Pinetree Capital Ltd Announces Unaudited Financial Results for the Period Ended March 31, 2025 and Leave of Absence of Chief Investment Officer

000 except per share amounts and shares outstanding.

Unaudited financial results for the period ended March 31, 2025

The following information should be read in conjunction with our annual audited Consolidated Financial Statements, prepared in accordance with International Financial Reporting Standards ("IFRS") and our annual Management Discussion and Analysis for the year ended December 31, 2024, which can be found on SEDAR+ at www.sedarplus.com.

Selected Financial Information

		As at March 31, 2025				As at December 31, 2024
Total assets		$	88,942			$	78,270
Total liabilities			567				571
Book Value			88,375				77,699
Shares outstanding			9,387,000				9,387,000
Book Value per share (BVPS)		$	9.41			$	8.28

		Shares Outstanding				Equity				Book Value per share (BVPS) 1				Quarterly Expenses				Expenses as a percentage of BV 1
						$000's				$				$000's				%
Mar-31-25			9,387,000				88,375				9.41				429				0.5
Dec-31-24			9,387,000				77,699				8.28				423				0.5
Sep-30-24			9,387,000				60,339				6.43				178				0.3
Jun-30-24			9,387,000				55,515				5.91				159				0.3
Mar-31-24			9,387,000				56,485				6.02				179				0.3
Dec-31-23			9,387,000				45,372				4.83				148				0.3
Sep-30-23			9,387,000				41,399				4.41				190				0.5
Jun-30-23			9,387,000				42,111				4.49				260				0.6

¹ Refer to "Use of Non-IFRS Financial Measures"

Shares Outstanding and Equity amounts are as at the Quarter End date. Expense amounts are for the Three months ending the Quarter End date

As at March 31, 2025, Pinetree's equity was $88,375 which compares to $77,699 as at December 31, 2024. This resulted in Pinetree's BVPS increasing from $8.28 as at December 31, 2024 to $9.41 as at March 31, 2025. The change represents an increase of $1.13 or 14%. Since the end of the quarter, market volatility has put pressure on Pinetree's BVPS.

As at March 31, 2025, the Company held equity investments at fair value totaling $84,687, which represented 96% of book value. This compares to equity investments at fair value of $73,077 representing 94% of book value as at December 31, 2024.

Expenses for the twelve months ended March 31, 2025 were $1,189 which corresponds to 1.3% of book value as at March 31, 2025. This compares to expenses of $777 for the twelve months ended March 31, 2024 which corresponds to 1.4% of book value as at March 31, 2024. Since expenses fluctuate from quarter to quarter, management monitors costs on a trailing twelve-month basis.

		Three months endedMarch 31,
		2025				2024
Net investment gains		$	11,068			$	11,118
Other income			41				176
Total expenses			(429	)			(179	)
Income tax expense			(4	)			(2	)
Income for the period			10,676				11,113
Earnings per share - basic & fully diluted			1.14				1.18

The net investment gains for the three months ended March 31, 2025 were $11,068 (three months ended March 31, 2024 - $11,118) as a result of net realized gains on investments and the net change in unrealized gains.

For the three months ended March 31, 2025, other income totalled $41 as compared to other income of $176 for the three months ended March 31, 2024. Other income is comprised of interest and dividend income of $15 and $26, respectively (three months ended March 31, 2024 - interest and dividend income of $82 and $94, respectively).

Leave of Absence of Chief Investment Officer

The Company also announced that its Chief Investment Officer, Shezad Okhai, will be taking a leave of absence from the Company effective April 28, 2025. Mr. Okhai will be joining Bravura Solutions Limited, one of Pinetree's investees, as interim Chief Executive Officer ("CEO") on a contract basis while Bravura searches for a permanent CEO.

Forward Looking Statements

Certain statements herein may be "forward looking" statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Pinetree or the industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward-looking statements. These forward-looking statements reflect current assumptions and expectations regarding future events and operating performance and are made as of the date hereof and Pinetree assumes no obligation, except as required by law, to update any forward-looking statements to reflect new events or circumstances.

Non-IFRS Measures, Non-GAAP Measures

BVPS (book value per share) is a non-IFRS (international financial reporting standards) measure calculated as the value of total assets less the value of total liabilities divided by the total number of common shares outstanding as at a specific date. The term BVPS does not have any standardized meaning according to IFRS and therefore may not be comparable to similar measures presented by other companies. There is no comparable IFRS measure presented in Pinetree's consolidated financial statements and thus no applicable quantitative reconciliation for such non-IFRS financial measure. The Company has calculated BVPS consistently for many years and believes that BVPS can provide information useful to its shareholders in understanding its performance and may assist in the evaluation of its business relative to that of its peers.

About Pinetree Capital Ltd.

Pinetree is a value-oriented investment and merchant banking company focused on the technology sector. Pinetree's common shares are listed on the TSX under the symbol "PNP".

For further information:

John Bouffard
Chief Financial Officer
416-941-9600 x 200
jbouffard@pinetreecapital.com
www.pinetreecapital.com

SOURCE: Pinetree Capital Ltd.

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