Torrent Capital's NAV at $30-million at Feb. 28

Executive Summary

• Torrent Capital Ltd. reported a preliminary Net Asset Value (NAV) of $30.0 million (78 cents per share) as of February 28, 2026, a decrease from $32.9 million (86 cents per share) at January 31, 2026.
• The decline in NAV was driven by valuation changes across the portfolio, particularly in the software sector, amidst broader market weakness.
• The company maintained a liquidity position of $1.3 million in cash and cash equivalents at the end of February.

Key Details

• NAV as of Feb 28, 2026: $30.0 million total, or approximately 78 cents per share.
• NAV as of Jan 31, 2026: $32.9 million total, or approximately 86 cents per share.
• Cash and Cash Equivalents (Feb 28, 2026): $1.3 million.
• Cash and Cash Equivalents (Jan 31, 2026): $1.6 million.
• Performance Drivers: The decline reflects valuation changes across the portfolio during a period of broader market weakness, specifically in the software sector.
• Strategic Focus: Management stated they are focusing on disciplined capital allocation, long-term NAV per share growth, and selectively repositioning the portfolio in response to evolving market conditions.
• Reporting Status: Results are preliminary and unaudited; final results will be included in the unaudited financial statements and MD&A for the quarter ended March 31, 2026, to be filed on SEDAR+ on or before May 29, 2026.

Notable Quotes

• "NAV per share declined during February, reflecting a partial reversal of previously unrealized gains," said Wade Dawe, chief executive officer of Torrent Capital. "We maintained a consistent liquidity position and continue to focus on disciplined capital allocation and long-term NAV per share growth, while selectively repositioning the portfolio in response to evolving market conditions."