Technology
goeasy Ltd. Reports Results for the Second Quarter 2026
Published
1 hour agoon
By
Gross Consumer Loans Receivable of $5.00 billion at Q2/26 end, down 2% from $5.11 billion at Q2/25
Revenue of $390 million in Q2/26, down 10% compared to $431 million in Q2/25
Net Charge Off Rate1 of 16.7% in Q2/26, up 800 bps from 8.7% in Q2/25
Diluted Earnings Per Share of $0.96 in Q2/26, down from diluted EPS of $5.49 in Q2/25
Adjusted Diluted Earnings Per Share1 of $1.02 in Q2/26, down from Adj. Dil. EPS1 of $4.40 in Q2/25
MISSISSAUGA, ON, Aug. 6, 2026 /CNW/ — goeasy Ltd. (TSX: GSY), (“goeasy” or the “Company”), one of Canada’s leading consumer lenders focused on delivering a full suite of financial services to Canadians with non-prime credit scores, today reported results for the second quarter ended June 30, 2026.
“We continued to methodically execute our six-point action plan in the second quarter, including managing our origination activity to prioritize liquidity. Compared to the first quarter of 2026, we reduced our net charge off rate by 110 basis points and strengthened our debt-to-adjusted tangible equity ratio from 5.30x to 4.95x,” said Patrick Ens, goeasy’s Chief Executive Officer. “We generated $585.4 million cash from operating activities before net principal written, repaid the full $314.0 million balance outstanding on our revolving credit facility and regained access to incremental draws on that facility as of July 1. We believe in the strength and durability of our business, and the actions we took in the second quarter have helped to reestablish our financial foundation to prudently grow originations.”
Second Quarter Results
During the quarter, the Company funded $272.1 million in gross loan originations, down 70% compared to $903.7 million in the second quarter of 2025. The decrease in lending, consistent with the Company’s six-point action plan, was primarily due to a reduction in merchant-originated automotive and powersports loan originations attributable to the implementation of tighter credit underwriting measures as those portfolios continued to exhibit unfavourable credit risk performance, and a moderation in direct-to-consumer loan originations, implemented to manage the Company’s liquidity.
Gross consumer loans receivable decreased 2% to $5.00 billion as at June 30, 2026 from $5.11 billion at the end of the second quarter of 2025, and decreased 7% from $5.36 billion at the end of the first quarter of 2026. The decrease in the Company’s average consumer loans receivable and lower total yield on consumer loans (including ancillary products) were the main drivers of the 10% decrease in revenue from $431.3 million in the second quarter of 2025 to $390.0 million in the second quarter of 2026. Total yield on consumer loans (including ancillary products) realized by the Company on its average consumer loans receivable1 was 28.3% in the quarter, down 340 bps from the same period in 2025, but up 40 bps from the first quarter of 2026. Total annualized yield decreased year-over-year mainly due to the impact of higher allowance for credit losses on interest receivable; credit tightening in merchant-originated loan originations and a moderate reduction in direct-to-consumer loan originations; the continued impact of the lowered maximum allowable rate of interest on the Company’s unsecured lending product; and a higher proportion of larger dollar value loans, which have lower yields on certain ancillary products.
During the quarter, net charge offs as a percentage of average gross consumer loans receivable1 was 16.7%, up 800 bps from 8.7% in the second quarter of 2025, but down 110 bps from the first quarter of 2026. Net charge offs as a percentage of average gross consumer loans receivable1 increased year-over-year primarily due to higher charge offs in the merchant-originated automotive and powersports loan portfolios, higher charge offs in the direct-to-consumer portfolio and lower average gross consumer loans receivable.
The total allowance for credit losses on gross consumer loans increased to $499.5 million from $406.7 million as at June 30, 2025, mainly due to the Company’s current view of collectability and an increase in the credit loss outlook for merchant-originated automotive and powersports loans. The rate of allowance for expected credit losses, defined as the allowance for credit losses on gross consumer loans receivable as a percentage of the ending gross consumer loans receivable, declined from 10.09% as at March 31, 2026 to 9.99% as at June 30, 2026, driven mainly by the favourable changes in the macroeconomic outlook incorporated into the Company’s IFRS 9 expected credit loss model. For the three-month period ended June 30, 2026, the net change in allowance for credit losses on gross consumer loans was negative $41.6 million, compared to $21.0 million in the same period of 2025, a decrease of $62.6 million. This decrease was primarily driven by the release of provision for credit losses resulting from the decline in gross consumer loans receivable during the three-month period ended June 30, 2026, as discussed above.
Operating income for the second quarter of 2026 was $99.6 million, down 41% from $167.7 million in the second quarter of 2025. After adjusting for unusual and non-recurring items, the Company reported adjusted operating income2 of $102.9 million, a decrease from $171.1 million in the second quarter of 2025. The efficiency ratio1 for the second quarter of 2026 was 25.5%, relatively flat from 25.6% in the second quarter of 2025.
Net income for the second quarter of 2026 was $15.9 million, down from net income of $91.5 million in the second quarter of 2025. Diluted earnings per share was $0.96, down from diluted earnings per share of $5.49 reported in the second quarter of 2025. Adjusted net income2 for the second quarter of 2026 was $16.8 million, down from adjusted net income2 of $73.4 million in the second quarter of 2025. The decrease in adjusted net income was primarily driven by lower adjusted operating income from lower total yield on consumer loans (including ancillary products), elevated credit losses and a higher cost of borrowing. Adjusted diluted earnings per share1 was $1.02, down from adjusted diluted earnings per share1 of $4.40 in the second quarter of 2025.
Balance Sheet and Liquidity
Total assets were $5.48 billion as at June 30, 2026, a decrease of 3% from $5.63 billion as at June 30, 2025, related primarily to a $224.5 million decrease in net consumer loans receivable, driven by lower originations during the period, higher charge offs recognized from the fourth quarter of 2025 to the second quarter of 2026, and impairment of goodwill related to the LendCare cash-generating unit. Cash provided by operating activities before net principal written2 in the second quarter of 2026 was $585.4 million, compared to $489.1 million in the second quarter of 2025. The Company’s debt-to-adjusted tangible equity ratio3, a capital management measure for leverage, was 4.95x as at June 30, 2026, compared to 3.71x as at June 30, 2025 and 5.30x as at March 31, 2026. The average blended coupon interest rate for the Company’s debt as at June 30, 2026 was 6.8%.
As at June 30, 2026, goeasy had liquidity (cash on hand plus unused contractual borrowing capacity) of $1.37 billion, of which $1.06 billion was not available to be drawn by the Company. On July 1, 2026, goeasy regained the ability to make incremental draws on its $550 million Revolving Credit Facility. In July 2026, the Company also received confirmation from the applicable lenders under its amended Revolving Securitization Facility I (the “Securitization Facility”) that the audit report required under that facility had been accepted and the related condition precedent to regaining access to the Securitization Facility (which is one of two such conditions) had been fulfilled. The Company has also meaningfully advanced steps to replace the backup servicer under the Securitization Facility and does not expect any impediments to meeting this condition, completion of which will permit additional draws on the Securitization Facility. Discussions between the Company and its lenders have also been initiated to extend the Securitization Facility for one year, however these discussions are preliminary and there is no assurance that such an extension will be agreed upon nor certainty as to the timing or terms of such an extension. The Company was in compliance with all of its covenants (including financial covenants) under its Revolving Credit Facility as at June 30, 2026. The Company was not subject to financial covenant compliance, and was in compliance with all other applicable covenants, for the Securitization Facility as at June 30, 2026.
Selected Additional Second Quarter Information
(June 30, 2026 relative to June 30, 2025, where applicable)
45% of gross consumer loans receivable secured, down from 48%Total number of active lending customers at 438,000, down 2%62% of net loan advances1 in the quarter were issued to new customers, down from 73%Weighted average interest rate4 on consumer loans of 26.3%, up from 26.1%87.9% of gross consumer loans receivable, on a dollar-weighted basis, carried an interest rate less than or equal to a 35% Annual Percentage Rate, being the maximum allowable interest rate for new loans written after January 1, 2025
Six Months Results
For the first six months of 2026, the Company funded $823.4 million in loan originations, down 48% from $1.58 billion in the same period of 2025. Total yield on consumer loans (including ancillary products) realized by the Company on its average consumer loans receivable1 was 28.1% in the first six months of 2026, down 340 bps from the same period in 2025. Net charge offs for the first six months of 2026, as a percentage of average gross consumer loans receivable1, was 17.3%, up 850 bps from 8.8% in the same period of 2025.
For the first six months of 2026, the Company produced revenues of $802.9 million, down 4% compared to $836.3 million in the same period of 2025. Operating income for the period was $128.5 million compared with $311.8 million in the first six months of 2025, a decrease of $183.3 million or 59%. Adjusted operating income2 for the first six months of 2026 was $139.8 million, 56% lower compared to $318.5 million in the same period of 2025. Efficiency ratio1 for the first six months of 2026 was 25.0%, an improvement of 90 bps from 25.9% in the same period of 2025.
Net loss for the first six months of 2026 was $37.1 million and diluted loss per share was $2.26 compared with net income of $130.2 million or $7.73 per share in the same period of 2025. Adjusted net loss2 for the first six months of 2026 was $14.5 million and adjusted diluted loss per share1 was $0.88, compared with adjusted net income2 of $132.7 million or $7.88 per share, both decreases of 111%.
Updated 2026 Outlook
The Company’s Q2 2026 outlook, and the relevant assumptions and risk factors, were disclosed in its March 31, 2026 MD&A. The Company’s actual second quarter performance was consistent with its second quarter 2026 outlook across all three measures. The Company continues to focus on prudent management of liquidity, strengthening of credit performance, and alignment of its capital structure. Management remains confident in goeasy’s ability to return to its long track record of strong credit performance and returns that will reinforce confidence among shareholders and other stakeholders.
The Company has updated its Q3 2026 outlook for gross consumer loans receivable and total yield on consumer loans for the full year 2026. This update assumes the continued implementation of the Company’s 6-point plan and reflects the Company’s expectations for the balance of the year. Refer to “Q3 2026 Outlook and Full Year 2026 Commentary” in the Company’s June 30, 2026 MD&A for more detail and to the assumptions and risks set out below under “Forward Looking Statements”.
Q3 2026 Outlook
Full Year 2026 Commentary
Gross consumer loans receivable at period end
$4.8 to $5.0 billion
Expected to be broadly in line with Q2 levels
Total yield on consumer loans (including ancillary products)1
26.5% to 28.0%
Expected to be broadly in line with H1 results
Net charge offs as a percentage of average gross consumer loans receivable1
14.5% to 16.0%
Expected to be in the mid-teens for full year 2026; improvement expected to continue as the year progresses
Chief Risk Officer Transition
The Company also announced today that Jason Appel will be leaving his role as Chief Risk Officer to pursue an external opportunity and will remain with goeasy through the end of August, to support an orderly transition. “I would like to thank Jason for his leadership and many contributions to goeasy over the past 13 years and wish him every success in the future,” said Patrick Ens, Chief Executive Officer. “Jason has played an important role in helping build and strengthen our Risk and Analytics capabilities and support goeasy’s growth and evolution.”
The Company has identified a successor and expects to announce the appointment before Jason Appel concludes his tenure with goeasy.
Share Repurchases and Dividend Payments
In consideration of recent developments that affected earnings in 2025, the Board of Directors made the decision to suspend the regular quarterly dividend on the Company’s Common Shares and to suspend share repurchases under its normal course issuer bid on an indefinite basis. These actions are aligned with management’s focus on prudently preserving capital and maintaining liquidity.
Forward-Looking Statements
This press release includes forward-looking statements about goeasy, including, but not limited to, its business operations, strategy and expected financial performance and condition. Forward-looking statements include, but are not limited to, statements with respect to forecasts for growth of the consumer loans receivable, annual revenue growth forecasts, strategic initiatives, new product offerings and new delivery channels, anticipated cost savings, planned capital expenditures, anticipated capital requirements and the Company’s ability to secure sufficient capital, liquidity of the Company, plans and references to future operations and results, critical accounting estimates, expected future yields and net charge off rates on loans, the dealer relationships, the size and characteristics of the Canadian non-prime lending market, the continued development of the type and size of competitors in the market. In certain cases, forward-looking statements that are predictive in nature, depend upon or refer to future events or conditions, and/or can be identified by the use of words such as “expect”, “continue”, “anticipate”, “intend”, “aim”, “plan”, “believe”, “budget”, “estimate”, “forecast”, “foresee”, “target” or negative versions thereof and similar expressions, and/or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
Forward-looking statements are based on certain factors and assumptions, including expected growth, results of operations and business prospects and are inherently subject to, among other things, risks, uncertainties and assumptions about the Company’s operations, economic factors and the industry generally. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events could differ materially from those expressed or implied by forward-looking statements made by the Company. Some important factors that could cause actual results to differ materially from those expressed in the forward-looking statements include, but are not limited to, goeasy’s ability to enter into new lease and/or financing agreements, collect on existing lease and/or financing agreements, open new locations on favourable terms, offer products which appeal to customers at a competitive rate, respond to changes in legislation, react to uncertainties related to regulatory action, raise capital under favourable terms, compete, manage the impact of litigation (including shareholder litigation), control costs at all levels of the organization and maintain and enhance the system of internal controls.
The Company cautions that the foregoing list is not exhaustive. These and other factors could cause actual results to differ materially from our expectations expressed in the forward-looking statements, and further details and descriptions of these and other factors are disclosed in the Company’s Management’s Discussion and Analysis (“MD&A”) for the year ended December 31, 2025, and for the quarter ended June 30, 2026 including under the section entitled “Risk Factors”.
The reader is cautioned to consider these, and other factors carefully and not to place undue reliance on forward-looking statements, which may not be appropriate for other purposes. The Company is under no obligation (and expressly disclaims any such obligation) to update or alter the forward-looking statements whether as a result of new information, future events or otherwise, unless required by law.
The Company particularly cautions that the Q3 2026 outlook and full year 2026 commentary presented above under the heading “Updated 2026 Outlook” (the “2026 Outlook Information”) constitutes forward-looking information and that in formulating its outlook, the Company makes a series of assumptions, which include, but are not limited to, assumptions about Environmental Conditions (Stability in the macroeconomic environment; Continued demand for non-prime credit across); Portfolio Growth (Loan originations adjust as underwriting criteria are tightened, particularly within indirect channels); Liquidity & Funding (The Company prioritizes liquidity and covenant compliance; Continued access to funding at acceptable rates; Continued strong free cash flow from its existing portfolio); Revenue Yield (Portfolio yield expected to be negatively impacted by bad debts on interest receivable; Business mix shift to include more unsecured personal loan originations at higher yields; Total portfolio yield and net charge off as a percentage of gross consumer loans receivable on its lending products are as estimated in the Company’s budget and strategic plan); Credit Performance (Net charge offs as a percentage of gross consumer loans receivable perform in line with the Company’ budget and forecasts generated through the use of its proprietary credit and underwriting models; The mixture of customers acquired through each of the Company’s acquisition channels and the mixture of new and existing borrowers are as estimated in the Company’s forecast); Investment Performance (No material changes are assumed in the fair value of investments, and no forecast is made regarding the timing of realization of the investment portfolio); and Mergers and Acquisitions (No mergers or acquisitions are contemplated within the outlook period). These assumptions and expectations are subject to a number of risks, including the following, as well as those set out the section entitled “Risk Factors” in the Company’s MD&A: Environmental & Market Conditions (Uncertainty in consumer demand or broader economic conditions may adversely impact loan originations and portfolio performance; Deterioration in employment levels or economic stability could negatively affect credit performance and increase net charge off rates; Competitive dynamics or pricing pressures may impact margins and growth); Access to Capital & Funding (The Company’s ability to access capital on acceptable terms and maintain adequate liquidity to support operations and strategic priorities); Regulatory Environment (Changes to laws and regulations governing consumer lending that could impact product offerings, pricing or operations); Credit Performance (A material increase in net charge off as a percentage of gross consumer loans receivable beyond expectations, including adverse performance from prior vintages or new originations); and Operating Execution (The Company’s ability to successfully execute on its Action Plan, including underwriting changes, and operating model alignment and platform consolidation; Risks associated with transitioning originations and customer portfolios toward the easyfinancial platform). The 2026 Outlook Information constitutes targets established by the Company and is subject to change as plans and business conditions vary. Accordingly, investors are cautioned not to place undue reliance on the 2026 Outlook Information. Actual results may differ materially.
About goeasy
goeasy Ltd. is a leading Canadian provider of non-prime consumer lending solutions, offering a suite of financial products through its easyfinancial, easyhome, and LendCare brands. goeasy offers unsecured and secured instalment loans, point-of-sale financing, and lease-to-own merchandise through its omni-channel model, which spans online, mobile, and hundreds of locations nationwide.
Driven by its team members’ dedication to expand access to credit for underserved communities and helping customers strengthen their financial futures, goeasy has proudly served more than 1.6 million customers while building an award-winning culture. Shares of goeasy Ltd. are listed on the Toronto Stock Exchange (TSX) under the symbol GSY. For more information, visit www.goeasy.com.
For investor inquiries, contact:
James Obright
Senior Vice President, Investor Relations & Capital Markets
investor_relations@goeasy.com
For media inquiries, contact:
mediainquiries@goeasy.com
Notes:
1 These are non-IFRS ratios. Refer to “Non-IFRS Measures and Other Financial Measures” section in this press release.
2 These are non-IFRS measures. Refer to “Non-IFRS Measures and Other Financial Measures” section in this press release.
3 These are capital management measures. Refer to “Non-IFRS Measures and Other Financial Measures” section in this press release.
4 These are supplementary financial measures. Refer to “Non-IFRS Measures and Other Financial Measures” section in this press release.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Unaudited)
(Expressed in thousands of Canadian dollars)
As At
As At
June 30,
December 31,
2026
2025
ASSETS
Cash
312,100
152,661
Accounts receivable
37,544
42,361
Prepaid expenses
9,601
9,159
Income taxes recoverable
139,504
90,559
Consumer loans receivable, net
4,647,742
5,155,360
Investments
23,117
29,103
Lease assets, net
30,523
36,656
Derivative financial assets
52,429
11,146
Deferred income tax assets
28,269
22,250
Property and equipment, net
26,201
30,788
Right-of-use assets, net
52,431
52,510
Intangible assets, net
102,371
104,142
Goodwill
21,310
21,310
TOTAL ASSETS
5,483,142
5,758,005
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Revolving credit facility
(3,031)
175,052
Accounts payable and other liabilities
126,121
107,842
Dividends payable
–
23,398
Unearned revenue
30,317
31,219
Accrued interest payable
68,811
68,533
Deferred income tax liabilities
3,887
5,367
Lease liabilities
58,972
59,451
Secured borrowings
54,608
88,783
Revolving securitization warehouse facilities
610,907
611,015
Derivative financial liabilities
9,683
46,107
Notes payable
3,726,742
3,690,818
TOTAL LIABILITIES
4,687,017
4,907,585
Shareholders’ equity
Share capital
431,206
430,325
Contributed surplus
27,708
26,782
Accumulated other comprehensive loss
(32,346)
(13,367)
Retained earnings
369,557
406,680
TOTAL SHAREHOLDERS’ EQUITY
796,125
850,420
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
5,483,142
5,758,005
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(Unaudited)
(Expressed in thousands of Canadian dollars, except earnings (loss) per share)
Three Months Ended
Six Months Ended
June 30,
June 30,
June 30,
June 30,
2026
2025
2026
2025
Restated
Restated
REVENUE
Interest income
305,493
328,523
623,403
637,414
Lease revenue
19,198
21,822
39,243
44,064
Commissions earned
61,391
73,621
131,454
141,808
Charges and fees
3,954
7,383
8,793
12,986
390,036
431,349
802,893
836,272
OPERATING EXPENSES
BAD DEBTS
179,658
142,742
446,858
287,764
OTHER OPERATING EXPENSES
Salaries and benefits
49,646
52,112
102,310
101,575
Share-based compensation
3,075
5,706
2,013
10,147
Technology costs
10,970
12,583
22,340
24,803
Underwriting and collections
7,592
8,671
16,977
15,833
Occupancy
5,424
5,330
11,138
11,002
Advertising and promotion
2,096
8,338
5,359
17,024
Restructuring charges
–
–
4,763
–
Other expenses
12,167
7,567
22,857
15,249
90,970
100,307
187,757
195,633
DEPRECIATION AND AMORTIZATION
Depreciation of lease assets
6,270
6,947
12,755
13,930
Amortization of intangible assets
5,599
5,655
11,124
11,301
Depreciation of right-of-use assets
5,351
5,292
10,693
10,589
Depreciation of property and equipment
2,575
2,665
5,217
5,262
19,795
20,559
39,789
41,082
TOTAL OPERATING EXPENSES
290,423
263,608
674,404
524,479
OPERATING INCOME
99,613
167,741
128,489
311,793
OTHER LOSS
–
–
(5,986)
–
FINANCE COSTS
(78,426)
(43,033)
(171,589)
(132,684)
INCOME BEFORE INCOME TAXES
21,187
124,708
(49,086)
179,109
INCOME TAX EXPENSE (RECOVERY)
Current
6,326
33,884
(12,582)
64,779
Deferred
(1,005)
(628)
619
(15,831)
5,321
33,256
(11,963)
48,948
NET INCOME (LOSS)
15,866
91,452
(37,123)
130,161
BASIC EARNINGS PER SHARE
0.96
5.55
(2.26)
7.83
DILUTED EARNINGS PER SHARE
0.96
5.49
(2.26)
7.73
SUMMARY OF FINANCIAL RESULTS BY REPORTABLE SEGMENT
(Expressed in thousands of Canadian dollars, except earnings per share)
Three Months Ended June 30, 2026
easyfinancial
easyhome
Corporate
Total
Revenue
Interest income
291,499
13,994
–
305,493
Lease revenue
–
19,198
–
19,198
Commissions earned
57,340
4,051
–
61,391
Charges and fees
3,183
771
–
3,954
352,022
38,014
–
390,036
Operating expenses
Bad debts
171,884
7,774
–
179,658
Other operating expenses
54,720
12,174
24,076
90,970
Depreciation and amortization
9,972
8,274
1,549
19,795
236,576
28,222
25,625
290,423
Operating income (loss)
115,446
9,792
(25,625)
99,613
Other loss
–
Finance costs
(78,426)
Income before income taxes
21,187
Income tax expense
5,321
Net income
15,866
Diluted earnings per share
0.96
Three Months Ended June 30, 2025
(As restated)
easyfinancial
easyhome
Corporate
Total
Revenue
Interest income
317,396
11,127
–
328,523
Lease revenue
–
21,822
–
21,822
Commissions earned
69,812
3,809
–
73,621
Charges and fees
6,684
699
–
7,383
393,892
37,457
–
431,349
Operating expenses
Bad debts
137,429
5,313
–
142,742
Other operating expenses
64,178
13,253
22,876
100,307
Depreciation and amortization
9,952
8,966
1,641
20,559
211,559
27,532
24,517
263,608
Operating income (loss)
182,333
9,925
(24,517)
167,741
Other income
–
Finance costs
(43,033)
Income before income taxes
124,708
Income tax expense
33,256
Net income
91,452
Diluted earnings per share
5.49
Six Months Ended June 30, 2026
easyfinancial
easyhome
Corporate
Total
Revenue
Interest income
595,081
28,322
–
623,403
Lease revenue
–
39,243
–
39,243
Commissions earned
123,346
8,108
–
131,454
Charges and fees
7,250
1,543
–
8,793
725,677
77,216
–
802,893
Operating expenses
Bad debts
428,683
18,175
–
446,858
Other operating expenses
118,628
24,878
44,251
187,757
Depreciation and amortization
19,888
16,762
3,139
39,789
567,199
59,815
47,390
674,404
Operating income (loss)
158,478
17,401
(47,390)
128,489
Other loss
(5,986)
Finance costs
(171,589)
Loss before income taxes
(49,086)
Income taxes (recovery)
(11,963)
Net loss
(37,123)
Diluted loss per share
(2.26)
Six Months Ended June 30, 2025
(As restated)
easyfinancial
easyhome
Corporate
Total
Revenue
Interest income
615,804
21,610
–
637,414
Lease revenue
–
44,064
–
44,064
Commissions earned
134,437
7,371
–
141,808
Charges and fees
11,532
1,454
–
12,986
761,773
74,499
–
836,272
Operating expenses
Bad debts
277,895
9,869
–
287,764
Other operating expenses
125,705
27,177
42,751
195,633
Depreciation and amortization
19,688
18,030
3,364
41,082
423,288
55,076
46,115
524,479
Operating income (loss)
338,484
19,423
(46,115)
311,793
Other income
–
Finance costs
(132,684)
Income before income taxes
179,109
Income taxes
48,948
Net income
130,161
Diluted earnings per share
7.73
SUMMARY OF FINANCIAL RESULTS AND KEY PERFORMANCE INDICATORS
Three Months Ended
($ in 000’s except earnings per share and percentages)
June 30,
2026
June 30,
2025
(As restated)
Variance
$ / bps
Variance
% Change
Summary Financial Results
Revenue
390,036
431,349
(41,313)
(9.6 %)
Bad debts
179,658
142,742
36,916
25.9 %
Other operating expenses
90,970
100,307
9,337
(9.3 %)
EBITDA1
113,138
181,354
(68,216)
(37.6 %)
EBITDA margin1
29.0 %
42.0 %
(1,300 bps)
(31.0 %)
Depreciation and amortization
19,795
20,559
(764)
(3.7 %)
Operating income
99,613
167,741
(68,128)
(40.6 %)
Operating margin
25.5 %
38.9 %
(1,340 bps)
(34.4 %)
Finance costs
78,426
43,033
35,393
82.2 %
Effective income tax rate
25.1 %
26.7 %
(160 bps)
(5.8 %)
Net income
15,866
91,452
(75,586)
(82.7 %)
Diluted earnings per share
0.96
5.49
(4.53)
(82.5 %)
Return on receivables
1.2 %
7.3 %
(610 bps)
(83.6 %)
Return on assets
1.1 %
6.7 %
(560 bps)
(83.6 %)
Return on equity
7.9 %
31.4 %
(2,350 bps)
(74.8 %)
Return on tangible common equity1
10.0 %
40.5 %
(3,050 bps)
(75.3 %)
Adjusted Financial Results1
Other operating expenses
97,240
107,162
(9,922)
(9.3 %)
Efficiency ratio
25.5 %
25.6 %
(10 bps)
(0.4 %)
Operating income
102,888
171,108
(68,220)
(39.9 %)
Operating margin
26.4 %
39.7 %
(1,330 bps)
(33.5 %)
Net income
16,768
73,366
(56,598)
(77.1 %)
Diluted earnings per share
1.02
4.40
(3.38)
(76.8 %)
Return on receivables
1.3 %
5.9 %
(460 bps)
(78.0 %)
Return on assets
1.2 %
5.3 %
(410 bps)
(77.4 %)
Return on equity
8.4 %
25.2 %
(1,680 bps)
(66.7 %)
Return on tangible common equity
9.2 %
31.7 %
(2,250 bps)
(71.0 %)
Key Performance Indicators
Segment Financials
easyfinancial revenue
352,022
393,892
(41,870)
(10.6 %)
easyfinancial operating margin
32.8 %
46.3 %
(1,350 bps)
(29.2 %)
easyhome revenue
38,014
37,457
557
1.5 %
easyhome operating margin
25.8 %
26.5 %
(70 bps)
(2.6 %)
Portfolio Indicators
Gross consumer loans receivable
5,000,735
5,107,648
(106,913)
(2.1 %)
Growth in consumer loans receivable
(362,721)
312,261
(674,982)
(216.2 %)
Gross loan originations
272,060
903,718
(631,658)
(69.9 %)
Total yield on consumer loans (including ancillary products)1
28.3 %
31.7 %
(340 bps)
(10.8 %)
Net charge offs as a percentage of average gross consumer loans receivable1
16.7 %
8.7 %
800 bps
91.6 %
Cash provided by operations before net principal written1
585,360
489,103
96,257
19.7 %
Potential monthly leasing revenue1
5,511
6,478
(967)
(14.9 %)
Six Months Ended
($ in 000’s except earnings per share and percentages)
June 30,
2026
June 30,
2025
(As restated)
Variance
$ / bps
Variance
% Change
Summary Financial Results
Revenue
802,893
836,272
(33,379)
(4.0 %)
Bad debts
446,858
287,764
159,094
55.3 %
Other operating expenses
187,757
195,632
(7,875)
(4.0 %)
EBITDA1
149,537
338,945
(189,408)
(55.9 %)
EBITDA margin1
18.6 %
40.5 %
(2,190 bps)
(54.1 %)
Depreciation and amortization
39,789
41,082
(1,293)
(3.1 %)
Operating income
128,489
311,793
(183,304)
(58.8 %)
Operating margin
16.0 %
37.3 %
(2,130 bps)
(57.1 %)
Other income (loss)
(5,986)
–
(5,986)
(100.0 %)
Finance costs
171,589
132,684
38,905
29.3 %
Effective income tax rate
24.4 %
27.3 %
(290 bps)
(10.8 %)
Net income (loss)
(37,123)
130,161
(167,284)
(128.5 %)
Diluted earnings (loss) per share
(2.26)
7.73
(9.99)
(129.2 %)
Return on receivables
(1.4 %)
5.4 %
(680 bps)
(125.9 %)
Return on assets
(1.3 %)
4.8 %
(610 bps)
(127.1 %)
Return on equity
(9.1 %)
22.2 %
(3,130 bps)
(141.0 %)
Return on tangible common equity1
(8.7 %)
29.0 %
(3,770 bps)
(130.0 %)
Adjusted Financial Results1
Other operating expenses
195,749
209,377
(13,628)
(6.5 %)
Efficiency ratio
25.0 %
25.9 %
(90 bps)
(3.5 %)
Operating income
139,802
318,527
(178,725)
(56.1 %)
Operating margin
17.4 %
38.1 %
(2,070 bps)
(54.3 %)
Net income (loss)
(14,546)
132,715
(147,261)
(111.0 %)
Diluted earnings (loss) per share
(0.88)
7.88
(8.76)
(111.2 %)
Return on receivables
(0.6 %)
5.5 %
(610 bps)
(110.9 %)
Return on assets
(0.5 %)
4.9 %
(540 bps)
(110.2 %)
Return on equity
(3.6 %)
22.7 %
(2,630 bps)
(115.9 %)
Return on tangible common equity
(3.9 %)
28.5 %
(3,240 bps)
(113.7 %)
Key Performance Indicators
Segment Financials
easyfinancial revenue
725,677
761,773
(36,095)
(4.7 %)
easyfinancial operating margin
21.8 %
44.4 %
(2,260 bps)
(50.9 %)
easyhome revenue
77,216
74,499
(2,717)
3.6 %
easyhome operating margin
22.5 %
26.1 %
(360 bps)
(13.8 %)
Portfolio Indicators
Gross consumer loans receivable
5,000,735
5,107,648
(106,913)
(2.1 %)
Growth in consumer loans receivable
(512,732)
505,211
(1,017,943)
(201.5 %)
Gross loan originations
823,374
1,580,488
(757,114)
(47.9 %)
Total yield on consumer loans (including ancillary products)1
28.1 %
31.5 %
(340 bps)
(10.7 %)
Net charge offs as a percentage of average gross consumer loans receivable1
17.3 %
8.8 %
850 bps
96.0 %
Cash provided by operations before net principal written1
1,145,468
899,850
245,618
27.3 %
Potential monthly leasing revenue1
5,511
6,478
(967)
(14.9 %)
1 EBITDA, adjusted other operating expenses, adjusted operating income, adjusted net income and cash provided by operations before net principal written are non-IFRS measures. EBITDA margin, efficiency ratio, adjusted operating margin, adjusted diluted earnings per share, adjusted return on equity, adjusted return on receivable, adjusted return on assets, reported and adjusted return on tangible common equity, net charge offs as a percentage of average gross consumer loans receivable and total yield on consumer loans (including ancillary products) are non-IFRS ratios. Refer to “Non-IFRS Measures and Other Financial Measures” section in this press release.
Non-IFRS Measures and Other Financial Measures
The Company uses a number of financial measures to assess its performance. Some of these measures are not calculated in accordance with International Financial Reporting Standards (IFRS) as issued by International Accounting Standards Board (IASB), are not identified by IFRS and do not have standardized meanings that would ensure consistency and comparability among companies using these measures. The Company believes that non-IFRS measures are useful in assessing ongoing business performance and provide readers with a better understanding of how management assesses performance. These non-IFRS measures are used throughout this press release and listed below. An explanation of the composition of non-IFRS measures and other financial measures can be found in the Company’s MD&A, available on www.sedarplus.ca.
Adjusted Net Income (Loss) and Adjusted Diluted Earnings (Loss) Per Share
Adjusted net income (loss) is a non-IFRS measure and adjusted diluted earnings (loss) per share is a non-IFRS ratio. Refer to “Key Performance Indicators and Non-IFRS Measures” section on page 44 of the Company’s MD&A for the three and six-month periods ended June 30, 2026. Items used to calculate adjusted net income (loss) and adjusted diluted earnings (loss) per share for the three and six-month periods ended June 30, 2026 and 2025 include those indicated in the chart below:
Three Months Ended
Six Months Ended
($ in 000’s except earnings per share)
June 30,
2026
June 30, 2025
(As restated)
June 30,
2026
June 30, 2025
(As restated)
Net income (loss)
15,866
91,452
(37,123)
130,161
Impact of adjusting items
Other operating expenses
Restructuring charges1
–
–
4,763
–
Integration costs2
–
92
–
184
Depreciation and amortization
Amortization of acquired intangible assets3
3,275
3,275
6,550
6,550
Other loss (income)4
–
–
5,986
–
Finance costs
Fair value change on prepayment options related to Notes Payable5
(2,048)
(27,974)
11,260
(3,260)
Total pre-tax impact of adjusting items
1,227
(24,607)
28,559
3,474
Income tax impact of above adjusting items
(325)
6,521
(5,982)
(920)
After-tax impact of adjusting items
902
(18,086)
22,577
2,554
Adjusted net income (loss)
16,768
73,366
(14,546)
132,715
Weighted average number of diluted shares outstanding
16,504
16,673
16,462
16,840
Diluted earnings (loss) per share
0.96
5.49
(2.26)
7.73
Per share impact of adjusting items
0.06
(1.09)
1.38
0.15
Adjusted diluted earnings (loss) per share
1.02
4.40
(0.88)
7.88
Adjusting item related to restructuring charges
1 The Company completed a restructuring exercise in March 2026 and incurred a total of $4.8 million related to severance costs, settlement claims and consulting fees.
Adjusting items related to the LendCare acquisition
2 Integration costs related to representation and warranty insurance costs, and other integration costs related to the acquisition of LendCare.
3 Amortization of the $131 million intangible asset related to the acquisition of LendCare, with an estimated useful life of ten years.
Adjusting item related to other loss
4 For the six-month period ended June 30, 2026, net investment loss was due to fair value changes in the Company’s investments.
Adjusting item related to prepayment options embedded in the Notes Payable
5 For the three and six-month periods ended June 30, 2025 and 2026, the Company recognized a fair value change on the prepayment options related to Notes Payable.
Adjusted Other Operating Expenses and Efficiency Ratio
Adjusted other operating expenses is a non-IFRS measure and efficiency ratio is a non-IFRS ratio. Refer to “Key Performance Indicators and Non-IFRS Measures” section on page 44 of the Company’s MD&A for the three and six-month periods ended June 30, 2026. Items used to calculate adjusted other operating expenses and efficiency ratio for the three and six-month periods ended June 30, 2026 and 2025 include those indicated in the chart below:
Three Months Ended
Six Months Ended
($ in 000’s except percentages)
June 30,
2026
June 30,
2025
(As restated)
June 30,
2026
June 30,
2025
(As restated)
Other operating expenses as stated
90,970
100,307
187,757
195,632
Impact of adjusting items1
Other operating expenses
Restructuring charges
–
–
(4,763)
–
Integration costs
–
(92)
–
(184)
Depreciation and amortization
Depreciation of lease assets
6,270
6,947
12,755
13,930
Total impact of adjusting items
6,270
6,855
7,992
13,746
Adjusted other operating expenses
97,240
107,162
195,749
209,378
Total revenue
390,036
431,349
802,893
836,272
Less: Bad debts on interest receivable
(8,540)
(13,227)
(19,419)
(26,966)
381,496
418,122
783,474
809,307
Efficiency ratio
25.5 %
25.6 %
25.0 %
25.9 %
1 For explanation of adjusting items, refer to the corresponding “Adjusted Net Income and Adjusted Diluted Earnings Per Share” section.
Adjusted Operating Margin
Adjusted operating margin is a non-IFRS measure and adjusted operating margin is a non-IFRS ratio. Refer to “Key Performance Indicators and Non-IFRS Measures” section on page 44 of the Company’s MD&A for the three and six-month periods ended June 30, 2026. Items used to calculate adjusted operating income (loss) and adjusted operating margins for the three and six-month periods ended June 30, 2026 and 2025 include those indicated in the chart below:
Three Months Ended
($ in 000’s except percentages)
June 30,
2026
June 30,
2026 (adjusted)
June 30,
2025
(As restated)
June 30,
2025
(adjusted)
(As restated)
easyfinancial
Operating income (loss)
115,446
115,446
182,332
182,332
Divided by revenue
352,022
352,022
393,892
393,892
easyfinancial operating margin
32.8 %
32.8 %
46.3 %
46.3 %
easyhome
Operating income
9,792
9,792
9,925
9,925
Divided by revenue
38,014
38,014
37,457
37,457
easyhome operating margin
25.8 %
25.8 %
26.5 %
26.5 %
Total
Operating income (loss)
99,613
99,613
167,741
167,741
Other operating expenses1
Restructuring charges
–
–
–
–
Integration costs
–
–
–
92
Depreciation and amortization1
Amortization of acquired intangible assets
–
3,275
–
3,275
Adjusted operating income (loss)
99,613
102,888
167,741
171,108
Divided by revenue
390,036
390,036
431,349
431,349
Total operating margin
25.5 %
25.5 %
38.9 %
39.7 %
1 For explanation of adjusting items, refer to the corresponding “Adjusted Net Income and Adjusted Diluted Earnings Per Share” section.
Six Months Ended
($ in 000’s except percentages)
June 30,
2026
June 30,
2026 (adjusted)
June 30,
2025
(As restated)
June 30,
2025
(adjusted)
(As restated)
easyfinancial
Operating income (loss)
158,481
158,481
338,484
338,484
Divided by revenue
725,677
725,677
761,773
761,773
easyfinancial operating margin
21.8 %
21.8 %
44.4 %
44.4 %
easyhome
Operating income
17,401
17,401
19,423
19,423
Divided by revenue
77,216
77,216
74,499
74,499
easyhome operating margin
22.5 %
22.5 %
26.1 %
26.1 %
Total
Operating income (loss)
128,489
128,489
311,793
311,793
Other operating expenses1
Restructuring charges
–
4,763
–
–
Integration costs
–
–
–
184
Depreciation and amortization1
Amortization of acquired intangible assets
–
6,550
–
6,550
Adjusted operating income (loss)
128,489
139,802
311,793
318,527
Divided by revenue
802,893
802,893
836,272
836,272
Total operating margin
16.0 %
17.4 %
37.3 %
38.1 %
1 For explanation of adjusting items, refer to the corresponding “Adjusted Net Income and Adjusted Diluted Earnings Per Share” section.
Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”) and EBITDA Margin
EBITDA is a non-IFRS measure, while EBITDA margin is a non-IFRS ratio. Refer to “Key Performance Indicators and Non-IFRS Measures” section on page 44 of the Company’s MD&A for the three and six-month periods ended June 30, 2026. Items used to calculate EBITDA and EBITDA margin for the three and six-month periods ended June 30, 2026 and 2025 include those indicated in the chart below:
Three Months Ended
Six Months Ended
($ in 000’s except percentages)
June 30,
2026
June 30,
2025
(As restated)
June 30,
2026
June 30,
2025
(As restated)
Net income (loss)
15,866
91,452
(37,123)
130,161
Finance cost
78,426
43,033
171,589
132,684
Income tax expense
5,321
33,257
(11,963)
48,948
Depreciation and amortization
19,795
20,559
39,789
41,082
Depreciation of lease assets
(6,270)
(6,947)
(12,755)
(13,930)
EBITDA
113,138
181,354
149,537
338,945
Divided by revenue
390,036
431,349
802,893
836,272
EBITDA margin
29.0 %
42.0 %
18.6 %
40.5 %
Cash Provided by Operating Activities before Net Principal Written
Cash provided by operating activities before net principal written is a non-IFRS measure. Refer to “Key Performance Indicators and Non-IFRS Measures” section on page 44 of the Company’s MD&A for the three and six-month periods ended June 30, 2026. Items used to calculate cash provided by operating activities before net principal written for the three and six-month periods ended June 30, 2026 and 2025 include those indicated in the chart below:
Three Months Ended
Six Months Ended
($ in 000’s)
June 30,
2026
June 30,
2025
(As restated)
June 30,
2026
June 30,
2025
(As restated)
Cash provided by (used in) operating activities
377,905
(274,170)
500,201
(454,482)
Net principal written
207,455
763,273
645,267
1,354,332
Cash provided by operating activities before net principal written
585,360
489,103
1,145,468
899,850
Adjusted Return on Receivables
Adjusted return on receivables is a non-IFRS ratio. Refer to “Key Performance Indicators and Non-IFRS Measures” section on page 44 of the Company’s MD&A for the three and six-month periods ended June 30, 2026. Items used to calculate adjusted return on receivables for the three and six-month periods ended June 30, 2026 and 2025 include those indicated in the chart below:
Three Months Ended
($ in 000’s except percentages)
June 30,
2026
June 30,
2026
(adjusted)
June 30,
2025
(As restated)
June 30,
2025
(adjusted)
(As restated)
Net income (loss)
15,866
15,866
91,452
91,452
After-tax impact of adjusting items1
–
902
–
(18,086)
Adjusted net income (loss)
15,866
16,768
91,452
73,366
Multiplied by number of periods in a year
X 4
X 4
X 4
X 4
Divided by average gross consumer loans receivable
5,101,112
5,101,112
4,980,397
4,980,397
Return on receivables
1.2 %
1.3 %
7.3 %
5.9 %
1 For explanation of adjusting items, refer to the corresponding “Adjusted Net Income and Adjusted Diluted Earnings Per Share” section.
Six Months Ended
($ in 000’s except percentages)
June 30,
2026
June 30,
2026
(adjusted)
June 30,
2025
(As restated)
June 30,
2025
(adjusted)
(As restated)
Net income (loss)
(37,123)
(37,123)
130,161
130,161
After-tax impact of adjusting items1
–
22,577
–
2,554
Adjusted net income (loss)
(37,123)
(14,546)
130,161
132,715
Multiplied by number of periods in a year
X 4/2
X 4/2
X 4/2
X 4/2
Divided by average gross consumer loans receivable
5,277,695
5,277,695
4,846,548
4,846,548
Return on receivables
(1.4 %)
(0.6 %)
5.4 %
5.5 %
1 For explanation of adjusting items, refer to the corresponding “Adjusted Net Income and Adjusted Diluted Earnings Per Share” section.
Adjusted Return on Assets
Adjusted return on assets is a non-IFRS ratio. Refer to “Key Performance Indicators and Non-IFRS Measures” section on page 44 of the Company’s MD&A for the three and six-month periods ended June 30, 2026. Items used to calculate adjusted return on assets for the three and six-month periods ended June 30, 2026 and 2025 include those indicated in the chart below:
Three Months Ended
($ in 000’s except percentages)
June 30,
2026
June 30,
2026
(adjusted)
June 30,
2025
(As restated)
June 30,
2025
(adjusted)
(As restated)
Net income (loss)
15,866
15,866
91,452
91,452
After-tax impact of adjusting items1
–
902
–
(18,086)
Adjusted net income (loss)
15,866
16,768
91,452
73,366
Multiplied by number of periods in a year
X 4
X 4
X 4
X 4
Divided by average total assets for the period
5,652,415
5,652,415
5,487,102
5,487,102
Return on assets
1.1 %
1.2 %
6.7 %
5.3 %
1 For explanation of adjusting items, refer to the corresponding “Adjusted Net Income and Adjusted Diluted Earnings Per Share” section.
Six Months Ended
($ in 000’s except percentages)
June 30,
2026
June 30,
2026
(adjusted)
June 30,
2025
(As restated)
June 30,
2025
(adjusted)
(As restated)
Net income (loss)
(37,123)
(37,123)
130,161
130,161
After-tax impact of adjusting items1
–
22,577
–
2,554
Adjusted net income (loss)
(37,123)
(14,546)
130,161
132,715
Multiplied by number of periods in a year
X 4/2
X 4/2
X 4/2
X 4/2
Divided by average total assets for the period
5,687,611
5,687,611
5,395,080
5,395,080
Return on assets
(1.3 %)
(0.5 %)
4.8 %
4.9 %
1 For explanation of adjusting items, refer to the corresponding “Adjusted Net Income and Adjusted Diluted Earnings Per Share” section.
Adjusted Return on Equity
Adjusted return on equity is a non-IFRS ratio. Refer to “Key Performance Indicators and Non-IFRS Measures” section on page 44 of the Company’s MD&A for the three and six-month periods ended June 30, 2026. Items used to calculate adjusted return on equity for the three and six-month periods ended June 30, 2026 and 2025 include those indicated in the chart below:
Three Months Ended
($ in 000’s except percentages)
June 30,
2026
June 30,
2026
(adjusted)
June 30,
2025
(As restated)
June 30,
2025
(adjusted)
(As restated)
Net income (loss)
15,866
15,866
91,452
91,452
After-tax impact of adjusting items1
–
902
–
(18,086)
Adjusted net income (loss)
15,866
16,768
91,452
73,366
Multiplied by number of periods in a year
X 4
X 4
X 4
X 4
Divided by average shareholders’ equity for the period
798,682
798,682
1,165,244
1,165,244
Return on equity
7.9 %
8.4 %
31.4 %
25.2 %
1 For explanation of adjusting items, refer to the corresponding “Adjusted Net Income and Adjusted Diluted Earnings Per Share” section.
Six Months Ended
($ in 000’s except percentages)
June 30,
2026
June 30,
2026
(adjusted)
June 30,
2025
(As restated)
June 30,
2025
(adjusted)
(As restated)
Net income (loss)
(37,123)
(37,123)
130,161
130,161
After-tax impact of adjusting items1
–
22,577
–
2,554
Adjusted net income (loss)
(37,123)
(14,546)
130,161
132,715
Multiplied by number of periods in a year
X 4/2
X 4/2
X 4/2
X 4/2
Divided by average shareholders’ equity for the period
815,928
815,928
1,170,889
1,170,889
Return on equity
(9.1 %)
(3.6 %)
22.2 %
22.7 %
1 For explanation of adjusting items, refer to the corresponding “Adjusted Net Income and Adjusted Diluted Earnings Per Share” section.
Reported and Adjusted Return on Tangible Common Equity
Reported and adjusted return on tangible common equity are non-IFRS ratios. Refer to “Key Performance Indicators and Non-IFRS Measures” section on page 44 of the Company’s MD&A for the three and six-month periods ended June 30, 2026. Items used to calculate reported and adjusted return on tangible common equity for the three and six-month periods ended June 30, 2026 and 2025 include those indicated in the chart below:
Three Months Ended
($ in 000’s except percentages)
June 30,
2026
June 30,
2026
(adjusted)
June 30,
2025
(As restated)
June 30,
2025
(adjusted)
(As restated)
Net income
15,866
15,866
91,452
91,452
Amortization of acquired intangible assets
3,275
3,275
3,275
3,275
Income tax impact of the above item
(868)
(868)
(868)
(868)
Net income before amortization of acquired intangible assets, net of income tax
18,273
18,273
93,859
93,859
Impact of adjusting items1
Other operating expenses
Restructuring charges
–
–
–
–
Integration costs
–
–
–
92
Other loss
–
–
–
–
Finance costs
Fair value change on prepayment options related to Notes Payable
–
(2,048)
–
(27,974)
Total pre-tax impact of adjusting items
–
(2,048)
–
(27,882)
Income tax impact of above adjusting items
–
543
–
7,389
After-tax impact of adjusting items
–
(1,505)
–
(20,493)
Adjusted net income (loss)
18,273
16,768
93,859
73,366
Multiplied by number of periods in a year
X 4
X 4
X 4
X 4
Average shareholders’ equity
798,682
798,682
1,165,244
1,165,244
Average goodwill
(21,310)
(21,310)
(180,923)
(180,923)
Average acquired intangible assets2
(64,954)
(64,954)
(78,054)
(78,054)
Average related deferred tax liabilities
17,213
17,213
20,684
20,684
Divided by average tangible common equity
729,631
729,631
926,951
926,951
Return on tangible common equity
10.0 %
9.2 %
40.5 %
31.7 %
1 For explanation of adjusting items, refer to the corresponding “Adjusted Net Income and Adjusted Diluted Earnings Per Share” section.
2 Excludes intangible assets relating to software.
Six Months Ended
($ in 000’s except percentages)
June 30,
2026
June 30,
2026
(adjusted)
June 30,
2025
(As restated)
June 30,
2025
(adjusted)
(As restated)
Net income (loss)
(37,123)
(37,123)
130,161
130,161
Amortization of acquired intangible assets
6,550
6,550
6,550
6,550
Income tax impact of the above item
(1,736)
(1,736)
(1,736)
(1,736)
Net income before amortization of acquired intangible assets, net of income tax
(32,309)
(32,309)
134,975
134,975
Impact of adjusting items1
Other operating expenses
Restructuring charges
–
4,763
–
–
Integration costs
–
–
–
184
Other loss
–
5,986
–
–
Finance costs
Fair value change on prepayment options related to Notes Payable
–
11,260
–
(3,260)
Total pre-tax impact of adjusting items
–
22,009
–
(3,076)
Income tax impact of above adjusting items
–
(4,246)
–
816
After-tax impact of adjusting items
–
17,763
–
(2,260)
Adjusted net income (loss)
(32,309)
(14,546)
134,975
132,715
Multiplied by number of periods in a year
X 4/2
X 4/2
X 4/2
X 4/2
Average shareholders’ equity
815,928
815,928
1,170,889
1,170,889
Average goodwill
(21,310)
(21,310)
(180,923)
(180,923)
Average acquired intangible assets2
(66,592)
(66,592)
(79,692)
(79,692)
Average related deferred tax liabilities
17,647
17,647
21,118
21,118
Divided by average tangible common equity
745,673
745,673
931,392
931,392
Return on tangible common equity
(8.7 %)
(3.9 %)
29.0 %
28.5 %
1 For explanation of adjusting items, refer to the corresponding “Adjusted Net Income and Adjusted Diluted Earnings Per Share” section.
2 Excludes intangible assets relating to software.
Total Yield on Consumer Loans as a Percentage of Average Gross Consumer Loans Receivable
Total yield on consumer loans as a percentage of average gross consumer loans receivable is a non-IFRS ratio. See description in section “Portfolio Analysis” on page 30 of the Company’s MD&A for the three and six-month periods ended June 30, 2026. Items used to calculate total yield on consumer loans as a percentage of average gross consumer loans receivable for three and six-month periods ended June 30, 2026 and 2025 include those indicated in the chart below:
Three Months Ended
Six Months Ended
($ in 000’s except percentages)
June 30,
2026
June 30,
2025
(As restated)
June 30,
2026
June 30,
2025
(As restated)
Total Company revenue
390,036
431,349
802,893
836,272
Less: Leasing revenue
(20,386)
(23,059)
(41,659)
(46,574)
Less: Bad debts on interest income
(8,540)
(13,227)
(19,419)
(26,965)
Adjusted financial revenue
361,110
395,063
741,815
762,733
Multiplied by number of periods in a year
X 4
X 4
X 4/2
X 4/2
Divided by average gross consumer loans receivable
5,101,112
4,980,397
5,277,695
4,846,548
Total yield on consumer loans as a percentage of average gross consumer loans receivable (annualized)
28.3 %
31.7 %
28.1 %
31.5 %
Net Charge Offs as a Percentage of Average Gross Consumer Loans Receivable
Net charge Offs as a percentage of average gross consumer loans receivable is a non-IFRS ratio. See description in section “Portfolio Analysis” on page 30 of the Company’s MD&A for the three and six-month periods ended June 30, 2026. Items used to calculate net charge Offs as a percentage of average gross consumer loans receivable for the three and six-month periods ended June 30, 2026. and 2025 include those indicated in the chart below:
Three Months Ended
($in 000’s except percentages)
June 30,
2026
June 30,
2025
(As restated)
Net charge offs on gross consumer loans receivable
212,741
108,545
Multiplied by number of periods in a year
X 4
X 4
Divided by average gross consumer loans receivable
5,101,112
4,980,397
Net charge offs as a percentage of average gross consumer loans receivable (annualized)
16.7 %
8.7 %
Six Months Ended
($in 000’s except percentages)
June 30,
2026
June 30,
2025
(As restated)
Net charge offs on gross consumer loans receivable
455,322
213,304
Multiplied by number of periods in a year
X4/2
X4/2
Divided by average gross consumer loans receivable
5,277,695
4,846,548
Net charge offs as a percentage of average gross consumer loans receivable (annualized)
17.3 %
8.8 %
Net Principal Written and Percentage Net Principal Written to New Customers
Net principal written (Net loan advances) is a non-IFRS measure. See description in section “Portfolio Analysis” on page 30 of the Company’s MD&A for the three and six-month periods ended June 30, 2026. The percentage of net loan advances to new customers is a non-IFRS ratio. It is calculated as loan originations to new customers divided by the net principal written. The Company uses percentage of net loan advances to new customers, among other measures, to assess the operating performance of its lending business. Items used to calculate the percentage of net loan advances to new customers for the three-month periods ended for the three and six-month periods ended June 30, 2026 include those indicated in the chart below:
Three Months Ended
Six Months Ended
($ in 000’s)
June 30, 2026
June 30, 2025
June 30, 2026
June 30, 2025
Gross loan originations
272,060
903,718
823,374
1,580,487
Loan originations to new customers
128,567
557,894
441,261
989,843
Loan originations to existing customers
143,493
345,824
382,113
590,644
Less: Proceeds applied to repay existing loans
(64,605)
(140,445)
(178,107)
(226,155)
Net advance to existing customers
78,888
205,379
204,006
364,489
Net principal written
207,455
763,273
645,267
1,354,332
Percentage net advances to new customers
62.0 %
73.1 %
68.4 %
73.1 %
Debt to Adjusted Tangible Equity
Debt to adjusted tangible equity is a capital management measure. Refer to “Financial Condition” section on page 55 of the Company’s MD&A for the three and six-month periods ended June 30, 2026.
Weighted Average Interest Rate
Weighted average interest rate is a supplementary financial measure. It is calculated as the sum of individual loan balance multiplied by interest rate divided by gross consumer loans receivable.
SOURCE goeasy Ltd.
You may like
Technology
As Enterprises Rush to Autonomous Security, New Omdia Market Update Points to Practitioner Governance as the Differentiator
Published
21 minutes agoon
August 6, 2026By
A 2026 market update to Omdia’s technical validation examines managed agentic SOC delivery on Google Security Operations, finding that governance, not autonomy, is what separates measurable outcomes from AI hype.
OVERLAND PARK, Kan., Aug. 6, 2026 /PRNewswire/ — As organizations move quickly to adopt autonomous, AI-driven security operations, a new 2026 market update from Omdia finds that the adoption of agentic AI is outpacing the governance meant to control it. Fifty-two percent of organizations with security operations centers already deploy agentic AI, yet only 25 percent formally assess every agentic AI investment, even as these systems take autonomous action. The update, produced by Omdia’s Go-to-Market Insights and Advisory practice, extends its technical validation of Foresite Cybersecurity’s managed security operations on Google Security Operations (SecOps).
Read the Omdia technical validation at foresite.com →
The market update examines a shift now visible across the enterprise: security teams are absorbing surging data volumes without adding investigation load, and it points to practitioner-governed, human-in-the-loop accountability as the factor separating durable outcomes from tool sprawl.
Reviewing Foresite’s security operations data, Omdia validated several key performance gains that demonstrate the platform’s ability to scale analyst effectiveness and deliver governed autonomy:
A ~60% reduction in mean time to investigate (MTTI), accelerating the speed of response.
A flat investigation load even as raw telemetry data surged by 278%, proving the system’s capacity to handle growth without overburdening analysts.
An increase in benign-event auto-identification from 25% to 86%, demonstrating the accuracy of the automation and allowing analysts to focus on critical threats.
Foresite operates as the human control layer for AI-driven security, pairing Google’s agentic investigation capabilities with named-practitioner accountability. Every autonomous investigation is reviewed and authorized by a named analyst before response actions execute, giving customers clear visibility into how decisions are made and risk is managed. Autonomous investigation runs at machine speed while a practitioner validates every high-impact action, so agentic never means uncontrolled.
“The speed of agentic adoption is outrunning the oversight meant to govern it. Organizations are deploying these systems faster than they are assessing them. Foresite’s approach, autonomous investigation at machine speed with a named practitioner accountable for every high-impact action, is a practical answer to that gap,” said Tony Palmer, Principal Analyst and Practice Director, Omdia.
“Autonomous investigation runs at machine speed. The actions you can’t take back are validated by a named practitioner before they execute. That is the difference between an agent you can govern and one you are simply told to trust,” said Jeremy Hehl, Chief Evangelist at Foresite.
Foresite delivers fully managed security operations on Google SecOps, enabling customers to detect and respond to threats in seconds, reduce investigation fatigue, and maintain continuous audit readiness without expanding internal teams. As a Google Cloud Premier Partner with Security and MSSP specializations, the company delivers managed services through its Catalyst platform, extending Google SecOps with operational governance, automation, and continuous compliance.
The market update follows Foresite being named the 2026 Google Cloud Security Partner of the Year for North America, presented at Google Cloud Next ’26, and builds on Omdia’s original technical validation of the Catalyst platform commissioned by Google in 2025. Across its managed services, and validated in the Omdia update, Foresite reduced mean time to investigate by roughly 60 percent while sustaining 96 percent customer retention and sub-15-second automated threat response.
Foresite representatives will be at Black Hat USA 2026 in Las Vegas, including a happy hour co-hosted with Google and Jeremy Hehl’s appearance on the EC-Council podcast with Jay Bavisi..
About Foresite Cybersecurity
Foresite Cybersecurity is a Google Cloud Premier Partner, and a Wiz Premier Partner providing managed security operations, compliance automation, and threat intelligence services. Through its Catalyst platform, Foresite helps organizations operationalize agentic AI security with practitioner-led governance and measurable risk reduction. Learn more at foresite.com.
Media Contacts
Claire Simpson, Director of Brand and Marketing
Tim Suwandhaputra, VP, Go-to-Market
View original content to download multimedia:https://www.prnewswire.com/news-releases/as-enterprises-rush-to-autonomous-security-new-omdia-market-update-points-to-practitioner-governance-as-the-differentiator-302845534.html
SOURCE Foresite
Technology
Cogeco Communications Announces $200 Million Reopening of Senior Secured Notes due 2033
Published
21 minutes agoon
August 6, 2026By
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S./
MONTRÉAL, Aug. 6, 2026 /CNW/ — Cogeco Communications Inc. (TSX: CCA) (“Cogeco Communications” or the “Corporation”) announced today that it has priced an offering of an additional $200 million aggregate principal amount of its 5.299% senior secured notes due February 16, 2033 (the “Notes”).
The Notes will have identical terms (except for their date of issue, issue price, matters relating to the resale restriction and temporary security identifiers) and be fully fungible with and form a single series with the $300 million aggregate principal amount of 5.299% senior secured notes issued by the Corporation on February 16, 2023. The Notes will be issued at a price of 103.966% of their face value (plus accrued interest from February 16, 2026), for a reopening yield of 4.565%.
The Notes are being offered through an agency syndicate consisting of BMO Nesbitt Burns Inc., CIBC World Markets Inc. and National Bank Financial Inc., as joint bookrunners and co-lead managers, and including Merrill Lynch Canada Inc., Desjardins Securities Inc., RBC Dominion Securities Inc., MUFG Securities (Canada), Ltd., TD Securities Inc. and Casgrain & Company Limited, as co-managers.
The offering is expected to close on or about August 10, 2026, subject to customary closing conditions. Cogeco Communications intends to use the net proceeds of the offering to repay existing indebtedness and for other general corporate purposes.
The Notes will be direct and unsubordinated secured debt obligations of Cogeco Communications and will rank equally and pari passu, with all other secured senior indebtedness of Cogeco Communications.
The Notes have been assigned a provisional rating of “BBB (low)” from DBRS Limited (DBRS Morningstar) with a “Stable” trend and a provisional rating of “BBB-” from Standard & Poor’s Ratings Services. The Notes are being offered in Canada on a private placement basis in reliance upon exemptions from the prospectus requirements under applicable securities legislation.
The Notes have not been and will not be qualified for sale to the public under applicable securities laws in Canada and, accordingly, any offer and sale of the Notes in Canada will be made on a basis which is exempt from the prospectus requirements of such securities laws. The Notes have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any other jurisdiction, and may not be offered or sold in the United States absent registration under, or an applicable exemption from the registration requirements of, the U.S. Securities Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer to sell or a solicitation of an offer to buy any securities in any jurisdiction where it is unlawful to do so.
ABOUT COGECO COMMUNICATIONS INC.
Cogeco Communications Inc. is a leading telecommunications provider committed to bringing people together through powerful communications and entertainment experiences. We provide world-class Internet, wireless, video and wireline phone services to 1.6 million residential and business subscribers in Canada and thirteen states in the United States. Our services are marketed under the Cogeco and oxio brands in Canada, and under the Breezeline and welo brands in the U.S. We take pride in our strong presence in the communities we serve and in our commitment to a sustainable future. Cogeco Communications Inc.’s subordinate voting shares are listed on the Toronto Stock Exchange (TSX: CCA).
FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to Cogeco Communications, future outlook and anticipated events, business, operations, financial performance, financial condition or results and, in some cases, can be identified by terminology such as “may”; “will”; “should”; “expect”; “plan”; “anticipate”; “believe”; “intend”; “estimate”; “predict”; “potential”; “continue”; “foresee”; “ensure” or other similar expressions concerning matters that are not historical facts. Particularly, statements with respect to the offering of Notes and the intended timing and completion thereof, and the expected use of the net proceeds of the offering of Notes, are forward-looking statements. These statements are based on certain factors and assumptions including expected satisfaction or waiver of the conditions to closing the offering of Notes on the expected timeline, which Cogeco Communications believes are reasonable as of the current date. While management considers these assumptions to be reasonable based on information currently available to the Corporation, they may prove to be incorrect. Forward-looking information is also subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what Cogeco Communications currently expects. These factors include risks such as the failure to satisfy the conditions to the completion of the offering of Notes, as well as general market conditions, competitive risks (including changing competitive and technology ecosystems and disruptive competitive strategies adopted by our competitors), business risks, regulatory risks (including changes in laws or government policies and the impact of regulatory decisions, such as those of the Canadian Radio-television and Telecommunications Commission in Canada or of the Federal Communications Commission in the U.S.), tax risks, technology risks (including the evolution of technology and the threat of cybersecurity), financial risks (including variations in currency and interest rates), economic conditions (including inflation, trade tariffs, reduced consumer spending and increasing costs), talent management risks (including the highly competitive market for a limited pool of digitally skilled employees), human-caused and natural threats to the Corporation’s network (including increased frequency of extreme weather events with the potential to disrupt operations), infrastructure and systems, sustainability and sustainability reporting risks, ethical behavior risks, ownership risks, litigation risks and public health and safety, many of which are beyond the Corporation’s control. For more exhaustive information on these risks and uncertainties, the reader should refer to the “Uncertainties and main risk factors” section of the Corporation’s fiscal 2025 annual Management’s Discussion and Analysis (“MD&A”) and of the fiscal 2026 third-quarter MD&A. The closing of the offering is subject to general market and other conditions and there can be no assurance that the offering will be completed or that the terms of the offering will not be modified. These factors are not intended to represent a complete list of the factors that could affect Cogeco Communications and future events and results may vary significantly from what management currently foresees. The reader should not place undue importance on forward-looking information contained in this press release and the forward-looking statements contained in this press release represent Cogeco Communications’ expectations as of the date of this press release (or as of the date they are otherwise stated to be made) and are subject to change after such date. While management may elect to do so, the Corporation is under no obligation (and expressly disclaims any such obligation) and does not undertake to update or alter this information at any particular time, whether as a result of new information, future events or otherwise, except as required by law. All amounts are stated in Canadian dollars unless otherwise indicated.
INFORMATION:
Patrice Ouimet
Troy Crandall
Chief Financial Officer
Head, Investor Relations
Cogeco Communications Inc.
Cogeco Communications Inc.
(514) 764-4700
(514) 764-4600
SOURCE Cogeco Communications Inc.
Technology
New Study Ranks 68 Third-Party Risk Management Platforms
Published
21 minutes agoon
August 6, 2026By
New research maps 68 third-party risk management platforms in one ranked, source-linked comparison: what compliance really costs in 2026, who publishes prices, who actually scans vendors and what the first Gartner Magic Quadrant for TPRM left out. The full ranking and all 911 sources are free to read.
ATHENS, Greece, Aug. 6, 2026 /PRNewswire-PRWeb/ — Research agency SocialActive today announced The TPRM Platform Landscape 2026, a 78-page ranked comparison of 68 third-party risk management (TPRM) platforms, compiled from 911 publicly archived sources and free to read.
Third-party risk management became a regulated obligation for hundreds of thousands of European organisations when the EU’s DORA regulation began applying in January 2025 and as NIS2 transposition reached 22 of 27 member states by May 2026. The study examines the software market that serves that obligation, from free open-source tools to enterprise suites estimated at more than USD 1 million per year, and ranks all 68 platforms through a stated buyer lens: nine criteria, listed in descending order of weight and drawn from a 20-criterion evaluation framework, so a reader whose priorities differ can rebuild the shortlist from the same evidence. The report’s reference buyer is a European organisation of roughly 20 to 1,000 employees managing 10 to 150 vendors without a dedicated risk team; a separate shortlist covers enterprises above that range.
Key findings include:
Pricing opacity is the market norm. Only 17 of the 68 platforms publish a real price anywhere public; the remaining 51 quote prices only after a sales process. Published annual entry prices alone span EUR 1,020 to USD 125,000.The cost spread for the same need remains wide. Published prices for TPRM tooling alone span EUR 1,500 to USD 125,000 per year, and for a 120-employee manufacturer needing NIS2 and ISO 27001 coverage with vendor oversight, documented three-year totals range from roughly EUR 20,000 on published EU pricing to USD 150,000 and above on estimated enterprise deployments.External verification is rare. Roughly 43 of the 68 platforms offer no external technical scanning of the vendors they assess, 14 license partner ratings feeds, and 11 operate something native. Exactly one, the EU platform StartComply, bundles active scanning of each vendor’s domain into an SMB-priced TPRM subscription, published at EUR 1,500 per year.The 2026 analyst landscape has blind spots. Gartner’s first Magic Quadrant for TPRM Tools (April 2026) and Forrester’s Q1 2026 Wave exclude the security-ratings vendors and the entire affordable EU segment, so smaller European buyers cannot outsource their shortlist to either report.Ownership is unstable. The study documents twelve acquisitions, rebrands and funding events between 2023 and 2026 that changed vendors’ names, owners or sovereignty status, including one platform whose Dutch-ownership story ended overnight with a US acquisition, and one vendor whose operating company could not be independently verified at all.
Every material claim in the report carries a source link or an explicit label (public price, estimate, vendor-claimed, or not found), conflicts between sources are stated rather than smoothed over, and the report publishes a standing corrections policy: any vendor that believes a fact is wrong is invited to submit the primary source, and corrections are applied with a dated note.
“We wrote the study we could not find anywhere: every platform, every price we could document, and every claim labelled for what it is. We state the lens and the weighting openly, so a reader who ranks the criteria differently can rebuild the shortlist from the same evidence,” said Andreas Kougentakos, Founder at SocialActive.
The full report, the 68-platform master registry, the comparison tables and the full set of charts are available free of charge at https://socialactivecom.substack.com/p/tprm-platform-comparison.
About SocialActive
SocialActive is an award-winning B2B marketing and research agency based in Greece. Its research publications use public sources only, label every figure by evidence type, and publish their criteria and sources in full.
Media Contact
Andreas Kougentakos, SocialActive, 30 6985944467, press@socialactive.com, socialactive.com
View original content to download multimedia:https://www.prweb.com/releases/new-study-ranks-68-third-party-risk-management-platforms-302844679.html
SOURCE SocialActive
As Enterprises Rush to Autonomous Security, New Omdia Market Update Points to Practitioner Governance as the Differentiator
Cogeco Communications Announces $200 Million Reopening of Senior Secured Notes due 2033
New Study Ranks 68 Third-Party Risk Management Platforms
Send Rakhi to UK swiftly with UK Gifts Portal
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
New Gooseneck Omni Antennas Offer Enhanced Signals in a Durable Package
Why You Should Build on #NEAR – Co-founder Illia Polosukhin at CV Labs
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
NEAR End of Year Town Hall 2021: The Open Web World, MetaBUILD 2 Hackathon and 2021 recap
Trending
-
Technology5 days agoGoldwind-powered Ummbila Emoyeni Wind Farm Phase One Enters Commercial Operation, Marking a Milestone in South Africa’s Just Energy Transition
-
Technology5 days agoChina has potential to lead global humanoid robotics: Founder of EngineAI
-
Coin Market4 days agoSouth Korean stablecoin outflows top $367M in June: Report
-
Technology5 days agoTwitch Phenom Cinna Declares for Bang Energy During Record-Breaking Subathon Attempt
-
Technology5 days agoKONE Egypt strengthens customer experience through digital innovation
-
Technology3 days agoMEDIA ALERT: Equinix to Speak at Upcoming Investor Conferences
-
Coin Market5 days agoBNB Chain pursues legal action after ex-employee’s memecoin launch
-
Coin Market5 days agoTrump Media sells another 2,628 BTC, holdings fall to 4,261 BTC
