ECN Capital Reports US$0.06 in Adjusted Net Income per Common Share in Q3-2025

Executive Summary

• ECN Capital reported strong Q3 2025 financial results, with Adjusted Net Income applicable to common shareholders increasing to $16.7 million ($0.06 per share) from $10.0 million ($0.04 per share) in the previous quarter.
• The company reported significant growth in originations, totaling $826.8 million for the quarter, driven by both Manufactured Housing Finance and Recreational Vehicle and Marine Finance segments.
• Managed assets grew to $8.2 billion as of September 30, 2025, up from $7.6 billion at the end of Q2 2025 and $6.7 billion in the prior year period.

Key Details

• Adjusted Net Income: $16.7 million ($0.06 per share basic) for Q3 2025, compared to $10.0 million ($0.04 per share) in Q2 2025 and $13.0 million ($0.05 per share) in Q3 2024.
• Net Income Attributable to Common Shareholders: $11.2 million for Q3 2025, compared to a net loss of ($0.3) million in Q2 2025 and $6.8 million in Q3 2024.
• Originations: Total originations were $826.8 million for Q3 2025, up from $804.1 million in Q2 2025 and $625.7 million in Q3 2024.
  • Manufactured Housing Finance segment originations: $466.4 million.
  • Recreational Vehicle and Marine Finance segment originations: $360.4 million.
• Managed Assets: $8.2 billion as of September 30, 2025, compared to $7.6 billion as of June 30, 2025, and $6.7 billion as of September 30, 2024.
• Adjusted EBITDA: $40.6 million for Q3 2025, compared to $31.5 million in Q2 2025 and $36.1 million in Q3 2024.
• Operating Expenses: $34.0 million for Q3 2025, compared to $30.7 million in Q2 2025 and $30.3 million in Q3 2024.
• Dividends Declared:
  • Common Shares: C$0.01 per share, payable December 31, 2025, to shareholders of record on December 12, 2025.
  • Cumulative 5-Year Rate Reset Preferred Share, Series C: C$0.4960625 per share, payable December 31, 2025, to shareholders of record on December 12, 2025.
  • Mandatory Convertible Preferred Share, Series E: C$0.0613 per share, payable December 31, 2025, to shareholders of record on December 12, 2025.
• Earnings Call: Rescheduled for 5:30 p.m. (ET) on November 13, 2025.

Notable Quotes

• "Q3 was a strong quarter with Adjusted EPS of $0.06 in line with consensus", said Steven Hudson, CEO of ECN Capital Corp. "Sales upgrades have commenced across Manufactured Housing and RV and Marine and are bearing fruit."