SEDAR Interim Financial Statements

Q3 2025 INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the period ended September 30, 2025 NOTICE TO READERS UNAUDITED FINANCIAL STATEMENTS In accordance with National Instrument 51-102 the Corporation discloses that its Auditors have not reviewed the unaudited interim Financial Statements for the period ended September 30, 2025. Wilmington Capital Management Inc. 1 INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) September 30, December 31, (CDN $ thousands) Note 2025 2024 Assets NON-CURRENT ASSETS Investment in Bay Moorings Partnership 5 650 850 Deferred income tax assets 243 240 Right-of-use asset 14 36 907 1,126 CURRENT ASSETS Cash 33,896 36,307 Income taxes recoverable 242 --- Amounts receivable and other assets 6 1,063 1,253 Total assets 36,108 38,686 Liabilities NON-CURRENT LIABILITIES Lease liabilities 36 52 36 52 CURRENT LIABILITIES Lease liabilities 38 38 Income taxes payable --- 725 Amounts payable and other 617 1,638 Total liabilities 691 2,453 Equity Shareholders’ equity 7 35,619 35,619 Retained earnings (deficit) (218) 418 Accumulated other comprehensive income 16 196 Total equity 35,417 36,233 Total liabilities and equity 36,108 38,686 See accompanying notes to the interim Consolidated Financial Statements Wilmington Capital Management Inc. 2 INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) (unaudited) Three months ended September 30, Nine months ended September 30, (CDN $ thousands, except per share amounts) Note 2025 2024 2025 2024 Management fee revenue --- 240 --- 640 Interest, distributions and other income 8 268 315 824 1,401 268 555 824 2,041 Expenses General and administrative (506) (440) (1,626) (1,887) Amortization (7) (7) (21) (21) Finance costs (1) (1) (3) (4) Stock-based compensation --- --- --- (18) (514) (448) (1,650) (1,930) Fair value adjustments and other activities Fair value adjustments to investments 3 --- (30) --- 164 Gain from sale of investments 4 --- --- --- 947 --- (30) --- 1,111 Income (loss) before income taxes (246) 77 (826) 1,222 Current income tax recovery (expense) 61 (20) 207 (481) Deferred income tax recovery (expense) (10) --- (17) 453 Provision for income taxes 51 (20) 190 (28) Net income (loss) (195) 57 (636) 1,194 Other comprehensive income Items that will not be reclassified to net income: Fair value adjustments to investments 3 (200) --- (200) --- Related income taxes 20 --- 20 36 Other comprehensive income (loss) (180) --- (180) 36 Total comprehensive income (loss) (375) 57 (816) 1,230 Net income (loss) per share 7 Basic (0.02) --- (0.05) 0.09 Diluted (0.02) --- (0.05) 0.09 See accompanying notes to the interim Consolidated Financial Statements Wilmington Capital Management Inc. 3 INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) (CDN $ thousands) Share Contributed Retained Accumulated Other Comprehensive Total Shareholders’ Capital Surplus Earnings Income Equity Balance as at December 31, 2023 51,324 1,132 10,364 8,483 71,303 Net income --- --- 1,194 --- 1,194 Other comprehensive income --- --- --- 36 36 Transfer from AOCI on disposition of investment classified as FVTOCI --- --- 8,300 (8,300) --- Issuance of Class A shares pursuant to stock- based compensation plan 376 (231) --- --- 145 Exercise of options for cash (803) (919) --- --- (1,722) Stock-based compensation expense --- 18 --- --- 18 Dividend payment --- --- (18,618) --- (18,618) Return of Capital payment (15,278) --- --- --- (15,278) --- Balance as at September 30, 2024 35,619 --- 1,240 219 37,078 Balance as at December 31, 2024 35,619 --- 418 196 36,233 Net loss --- --- (636) --- (636) Other comprehensive loss --- --- --- (180) (180) Balance as at September 30, 2025 35,619 --- (218) 16 35,417 See accompanying notes to the interim Consolidated Financial Statements Wilmington Capital Management Inc. 4 INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (unaudited) Three months ended September 30, Nine months ended September 30, (CDN $ thousands) Note 2025 2024 2025 2024 Operating activities Net income (loss) (195) 57 (636) 1,194 Adjustments for: Fair value adjustments to investments 3 --- 30 --- (164) Distributions classified as investing cash flow --- --- --- (62) Accounting gain on sale of investments 4 --- --- --- (947) Amortization 7 7 21 21 Finance costs 1 1 3 4 Stock-based compensation expense 7 --- --- --- 18 Deferred income expense (recovery) 10 --- 17 (453) Change in non-cash working capital 9 (53) (1,061) (1,797) (703) Cash flows used in operating activities (230) (966) (2,392) (1,092) Investing activities Proceeds from sale of Maple Leaf Partnership 4 --- --- --- 22,000 Proceeds from disposition of Maple Leaf Marina Holdings GP Inc. --- --- --- 33 Proceeds from sale of Marina Asset Management Inc. 4 --- --- --- 1,120 Advances to Maple Leaf Partnerships --- --- --- (650) Distribution from Sunchaser Partnership --- --- --- 62 Proceeds from sale of Energy Securities --- --- --- 5,127 Return of capital from Northbridge and Northbridge Funds --- --- --- 2,445 Land development activities --- (953) --- (2,521) Proceeds from disposition of Land held for development --- 9,153 --- 9,153 Proceeds from maturities of short-term securities --- 8,000 --- 17,000 Cash flows from investing activities --- 16,200 --- 53,769 Financing activities Dividends paid 7 --- --- --- (18,618) Return of capital paid 7 --- --- --- (15,278) Payment of lease liabilities --- --- (19) (19) Issuance of shares for equity settled stock options exercised --- --- --- 145 Payments for cash settled stock options exercised --- --- --- (1,722) Cash flows used in financing activities --- --- (19) (35,492) Cash Change in cash (230) 15,234 (2,411) 17,185 Balance, beginning of period 34,126 12,615 36,307 10,664 Balance, end of period 33,896 27,849 33,896 27,849 Supplemental disclosures of operating cash flows Interest received 270 236 748 963 Income taxes paid --- 133 772 836 See accompanying notes to the interim Consolidated Financial Statements Wilmington Capital Management Inc. 5 NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (All dollar amounts in thousands of Canadian dollars, except unit amounts) NOTE 1 ORGANIZATION Wilmington Capital Management Inc. (“Wilmington” or the “Corporation”) is incorporated under the laws of Ontario, Canada. The Corporation is a Canadian investment company whose principal objective historically was to seek out investment opportunities in the alternative asset classes which provide shareholders with capital appreciation over the longer term as opposed to current income returns. The Corporation invested its own capital alongside partners and co- investors, in hard assets and private equity funds and managed these assets through operating entities. Beginning in August 2023, the Corporation took steps to monetize a significant number of its investments in order to unlock the embedded value which had been substantially realized, simplify its business and return capital to --- its shareholders. The Corporation’s remaining investments consist of cash and an 18% ownership interest in Bay Moorings Marina Holdings Limited Partnership (“Bay Moorings Partnership”), which owns land in Ontario being redeveloped into 50 residential sites and a condo having approximately 90 units. The Corporation’s Class A and Class B shares are listed on the Toronto Stock Exchange under the symbols “WCM.A” and “WCM.B”. The registered office of the Corporation is 3282 Ogdens Beach Road, Midland, Ontario, L4R 4K3 and its head office is located in Calgary, Alberta. NOTE 2 SUMMARY OF MATERIAL ACCOUNTING POLICIES (a) Statement of compliance These interim Condensed Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IFRS Accounting Standards”) and interpretations of the IFRS Interpretations Committee (“IFRIC”), including International Accounting Standard 34, “Interim Financial Reporting”, and were prepared following the same accounting policies and methods of computation as the annual Consolidated Financial Statements for the year ended December 31, 2024. Certain information and disclosures normally included in annual Consolidated Financial have been omitted or condensed. Accordingly, these interim Condensed Consolidated Financial Statements should be read in conjunction with the Corporation’s annual Consolidated Financial Statements for the year ended December 31, 2024, which were prepared in accordance with IFRS, as issued by the IASB. These interim Condensed Consolidated Financial Statements were approved and authorized for issue by the Board of Directors on November 12, 2025. (b) Estimates The preparation of the interim Condensed Consolidated Financial Statements in accordance with IAS 34 requires the use of certain critical accounting estimates and assumptions. It all requires management to exercise judgement in applying the Corporation’s accounting policies. The accounting policies and critical estimates and assumptions have been set out in Note 3, Critical Judgments, of the annual Consolidated Financial Statements for the year ended December 31, 2024 and have been consistently applied in the preparation of the interim Condensed Consolidated Financial Statements as of and for the three and nine months ended September 30, 2025. Wilmington Capital Management Inc. 6 NOTE 3 FAIR VALUE ADJUSTMENTS TO INVESTMENTS Three months ended September 30, Nine months ended September 30, (CDN $ thousands) 2025 2024 2025 2024 Fair value adjustments through profit and loss Sunchaser Partnership --- (30) --- (30) Energy Securities --- --- --- 194 Fair value adjustments (FVTPL) --- (30) --- 164 Fair value adjustments through OCI Bay Moorings Partnership (200) --- (200) --- Fair value adjustments (FVTOCI) (200) --- (200) --- Total fair value adjustments to investments (200) (30) (200) 164 During the three months ended September 30, 2025, the Corporation recorded a $0.2 million reduction in the fair value of its investment in the Bay Moorings Partnership. The fair value of its investment is based on a net asset valuation method, using recent lot sale prices and other relevant information to determine the fair value of the underlying assets. NOTE 4 GAIN FROM SALE OF INVESTMENTS Three months ended September 30, Nine months ended September 30, (CDN $ thousands) 2025 2024 2025 2024 Maple Leaf Marinas Holdings GP Inc. --- --- --- --- 33 Marina Asset Management Inc. --- --- --- 1,120 Northbridge and Energy securities --- --- --- (206) Gain from sale of investments --- --- --- 947 On February 22, 2024, the Corporation sold its 17% interest in the Maple Leaf Marinas Holdings Limited Partnership for gross proceeds of $22.0 million (carrying value - $22.0 million). A gain on sale of $0.03 million was recorded with respect to the sale of its interest in the general partner. Under the terms of the partnership agreement, the Corporation’s interest in the Maple Leaf Marinas Holdings Limited Partnership must first be offered to the other limited partners and such limited partners, which included management and certain directors, elected to acquire the Corporation’s interest in the Maple Leaf Marinas Holdings Limited Partnership. The transaction was approved by the independent directors of the Corporation. On March 14, 2024, the Corporation sold its 33.3% interest in the Marina Asset Manager for $1.1 million (carrying value – nil) plus the assumption of related contingent liabilities. A gain on sale of $1.1 million was recognized. The Corporation received gross proceeds of $5.1 million (carrying value - $5.3 million) on the disposition of certain energy securities. A loss on the sale of energy securities of $0.2 million was recorded. Wilmington Capital Management Inc. 7 NOTE 5 INVESTMENT IN THE BAY MOORINGS PARTNERSHIP The Corporations has an 18% ownership in the Bay Moorings Partnership, which owns land for development and sale in Ontario. The Corporation does not exercise significant influence over the investment. September 30, December 31, (CDN $ thousands) 2025 2024 Reconciliation of movements during the period Balance, beginning of period 850 910 Fair value adjustments (FVTOCI) (200) (60) Balance, end of period 650 850 An advance of $0.8 million secured by a non-interest-bearing promissory note, remains outstanding at September 30, 2025 (December 31, 2024 - $0.8 million). NOTE 6 AMOUNTS RECEIVABLE AND OTHER ASSETS (CDN $ thousands) September 30, 2025 December 31, 2024 Bay Moorings Partnership note receivable 808 808 Interest receivable 86 112 Trade receivables 87 237 Prepaid expenses 68 68 Right-of-use-asset short term 14 28 Total amounts receivable and other assets 1,063 1,253 Classification Current 1,063 1,253 NOTE 7 SHAREHOLDERS’ EQUITY (a) Share capital September 30, 2025 December 31, 2024 Class A shares 11,498,181 11,498,181 Class B shares 997,652 997,652 Total 12,495,833 12,495,833 The Corporation is authorized to issue an unlimited number of Class A shares and Class B shares, common shares, and preferred shares. All the issued and outstanding shares are fully paid and have no par value. The Class A shares do not carry full voting rights; entitle the holders to elect two directors; rank equally with the Class B shares in the payment of dividends; rank equally to the Class B shares on the liquidation, dissolution or winding up of the Corporation; and become convertible into Class B shares, each of which carry one vote per share, in certain circumstances. The Class B shares are entitled to one vote per share at meetings of shareholders and are entitled to elect three directors. As at September 30, 2025, and December 31, 2024, no common shares and preferred shares were issued and outstanding. (b) Special Dividend and Return of Capital On May 7, 2024, the Corporation paid a special dividend and return of capital of $2.75 per Class A and Class B share for $33.9 million. --- The stated capital associated with Class A shares (“Class A Reduction”) was reduced by $14.2 million ($1.25 per Class A share) and Class B shares (“Class B Reduction”) by $1.1 million ($1.12 per Class B share) resulting in an aggregate reduction in stated capital of the Corporation by $15.3 million. The portion of the payment not paid by way of the Class A Reduction and Class B Reduction was paid as an eligible dividend in an amount of $1.50 and $1.63 per Class A share and Class B share, respectively, in the aggregate amount of $18.6 million. Wilmington Capital Management Inc. 8 Summarized below are the special dividend and return of capital. ($ thousands, except per share amounts) Class A non-voting shares Class B voting shares Total Special dividend 16,992 1,626 18,618 Return of capital 14,160 1,118 15,278 Total distribution declared 31,152 2,744 33,896 Special dividend – per share 1.50 1.63 Return of capital – per share 1.25 1.12 Total distribution declared – per share 2.75 2.75 (c) Per share amounts Three months ended September 30, Nine months ended September 30, (CDN $ thousands, except per share amounts) 2025 2024 2025 2024 Numerator Net income (loss) (195) 57 (636) 1,194 Denominator Weighted average shares outstanding - basic 12,496 12,496 12,496 12,458 Dilutive impact of stock options --- --- --- 158 Weighted average shares outstanding - dilutive 12,496 12,496 12,496 12,616 Net income (loss) per share Basic (0.02) --- (0.05) 0.09 Diluted (0.02) --- (0.05) 0.09 NOTE 8 INTEREST, DISTRIBUTIONS AND OTHER INCOME Three months ended September 30, Nine months ended September 30, (CDN $ thousands) 2025 2024 2025 2024 Interest income 268 315 824 1,323 Distributions --- --- --- 62 Other income --- --- --- 16 Total 268 315 824 1,401 NOTE 9 SUPPLEMENTAL DISCLOSURES Cash flow statement presentation Three months ended September 30, Nine months ended September 30, (CDN $ thousands) 2025 2024 2025 2024 Operating activities Change in non-cash working capital Amounts receivable and other 45 113 191 (156) Amounts payable and other (37) (1,063) (1,021) (1,281) Income taxes payable (61) (111) (967) 734 (53) (1,061) (1,797) (703) Wilmington Capital Management Inc. 9 NOTE 10 RISK MANAGEMENT Interest rate risk The Corporation is indirectly exposed to interest rate risk through the Bay Moorings Partnership, which has financed its development costs. Credit risk Credit risk is the risk of loss due to the failure of a borrower or counterparty to fulfill its contractual obligations. The Corporation’s exposure to credit risk arises as a result of the amounts receivable and advances to investees. The maximum exposure in respect to amounts receivable and advances is equal to the carrying value. Liquidity risk Liquidity risk is the risk that the Corporation cannot meet a demand for cash or fund an obligation as it comes due. To ensure the Corporation is able to react to contingencies and investment opportunities quickly, the Corporation maintains sources of liquidity including cash on hand and other financial assets, cash flows generated from financing activities, distributions and proceeds from the sale of its investment. The Corporation may also generate liquidity by accessing capital markets on an opportunistic basis. The principal liquidity needs for years beyond the next twelve months are for potential investments. The Corporation’s strategy is to meet these needs with one or more of the following: existing cash balances, cash flows from operations, distrib --- utions and proceeds from the sale of its investment. The timing of undiscounted cash flows relating to contractual commitments are as follows: (CDN $ thousands) Total Less Than One Year 2-3 Years 4-5 Years After 5 Years Amounts payable and other 617 617 --- --- --- Operating leases (office lease) 74 38 36 --- --- Fair value measurements The following table summarizes the Corporation’s financial assets measured and recognized at fair value, by class of asset or liability and categorized by level according to the significance of the inputs used in making the measurements. Fair value as at September 30, 2025 (CDN $ thousands) Level 3 Fair value through other comprehensive income Bay Moorings Partnership --- --- 650 Fair value as at December 31, 2024 (CDN $ thousands) Level 3 Fair value through other comprehensive income Bay Moorings Partnership 850 The following table presents the changes in financial instruments recognized as FVTOCI as at September 30, 2025: (CDN $ thousands) Balance, beginning of period Fair value adjustments Balance, end of the period Bay Moorings Partnership 850 (200) 650 Notes receivable, amounts receivable and other assets, cash, income taxes receivable/payable, amounts payable are carried at amortized cost, which approximates fair value due to their short-term nature. The fair value of financial instruments measured at fair value are classified as Level 3, requires an assessment of the significance of a particular input to the fair value measurement and judgment which may ultimately affect the placement within the fair value hierarchy. Wilmington Capital Management Inc. 10 Valuation techniques underlying management’s estimates of fair value of Bay Moorings Partnership The fair value is determined using the net asset value technique with consideration given to observable inputs that were obtained as close to the reporting date as possible. Inputs such as recent property appraisals, recent sales of comparable properties, construction costs in place, and recent home and lot sales were considered If the value of unsold lot had increased or decreased by 5% with all other variables being held constant, the fair value would have increased or decreased by approximately $0.05 million (December 31, 2024). Corporate and Shareholder Information CORPORATE OFFICE DIRECTORS Wilmington Capital Management Inc. Joseph F. Killi Suite 1420 – 205 5th Avenue SW Chairman of the Corporation Calgary AB T2P 2V7 Telephone: (403) 705-8036 Timothy W. Casgrain1 Web site: www.wilmingtoncapital.com Lead Director Andrew W. W. Cockwell STOCK EXCHANGE LISTINGS Corporate Director Toronto Stock Exchange Symbol Class A Shares WCM.A Marc D. Sardachuk1 Class B Shares WCM.B Corporate Director AUDITORS Christopher Killi PricewaterhouseCoopers LLP Managing Partner and Chief Executive Officer 111 5th Avenue SW, Suite 3100, East Tower Calgary, AB T2P 5L3 1 Member of the Audit & Corporate Governance Committee TRANSFER AGENT AND REGISTRAR OFFICERS TSX Trust Company Telephone: (403) 776-3900 Christopher Killi Managing Partner and Chief Executive Officer Questions about shareholdings, dividends, address changes or lost certificates should be directed to the Corporation’s Transfer Agent and Registrar. Patrick Craddock Managing Partner and Vice President Finance J. Francis Cooke Advisory Services Alex Powell Corporate Secretary Suite 1420 – 205 5th Ave SW Calgary AB T2P 2V7