0.06 per share, up from $0.05 per share in the prior year quarter.

• Adjusted EBITDA was $40.6 million, up from $36.1 million year-over-year.

• Managed assets increased to $8.2 billion from $7.6 billion in the previous quarter and $6.7 billion year-over-year.

Segment performance

• Manufactured Housing originations were $466.4 million in Q3 2025, a 33% increase year-over-year.

• RV and Marine originations were $360.4 million, up 31% year-over-year.

• Manufactured Housing segment adjusted operating income before tax was $22.8 million; managed assets up 17% year-over-year to $6.5 billion.

• RV & Marine segment adjusted operating income before tax was $5.3 million; managed assets at $1.7 billion.

• RV & Marine revenue increased 60% year-over-year to $17.5 million; servicing revenue contributed ~30% of segment revenue.