SEDAR Interim Financial Statements

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the first quarter ended December 31, 2025 TERRAVEST INDUSTRIES INC. Interim Condensed Consolidated Statements of Financial Position (Unaudited – in thousands of Canadian dollars) 2 As at As at Note December 31, 2025 September 30, 2025 $ $ ASSETS Current Cash 15,863 13,946 Accounts receivable 183,006 210,390 Income taxes receivable 8,166 11,824 Inventories 352,128 351,637 Other current assets 7 24,756 25,817 583,919 613,614 Non-Current Finance leases receivable 4,567 2,742 Property, plant and equipment 314,110 302,830 Right-of-use assets 216,925 223,025 Intangible assets 369,148 390,057 Net defined benefit asset 12,739 12,861 Deferred income tax assets 10,863 11,225 Investments 8 62,106 63,082 Goodwill 451,851 461,090 2,026,228 2,080,526 LIABILITIES Current Accounts payable and accrued liabilities 147,209 172,487 Customer deposits 106,543 58,184 Dividends payable 10 4,337 3,795 Income taxes payable 843 2,551 Contingent considerations 5,150 52,724 Current portion of long-term debt 9 105,609 106,674 Current portion of lease liabilities 15,943 15,527 385,634 411,942 Non-Current Long-term debt 9 588,509 647,307 Lease liabilities 216,901 221,441 Contingent considerations 1,150 - Net defined benefit liability 4,578 4,599 Deferred income tax liabilities 38,820 33,081 1,235,592 1,318,370 SHAREHOLDERS' EQUITY Share capital 563,988 563,988 Share premium (10,748) (10,748) Share-based payments reserve 1,460 1,427 Accumulated other comprehensive income (loss) (9,950) (3,337) Retained earnings 199,581 170,708 744,331 722,038 Non-controlling interests 46,305 40,118 790,636 762,156 2,026,228 2,080,526 See accompanying notes to the interim condensed consolidated financial statements On behalf of the Board: /s/ Charles Pellerin, Director /s/ Blair Cook, Director TERRAVEST INDUSTRIES INC. Interim Condensed Consolidated Statements of Income (Unaudited – in thousands of Canadian dollars, except share and per share amounts) 3 First quarters ended Note December 31, 2025 December 31, 2024 $ $ SALES 15 Products 348,680 188,848 Services 59,670 45,737 408,350 234,585 Cost of sales 305,665 163,960 Gross profit 102,685 70,625 EXPENSES Administration i) 59,704 27,203 Selling 12,188 9,019 Financing costs 12 15,607 4,576 Other (gains) losses 13 (34,878) (8,699) 52,621 32,099 EARNINGS BEFORE INCOME TAXES 50,064 38,526 INCOME TAX EXPENSE (RECOVERY) Current 9,521 8,458 Deferred 5,312 (363) 14,833 8,095 NET INCOME 35,231 30,431 Net income attributable to: Common shareholders 33,210 28,735 Non-controlling interests 2,021 1,696 35,231 30,431 Weighted average number of common shares: Basic 11 21,685,695 19,501,433 Diluted 11 22,178,026 20,257,534 Net income per share: Basic 11 $1.53 $1.47 Diluted 11 $1.50 $1.42 i) Includes amortization of intangible assets expense of $18,873 for the first quarter ended December 31, 2025 ($3,982 for the first quarter ended December 31, 2024). See accompanying notes to the interim condensed consolidated financial statements TERRAVEST INDUSTRIES INC. Interim Condensed Consolidated Statements of Comprehensive Income (Unaudited – in thousands of Canadian dollars) 4 First quarters ended December 31, 2025 December 31, 2024 $ $ NET INCOME 35,231 30,431 Other comprehensive income (loss), net of income tax: Item that may be reclassified subsequently to profit or loss: Exchange difference on translating foreign operations (6,613) 5,704 COMPREHENSIVE INCOME 28,618 36,135 Attributable to: Common shar --- eholders 26,597 34,439 Non-controlling interests 2,021 1,696 28,618 36,135 See accompanying notes to the interim condensed consolidated financial statements TERRAVEST INDUSTRIES INC. Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited – in thousands of Canadian dollars) 5 First quarters ended Note December 31, 2025 December 31, 2024 $ $ Share capital Common shares: Balance, beginning of year and end of period 563,988 250,644 Share premium Balance, beginning of year and end of period (10,748) 14,838 Share-based payments reserve Balance, beginning of year 1,427 2,144 Share-based payments expense 33 97 Balance, end of period 1,460 2,241 Accumulated other comprehensive income (loss) Balance, beginning of year (3,337) 1,318 Other comprehensive income (loss) (6,613) 5,704 Balance, end of period (9,950) 7,022 Retained earnings Balance, beginning of year 170,708 98,707 Net income attributable to common shareholders 33,210 28,735 Dividends declared during the period 10 (4,337) (3,413) Balance, end of period 199,581 124,029 Total shareholders’ equity attributable to common shareholders 744,331 398,774 Non-controlling interests Balance, beginning of year 40,118 31,967 Recognition of non-controlling interest 4,289 - Change in non-controlling interest (268) (175) Change attributable to subsidiary's stock options plan 145 189 Net income attributable to non-controlling interests 2,021 1,696 Balance, end of period 46,305 33,677 Total shareholders’ equity 790,636 432,451 See accompanying notes to the interim condensed consolidated financial statements TERRAVEST INDUSTRIES INC. Interim Condensed Consolidated Statements of Cash Flows (Unaudited – in thousands of Canadian dollars) 6 First quarters ended Note December 31, 2025 December 31, 2024 $ $ OPERATING ACTIVITIES Net income 35,231 30,431 Adjustments for: Current income tax expense 9,521 8,458 Interest expense 15,124 4,402 Items not affecting cash 14 8,048 6,210 Interest paid (15,541) (4,462) Net income taxes paid (7,665) (11,998) Contributions to post-employment benefits plans (31) (39) Settlement of derivative financial instruments 1,002 (205) Change in non-cash operating working capital items 14 50,859 3,806 96,548 36,603 INVESTING ACTIVITIES Consideration paid on business combinations, net of cash acquired 5 (2,372) (20,825) Purchase of other property, plant and equipment (19,340) (12,071) Proceeds from disposal of other property, plant and equipment 1,798 456 Purchase of property, plant and equipment for rental (2,657) (3,622) Proceeds from disposal of property, plant and equipment for rental 586 6,334 Purchase of intangible assets (170) (281) Proceeds from disposal of intangible assets 66 - Investments 14 (10,021) (2,091) Net change in non-controlling interest (268) (175) (32,378) (32,275) FINANCING ACTIVITIES Net change in long-term revolving operating loans, net of transaction costs (50,646) (21,158) Issuance of long-term debt - 12,000 Repayment of long-term debt (2,140) (4,077) Repayment of lease liabilities (3,759) (2,397) Dividends paid (3,795) (2,925) (60,340) (18,557) Net inflows (outflows) for the period 3,830 (14,229) Cash, beginning of year 13,946 28,375 Impact of foreign exchange on cash (1,913) 2,260 CASH, END OF PERIOD 15,863 16,406 See accompanying notes to the interim condensed consolidated financial statements TERRAVEST INDUSTRIES INC. Notes to the Interim Condensed Consolidated Financial Statements For the first quarter ended December 31, 2025 --- (Unaudited – in thousands of Canadian dollars, except share and per share amounts) 7 1. DESCRIPTION OF THE BUSINESS TerraVest Industries Inc. (“TerraVest” or the “Company”) is incorporated under the laws of Alberta and is listed on the Toronto Stock Exchange (equity symbol: TVK). TerraVest’s head office is located at 6205 60th Street in Vegreville, Alberta, Canada. TerraVest is a diversified industrial company that manufactures and sells goods and services to various end-markets including: agriculture, mining, energy production and distribution, chemical, utilities, transportation and construction, among others. TerraVest is focused on acquiring and operating market leading businesses that will benefit from TerraVest’s financial and operational support. These opportunities generally center on manufactured products and services that complement TerraVest’s existing operations and provide integration benefits. TerraVest is comprised of four operating segments as follows: Home Heating and Cooling Products and Containment Equipment (“HVAC and Containment Equipment”), Compressed Gas Storage and Distribution Equipment (“Compressed Gas Equipment”), Energy Processing Equipment (“Processing Equipment”) and Service. 2. STATEMENT OF COMPLIANCE These interim condensed consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting (“IAS 34”) using the same accounting policies TerraVest disclosed in its audited consolidated financial statements for the year ended September 30, 2025. These interim condensed consolidated financial statements do not include all the information required under IFRS Accounting Standards (“IFRS”) for complete set of financial statements. Therefore, these interim condensed consolidated financial statements should be read in conjunction with TerraVest’s audited consolidated financial statements for the year ended September 30, 2025. These interim condensed consolidated financial statements were authorized for issue by the Board of Directors on February 10, 2026. 3. ESTIMATES The preparation of financial statements requires management to make judgments, estimates and assumptions that may affect the application of policies and reported amounts of assets, liabilities, contingent assets and liabilities, income and expenses. Actual results could differ from these judgments, estimates and assumptions. The judgments, estimates and assumptions applied in the interim condensed consolidated financial statements, including the key areas of estimation uncertainty, were the same as those applied in TerraVest’s audited consolidated financial statements for the year ended September 30, 2025. 4. SEASONALITY TerraVest’s operating segments are seasonal in nature. The strongest quarters for TerraVest are its first and last quarters. The Processing Equipment and Service segments generally experience higher sales in the first and second quarters as majority of the drilling in Western Canada occurs during this period. The HVAC and Containment Equipment and Compressed Gas Equipment segments generally experience higher sales during the first and last quarters as demand for residential, commercial and industrial heating products increases heading into the winter months. The third quarter is typically the weakest across all segments. TerraVest takes advantage of this seasonality to build inventory levels during non-peak demand periods, thereby allowing TerraVest to more readily meet increased levels of demand --- during its regular peak demand periods. However, the current economic context might change that historical seasonal profile. TERRAVEST INDUSTRIES INC. Notes to the Interim Condensed Consolidated Financial Statements For the first quarter ended December 31, 2025 (Unaudited – in thousands of Canadian dollars, except share and per share amounts) 8 5. BUSINESS COMBINATIONS 2026 Business combinations In December 2025, a partially owned subsidiary of TerraVest entered into an agreement to acquire control of another business through the purchase of 60% of its issued and outstanding shares. The total consideration for the transaction was $7,794 comprising cash of $1,745 and non-cash items of $6,049. This acquisition does not have a significant impact on TerraVest’s consolidated financial statements. Subsequently to the end of the quarter, in January 2026, a subsidiary of TerraVest entered into a share purchase agreement to purchase all the issued and outstanding shares of KBK Industries, LLC (“KBK”). KBK is a U.S.-based manufacturer of aboveground and underground fiberglass tanks and steel storage tanks for the convenience store (“c- store”), agricultural, chemical, infrastructure and energy markets. The total consideration for the transaction was US$90,000 paid using the revolving operating credit facility. The initial accounting for this business combination remains incomplete. 2025 Business combinations During the first quarter ended December 31, 2025, TerraVest adjusted the preliminary determination of the fair value of assets acquired and liabilities assumed in business combinations completed in 2025. Only the comparative figures impacted by adjustments made during the first quarter ended December 31, 2025 have been updated in these interim condensed consolidated financial statements. Refer to Note 4 of TerraVest’s audited consolidated financial statements for the year ended September 30, 2025, for detailed information on the acquisitions completed during fiscal 2025, including the nature of the transactions and the methodologies applied in determining the fair value of identifiable assets acquired and liabilities assumed. Fair value of the consideration transferred at the acquisition date Preliminary Tankcon Simplex LBT Entrans Aureus & Wave Other Total $ $ $ $ $ $ $ Cash consideration 25,659 39,927 20,111 779,590 28,470 4,754 898,511 Common shares issued 2,500 - - - - - 2,500 Amount payable to the vendors - 667 - - - - 667 Contingent consideration payable to the vendors - - - 58,770 - - 58,770 Investments 28,159 40,594 20,111 838,360 28,470 4,754 960,448 TERRAVEST INDUSTRIES INC. Notes to the Interim Condensed Consolidated Financial Statements For the first quarter ended December 31, 2025 (Unaudited – in thousands of Canadian dollars, except share and per share amounts) 9 Assets acquired and liabilities assumed at the acquisition date The preliminary fair value of the identifiable assets acquired and liabilities assumed as at the acquisition date is as follows: Preliminary Tankcon Simplex LBT Entrans Aureus & Wave Other Total $ $ $ $ $ $ $ ASSETS Cash 1,079 14,951 1,219 22,730 - 258 40,237 Accounts receivable 758 14,446 4,051 58,256 - 509 78,020 Income taxes receivable - - - 3,804 - 87 3,891 Inventories 2,020 16,225 10,435 105,247 350 1,272 135,549 Other current assets 57 362 76 5,392 161 80 6,128 Property, plant and equipment 9,815 6,181 2,711 37,605 35,482 208 92,002 Right-of-use assets 3,024 22,023 22,484 65,706 6,641 2,400 122,278 I --- ntangible assets 10,751 22,653 9,604 360,369 2,824 - 406,201 Deferred income tax assets - - - - - 473 473 27,504 96,841 50,580 659,109 45,458 5,287 884,779 LIABILITIES Accounts payable and accrued liabilities 1,164 6,055 5,645 94,247 222 588 107,921 Customer deposits 179 28,746 117 13,518 - 712 43,272 Income taxes payable 239 1,401 705 335 - - 2,680 Lease liabilities 3,024 22,023 22,484 65,706 6,641 2,400 122,278 Net defined benefit liability - - - 1,290 - - 1,290 Deferred income tax liabilities 2,722 - 349 19,607 2,329 - 25,007 7,328 58,225 29,300 194,703 9,192 3,700 302,448 Net identifiable assets acquired 20,176 38,616 21,280 464,406 36,266 1,587 582,331 Goodwill (gain on bargain purchase) arising from the business combinations Preliminary Tankcon Simplex LBT Entrans Aureus & Wave Other Total $ $ $ $ $ $ $ Consideration transferred 28,159 40,594 20,111 838,360 28,470 4,754 960,448 Less: Fair value of net identifiable assets acquired 20,176 38,616 21,280 464,406 36,266 1,587 582,331 Goodwill (gain on bargain purchase) 7,983 1,978 (1,169) 373,954 (7,796) 3,167 378,117 TERRAVEST INDUSTRIES INC. Notes to the Interim Condensed Consolidated Financial Statements For the first quarter ended December 31, 2025 (Unaudited – in thousands of Canadian dollars, except share and per share amounts) 10 6. FINANCIAL INSTRUMENTS The fair values of short-term financial assets and liabilities approximate their respective carrying amounts at the reporting date due to the short-term maturities of these instruments. The fair value of the long-term debt approximates its carrying amount at the reporting date as it either bears interest at variable rates or has terms and conditions comparable to current market terms and conditions for similar items and is classified in Level 2 of the fair value hierarchy. The fair value of the contingent considerations has been determined based on management’s best estimate of budgeted EBITDA of the acquired businesses and is classified in Level 3 of the fair value hierarchy. The fair value of the investment in equity instruments has been determined based on the quoted price in active markets and is classified in Level 1 of the fair value hierarchy. The fair value of the investment in a limited partnership, which is not traded in an active market, is determined using valuation techniques such as comparable recent arms’ length analysis and is classified in Level 3 of the fair value hierarchy. TerraVest’s derivative financial instruments are forward exchange contracts, commodity swap contracts and interest rate swap agreements which are not traded in active markets. Forward exchange contracts have been fair valued using observable forward exchange rates and interest rates corresponding to the maturity of the contracts while commodity swap contracts have been fair valued using observable commodity prices corresponding to the maturity of the contracts. The interest rate swap agreements have been fair valued using observable interest rates corresponding to the maturity of the agreements. The effects of non-observable inputs are not significant for forward exchange contracts, commodity swap contracts and interest rate swap agreements. These items are classified in Level 2 of the fair value hierarchy. 6.1 Forward exchange contracts As at December 31, 2025, TerraVest had forward exchange contracts to sell US dollars into Canadian dollars for notional amounts totaling US$28,800 (US$27,600 as at September 30, 2025) to sell at various rat --- es and expiring on various dates up to and including December 28, 2028. The fair value of forward exchange contracts was a liability of $42 as at December 31, 2025 ($326 as at September 30, 2025) included in accounts payable and accrued liabilities. 6.2 Interest rate swap agreements TerraVest had interest rate swap agreements described as follows: As at As at December 31, 2025 September 30, 2025 Maturity Fixed rate Notional amount Fair value i) Fair value i) $ $ $ August 2027 3.13% 10,000 (119) (151) August 2029 2.98% 10,000 (118) (207) (237) (358) i) Included in accounts payable and accrued liabilities. 6.3 Commodity swap contracts As at December 31, 2025, TerraVest had commodity swap contracts to purchase nickel and aluminium for notional quantities totaling 130,000 lbs (1,555,000 lbs as at September 30, 2025). The agreements have varying contractual prices and expiration dates up to and including December 31, 2026. The fair value of commodity swap contracts was in an asset position of $96 as at December 31, 2025 ($1,006 as at September 30, 2025) included in other current assets. TERRAVEST INDUSTRIES INC. Notes to the Interim Condensed Consolidated Financial Statements For the first quarter ended December 31, 2025 (Unaudited – in thousands of Canadian dollars, except share and per share amounts) 11 7. OTHER CURRENT ASSETS As at As at December 31, 2025 September 30, 2025 $ $ Prepaid expenses and deposits 21,917 22,613 Derivative financial instruments 96 1,006 Current portion of finance leases receivable 794 502 Other 1,949 1,696 Investments 24,756 25,817 8. INVESTMENTS As at As at December 31, 2025 September 30, 2025 $ $ At equity method Investment in associate 1,233 1,233 Investment in joint ventures 111 76 1,344 1,309 At fair value through profit or loss Investment in equity instruments 54,257 54,984 Investment in a limited partnership 6,505 6,789 60,762 61,773 Investments 62,106 63,082 9. REVOLVING CREDIT FACILITIES AND LONG-TERM DEBT 9.1 Covenants The quarterly financial covenants to comply with the revolving credit facilities and long-term debt were as follows: Financial covenants Required measurements As at December 31, 2025 Funded debt to EBITDA ratios ≤ 2.50:1 and ≤ 4.75:1 0.28 and 2.94 Interest coverage ratio ≥ 3.00:1 4.00 Fixed charge coverage ratio ≥ 1.25:1 3.31 As at December 31, 2025, TerraVest was in compliance with all of its financial and non-financial covenants. TERRAVEST INDUSTRIES INC. Notes to the Interim Condensed Consolidated Financial Statements For the first quarter ended December 31, 2025 (Unaudited – in thousands of Canadian dollars, except share and per share amounts) 12 10. SHARE CAPITAL 10.1 Dividends During the first quarter ended December 31, 2025, TerraVest has declared a cash dividend of $0.20 per common share ($0.175 per common share during the first quarter ended December 31, 2024). As at December 31, 2025, $4,337 was included in dividends payable. Subsequent to the end of the quarter, TerraVest declared a cash dividend of $0.20 per common share payable on April 10, 2026 to shareholders of record on March 31, 2026. 11. EARNINGS PER SHARE The following table provides a breakdown of the numerator and denominator used in the calculation of earnings per share and diluted earnings per share: First quarters ended December 31, 2025 December 31, 2024 Numerator Net income attributable to common shareholders $33,210 $28,735 Denominator Weighted average shares, beginning of year and end of period - basic 21,685, --- 695 19,501,433 Dilutive effect of options 492,331 756,101 Weighted average shares, end of period - diluted 22,178,026 20,257,534 Net income per share - basic $1.53 $1.47 Net income per share - diluted $1.50 $1.42 12. FINANCING COSTS First quarters ended December 31, 2025 December 31, 2024 $ $ Interest on revolving credit facilities and long-term debt 11,377 2,735 Interest on lease liabilities 3,747 1,667 Amortization of financing costs 483 174 Investments 15,607 4,576 TERRAVEST INDUSTRIES INC. Notes to the Interim Condensed Consolidated Financial Statements For the first quarter ended December 31, 2025 (Unaudited – in thousands of Canadian dollars, except share and per share amounts) 13 13. OTHER (GAINS) LOSSES First quarters ended December 31, 2025 December 31, 2024 $ $ (Gain) loss on foreign exchange 3,342 (10,794) Change in fair value of derivative financial instruments (505) 2,404 Change in fair value of investment in equity instruments 10,397 41 Change in fair value of investment in a limited partnership 181 223 Change in fair value of contingent considerations (48,307) - (Gain) loss on disposal of other property, plant and equipment 317 (132) (Gain) loss on disposal of property, plant and equipment for rental (18) (429) Gain on bargain purchase (Note 5) (285) - Share of an associate and joint ventures net (income) loss - (12) Investments (34,878) (8,699) 14. SUPPLEMENTAL CASH FLOW INFORMATION First quarters ended December 31, 2025 December 31, 2024 $ $ Adjustments for items not affecting cash Depreciation of other property, plant and equipment 11,241 6,847 Depreciation of property, plant and equipment for rental 1,005 531 Depreciation of right-of-use assets 5,821 3,125 Amortization of intangible assets 18,873 3,982 Amortization of financing costs 483 174 Post-employment benefits costs (7) 37 Share-based compensation expense 178 286 Inventory write-downs 67 33 Change in fair value of derivative financial instruments (505) 2,404 Change in fair value of investment in equity instruments 10,397 41 Change in fair value of investment in a limited partnership 181 223 Change in fair value of contingent considerations (48,307) - (Gain) loss on disposal of other property, plant and equipment 317 (132) (Gain) loss on disposal of property, plant and equipment for rental (18) (429) Gain on bargain purchase (Note 5) (285) - Deferred income tax expense (recovery) 5,312 (363) Share of an associate and joint ventures net (income) loss - (12) Unrealized foreign exchange (gain) loss i) 3,295 (10,537) 8,048 6,210 i) Includes $209 of unrealized foreign exchange gain on long-term debt for the first quarter ended December 31, 2025 ($2,995 of unrealized foreign exchange loss for the first quarter ended December 31, 2024). TERRAVEST INDUSTRIES INC. Notes to the Interim Condensed Consolidated Financial Statements For the first quarter ended December 31, 2025 (Unaudited – in thousands of Canadian dollars, except share and per share amounts) 14 First quarters ended December 31, 2025 December 31, 2024 $ $ Changes in non-cash operating working capital items Accounts receivable 28,455 (2,277) Inventories (3,794) 3,389 Other current assets 614 (5,732) Finance leases receivable i) (2,125) (1,041) Accounts payable and accrued liabilities (22,044) 2,793 Customer deposits 49,753 6,674 50,859 3,806 Investments Investment in equity instruments (9,986) (2,091) Investment in joint venture (35) - (10,021) (2,091) i) Includes current and non-current portion of finance leas --- es receivable. 14.1 Additional cash flow information Deposits on purchases of Property, plant and equipment (“PP&E”) of $1,039 were recorded in other current assets as at December 31, 2025 ($6,568 as at December 31, 2024). Purchases of PP&E of $2,856 and of intangible assets of $35 were unpaid and recorded as accounts payable and accrued liabilities as at December 31, 2025 ($1,319 and $99 as at December 31, 2024). Proceeds from disposal of other PP&E of $nil and of PP&E for rental of $714 were not received and were recorded as accounts receivable as at December 31, 2025 ($539 and $29 respectively as at December 31, 2024). Proceeds from sale of business of $1,000 were not received and were recorded as accounts receivable as at December 31, 2025 ($nil as at December 31, 2024). Investment and innovation tax credits of $2,734 were recorded in accounts receivable as at December 31, 2025 ($nil as at December 31, 2024). Leases, for which an amount of $943 was recognized in right-of-use assets and in lease liabilities during the first quarter ended December 31, 2025 ($416 during the first quarter ended December 31, 2024), had no cash impact on investing and financing activities at initial recognition. 15. SEGMENTED INFORMATION 15.1 Reportable segments TerraVest determines its reportable segments based on the structure of its operations, which as at December 31, 2025 is divided into four operating business units: HVAC and Containment Equipment, Compressed Gas Equipment, Processing Equipment and Service. Corporate is not a segment, it is disclosed for reconciliation purposes and includes primarily long-term debt and interest expense, derivative financial instruments except for commodity swap contracts, income tax assets, liabilities and expenses, intersegment eliminations and other corporate related items or expenses which are not reviewed by segment by the Chief Executive Officer and the Board of Directors to make decisions about resources to be allocated to the segment and assess its performance. Consequently, for each of the operating segments below, net income (loss) excludes items previously listed and is the measure used by the Chief Executive Officer and the Board of Directors to review performance and allocate capital. TERRAVEST INDUSTRIES INC. Notes to the Interim Condensed Consolidated Financial Statements For the first quarter ended December 31, 2025 (Unaudited – in thousands of Canadian dollars, except share and per share amounts) 15 The following tables also provide information on disaggregated revenue as part of its segmented information disclosure. First quarter ended December 31, 2025 HVAC and Containment Equipment Compressed Gas Equipment Processing Equipment Service Corporate Total $ $ $ $ $ $ Sales – external 120,312 205,809 22,156 59,670 403 408,350 Sales – intersegment 998 970 446 - (2,414) - Depreciation and amortization 6,889 22,699 930 6,378 44 36,940 Financing costs 1,043 2,354 178 168 11,864 15,607 Income tax expense - - - - 14,833 14,833 Net income (loss) 22,950 (4,503) 1,680 8,802 6,302 35,231 Goodwill 54,051 383,618 1,941 12,241 - 451,851 Intangible assets 47,439 315,560 864 4,715 570 369,148 Segment assets 369,647 1,280,199 90,913 202,865 82,604 2,026,228 Segment liabilities 178,342 240,490 44,007 34,734 738,019 1,235,592 Purchase of PP&E 3,149 13,322 316 5,291 (81) 21,997 Proceeds from disposal of PP&E (109) (871) (42) (1,362) - (2,384) First quarter ended December 31, 2024 HVAC and Containment Equipment Compressed --- Gas Equipment Processing Equipment Service Corporate Total $ $ $ $ $ $ Sales – external 97,482 73,829 17,346 45,737 191 234,585 Sales – intersegment 308 1,780 1,722 - (3,810) - Depreciation and amortization 5,200 3,942 1,010 4,319 14 14,485 Financing costs 697 638 192 140 2,909 4,576 Income tax expense - - - - 8,095 8,095 Net income (loss) 21,939 6,040 1,288 7,712 (6,548) 30,431 Goodwill 51,373 18,705 1,941 9,356 - 81,375 Intangible assets 37,618 14,026 1,401 3,745 322 57,112 Segment assets 310,926 295,436 93,496 169,262 33,605 902,725 Segment liabilities 106,400 83,869 47,897 25,554 206,554 470,274 Purchase of PP&E 1,506 8,487 61 5,639 - 15,693 Proceeds from disposal of PP&E (5) (6,362) (95) (328) - (6,790) 15.2 Geographical information TerraVest generates revenue mainly from two segmental regions. The concentration of TerraVest’s revenue is derived from Canadian and U.S. sales. First quarters ended December 31, 2025 December 31, 2024 $ $ SALES Canada 118,466 109,725 United States 283,226 124,580 Other 6,658 280 408,350 234,585 TERRAVEST INDUSTRIES INC. Notes to the Interim Condensed Consolidated Financial Statements For the first quarter ended December 31, 2025 (Unaudited – in thousands of Canadian dollars, except share and per share amounts) 16 Certain non-current assets and goodwill by geographic segment: As at December 31, 2025 Canada United States Total $ $ $ Property, plant and equipment 210,329 103,781 314,110 Right-of-use assets 69,838 147,087 216,925 Intangible assets 22,730 346,418 369,148 Goodwill 30,676 421,175 451,851 333,573 1,018,461 1,352,034 As at September 30, 2025 Canada United States Total $ $ $ Property, plant and equipment 207,187 95,643 302,830 Right-of-use assets 71,473 151,552 223,025 Intangible assets 24,218 365,839 390,057 Goodwill 27,905 433,185 461,090 330,783 1,046,219 1,377,002