ECN Capital Reports US$0.04 in Adjusted Net Income per Common Share in Q2-2025

Executive Summary

• ECN Capital Corp. reported financial results for the three-month period ended June 30, 2025, showing an increase in adjusted net income and originations compared to the previous quarter.
• The company narrowed its 2025 guidance for the RV and Marine Financing segment and tightened consolidated 2025 EPS guidance due to industry headwinds and delayed asset sales.
• The Board declared quarterly dividends for both common shares and Series C Preferred Shares, payable in October 2025.

Key Details

• Adjusted Net Income: $10.0 million ($0.04 per share basic) for Q2 2025, compared to $7.2 million ($0.03 per share) in Q1 2025 and $8.2 million ($0.03 per share) in Q2 2024.
• Originations: Total originations were $804.1 million for Q2 2025, up from $538.2 million in Q1 2025 and $622.5 million in Q2 2024.
  • Manufactured Housing Finance segment originations: $435.8 million.
  • Recreational Vehicle and Marine Finance segment originations: $368.3 million.
• Managed Assets: $7.6 billion as of June 30, 2025, compared to $7.2 billion as of March 31, 2025, and $5.3 billion as of June 30, 2024.
• Adjusted EBITDA: $31.5 million for Q2 2025, matching Q1 2025 ($25.5 million) and Q2 2024 ($31.5 million).
• Operating Expenses: $30.7 million for Q2 2025, compared to $29.4 million in Q1 2025 and $26.5 million in Q2 2024.
• Net Loss: Net loss attributable to common shareholders was ($0.3) million for Q2 2025, compared to a net loss of ($2.5) million in Q1 2025 and a net income of $5.6 million in Q2 2024.
• Guidance Updates:
  • RV and Marine segment guidance narrowed to $14–$18 million (previously $16–$26 million).
  • Consolidated 2025 EPS guidance tightened to $0.18–$0.23 (previously $0.19–$0.25).
• Dividends Declared:
  • Common Shares: C$0.01 per share, payable October 1, 2025, to shareholders of record on September 12, 2025.
  • Cumulative 5-Year Rate Reset Preferred Shares, Series C: C$0.4960625 per share, payable October 1, 2025, to shareholders of record on September 12, 2025.

Notable Quotes

• “Q2 was a solid quarter with adjusted net income per share of $0.04,” said Steven Hudson, CEO of ECN Capital Corp. “The Manufactured Housing Financing segment continues to benefit from accelerated growth in chattel originations. We are positioning the business for further growth with upgrades to management and improvements to the front-end business. The RV and Marine Financing segment was impacted by industry headwinds and the delayed sale of Source One assets in 1H 2025. We are instituting upgrades to sales team structure and culture, products and underwriting, marketing and funding programs to drive continued growth and profitability in 2H 2025 and 2026.”