ECN Capital (ECN) Q4 2025 earnings summary

Executive summary

• Adjusted net income per common share was $0.05 in Q4 2025, down from $0.06 in the previous quarter but up from $0.02 year-over-year.

• Net income attributable to common shareholders was $4.5 million, compared to $11.2 million in the previous quarter and a net loss of ($3.9) million year-over-year.

• The company is in the process of being acquired by a Warburg Pincus-led group for an enterprise value of approximately C$1.9 billion, with closing expected in the first half of 2026.

Financial highlights

• Originations in Q4 2025 totaled $662.4 million, down from $826.8 million sequentially but up from $547.6 million year-over-year.

• Managed assets as of December 31, 2025 were $7.3 billion, down from $8.2 billion in the previous quarter but up from $6.9 billion year-over-year.

• Adjusted EBITDA was $36.2 million, down from $40.6 million sequentially but up from $24.1 million year-over-year.

• Operating expenses increased to $35.8 million from $34.0 million in the previous quarter and $31.1 million year-over-year.

Outlook and guidance

• The acquisition is expected to close in the first half of 2026, pending regulatory approvals.

• Following the acquisition, common and Series C Preferred Shares are expected to be delisted from the TSX.