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Ostrom Climate Reports Audited Year-End 2024 and Fiscal Q4 Financial Statements and Announces Leadership Changes

Ostrom Climate Reports Audited Year-End 2024 and Fiscal Q4 Financial Statements and Announces Leadership Changes

VANCOUVER, BC / ACCESS Newswire / April 30, 2025 / Ostrom Climate Solutions Inc. ('Ostrom' or the 'Company') (TSX-V:COO)(Frankfurt:9EAA), a leading provider of carbon project development and climate solutions, today announced its financial results for the fourth quarter and the full fiscal year ended December 31, 2024.
Fiscal 2024 was a transitional year for Ostrom Climate as the Company undertook an extensive restructuring and repositioning initiative. Against a backdrop of sector-wide volatility in the voluntary carbon markets, the Company made strategic investments in long-term project development and executed aggressive cost containment measures designed to right size the Company's cost structure, streamline operations, increase future operating leverage, and position Ostrom for sustainable, high-margin growth. Management actions taken during 2024 were focused on re-aligning the Company's structure and cost base with its long-term strategy to become a leading owner-developer of high-integrity carbon projects. The restructuring was designed to evolve from a consulting-heavy, low-margin model inherited from prior management, toward a scalable, asset-backed platform focused on high-integrity carbon project development and ownership.
Management Commentary
'Fiscal 2024 was a necessary reset for Ostrom Climate,' said Tejinder Virk, CEO of Ostrom Climate Solutions Inc. 'We aggressively restructured the Company, refocused our strategy, and invested heavily into building scalable project infrastructure, particularly through the development of our flagship Climate-Smart Rice project in the Philippines. While our trading and consulting businesses experienced cyclical softness, reflecting broader volatility in voluntary carbon markets, we materially reduced our fixed cost base to create operating leverage as markets recover.
This year marked a turning point: we secured a landmark Emission Reduction Purchase Agreement (ERPA) with a Fortune Global 500 buyer, advanced our presence in compliance carbon markets, and implemented stronger internal governance and financial oversight. While near-term results reflect the costs of transformation, we have taken deliberate steps to position Ostrom for sustainable, high-margin growth.
With a streamlined structure, an expanded leadership team, a new CFO onboard, and a sharper strategic focus on compliance and high-integrity carbon removal markets, Ostrom is entering 2025 with greater discipline, stronger foundations, and an unwavering commitment to delivering scalable, impactful climate solutions globally. As we scale, we also intend to deleverage as soon as possible-prioritizing the repayment of obligations incurred under previous management-using improved cash flow and disciplined capital allocation to strengthen our balance sheet, reduce financial risk, and unlock value for shareholders.'
Financial Highlights:
The fiscal year and fourth quarter financial results reflect a period of strategic realignment and restructuring, during which Ostrom exited unprofitable legacy consulting contracts, absorbed restructuring costs related to leadership changes, and reoriented its business model toward direct project development and ownership. Although the near-term financial performance was impacted, these changes were necessary to strengthen the Company's foundation and improve future scalability. In light of these changes, we present the fiscal and fourth quarter highlights summary below:
Fiscal Year Financial Highlights:
Fourth Quarter Financial Highlights:
Below is the fourth quarter financial highlights summary:
Operational and Strategic Developments
During Q4 2024, Ostrom Climate advanced the development of its flagship Climate-Smart Rice Project under the Upper Pampanga River Integrated Irrigation System (UPRIIS) in the Philippines. The Company continued to focus on feasibility assessments, stakeholder engagement, and early-stage development activities aligned with sustainable rice cultivation practices aimed at methane reduction. Significant investments were made in research and development, including fieldwork and project design, to support future issuance of high-quality Verified Emission Reductions (VERs) under international standards.
At the same time, the Company's Net Zero Solutions (NZS) and Carbon Intelligence Services (CIS) business lines continued to provide policy analysis, project feasibility studies, and MRV (monitoring, reporting, and verification) frameworks to both voluntary and compliance carbon market participants. These services helped maintain client engagement while Ostrom pivoted its strategic focus toward long-term project ownership.
Additionally, on September 12, 2024, Ostrom appointed Tejinder Virk as Chief Executive Officer. This leadership change was designed to accelerate the Company's shift toward building a scalable, recurring revenue model anchored in direct carbon project development.
'The Company's financial results for fiscal 2024 should be viewed in the context of this deliberate restructuring phase, with initiatives now in place to drive future margin expansion and revenue stability with our Carbon Project Development (CPD) business. In 2024, we invested approximately $1.7 million into project development activities, with a major focus on building the foundational infrastructure for our UPRIIS Climate-Smart Rice project,' said Tejinder Virk, CEO of Ostrom Climate Solutions Inc. 'A portion of these expenditures has been capitalized in accordance with IFRS accounting standards, reflecting the long-term value and recurring revenue potential we are building. We view these investments not simply as costs, but as critical groundwork for scaling our impact, delivering durable climate benefits, and creating significant shareholder value over the coming years.'
Ostrom entered into an ERPA with a Fortune Global 500 global corporation for UPRIIS in the Philippines. This agreement includes an advance payment for carbon credits to fund project development costs, which helps reinforce Ostrom's ability to assess risks, mitigate them, and execute this high-integrity carbon project. The ERPA relates to the purchase of VERs, which are independently verified carbon credits representing the reduction of one metric tonne of carbon dioxide equivalent (tCO2e). The first payment under this ERPA has been received as a prepayment against future VERs and becomes repayable if the Company is unable to deliver the credits under the terms of the ERPA. Due to confidentiality agreements, further details cannot be disclosed at this time.
UPRIIS has the potential to span over 100,000 hectares in Central Luzon, and is expected to generate high-quality carbon credits over its planned 21-year term, with compliance potential under Article 6 of the Paris Agreement. Proceeds from carbon credit sales will directly benefit local partners, including the local irrigation authorities and rice farmers.
Liquidity and Outlook
Like many participants in the voluntary and compliance carbon sectors, Ostrom has been impacted by recent sector-wide market volatility. Nevertheless, the Company remains confident in the long-term fundamentals of carbon markets and continues to pursue financing and revenue opportunities aligned with high-integrity, compliance-driven projects.
The Company ended Q4 2024 with $550,710 in cash, compared to $516,613 at the end of Q3 2024 and $1,347,522 at year-end 2023. Ostrom Climate remains focused on addressing liquidity challenges through ongoing strategic financing efforts, including engagement with carbon stream investors, project development partners, and other potential long-term capital providers. The Company is also actively pursuing a diversified revenue model that combines carbon project ownership with technical services and advisory offerings.
A key priority continues to be securing long-term, recurring revenue from high-quality VER projects while rationalizing operational expenditures, reducing non-core costs, and aligning internal resources with high-margin activities to support a path toward profitability and positive cash flow.
Changes to the Board of Directors and Appointment of new Chief Financial Officer
Ostrom is pleased to announce the appointment of Trevor Scott as Chief Financial Officer, effective immediately. Trevor brings over two decades of valuable senior financial leadership and experience across public and private enterprises spanning the clean technology, mining, security services, and healthcare sectors. He most recently served as CFO of Aeon Luxe, where he led Nasdaq listing preparations, and previously as CFO of Akanda Corp, where he oversaw its successful IPO and governance functions. Trevor also held CFO and board roles at Sportcor Technologies, Stallion Security, Chrometco, and Uranium One Africa. He began his career as an audit manager and consultant with KPMG, servicing notable clients such as Royal Caribbean, BMW and Siemens. He later moved onto a senior finance consultant role with MTN Group. A Chartered Accountant by profession, Trevor is recognized for his expertise in IFRS, corporate governance, and driving financial discipline across growth-stage and complex multinational businesses operating in a public company and stock exchange listed environment.
Tejinder Virk, CEO of Ostrom, commented: 'Trevor's appointment comes at a critical inflection point for Ostrom. His track record of leadership in both capital markets and operational finance will help us navigate our next phase of growth with discipline and clarity. As we work to strengthen our financial platform and build a global, diversified pipeline of high-integrity carbon projects, Trevor's insights will be instrumental. I'm excited to welcome him to the team.'
Ostrom also announced that Colin Haddock will be stepping down from his role as Interim Chief Financial Officer and will join the Company's Board of Directors effective immediately, subject to applicable regulatory approval. Colin played a critical role in stabilizing Ostrom's financial reporting systems and strengthening internal controls during a pivotal phase of the Company's evolution.
Tejinder Virksaid: 'We are deeply grateful to Colin for his steady leadership and tireless work as Interim CFO during a transformative period for Ostrom. His hands-on approach, financial discipline, and strategic perspective have been instrumental in building the stronger foundation we have today. We are thrilled that Colin will continue to bring his insight and energy to Ostrom as a board member. Colin is also the Chief Financial Officer at RC Morris Capital, an investment advisory, wealth management, and capital markets firm. His deep understanding of the business and finance will be invaluable as we move into our next phase of growth, and his support will ensure a seamless transition to our newly appointed CFO. We look forward to working closely with him as we execute our strategy and scale the business globally.'
The Company also announces that the Company's Board has granted an aggregate of 7,000,000 incentive stock options to officers and directors at a per share price of $0.05 for a period of five years from the date of grant. The stock options are subject to vesting provisions as set by the Company's Board. The options are being granted in recognition of leadership appointments and to align management incentives with long-term shareholder value creation.
Shifting Canadian Political Landscape and Implications for Carbon Markets
British Columbia Election Outcome and Future Opportunities
In 2024, British Columbia implemented its Output-Based Pricing System (BC OBPS) on April 1, replacing the CleanBC Industrial Incentive Program. This new emissions pricing framework introduced significant changes for industrial emitters, requiring them to adjust to new compliance obligations. The timing of this implementation coincided with the provincial general election held on October 19, 2024, where the BC New Democratic Party (NDP) secured a majority government . The overlap of regulatory changes and political events led to uncertainty among market participants, potentially delaying carbon offset purchases as clients assessed their compliance strategies under the new BC OBPS regime.
'We observed a noticeable hesitation in carbon offset transactions during this period,' said Tejinder Virk, CEO of Ostrom Climate Solutions Inc. 'Clients were navigating the complexities of the newly implemented BC OBPS while also monitoring the outcomes of the provincial election. This confluence of factors contributed to a delay in purchase commitments, impacting our sales in fiscal year 2024. However, with greater regulatory clarity now in place, we expect tailwinds for our business in 2025 as industrial emitters increasingly turn to companies like Ostrom to source high-quality, BC OBPS-compliant credits from qualifying projects, including the likes of Great Bear and Quadra Island'
The Company is proud to highlight the Quadra Island Forestland Conservation Project as one of the few carbon offset projects currently available that is fully compliant with BC OBPS. Ostrom has held the exclusive carbon offset marketing and sales rights for this project since 2016. Protecting over 400 hectares of at-risk forestland that would otherwise have been logged or developed, the project was validated under the BC Forest Carbon Offset Protocol (BC FCOP) and independently verified by KPMG Performance Registrar Inc. As a rare OBPS-compliant offering, Quadra Island provides regulated emitters with a credible, cost-effective pathway to compliance while demonstrating the power of carbon markets to drive ecosystem conservation. To inquire about purchasing these offsets, please contact [email protected].
Canadian Federal Election Outcome and Future Opportunities
On April 28, 2025, Canada held a snap federal election, resulting in a victory for the Liberal Party under the leadership of Mark Carney. Carney has assumed the role of Prime Minister, bringing with him a strong background in finance and climate policy. His administration has signaled a commitment to strengthening Canada's position in global carbon markets, which may open new avenues for industrial carbon projects and compliance market participation.
'The election of Prime Minister Carney presents a promising horizon for Canada's carbon markets,' stated Tejinder Virk. 'With a leader who understands the intricacies of climate finance, we anticipate enhanced support for industrial carbon initiatives. Ostrom, as a market leader in carbon project development and offset trading in Canada, is well-positioned to significantly capitalize on these emerging opportunities.'
Strategic and Operational Outlook
Over the past year, both voluntary and compliance carbon markets have faced significant headwinds, including macroeconomic uncertainty, shifting regulatory landscapes, and evolving buyer preferences toward direct project origination. This broader market turbulence has temporarily pressured carbon credit pricing, transaction volumes, and capital allocation across the sector. Despite these challenges, Ostrom's strategic pivot toward owning and developing high-quality, compliance-aligned carbon projects positions the Company to navigate this volatility prudently while building scalable, long-term value.
Ostrom is intensifying its strategic focus on compliance carbon markets, which are till projected to fuel the growth of global carbon markets to approximately $2.7 trillion by 2028, up from $978 billion in 2022, according to a report by Investcorp. This growth is driven by increasing regulatory mandates and corporate commitments to net-zero targets, underscoring the critical role of compliance markets in global decarbonization efforts. In Canada, Ostrom is well-positioned to capitalize on the newly implemented BC OBPS, as well as emerging opportunities from evolving compliance markets at the federal level. The Company's deep expertise in carbon project development-underscored by its track record on high-integrity projects such as those in Great Bear and Quadra Island-and its established operational presence in British Columbia uniquely position Ostrom to support regulated entities in meeting their compliance obligations through credible, verifiable carbon credits.
As a subset of global carbon markets, the global Carbon Dioxide Removal (CDR) market is projected to experience substantial growth, potentially reaching up to $100 billion annually between 2030 and 2035, according to Oliver Wyman. This anticipated expansion is driven by increasing corporate commitments to net-zero targets and the urgent need for effective carbon removal solutions. In alignment with these market dynamics, the Company is prioritizing the development of high-integrity carbon removal projects, initially focusing on forest carbon initiatives and expanding into complementary nature-based solutions such as biochar. These initiatives are designed to complement Ostrom's existing voluntary carbon market offerings and strengthen its presence in emerging global compliance markets.
The Company's trading and technical consulting businesses are subject to natural cyclical fluctuations, influenced by broader carbon market dynamics and regulatory developments. Ostrom's strategic pivot toward project ownership and compliance market engagement is intended to reduce earnings volatility over time while preserving the flexibility to capitalize on market rebounds through its advisory platforms. Management believes that by building a core portfolio of owned projects, Ostrom will be able to dampen the historical earnings volatility linked to advisory activities and voluntary carbon credit trading cycles.
To support these initiatives, Ostrom is also actively engaging with strategic financing partners to secure long-term revenue streams and accelerate project deployment across key geographies. A key milestone in this strategy was the recent execution of the ERPA with a Fortune Global 500 buyer for Ostrom's flagship UPRIIS rice methane reduction project in the Philippines. This landmark agreement not only validates the scalability and integrity of Ostrom's methodology but also signals growing institutional appetite for high-quality, nature-based carbon removals. By aligning its operational focus with the evolving demands of both voluntary and compliance carbon markets, Ostrom aims to deliver scalable impact at a global level and contribute meaningfully to long-term decarbonization and carbon neutrality goals.
Settlement of Company Debts
The Company also announces that, subject to acceptance by the TSX Venture Exchange and with the intent of preserving its cash resources for operations, it proposes issuing common shares at a deemed per share price of $0.035 in settlement of an aggregate of $117,500 in accrued debt as evidenced in its annual financial statements, owing to Farm Lane Holdings Limited, a company controlled by Tejinder Virk, and $20,000 to RCM Financial Services Inc., a company controlled by Christopher Morris, a director of the Company (collectively the 'Debt Settlors').
The debt owing to the Debt Settlors relates to consideration payable under the terms of amended and restated consulting agreements entered into between the Company and each of the Debt Settlors.
Shares proposed to be issued by the Company in settlement of the debt will be issued at a deemed per share price of $0.035 in accordance with the policies of the TSX Venture Exchange and will be subject to a hold period of four months and one day from the date of issuance in accordance with applicable securities legislation.
The proposed issuance of shares by the Company to the Debt Settlors constitutes a related party transaction pursuant to the TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ('MI 61-101"). The Company will avail itself of exemptions contained in section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101, in that the fair market value of the consideration for the transaction, insofar as it involves interested parties, does not exceed 25 per cent of the Company's market capitalization.
About Ostrom Climate Solutions Inc.
Ostrom is one of North America's leading providers of carbon project development and management services, climate solutions, and carbon credit marketing. Over the past 12 years, Ostrom has validated and verified forest carbon projects globally for voluntary and regulated markets, having developed 16 million acres of forest land for conservation and monetized over 10 million carbon credits. Based out of Vancouver, B.C., Canada, the Ostrom team has a global reach, has worked with over 200 organizations globally, including Fortune 500 companies, managed projects in partnership with indigenous stakeholders and has extensive on-ground experience in emerging markets.
Ostrom is focused on developing high-quality carbon projects that have a positive impact on the environment, local communities and biodiversity. Ostrom is publicly listed on the TSX Venture Exchange (COO) and the Frankfurt Stock Exchange (9EAA).
Please visit us at www.ostromclimate.com.
To receive corporate updates via e-mail, please subscribe here.
For more information regarding the Company, please contact:
Tejinder Virk
Chief Executive Officer
Ostrom Climate Solutions Inc.
322 Water St #400, Vancouver, BC V6B 1B6, Canada
Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this Release.
Cautionary Statement Regarding Forward Looking Statements
This news release contains certain statements that may be deemed 'forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words 'expects', 'plans', 'anticipates', 'believes', 'intends', 'estimates', 'projects', 'potential' and similar expressions, or that events or conditions 'will', 'would', 'may', 'could' or 'should' occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
SOURCE: Ostrom Climate Solutions Inc.
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CXI's diversified business model in the United States allows for continued new client growth in the payments business complemented by successful multi-channel banknotes offerings for both our U.S. Financial Institutions in branch or online as well as the Direct-to-Consumer customer offerings through online, agent and physical branch locations. CXI's management team and I remain committed to executing CXI's strategic plan which is focused on revenue and earnings growth as well as the return on capital and creating value for our shareholders resulting from providing leading FX technology and transaction processing solutions'. Financial Highlights for the three-month periods ended April 30, 2025 and 2024: Revenue decreased by 3% or $0.5 million to $15.9 million compared to $16.4 million. Banknotes revenue decreased by 5% or $0.6 million over the prior period while Payments revenue increased by 5% or $0.1 million; Reported EBITDA increased by 10% or $0.4 million to $4.9 million from $4.5 million. Adjusted EBITDA2 was $5.1 million, 15% higher than the prior period; Reported Group net income was $1.98 million, a 291% increase compared to the prior period. Adjusted Group net income2 increased 18% or $0.4 million to $2.3 million from $1.9 million in the prior period; Reported earnings per share were $0.32 and $0.31 on a basic and fully diluted basis, respectively, compared to the prior year's reported earnings per share of $0.08 on both a basic and fully diluted basis. Adjusted earnings per share2 were $0.37 and $0.36 on a basic and fully diluted basis, respectively, compared to the prior year's adjusted earnings per share of $0.30 and $0.29; and The Group maintained a strong financial position, with net working capital of $60.4 million and total equity of $81.2 million as of April 30, 2025. Financial Highlights for the six-month periods ended April 30, 2025 and 2024: Revenue increased by 3% or $0.8 million to $31.3 million compared to $30.5 million. Payments revenue increased by 11% or $0.5 million and Banknotes revenue increased by 1% or $0.3 million over the prior period; Reported EBITDA increased by 13% or $1.0 million to $8.8 million from $7.8 million. Adjusted EBITDA3 was $9.0 million, 16% higher than the prior period; Reported Group net income was $2.8 million, a 106% increase compared to the prior period. Adjusted Group net income3 increased 21% or $0.6 million to $3.4 million from $2.8 million in the prior period; and Reported earnings per share were $0.45 and $0.44 on a basic and fully diluted basis, respectively, compared to the prior year's reported earnings per share of $0.21 on both a basic and fully diluted basis. Adjusted earnings per share3 $0.54 and $0.53 on a basic and fully diluted basis, respectively, compared to the prior year's adjusted earnings per share of $0.44 and $0.42. Corporate Highlights for the three-month period ended April 30, 2025: The Group continued its growth in the direct-to-consumer market through its network of company-owned branch locations, agent relationships, and in the majority of states where it operates its OnlineFX platform. During the second quarter of 2025, the Group added the State of Mississippi to its OnlineFX platform network, now operating in 45 states and the District of Columbia; The Group increased its banknotes market penetration into the financial institutions sector in the United States with the addition of 124 new clients in the second quarter of 2025; and The Group continued to grow its Payments product line benefiting from the recent investments in core banking platform integrations which enabled the Group to expand its reach and increase its volumes in the United States. The Group processed 45,788 payment transactions in the second quarter compared to 37,781 payment transactions in the prior period. Selected Financial Data The following table summarizes the performance of the Group over the last eight fiscal quarters: Results of Continuing Operations - Reported Group Net Results - Reported Group Net Results- Adjusted3 Quarterly Results Revenue Net income Earnings per share (diluted) Net income (loss) Earnings/(loss) per share (diluted) Net income Earnings per share (diluted) $ $ $ $ $ $ $ Q2 2025 15,865,150 2,674,849 0.42 1,983,025 0.31 2,285,808 0.36 Q1 2025 15,450,861 1,694,672 0.26 812,530 0.12 1,092,648 0.17 Q4 2024 18,460,390 3,313,852 0.50 (2,817,897) (0.45) 2,780,445 0.42 Q3 2024 19,961,122 5,122,815 0.77 3,935,350 0.59 4,644,984 0.69 Q2 2024 16,358,796 2,731,629 0.41 506,522 0.08 1,934,122 0.29 Q1 2024 14,141,018 2,020,274 0.30 849,874 0.13 849,874 0.13 Q4 2023 18,742,856 3,467,825 0.52 2,303,822 0.34 2,303,822 0.34 Q3 2023 19,416,155 4,650,604 0.69 4,056,478 0.60 4,056,478 0.60 Earnings Conference Call Details CXI plans to host a conference call on Thursday, June 12, 2025, at 8:30 AM (EST). To participate in or listen to the call, please dial the appropriate number: Toll Free - North America: (+1) 800 717 1738 Conference ID Number: 21262 About Currency Exchange International, Corp. Currency Exchange International is in the business of providing comprehensive foreign exchange technology and processing services for banks, credit unions, businesses, and consumers in the United States and select clients globally. Primary products and services include the exchange of foreign currencies, wire transfer payments, Global EFTs, and foreign cheque clearing. Wholesale customers are served through its proprietary FX software applications delivered on its web-based interface, ('CXIFX'), its related APIs with core banking platforms, and through personal relationship managers. Consumers are served through Group-owned retail branches, agent retail branches, and its e-commerce platform, ('OnlineFX'). Contact Information For further information please contact: Bill MitoulasInvestor Relations(416) 479-9547Email: KEY PERFORMANCE AND NON-GAAP FINANCIAL MEASURES The Group measures and evaluates its performance, as presented in this document, using a number of financial metrics and measures, such as adjusted net income, which do not have standardized meanings under generally accepted accounting principles (GAAP) and may not be comparable to other companies. The Group's management believes that these measures are more reflective of its operating results and provide the readers of this document with a better understanding of management's perspective on the performance. These measures enhance the comparability of our financial performance for the current year with the corresponding period in the prior year. For further information, including a reconciliation, refer to key performance and non-GAAP financial measures in the MD&A. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION This press release includes forward-looking information within the meaning of applicable securities laws. This forward-looking information includes, or may be based upon, estimates, forecasts, and statements as to management's expectations with respect to, among other things, demand and market outlook for wholesale and retail foreign currency exchange products and services, future growth, the timing and scale of future business plans, results of operations, performance, and business prospects and opportunities. Forward-looking statements are identified by the use of terms and phrases such as 'anticipate', 'believe', 'could', 'estimate', 'expect', 'intend', 'may', 'plan', 'predict', 'preliminary', 'project', 'will', 'would', and similar terms and phrases, including references to assumptions. Forward-looking information is based on the opinions and estimates of management at the date such information is provided, and on information available to management at such time. Forward-looking information involves significant risks, uncertainties and assumptions that could cause the Group's actual results, performance, or achievements to differ materially from the results discussed or implied in such forward-looking information. Actual results may differ materially from results indicated in forward-looking information due to a number of factors including, without limitation, the competitive nature of the foreign exchange industry; evolving worldwide geopolitical developments and pandemics including COVID-19 all of which may continue to have a material adverse effect on global economic activity, and may continue to result in volatility and disruption to global supply chains, operations, mobility of people and the financial markets which impact personal and business travel, tourism and factors relevant to the Group's business; global economic deterioration negatively impacting tourism in general; currency exchange risks, the need for the Group to manage its planned growth, the effects of product development and the need for continued technological change, protection of the Group's proprietary rights, the effect of government regulation and compliance on the Group and the industry in which it operates, network security risks, the ability of the Group to maintain properly working systems, theft and risk of physical harm to personnel, reliance on key management personnel; volatile securities markets impacting security pricing in a manner unrelated to operating performance and impeding access to capital or increasing the cost of capital as well as the factors identified throughout this press release and in the section entitled 'Risks and Uncertainties' of the Group's Management's Discussion and Analysis for the three and six-month periods ended April 30, 2025 and 2024. Forward-looking information contained in this press release represents management's expectations as of the date hereof (or as of the date such information is otherwise stated to be presented) and is subject to change after such date. The Group disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws. The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this press release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained in this press release. 1 These are non-GAAP financial measures and ratios and are not standardized financial measures under IFRS, they are based on management-determined non-recurring items. For further information, refer to the key performance and non-GAAP financial measures section on page 4 of this document. 2 These are non-GAAP financial measures and ratios and are not standardized financial measures under IFRS, they are based on management-determined non-recurring items. For further information, refer to the key performance and non-GAAP financial measures section on page 4 of this document.3 These adjusted results are non-GAAP financial measures and ratios and are not standardized financial measures under IFRS, they are based on management-determined non-recurring items. For further information, refer to the key performance and non-GAAP financial measures section on page 4 of this in to access your portfolio

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