Caldwell Announces TSX Approval of Normal Course Issuer Bid

• Caldwell Partners International Inc. received TSX approval for a new Normal Course Issuer Bid (NCIB) effective May 6, 2026 to May 5, 2027.
• The program allows repurchase of up to 2,023,669 common shares, representing approximately 10% of the public float.
• Purchases will be funded from working capital and facilitated by an Automatic Securities Purchase Plan (ASPP) during blackout periods.
• Daily purchase limit is set at 3,812 shares (25% of average daily trading volume).
• This follows a previous bid terminated on January 28, 2026, where 150,000 shares were purchased at an average price of C$0.87.

• The approval is procedural and expected following the termination of the prior NCIB in early 2026; it does not constitute a strategic shift or M&A event.
• Management confidence is signaled by the commitment to return capital, but the funding source (working capital) raises concerns given recent cash burn trends.
• Revenue growth remains consistent (+18% Q2 YoY), supporting the stock price stability around $0.93.
• The buyback volume (10% of float) is modest relative to total equity and unlikely to materially alter valuation without significant earnings acceleration.
• No new strategic investors or major contract wins are disclosed in this release, limiting immediate upside potential beyond sentiment support.

• Caldwell Partners International Inc. operates through two main segments: Caldwell (professional services) and IQTalent (talent acquisition).
• Flagship Project/Strategy: Expansion into the Middle East market, highlighted by CEO Chris Beck as a key growth driver alongside operational efficiency.
• Business Model: Revenue driven primarily by professional fees ($27.3M in Q2 FY2026), with cost of sales and SG&A expenses impacting margins.
• Recent Performance: Turned from operating loss to profit in FY25 Q4, maintaining positive operating profit through Q1 and Q2 FY2026.