The DLC Group Announces Strong 2025 Results with Record Annual Funded Mortgage Volumes of $84.5 billion; Increases Quarterly Dividend

Vancouver, British Columbia – March 24, 2026 – Dominion Lending Centres Inc. (TSX:DLCG) (the “DLC Group” or the “Corporation”) today announced financial results for the three and twelve months ended December 31, 2025. The DLC Group is one of Canada’s leading franchisors of mortgage professionals, with a national network of over 9,000 agents. The Corporation also owns Newton Connectivity Systems Inc., a financial technology company that provides an integrated end-to-end operating platform, Velocity, designed to automate and streamline the entire mortgage application, approval, underwriting and funding process.

Financial Highlights for Q4 and Full Year 2025:

• Funded mortgage volumes grew 25% year-over-year to a record $84.5 billion in 2025 and increased 20% to $23.5 billion in Q4 2025, up from $19.6 billion in Q4 2024.
• Fiscal year 2025 revenue grew 25% year-over-year to $96.3 million from $76.8 million. In the fourth quarter of 2025, revenue increased to 19% over Q4 2024 to $26.6 million.
• Adjusted EBITDA increased 36% year-over-year in both the fourth quarter and full year of 2025, to $14.0 million and $48.8 million, respectively (which amounts include a loss from our equity-accounted investment in Heartwood Financial Group (“Heartwood”) of $0.4 million and $1.4 million for the three months and year ended December 31, 2025, respectively).
• Adjusted EBITDA margins in 2025 increased 4% to 51% from 47% in 2024 while in Q4 2025 Adjusted EBITDA margins rose to 53% from 46% in Q4 2024.
• Net income in 2025 was $24.8 million compared to a loss of $126.8 million in 2024. In the fourth quarter, net income was $1.9 million compared to a loss of $138.8 million in Q4 2024. The prior year included $144.5 million expense from the difference between the fair value of the consideration granted for the acquisition and cancellation of the serries B preferred shares (the “Preferred Shares”) and the book value of the Preferred Shares. The Preferred Shares were acquired by the Corporation and cancelled in Q4 2024.
• Adjusted net income in 2025 reached $32.2 million, a 198% increase from 2024. In the fourth quarter, adjusted net income increased to $10.5 million from $3.0 million in Q4 2024.
• Aggregate quarterly dividends of $0.15 per share were paid in fiscal 2025.
• In 2025, the DLC Group repurchased 987,547 shares under the NCIB and a block share repurchase.

“Fiscal 2025 was a successful year for the DLC Group, highlighted by strong growth, margin expansion and the continued strengthening of our broker network”, said Mr. Gary Mauris, Co-Founder and CEO.

“I’m pleased to report that we grew funded mortgage volume by 25% in 2025 to a record $84.5 billion, accelerated the adoption of Velocity to 85% exiting 2025 and expanded our EBITDA margins by 4% year-over-year to 51% from 47% in 2024. In addition, we expanded our broker network to over 9,000 mortgage professionals and took a meaningful strategic step into alternative lending market through our investment in Heartwood. We also were active in our capital allocation priorities, including investing in the growth of our business, increasing our quarterly dividend, repurchasing ~1% our common shares and maintaining a strong balance sheet.”

“2026 marks the 20th anniversary of the DLC Group”, continued Mr. Mauris. “Despite the success we have achieved since our founding, our market share of overall Canadian residential mortgage originations remains modest at approximately 10%, providing our company with significant long-term growth runway. Looking ahead, we will continue to build on the same strategic pillars that have guided our success to date: an unwavering focus on recruitment, enhancing the productivity of our broker and franchise partners, expanding our addressable market and pursuing high return acquisitions and strategic investments.”

“I want to sincerely thank our employees for their dedication and hard work, and our brokers, lending partners and suppliers for their continued trust and partnership. Our success is a direct reflection of their commitment and support,” concluded Mr. Mauris.

Fourth Quarter 2025 Financial Summary

Key Performance Indicators (“KPIs”)

Fourth Quarter 2025 Financial Review

The DLC Group continued to generate strong results in the fourth quarter of 2025 with a 20% increase in funded mortgage volumes compared to Q4 2024. The continued strength in the mortgage renewal market and expansion in our broker network were the primary drivers of this performance. The top line growth was augmented by margins expansion, resulting in 36% Adjusted EBITDA growth in the fourth quarter.

• Revenue increased 19% from Q4 2024 to $26.6 million, driven by a 20% increase in funded mortgage volume from Q4 2024, and an increase in Velocity adoption to 85% from 76% in Q4 2024. The growth in funded mortgage volume resulted from several different factors, including 4% growth in our broker network and continued strength in the Canadian residential mortgage renewal market.
• Revenue from Franchise and Brokering of Mortgages increased 18% year over year, while Newton revenue rose 23%. Beginning in the second quarter of 2025, revenue generated from a third-party supplier was reclassified from Franchise to Newton revenue. The fourth quarter impact was a $0.3 million increase in Newton revenue and a corresponding $0.3 million decrease in Franchise revenue.
• General and administrative expenses increased 1%, or $0.1 million, compared to Q4 2024. The increase was due primarily to higher personnel and IT-related costs partly offset by the timing of advertising expenses related to event scheduling. On a percent-of-revenue basis, general and administrative expenses decreased to 34.0% from 40.1% in Q4 2024, driven by revenue growth outpacing expense growth as well as the timing of events.
• Direct costs decreased 8% over Q4 2024 from lower advertising fund expenditures due to timing of advertising initiatives and lower cost of royalty revenue. On a percent-of-revenue basis, direct costs declined to 12.3% in Q4 2025 from 15.9% in Q4 2024.
• Adjusted EBITDA grew 36% to $14.0 million compared to Q4 2024, and Adjusted EBITDA margins increased to 53% compared to 46% last year. Adjusted EBITDA margins benefited from the strength of Newton revenue and higher Franchise revenue from higher funded volumes. Adjusted EBITDA for Q4 2025 includes a $0.4 million loss from our equity-accounted investment in Heartwood, which began operations in Q2, 2025.
• During the fourth quarter, the DLC Group revised and restated four separate sales team consulting agreements, which amendments included the acquisition and termination of certain trailing commission entitlements. In connection with the trailer commission terminations, the Corporation made one-time payments to settle the outstanding trailer commission obligations. These payments were recorded in other expense as a loss on contract settlements totaling $8.7 million for the quarter. Under the new agreements, the DLC Group expects to realize cost savings from the termination of trailer commissions and benefit from amended sales incentives that are better aligned with the Corporation’s future growth objectives.
• Net income of $1.9 million increased from a loss of $138.8 million in Q4 2024 from a decrease in finance expense related to the Preferred Share liability and higher revenue, partly offset by $8.7 million loss on contract settlements in Q4 2025 and a loss on equity-accounted investments. The prior year included $144.5 million expense from the difference between the fair value of the consideration granted for the Preferred Share Acquisition and the book value of the Preferred Shares. The Preferred Shares were acquired by the Corporation and cancelled in Q4 2024. The loss on equity-accounted investments includes a $0.4 million loss on Heartwood.
• Adjusted diluted earnings per common share increased to $0.13 in Q4 2025 up from $0.05 in Q4 2024. Adjusted net income increased to $10.5 million from $3.0 million in Q4 2024 representing an increase of 249%, mainly due to higher revenue, strong margin performance, and no longer having Preferred Shareholders in 2025 or their related attributed income.
• Cash flow from operating activities decreased 60% to $4.1 million from Q4 2024 levels primarily due to the $8.7 million loss on contract settlements.
• Cash flow from operations, adjusted for the loss on contract settlements, coupled with full retention of free cash flow following the conclusion of Preferred Shareholder allocations, resulted in $11.9 million in free cash flow attributable to common shareholders compared to $4.4 million in Q4 2024, a 174% increase.
• The Corporation ended the quarter with adjusted total debt-to-EBITDA (on a trailing twelve-month basis) of 0.73x compared to 0.79x at the same period last year.
• The Corporation paid a dividend of $0.04 per share on December 15, 2025, to shareholders of record on December 1, 2025.

2025 Annual Financial Review

The DLC Group delivered strong results in 2025, with revenue increasing 25% and Adjusted EBITDA rising by 36%. Throughout 2025, the DLC Group successfully executed on our strategic growth initiatives, namely brokerage and broker recruitment, adoption of Velocity by more brokers, and expanding our addressable market size while at the same time benefiting from a strong residential mortgage renewal market. In addition to revenue growth, a continued focus on profitability and financial discipline resulted in strong earnings growth, free cash flow generation, and balance sheet.

• Revenue increased 25% for the year ended December 31, 2025, to $96.3 million, and was driven by a 25% increase in funded mortgage volume from 2024, as well as an increase in the adoption of Velocity to 83% from 73% in 2024. The strong funded mortgage volume growth was the result of an increase in the number of brokers in our network, internal initiatives to leverage Velocity to increase broker productivity, and growth in the renewal market.
• Revenue from Franchise and Brokering of Mortgages increased 18% while Newton revenue rose 46%. The change in classification of a third-party supplier revenue from Franchise to Newton positively impacted Newton revenue and in turn negatively impacted Franchise revenue by $1.2 million in 2025. In addition to the impact from the reclassification, Franchise and Brokering of Mortgages revenue grew at a slower rate than funded mortgage volumes reflecting the influence of certain revenue components that do not directly correlate with funded mortgage volumes.
• General and administrative expenses increased 14% or $4.4 million over 2024 levels, with the increase stemming from two brokerage acquisitions completed in Q2 2024, higher personnel and IT costs, and higher advertising expense due to the timing of events. On a percent-of-revenue basis, general and administrative expense declined to 37.3% from 41.1% in 2024. Direct costs increased 3% over 2024 to $11.1 million.
• Adjusted EBITDA grew 36% to $48.8 million compared to 2024 while Adjusted EBITDA margins increased to 51% from 47% last year. Adjusted EBITDA margins benefited from the strength of Newton and Franchise revenue as well as the decline in operating expenses as a percent of revenue. Adjusted EBITDA for 2025 includes a $1.4 million loss from our equity-accounted investment in Heartwood, which commenced operations in Q2, 2025.
• As discussed above, the DLC Group revised certain sales team commission agreements in Q4 2025. The DLC Group expects to realize cost savings from the elimination of trailer commissions and to benefit from the sales incentives that are better aligned with the Company’s future growth objectives. These settlement payments related to four separate transactions and were recorded in other expense as a loss on contract settlements totaling $8.7 million for the year.
• Net income of $24.8 million increased from a loss of $126.8 million in 2024 due to the reduction of finance expense related to the Preferred Share liability, higher revenue, and a gain on sale of an equity-accounted investment, partly offset by an $8.7 million loss on contract settlements, and a loss on equity-accounted investments. The prior year included a $149.0 million expense from the difference between the fair value of the consideration granted for the Preferred Share acquisition and the book value of the Preferred Shares. The Preferred Shares were acquired and cancelled in Q4 2024. The loss on equity-accounted investments includes a $1.4 million loss on Heartwood.
• Adjusted net income increased to $32.2 million from $10.8 million in 2024, or up 198%, mainly due to higher revenue, strong margin performance, and no longer having Preferred Shareholders in 2025 or their related attributed income.
• Cash flow from operating activities decreased 14% to $32.0 million from 2024 levels, driven by an $8.7 million loss on contract settlements and cash used in changes in non-cash working capital partly offset by higher income from operations.
• The strong cash flow from operations, coupled with full retention of free cash flow following the conclusion of Preferred Shareholder allocations, resulted in $38.8 million in free cash flow attributed to common shareholders, compared to $14.9 million in 2024.

Increase to Quarterly Dividend

The Corporation is also pleased to announce that its Board of Directors has increased its quarterly dividend from $0.04 per common share to $0.05 per common share. Subject to approval of the Board of Directors, the first quarterly dividend of $0.05 per common share is expected to be effective for the June 2026 dividend and will be paid on June 15, 2026, to common shareholders of record on June 1, 2026. These dividends are eligible dividends for Canadian income tax purposes.

Update on Strategic Investments and Acquisitions

Throughout the fourth quarter of 2025 and the first quarter of 2026, the DLC Group has made several strategic investments and acquisitions totaling $17.3 million to strengthen our competitive position, expand our presence in the alternative lending market and enhance profitability.

Consistent with our long-term growth strategy, the Corporation further strengthened our broker network through equity investments in two of our franchise partners totaling $4.5 million, including (i) the acquisition of the remaining 30% interest in Broker Financial Group Inc. in Q4 2025 (following the initial 70% equity investment in 2024); and (ii) the acquisition of a 51% interest in Clear Trust Mortgages Inc. in Q1 2026.

In Q4 2025, the Corporation entered into revised agreements with four of our independent sales consultants to simplify the Corporation’s compensation structure and better align recruiting incentives with its long-term growth strategy. As part of this transition, certain legacy trailing commission arrangements were eliminated in exchange for one-time payments, resulting in the recognition of total loss on contract settlements of $8.7 million. The updated agreements are expected to lower ongoing commission costs, supporting margin expansion while positioning the Corporation well for future growth.

In Q1 2026, the DLC Group also acquired a 50% equity interest in Dundarave Management Ltd. (“DML”) for $4.1 million. DML is the manager for Dundarave Mortgage Investment Corporation (“DMIC”) which has operated as a mortgage lender in British Columbia since 2008. DML provides administration and management services for DMIC and is not itself a lender. DMIC has a portfolio of approximately $55 million of mortgage loans in British Columbia. Neither DML nor the DLC Group will be responsible for DMIC’s loans. While Heartwood Financial Group remains the Corporation’s primary focus in the alternative lending market, the DML investment strengthens our exposure to this growing market, while complementing our core mortgage brokering and connectivity business.

Conference Call & Webcast

The Corporation will hold a conference call at 4:00pm Mountain Time (6:00pm Eastern Time) on Tuesday, March 24, 2026 to discuss these results. To participate in the conference call, please dial 1-800-715-9871 or 1-647-932-3411 (International) at least 5 minutes prior to the call.

This conference call will also be webcast live and can be accessed by all interested parties at the following URL:

https://www.gowebcasting.com/14625. A webcast replay will also be available within 24 hours following the call on The DLC Group’s website at www.dlcg.ca, in the Investors section.

Reconciliation of Non-IFRS Financial Measures

Management presents certain non-IFRS financial performance measures which we use as supplemental indicators of our operating performance. These non-IFRS measures do not have any standardized meaning and therefore are unlikely to be comparable to the calculation of similar measures used by other companies and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. Non-IFRS measures are defined and reconciled to the most directly comparable IFRS Accounting Standards measure. Non-IFRS financial performance measures include adjusted EBITDA, adjusted net income, adjusted earnings per share, and free cash flow. Please see the Non-IFRS Financial Performance Measuressection of the Corporation’s MD&A dated March 24, 2026 for further information on key performance indicators.

The Corporation’s MD&A is available on SEDAR+ at www.sedarplus.ca.

ADJUSTED EBITDA

Adjusted EBITDA is defined as earnings before finance expense, taxes, depreciation, amortization, and any unusual, non-operating, certain non-cash, or one-time items. The Corporation considers its main operating activities to be the business of mortgage brokerage franchising and mortgage broker data connectivity services across Canada, and management of its operating subsidiaries. Adjusted EBITDA margin is defined as adjusted EBITDA divided by revenue.

The non-cash adjustments are expenses incurred during the period which are not the result of the main operating activities of the Corporation or are related to the financing of these activities. Other expenses are unusual, non- cash, or one-time insignificant items included within “other income” on the consolidated statements of income that are not related to the main operating activities.

While adjusted EBITDA is not a recognized measure under IFRS Accounting Standards, management believes that it is a useful supplemental measure as it provides management and investors with an insightful indication of the performance of the Corporation. Adjusted EBITDA is an assessment of its normalized results and cash generated by its main operating activities, prior to the consideration of how these activities are financed or taxed, as a facilitator for valuation and a proxy for cashflow. Management applies adjusted EBITDA in its operational decision making as an indication of the financial performance of its main operating activities.

Investors should be cautioned, however, that adjusted EBITDA should not be construed as an alternative to a statement of cash flows as a measure of liquidity and cash flows. The methodologies we use to determine adjusted EBITDA may differ from those utilized by other issuers or companies and, accordingly, adjusted EBITDA as used in this MD&A may not be comparable to similar measures used by other issuers or companies. Readers are cautioned that adjusted EBITDA should not be construed as an alternative to net income determined in accordance with IFRS Accounting Standards as an indicator of an issuer’s performance or to cash flows from operating, investing, and financing activities as measures of liquidity and cash flows.

The following table reconciles adjusted EBITDA from income before income tax, which is the most directly-comparable measure calculated in accordance with IFRS Accounting Standards:

FREE CASH FLOW

Free cash flow represents how much cash a business generates after spending what is required to maintain or expand its current asset base. Free cash flow attributable to common shareholders represents the cash available to the Corporation for general corporate purposes, including: repayments on our credit facilities, investment in growth capital expenditures, return of capital to common shareholders through the repurchases of Common Shares and discretionary payment of dividends to common shareholders, and cash to be retained by the company. This is a useful measure that allows management and users to understand the cash available to enhance shareholder value.

The other adjustments are expenses incurred during the period which are not the result of the main operating activities of the Corporation, or are related to the financing of these activities. Other one-time items included within other expense adjustments are insignificant items included within “other (expense) income” on the condensed consolidated statements of income that are not related to the main operating activities.

While free cash flow is not a recognized measure under IFRS Accounting Standards, management believes that it is a useful supplemental measure as it provides management and investors with an insightful indication of the funds generated by the main operating activities that are available to the Corporation for use in non-operating activities. Free cash flow is determined by adjusting certain investing and financing activities. Investors should be cautioned, however, that free cash flow should not be construed as an alternative to a statement of cash flows as a measure of liquidity and cash flows. The methodologies we use to determine free cash flow may differ from those utilized by other issuers or companies and, accordingly, free cash flow as used in this MD&A may not be comparable to similar measures used by other issuers or companies. Readers are cautioned that free cash flow should not be construed as an alternative to net income determined in accordance with IFRS Accounting Standards as indicators of an issuer’s performance, or to cash flows from operating, investing, and financing activities as measures of liquidity and cash flows.

The following table reconciles free cash flow from cash flow from operating activities, which is the most directly- comparable measure calculated in accordance with IFRS Accounting Standards:

ADJUSTED NET INCOME AND ADJUSTED EPS

Adjusted net income and Adjusted EPS are defined as net income before any unusual or non-operating items such as foreign exchange, fair value adjustments, finance expense on the Preferred Share liability, adjusted net income from the Core Business Operations attributable to the Preferred Shareholders, and one-time non-recurring items. Other one-time items included within other expense adjustments are insignificant items included within “other (expense) income” on the condensed consolidated statements of income that are not related to the main operating activities.

While adjusted net income is not a recognized measure under IFRS Accounting Standards, management believes that it is a useful supplemental measure as it provides management and investors with an insightful indication of the operational performance of the Corporation by eliminating certain non-recurring items, adjusting for the net income attributable to the Preferred Shareholders, and excluding the finance expense on the Preferred Share liability. Management applies adjusted net income in its operational decision making as an indication of the results and cash generated by the main operating activities, after consideration of how these activities are financed and taxed. Adjusted net income is used to determine adjusted EPS (defined as adjusted net income attributable to common shareholders on a per-share basis).

Investors should be cautioned, however, that adjusted net income should not be construed as an alternative to net income determined in accordance with IFRS Accounting Standards as an indicator of an issuer’s performance or to cash flows from operating, investing, and financing activities as a measure of liquidity and cash flows. The methodologies we use to determine adjusted net income may differ from those utilized by other issuers or companies and, accordingly, adjusted net income as used in this MD&A may not be comparable to similar measures used by other issuers or companies.

The following table reconciles adjusted net income from net income, which is the most directly-comparable measure calculated in accordance with IFRS Accounting Standards:

Forward-Looking Information

Certain statements in this document constitute forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as “anticipate,” “believe,” “estimate,” “will,” “expect,” “plan,” or similar words suggesting future outcomes or outlooks. Forward-looking information in this document includes, but is not limited to, continuing to execute on our growth pillars, thecontinued strength in the renewal market, that our market share of overall Canadian mortgage originations will provide our company with significant long-term growth runway, that our strategic investments and acquisitions will strengthen our competitive position, expand our presence in the alternative lending market and enhance profitability, and realize cost savings from the termination of trailer commissions and benefit from sales incentives that are better aligned with the Company’s future growth objectives.

Such forward-looking information is based on many estimates and assumptions, including material estimates and assumptions, related to the following factors below that, while considered reasonable by the Corporation as at the date of this press release considering management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to:

• Changes in interest rates;
• The DLC Group’s ability to maintain its existing number of franchisees and brokers, and to add additional
• franchisees and brokers;
• Changes in overall demand for Canadian real estate (via factors such as immigration);
• Changes in overall supply for Canadian real estate (via factors such as new housing-start levels);
• At what period in time the Canadian real estate market stabilizes;
• Changes in Canadian mortgage lending and mortgage brokerage laws and regulations;
• Changes in the Canadian mortgage lending marketplace;
• Changes in the fees paid for mortgage brokerage services in Canada; and
• Demand for the Corporation’s products remaining consistent with historical demand.

Many of these uncertainties and contingencies may affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All forward-looking statements made in this document are qualified by these cautionary statements. The foregoing list of risks is not exhaustive. The forward-looking information contained in this document is made as of the date hereof and, except as required by applicable securities laws, we undertake no obligation to update publicly or revise any forward-looking statements or information, whether because of new information, future events or otherwise.

About Dominion Lending Centres Inc.

Dominion Lending Centres Inc. is Canada’s leading network of mortgage professionals. The DLC Group operates through Dominion Lending Centres Inc. and its three main subsidiaries, MCC Mortgage Centre Canada Inc., MA Mortgage Architects Inc. and Newton Connectivity Systems Inc., and has operations across Canada. The DLC Group’s extensive network includes over 9,000 agents and over 500 locations. Headquartered in British Columbia, DLC was founded in 2006 by Gary Mauris and Chris Kayat.

The DLC Group can be found on X (Twitter), Facebook and Instagram and LinkedIn @DLCGmortgage and on the web at www.dlcg.ca.

Contact information for the Corporation is as follows: