SEDAR Interim Financial Statements

20 25 Q3 2025 REPORT FINANCIAL STATEMENTS WITH US IT’S PERSONAL TABLE OF CONTENTS 02. Management’s Responsibility for the Condensed Consolidated Interim Financial Statements 03. Condensed Consolidated Interim Financial Statements 07. Notes to the Condensed Consolidated Interim Financial Statements 30. Corporate Information 1 Q3 2025 Report | Olympia Financial Group Inc. MANAGEMENT’S RESPONSIBILITY FOR THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS For the nine months ended September 30, 2025, and September 30, 2024 The accompanying unaudited condensed consolidated interim financial statements and all the data included in this report have been prepared by and are the responsibility of the Board of Directors and management of Olympia Financial Group Inc. (“Olympia”). The unaudited condensed consolidated interim financial statements have been prepared in accordance with IFRS Accounting Standards and reflect management’s best estimates and judgments based on currently available information. In the opinion of management, the unaudited condensed consolidated interim financial statements have been prepared within acceptable limits of materiality and are in accordance with IFRS Accounting Standards appropriate in the circumstances. The Board of Directors, has reviewed and approved the accompanying unaudited condensed consolidated interim financial statements for the periods ended September 30, 2025, and September 30, 2024. The Audit Committee, comprised of non-management directors, acts on behalf of the Board of Directors to ensure that management fulfills its financial reporting and internal control responsibilities. Management maintains appropriate systems of internal control. Policies and procedures are designed to give reasonable assurance that transactions are properly authorized, assets are safeguarded, and financial records are properly maintained to provide reliable information for the preparation of the unaudited condensed consolidated interim financial statements. Internal controls are further supported by an internal audit function which conducts periodic audits of Olympia’s financial reporting and internal controls. The internal audit function reports to the Audit Committee. In performing its duties, the Audit Committee acts only in an oversight capacity and necessarily relies on the work and assurances of Olympia’s management. Rick Skauge President and Chief Executive Officer Calgary, Canada, November 13, 2025 Jennifer Urscheler, CPA, CA, CTP Chief Financial Officer Signed Rick Skauge Signed Jennifer Urscheler NOTICE OF NO AUDITOR REVIEW OF CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Under National Instrument 51-102, Part 4, Subsection 4.3(3)(a), if an auditor has not performed a review of the condensed consolidated interim financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor. The accompanying unaudited condensed consolidated interim financial statements of Olympia have been prepared by, and are the responsibility of, Olympia’s management. Olympia’s independent auditor, PricewaterhouseCoopers LLP, has not performed a review of these financial statements. 2 Q3 2025 Report | Olympia Financial Group Inc. Rick Skauge Director November 13, 2025 Gerard Janssen, CPA, CMA Director CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS (unaudited) Approved on behalf of the Board of Directors Signed Rick Skauge Signed Gerard Janssen ($) September 3 --- 0, 2025 December 31, 2024 ASSETS Current assets Cash & cash equivalents $ 15,462,424 $ 12,864,513 Trade & other receivables (note 6) 1,843,253 1,786,101 Interest receivable (note 6) 27,329,617 19,774,957 Prepaid expenses 2,574,424 4,542,294 Income tax receivable 666,672 49,088 Derivative financial instruments (notes 6 & 10) 119,930 904,767 Total current assets $ 47,996,320 $ 39,921,720 Non-current assets Interest receivable (note 6) $ 606,062 $ 4,198,375 Equipment & other (note 11) 790,284 562,528 Intangible assets (note 12) 4,249,544 3,205,568 Right-of-use assets (note 13) 2,843,418 309,011 Financial assets at fair value through profit or loss (note 29) 106,349 99,120 Deferred tax assets (note 18) 1,353,414 1,092,078 Total non-current assets $ 9,949,071 $ 9,466,680 Total assets $ 57,945,391 $ 49,388,400 LIABILITIES Current liabilities Trade & other payables (notes 6 & 14) $ 1,954,923 $ 2,025,811 Deferred revenue (note 15) 5,920,815 1,041,151 Other liabilities & charges (notes 6 & 16) 2,531,102 1,437,664 Revolving credit facility (note 9) 6,182 1,795,790 Lease liabilities (notes 6 & 7) 246,629 471,192 Derivative financial instruments (notes 6 & 10) 37,872 677,525 Total current liabilities $ 10,697,523 $ 7,449,133 Lease liabilities (notes 6 & 7) $ 2,867,488 $ 24,242 Total liabilities $ 13,565,011 $ 7,473,375 EQUITY Share capital (note 17) $ 7,886,989 $ 7,886,989 Contributed surplus (note 17) 86,373 86,373 Retained earnings 36,407,018 33,941,663 Total equity $ 44,380,380 $ 41,915,025 Total equity & liabilities $ 57,945,391 $ 49,388,400 Contingencies (note 27) See accompanying notes to the unaudited condensed consolidated interim financial statements 3 Q3 2025 Report | Olympia Financial Group Inc. CONDENSED CONSOLIDATED INTERIM STATEMENTS OF NET EARNINGS AND COMPREHENSIVE INCOME (unaudited) NINE MONTHS ENDED THREE MONTHS ENDED Sept. 30, 2025 Sept. 30, 2024 Sept. 30, 2025 Sept. 30, 2024 Revenues Service revenue (note 8) $ 37,090,345 $ 35,528,860 $ 12,104,898 $ 11,497,931 Trust income (note 8) 37,081,996 40,859,076 11,482,886 13,511,312 Interest & other income (note 8) 580,284 483,380 215,143 175,719 $ 74,752,625 $ 76,871,316 $ 23,802,927 $ 25,184,962 Expenses Direct expenses (notes 8 & 20) $ 2,314,700 $ 2,614,770 $ 700,740 $ 772,863 Administrative expenses (notes 8 & 19) 49,358,342 48,577,636 16,174,855 15,858,108 Bad debt expense/(recovery) (notes 8 & 21) 446,074 483,678 (85,572 ) (69,100 ) Depreciation & amortization (notes 8, 11, 12 & 13) 2,093,323 1,968,766 740,000 684,824 Other losses/(gains), net (notes 8 & 23) 3,713 (25,682 ) 4,344 (4,182 ) $ 54,216,152 $ 53,619,168 $ 17,534,367 $ 17,242,513 Earnings before income tax $ 20,536,473 $ 23,252,148 $ 6,268,560 $ 7,942,449 Income tax expense/(recovery) (notes 8 & 18) Current tax expense 5,338,139 5,671,269 1,678,768 1,725,090 Deferred tax recovery (261,336 ) (329,576 ) (44,171 ) (59,626 ) Total income tax expense $ 5,076,803 $ 5,341,693 $ 1,634,597 $ 1,665,464 Net earnings & comprehensive income for the period $ 15,459,670 $ 17,910,455 $ 4,633,963 $ 6,276,985 Earnings per share attributable to shareholders of Olympia Basic & diluted (note 24) $ 6.42 $ 7.44 $ 1.93 $ 2.61 See accompanying notes to the unaudited condensed consolidated interim financial statements 4 Q3 2025 Report | Olympia Financial Group Inc. CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY (unaudited) Attributable to owners of Olympia Share Capital Contributed Surplus Retained Earnings Total Equity Balance at --- January 1, 2024 $ 7,886,989 $ 86,373 $ 27,348,268 $ 35,321,630 Net earnings & comprehensive income - - 17,910,455 17,910,455 Dividends - - (12,994,214 ) (12,994,214 ) Balance at September 30, 2024 $ 7,886,989 $ 86,373 $ 32,264,509 $ 40,237,871 Balance at January 1, 2025 $ 7,886,989 $ 86,373 $ 33,941,663 $ 41,915,025 Net earnings & comprehensive income - - 15,459,670 15,459,670 Dividends - - (12,994,315 ) (12,994,315 ) Balance at September 30, 2025 $ 7,886,989 $ 86,373 $ 36,407,018 $ 44,380,380 See accompanying notes to the unaudited condensed consolidated interim financial statements 5 Q3 2025 Report | Olympia Financial Group Inc. CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (unaudited) NINE MONTHS ENDED SEPTEMBER 30 2025 2024 Cash flows from operating activities Net earnings from operations $ 15,459,670 $ 17,910,455 Items not affecting cash Depreciation of equipment & other (note 11) 241,188 242,875 Amortization of intangible assets (note 12) 1,473,056 1,476,068 Amortization of right-of-use assets (note 13) 379,079 249,823 Loss/(gain) on disposal of assets & other 717 (3,526 ) Unrealized gain on FVPL assets (note 23 & 29) (7,156 ) (2,433 ) Deferred income tax recovery (note 18) (261,336 ) (329,576 ) Change in derivative financial instruments 145,184 387,016 Changes in non-current interest receivable 3,592,313 (3,048,503 ) Changes in non-cash working capital balances (note 25) (289,675 ) 2,346,945 Net cash from operating activities $ 20,733,040 $ 19,229,144 Cash flows from investing activities Purchase of equipment & other (note 11) $ (469,661 ) $ (161,563 ) Addition of intangible assets (note 12) (2,517,032 ) (94,582 ) Proceeds on sale of securities - 2,131 Purchase of securities (note 29) (73 ) (7,699 ) Proceeds on sale of equipment & other - 1,050 Net cash from investing activities $ (2,986,766 ) $ (260,663 ) Cash flows from financing activities Repayment of revolving credit facility $ (1,789,608 ) $ (774,055 ) Payment of lease liabilities (note 7) (364,440 ) (395,751 ) Dividends (12,994,315 ) (12,994,214 ) Net cash from financing activities $ (15,148,363 ) $ (14,164,020 ) Net change in cash position $ 2,597,911 $ 4,804,461 Cash, beginning of period $ 12,864,513 $ 10,917,732 Cash, end of period $ 15,462,424 $ 15,722,193 Cash is represented by: Cash & cash equivalents $ 15,462,424 $ 15,722,193 Other information for operations Interest received $ 412,905 $ 414,685 Income taxes paid $ 6,054,003 $ 8,987,814 Interest paid $ 110,930 $ 197,517 See accompanying notes to the unaudited condensed consolidated interim financial statements 6 Q3 2025 Report | Olympia Financial Group Inc. 1. NATURE OF BUSINESS Olympia Financial Group Inc. (“Olympia”) is governed by the Business Corporations Act (Alberta). Olympia is a reporting issuer in British Columbia, Alberta, and Ontario, and its common shares are listed on the Toronto Stock Exchange (“TSX”). Olympia’s registered and head office is 4000-520 3 Avenue SW, Calgary, Alberta T2P 0R3. The majority of Olympia’s business is conducted through its wholly owned subsidiary Olympia Trust Company (“Olympia Trust”), a non-deposit taking trust corporation. Olympia Trust received its letters patent on September 6, 1995, authorizing the formation of a trust corporation to be registered under the Loan and Trust Corporations Act (Alberta). Olympia Trust acts as a trustee for self-directed registered plans and provides corporate and shareholder services. Olympia Trust is licensed to conduct trust activi --- ties in Alberta, British Columbia, Saskatchewan, Manitoba, Quebec, Newfoundland and Labrador, Prince Edward Island, New Brunswick, and Nova Scotia. The Private Health Services Plan division and Raisr (formerly Exempt Edge) division conduct business under Olympia Benefits Inc. (“Olympia Benefits”), a wholly owned subsidiary of Olympia. Olympia Benefits was incorporated on May 4, 2006, under the Business Corporations Act (Alberta). Olympia Currency and Global Payments Inc. (“OCGP”) was incorporated on December 6, 2022, under the Business Corporations Act (Alberta), as a wholly owned subsidiary of Olympia. OCGP began operations on January 1, 2024, when it entered into an asset conveyance agreement with Olympia Trust and took over operations of the Currency and Global Payments division. 2. BASIS OF PREPARATION These unaudited condensed consolidated interim financial statements (“interim financial statements”) for the nine months ended September 30, 2025, have been prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting” and IFRS Accounting Standards. These interim financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2024, which have been prepared in accordance with IFRS Accounting Standards. The policies applied in these interim financial statements are consistent with accounting policies and methods of computation used for the audited annual consolidated financial statements for the year ended December 31, 2024. Income taxes on earnings in the periods are accrued using the income tax rate that would be applicable to the expected total annual earnings. Olympia’s interim financial statements are presented in Canadian dollars, Olympia’s primary operating currency. All references to $ are in Canadian dollars and references to US$ are in United States dollars. The preparation of the interim financial statements requires management to make judgments, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income, and expenses. Actual results may differ from these estimates. 3. CHANGES IN ACCOUNTING POLICIES The accounting policies adopted are consistent with those of the previous financial year. The International Accounting Standards Board has published a number of minor amendments to IFRS Accounting Standards, which were effective January 1, 2025, and will be effective January 1, 2026. These amendments had and will have an insignificant effect on the consolidated financial statements. 4. FUTURE ACCOUNTING PRONOUNCEMENTS There were no significant new or amended standards issued during the nine months ended September 30, 2025, that are applicable to Olympia in future periods. IFRS 18 will be effective for annual reporting periods beginning on or after January 1 2027, including for interim financial statements. The key new concepts introduced in IFRS 18 relate to the structure of the statement of profit or loss; the required disclosures in the financial statements for ‘management- defined performance measures’; and enhanced principles on aggregation and disaggregation. Olympia has not early adopted and is currently evaluating the impact, if any, this new standard might have on its financial statements. 7 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited) Q3 2025 Report | Olympia Financial Group Inc. 5. FUNDS IN TRUST Investment Account --- Services (“IAS”) At September 30, 2025, IAS administered self-directed registered and non-registered plans consisting of private company securities and mortgages with a cost value of $11.60 billion (December 31, 2024 - $10.72 billion) plus cash, public securities, term deposits, and outstanding cheques with an estimated fair value of $1.20 billion (December 31, 2024 – $1.08 billion). These assets are the property of the account holders and Olympia does not maintain effective control over the assets. Therefore, the assets are not reflected in these interim financial statements. IAS earned trust income from the cash portion of the assets held in trust of $35.10 million for the nine months ended September 30, 2025 (September 30, 2024 – $38.62 million). Corporate and Shareholder Services (“CSS”) At September 30, 2025, CSS held funds in trust and outstanding cheques of $147.02 million (December 31, 2024 – $225.64 million) for clients who have hired Olympia Trust to provide trustee services. This includes $16.19 million (December 31, 2024 - $12.47 million) of public securities held in trust. These assets are the property of the trust clients and Olympia does not maintain effective control over the assets. Therefore, the assets are not reflected in these interim financial statements. Private Health Services Plan (“Health”) At September 30, 2025, Health held funds in trust of $15.70 million (December 31, 2024 – $15.21 million) on behalf of its self- insured private health clients. These assets are the property of the plan holders and Olympia does not maintain effective control over the assets. Therefore, the assets are not reflected in these interim financial statements. Currency and Global Payments (“CGP”) At September 30, 2025, CGP held funds in trust of $9.61 million (December 31, 2024 – $10.22 million) of client deposits and outstanding payments. These assets are the property of the contract holders and Olympia does not maintain effective control over the assets. Therefore, the assets are not reflected in these interim financial statements. Corporate At September 30, 2025, Corporate held funds in trust of $0.45 million (December 31, 2024 – $1.76 million) for clients who have paid margin requirements on forward foreign exchange contracts. These assets are the property of the contract holders and Olympia does not maintain effective control over the assets. Therefore, the assets are not reflected in these interim financial statements. 6. FINANCIAL INSTRUMENTS AND FINANCIAL RISK FACTORS Fair value of financial instruments The fair value of cash and cash equivalents, trade and other receivables, interest receivable, trade and other payables, lease liabilities, and the revolving credit facility approximate their carrying amounts. Derivative financial instruments are measured at fair value through the statements of net earnings and comprehensive income. The fair value of all forward foreign exchange contracts is based on current bid prices for their respective terms to maturity in an active market. Risks associated with financial instruments Olympia is exposed to financial risks arising from normal course business operations and its financial assets and liabilities. The financial risks include liquidity risk and market risk relating to foreign currency exchange rates, interest rates, and credit risk. (i) Liquidity risk Liquidity risk is the risk that Olympia will encounter difficulties in meeting its financial obligations. Olympia manages its li --- quidity risk by keeping surplus cash with highly rated financial institutions. This allows Olympia to earn interest on surplus cash while having access to it within a very short time. Liquidity risk is associated with Olympia’s credit facility. The credit facility is available to finance day-to-day operations to a maximum principal amount of $15.00 million (December 31, 2024 – $15.00 million) and bears interest at the Canadian prime rate plus 0.25%. As at September 30, 2025, a balance of $0.01 million is outstanding (December 31, 2024 – $1.80 million). Olympia has determined the principal and interest to be current. Security for the credit facility includes a general security agreement providing a first charge security interest in all present and subsequently acquired property. 8 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited) Q3 2025 Report | Olympia Financial Group Inc. The timing of cash outflows is outlined in the following tables: At September 30, 2025 Current 31 to 60 days 61 to 90 days Over 90 days Total Trade & other payables $ 1,009,543 $ 911,581 $ 33,799 $ - $ 1,954,923 Other liabilities & charges 2,531,102 - - - 2,531,102 Lease liabilities (current) 37,710 37,710 37,710 286,800 399,930 Lease liabilities (non-current) - - - 3,412,188 3,412,188 Total $ 3,578,355 $ 949,291 $ 71,509 $ 3,698,988 $ 8,298,143 At December 31, 2024 Trade & other payables $ 1,808,410 $ 173,193 $ 44,208 $ - $ 2,025,811 Other liabilities & charges 1,437,664 - - - 1,437,664 Lease liabilities (current) 43,972 43,972 43,972 345,655 477,571 Lease liabilities (non-current) - - - 24,324 24,324 Total $ 3,290,046 $ 217,165 $ 88,180 $ 369,979 $ 3,965,370 As at September 30, 2025, trade and other payables totaled $1.95 million (December 31, 2024 – $2.03 million). Olympia continues to meet all of the obligations associated with its financial liabilities. Lease liabilities cash outflows exclude $0.70 million (December 31, 2024 - less than $0.01 million) of non-cash financing interest under IFRS 16. The aging of undiscounted lease payments is outlined in the following table: At September 30, 2025 Less than one year One to two years Two to three years More than three years Total undiscounted lease payments Lease payments $ 399,930 $ 382,778 $ 393,714 $ 2,635,696 $ 3,812,118 The liquidity risk relating to derivative financial instruments payable is outlined in the following table: September 30, 2025 December 31, 2024 Current $ 6,442 $ 82,504 31 to 60 days 6,254 345,419 61 to 90 days 12,677 76,255 Over 90 days 12,499 173,347 $ 37,872 $ 677,525 9 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited) Q3 2025 Report | Olympia Financial Group Inc. (ii) Market risk Market risk is the risk that the fair value of future cash flows of financial instruments will fluctuate because of changes in market prices and is composed of the following: Foreign currency exchange risk Olympia is exposed to changes in foreign exchange rates when, and if, revenues or financial instruments fluctuate because of changing rates. Transactions in the applicable financial market are executed consistent with established risk management policies. Olympia purchases forward contracts whenever it enters into a transaction to buy or sell foreign currency in the future. These contracts are both short-term and long-term in nature and are in the normal course of business. Management understands that the currency markets are volatile and therefore subject to h --- igher risk. Olympia applies the following policy to mitigate the currency risk: • For forward contracts, a margin of 5% is payable on signature of the contract; • Olympia sets up an off-setting position with its currency supplier; and • If market rates vary by 4% or more, the client is required to adjust their margin to match the variance by the end of the trading day. Olympia maintains various foreign currency bank accounts, of which Canadian dollar and United States dollar bank accounts are the most significant. If the Canadian dollar exchange rate at September 30, 2025, were to have increased by $0.10 relative to other currencies, it is estimated that Olympia’s after-tax earnings for the period ended September 30, 2025, based on amounts shown in Note 10 of the interim financial statements, would have decreased by approximately $0.01 million (December 31, 2024 – $0.02 million). A $0.10 decrease in the Canadian dollar exchange rate relative to other currencies would have had an equal but opposite effect. Most of the CGP division’s trades are Canadian dollars traded for United States dollars and vice versa, although it trades in various other currencies. This sensitivity analysis assumes that all other variables remain constant. Interest rate risk Interest rate risk is the risk that the value of a financial instrument will fluctuate because of changes in market interest rates. Olympia is exposed to interest rate risk as the cash flows generated from Olympia’s own cash of $15.46 million (December 31, 2024 - $12.86 million) and the cash portion of the off-balance sheet arrangements of $1.28 billion (December 31, 2024 - $1.20 billion), from which Olympia earns trust income, are held in interest bearing instruments that may fluctuate in response to changes in market interest rates. If the interest rates were to have increased by 1%, it is estimated that Olympia’s after-tax earnings for the nine months ended September 30, 2025, would have increased by approximately $7.39 million (September 30, 2024 – $5.89 million). A 1% decrease in interest rates would have had an equal but opposite effect. This sensitivity analysis assumes that all other variables remain constant. Olympia is exposed to interest rate risk on its established credit facility. The average balance of the facility for the nine months ended September 30, 2025, was $0.90 million (September 30, 2024 - $3.09 million). If the interest rates were to have increased by 1%, it is estimated that Olympia’s after-tax earnings for the nine months ended September 30, 2025, would have decreased by approximately $0.01 million (September 30, 2024 - $0.02 million). A 1% decrease in interest rates would have had an equal but opposite effect. This sensitivity analysis assumes that all other variables remain constant. Credit risk Credit risk is the risk that the counterparty to a financial asset will default, resulting in Olympia incurring a financial loss. Before significant transactions begin with a new counterparty, the counterparty’s creditworthiness is assessed. The assessment practice considers both quantitative and qualitative factors. Olympia constantly monitors the exposure to any single customer or counterparty along with the financial position of the customer or counterparty. If it is deemed that a customer or counterparty has become significantly weaker, Olympia will work to reduce the credit exposure and lower the credit limit allocated. Olympia is exposed to credit risk on its cash --- and cash equivalents, trade and other receivables, interest receivable, and derivative financial instruments. The maximum exposure to credit risk of Olympia at the end of the period is the carrying value of cash and cash equivalents, trade and other receivables, interest receivable, and derivative financial instruments. Olympia mitigates its exposure to credit risk by maintaining its bank accounts with highly rated financial institutions. Olympia has policies and procedures in place to govern the credit risk it will assume. Trade and other receivables primarily include trade receivables from the IAS division’s clients. Interest receivable is comprised largely of interest receivable on funds held in trust at Canadian financial institutions. 10 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited) Q3 2025 Report | Olympia Financial Group Inc. The balance relates to a number of independent clients which Olympia is actively pursuing through its internal collection process. Management considers the outstanding amounts to be recoverable. The provision for impaired receivables has been included in bad debt expense in the interim statements of net earnings and comprehensive income. Amounts charged to the allowance account are generally written off when there is no expectation of recovering additional cash. Provision matrix Olympia has set up a provision matrix based on its historically observed default rates. Olympia adjusts the matrix for forward- looking estimates. The minimum allowance has been calculated based on the provision matrix, and the expected credit loss is as follows: • less than 90 days: nominal; • more than 90 days but less than one year past due: $0.21 million; • more than one year but less than two years past due: $0.20 million; • more than two years but less than three years past due: $0.20 million; and • three or more years past due: $0.18 million. Allowance for doubtful accounts The allowance for doubtful accounts is based on an account portfolio analysis. Movements on Olympia’s provision for impairment of trade receivables are as follows: September 30, 2025 December 31, 2024 Balance, beginning of period $ 954,077 $ 1,039,475 Increase in provision 446,074 462,900 Receivables written off, net (608,482 ) (548,298 ) Balance, end of period $ 791,669 $ 954,077 Trade & other receivables September 30, 2025 December 31, 2024 Trade receivables $ 1,611,633 $ 1,606,108 Other receivables 231,620 179,993 $ 1,843,253 $ 1,786,101 As of September 30, 2025, impaired trade receivables net of allowances is $0.76 million (December 31, 2024 – $0.63 million). The aging of trade is as follows: Trade receivables September 30, 2025 December 31, 2024 Current $ 642,409 $ 561,503 31 to 60 days - 74,313 61 to 90 days 212,635 339,148 Over 90 days 1,548,258 1,585,221 Allowance for doubtful accounts (791,669 ) (954,077 ) $ 1,611,633 $ 1,606,108 Trade receivables over 90 days are considered past due. 11 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited) Q3 2025 Report | Olympia Financial Group Inc. (iii) Capital risk management Olympia’s objectives when managing capital are to safeguard Olympia’s ability to continue as a going concern in order to provide returns and benefits to shareholders and to maintain an optimal capital structure to reduce the cost of capital and to meet minimum regulatory capital requirements. In order to maintain or adjust the capital structure, Olympia may adjust the amount of d --- ividends paid to shareholders, return capital to shareholders, issue new shares, or repurchase shares. Olympia includes shareholders’ equity of $44.38 million (December 31, 2024 – $41.92 million) in the definition of capital. Shareholders’ equity comprises share capital, contributed surplus, and retained earnings. Olympia’s main objectives when managing its capital structure are to: • Maintain sufficient cash and cash equivalents over the short and medium-term in order to finance its growth and development, including capital expenditures; • Maintain investor and creditor confidence to sustain future development of the business. Olympia’s objective when managing capital is to maintain adequate financial flexibility to preserve its ability to meet financial obligations. In managing capital, Olympia estimates its future dividend payments and capital expenditures, which is compared to planned business growth for purposes of sustainability; • Maintain regulatory capital for Olympia Trust as required by the Loan and Trust Corporations Act (Alberta) ($2.00 million). Similar regulatory capital is required by legislation in Nova Scotia ($5.00 million) and Saskatchewan ($5.00 million). Regulatory capital is defined as share capital and retained earnings. Olympia Trust has maintained these minimum capital requirements throughout the nine months ended September 30, 2025; and • Maintain compliance with financial covenants. The financial covenants are reviewed quarterly and controls are in place to maintain compliance with the covenants. Olympia complied with its financial covenants for the nine months ended September 30, 2025. The capital structure of Olympia is managed and adjusted to reflect changes in economic conditions. In support thereof, management reviews the financial position of Olympia on a monthly and cumulative basis. Financing decisions are set based on the timing and extent of expected operating and capital cash outlays. Factors considered when determining capital and the amount of operational cash requirements are weighed against the costs associated with excess cash, its terms and availability, and whether to issue equity. Olympia works towards managing its capital objectives to the extent possible while facing the challenges of market conditions. Olympia’s capital management objectives have remained substantively unchanged over the periods presented. Derivative financial instruments receivable The expected maturity relating to derivative financial instrument assets and foreign exchange contracts is outlined in the following table: September 30, 2025 December 31, 2024 Current $ 13,092 $ 98,844 31 to 60 days 10,903 457,317 61 to 90 days 21,262 115,646 Over 90 days 74,673 232,960 $ 119,930 $ 904,767 Interest receivable September 30, 2025 December 31, 2024 Current $ 2,071,874 $ 3,052,106 31 to 60 days 4,866,027 3,715,931 61 to 90 days 2,871,397 2,739,521 Over 90 days 17,520,319 10,267,399 $ 27,329,617 $ 19,774,957 Non-current $ 606,062 $ 4,198,375 $ 27,935,679 $ 23,973,332 12 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited) Q3 2025 Report | Olympia Financial Group Inc. September 30, 2025 December 31, 2024 Balance, beginning of period $ 495,434 $ 1,001,455 Additions 2,913,486 - Lease repayment (364,440 ) (527,667 ) Non-cash interest 69,637 21,646 Balance, end of period $ 3,114,117 $ 495,434 The current portion as at September 30, 2025, is $0.25 million (December 31, 2024 - $0.47 million), with the non-cur --- rent portion being $2.87 million (December 31, 2024 - $0.02 million). At the start of May 2025, early occupancy was granted for additional space at the Calgary head office. As such, the corresponding right-of-use-asset and lease liability were recognized. Included under administrative expenses are interest expenses related to the lease liabilities in the amount of $0.07 million for the nine months ended September 30, 2025 (September 30, 2024 - $0.02 million). 7. LEASE LIABILITIES The movement of the lease liabilities is shown below: 8. OPERATING SEGMENTS Olympia has six operating segments or divisions, of which five are business segments and offer different products and services and are managed separately because they require different technology and marketing strategies. The Corporate division is a cost centre and earns incidental revenue. For each of the divisions, Olympia’s President, CFO, and other executive management review internal management reports on a monthly basis. Segment profit or loss is used to measure performance. Olympia’s President, CFO, and other executive management believe that such information is the most relevant in evaluating the results of certain segments relative to other entities that operate within these industries. Inter-segmental transactions consist mainly of cost recoveries, which are recognized at cost. In addition, reportable segments are managed on a functional basis through regular reporting to the President, CFO, and other executive management. Olympia does not disclose a measure of segment assets, because the President, CFO, and other executive management do not use this information to assess performance and allocate resources. Olympia reports net operating results for all operating segments to the President, CFO, and other executive management. All other assets and liabilities are reported on a consolidated basis. Costs are allocated to segments based on usage. 13 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited) Q3 2025 Report | Olympia Financial Group Inc. Net operations for the nine months ended September 30, 2025 IAS Health CGP CSS Raisr Corporate Total Service revenue1 $ 22,933,289 $ 7,110,741 $ 3,683,736 $ 2,184,574 $ 1,178,005 $ - $ 37,090,345 Trust, interest & other income 35,605,676 405,759 369,412 1,253,348 5,398 22,687 37,662,280 Direct expenses (53,883 ) (1,367,933 ) (755,820 ) (127,756 ) (9,308 ) - (2,314,700 ) $ 58,485,082 $ 6,148,567 $ 3,297,328 $ 3,310,166 $ 1,174,095 $ 22,687 $ 72,437,925 Administrative expenses $ (36,639,466 ) $ (3,340,932 ) $ (4,096,464 ) $ (3,345,639 ) $ (1,876,198 ) $ (59,643 ) $ (49,358,342 ) Bad debt (expense)/ recovery (462,496 ) - - 17,986 (1,564 ) - (446,074 ) Depreciation & amortization (1,740,151 ) (61,747 ) (73,647 ) (52,225 ) (165,553 ) - (2,093,323 ) Other (losses)/gains, net (9,103 ) (1,358 ) 968 (943 ) (345 ) 7,068 (3,713 ) Earnings/(loss) before income taxes $ 19,633,866 $ 2,744,530 $ (871,815 ) $ (70,655 ) $ (869,565 ) $ (29,888 ) $ 20,536,473 Income tax (expense)/ recovery2 (4,732,216 ) (803,526 ) 192,052 17,029 230,675 19,183 (5,076,803 ) Net earnings/(loss) $ 14,901,650 $ 1,941,004 $ (679,763 ) $ (53,626 ) $ (638,890 ) $ (10,705 ) $ 15,459,670 1 Included in service revenue for the CSS division are fees of $72,375 for services provided by the Raisr division to an external client. These services, while provided by the Raisr division, are invoiced by the CSS division. 2 No income tax adjustment has been made regarding --- the elimination of intercompany transactions. Net operations for the nine months ended September 30, 2024 IAS Health CGP CSS Raisr Corporate Total Service revenue1 $ 20,769,156 $ 6,878,923 $ 4,830,322 $ 1,960,339 $ 1,090,120 $ - $ 35,528,860 Trust, interest & other income 38,914,568 759,599 646,146 950,161 5,723 66,259 41,342,456 Direct expenses (82,208 ) (1,316,212 ) (1,078,235 ) (129,356 ) (8,759 ) - (2,614,770 ) $ 59,601,516 $ 6,322,310 $ 4,398,233 $ 2,781,144 $ 1,087,084 $ 66,259 $ 74,256,546 Administrative expenses $ (36,225,446 ) $ (3,319,659 ) $ (4,383,082 ) $ (2,838,042 ) $ (1,613,874 ) $ (197,533 ) $ (48,577,636 ) Bad debt expense (416,178 ) - - (54,000 ) (13,500 ) - (483,678 ) Depreciation & amortization (1,534,154 ) (40,613 ) (66,583 ) (48,677 ) (278,739 ) - (1,968,766 ) Other (losses)/gains, net (637 ) (145 ) 17,270 776 8 8,410 25,682 Earnings/(loss) before income taxes $ 21,425,101 $ 2,961,893 $ (34,162 ) $ (158,799 ) $ (819,021 ) $ (122,864 ) $ 23,252,148 Income tax (expense)/ recovery2 (4,905,718 ) (746,638 ) 4,728 36,360 206,460 63,115 (5,341,693 ) Net earnings/(loss) $ 16,519,383 $ 2,215,255 $ (29,434 ) $ (122,439 ) $ (612,561 ) $ (59,749 ) $ 17,910,455 1 Included in service revenue for the CSS division are fees of $72,375 for services provided by the Raisr division to an external client. These services, while provided by the Raisr division, are invoiced by the CSS division. 2 No income tax adjustment has been made regarding the elimination of intercompany transactions. 14 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited) Q3 2025 Report | Olympia Financial Group Inc. Service revenue for the nine months ended September 30, 2025 IAS Health CGP CSS Raisr Total Annual administration & health spending account fees $ 14,017,711 $ 2,004,805 $ - $ 1,047,037 $ - $ 17,069,553 Monthly & transaction fees 7,885,563 4,708,115 - 1,137,537 1,051,916 14,783,131 Account set-up & onboarding fees 994,200 - - - 118,625 1,112,825 Trading profits & losses - - 3,683,736 - - 3,683,736 Travel, life insurance & brokerage fees - 393,513 - - - 393,513 Other revenue 35,815 4,308 - - 7,464 47,587 Service revenue $ 22,933,289 $ 7,110,741 $ 3,683,736 $ 2,184,574 $ 1,178,005 $ 37,090,345 No one customer represents more than 10% of a division’s total revenue earned for the nine months ended September 30, 2025. Service revenue for the nine months ended September 30, 2024 IAS Health CGP CSS Raisr Total Annual administration & health spending account fees $ 13,597,931 $ 1,780,040 $ - $ 1,012,125 $ - $ 16,390,096 Monthly & transaction fees 6,382,743 4,697,977 - 948,214 961,275 12,990,209 Account set-up & onboarding fees 743,400 - - - 116,650 860,050 Trading profits & losses - - 4,830,322 - - 4,830,322 Travel, life insurance & brokerage fees - 391,747 - - - 391,747 Other revenue 45,082 9,159 - - 12,195 66,436 Service revenue $ 20,769,156 $ 6,878,923 $ 4,830,322 $ 1,960,339 $ 1,090,120 $ 35,528,860 No one customer represents more than 10% of a division’s total revenue earned for the nine months ended September 30, 2024. 15 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited) Q3 2025 Report | Olympia Financial Group Inc. Net operations for the three months ended September 30, 2025 IAS Health CGP CSS Raisr Corporate Total Service revenue1 $ 7,630,652 $ 2,252,615 $ 1,061,472 $ 755,441 $ 404,718 $ - $ 12,104,898 Trust, interest & other income 11,165,616 129,118 111,369 283,586 1,913 6,427 11,698,029 Direct expen --- ses (19,157 ) (441,657 ) (199,785 ) (36,430 ) (3,711 ) - (700,740 ) $ 18,777,111 $ 1,940,076 $ 973,056 $ 1,002,597 $ 402,920 $ 6,427 $ 23,102,187 Administrative expenses $ (11,978,740 ) $ (1,143,323 ) $ (1,252,315 ) $ (1,112,988 ) $ (682,728 ) $ (4,761 ) $ (16,174,855 ) Bad debt recovery/ (expense) 63,987 - - 22,357 (772 ) - 85,572 Depreciation & amortization (586,745 ) (28,666 ) (30,165 ) (18,328 ) (76,096 ) - (740,000 ) Other (losses)/gains, net (2,111 ) (591 ) 389 (1,538 ) (198 ) (295 ) (4,344 ) Earnings/(loss) before income taxes $ 6,273,502 $ 767,496 $ (309,035 ) $ (107,900 ) $ (356,874 ) $ 1,371 $ 6,268,560 Income tax (expense)/ recovery2 (1,526,994 ) (297,991 ) 64,182 25,972 88,468 11,766 (1,634,597 ) Net earnings/(loss) $ 4,746,508 $ 469,505 $ (244,853 ) $ (81,928 ) $ (268,406 ) $ 13,137 $ 4,633,963 1 Included in service revenue for the CSS division are fees of $24,125 for services provided by the Raisr division to an external client. These services, while provided by the Raisr division, are invoiced by the CSS division. 2 No income tax adjustment has been made regarding the elimination of intercompany transactions. Net operations for the three months ended September 30, 2024 IAS Health CGP CSS Raisr Corporate Total Service revenue1 $ 6,847,801 $ 2,169,668 $ 1,484,224 $ 622,914 $ 373,324 $ - $ 11,497,931 Trust, interest & other income 12,965,178 235,824 163,263 308,694 1,922 12,150 13,687,031 Direct expenses (27,608 ) (419,055 ) (301,970 ) (20,774 ) (3,456 ) - (772,863 ) $ 19,785,371 $ 1,986,437 $ 1,345,517 $ 910,834 $ 371,790 $ 12,150 $ 24,412,099 Administrative expenses $ (11,892,364 ) $ (1,064,798 ) $ (1,400,554 ) $ (912,621 ) $ (520,084 ) $ (67,687 ) $ (15,858,108 ) Bad debt recovery/ (expense) 91,600 - - (18,000 ) (4,500 ) - 69,100 Depreciation & amortization (521,729 ) (16,270 ) (25,635 ) (16,995 ) (104,195 ) - (684,824 ) Other (losses)/gains, net (818 ) (355 ) (1,321 ) 333 (81 ) 6,424 4,182 Earnings/(loss) before income taxes $ 7,462,060 $ 905,014 $ (81,993 ) $ (36,449 ) $ (257,070 ) $ (49,113 ) $ 7,942,449 Income tax (expense)/ recovery2 (1,569,012 ) (271,101 ) 18,270 8,941 108,503 38,935 (1,665,464 ) Net earnings/(loss) $ 5,893,048 $ 633,913 $ (63,723 ) $ (27,508 ) $ (148,567 ) $ (10,178 ) $ 6,276,985 1 Included in service revenue for the CSS division are fees of $24,125 for services provided by the Raisr division to an external client. These services, while provided by the Raisr division, are invoiced by the CSS division. 2 No income tax adjustment has been made regarding the elimination of intercompany transactions. 16 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited) Q3 2025 Report | Olympia Financial Group Inc. Service revenue for the three months ended September 30, 2025 IAS Health CGP CSS Raisr Total Annual administration & health spending account fees $ 4,698,457 $ 667,198 $ - $ 352,183 $ - $ 5,717,838 Monthly & transaction fees 2,573,973 1,459,749 - 403,258 361,631 4,798,611 Account set-up & onboarding fees 351,200 - - - 40,725 391,925 Trading profits & losses - - 1,061,472 - - 1,061,472 Travel, life insurance & brokerage fees - 125,123 - - - 125,123 Other revenue 7,022 545 - - 2,362 9,929 Service revenue $ 7,630,652 $ 2,252,615 $ 1,061,472 $ 755,441 $ 404,718 $ 12,104,898 No one customer represents more than 10% of a division’s total revenue earned for the three months ended September 30, 2025. Service revenue for the three months ended September 30, 2024 IAS Health CGP CSS Raisr To --- tal Annual administration & health spending account fees $ 4,594,308 $ 597,091 $ - $ 339,362 $ - $ 5,530,761 Monthly & transaction fees 2,030,557 1,447,802 - 283,552 328,470 4,090,381 Account set-up & onboarding fees 217,050 - - - 41,650 258,700 Trading profits & losses - - 1,484,224 - - 1,484,224 Travel, life insurance & brokerage fees - 123,315 - - - 123,315 Other revenue 5,886 1,460 - - 3,204 10,550 Service revenue $ 6,847,801 $ 2,169,668 $ 1,484,224 $ 622,914 $ 373,324 $ 11,497,931 No one customer represents more than 10% of a division’s total revenue earned for the three months ended September 30, 2024. 17 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited) Q3 2025 Report | Olympia Financial Group Inc. 9. REVOLVING CREDIT FACILITY As at September 30, 2025, Olympia has drawn $0.01 million (December 31, 2024 – $1.80 million) on its established credit facility. The credit facility in place has a maximum amount of $15.00 million (December 31, 2024 – $15.00 million) and bears interest at the Canadian prime rate plus 0.25%. The credit facility is subject to quarterly review. The credit facility is subject to certain covenants and other limitations that, if breached, could cause a default, which might result in a requirement for immediate repayment of all amounts outstanding. The credit facility contains a number of affirmative covenants, including maintaining specific security and financial ratios. The financial ratios are a quarterly cash flow coverage ratio of not less than 1.50:1 and a debt to tangible net worth of not more than 2.00:1. At September 30, 2025, Olympia’s cash flow coverage ratio under the terms of the credit facility was calculated to be 5.31:1 (September 30, 2024 – 5.68:1). At September 30, 2025, Olympia’s debt to tangible net worth ratio under the terms of the credit facility was calculated to be 0.19:1 (December 31, 2024 – 0.12:1). Throughout the nine months ended September 30, 2025, Olympia was in compliance with all covenants. Security for the credit facility includes a general security agreement providing a first security charge over all present and after acquired property. Olympia also holds a demand credit facility with a US$4 million limit. This demand credit facility is only to be used to enter into spot, forward, or foreign exchange transactions with the issuing financial institution. Credit facility September 30, 2025 December 31, 2024 Maximum limit of line of credit $ 15,000,000 $ 15,000,000 Drawn (6,182 ) (1,795,790 ) Available, end of period $ 14,993,818 $ 13,204,210 18 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited) Q3 2025 Report | Olympia Financial Group Inc. Olympia has entered into foreign exchange contracts with its customers and currency suppliers. The expiry dates of the above derivatives vary between October 3, 2025, and September 25, 2026. Foreign exchange contracts with an expiration greater than one year remaining as at the reporting period, if any, would be classified as non-current. Forward foreign exchange contracts are measured at fair value through profit or loss based on contractual maturities and are presented at their fair value on the balance sheet. Changes in fair values of forward foreign exchange contracts are recorded in other losses/(gains), net, in the interim statements of net earnings and comprehensive income. The fair value of all forward foreign exchange contracts is based on current bid prices for their respective remain --- ing terms to maturity in an active market. As at September 30, 2025, Olympia has margins held in Canadian dollars of $0.45 million (December 31, 2024 – $1.76 million). For the period ended September 30, 2025, there were no transfers between Level 1 and Level 2 fair value measurements and no transfers into or out of Level 3 fair value measurements. The three levels of fair value hierarchy, with respect to derivative financial instruments, are: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities Level 2 – Inputs other than quoted prices that are observable for assets or liabilities, either directly or indirectly Level 3 – Inputs that are not based on observable market data The following table presents Olympia’s derivative financial assets and liabilities measured at fair value and categorized by level according to the significance of the inputs used in making these measurements: 10. DERIVATIVE FINANCIAL INSTRUMENTS Fair value as at September 30, 2025 Notional amount as at September 30, 2025 Fair value as at December 31, 2024 Notional amount as at December 31, 2024 Current assets $ 119,930 $ 10,322,224 $ 904,767 $ 38,776,769 Current liabilities $ 37,872 $ 5,460,654 $ 677,525 $ 36,133,367 Recurring measurements September 30, 2025 Level 1 Level 2 Level 3 Financial assets - derivative financial instruments $ 119,930 $ - $ 119,930 $ - Financial liabilities - derivative financial instruments (37,872 ) - (37,872 ) - $ 82,058 $ - $ 82,058 $ - December 31, 2024 Level 1 Level 2 Level 3 Financial assets - derivative financial instruments $ 904,767 $ - $ 904,767 $ - Financial liabilities - derivative financial instruments (677,525 ) - (677,525 ) - $ 227,242 $ - $ 227,242 $ - 19 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited) Q3 2025 Report | Olympia Financial Group Inc. 11. EQUIPMENT AND OTHER September 30, 2025 Leasehold improvements Computers & equipment Furniture & fixtures Total Cost Balance, beginning of period $ 431,363 $ 1,539,300 $ 437,959 $ 2,408,622 Additions 317,861 115,311 36,489 469,661 Disposals - (41,117 ) - (41,117 ) Balance, end of period $ 749,224 $ 1,613,494 $ 474,448 $ 2,837,166 Accumulated depreciation Balance, beginning of period $ 274,304 $ 1,177,481 $ 394,309 $ 1,846,094 Disposals - (40,400 ) - (40,400 ) Depreciation charge for the period 61,293 153,360 26,535 241,188 Balance, end of period $ 335,597 $ 1,290,441 $ 420,844 $ 2,046,882 Closing net book value $ 413,627 $ 323,053 $ 53,604 $ 790,284 December 31, 2024 Leasehold improvements Computers & equipment Furniture & fixtures Total Cost Balance, beginning of period $ 330,536 $ 1,377,884 $ 396,977 $ 2,105,397 Additions 100,827 161,416 40,982 303,225 Balance, end of period $ 431,363 $ 1,539,300 $ 437,959 $ 2,408,622 Accumulated depreciation Balance, beginning of period $ 182,246 $ 983,008 $ 356,998 $ 1,522,252 Depreciation charge for the period 92,058 194,473 37,311 323,842 Balance, end of period $ 274,304 $ 1,177,481 $ 394,309 $ 1,846,094 Closing net book value $ 157,059 $ 361,819 $ 43,650 $ 562,528 20 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited) Q3 2025 Report | Olympia Financial Group Inc. 12. INTANGIBLE ASSETS September 30, 2025 Internally generated software Computer software Client list Other Total Cost Balance, beginning of period $ 3,740,412 $ 1,523,216 $ 7,119,205 $ 27,305 $ 12,410,138 Additions 59,592 757,440 1,700,000 - 2,517,032 Balance, end of period $ 3,800,004 $ 2, --- 280,656 $ 8,819,205 $ 27,305 $ 14,927,170 Accumulated amortization Balance, beginning of period $ 3,331,086 $ 1,515,906 $ 4,330,273 $ 27,305 $ 9,204,570 Amortization charge for the period 142,866 7,310 1,322,880 - 1,473,056 Balance, end of period $ 3,473,952 $ 1,523,216 $ 5,653,153 $ 27,305 $ 10,677,626 Closing net book value $ 326,052 $ 757,440 $ 3,166,052 $ - $ 4,249,544 December 31, 2024 Internally generated software Computer software Client list Other Total Cost Balance, beginning of period $ 3,707,793 $ 1,523,216 $ 7,119,205 $ 27,305 $ 12,377,519 Additions 93,903 - - - 93,903 Disposals (61,284 ) - - - (61,284 ) Balance, end of period $ 3,740,412 $ 1,523,216 $ 7,119,205 $ 27,305 $ 12,410,138 Accumulated amortization Balance, beginning of period $ 2,920,179 $ 1,338,564 $ 2,906,432 $ 27,305 $ 7,192,480 Amortization charge for the period 472,191 177,342 1,423,841 - 2,073,374 Disposals (61,284 ) - - - (61,284 ) Balance, end of period $ 3,331,086 $ 1,515,906 $ 4,330,273 $ 27,305 $ 9,204,570 Closing net book value $ 409,326 $ 7,310 $ 2,788,932 $ - $ 3,205,568 Additions The additions of $2.52 million (December 31, 2024 - $0.09 million) primarily relate to the acquisition of self-directed registered and non-registered plan investment accounts from Canadian Western Trust Company. 21 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited) Q3 2025 Report | Olympia Financial Group Inc. 13. RIGHT-OF-USE ASSETS September 30, 2025 December 31, 2024 Balance, beginning of period $ 309,011 $ 642,108 Additions 2,913,486 - Amortization (379,079 ) (333,097 ) Balance, end of period $ 2,843,418 $ 309,011 The right-of-use assets pertain to leased properties under IFRS 16. These leased properties include the Calgary head office and the Vancouver office. At the start of May 2025, early occupancy was granted for additional space at the Calgary head office. As such, the corresponding right-of-use-asset and lease liability were recognized. 15. DEFERRED REVENUE September 30, 2025 December 31, 2024 Annual registered plan services administration fees $ 4,684,760 $ - Annual health spending account fees 974,522 848,930 Annual corporate & shareholder services administrative fees 243,142 179,930 Annual EdgeLink service fees 18,391 12,291 $ 5,920,815 $ 1,041,151 At September 30, 2025, deferred revenue totaled $5.92 million compared to $1.04 million as at December 31, 2024. This is comprised of annual fees that have been billed by the IAS, Health, CSS, and Raisr divisions. The unearned portion of these annual fees is recognized as deferred revenue at the time of billing and revenue is recognized on a straight-line basis in relation to Olympia rendering these services. 14. TRADE AND OTHER PAYABLES September 30, 2025 December 31, 2024 Trade payables $ 642,769 $ 915,708 Agents & commissions payable 243,948 266,236 Amounts due to related parties 161,413 188,766 Government taxes payable 906,793 655,101 $ 1,954,923 $ 2,025,811 Government taxes payable includes amounts relating primarily to GST/HST and other indirect taxes specific to Olympia’s business. 22 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited) Q3 2025 Report | Olympia Financial Group Inc. 17. SHARE CAPITAL AND CONTRIBUTED SURPLUS 16. OTHER LIABILITIES AND CHARGES September 30, 2025 December 31, 2024 Bonuses payable $ 1,138,493 $ 675,992 General accruals 643,754 186,782 Professional fees accrual 311,729 187,286 Vacation payable 330,654 286,404 Legal fees accrual 106,4 --- 72 101,200 $ 2,531,102 $ 1,437,664 Professional fees includes amounts relating to services provided for audit, tax, and other engagements from financial service firms. Legal fees represents provisions for litigation and other legal matters. Number of common shares Share capital Contributed surplus Total Balance at September 30, 2025 & December 31, 2024 2,406,336 $ 7,886,989 $ 86,373 $ 7,973,362 Olympia is authorized to issue an unlimited number of common shares without nominal or par value. (December 31, 2024 – unlimited common shares). All issued shares are fully paid. 23 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited) Q3 2025 Report | Olympia Financial Group Inc. 18. INCOME TAXES a) The significant components which give rise to deferred income tax assets and liabilities are as follows: September 30, 2025 December 31, 2024 Bad debt provision & other $ 144,127 $ 187,193 Deferred revenue 286,724 241,264 Carrying amount of equipment above tax basis 927,605 664,116 Unrecognized capital losses (5,042 ) (495 ) $ 1,353,414 $ 1,092,078 b) Income tax expense is recognized based on management’s best estimate of the weighted average annual income tax rate expected for the full financial year. The average annual rate used for the period ended September 30, 2025, was 24% (September 30, 2024 – 24%). September 30, 2025 September 30, 2024 Earnings before income tax $ 20,536,473 $ 23,252,148 Anticipated income tax expense 4,916,418 5,557,807 Non-deductible expenses 44,723 34,016 Adjustment in respect of prior periods (147 ) (171 ) Payment related to prior year tax 115,809 (249,959 ) $ 5,076,803 $ 5,341,693 Current tax expense $ 5,338,139 $ 5,671,269 Deferred tax recovery (261,336 ) (329,576 ) Total income tax expense $ 5,076,803 $ 5,341,693 19. ADMINISTRATIVE EXPENSES September 30, 2025 September 30, 2024 Salaries & bonuses $ 28,241,576 $ 28,251,250 General administration expenses 10,912,827 9,485,579 Management fees 6,876,504 7,457,180 Employee benefit expense (note 22) 2,323,731 2,299,582 Rent expense 1,003,704 1,084,045 $ 49,358,342 $ 48,577,636 The increase in administrative expenses relates primarily to an increase in general administrative expenses, specifically computer support and maintenance. 24 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited) Q3 2025 Report | Olympia Financial Group Inc. 21. BAD DEBT EXPENSE September 30, 2025 September 30, 2024 Bad debt expense $ 446,074 $ 483,678 During the nine months ended September 30, 2025, Olympia recorded $0.45 million in bad debt expense (September 30, 2024 - $0.48 million). Olympia records bad debts as incurred against allowance for doubtful accounts and recognizes bad debt expense based on its calculation of expected credit losses. For the nine months ended September 30, 2025, actual write-offs, net of recoveries, were $0.61 million (September 30, 2024 - $0.44 million). 22. EMPLOYEE BENEFITS EXPENSE September 30, 2025 September 30, 2024 Medical benefits $ 904,334 $ 915,937 Parking & other benefits 794,376 766,434 Share ownership assistance 492,171 512,573 Long-term service awards & education assistance 132,850 104,638 $ 2,323,731 $ 2,299,582 The increase in employee benefits expense relates to increased insurance premiums and an increased number of employees earning long-term service awards. 23. OTHER LOSSES/(GAINS), NET September 30, 2025 September 30, 2024 Realized foreign exchange loss $ 9,286 $ 1,064 Unrealized foreign exchange loss/(ga --- in) 866 (20,781 ) Loss/(gain) on disposal of assets & other 717 (3,532 ) Unrealized gain on FVPL assets (7,156 ) (2,433 ) $ 3,713 $ (25,682 ) 20. DIRECT EXPENSES September 30, 2025 September 30, 2024 Commission expense $ 937,932 $ 1,250,893 Health trailer commissions 891,427 874,255 Service costs paid 485,341 489,622 $ 2,314,700 $ 2,614,770 Commission expense decreased $0.31 million for the nine months ended September 30, 2025, when compared with the nine months ended September 30, 2024. This decrease is primarily the result of lower revenues and other earnings drivers within the CGP division. 25 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited) Q3 2025 Report | Olympia Financial Group Inc. 24. EARNINGS PER SHARE Basic and diluted Basic earnings per share is calculated by dividing the profit attributable to equity holders of Olympia by the weighted average number of common shares in issue during the period. Nine months ended September 30, 2025 September 30, 2024 Total net earnings $ 15,459,670 $ 17,910,455 Weighted average number of shares (basic & diluted) 2,406,336 2,406,336 Basic & diluted earnings per share $ 6.42 $ 7.44 Three months ended September 30, 2025 September 30, 2024 Total net earnings $ 4,633,963 $ 6,276,985 Weighted average number of shares (basic & diluted) 2,406,336 2,406,336 Basic & diluted earnings per share $ 1.93 $ 2.61 25. CHANGES IN NON-CASH WORKING CAPITAL September 30, 2025 September 30, 2024 Interest receivable $ (7,554,660 ) $ (370,740 ) Trade & other receivables (57,152 ) 338,195 Income tax receivable (617,584 ) - Prepaid expenses 1,967,870 (569,232 ) Trade & other payables (70,888 ) 859,068 Deferred revenue 4,879,664 4,719,784 Other liabilities & charges 1,093,438 395,114 Lease liability interest 69,637 17,749 Income tax liability - (3,042,993 ) $ (289,675 ) $ 2,346,945 26 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited) Q3 2025 Report | Olympia Financial Group Inc. 28. RELATED PARTY TRANSACTIONS Olympia’s President and CEO owns and controls 29.62% of Olympia’s shares. During the period, Olympia entered into transactions with the following related parties: • Companies controlled by the President and CEO of Olympia; • Companies controlled by directors of Olympia Trust; • Family members of the President; and • Key management and directors. The following transactions with related parties were measured at the exchange amount, which is the amount of consideration agreed to by the parties: Administrative expenses September 30, 2025 September 30, 2024 Companies controlled by the President & CEO (management fee) $ 6,876,504 $ 7,457,180 Olympia Charitable Foundation 162,361 175,958 Companies controlled by the President & CEO 7,149 6,974 Companies controlled by directors of Olympia Trust 3,850 21,965 $ 7,049,864 $ 7,662,077 27. CONTINGENCIES Olympia is not a money lender, nor does it guarantee or participate in loans or mortgages of any type, except in its capacity as trustee of mortgages. Olympia is defendant and plaintiff in a number of legal actions that arise in the normal course of business, the losses or gains from which, if any, are not anticipated to have a significant effect on the period financial statements. 26. COMMITMENTS Olympia leases various offices under lease agreements. The initial lease terms are between fifty-nine months and eighty-four months and the majority of lease agreements are renewable at market rates when the lease period ends. F --- uture aggregate minimum lease payments under leases are listed in the table below: September 30, 2025 2025 $ 113,131 2026 1,285,218 2027 1,304,640 2028 1,304,640 2029 2,029,440 2030 2,101,920 2031 2,101,920 2032 2,174,400 $ 12,415,309 Excluded from lease commitments is the non-cash financing interest of $2.22 million implicit in the lease liability. 27 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited) Q3 2025 Report | Olympia Financial Group Inc. Trade & other payables and other liabilities & charges September 30, 2025 December 31, 2024 Companies controlled by the President & CEO $ 74,477 $ 441,566 Family members of the President & CEO 72,670 217,322 Directors' fees 107,746 132,836 Companies controlled by directors of Olympia Trust - 34,729 $ 254,893 $ 826,453 Payables to related parties totaled $0.25 million as at September 30, 2025 (December 31, 2024 – $0.83 million), and consisted mainly of the following: • A management fee payable in the amount of $0.05 million (December 31, 2024 - $0.06 million) to Tarman, a company controlled by the President and CEO of Olympia, based on a percentage of health claims administered by the Health division. • A management fee payable in the amount of $0.02 million (December 31, 2024 - $0.39 million) to Tarman, a company controlled by the President and CEO of Olympia, based on a percentage of pre-tax profits of Olympia’s divisions. • A payable in the amount of $0.01 million (December 31, 2024 - $nil) to Apple Creek Golf Course Inc., a company controlled by the President and CEO of Olympia, for an employee appreciation golf tournament. • An amount payable to the Executive Vice President, a party related to the President and CEO, for bonuses earned of $0.07 million (December 31, 2024 - $0.22 million). • A payable for directors’ fees of $0.11 million (December 31, 2024 - $0.13 million). • A payable to a company controlled by a director of Olympia Trust of $nil (December 31, 2924 - $0.03 million). These payables are all current. During the year, the CGP division executed spot foreign currency trades on behalf of the President and CEO of Olympia and for companies controlled by the President and CEO. These transactions were conducted at prevailing market rates and the revenue earned by the division was nominal. Administrative expenses paid to related parties totaled $7.05 million for the nine months ended September 30, 2025 (September 30, 2024 – $7.66 million), and consisted of the following: • Management fees are paid to Tarman ATM Inc. (“Tarman”) based on a percentage of pre-tax profits of Olympia’s divisions, except for the Health division, where the management fee is based on a percentage of health claims administered. These fees are for services provided as President and CEO of Olympia. For the nine months ended September 30, 2025, this amounted to $6.88 million (September 30, 2024 - $7.46 million). • The Olympia Charitable Foundation is funded by Olympia and the employees of Olympia. Olympia matched donations totaling $0.16 million for the nine months ended September 30, 2025 (September 30, 2024 - $0.18 million). • Fees paid to Apple Creek Golf Course Ltd., a company controlled by Olympia’s President and CEO, of $0.01 million (September 30, 2024 - $0.01 million) for an employee appreciation golf tournament. • Consulting fees were paid to a company controlled by a director of Olympia Trust. For the nine months ended September 30, 2025, this amounted to less than $0.0 --- 1 million (September 30, 2024 - $0.02 million). Trade & other receivables September 30, 2025 December 31, 2024 Companies controlled by the President & CEO $ 43,076 $ 72,708 Receivables from related parties totaled $0.04 million as at September 30, 2025 (December 31, 2024 – $0.07 million), and consisted mainly of the following: • A receivable in the amount of $0.04 million (December 31, 2024 - $0.07 million) from Tarman, a company controlled by Olympia’s President and CEO, for expense recoveries relating to administrative services provided. • A receivable in the amount of less than $0.01 million (December 31, 2024 - $0.01 million) from Olympia ATM Ltd., a company controlled by the President and CEO, for expense recoveries relating to administrative services provided. 28 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited) Q3 2025 Report | Olympia Financial Group Inc. 29. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS Olympia classifies the following financial assets as fair value through profit or loss (FVPL): • Equity investments that are held for trading; and • Equity investments for which Olympia has not elected to recognize fair value gains and losses through other comprehensive income. September 30, 2025 December 31, 2024 Canadian equity securities $ 106,349 $ 99,120 The following table represents transfers between levels for the year ended December 31, 2024: Level 1 Level 2 Level 3 Total Opening balance $ - $ - $ 89,503 $ 89,503 Purchases - - 7,699 7,699 Sales - - (2,992 ) (2,992 ) Net gains recognized in other losses/(gains), net - - 4,910 4,910 Total financial assets at fair value through profit & loss $ - $ - $ 99,120 $ 99,120 There were no transfers between Level 1, Level 2, and Level 3. The following table represents transfers between levels for the nine months ended September 30, 2025: Level 1 Level 2 Level 3 Total Opening balance $ - $ - $ 99,120 $ 99,120 Purchases - - 73 73 Net gains recognized in other losses/(gains), net - - 7,156 7,156 Total financial assets at fair value through profit & loss $ - $ - $ 106,349 $ 106,349 30. COMPARATIVE FIGURES Certain of the prior period figures have been reclassified where necessary to conform to the current period’s interim consolidated financial statement presentation. 29 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited) Q3 2025 Report | Olympia Financial Group Inc. CORPORATE INFORMATION Directors Rick Skauge Craig Skauge Brian Newman1 2 3 4 5 6 Gerard Janssen1 2 3 4 5 6 Paul Kelly1 2 3 4 5 6 Tony Balasubramanian3 5 6 Tony Lanzl Board Committees 1 Audit Committee 2 Corporate Governance Committee 3 Executive Compensation Committee 4 Investment Committee 5 Risk Management Committee 6 Compliance Committee Head Office 4000-520 3 Ave SW Calgary, Alberta T2P 0R3 Tel: 403-261-0900 Fax: 403-265-1455 www.olympiafinancial.com [email protected] Transfer Agent Olympia Trust Company 4000-520 3 Ave SW Calgary, Alberta T2P 0R3 Tel: 587-774-2340 Fax: 403-668-8307 Auditors PricewaterhouseCoopers LLP Chartered Professional Accountants 3100-111 5 Ave SW Calgary, Alberta T2P 5L3 30 Q3 2025 Report | Olympia Financial Group Inc. THE EXECUTIVE TEAM RICK SKAUGE President and Chief Executive Officer CRAIG SKAUGE Executive Vice President President, Olympia Trust Company STEPHEN PRESTON President, Raisr DEAN NAUGLER Executive Vice President, Corporate and Shareholder Services NEIL MCCULLAGH President, Olympia Currency and Global Payments In --- c. President, Olympia Benefits Inc. JONATHAN BAHNUIK General Counsel RYAN MCKENNA Chief Information Officer JENNIFER URSCHELER Chief Financial Officer KELLY REVOL Executive Vice President, Mortgages Investment Account Services ANDREA GILLIS Executive Vice President, Securities Investment Account Services 31 Q3 2025 Report | Olympia Financial Group Inc. 22 25 20 4000-520 3 Avenue SW, Calgary, Alberta T2P 0R3 Tel: 403.261.0900 Fax: 403.265.1455 www.olympiafinancial.com [email protected]