SEDAR Interim Financial Statements

Canaccord Genuity Group Inc. Unaudited Interim Condensed Consolidated Statements of Financial Position As at (in thousands of Canadian dollars) Notes December 31, 2025 $ March 31, 2025 $ ASSETS Current Cash and cash equivalents 1,670,860 1,193,201 Securities owned 3,4 626,895 702,418 Accounts receivable 5,18 2,978,695 3,325,539 Income taxes receivable 14,798 28,095 Total current assets 5,291,248 5,249,253 Other receivables 18 56,408 51,974 Deferred tax assets 9 35,879 61,575 Investments 11,348 11,812 Equipment and leasehold improvements 117,337 125,389 Intangible assets 8 345,043 346,401 Goodwill 8 577,038 686,548 Right of use assets 179,373 187,595 Total assets 6,613,674 6,720,547 LIABILITIES AND EQUITY Current Securities sold short 3,4 562,910 595,507 Accounts payable and accrued liabilities 5,18 3,705,114 3,720,369 Provisions 20 108,563 37,402 Income taxes payable 16,425 7,506 Subordinated debt 11 7,500 7,500 Current portion of bank loans 4,12 7,319 — Current portion of lease liabilities 30,459 30,283 Current portion of deferred and contingent consideration 4 6,070 11,855 Total current liabilities 4,444,360 4,410,422 Deferred tax liabilities 60,307 61,414 Derivative liabilities 4 178,413 129,835 Deferred and contingent considerations 4 29,766 22,111 Bank loans 4,12 471,678 442,780 Convertible debentures 13 88,738 85,155 Lease liabilities 225,074 205,115 Total liabilities 5,498,336 5,356,832 Equity Attributable to equity holders of CGGI 694,351 959,792 Attributable to non-controlling interests 7 420,987 403,923 Total equity 1,115,338 1,363,715 Total liabilities and equity 6,613,674 6,720,547 See accompanying notes “Daniel Daviau” “Terrence A. Lyons” DANIEL DAVIAU TERRENCE A. LYONS UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS CANACCORD GENUITY GROUP INC. THIRD QUARTER FISCAL 2026 45 Canaccord Genuity Group Inc. Unaudited Interim Condensed Consolidated Statements of Operations For the three months ended For the nine months ended (in thousands of Canadian dollars, except per share amounts) Notes December 31, 2025 $ December 31, 2024 $ December 31, 2025 $ December 31, 2024 $ REVENUE Commissions and fees 297,688 225,785 793,359 635,556 Investment banking 178,825 66,789 358,705 198,465 Advisory fees 65,371 71,138 194,557 216,821 Principal trading 17,720 34,644 85,064 87,441 Interest 47,766 51,007 141,525 157,279 Other 10 30,491 1,671 48,889 12,273 637,861 451,034 1,622,099 1,307,835 EXPENSES Compensation expense 383,864 254,873 975,342 759,604 Trading costs 23,335 27,438 76,540 71,959 Premises and equipment 6,279 5,558 18,250 17,243 Communication and technology 24,875 23,278 69,879 66,271 Interest 30,773 35,509 98,539 100,902 General and administrative 44,665 61,219 199,807 132,378 Amortization 13,667 10,795 38,330 31,699 Amortization of right- of- use assets 7,379 8,750 20,947 25,173 Development costs 23,267 13,905 63,221 42,149 Restructuring costs — 1,554 — 3,940 Acquisition-related costs 180 — 2,266 704 Impairment of goodwill 8,9 — — 110,000 — Fair value adjustment of non-controlling interests derivative liability 4,7 9,000 6,000 28,000 15,000 Fair value adjustment of convertible debentures derivative liability 4,13 3,176 7,347 21,373 5,583 Change in fair value of contingent consideration 4 3,184 — 5,841 — 573,644 456,226 1,728,335 1,272,605 Net income (loss) before income taxes 64,217 (5,192) (106,236) 35,230 Income tax expense Current 20,031 12,817 38,796 22,335 Deferred 5,563 (6,406) 20,000 (1,389) 9 25,594 6,411 58,7 --- 96 20,946 Net income (loss) for the period 38,623 (11,603) (165,032) 14,284 Net income (loss) attributable to: CGGI shareholders 21,788 (22,539) (206,983) (19,195) Non-controlling interests 16,835 10,936 41,951 33,479 Weighted average number of common shares outstanding (thousands) Basic 100,193 96,021 99,150 95,177 Diluted 104,376 n/a n/a n/a Net income (loss) per common share Basic 15 $ 0.19 $ (0.26) $ (2.17) $ (0.29) Diluted 15 $ 0.18 $ (0.26) $ (2.17) $ (0.29) Dividend per common share 16 $ 0.085 $ 0.085 $ 0.255 $ 0.255 Dividend per Series A Preferred Share 16 $ 0.25 $ 0.25 $ 0.75 $ 0.75 Dividend per Series C Preferred Share 16 $ 0.43 $ 0.43 $ 1.29 $ 1.29 See accompanying notes UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 46 CANACCORD GENUITY GROUP INC. THIRD QUARTER FISCAL 2026 Canaccord Genuity Group Inc. Unaudited Interim Condensed Consolidated Statements of Comprehensive Income (Loss) For the three months ended For the nine months ended (in thousands of Canadian dollars) December 31, 2025 $ December 31, 2024 $ December 31, 2025 $ December 31, 2024 $ Net income (loss) for the period 38,623 (11,603) (165,032) 14,284 Other comprehensive (loss) income Net change in unrealized (loss) income on translation of foreign operations (5,912) 19,877 (25,853) 32,356 Comprehensive income (loss) for the period 32,711 8,274 (190,885) 46,640 Comprehensive income (loss) attributable to: CGGI shareholders 15,627 (4,604) (234,856) 10,008 Non-controlling interests [Note 7] 17,084 12,878 43,971 36,632 See accompanying notes UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS CANACCORD GENUITY GROUP INC. THIRD QUARTER FISCAL 2026 47 Canaccord Genuity Group Inc. Unaudited Interim Condensed Consolidated Statements of Changes in Equity For the nine months ended (in thousands of Canadian dollars) Notes December 31, 2025 $ December 31, 2024 $ Preferred shares, opening and closing 14 $ 205,641 $ 205,641 Common shares, opening 653,807 616,531 PSO exercise 59 — Shares issued in connection with acquisition of Results International Group LLP — 1,188 Acquisition of common shares for long-term incentive plan (LTIP) (2,297) (16,382) Release of vested common shares from employee benefit trusts 40,557 50,864 Shares issued in connection with acquisition of Sawaya partners 2,883 2,883 Unvested share purchase loans 60 (148) Common shares, closing 15 695,069 654,936 Retained earnings, opening (37,604) 58,548 Net loss attributable to CGGI shareholders (206,983) (19,195) Share-based payments, amortization net of vesting (37,115) (44,425) Change in current and deferred taxes relating to share- based payments 2,360 617 Unvested share purchase loans (60) 148 Common shares dividends 16 (25,670) (24,571) Preferred shares dividends 16 (8,556) (8,557) Retained deficit, closing (313,628) (37,435) Deferred consideration, opening 2,806 5,612 Payment during the period (2,806) (2,806) Deferred consideration, closing — 2,806 Accumulated other comprehensive income (OCI), opening 135,142 109,313 Other comprehensive (loss) income attributable to CGGI shareholders (27,873) 29,203 Accumulated other comprehensive income, closing 107,269 138,516 Total shareholders’ equity 694,351 964,464 Total non-controlling interest 7 420,987 386,900 Total equity 1,115,338 1,351,364 See accompanying notes UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 48 CANACCORD GENUITY GROUP INC. THIRD QUARTER FISCAL 2026 Canaccord Genuity Group Inc. Unaudited Interim Condensed C --- onsolidated Statements of Cash Flows For the nine months ended (in thousands of Canadian dollars) Notes December 31, 2025 $ December 31, 2024 $ OPERATING ACTIVITIES Net (loss) income for the period (165,032) 14,284 Items not affecting cash Amortization 38,330 31,699 Amortization of right-of-use assets 20,947 25,173 Deferred income tax expense 20,000 (1,389) Share-based compensation expense 17 31,152 2,840 Fair value adjustments of investments — 500 Interest expense in connection with lease liabilities 14,000 12,552 Impairment of goodwill 8 110,000 — Fair value adjustment of convertible debentures derivative liability 4,13 21,373 5,583 Fair value adjustments of non-controlling interests derivative liability 4 28,000 15,000 Change in fair value adjustment of contingent consideration 5,841 — Impairment of investments accounted for under equity method — 750 Gain on disposal 10 (19,882) — Changes in non-cash working capital Decrease in securities owned 75,523 34,144 Decrease in accounts receivable 360,151 1,109,537 Decrease in net income taxes receivable 19,855 872 Decrease in securities sold short (32,597) (34,165) Increase (decrease) in accounts payable, accrued liabilities and provisions 33,234 (725,219) Cash provided by operating activities 560,895 492,161 FINANCING ACTIVITIES Repayment of bank loan — (315,154) Proceeds from bank loan 6 38,426 343,312 Acquisition of common shares for long-term incentive plan (2,297) (16,382) Payment of dividends on convertible preferred shares issued in UK & Crown Dependencies wealth management operations 7 (20,381) (19,678) Payment of dividends to non-controlling interests in Australia 7 (3,535) (8,038) Cash dividends paid on common shares (25,670) (24,571) Cash dividends paid on preferred shares (8,556) (8,557) Lease payments (35,798) (28,580) Cash used in financing activities (57,811) (77,648) INVESTING ACTIVITIES Purchase of equipment and leasehold improvements (4,623) (69,843) Acquisition of Wilsons Advisory, net of cash acquired 6 (30,265) — Net proceeds from disposal 10 19,882 — Acquisition of Intelligent Capital Holdings Limited, net of cash acquired — (3,323) Acquisition of Cantab Asset Management Ltd., net of cash acquired — (22,172) Payment of deferred consideration (4,672) (9,327) Purchase of intangibles (436) (1,393) Cash used in investing activities (20,114) (106,058) Effect of foreign exchange on cash balances (5,311) 14,649 Increase in cash position 477,659 323,104 Cash position, beginning of period 1,193,201 855,604 Cash position, end of period 1,670,860 1,178,708 Supplemental cash flow information Interest received $ 141,525 $ 157,281 Interest paid $ 97,722 $ 99,999 Income taxes paid $ 27,746 $ 23,279 See accompanying notes UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS CANACCORD GENUITY GROUP INC. THIRD QUARTER FISCAL 2026 49 Notes to Unaudited Interim Condensed Consolidated Financial Statements (in thousands of Canadian dollars, except per share amounts) 1. Corporate Information Through its principal subsidiaries, Canaccord Genuity Group Inc. (the Company or CGGI) is a leading independent, full-service investment dealer with capital markets operations in North America, the UK & Europe, Asia and Australia. The Company also has wealth management operations in Canada, the UK, the Crown Dependencies and Australia. The Company has operations in each of the two principal segments of the securities industry: capital markets and wealth management. Together, these operations off --- er a wide range of complementary investment products, comprehensive wealth management solutions including financial planning and brokerage services, and investment banking services to the Company’s private, institutional, corporate and government clients. Canaccord Genuity Group Inc. was incorporated on February 14, 1997 by the filing of a memorandum and articles with the Registrar of Companies for British Columbia under the Company Act (British Columbia) and continues in existence under the Business Corporations Act (British Columbia). The Company’s head office is located at Suite 1200 – 1133 Melville Street, Vancouver, British Columbia, V6E 4E5. The Company’s registered office is located at Suite 2200, 700 West Georgia Street, Vancouver, British Columbia, V7Y 1K8. The Company’s common shares are publicly traded under the symbol CF on the Toronto Stock Exchange (TSX). The Company’s Series A Preferred Shares are listed on the TSX under the symbol CF.PR.A. The Company’s Series C Preferred Shares are listed on the TSX under the symbol CF.PR.C. The Company’s business experiences considerable variations in revenue and income from quarter to quarter and year to year due to factors beyond the Company’s control. The Company’s business is affected by the overall condition of the worldwide equity and debt markets. 2. Basis of Preparation These unaudited interim condensed consolidated financial statements have been prepared in accordance with International Accounting Standard 34, “Interim Financial Reporting” (IAS 34), as issued by the International Accounting Standards Board (IASB). These unaudited interim condensed consolidated financial statements do not include all the information and disclosures required in annual financial statements and should be read in conjunction with the Company’s annual audited consolidated financial statements as at and for the years ended March 31, 2025 and March 31, 2024 (Annual Audited Consolidated Financial Statements) filed on SEDAR+ on June 4, 2025. These unaudited interim condensed consolidated financial statements have been prepared using the same accounting policies used in the preparation of the March 31, 2025 consolidated financial statements. Future changes in accounting policies and disclosures that are not yet effective are described in Note 3 of the Annual Audited Consolidated Financial Statements. The Company has not adopted any standard, interpretation or amendment that has been issued but is not yet effective. These unaudited interim condensed consolidated financial statements are presented in thousands of Canadian dollars, except when otherwise indicated. Certain comparative amounts have been reclassified to conform to the current year’s presentation. These unaudited interim condensed consolidated financial statements were authorized for issuance by the Company’s Board of Directors on February 13, 2026. 3. Securities Owned and Securities Sold Short December 31, 2025 March 31, 2025 Securities owned $ Securities sold short $ Securities owned $ Securities sold short $ Corporate and government debt 473,519 467,926 535,131 472,318 Equities and convertible debentures 153,376 94,984 167,287 123,189 626,895 562,910 702,418 595,507 As at December 31, 2025, corporate and government debt maturities range from 2026 – 2086 [March 31, 2025 – 2025 to 2078] and bear interest ranging from 0.00% to 14.00% [March 31, 2025 – 0.00% to 13.50%]. 50 CANACCORD GENUITY GROUP INC. THIRD QUARTER FISCAL 2026 4. Financial Instr --- uments The categories of financial instruments, other than cash and cash equivalents, investments accounted for under the equity method, and lease liabilities held by the Company at December 31, 2025 and March 31, 2025, are as follows: Fair value through profit and loss Amortized cost Total December 31, 2025 $ March 31, 2025 $ December 31, 2025 $ March 31, 2025 $ December 31, 2025 $ March 31, 2025 $ Financial assets Securities owned 626,895 702,418 — — 626,895 702,418 Accounts receivable from brokers and investment dealers — — 1,449,533 2,088,648 1,449,533 2,088,648 Accounts receivable from clients — — 841,400 668,983 841,400 668,983 RRSP cash balances held in trust — — 410,450 291,824 410,450 291,824 Other accounts receivable — — 277,312 276,084 277,312 276,084 Investments at FVTPL 7,169 7,543 — — 7,169 7,543 Other receivables — — 56,408 51,974 56,408 51,974 Total financial assets 634,064 709,961 3,035,103 3,377,513 3,669,167 4,087,474 Financial liabilities Securities sold short 562,910 595,507 — — 562,910 595,507 Accounts payable to brokers and investment dealers — — 960,837 1,454,029 960,837 1,454,029 Accounts payable to clients — — 2,126,736 1,706,502 2,126,736 1,706,502 Other accounts payable and accrued liabilities — — 617,541 559,838 617,541 559,838 Subordinated debt — — 7,500 7,500 7,500 7,500 Deferred and contingent consideration 35,836 33,966 — — 35,836 33,966 Bank loan — — 478,997 442,780 478,997 442,780 Derivative liabilities 178,413 129,835 — — 178,413 129,835 Total financial liabilities 777,159 759,308 4,191,611 4,170,649 4,968,770 4,929,957 The Company has not designated any financial instruments as fair value through profit or loss upon initial recognition. FAIR VALUE HIERARCHY All financial instruments for which fair value is recognized or disclosed are categorized within a fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: Level 1 – Quoted market prices in an active market (that are unadjusted) for identical assets or liabilities Level 2 – Valuation techniques (for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable) Level 3 – Valuation techniques (for which the lowest level input that is significant to the fair value measurement is unobservable) For financial instruments that are recognized at fair value on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS CANACCORD GENUITY GROUP INC. THIRD QUARTER FISCAL 2026 51 As at December 31, 2025, the Company held the following classes of financial instruments measured at fair value: Estimated fair value December 31, 2025 December 31, 2025 $ Level 1 $ Level 2 $ Level 3 $ Securities owned Corporate debt 8,089 — 7,938 151 Government debt 465,430 202,507 262,923 — Corporate and government debt 473,519 202,507 270,861 151 Equities 153,170 116,708 426 36,036 Convertible debentures 206 — 206 — Equities and convertible debentures 153,376 116,708 632 36,036 626,895 319,215 271,493 36,187 Investments at FVTPL 7,169 — — 7,169 634,064 319,215 271,493 43,356 Securities sold short Corporate debt (11,595) — (11,595) — Government debt (456,331) (176,622) (279, --- 709) — Corporate and government debt (467,926) (176,622) (291,304) — Equities (94,984) (94,984) — — (562,910) (271,606) (291,304) — Deferred and contingent consideration (35,836) — — (35,836) Derivative liabilities (178,413) — — (178,413) (777,159) (271,606) (291,304) (214,249) As at March 31, 2025, the Company held the following classes of financial instruments measured at fair value: Estimated fair value March 31, 2025 March 31, 2025 $ Level 1 $ Level 2 $ Level 3 $ Securities owned Corporate debt 12,476 — 12,469 7 Government debt 522,655 224,078 298,577 — Corporate and government debt 535,131 224,078 311,046 7 Equities 167,089 98,450 55,435 13,204 Convertible debentures 198 — 198 — Equities and convertible debentures 167,287 98,450 55,633 13,204 702,418 322,528 366,679 13,211 Investments at FVTPL 7,543 — — 7,543 709,961 322,528 366,679 20,754 Securities sold short Corporate debt (2,673) — (2,673) — Government debt (469,645) (189,447) (280,198) — Corporate and government debt (472,318) (189,447) (282,871) — Equities (123,189) (96,749) (26,440) — (595,507) (286,196) (309,311) — Deferred and contingent consideration (33,966) — — (33,966) Derivative liabilities (129,835) — — (129,835) (759,308) (286,196) (309,311) (163,801) Movement in net Level 3 financial liabilities Balance, March 31, 2025 $ (143,047) Movement in fair value of level 3 securities owned during the period 22,977 Movement in fair value of convertible debentures derivative liability during the period [Note 13] (21,373) Movement in fair value of non-controlling interests derivative liability during the period [Note 7] (28,000) Change in fair value of contingent consideration in connection with the acquisition of Brooks Macdonald Asset Management (International) Ltd. (9,141) Fair value adjustment of contingent consideration in connection with the acquisition of Sawaya Partners LLC 6,484 Fair value adjustment of contingent consideration in connection with the acquisition of Results International Group LLP (3,184) Payment of deferred consideration in connection with Results International Group LLP 1,243 Payment of contingent consideration in connection with Results International Group LLP 3,429 Foreign exchange revaluation (281) Balance, December 31, 2025 (170,893) NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 52 CANACCORD GENUITY GROUP INC. THIRD QUARTER FISCAL 2026 FAIR VALUE ESTIMATION i. Level 2 financial instruments Level 2 financial instruments include the Company’s investment in certain corporate and government debt, convertible debt, and over-the-counter equities. The fair values of corporate and government debt, and convertible debt classified as Level 2, are determined using the quoted market prices of identical assets or liabilities in markets that do not have transactions that take place with sufficient frequency and volume to provide pricing information on an ongoing basis. The Company regularly reviews the transaction frequency and volume of trading in these instruments to determine the accuracy of pricing information. ii. Level 3 financial instruments HELD FOR TRADING The fair value for Level 3 investments classified as held for trading is determined by the Company using a market-based approach with information that the Company has determined to be reliable and represents a best estimate of fair value readily available. Prices for trading investments are determined based on the last trade price or offer price, or, if these prices are cons --- idered stale, the Company obtains information based on certain inquiries, recent trades or pending new issues. DERIVATIVE LIABILITIES Convertible Preferred Shares and Preference Shares Certain institutional investors acquired Convertible Preferred Shares issued by the Company’s subsidiary, Canaccord Genuity Wealth Group Holdings (Jersey) Limited (CGWM UK). The Convertible Preferred Shares and the Preference Shares issued to management and employees of CGWM UK were treated as a compound instrument comprised of an equity component, representing discretionary dividends and a liquidation preference, and a liability component that reflects a derivative to settle the instrument under certain circumstances by delivering the economic equivalent of a variable number of common shares of CGWM UK [Note 7]. The derivative liability component is remeasured at the end of each reporting period, and a fair value adjustment of $28.0 million [December 31, 2024 – $15.0 million] was recorded in the unaudited interim condensed consolidated statements of operations during the period ended December 31, 2025. The fair value of the derivative liability component of £72.0 million (C$132.6 million) [March 31, 2025 – £57.0 million (C$105.4 million)] was included in derivative liabilities in the unaudited interim condensed consolidated statements of financial position as at December 31, 2025. The Company uses a Black Scholes model to estimate the fair value of the derivative liability embedded in the Convertible Preferred Shares and Preference Shares. The fair value is calculated using the estimated fair value as determined on an as converted equity equivalent basis. Other assumptions include estimates in respect of volatility, and the risk-free interest and dividend rates. Convertible debentures The convertible debentures include a derivative liability component, which represents the value of the conversion feature. During the nine months ended December 31, 2025, a fair value adjustment of $21.4 million was recorded in the unaudited interim condensed consolidated statements of operations [December 31, 2024 – $5.6 million]. The value of the derivative liability associated with the convertible debentures was $45.8 million as at December 31, 2025 [March 31, 2025 – $24.4 million] and was included in derivative liabilities on the unaudited interim condensed consolidated statements of financial position as at December 31, 2025 [Note 13]. The valuation of the convertible debentures was achieved using a one-factor quality convertible modelling framework using assumptions of credit spreads and volatility factors. The following assumptions were used in the model: Volatility 38.0% Credit risk spread 15.46% Changes in the subjective assumptions can materially affect the fair value estimate, and therefore the existing models do not necessarily provide a reliable single measure of the fair value of the Company’s convertible debentures. Sensitivity testing was conducted as part of the valuation of the convertible debentures. The sensitivity testing included assessing the impact of reasonable changes in the volatility and other assumptions used in the model on the valuation. Had the volatility factor increased by 5.0% the value of the conversion option would increase by $2.5 million and a decrease in the volatility factor by 5.0% would decrease the value of the conversion option by $2.5 million. Significant judgment is involved in the assumptions and estimates used to determine th --- e fair value of the derivative liability component of the Convertible Preferred Shares and Preference Shares and the convertible debentures at each reporting period. The fair value measurements determined as described above may not be indicative of net realizable value or reflective of future values. Furthermore, the Company believes its valuation methods are appropriate and consistent with those that would be utilized by a market participant. DEFERRED AND CONTINGENT CONSIDERATION Deferred and contingent consideration of $35.8 million were recorded as of December 31, 2025 [March 31, 2025 – $34.0 million] in connection with previous acquisitions. Fair value adjustments of $5.8 million were recorded for the nine months ended December 31, 2025 [December 31, 2024 – $nil]. During the nine months ended December 31, 2025, a deferred consideration payment of $1.2 million and a contingent consideration payment of $3.4 million were made in connection with the acquisition of Results International Group LLP (“Results”). The fair value of the contingent consideration is classified as Level 3 in the fair value hierarchy and was determined by a Monte Carlo simulation using various assumptions including EBITDA forecast, risk free rates and volatility factors. Option pricing models require the input of highly subjective assumptions including the expected price volatility. Changes in the subjective assumptions can materially affect the fair value estimate, and therefore the existing models do not necessarily provide a reliable single measure of the fair value of the Company’s contingent consideration. NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS CANACCORD GENUITY GROUP INC. THIRD QUARTER FISCAL 2026 53 FOREIGN EXCHANGE FORWARD CONTRACTS The Company manages its foreign exchange risk by periodically hedging pending settlements in foreign currencies. Realized and unrealized gains and losses related to these transactions are recognized in income during the period. There were $3.0 million forward contracts outstanding to buy US dollars at December 31, 2025 [March 31, 2025 – $3.9 million]. Forward contracts outstanding to sell US dollars had a notional amount of $5.4 million at December 31, 2025 [March 31, 2025 – $7.2 million]. The fair value of these contracts was nominal. Some of the Company’s operations in the US, the UK & Europe, Australia, Hong Kong and China are conducted in the local currency; however, any foreign exchange risk in respect of these transactions is generally limited as pending settlements on both sides of the transaction are typically in the local currency. These contracts were entered into to mitigate foreign exchange risk on pending security settlements in foreign currencies. The fair value of these contracts is nominal due to their short term to maturity. The Company’s Canaccord Genuity Wealth Management segment in the UK & Crown Dependencies trades foreign exchange forward contracts on behalf of its clients and establishes matching contracts with the counterparties. The Company has no significant net exposure, assuming no counterparty default. The principal currencies of the forward contracts are the UK pound sterling, the US dollar, or the Euro. The weighted average term to maturity is 44 days as at December 31, 2025 [March 31, 2025 – 42 days]. The table below shows the fair value of the forward contract assets and liabilities, and the notional value of these forward contracts as at December 31, 2025 and Mar --- ch 31, 2025, respectively. The fair value of the forward contract assets and liabilities is included in the accounts receivable and payable balances. December 31, 2025 March 31, 2025 Assets Liabilities Notional amount Assets Liabilities Notional amount Foreign exchange forward contracts $ 255 $ 247 $ 16,388 $ 252 $ 234 $ 22,923 FUTURES The Company’s Canadian operations are involved in trading bond futures contracts, which are agreements to buy or sell a standardized amount of an underlying Government of Canada bond, at a predetermined future date and price, in accordance with terms specified by a regulated futures exchange, and are subject to daily cash margining. The Company’s Canadian operations trade in bond futures to mitigate interest rate risk, yield curve risk and liquidity risk. On December 31, 2025, there were no bond futures contracts outstanding [March 31, 2025 – $nil]. The fair value of all of the above futures contracts is nominal due to their short term to maturity and is included in accounts receivable and accounts payable and accrued liabilities. Realized and unrealized gains and losses related to these contracts are recognized in the statement of operations during the reporting period. SECURITIES LENDING AND BORROWING Cash Securities Loaned or delivered as collateral $ Borrowed or received as collateral $ Loaned or delivered as collateral $ Borrowed or received as collateral $ December 31, 2025 386,761 104,556 121,868 382,755 March 31, 2025 351,062 76,229 92,746 348,236 Securities lending and borrowing are included in the accounts receivable and accounts payable and accrued liabilities balances on the unaudited interim condensed consolidated statements of financial position. BANK LOANS The Company, through a subsidiary in the UK, has a senior facilities credit agreement in connection with a bank loan (the “Bank Loan”). In addition, in connection with the acquisition of Wilsons on October 1, 2025, a subsidiary of the Company entered into a loan facility to finance the acquisition [Note 6]. As of December 31, 2025, the principal balance net of unamortized financing fees outstanding was $479.0 million [Note 12]. OTHER CREDIT FACILITIES Excluding the bank loans described above, subsidiaries of the Company have other credit facilities with banks in Canada and the UK for an aggregate amount of $988.9 million [March 31, 2025 – $722.7 million]. These credit facilities, consisting of call loans, letters of credit and daylight overdraft facilities, are collateralized by unpaid client securities and/or securities owned by the Company. As at December 31, 2025, there was no bank indebtedness outstanding [March 31, 2025 – $nil]. PROMISSORY NOTE FROM CRC HOLDINGS CO. LLC The Company made a loan to CRC Holdings Co, LLC (“CRC Holdings”) by way of a Senior Promissory Note (the “Note”) during fiscal 2025 in connection with a business collaboration agreement entered into with Carbon Reduction Capital, LLC (“CRC”) (collectively, the “CRC-IB Agreement”). The CRC-IB Agreement also entitles the Company to acquire all the equity interests in CRC, subject to certain conditions. Subsequent to the third quarter of fiscal 2026, the Company, through its US business, completed its acquisition of CRC [Note 21]. The promissory note including interest of USD 20.9 million (C$28.7 million) was settled in full. NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 54 CANACCORD GENUITY GROUP INC. THIRD QUARTER FISCAL 2026 At December 31, 20 --- 25, the Note is included in accounts payable and accrued liabilities on the unaudited interim consolidated financial position and bears interest at the rate of 7.5% per annum. The principal and all accrued and unpaid interest is due and payable in full on the earlier of the closing of the acquisition of an equity interest in CRC pursuant to the CRC-IB Agreement or the maturity date of December 31, 2027. The Note is measured at amortized cost and the carrying amount of the Note, including principal and accrued interest, was USD $20.9 million (C$28.6 million) as of December 31, 2025. Interest income of $0.8 million has been recorded through the unaudited interim condensed consolidated financial statements for the nine months ended December 31, 2025. 5. Accounts Receivable and Accounts Payable and Accrued Liabilities ACCOUNTS RECEIVABLE December 31, 2025 $ March 31, 2025 $ Brokers and investment dealers 1,449,533 2,088,648 Clients 841,400 668,983 RRSP cash balances held in trust 410,450 291,824 Other 277,312 276,084 2,978,695 3,325,539 ACCOUNTS PAYABLE AND ACCRUED LIABILITIES December 31, 2025 $ March 31, 2025 $ Brokers and investment dealers 960,837 1,454,029 Clients 2,126,736 1,706,502 Other 617,541 559,838 3,705,114 3,720,369 Amounts due from and to brokers and investment dealers include balances from resale and repurchase agreements, securities loaned and borrowed, as well as brokers’ and dealers’ counterparty balances. Client security purchases are entered into on either a cash or a margin basis. In the case of a margin account, the Company extends a loan to a client for the purchase of securities, using securities purchased and/or other securities in the client’s account as collateral. Amounts loaned to any client are limited by the margin regulations of the Canadian Investment Regulatory Organization (“CIRO”) and other regulatory authorities and are subject to the Company’s credit review and daily monitoring procedures. Amounts due from and to clients are due by the settlement date of the trade transaction. Margin loans are due on demand and are collateralized by the assets in the client’s account. Interest on margin loans and on amounts due to clients is based on a floating rate [December 31, 2025 – 7.45% to 9.75% and 0.00% to 0.05%]; [March 31, 2025 – 7.95% to 10.50% and 0.00% to 0.05%]. 6. Business Combinations WILSONS ADVISORY On October 1, 2025, the Company, through Canaccord Financial Group (Australia) Pty Ltd. (CFGA), acquired all of the equity interest in the holding company of Wilsons Advisory Stockbroking Limited and Wilsons Corporate Finance Limited (collectively as “Wilsons”) for cash consideration of A$41.4 million (C$38.2 million). In addition, a retention payment of A$12.5 million (C$ 11.5 million) will be expensed over an 18-month period. CFGA entered into loan facilities to finance the acquisition [Notes 4 and 12]. The preliminary purchase price, determined by the fair value of the consideration given at the date of the acquisition and the fair value of the net assets acquired on the date of the acquisition, was as follows: Consideration paid Cash paid 38,154 Net assets acquired Cash 7,889 Accounts receivable 11,921 Other assets 1,386 Deferred tax assets 1,325 Equipment and leasehold improvements 2,841 Right of use assets 8,440 Accounts payable and accrued liabilities (18,963) Lease liabilities (8,421) Identifiable intangible assets 25,208 Deferred tax liability related to identifiable intangible assets (7,562) Good --- will 14,090 38,154 NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS CANACCORD GENUITY GROUP INC. THIRD QUARTER FISCAL 2026 55 Identifiable intangible assets of $25.2 million were recognized and related to customer relationships. The goodwill of $14.1 million reflects future earnings potential including expected synergies arising from the acquisition, as well as the value attributable to the assembled workforce. Goodwill is not deductible for tax purposes. The above amounts included in the purchase price allocation are preliminary. The purchase price and the fair value of the net assets acquired from Wilsons are estimates, which were made by management at the time of the preparation of these consolidated financial statements based on available information. Amendments may be made to these amounts as well as the identification of intangible assets and the allocation of identifiable intangible assets between indefinite life and finite lives. The Company expects to finalize the purchase price allocations within a one- year measurement period. Revenue and net loss generated by Wilsons including acquisition-related costs, were $16.6 million and $3.7 million, respectively, since the acquisition date. INTELLIGENT CAPITAL HOLDINGS LIMITED During the nine months ended December 31, 2025, the Company finalized its purchase price accounting in connection with the acquisition of Intelligent Capital Holdings Limited. There were no changes to the purchase price and fair value of net assets acquired on the date of the acquisition as disclosed in the Company’s consolidated financial statements for the year ended March 31, 2025. 7. Non-Controlling Interests The non-controlling interests as of December 31, 2025 and 2024 comprised of the following: Australia UK & Crown Dependencies Total As at and for the nine-month period ended December 31 2025 $ 2024 $ 2025 $ 2024 $ 2025 $ 2024 $ Balance, opening 22,393 22,469 381,528 341,997 403,921 364,466 Comprehensive income attributable to non-controlling interests 14,785 7,959 29,186 28,673 43,971 36,632 Foreign exchange on non-controlling interests 56 75 (3,045) 13,443 (2,989) 13,518 Dividends paid to non-controlling interest (3,535) (8,038) — — (3,535) (8,038) Payment of dividends on convertible preferred shares — — (20,381) (19,678) (20,381) (19,678) Balance, ending 33,699 22,465 387,288 364,435 420,987 386,900 The non-controlling interests share of OCI as of December 31, 2025 and 2024 comprised the following: For the three months ended For the nine months ended December 31, 2025 $ December 31, 2024 $ December 31, 2025 $ December 31, 2024 $ Australia 7,004 3,428 14,785 7,959 UK & Crown Dependencies 10,080 9,450 29,186 28,673 Total 17,084 12,878 43,971 36,632 UK & CROWN DEPENDENCIES WEALTH MANAGEMENT Certain institutional investors acquired Convertible Preferred Shares issued by CGWM UK. The terms of the Convertible Preferred Shares are described in Note 8 of the Annual Audited Consolidated Financial Statements for the year ended March 31, 2025. On an as converted basis and subject to the liquidation preference associated with the Convertible Preferred Shares and Preference Shares issued to management and employees of CGWM UK and reflecting the approximately 5% equity interest held by management and employees of CGWM UK, the Company holds an approximate 66.9% equity equivalent interest in CGWM UK as of December 31, 2025 [March 31, 2025 – 66.9%]. Australia As of December 31, 2025, the Company o --- wns 65% of the issued shares of Canaccord Financial Group (Australia) Pty Ltd., and through that ownership a 65% indirect interest in Canaccord Genuity (Australia) Limited and Canaccord Genuity Financial Limited as of December 31, 2025 [March 31, 2025 – 65%] and a 65% indirect interest in Wilsons Corporate Finance Limited and Wilsons Advisory and Stockbroking Limited [March 31, 2025 – nil]. Because of an increase in shares held in an employee trust controlled by CFGA, the Company holds a 68.2% ownership interest for accounting purposes. NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 56 CANACCORD GENUITY GROUP INC. THIRD QUARTER FISCAL 2026 8. Goodwill and Other Intangible Assets Goodwill $ Brand names (indefinite life) $ Brand names $ Customer relationships $ Technology $ Trading licenses $ Fund management $ Contract book $ Favorable lease $ Client books $ Total $ Gross amount Balance, March 31, 2025 1,128,665 44,930 2,480 459,204 53,818 601 41,616 12,707 602 1,855 617,813 Additions 14,090 — — 25,208 436 — — — — — 25,644 Foreign exchange (13,600) — (68) (3,033) (318) 7 (295) (543) (28) 33 (4,245) Balance, December 31, 2025 1,129,155 44,930 2,412 481,379 53,936 608 41,321 12,164 574 1,888 639,212 Accumulated amortization and impairment Balance, March 31, 2025 (442,117) — (2,371) (179,904) (44,716) (601) (29,471) (12,707) (602) (1,040) (271,412) Amortization — — (110) (20,380) (1,290) — (2,937) — — (162) (24,879) Impairment (110,000) — — — — — — — — — — Foreign exchange — — 69 1,015 272 (7) 223 543 28 (21) 2,122 Balance, December 31, 2025 (552,117) — (2,412) (199,269) (45,734) (608) (32,185) (12,164) (574) (1,223) (294,169) Net book value March 31, 2025 686,548 44,930 109 279,300 9,102 — 12,145 — — 815 346,401 December 31, 2025 577,038 44,930 — 282,110 8,202 — 9,136 — — 665 345,043 IMPAIRMENT TESTING OF GOODWILL AND INDEFINITE LIFE INTANGIBLE ASSETS The carrying amounts of goodwill and indefinite life intangible assets acquired through business combinations have been allocated to the cash- generating units (CGUs) as follows: Intangible assets with indefinite lives Goodwill Total December 31, 2025 $ March 31, 2025 $ December 31, 2025 $ March 31, 2025 $ December 31, 2025 $ March 31, 2025 $ Canaccord Genuity Capital Markets CGUs Canada 44,930 44,930 — — 44,930 44,930 U.S. — — 99,769 219,997 99,769 219,997 UK & Europe — — 15,469 15,580 15,469 15,580 Canaccord Genuity Wealth Management CGUs UK & Crown Dependencies (Channel Islands) — — 103,509 104,254 103,509 104,254 UK & Crown Dependencies (UK wealth) — — 341,506 343,969 341,506 343,969 Australia — — 16,785 2,748 16,785 2,748 44,930 44,930 577,038 686,548 621,968 731,478 The goodwill related to the acquisition of Wilsons is included in Canaccord Genuity Wealth Management cash generating unit (CGU). Goodwill and intangible assets with indefinite lives are tested for impairment annually at March 31, and whenever circumstances indicate the carrying value may potentially be impaired. The Company considers the relationship between its market capitalization and the book value of its equity, among other factors, when reviewing for indicators of impairment. During the second quarter of fiscal 2026, the Company recorded a goodwill impairment charge of $110.0 million related to the U.S. capital markets CGU due to revised future cash flows projections based on expectations for continued uncertain market dynamics. There were no additional impairments recorded during Q3 of fiscal 2 --- 026. The Company will continue to reassess the carrying amount of goodwill at each reporting date. NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS CANACCORD GENUITY GROUP INC. THIRD QUARTER FISCAL 2026 57 The discount rates, compound annual growth rates and terminal growth rates for each CGU are summarized in the table below. Discount rate Compound annual Growth rate Terminal growth rate December 31, 2025 March 31, 2025 December 31, 2025 March 31, 2025 December 31, 2025 March 31, 2025 Canaccord Genuity Capital Markets CGUs U.S. 14.0% 14.0% 5.0% 1.5% 2.5% 2.5% UK & Europe 14.0% 14.0% 2.5% 2.6% 2.5% 2.5% Canaccord Genuity Wealth Management CGUs UK & Crown Dependencies (Channel Islands) 12.5% 12.5% 5.0% 5.0% 2.5% 2.5% UK & Crown Dependencies (UK wealth) 12.5% 12.5% 5.0% 5.0% 2.5% 2.5% Australia 14.0% 14.0% 2.5% 5.0% 2.5% 2.5% Sensitivity testing was conducted as part of the impairment test of goodwill and indefinite life intangible assets for the Canaccord Genuity Capital Markets – US CGU. The sensitivity testing included assessing the impact that reasonably possible changes in the key assumptions may have on the recoverable amounts of the CGU, with other assumptions being held constant. An increase of 0.3% in the discount rate, a 1.0% decrease in the five-year compound annual growth rate or a decrease in the terminal growth rate of 1.6% may result in the estimate of the recoverable amount declining below the carrying value with the result that an impairment charge may be required. Any such impairment charge would be determined after incorporating the effect of any changes in key assumptions including any consequential effects of such changes on estimated operating income and on other factors. 9. Income Taxes The Company’s income tax expense differs from the amount that would be computed by applying the combined federal and provincial/state income tax rates as a result of the following: For the three months ended For the nine months ended December 31, 2025 $ December 31, 2024 $ December 31, 2025 $ December 31, 2024 $ Net income (loss) before income taxes 64,217 (5,192) (106,236) 35,230 Income taxes at the statutory rate of 27% (F2025: 27.0%) 17,339 (1,402) (28,684) 9,511 Difference in tax rates in foreign jurisdictions (282) (2,212) (8,094) (4,863) Permanent items 4,212 51 31,132 3,397 Other non-taxable items 4,439 8,967 14,882 9,633 Impairment of deferred tax assets — — 16,000 — Deferred tax assets not recognized — — 32,720 — Share based payments (70) (386) (1,340) 383 Pillar Two 1,204 958 3,103 2,847 Other (1,248) 435 (923) 38 Income tax expense – current and deferred 25,594 6,411 58,796 20,946 IMPAIRMENT OF DEFERRED TAX ASSETS The Company recognizes deferred tax assets for all deductible temporary differences and unused tax losses, to the extent that it is probable that taxable profit will be available against which these can be utilized. During the second quarter of fiscal 2026, the Company reassessed the recoverability of its deferred tax assets in accordance with IAS 12 Income Taxes (IAS 12). Due to the effect of an operating environment affected by evolving market dynamics and the imposition of tariffs, which moderated corporate financing and advisory activity levels in certain focus sectors, the U.S. capital markets operation experienced declines in business activity, impacting revenue and profitability. In response to these developments, future cash flow projections for the U.S. were revised. Given the revis --- ed forecasts and expectations for continued uncertain market dynamics, management determined that certain deferred tax assets previously recognized in the U.S. no longer met the recoverability criteria under IAS 12. As a result, the Company recorded a non-cash impairment of deferred tax assets amounting to $16.0 million, which has been recognized through income tax expense in the unaudited interim condensed consolidated financial statements for the nine months ended December 31, 2025. The Company continues to monitor the recoverability of deferred tax assets and will reassess their recognition at each reporting date. PILLAR TWO Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions that the Company operates in through its subsidiaries. The Company has recorded incremental income taxes of $3.1 million related to Pillar Two impact for the nine months ended December 31, 2025. NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 58 CANACCORD GENUITY GROUP INC. THIRD QUARTER FISCAL 2026 10. Gain on Disposal On November 7, 2025, the Company completed its sale of its U.S. wholesale market making business. A net gain of $19.9 million was recognized in other revenue in the unaudited interim condensed consolidated statements of operations. 11. Subordinated Debt December 31, 2025 $ March 31, 2025 $ Loan payable, interest payable monthly at prime + 4% per annum, due on demand 7,500 7,500 The loan payable is subject to a subordination agreement and may only be repaid with the prior approval of the CIRO. As at December 31, 2025 and March 31, 2025, the interest rates for the subordinated debt were 8.45% and 8.95%, respectively. The carrying value of subordinated debt approximates its fair value due to the short-term nature of this liability. 12. Bank Loans December 31, 2025 $ March 31, 2025 $ Loans 481,394 446,160 Less: unamortized financing fees (2,397) (3,380) 478,997 442,780 Current portion 7,319 — Long-term portion 471,678 442,780 As of December 31, 2025 the Company maintains two loan facilities. The Company entered into a senior credit facility to finance a portion of the cash consideration for several acquisitions in the UK & Crown Dependencies wealth management segment. The total bank loans related to CGWM UK outstanding as of December 31, 2025, net of financing charges, was $440.6 million [March 31, 2025 – $442.8 million]. The loan matures on November 19, 2027 and is extendable for up to two one-year periods under certain conditions with no scheduled repayments and as such, has been classified as a long-term liability as of December 31, 2025 in the unaudited interim condensed consolidated statements of financial position. The interest rate as at December 31, 2025 was 6.73% per annum [March 31, 2025 – 6.96% per annum]. In addition, in connection with the acquisition of Wilsons on October 1, 2025, the Company entered into loan facilities to finance the acquisition. The outstanding balance of the loan facilities as of December 31, 2025 was $38.4 million, of which $7.3 million was classified as the current portion. The maturity dates of the loan facilities range from October 2027 to October 2028. The interest rate as of December 31, 2025 was 5.34% per annum [Note 6]. 13. Convertible Debentures December 31, 2025 March 31, 2025 Debt $ Derivative $ Debt $ Derivative $ Convertible debentures 88,738 45,751 85,155 24,378 The convertible debentures bear interest at a fixed rate of 7.75% per annum, paya --- ble semi-annually on the last day of June and December each year commencing June 30, 2024. The convertible debentures are convertible at the holder’s option into common shares of the Company, at a conversion price of $9.68 per common share. The convertible debentures mature on March 15, 2029, and may be redeemed by the Company in certain circumstances, on or after March 15, 2027. Additional disclosure on the terms of the convertible debentures and the assumptions used in the valuation model are disclosed in Note 19 of the Annual Audited Consolidated Financial Statements. 14. Preferred Shares December 31, 2025 March 31, 2025 Amount $ Number of shares Amount $ Number of shares Series A Preferred Shares issued and outstanding 110,818 4,540,000 110,818 4,540,000 Series C Preferred Shares issued and outstanding 97,450 4,000,000 97,450 4,000,000 Series C Preferred Shares held in treasury (2,627) (106,794) (2,627) (106,794) 94,823 3,893,206 94,823 3,893,206 205,641 8,433,206 205,641 8,433,206 NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS CANACCORD GENUITY GROUP INC. THIRD QUARTER FISCAL 2026 59 Terms of the Series A and C Preferred Shares are disclosed in Note 21 of the Annual Audited Consolidated Financial Statements. 15. Common Shares December 31, 2025 March 31, 2025 Amount $ Number of shares Amount $ Number of shares Issued and fully paid 713,126 102,734,159 710,184 102,529,368 Held for share-based payment plans (964) (122,355) (1,024) (122,355) Held for the LTIP (17,093) (2,195,007) (55,353) (6,376,186) 695,069 100,416,797 653,807 96,030,827 [I] AUTHORIZED Unlimited common shares without par value [II] ISSUED AND FULLY PAID Number of shares Amount $ Balance, March 31, 2025 102,529,368 710,184 Shares issued in connection with PSOs 8,798 59 Shares issued in connection with the acquisition of Sawaya 195,993 2,883 Balance, December 31, 2025 102,734,159 713,126 On August 19, 2024, the Company filed a notice to renew the normal course issuer bid (NCIB) to provide the Company with the choice to purchase up to a maximum of 5,109,453 of its common shares during the period from August 21, 2024 to August 20, 2025 through the facilities of the TSX and on alternative trading systems in accordance with the requirements of the TSX. The purpose of the purchase of common shares under the NCIB is to enable the Company to acquire shares for cancellation. The maximum number of shares that may be purchased under the current NCIB represents 5.0% of the Company’s outstanding common shares at the time of the notice. There were no shares purchased under NCIB for the nine months ended December 31, 2025. The Company did not renew the NCIB after its expiry on August 20, 2025. [III] EARNINGS (LOSS) PER COMMON SHARE For the three months ended For the nine months ended December 31, 2025 $ December 31, 2024 $ December 31, 2025 $ December 31, 2024 $ Basic earnings (loss) per common share Net income (loss) attributable to CGGI shareholders $ 21,788 $(22,539) $ (206,983) $ (19,195) Preferred shares dividends (2,852) (2,852) (8,556) (8,556) Net income (loss) available to common shareholders 18,936 (25,391) (215,539) (27,751) Weighted average number of common shares (number) 100,192,815 96,021,406 99,149,967 95,177,365 Basic earnings (loss) per common share $ 0.19 $ (0.26) $ (2.17) $ (0.29) Diluted earnings (loss) per common share Net income (loss) available to common shareholders 18,936 (25,391) (215,539) (27,751) Weighted average number of common sh --- ares (number) 100,192,815 n/a n/a n/a Dilutive effect in connection with LTIP (number) 3,396,928 n/a n/a n/a Dilutive effect in connection with performance stock options (number) 786,645 n/a n/a n/a Adjusted weighted average number of common shares (number) 104,376,388 n/a n/a n/a Diluted earnings (loss) per common share $ 0.18 $ (0.26) $ (2.17) $ (0.29) For the nine months ended December 31, 2025 and December 31, 2024 as well as the three months ended December 31, 2024, the instruments involving potential common shares were excluded from the calculation of diluted loss per common share as they are anti-dilutive. 16. Dividends COMMON SHARE DIVIDENDS The Company declared the following common share dividend during the nine months ended December 31, 2025: Record date Payment date Cash dividend per common share Total common dividend amount June 20, 2025 June 30, 2025 $ 0.085 $ 8,715 August 29, 2025 September 10, 2025 $ 0.085 $ 8,715 November 28, 2025 December 10, 2025 $ 0.085 $ 8,715 NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 60 CANACCORD GENUITY GROUP INC. THIRD QUARTER FISCAL 2026 On February 13, 2026, the Board of Directors approved a dividend of $0.085 per common share, payable on March 10, 2026, with a record date of February 27, 2026 [Note 21]. PREFERRED SHARE DIVIDENDS The Company declared the following preferred share dividends during the nine months ended December 31, 2025: Record date Payment date Cash dividend per Series A Preferred Share Cash dividend per Series C Preferred Share Total preferred dividend amount June 20, 2025 June 30, 2025 $ 0.25175 $ 0.42731 $ 2,852 September 19, 2025 September 30, 2025 $ 0.25175 $ 0.42731 $ 2,852 December 19, 2025 December 31, 2025 $ 0.25175 $ 0.42731 $ 2,852 On February 13, 2026, the Board of Directors approved the following cash dividends: $0.25175 per Series A Preferred Share payable on March 31, 2026 with a record date of March 20, 2026, and $0.42731 per Series C Preferred Share payable on March 31, 2026 with a record date of March 20, 2026 [Note 21]. 17. Share-Based Payment Plans [I] LONG-TERM INCENTIVE PLAN Under the long-term incentive plan (LTIP or the Plan), eligible participants are awarded restricted share units (“RSUs’), which generally vest over three years. Additional disclosure on the terms of the LTIP plan is included in Note 24 of the Annual Audited Consolidated Financial Statements. There were 1,293,626 RSUs granted in lieu of cash compensation to employees during the nine-month period ended December 31, 2025 [December 31, 2024 – 760,462 RSUs]. The Trusts purchased 212,951 common shares during the nine-month period ended December 31, 2025 [December 31, 2024 – 1,904,152 common shares]. The fair value of the RSUs at the measurement date is based on the fair value on the grant date. The weighted average fair value of RSUs granted during the nine-month period ended December 31, 2025 was $9.39 [December 31, 2024 – $8.40]. Number Awards outstanding, March 31, 2025 6,705,291 Grants 1,293,626 Vested (4,394,130) Forfeitures (12,437) Awards outstanding, December 31, 2025 3,592,350 Number Common shares held by the Trusts, March 31, 2025 6,376,186 Acquired 212,951 Released on vesting (4,394,130) Common shares held by the Trusts, December 31, 2025 2,195,007 II. PERFORMANCE SHARE UNITS The performance share units (PSU) are a notional equity-based instrument linked to the value of the Company’s common shares. Additional disclosure on the terms of the PSU plan is i --- ncluded in Note 24 of the Annual Audited Consolidated Financial Statements. The carrying amount of the liability recognized in accounts payable and accrued liabilities relating to PSUs at December 31, 2025 was $23.6 million [March 31, 2025 – $12.4 million]. III. PERFORMANCE STOCK OPTIONS The Company adopted a performance share option (PSO) plan for certain employees. The PSOs are subject to both time and market performance vesting conditions. Additional disclosure on the terms of the PSO plan is included in Note 24 of the Annual Audited Consolidated Financial Statements. There were 3,343,333 PSOs outstanding at December 31, 2025 (March 31, 2025 – 3,440,000 PSOs). IV. INDEPENDENT DIRECTOR DEFERRED SHARE UNITS The Company has adopted a deferred share unit (DSU) plan for its independent directors. When a director leaves the Board of Directors, outstanding DSUs are paid out in cash. Additional disclosure on the terms of the DSU plan is included in Note 24 of the Annual Audited Consolidated Financial Statements. The carrying amount of the liability relating to DSUs at December 31, 2025 was $2.0 million [March 31, 2025 – $3.0 million]. NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS CANACCORD GENUITY GROUP INC. THIRD QUARTER FISCAL 2026 61 V. EXECUTIVE EMPLOYEE DEFERRED SHARE UNITS The Company has a deferred share unit (DSUs) plan for certain key senior executives. All DSU awards will be cash settled on the retirement of the employee, a “good leaver” departure after three years from the date of grant, or death. Additional disclosure on the terms of the DSU plan is included in Note 24 of the Annual Audited Consolidated Financial Statements. The carrying amount of the liability recognized in accounts payable and accrued liabilities relating to DSUs at December 31, 2025 was $7.6 million [March 31, 2025 – $5.7 million]. VI. MANAGEMENT INCENTIVE PLAN A management incentive plan for CGWM UK has been implemented which, subject to certain minimum threshold levels, will provide for certain payments if a liquidity event occurs within six years or after six years if a liquidity event has not occurred and the initial institutional purchasers of the A Convertible Preferred Shares issued by CGWM UK are no longer outstanding holders of those shares. During the nine months ended December 31, 2025, the Company recorded a fair value adjustment of $20.0 million through the unaudited interim condensed consolidated statement of operations in respect of that plan [December 31 2024 – $6.5 million]. VII. SHARE-BASED COMPENSATION EXPENSE For the three months ended For the nine months ended December 31, 2025 $ December 31, 2024 $ December 31, 2025 $ December 31, 2024 $ Long-term incentive plan 704 1,753 3,270 6,529 Deferred share units (cash-settled) 646 338 (1,035) 431 Deferred share units (cash-settled) – senior executives 270 582 2,006 (5,281) PSU (cash-settled) 3,882 (1,009) 5,223 (8,104) PSO 331 654 1,508 1,993 Management incentive plan 6,000 2,000 20,000 6,478 Other share-based payment plan (2) 262 180 794 Total share-based compensation expense 11,831 4,580 31,152 2,840 18. Related Party Transactions Security trades executed by the Company for officers and directors are transacted in accordance with the terms and conditions applicable to all clients. Commission income on such transactions in the aggregate is not material in relation to the overall operations of the Company. Accounts receivable and accounts payable and accrued liabilities i --- nclude the following balances with key management personnel: December 31, 2025 $ March 31, 2025 $ Accounts receivable 14,055 8,235 Accounts payable and accrued liabilities 747 517 In fiscal 2025, certain executive officers and senior revenue producing employees (the “Participants”) entered into loan agreements (“2025 Purchase Loans”) with subsidiaries of the Company. The proceeds of the 2025 Purchase Loans were used to subscribe for limited partnership units (“LP Units”) in the CG Partners Limited Partnership, the employee share ownership partnership (the “Partnership’). The 2025 Purchase Loans bear interest and have a term up to seven years and are secured against a pledge of the LP Units. The Purchase Loans are repaid by Participants in part from a top-up to a Participant’s annual bonus or other compensation (“Top-Up”). During the nine months ended December 31, 2025, subsidiaries of the Company entered into loan agreements with new and existing Participants in the aggregate principal amount of approximately $27.0 million pursuant to new purchase loans (“2026 Purchase Loans” and together with the 2025 Purchase Loans, the “Purchase Loans”) for the purpose of subscribing for LP Units in the Partnership. The 2026 Purchase Loans bear interest, have a term up to seven years, are secured against a pledge of the LP Units and contain substantially the same terms as the 2025 Purchase Loans, including with respect to Top-Ups. As of December 31, 2025, the aggregate Purchase Loans outstanding net of principal repayments was $67.7 million. The current portion of $12.6 million is included in Accounts receivable and the long-term portion of $55.1 million is included in other receivables on the unaudited interim condensed consolidated statements of financial position as of December 31, 2025. 19. Segmented Information The Company operates in three segments as follows: Canaccord Genuity Capital Markets – includes investment banking, advisory, research and trading activities on behalf of corporate, institutional and government clients as well as principal trading activities in Canada, the UK & Europe, Australia and the US. NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 62 CANACCORD GENUITY GROUP INC. THIRD QUARTER FISCAL 2026 Canaccord Genuity Wealth Management – provides brokerage services and investment advice to retail or institutional clients in Canada, the US, Australia and the UK & Crown Dependencies. Corporate and Other – includes correspondent brokerage services, interest and foreign exchange revenue and expenses not specifically allocable to Canaccord Genuity Capital Markets or Canaccord Genuity Wealth Management. The Company’s industry segments are managed separately because each business offers different services and requires different personnel and marketing strategies. The Company evaluates the performance of each business based on operating results, without regard to non-controlling interests. Intersegment revenue is eliminated upon consolidation. Income taxes are managed on a Company basis and are not allocated to operating segments. Any revenue and operating profit are derived from external customers. For the three months ended December 31, 2025 December 31, 2024 Canaccord Genuity Capital Markets $ Canaccord Genuity Wealth Management $ Corporate and Other $ Total $ Canaccord Genuity Capital Markets $ Canaccord Genuity Wealth Management $ Corporate and Other $ Total $ Commissions and fees 53,729 239,905 4,054 297,68 --- 8 37,825 182,395 5,565 225,785 Investment banking 154,266 24,559 — 178,825 57,131 9,658 — 66,789 Advisory fees 64,851 520 — 65,371 71,069 69 — 71,138 Principal trading 18,416 180 (876) 17,720 35,180 183 (719) 34,644 Interest 6,995 36,761 4,010 47,766 7,266 40,043 3,698 51,007 Other 22,465 2,400 5,626 30,491 2,242 1,098 (1,669) 1,671 Expenses, excluding undernoted 234,134 207,523 41,361 483,018 193,819 155,881 22,666 372,366 Amortization 2,700 10,578 389 13,667 2,215 8,666 (86) 10,795 Amortization of right- of- use assets 3,184 2,104 2,091 7,379 5,205 1,769 1,776 8,750 Development costs 1,333 21,628 306 23,267 680 12,384 841 13,905 Interest expense 6,324 18,474 5,975 30,773 9,502 20,934 5,073 35,509 Restructuring costs — — — — 1,554 — — 1,554 Acquisition-related costs 90 90 — 180 — — — — Change in fair value of contingent consideration 3,184 — — 3,184 — — — — Fair value adjustment of non-controlling interests derivative liability — — 9,000 9,000 — — 6,000 6,000 Fair value adjustment of convertible debentures derivative liability — — 3,176 3,176 — — 7,347 7,347 Income (loss) before intersegment allocations and income taxes 69,773 43,928 (49,484) 64,217 (2,262) 33,812 (36,742) (5,192) Intersegment allocations 5,175 5,930 (11,105) — 4,713 7,110 (11,823) — Income (loss) before income taxes 64,598 37,998 (38,379) 64,217 (6,975) 26,702 (24,919) (5,192) NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS CANACCORD GENUITY GROUP INC. THIRD QUARTER FISCAL 2026 63 For the nine months ended December 31, 2025 December 31, 2024 Canaccord Genuity Capital Markets $ Canaccord Genuity Wealth Management $ Corporate and Other $ Total $ Canaccord Genuity Capital Markets $ Canaccord Genuity Wealth Management $ Corporate and Other $ Total $ Commissions and fees 137,055 645,107 11,197 793,359 110,412 516,105 9,039 635,556 Investment banking 307,269 51,436 — 358,705 173,701 24,764 — 198,465 Advisory fees 193,182 1,375 — 194,557 216,473 348 — 216,821 Principal trading 86,911 294 (2,141) 85,064 87,553 409 (521) 87,441 Interest 19,825 111,896 9,804 141,525 22,933 120,898 13,448 157,279 Other 29,322 6,523 13,044 48,889 7,335 3,350 1,588 12,273 Expenses, excluding undernoted 698,723 546,578 94,517 1,339,818 539,454 435,795 72,206 1,047,455 Amortization 7,040 30,186 1,104 38,330 6,013 24,728 958 31,699 Amortization of right- of- use assets 9,475 6,060 5,412 20,947 13,840 4,770 6,563 25,173 Development costs 3,377 58,848 996 63,221 1,859 38,606 1,684 42,149 Interest expense 22,912 59,068 16,559 98,539 25,183 60,095 15,624 100,902 Restructuring costs — — — — 3,940 — — 3,940 Acquisition-related costs 774 1,492 — 2,266 — 704 — 704 Impairment of goodwill 110,000 — — 110,000 — — — — Fair value adjustment of non-controlling interests derivative liability — — 28,000 28,000 — — 15,000 15,000 Fair value adjustment of convertible debentures derivative liability — — 21,373 21,373 — — 5,583 5,583 Change in fair value of contingent consideration (3,300) 9,141 — 5,841 — — — — (Loss) income before intersegment allocations and income taxes (75,437) 105,258 (136,057) (106,236) 28,118 101,176 (94,064) 35,230 Intersegment allocations 15,566 19,494 (35,060) — 14,624 22,192 (36,816) — (Loss) income before income taxes (91,003) 85,764 (100,997) (106,236) 13,494 78,984 (57,248) 35,230 On November 7, 2025, the Company completed its previously announced sale of its U.S. wholesale market making business. The net gain on the sale is included in the Canaccord Genuity Capital M --- arkets segment for the nine months ended December 31, 2025 [Note 10]. For geographic reporting purposes, the Company’s business operations are grouped into Canada, the US, the UK, Europe & Crown Dependencies, and Australia. The following table presents the revenue of the Company by geographic location (revenue is attributed to geographic areas on the basis of location of the underlying corporate operating results): For the three months ended For the nine months ended December 31, 2025 $ December 31, 2024 $ December 31, 2025 $ December 31, 2024 $ Canada 204,135 158,778 522,544 437,514 UK, Europe & Crown Dependencies 161,303 144,311 474,160 416,348 United States 133,970 100,853 346,282 313,277 Australia 138,453 47,092 279,113 140,696 637,861 451,034 1,622,099 1,307,835 20. Provisions The following is a summary of the changes during the nine months ended December 31, 2025: Legal provisions $ Restructuring provisions $ Total provisions $ Balance, March 31, 2025 37,335 67 37,402 Additions 80,378 — 80,378 Utilized (9,217) — (9,217) Balance, December 31, 2025 108,496 67 108,563 COMMITMENTS, LITIGATION PROCEEDINGS AND CONTINGENT LIABILITIES In the normal course of business, the Company is involved in litigation, and as of December 31, 2025, it was a defendant in various legal actions. The Company has established provisions for matters where payments are probable and can be reasonably estimated. While the outcome NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 64 CANACCORD GENUITY GROUP INC. THIRD QUARTER FISCAL 2026 of these actions is subject to future resolution, management’s evaluation and analysis of these actions indicate that, individually and in the aggregate, the probable ultimate resolution of these actions will not have a material effect on the financial position of the Company. The Company is also subject to asserted and unasserted claims arising in the normal course of business that, as of December 31, 2025, have not resulted in the commencement of legal actions. The Company cannot determine the effect of all asserted and unasserted claims on its financial position; however, where losses arising from asserted and unasserted claims are considered probable and where such losses can be reasonably estimated, the Company has recorded a provision. Subsidiaries of the Company are subject to certain rules, regulations, and other regulatory requirements specific to the broker-dealer business and, as such, the Company operates within a regulatory framework involving certain governmental agencies and organizations. As regulated entities and in the normal course, subsidiaries of the Company are subject to periodic reviews and examinations by those agencies and organizations. The Company maintains policies and procedures designed to ensure compliance with these rules, regulations and requirements, but, in the event that a regulatory authority determines that there was a failure to follow or comply with certain procedures or a regulatory requirement, or there is a deficiency in the records or reports or some other compliance or financial failure, then the Company may agree to pay a fine or penalty or agree to certain other sanctions, or, alternatively, a regulatory authority may impose a fine, penalty or other sanction. If such circumstances arise, the Company records a provision for any matter where a payment is considered probable and can be reasonably estimated. Estimates for a settlement of the matters were recorded in --- prior periods based on management’s judgment and the information that was available to the Company at the time including the engagement with relevant regulators. The regulatory matters previously described in Note 29 of the Company’s Annual Audited Consolidated Financial Statements and as further described below are ongoing. In connection with the regulatory oversight described above, the Company’s U.S. capital markets business is involved in civil enforcement matters by certain U.S. regulators arising from reviews of the Company’s non-core trading businesses in the U.S., including the Company’s Bank Secrecy Act/ anti-money laundering compliance program. The Company increased its provision in the second fiscal quarter related to its US regulatory enforcement matters to US$ 75.0 million [C$104.4 million] based on its anticipation of a unified resolution with its US regulators. The Company’s estimate of the total monetary penalties is based on management’s judgement and information available to the Company at this time and continues to reflect the current estimate of total monetary penalties related to an expected resolution of its U.S. regulatory enforcement matters The Company continues to engage with the U.S. regulators regarding the content and substance of a potential unified resolution, although the timing of any resolution remains uncertain. 21. Subsequent Events ACQUISITION On January 14, 2026, the Company announced that, through its U.S. business, it had acquired Carbon Reduction Capital, LLC (“CRC-IB”). Due to the timing of the acquisition, the initial accounting for the business combination is incomplete. As such, the Company has not disclosed the preliminary allocation of the purchase price to the indefinite assets acquired and liabilities assumed. This information will be provided in the fourth quarter of the fiscal year ending March 31, 2026. RIGHTS OFFERING Subsequent to the end of the third fiscal quarter, the Company’s holding company for its Australian operations commenced a rights offering of its ordinary shares, which is expected to close in the fourth quarter of fiscal 2026. Upon completion of the rights offering, the Company’s beneficial ownership interest in the Australian operations will likely be reduced, although the Company will retain a controlling interest. DIVIDENDS On February 13, 2026, the Board of Directors approved a dividend of $0.085 per common share, payable on March 10, 2026, with a record date of February 27, 2026 [Note 16]. On February 13, 2026, the Board of Directors approved the following cash dividends: $0.25175 per Series A Preferred Share payable on March 31, 2026 with a record date of March 20, 2026; and $0.42731 per Series C Preferred Share payable on March 31, 2026 with a record date of March 20, 2026 [Note 16]. NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS CANACCORD GENUITY GROUP INC. THIRD QUARTER FISCAL 2026 65