Mr. Brian Viveiros reports

STACK CAPITAL GROUP INC. REPORTS 2025 FINANCIAL RESULTS

Stack Capital Group Inc. has released its financial results for the year ended Dec. 31, 2025. Stack Capital reports all amounts in Canadian dollars unless otherwise stated.

Financial summary

• Book value per share (BVpS): $15.35, compared with $12.29 as at Dec. 31, 2024 (plus 24.9 per cent increase);
• Total book value: $202-million.

The increase in book value during the year reflects strong performance across core portfolio holdings and disciplined capital deployment across late-stage private market opportunities.

Portfolio company highlights

SpaceX

• Completed a tender offer transaction valuing the company at $800-billion (U.S.), reflecting continued investor demand and confidence in its long-term growth trajectory.
• Subsequent to year-end, SpaceX announced the merger of SpaceX and xAI in a transaction that valued SpaceX at approximately $1-trillion (U.S.).

OpenAI

• In February, 2026, OpenAI completed a $110-billion (U.S.) capital raise at a $730-billion (U.S.) valuation. The round included capital from Amazon and Nvidia.

Databricks

• Databricks completed a Series L round raising over $4-billion valuing the company at $134-billion.
• In February, 2026, Stack Capital invested an additional $4.0-million (U.S.) into Databricks.

Crusoe Energy

• During the quarter, the company invested $12.0-million (U.S.) into Crusoe Energy, a leading developer of next-generation data centre infrastructure purpose-built for artificial intelligence workloads.

X-Energy

• During the quarter, Stack Capital invested $5.2-million into X-Energy, advancing its exposure to next-generation nuclear technology supporting long-term clean energy demand.
• TRISO-X, X-Energy's fuel fabrication subsidiary, received a U.S. Nuclear Regulatory Commission (NRC) special nuclear material licence for advanced fuel fabrication, marking a significant regulatory milestone in the commercialization of its proprietary TRISO fuel.

Newfront

• In January, 2026, Newfront was acquired by WTW. As a result of the transaction, Stack Capital received proceeds of $8.0-million (U.S.) from the sale of its holdings.

Varo

• In February, 2026, Varo Bank secured $123.9-million (U.S.) in a Series G funding round, led by Warburg Pincus and Coliseum Capital Management, positioning the company to accelerate growth and expand its digital banking platform.

Normal course issuer bid

• During the 2025 year, Management repurchased and cancelled $1.6-million of public stock at an average share price of $11.48, a significant discount to book value per share.

Management commentary

"Private capital markets remain highly robust, with continued strength in large-scale financings and investor demand for category-leading technology businesses," said Jeff Parks, chief executive officer of Stack Capital. "Q1 has already started off strongly, with several of our portfolio companies raising capital at higher valuations, reinforcing the underlying momentum across AI, infrastructure and energy innovation. As we look ahead, we believe 2026 has the potential to be a meaningful year for monetizations, as a number of high-quality private companies begin exploring public market opportunities. We remain focused on positioning the portfolio to capitalize on what we see as a constructive and active market environment."

As at Dec. 31, 2025, the book value of the company was $202-million, and the book value per share was $15.35. A detailed summary of book value per share is as shown in the attached table.

About Stack Capital Group Inc.

Stack Capital is an investment holding company and its business objective is to invest in equity, debt and/or other securities of growth-to-late-stage private businesses. Through Stack Capital, shareholders have the opportunity to gain exposure to a diversified private investment portfolio; participate in the private market; and have liquidity due to the listing of the common shares on the Toronto Stock Exchange. At the same time, the public structure also allows the company to focus its efforts on maximizing long-term performance through a portfolio of high-growth businesses, which are not widely available to most Canadian investors. SC Partners Ltd. acts as the company's administrator and is responsible to source and advise with respect to all investments for the company.

We seek Safe Harbor.