Mr. John Bouffard reports

PINETREE CAPITAL LTD ANNOUNCES AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED DECEMBER 31, 2025 AND DIRECTOR APPOINTMENT

Pinetree Capital Ltd. has released its financial results for the year ended Dec. 31, 2025. All figures provided in this press release are in thousands of dollars except per-share amounts and shares outstanding.

Financial results for the three months and year ended Dec. 31, 2025

The following information should be read in conjunction with the company's annual audited consolidated financial statements, prepared in accordance with international financial reporting standards (IFRS) and the company's annual management discussion and analysis for the year ended Dec. 31, 2025, which can be found on SEDAR+.

Shares outstanding and equity amounts are as at the quarter-end date. Expense amounts are for the three months ending the quarter-end date.

As at Dec. 31, 2025, Pinetree's equity was $87,586 which compares with $77,699 as at Dec. 31, 2024. This resulted in Pinetree's BVPS increasing from $8.28 as at Dec. 31, 2024, to $9.33 as at Dec. 31, 2025. The change represents an increase of $1.05 or 13 per cent.

Compared with the prior period, Pinetree's BVPS has declined approximately 1 per cent. Since the end of the period, the software and technology sector has continued to face headwinds and the value of several of Pinetree's investments has continued to decline.

Expenses for the 12 months ended Dec. 31, 2025, were $1,640 which corresponds to 1.9 per cent of equity as at Dec. 31, 2025. This compares with expenses of $939 for the 12 months ended Dec. 31, 2024, which corresponds to 1.2 per cent of equity as at Dec. 31, 2024. Included in expenses are foreign exchange fluctuations resulting from cash balances held in currencies other than Canadian dollars.

The net investment losses for the three months ended Dec. 31, 2025, were $523 (three months ended Dec. 31, 2024 -- gains of $17,788) as a result of net realized gains on investments and the net change in unrealized gains.

For the three months ended Dec. 31, 2025, other income totalled $77 (three months ended Dec. 31, 2024 -- $25). Other income comprises dividend income of $68 and interest income of $9 (three months ended Dec. 31, 2024 -- interest income of $10 and dividend income of $15).

Director appointment

Pinetree is pleased to announce the appointment of Henry Rachfalowski to the board of directors. Mr. Rachfalowski worked at Metropolitan Life, Canada Life and Manulife for a total of more than 30 years focusing on a mix of fixed income and equity investments, retiring in 2023. He also spent five years at OMERS overseeing private debt and equity investments from 1992 to 1997. Mr. Rachfalowski holds both an LLB and MBA from the University of Western Ontario.

About Pinetree Capital Ltd.

Pinetree is a value-oriented investment and merchant banking company focused on the technology sector. Pinetree's common shares are listed on the Toronto Stock Exchange under the symbol PNP.