SEDAR Interim Financial Statements

Condensed Interim Financial Statements of Urbana Corporation September 30, 2025 and September 30, 2024 (Unaudited) NOTICE: This interim financial report has not been reviewed by an auditor. Urbana Corporation Unaudited Condensed Interim Financial Statements September 30, 2025 and September 30, 2024 Table of contents Condensed interim statements of financial position ..….……….…………………..………………………….……...1 Condensed interim statements of comprehensive income ................................................................................... 2 Condensed interim statements of changes in equity ............................................................................................ 3 Condensed interim statements of cash flows ....................................................................................................... 4 Condensed interim schedule of investment portfolio ............................................................................................ 5 Notes to the condensed interim financial statements ...................................................................................... 7-23 Urbana Corporation Page 1 See accompanying notes Approved by the Board Director Director Condensed interim statements of financial position as at September 30, 2025 and December 31, 2024 (Unaudited) (In Canadian dollars) September 30, 2025 December 31, 2024 $ $ Assets Cash 372,639 18,639,615 Investments, at fair value (Note 2) 585,400,796 497,285,766 Accounts and other receivables (Notes 4 and 9) 895,484 833,753 586,668,919 516,759,134 Liabilities Loan payable (Note 6) 18,300,000 - Accounts payable and accrued liabilities (Note 5) 1,336,082 1,320,340 Current income taxes payable (Note 10) - 242,000 Deferred income tax liability (Note 10) 49,653,000 43,806,000 69,289,082 45,368,340 Shareholders' equity Share capital (Note 8) 98,760,119 98,760,119 Contributed surplus 66,649,532 66,649,532 Retained earnings 351,970,186 305,981,143 Shareholders' equity representing net assets 517,379,837 471,390,794 Total liabilities and shareholders’ equity 586,668,919 516,759,134 Number of shares outstanding (Note 8) 41,395,100 41,395,100 Urbana Corporation Page 2 Condensed interim statements of comprehensive income for the three and nine month periods ended September 30, 2025 and September 30, 2024 (Unaudited) (In Canadian dollars) Three month period ended September 30 Nine month period ended September 30 2025 2024 2025 2024 $ $ $ $ Revenue Net realized gain (loss) on sale/disposal of investments and foreign exchange (6,232,685) 43,673 (5,501,667) 47,306,363 Net change in unrealized gain on investments 54,274,856 28,425,845 70,859,908 22,364,338 Dividends 1,527,824 2,348,109 4,700,547 6,865,531 Interest 71,666 146,245 282,885 433,953 49,641,661 30,963,872 70,341,673 76,970,185 Expenses Investment management fees (Note 9) 3,203,011 2,778,133 8,856,854 8,140,040 Interest 256,932 720,758 382,663 2,401,575 Administrative (Note 9) 635,397 479,717 1,514,899 1,624,550 Mineral exploration (Note 7) 144,844 - 1,520,629 - Transaction costs (Note 9) - - 38 - Professional fees 94,397 122,458 452,317 257,880 4,334,581 4,101,066 12,727,400 12,424,045 Net income before income taxes 45,307,080 26,862,806 57,614,273 64,546,140 Foreign withholding tax expense (Note 10) 121,970 108,414 346,811 313,042 Current income tax expense (recovery) (Note 10) - (863,421) 50,028 3,578,195 Provision for deferred income taxes (Note 10) 5,419,000 3,767,000 5,847,000 3,098,000 Income --- tax expense 5,540,970 3,011,993 6,243,839 6,989,237 Total profit and comprehensive income for the period 39,766,110 23,850,813 51,370,434 57,556,903 Basic and diluted earnings (loss) per share 0.96 0.58 1.24 1.39 Weighted average number of shares outstanding 41,395,100 41,395,100 41,395,100 41,395,100 See accompanying notes Urbana Corporation Page 3 Condensed interim statements of changes in equity for the nine month periods ended September 30, 2025 and September 30, 2024 (Unaudited) (In Canadian dollars) Share capital Contributed surplus Retained earnings Total $ $ $ $ Balance at January 1, 2024 98,760,119 66,649,532 209,161,621 374,571,272 Total profit and comprehensive income for the period - - 57,556,903 57,556,903 Dividends paid - - (4,967,438) (4,967,438) Balance at September 30, 2024 98,760,119 66,649,532 261,751,086 427,160,737 Balance at January 1, 2025 98,760,119 66,649,532 305,981,143 471,390,794 Total profit and comprehensive income for the period - - 51,370,434 51,370,434 Dividends paid - - (5,381,391) (5,381,391) Balance at September 30, 2025 98,760,119 66,649,532 351,970,186 517,379,837 See accompanying notes Urbana Corporation Page 4 Condensed interim statements of cash flows for the nine month periods ended September 30, 2025 and September 30, 2024 (Unaudited) (In Canadian dollars) 2025 2024 $ $ Operating activities Total comprehensive income for the period 51,370,434 57,556,903 Items not affecting cash Net realized (gain) loss on sale/disposal of investments and foreign exchange 5,501,667 (47,306,363) Net change in unrealized gain on investments (70,859,908) (22,364,338) Provision for deferred income taxes 5,847,000 3,098,000 Current income tax expense - 3,578,195 Purchases of investments (76,274,212) (65,362,742) Proceeds from sale of investments and foreign exchange 53,517,423 72,662,406 (30,897,596) 1,862,061 Net change in non-cash working capital items Accounts and other receivables (61,731) 4,745,635 Accounts payable and accrued liabilities 15,742 (101,017) Current income taxes payable (242,000) - (287,989) 4,644,618 Cash provided by (used in) operating activities (31,185,585) 6,506,679 Financing activities Issuance of loan payable 30,100,000 11,900,000 Repayment of loan payable (11,800,000) (13,400,000) Dividends paid (5,381,391) (4,967,438) Cash provided by (used in) financing activities 12,918,609 (6,467,438) Net change in cash during the period (18,266,976) 39,241 Cash, beginning of period 18,639,615 341,421 Cash, end of period 372,639 380,662 Supplemental disclosure Dividends received 4,063,773 11,565,471 Interest received 575,979 196,956 Interest paid 461,930 2,424,503 See accompanying notes Urbana Corporation Page 5 Condensed interim schedule of investment portfolio as at September 30, 2025 (In Canadian dollars) Number of securities Description Cost Fair value Private equity investments $ $ 14,390,878 CNSX Global Markets Inc. (i) (Note 9) 14,528,349 100,736,146 800,000 Caldwell Financial Ltd. (Note 9) 1,826,650 4,168,000 5,000,000 Developer Capital Inc. Class B Common 500,000 400,000 5,000,000 Developer Capital Inc. Warrants (ii) - - 2,350,000 Radar Capital Inc. Class A Common (Note 9) 50 - 19,002,240 Radar Capital Inc. Class B Common (Note 9) 11,651,042 727,786 1,544,236 Evolve Funds Group Inc. (“Evolve”) Class B Preferred (iii) 900,807 10,099,303 3,000,000 Evolve Funds Group Inc. Class C Preferred (iii) 436,652 19,620,000 771,638 Evolve Funds Group Inc. Class D Preferred (iv) 771,638 771,638 1,195,246 EFG --- Management Holdings Inc. (“EFG”) Class A Common (v) 3,597,690 7,816,909 498,041 EFG Management Holdings Inc. Class E Common (v) 1,462,549 3,257,188 1 1000912961 Ontario Inc. (Note 9) - - 4,538,460 Four Lakes Capital Fund Limited Partnership 4,999,998 10,099,980 5,000,000 Global Exchange L.P. (vi) (Note 9) 7,170,750 7,841,791 465,381 Vive Crop Protection Inc. Class A2 Preferred 314,132 167,537 975,337 Vive Crop Protection Inc. Class B1 Preferred 284,613 351,121 6,500,000 Vive Crop Protection Inc. Class B3 Preferred 3,250,000 3,250,000 2,492,279 Vive Crop Protection Inc. Class C1 Preferred 1,629,452 1,629,452 2,144,714 Vive Crop Protection Inc. Class C2 Preferred 1,557,920 1,557,920 688,326 Vive Crop Protection Inc. Warrants (vii) - - 27,428 Kognitiv Corporation Class A-2 Preferred (viii) 353,000 - 2,000,000 Kognitiv Corporation Class B-1 Preferred (viii) 3,000,000 - 122,222 Kognitiv Corporation (viii) 2,404,596 - 8,000,000 Kognitiv Corporation Warrants (viii) - - 480,000 Lyceum CME Inc. Class B Preferred 2,400,000 4,900,800 911,569 Lyceum CME Inc. Class C Preferred 9,167,289 9,322,425 6,047,895 FundThrough Inc. Class A-3 Preferred 6,250,000 6,713,163 1,570,680 FundThrough Inc. Class A-4 Preferred 2,999,999 2,999,999 523,560 FundThrough Inc. Class B-1 Preferred 1,000,000 1,000,000 208,290 Varo Money, Inc. 2,565,000 495,583 30,343,768 Tetra Digital Group Inc. (ix) (Note 9) 17,820,386 18,206,261 5,841 Blue Ocean Technologies, LLC / Urbana International Inc. (“UII”) (x) (Note 9) 13,217,383 76,798,782 116,059,945 292,931,784 Public equity investments 110,000 Cboe Global Markets, Inc. 3,637,004 37,536,494 100,000 Intercontinental Exchange Group Inc. 4,153,846 23,442,307 100,000 Citigroup Inc. 5,088,097 14,122,710 350,000 Bank of America Corp. 4,882,387 25,123,814 250,000 Morgan Stanley 6,933,526 55,294,236 1,000,000 Real Matters Inc. 3,970,216 7,290,000 3,500,000 Tamarack Valley Energy Ltd. 9,379,345 21,175,000 200,000 KKR & Co. Inc. Class A 7,516,623 36,162,486 663,810 Miami International Holdings Inc. (xi) 12,257,268 37,185,152 2,400,000 Whitecap Resources Inc. 6,425,066 25,488,000 20,000 Alibaba Group Holding Ltd. Sponsored ADR 3,137,037 4,973,698 40,000 Pfizer Inc. 1,402,325 1,418,115 100,000 Canaccord Genuity Group Inc. 1,008,284 1,074,000 37,000 Royal Canadian Mint Canadian Gold Reserves ETR 1,967,660 2,183,000 73,758,684 292,469,012 Urbana Corporation Page 6 Condensed interim schedule of investment of portfolio as at March 31, 2025 (In Canadian dollars) Private debt investments 1,000,000 Kognitiv Corporation (viii) 1,000,000 - 1,000,000 - 190,818,629 585,400,796 (i) CNSX Markets Inc. (“CSE”) implemented a reorganization that resulted in an exchange of its common shares for common shares of its new holding company, CNSX Global Markets Inc. (“CNSX”). CSE is a wholly-owned subsidiary of CNSX. (ii) The Developer Capital Inc. (“DevCap”) warrants were issued to Urbana in connection with Urbana’s purchase of the Class B common shares of DevCap. The entire purchase price was allocated to the Class B common shares since it was determined that the warrants had no value at the time. Each warrant entitles Urbana to purchase one Class B common share of DevCap at $0.15 per share on or before January 31, 2029. (iii) The Evolve Class B and Class C preferred shares are each convertible into common shares on a 1 for 1 basis. (iv) The Evolve Class D preferred shares are redeemable at par by Evolve and are entitled to an 8% per annum cumulative dividend. --- (v) EFG is a holding company formed for the sole purpose of holding shares of Evolve. EFG owns a controlling interest in Evolve and is controlled by the management of Evolve. (vi) Urbana owns 52.47% of Global Exchange L.P., which owns 2.67% of CNSX and 3.18% of Tetra Digital Group Inc. (vii) The Vive Crop Protection Inc. (“Vive”) warrants were issued to Urbana in connection with Urbana’s purchase of the Class C2 preferred shares of Vive. The entire purchase price was allocated to the Class C2 preferred shares since it was determined that the warrants had no value at the time. Each warrant entitles Urbana to purchase one Class C2 preferred share of Vive at $0.7264 per share on or before March 31, 2029. (viii) On December 12, 2024 Kognitiv Corporation (“Kognitiv”) filed a notice of intention to make a proposal under the Canada Bankruptcy and Insolvency Act. As a result, all Kognitiv holdings are valued at Nil. (ix) Tetra Trust Company (“Tetra”) implemented a reorganization that resulted in an exchange of its common shares for common shares of its new holding company, Tetra Digital Group Inc. (“TDG”). Tetra is a wholly-owned subsidiary of TDG. (x) UII, a wholly-owned subsidiary of Urbana, formed for the sole purpose of investing in Blue Ocean Technologies, LLC (“Blue Ocean”), holds 5,840.72 units of Blue Ocean. (xi) Miami International Holdings Inc. (“Miami”) implemented a 1:2 reverse stock split, which resulted in Urbana holding 663,810 common shares of Miami. The company completed an initial public offering of its common shares of the New York Stock Exchange on August 14, 2025. (xii) On August 29, 2025, the Highview Financial Holdings Inc. (“Highview”) loans were fully repaid and all Highview common shares were sold. See note 9 for further information. In addition to the investments listed above, Urbana holds 44 mining claims in Urban Township, Quebec. See note 7 for further information. Urbana Corporation Notes to the condensed interim financial statements for the nine month periods ended September 30, 2025 and September 30, 2024 Page 7 Urbana Corporation (“Urbana” or the “Company”) is an investment company that is not considered an investment fund for securities law purposes but is treated as an investment entity for accounting purposes. The Company’s common shares (“Common Shares”) and non-voting class A shares (“Class A Shares”) are listed for trading on the Toronto Stock Exchange (“TSX”) and the Canadian Securities Exchange (“CSE”). Its registered head office is located at 150 King Street West, Suite 1702, Toronto, Ontario, M5H 1J9. Urbana’s strategy is to seek out, and invest in, private investment opportunities for capital appreciation and invest in publicly traded securities to provide growth, income and liquidity. 1. Material accounting policy information Effective January 1, 2023, the Company adopted the International Accounting Standard 1 – Presentation of Financial Statements ("IAS 1") amendment with regards to disclosure of material accounting policies. This amendment did not have a material impact on these financial statements. There are no other standards, amendments to standards or interpretations that are effective for annual periods beginning on January 1, 2023 that have a material effect on the financial statements of the Company. The material accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless o --- therwise indicated. Statement of compliance These condensed interim financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and as required by Canadian securities legislation and the Canadian Accounting Standards Board. They are presented in compliance with International Accounting Standard 34 “Interim Financial Reporting”. The Company qualifies as an investment entity under IFRS 10 “Consolidated Financial Statements”. Basis of presentation The financial statements have been prepared on the historical cost basis, except for the revaluation of certain financial instruments. Historical cost is generally based on the fair value of the consideration given in exchange for assets. Judgments and estimates The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions, which affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses for the period. Actual results could differ from those estimates. Significant judgments and estimates included in the financial statements relate to the valuation of level 3 investments and the deferred income tax liability. Classification and measurement of investments In classifying and measuring financial instruments held by the Company, Urbana is required to make significant judgments about the Company’s business model for managing its financial instruments, and whether or not the business of the Company is to manage the financial assets with the objective of realizing cash flows through the sale of the assets for the purpose of classifying certain financial instruments at fair value through profit or loss (“FVTPL”). Valuation of investments Investments are measured at fair value in accordance with IFRS 13 “Fair Value Measurement”. Publicly traded securities are valued at the close price on the recognized stock exchange on which the securities are listed or principally traded, provided the close price is within the bid-ask spread. Securities which are listed on a stock exchange or traded over-the-counter and which are subject to a hold period or other trading restrictions are valued as described above, with an appropriate discount as determined by management. Urbana Corporation Notes to the condensed interim financial statements for the nine month periods ended September 30, 2025 and September 30, 2024 Page 8 Investments for which reliable quotations are not readily available, or for which there is no closing bid price, including securities of private issuers, are valued at fair value using management’s best estimates. A number of valuation methodologies may be considered in arriving at fair value, including comparable company transactions, earnings multiples, the price of a recent investment, a recent arm’s length transaction, net assets, discounted cash flows, industry valuation benchmarks, available market prices and formulas prescribed by applicable shareholder agreements. During the initial period after an investment has been made, cost (translated using the period end foreign currency exchange rate) may represent the most reasonable estimate of fair value. Unrealized gains and losses on investments are recognized in the Statements of comprehensive income. The Company takes its own credit risk and the risk of its coun --- terparties into account in determining the fair value of financial assets and financial liabilities, including derivative instruments. Management has reviewed its policies concerning valuation of assets and liabilities and believes that the fair values ascribed to the financial assets and financial liabilities in the Company’s financial statements incorporate appropriate levels of credit risk. There are inherent uncertainties in the process of valuing investments for which there are no published markets. Management uses various valuation techniques with unobservable market inputs in its determination of fair value of private investments, those most significant of which are disclosed in Note 2. Management exercises judgment in the determination of certain assumptions about market conditions existing at the date of the financial statements in the application of the chosen valuation techniques. As such, the resulting values may differ from values that would have been used had a ready market existed for the investments and may differ from the prices at which the investments may be sold. Refer to Note 2 for the classification of the fair value measurements. Mining Claims In accordance with IFRS 6 “Exploration for and Evaluation of Mineral Resources”, Urbana has elected to expense exploration and evaluation costs given that its mineral claims hold no known proven reserves or resources. Segmented information The Company is organized as one main operating segment, namely the management of the Company’s investments, in order to achieve the Company’s investment objectives. Functional and presentation currency The Company considers its functional and presentation currency to be the Canadian dollar, which is the currency of the primary economic environment in which it operates. The Company’s performance is evaluated and its liquidity is managed in Canadian dollars. Foreign currency translation The monetary assets and liabilities of the Company are translated into Canadian dollars, the Company’s functional currency, at exchange rates in effect at the date of the statement of financial position. Non-monetary items are translated at rates of exchange in effect when the assets were acquired or obligations incurred. Foreign exchange gains and losses are included in the Statements of comprehensive income. Purchases and sales of investments, investment income and expenses are calculated at the exchange rates prevailing on the date of the transactions. Financial instruments The Company’s financial instruments are comprised of cash, investments, accounts and other receivables, loan payable, and accounts payable and accrued liabilities. The Company recognizes financial instruments at fair value upon initial recognition. The Company measures the expected credit loss (“ECL”) allowance on accounts and other receivables at an amount equal to the 12 month expected credit losses. Given the short-term nature of accounts and other receivables and the high credit quality, the Company has determined that the ECL allowance is not material. Urbana Corporation Notes to the condensed interim financial statements for the nine month periods ended September 30, 2025 and September 30, 2024 Page 9 Investments have been classified at FVTPL with gains and losses recorded in net income. Cash and accounts and other receivables are measured at amortized cost. Loan payable and accounts payable and accrued liabilities are measured at amortized cost. The carrying values approximate th --- eir fair values due to their short-term maturities. Transaction costs Transaction costs are expensed as incurred and are included in “Transaction costs” in the Statements of comprehensive income. Transaction costs are incremental costs that are directly attributable to the acquisition or disposal of an investment, which include fees and commission paid to agents, advisors, brokers and dealers, levies by regulatory agencies and securities exchanges, and transfer taxes and duties. Deferred income taxes The Company accounts for deferred income taxes using the liability method, whereby deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities and measured using substantively enacted income tax rates and laws that are expected to be in effect when the differences are expected to reverse. Income tax expense for the period is the tax payable for the period and any change during the period in the deferred tax assets and liabilities. A deferred tax asset will be recognized to the extent that it is probable that it will be realized. Investment transactions and income recognition Investment transactions are recorded on the trade date. Dividend income is recorded on the ex- dividend date. Interest income is recorded on an accrual basis. Realized gains and losses from investment transactions and unrealized net gain or loss on foreign exchange and investments are calculated on an average cost basis. Earnings (loss) per share Basic earnings (loss) per share is computed by dividing the total profit (loss) for the year by the weighted average number of Common and Class A Shares outstanding during the year, including contingently issuable shares, which are included when the conditions necessary for issuance have been met. Diluted earnings (loss) per share reflects the assumed conversion of all dilutive securities using the “treasury stock” method for purchase warrants and stock options. Accounting changes issued but not yet effective Amendments to IFRS 7 Financial Instruments: Disclosures and IFRS 9 Financial Instruments were issued in May 2024. These amendments are effective from January 1, 2026. The amendments related to: (i) specification of criteria that, if met, permit an entity to derecognize a financial liability settled through electronic transfer before the settlement date; (ii) enhanced clarification and guidance on the classification of financial assets (including non-recourse and contractually linked features); and (iii) improvements to the disclosure of fair value changes relating to equity instruments a company has presented in other comprehensive income. The Company is currently assessing the impact of the adoption of these amendments. IFRS 18, Presentation and Disclosure in Financial Statements (“IFRS 18”) was issued in April 2024 and replaces IAS 1, Presentation of Financial Statements (“IAS 1”), carrying forward many of the requirements in IAS 1 unchanged and complementing them with new requirements, including specified categories and defined subtotals in the Statements of comprehensive income. IFRS 18 is intended to give investors more transparent and comparable information about a company’s financial performance, thereby enabling better investment decisions. It also requires a company to provide more transparency regarding operating expenses, helping investors to find and understand the information they need. IFRS 18 is required to be applied retrosp --- ectively for annual reporting periods beginning on or after January 1, 2027, with earlier application permitted. The Company is currently assessing the impact of the adoption of this standard. Urbana Corporation Notes to the condensed interim financial statements for the nine month periods ended September 30, 2025 and September 30, 2024 Page 10 Interests in Other Entities The table below presents the unconsolidated subsidiaries of the Company as at September 30, 2025: Subsidiary’s Name Place of Business % of Equity Interest held by Urbana % of Voting Rights held by Urbana 1000912961 Ontario Inc. Ontario, Canada 100% 100% Urbana International Inc. (1) Delaware, U.S. 100% 100% Radar Capital Inc. Ontario, Canada 73.22% 73.22% The table below presents the unconsolidated subsidiaries of the Company as at December 31, 2024: Subsidiary’s Name Place of Business % of Equity Interest held by Urbana % of Voting Rights held by Urbana 1000912961 Ontario Inc. Ontario, Canada 100% 100% Urbana International Inc. (1) Delaware, U.S. 100% 100% Radar Capital Inc. Ontario, Canada 65.51% 65.51% (1) Urbana International Inc. holds units of Blue Ocean Technologies, LLC. 2. Fair value measurement Fair value measurements of the investments are classified based on a three-level hierarchy that reflects the significance of the inputs used in making the measurements. The three levels of the fair value hierarchy are described below: Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 – Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly; and Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. Transfers between the levels of the fair value hierarchy are deemed to occur on the date of the event or change in circumstances that caused the transfer. The following is a summary of the Company’s investments categorized in the fair value hierarchy as at September 30, 2025: Investments Level 1 Level 2 Level 3 Total $ $ $ $ Public equity investments 292,469,012 - - 292,469,012 Private equity investments - - 292,931,784 292,931,784 Private debt investments - - - - Total investments at FVTPL 292,469,012 - 292,931,784 585,400,796 Urbana Corporation Notes to the condensed interim financial statements for the nine month periods ended September 30, 2025 and September 30, 2024 Page 11 Level 3 valuation methods – September 30, 2025 Description Fair value ($)(1) Primary Valuation technique used Significant unobservable inputs Input/Range(2) Private equity investments Caldwell Financial Ltd. 4,168,000 Prescribed formula which approximates fair value 1 x net fees plus net assets N/A CNSX Global Markets Inc. 100,736,146 Market transaction Recent transaction price N/A Four Lakes Capital Fund Limited Partnership 10,099,980 Net asset value per unit Net asset value per unit N/A Radar Capital Inc. Class A - Net asset value per share Net asset value per share N/A Radar Capital Inc. Class B 727,786 Net asset value per share Net asset value per share N/A Evolve Funds Group Inc. Class B 10,099,303 EV as a % of adjusted AUM EV as a % of adjusted AUM 0.8%-6.1%(3) Evolve Funds Group Inc. Class C 19,620,000 EV as a % of adjusted AUM EV as a % of adjusted AUM 0.8%-6.1%(3) Evolve Funds Group Inc. Class D 771,638 Prescribed formula 8% c --- umulative return N/A EFG Management Holdings Inc. Class A 7,816,909 EV as a % of adjusted AUM EV as a % of adjusted AUM 0.8%-6.1%(3) EFG Management Holdings Inc. Class E 3,257,188 EV as a % of adjusted AUM EV as a % of adjusted AUM 0.8%-6.1%(3) 1000912961 Ontario Inc. - Market transaction Recent transaction price N/A Lyceum CME Inc. Class B 4,900,800 Market transaction Recent transaction price N/A Lyceum CME Inc. Class C 9,322,425 Market transaction Recent transaction price N/A Vive Crop Protection Inc. Class A2 167,537 Market transaction Recent transaction price N/A Vive Crop Protection Inc. Class B1 351,121 Market transaction Recent transaction price N/A Vive Crop Protection Inc. Class B3 3,250,000 Market transaction Recent transaction price N/A Vive Crop Protection Inc. Class C1 1,629,452 Market transaction Recent transaction price N/A Vive Crop Protection Inc. Class C2 1,557,920 Market transaction Recent transaction price N/A Vive Crop Protection Inc. Warrants - Market transaction Recent transaction price N/A Kognitiv Corporation Class A-2 - N/A(4) N/A N/A Kognitiv Corporation Class B-1 - N/A(4) N/A N/A Urbana Corporation Notes to the condensed interim financial statements for the nine month periods ended September 30, 2025 and September 30, 2024 Page 12 Kognitiv Corporation - N/A(4) N/A N/A Kognitiv Corporation Warrants - N/A(4) N/A N/A FundThrough Inc. Class A-3 6,713,163 Average EV/LTM revenue/net interest income (NII) multiple Average EV/LTM revenue/net interest income (NII) multiple Rev:1.1-17.0(5) NII:2.4-13.5(5) FundThrough Inc. Class A-4 2,999,999 Market transaction Recent transaction price N/A FundThrough Inc. Class B-1 1,000,000 Market Transaction Recent transaction price N/A Developer Capital Inc. Class B Common 400,000 Net asset value per share Net asset value per share N/A Developer Capital Inc. Warrants - Net asset value per share Net asset value per share N/A Global Exchange L.P. 7,841,791 Net asset value per unit Net asset value per unit N/A Varo Money, Inc. 495,583 Market transaction Recent transaction price N/A Tetra Digital Group Inc. 18,206,261 Market transaction Recent transaction price N/A Blue Ocean/Urbana International Inc. 76,798,782 Market transaction Recent transaction price N/A Private debt investments Kognitiv Corporation - N/A(4) N/A N/A Ending balance 292,931,784 (1)See Note 1 – Valuation of investments (2)Where it is applicable, an input or range has been provided (3)Enterprise value as a percentage of adjusted assets under management: 2.77%. (4)On December 12, 2024 Kognitiv Corporation filed a notice of intention to make a proposal under the Canada Bankruptcy and Insolvency Act. Hence there is no valuation technique employed. (5)Last 12 months enterprise value/revenue: 4.9x. Last 12 months enterprise value/NII: 6.3x. The following is a summary of the Company’s investments categorized in the fair value hierarchy as at December 31, 2024: Investments Level 1 Level 2 Level 3 Total $ $ $ $ Public equity investments 222,738,349 - - 222,738,349 Private equity investments - - 269,547,417 269,547,417 Private debt investments - - 5,000,000 5,000,000 Total investments at FVTPL 222,738,349 - 274,547,417 497,285,766 Urbana Corporation Notes to the condensed interim financial statements for the nine month periods ended September 30, 2025 and September 30, 2024 Page 13 Level 3 valuation methods – December 31, 2024 Description Fair value ($)(1) Primary Valuation technique used Significant unobservable inputs Input/R --- ange(2) Private equity investments Caldwell Financial Ltd. 4,056,000 Prescribed formula which approximates fair value 1 x net fees plus net assets N/A Miami International Holdings Inc. 19,571,177 Market transaction Recent transaction price N/A CNSX Markets Inc. 100,736,146 Market transaction Recent transaction price N/A Highview Financial Holdings Inc. 6,409,152 Average EV/revenue & EV as a % of AUM(3) Average EV/revenue & EV as a % of AUM LTM:0.9-3.5(3) NTM:0.9-3.7(3) AUM:0.9-8.0%(3) Four Lakes Capital Fund Limited Partnership 8,862,954 Net asset value per unit Net asset value per unit N/A Radar Capital Inc. Class A - Net asset value per share Net asset value per share N/A Radar Capital Inc. Class B 1,074,001 Net asset value per share Net asset value per share N/A Evolve Funds Group Inc. Class B 9,172,762 EV as a % of adjusted AUM EV as a % of adjusted AUM 0.8%-6.1%(4) Evolve Funds Group Inc. Class C 17,820,000 EV as a % of adjusted AUM EV as a % of adjusted AUM 0.8%-6.1%(4) Evolve Funds Group Inc. Class D 771,638 Market transaction Recent transaction price N/A EFG Management Holdings Inc. Class A 7,099,761 EV as a % of adjusted AUM EV as a % of adjusted AUM 0.8%-6.1%(4) EFG Management Holdings Inc. Class E 2,958,364 EV as a % of adjusted AUM EV as a % of adjusted AUM 0.8%-6.1%(4) 1000912961 Ontario Inc. - Market transaction Recent transaction price N/A Lyceum CME Inc. Class B 5,025,600 Market transaction Recent transaction price N/A Lyceum CME Inc. Class C 4,314,608 Market transaction Recent transaction price N/A Vive Crop Protection Inc. Class A2 167,537 Market transaction Recent transaction price N/A Vive Crop Protection Inc. Class B1 351,121 Market transaction Recent transaction price N/A Vive Crop Protection Inc. Class B3 3,250,000 Market transaction Recent transaction price N/A Vive Crop Protection Inc. Class C1 1,629,452 Market transaction Recent transaction price N/A Vive Crop Protection Inc. Class C2 1,557,920 Market transaction Recent transaction price N/A Vive Crop Protection Inc. Warrants - Market transaction Recent transaction price N/A Kognitiv Corporation Class A-2 - N/A(6) N/A N/A Urbana Corporation Notes to the condensed interim financial statements for the nine month periods ended September 30, 2025 and September 30, 2024 Page 14 Kognitiv Corporation Class B-1 - N/A(6) N/A N/A Kognitiv Corporation - N/A(6) N/A N/A Kognitiv Corporation Warrants - N/A(6) N/A N/A FundThrough Inc. Class A-3 8,225,137 Average EV/LTM revenue/net interest income (NII) multiple Average EV/LTM revenue/net interest income (NII) multiple Rev:2.4-17.0(5) NII:3.3-12.1(5) FundThrough Inc. Class A-4 2,136,125 Average EV/LTM revenue/net interest income (NII) multiple Average EV/LTM revenue/net interest income (NII) multiple Rev:2.4-17.0(5) NII:3.3-12.1(5) Developer Capital Inc. Class B Common 500,000 Market transaction Recent transaction price N/A Developer Capital Inc. Warrants - Market transaction Recent transaction price N/A Varo Money, Inc. 819,424 Market transaction Recent transaction price N/A Tetra Trust Company Class A Common 4,011,112 Market transaction Recent transaction price N/A Blue Ocean/Urbana International Inc. 59,027,426 Market transaction Recent transaction price N/A Private debt investments Highview Financial Holdings Inc. 3,000,000 Face value N/A N/A Highview Financial Holdings Inc. 2,000,000 Face value N/A N/A Kognitiv Corporation - N/A(6) N/A N/A Ending balance 274,547,417 (1) See Note 1 – Valuation of investments (2) Where it i --- s applicable, an input or range has been provided (3) Last 12 months enterprise value/revenue: 2.2x. Next 12 months enterprise value/revenue: 2.1x. Enterprise value as a percentage of assets under management: 3.03%. (4) Enterprise value as a percentage of adjusted assets under management: 2.77%. (5) Last 12 months enterprise value/revenue: 6.3x. Last 12 months enterprise value/NII: 6.7x. (6) On December 12, 2024 Kognitiv Corporation filed a notice of intention to make a proposal under the Canada Bankruptcy and Insolvency Act. Hence there is no valuation technique employed. Change in valuation methodology During 2025, the Company changed the primary valuation technique for the Class A-4 preferred shares of FundThrough Inc. from a methodology based on an EV/revenue/net interest income multiple to a methodology based on a recent market transaction since the recent market transaction is more suitable in determining fair value. Also, during 2025, the Company changed the primary valuation technique for the Class D preferred shares of Evolve from a methodology based on a recent market transaction to a methodology that recognizes the 8% per annum cumulative dividend. In addition, during 2025, the Company changed the primary valuation technique for Developer Capital Inc. from a methodology based on a recent market transaction to a methodology based on the net asset value of the company since there was no recent market transaction. Lastly, during 2025, the Company changed the primary valuation technique for Global Exchange L.P. from a methodology based on a recent market transaction to a methodology based on the net asset value of the entity since this net asset value is more suitable in determining fair value. During 2024, the Company changed the primary valuation technique for the Class A-4 preferred shares of FundThrough Inc. from a methodology based on a recent market transaction to a Urbana Corporation Notes to the condensed interim financial statements for the nine month periods ended September 30, 2025 and September 30, 2024 Page 15 methodology based on an EV/revenue/net interest income multiple as there was no recent market transaction. Also, during 2024, the Company changed the primary valuation technique for Highview Financial Holdings Inc. from a methodology based solely on an EV/AUM multiple to a methodology based on an average of EV/revenue and EV/AUM multiple. In addition, on December 12, 2024, Kognitiv filed a notice of intention to make a proposal under the Canada Bankruptcy and Insolvency Act. Hence, there is no valuation technique employed by the Company since all Kognitiv holdings have been written down to Nil. During the nine month period ended September 30, 2025 and the year ended December 31, 2024 the reconciliations of investments measured at fair value using unobservable inputs (Level 3) are presented as follows: September 30, 2025 Private equity investments Private debt investments Total $ $ $ Beginning balance 269,547,417 5,000,000 274,547,417 Change in unrealized gain 19,313,748 - 19,313,748 Purchases 54,451,785 - 54,451,785 Sales (38,123,898) (5,000,000) (43,123,898) Transfers (12,257,268) - (12,257,268) Ending balance 292,931,784 - 292,931,784 December 31, 2024 Private equity investments Private debt investments Total $ $ $ Beginning balance 264,779,742 6,000,000 270,779,742 Change in unrealized loss (3,045,117) (1,000,000) (4,045,117) Purchases 13,064,354 - 13,064,354 Sales (5,251,562) - (5,251,562) Ending balance 26 --- 9,547,417 5,000,000 274,547,417 Sensitivity analysis to significant changes in unobservable inputs within the Level 3 hierarchy The significant unobservable inputs used in the fair value measurement categorized within Level 3 of the fair value hierarchy together with a quantitative sensitivity analysis as at September 30, 2025 and December 31, 2024 are shown below: Level 3 valuation methods – September 30, 2025 Description Input Sensitivity used(1) Effect on fair value ($) Private equity investments 1 x net fees plus net assets 10% 416,800 8% cumulative return 10% 77,164 Recent transaction price 10% 22,141,602 Net asset value 10% 1,906,956 EV as a % of adjusted AUM – Evolve, EFG 10% 4,054,390 Urbana Corporation Notes to the condensed interim financial statements for the nine month periods ended September 30, 2025 and September 30, 2024 Page 16 Average EV/LTM revenue/NII multiple – FundThrough 10% 665,268 Total 29,262,180 Level 3 valuation methods - December 31, 2024 Description Input Sensitivity used(1) Effect on fair value ($) Private equity investments 1 x net fees plus net assets 10% 405,600 Recent transaction price 10% 20,173,316 Net asset value 10% 993,696 Average EV/LTM_NTM revenue & EV as a % of AUM – Highview 10% 1,220,791 EV as a % of adjusted AUM – Evolve, EFG 10% 3,617,763 Average EV/LTM revenue/NII multiple - FundThrough 10% 1,066,601 Private debt investments Face value 10% 500,000 Total 27,977,767 (1) The sensitivity analysis refers to a percentage or multiple added or deducted from the input and the effect this has on the fair value while all other variables were held constant. During 2025, the investment in Miami International Holdings Inc. was transferred out of Level 3 to Level 1 to reflect its status as a public security pursuant to an initial public offering. During 2024, there were no transfers into/out of Level 1, Level 2 or Level 3 investments. 3. Financial instruments and risk management The Company’s activities expose it to a variety of financial risks. Management seeks to minimize potential adverse effects of these risks on the Company’s performance by employing professional, experienced portfolio advisors, and through daily monitoring of the Company’s position and market events. Credit risk Credit risk represents the potential loss that the Company would incur if the counterparties failed to perform in accordance with the terms of their obligations to the Company. The Company maintains all of its cash at its custodian or in overnight deposits with a Canadian chartered bank. All transactions in listed securities are settled/paid for upon delivery using approved brokers. The risk of default is considered minimal, as delivery of securities sold is only made once the broker has received payment. Payment is made on a purchase once the securities have been received by the broker. The trade will fail if either party fails to meet its obligation. The fair value of the debt instruments includes a consideration of the credit worthiness of the debt issuer and the security provided against the outstanding amount. The carrying amounts of debt instruments and other assets, as disclosed in the statements of financial position, represent the maximum credit exposure. The Company measures credit risk and lifetime ECLs related to accounts and other receivables using historical analysis and forward-looking information in determining the ECLs. As at September 30, 2025, the Company held no (December 31, 2024 – $5,000,000) debt instr --- uments. Urbana Corporation Notes to the condensed interim financial statements for the nine month periods ended September 30, 2025 and September 30, 2024 Page 17 Liquidity risk Liquidity risk is the risk that the Company may not be able to settle or meet its obligation when due. The following tables detail the Company’s remaining contractual maturity for its financial liabilities with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of the financial liabilities based on the earliest date on which the Company can be required to pay. September 30, 2025 Financial Liabilities Due on demand < 3 months 3 months to 1 year Total $ $ $ $ Loan payable 18,300,000 - - 18,300,000 Accounts payable and accrued liabilities - 1,336,082 - 1,336,082 18,300,000 1,336,082 - 19,636,082 December 31, 2024 Financial Liabilities Due on demand < 3 months 3 months to 1 year Total $ $ $ $ Loan payable - - - - Accounts payable and accrued liabilities - 1,320,340 - 1,320,340 Current income taxes payable - 242,000 - 242,000 - 1,562,340 - 1,562,340 Liquidity risk is managed by investing in assets that are traded in an active market and can be readily sold or by borrowing under its credit facility (Note 6). The Common Shares and Class A Shares cannot be redeemed by shareholders. The Company endeavors to maintain sufficient liquidity to meet its expenses. Currency risk Currency risk arises from financial instruments that are denominated in a currency other than the Canadian dollar. The Company is exposed to the risk that the value of securities denominated in other currencies will fluctuate due to changes in exchange rates. When the value of the Canadian dollar falls in relation to foreign currencies, then the value of foreign investments rise. When the value of the Canadian dollar rises, the value of foreign investments falls. The table below indicates the currencies to which the Company had significant exposure as at September 30, 2025 and December 31, 2024: September 30, 2025 December 31, 2024 Currency As a % of net assets As a % of net assets % % United States Dollar 63.78 54.34 As at September 30, 2025, the Company’s net assets would have decreased or increased by approximately $16,499,206 (December 31, 2024 - $12,807,611) in response to a 5% appreciation or depreciation of the Canadian dollar, with all other variables held constant. In practice, the actual results may differ materially. Interest rate risk Interest rate risk arises on interest-bearing financial assets such as cash and debt securities held and on financial liabilities such as loan payable. The Company is exposed to the risk that the value of interest-bearing financial instruments will fluctuate due to changes in the prevailing levels of market interest rates. The Company’s interest income and expense are positively correlated to interest rates in that rising interest rates increase both interest income and expense while the reverse is true in a declining interest rate environment. Urbana Corporation Notes to the condensed interim financial statements for the nine month periods ended September 30, 2025 and September 30, 2024 Page 18 The tables below summarize the Company’s exposure to interest rate risks by remaining term to maturity. As at September 30, 2025 Less than 1 year 1 to 3 years 3 to 5 years Over 5 years Total $ $ $ $ $ Cash 372,639 - - - 372,639 Financial asset – debt - - - - - Loan payable (18,300,000) - - - (18,300,000) (17,927,361) - - - (17,92 --- 7,361) As at December 31, 2024 Less than 1 year 1 to 3 years 3 to 5 years Over 5 years Total $ $ $ $ $ Cash 18,639,615 - - - 18,639,615 Financial asset – debt 5,000,000 - - - 5,000,000 Loan payable - - - - - 23,639,615 - - - 23,639,615 As at September 30, 2025, had prevailing interest rates increased or decreased by 1%, with all other variables held constant, the net assets would have decreased or increased by approximately $18,722 (2024 - $278,830). In practice, the actual results may differ materially. Other market risk Other market risk is the risk that the value of financial instruments will fluctuate as a result of changes in market prices (other than those arising from interest rate risk or currency risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. All securities present a risk of loss of capital. Any equity and derivative instrument that the Company may hold is susceptible to market price risk arising from uncertainties about future prices of the instruments. Management moderates this risk through a careful selection of securities and other financial instruments within the parameters of the investment strategy. The maximum risk resulting from financial instruments is equivalent to their fair value. The most significant exposure for the Company to other price risk arises from its investment in publicly and privately traded securities. As at September 30, 2025, for publicly traded securities, had the prices on the respective stock exchanges for these securities increased or decreased by 10%, with all other variables held constant, net assets would have increased or decreased, respectively, by approximately $29,246,901 (December 31, 2024 - $22,273,835) or approximately 5.65% (December 31, 2024 – 4.73%) of total net assets. In practice, the actual results may differ materially. Management is unable to meaningfully quantify any correlation of the price of its privately owned equities to changes in a benchmark index. Capital management Management manages the capital of the Company which consists of the net assets, in accordance with the Company’s investment objectives. The Company is not subject to any capital requirements imposed by a regulator. The Company must comply with the covenants on the loan payable (Note 6). Urbana Corporation Notes to the condensed interim financial statements for the nine month periods ended September 30, 2025 and September 30, 2024 Page 19 4. Accounts and other receivables Accounts and other receivables consist of the following: September 30, 2025 December 31, 2024 $ $ Dividends and distributions 505,962 217,770 Interest - 293,095 Loans (Note 9) 322,888 322,888 Due from subsidiaries (Note 9) 66,634 - 895,484 833,753 5. Accounts payable and accrued liabilities Accounts payable and accrued liabilities consist of the following: September 30, 2025 December 31, 2024 $ $ Investment management fees (Note 9) 1,072,882 1,000,552 Professional fees 186,459 87,989 Loan interest 76,741 156,008 Administrative fees - 64,200 Other - 11,591 1,336,082 1,320,340 6. Loan payable Pursuant to a loan facility agreement between the Company and a major Canadian bank (the “Bank”) dated July 2, 2021, the Bank provides a demand loan facility to the Company which allows Urbana to borrow up to $50,000,000. Interest is charged on the outstanding balance of the loan facility at the Bank’s prime rate plus 0.25%, calculated on a --- daily basis and paid monthly. The loan facility is secured by a general charge on the Company’s assets. Proceeds from the loan may be used to make additional investments and/or for general corporate purposes. As at September 30, 2025, the outstanding balance of the loan was $18,300,000 (December 31, 2024 - $Nil) which is the fair value of the loan. During the nine month period ended September 30, 2025, the minimum amount borrowed was $Nil (2024 - $40,000,000) and the maximum amount borrowed was $24,600,000 (2024 - $48,800,000). As at September 30, 2025 and December 31, 2024, the Company has complied with all covenants, conditions and other requirements of the loan facility. 7. Mining claims Urbana has owned mining claims in Urban Township, Quebec for a number of years and specifically holds 44 mining claims in the area totaling 1,154.4 hectares (2,852.7 acres). Management monitors the exploration activity in the area on an ongoing basis and in February 2025, commenced a winter drilling program on its mining claims. Results from the exploration work are not yet available. In the nine month period ended September 30, 2025 Urbana has incurred mining expenditures of $1,520,629 (2024 – Nil). The Corporation incurred zero mining expenditures from 2019 to 2024 and a total of $1,146,119 prior to 2019. These mining expenditures are recorded in the financial statements of the Corporation as “mineral exploration” expenses, in accordance with IFRS 6 “Exploration for and Evaluation of Mineral Resources”. Management has elected to expense exploration and evaluation costs related to the mining claims, as the property holds no known mineral reserves or mineral resources. 8. Share capital As at September 30, 2025 and December 31, 2024 share capital consists of the following: Urbana Corporation Notes to the condensed interim financial statements for the nine month periods ended September 30, 2025 and September 30, 2024 Page 20 Nine month period ended September 30, 2025 Year ended December 31, 2024 Number Amount ($) Number Amount ($) Authorized Preferred Shares Unlimited N/A Unlimited N/A Common Shares Unlimited N/A Unlimited N/A Class A Shares Unlimited N/A Unlimited N/A Issued - Common Shares Balance, beginning of period 10,000,000 7,998,893 10,000,000 7,998,893 Issued during the period - - - - Balance, end of period 10,000,000 7,998,893 10,000,000 7,998,893 Issued - Class A Shares Balance, beginning of period 31,395,100 90,761,226 31,395,100 90,761,226 Normal course issuer bid repurchases during the period - - - - Balance, end of period 31,395,100 90,761,226 31,395,100 90,761,226 Total 41,395,100 98,760,119 41,395,100 98,760,119 The Common Shares and Class A Shares have the same rights, preferences and restrictions in payment of dividends and upon liquidation, dissolution or winding up, and have been classified as equity in these financial statements as the holders of these shares have no contractual rights that would require the Company to redeem the shares. On September 4, 2025, the TSX accepted Urbana’s notice of intention to conduct a normal course issuer bid to purchase up to 3,107,305 of its own Class A Shares (the “NCIB”), representing 10% of the public float, pursuant to TSX rules. Purchases under the NCIB were permitted starting on September 9, 2025, and will end on the earlier of September 8, 2026, the date Urbana completes its maximum amount of share purchases pursuant to the notice of intention to conduct a normal course issuer bid filed wi --- th the TSX, and the date of notice by Urbana of termination of the bid. Purchases are to be made on the open market by Urbana through the facilities of the TSX or the CSE in accordance with the rules and policies of the TSX. The price that Urbana may pay for any such shares is to be the market price of such shares on the TSX or the CSE at the time of acquisition. The Class A Shares purchased under the NCIB must be cancelled. Urbana is not to purchase on any given day, in the aggregate, more than 2,584 Class A Shares (“Daily Restriction”), being 25% of the average daily volume for the most recently completed six months prior to the filing of the NCIB with the TSX, which is 10,336 Class A Shares, calculated in accordance with the TSX rules. Notwithstanding the Daily Restriction, Urbana may make one purchase of more than the Daily Restriction in any given week in accordance with the TSX’s block purchase rules. As at September 30, 2025, Urbana has not purchased any Class A Shares pursuant to the NCIB. Pursuant to the previous normal course issuer bid that terminated on September 8, 2025, Urbana did not purchase any Class A Shares. 9. Related party disclosures Caldwell Financial Ltd. (“CFL”), a company under common management with Urbana, is the parent company of Caldwell Securities Ltd. (“CSL”) and of Caldwell Investment Management Ltd. (“CIM”), which is the investment manager of Urbana. CSL, an affiliate of CIM and a registered broker and investment dealer, handles Urbana’s portfolio transactions. Urbana pays CIM investment management fees for investment management services that CIM provides to Urbana. As at September 30, 2025 and December 31, 2024, Urbana had a 20% ownership interest in CFL. Pursuant to an administrative services agreement dated March 1, 2019, as amended on January 1 of 2024 and 2025, during the nine month period ended September 30, 2025, Urbana paid CSL $361,035 (2024 - $353,611) for administrative services, including investor relations services, information technology services, professional corporate office services, and office and conference room access for Urbana’s staff, directors and officers. On January 1, 2024 and 2025, the administrative services agreement was Urbana Corporation Notes to the condensed interim financial statements for the nine month periods ended September 30, 2025 and September 30, 2024 Page 21 amended to increase the monthly fee by $1,887 and $825, respectively, due to the increased costs of all services performed by CSL on behalf of Urbana. These fee increases were approved by the independent directors of Urbana. Pursuant to an investment management and advisory agreement dated December 6, 2019 and effective as of January 1, 2020, CIM is entitled to an investment management fee equal to 2.0% per annum of the market value of Urbana’s investment portfolio, and, with the exception of NCIB purchases, CIM pays a fee to CSL to cover all charges for brokerage, trade execution and other necessary investment-related services rendered directly or indirectly for the benefit of Urbana by CSL. During the nine month periods ended September 30, 2025 and 2024 there were no commission fees paid to CSL by Urbana, since Urbana did not purchase any shares under the NCIB. During the nine month period ended September 30, 2025, CIM earned $8,856,854 of investment management fees from Urbana (2024 - $8,140,040). The investment management fees are accrued daily and paid monthly in arrears. As at September 30, 2025 ther --- e was an investment management fee payable included in accounts payable and accrued liabilities of $1,072,882 to CIM (December 31, 2024 – $1,000,552). In June 2024, Urbana transferred 2,035,266 Class E preferred shares of Integrated Grain Processors Co-operative Inc. (“IGPC”) for $50,881,650 to 1000912961 Ontario Inc. (the “Sub”), a wholly-owned subsidiary of Urbana, in exchange for 2,035,266 common shares of the Sub. The fair value of this transfer for tax purposes was determined to be $61,403,975. The Sub was formed for the sole purpose of holding an investment in IGPC. Urbana paid total fees of $287,481 to CSL for their services in respect of arranging for this transfer of private equity securities by way of a proprietary share transfer platform that CSL manages on behalf of IGPC. These fees were approved by the independent directors of Urbana. When the sale of the IGPC business closed in December 2024, the Sub made a $61,403,975 return of capital distribution to Urbana and Urbana redeemed all but one common share of the Sub for $10,704. In September and December 2024, Urbana paid total fees of $70,004 to CSL for its share of cyber security costs that were incurred by CSL. These fees were approved by the independent directors of Urbana. As at September 30, 2025 Urbana owned 50% (December 31, 2024 – 50%) of the voting class A common shares and 77.68% (December 31, 2024 – 68.49%) of the voting class B common shares of Radar Capital Inc. (“RCI”), a private capital company. As a result, as at September 30, 2025 Urbana owns a total of 73.22% (December 31, 2024 – 65.51%) of the voting common shares of RCI with each class A and class B common share entitled to one vote. In January 2025, Urbana purchased 5,000,000 units of the newly created Global Exchange L.P. (“GELP”), a limited partnership based in the Cayman Islands, for $7,170,750. As at September 30, 2025 Urbana held a 52.47% interest in GELP. GELP is jointly managed by CIM and Horizon Kinetics Asset Management LLC. In July 2024 Urbana redeemed all of its 502,073 units of Caldwell-Lazard CorePlus Infrastructure Fund (“CLCIF”) for $5,069,533. As a result, Urbana no longer has an ownership interest in CLCIF, which is a mutual fund managed by CIM. Urbana also received a $20,936 monthly cash distribution prior to the July 2024 redemption. Urbana paid a 0.95% per annum management fee on this investment pursuant to an agreement dated June 28, 2023 between Urbana and CIM, a reduction from the 2.0% per annum management fee paid to CIM, as described in the management fee paragraph below. In December 2024, Urbana purchased 900,000 common shares of CNSX Markets Inc. (“CSE”) for $6,300,000. In 2025 CSE implemented a reorganization that resulted in an exchange of its common shares for common shares of its new holding company, CNSX Global Markets Inc. (“CNSX”). As a result of the reorganization, CSE became a wholly-owned subsidiary of CNSX. As at September 30, 2025 and December 31, 2024 Urbana owned 53.37% of the common shares of CNSX and CSE, respectively. Pursuant to an order by the Ontario Securities Commission dated May 12, 2023, Urbana is prohibited from nominating more than 50% of the directors of the CNSX and therefore it is not considered a subsidiary of Urbana for accounting purposes. Urbana Corporation Notes to the condensed interim financial statements for the nine month periods ended September 30, 2025 and September 30, 2024 Page 22 In August 2025, Urbana sold all of its 15,259,886 commo --- n shares of Highview for $5,158,995 and Highview fully repaid its $5,000,000 loan from Urbana along with interest of $378,301 representing an 8% per annum return. As a result, Urbana no longer has an ownership interest in Highview. As at September 30, 2025 Urbana had a 36.83% (December 31, 2024 – 35.45%) ownership interest in Blue Ocean Technologies, LLC (“Blue Ocean”) through Urbana International Inc. (“UII”), its wholly-owned subsidiary. UII was formed for the sole purpose of investing in Blue Ocean. As at September 30, 2025 Urbana had a receivable of $66,634 (December 31, 2024 - $Nil) from UII in respect of operating expenses incurred by UII. In October 2024, a receivable for $148,871 from UII was converted to an additional investment in 15.617 shares of UII and immediately thereafter the total number of shares outstanding was consolidated back to the same number of shares held prior to the conversion. In April 2025, Urbana purchased 15,917,504 common shares of Tetra for $8,754,627. In August 2025, after a reorganization that resulted in an exchange of Tetra’s common shares for common shares of its new holding company, TDG, Urbana purchased an additional 5,833,334 common shares of TDG for $3,500,000. As a result of the reorganization, Tetra became a wholly-owned subsidiary of TDG. As at September 30, 2025 Urbana had a 52.85% (December 31, 2024 – 15.52%) ownership interest in TDG. Pursuant to the TDG amended and restated unanimous shareholders’ agreement effective as of September 3, 2025, Urbana is not entitled to elect a majority of the board of directors of TDG and therefore it is not considered a subsidiary of Urbana for accounting purposes. During the nine month period ended September 30, 2025, the remuneration of key management personnel (including directors), which included salaries and short-term benefits, was $724,364 (2024 - $597,883). Urbana has issued loans to certain of its directors and officers in connection with their purchase of securities of the Company. The loan agreements provide for a revolving credit facility of up to $100,000 for each such person. Interest is charged at the interest rate specified by the Canada Revenue Agency for loans of this nature. The securities of the Company purchased by each person with funds advanced under the revolving credit facility are held in a broker’s account as security for the loan. As at September 30, 2025 and December 31, 2024 the total principal amount of the loans outstanding, which is included in accounts and other receivables, is $322,888. All related party transactions are recorded at their exchange amounts. 10. Income taxes The Company’s provision for income taxes for the nine month periods ended September 30, 2025 and 2024 is summarized as follows: 2025 2024 $ $ Net income before income taxes 57,614,273 64,546,140 Expected taxes payable at future rates - 26.5% Income tax effect of the following: Non-(taxable) deductible portion realized capital (gains) losses 15,267,782 728,971 17,104,727 (6,268,093) Non-taxable portion unrealized capital gains (9,388,938) (2,963,275) Non-taxable dividends (632,182) (1,248,933) Foreign withholding tax expense 346,811 313,042 Adjustment to prior year’s tax balance 298 242,908 Current income tax expense 50,028 - Other (128,931) (191,139) Income tax expense 6,243,839 6,989,237 Urbana Corporation Notes to the condensed interim financial statements for the nine month periods ended September 30, 2025 and September 30, 2024 Page 23 The income t --- ax expense is represented as follows: 2025 2024 $ $ Provision for deferred income taxes 5,847,000 3,098,000 Current income tax expense 50,028 3,578,195 Foreign withholding tax expense 346,811 313,042 Income tax expense 6,243,839 6,989,237 The components of the Company’s deferred income tax liability are as follows: September 30, 2025 December 31, 2024 $ $ Resource deductions available in perpetuity (409,552) (6,883) Unrealized capital gains on investments 53,164,384 43,812,619 Non-capital loss carryforwards (2,373,262) - Capital loss carryforwards (728,976) - Other 406 264 Total deferred income tax liability 49,653,000 43,806,000 As at September 30, 2025, the Company had capital losses of $5,501,705 (December 31, 2024 – $Nil) available for carryforward for tax purposes. Capital losses do not expire. Also as at September 30, 2025, the Company had non-capital losses of $8,955,706 (December 31, 2024 - $Nil) available for carryforward for tax purposes for 20 years. 11. Dividends On January 31, 2025 the Company paid a cash dividend of $0.13 per share on the issued and outstanding Common and Class A Shares as at January 17, 2025 amounting to $5,381,391.On January 31, 2024 the Company paid a cash dividend of $0.12 per share on the issued and outstanding Common and Class A Shares as at January 17, 2024 amounting to $4,967,438. 12. Approval of financial statements The financial statements were approved by the Board of Directors and authorized for issue on November 10, 2025.