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MCAN FINANCIAL GROUP REPORTS THIRD QUARTER RESULTS AND DECLARES 43 CENTS CASH DIVIDEND

October 29, 2026 (CNW Group via COMTEX) --

MCAN FINANCIAL GROUP REPORTS THIRD QUARTER RESULTS AND DECLARES 43 CENTS CASH DIVIDEND

Canada NewsWire

TORONTO, Oct. 29, 2026

AUM and net interest income continue to grow

TORONTO, Oct. 29, 2026 /CNW/ -- MCAN Mortgage Corporation(EQNX::nobreakspace)d/b/a MCAN Financial Group ("MCAN", the "Company" or "we") (TSX: MKP), a leading Canadian mortgage investment corporation, today announced its financial results for the three and nine(EQNX::nobreakspace)months ended September 30, 2026. For the current quarter, results were positively impacted by higher net interest income from growth in our lending business, including managing our funding costs, partially offset by higher unrealized losses on our securities. Our results for the year so far also reflect higher net interest income as well as higher income from MCAP and higher net gains on our securities.

MCAN Financial Group Logo

Q3 2026 highlights compared to Q3 2025

  • Net interest income:(EQNX::nobreakspace)$26.7 million, +12%
  • Net income:(EQNX::nobreakspace)$19.2 million, -6%
  • ROE1:(EQNX::nobreakspace)11.56%
  • EPS:(EQNX::nobreakspace)$0.47
  • Book value per share: $16.39
  • Cash dividends declared:(EQNX::nobreakspace)$0.43, +5%

YTD 2026 highlights compared to YTD 2025

  • Net interest income:(EQNX::nobreakspace)$76.9 million, +8%
  • Net income:(EQNX::nobreakspace)$66.2 million, +16%
  • ROE1:(EQNX::nobreakspace)13.44%
  • EPS:(EQNX::nobreakspace)$1.62
  • Total assets under management1: $9.4 billion, +21%
  • CET 1 ratio2: 18.31%
  • Income tax assets to capital ratio3: 5.19

"Strong growth in our assets under management reflects the continued execution of our strategy. Our business continues to perform well in all our main product lines, despite uncertainty in the broader economic environment, supported by strong mortgage originations and renewals, disciplined pricing and hedging strategies, as well as our strategic partnership with MCAP. We believe we are well-reserved in our allowance for credit losses and our sound underwriting practices ensure our credit quality remains resilient," said Derek Sutherland, CEO of MCAN. "The recent launch of an additional uninsured residential mortgage securitization program with a major Canadian bank further strengthens our funding diversification and capital optimization strategy. Looking ahead, we remain focused on delivering profitable growth and improving shareholder returns while investing in the infrastructure needed to support the continued scale of our business and increase our operational efficiency."

Total assets under management1 grew to $9.4 billion, up 21% from the beginning of the year

  • Mortgage originations and strong renewals bring total residential mortgage assets to $5.1 billion,(EQNX::nobreakspace)+11% YTD, including uninsured residential mortgage assets of $1.4 billion,(EQNX::nobreakspace)+8% YTD, and insured residential mortgage assets of $3.7 billion,(EQNX::nobreakspace)+13% YTD
    • Compared to YTD 2025, uninsured residential mortgage originations increased 13% and insured residential mortgage originations increased 27%, along with strong renewal volumes.
    • This performance reflects our outstanding service to our brokers and customers despite a challenging and competitive market.
    • This growth was supported by our residential mortgage securitization programs, as part of our funding diversification and capital optimization strategy. In October 2026, we launched a new uninsured residential mortgage securitization program with a major Canadian bank. This additional program will help us with our capital optimization strategy.
  • Construction and commercial mortgages balances grew to $1.3 billion, +9% YTD(EQNX::nobreakspace)
    • Loan advances of $359 million so far this year in well-secured projects that meet our risk appetite, including adding more commercial term mortgages to diversify our portfolio.
    • Originations and future commitments have been steady with some extensions of projects due to normal construction delays relating to the permitting and zoning process as well as the current economic environment.
  • MCAP continues to perform ahead of expectations
    • MCAP income YTD of $27.6 million, +8% compared to YTD 2025, primarily due to higher securitization income from higher average portfolio balances.
    • Our investment in and strategic partnership with MCAP continues to remain a key driver of returns for our shareholders.

Provisions for credit losses reflect current uncertain market outlook; however, credit quality continues to remain resilient

  • Provision for credit losses were $5.7 million for the year so far mainly due to growth in our mortgage portfolio balance and provisioning on our impaired residential construction loans partially offset by improvements in economic forecasts.
  • Impaired non-securitized mortgage ratio1(EQNX::nobreakspace)was 2.31% at September 30, 2026 compared to 1.69% at December 31, 2025. At September 30, 2026, impaired mortgages mainly represent impaired construction loans as well as uninsured residential mortgages where asset recovery programs have been initiated or we expect the loans to be brought current.
  • We believe overall that we have a quality mortgage loan portfolio with an average LTV of 68.2% for our uninsured residential mortgages and 62.8% for our construction loans at September 30, 2026.

MCAN quarterly dividend declared

  • The Board of Directors declared a fourth quarter regular cash dividend of $0.43 per share to be paid January(EQNX::nobreakspace)4, 2027 to shareholders of record on December(EQNX::nobreakspace)15, 2026.
    • Under our Dividend Reinvestment Plan ("DRIP"), dividends paid to shareholders are automatically reinvested in common shares issued out of treasury at the weighted average trading price for the five days preceding such issue less a discount of 2% until further notice from MCAN. Our DRIP may provide enhanced returns for shareholders who participate. For how to enroll in the DRIP, please refer to our Management Information Circular dated February(EQNX::nobreakspace)27, 2026 or visit our website at www.mcanfinancial.com.

1

Considered to be a non-GAAP and other financial measure. For further details, refer to the "Non-GAAP and Other Financial Measures" section of this new release.(EQNX::nobreakspace) Non-GAAP and other financial measures and ratios used in this document are not defined terms under IFRS and, therefore, may not be comparable to similar terms used by other issuers.

2

These measures have been calculated in accordance with OSFI's Capital Adequacy Requirements guidelines.(EQNX::nobreakspace)

3(EQNX::nobreakspace)

Tax balances are calculated in accordance with the Tax Act.

Consolidated Financial Statements

Consolidated balance sheets
(Unaudited) (in thousands of Canadian dollars)


(EQNX::nobreakspace) September 30

(EQNX::nobreakspace) (EQNX::nobreakspace)December 31


2026

2025




Assets



Cash and cash equivalents

$(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)86,908

$(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)79,828

Cash held in trust

80,169

71,856

Marketable securities

36,451

54,146

Mortgages

6,566,352

5,938,259

Non-marketable securities

132,637

126,592

Equity investment in MCAP Commercial LP

143,319

133,995

Derivative financial instruments

136

1,907

Deferred tax assets

2,124

1,650

Other assets

109,505

69,237


7,157,601

6,477,470




Liabilities and Shareholders' Equity






Liabilities



Financial liabilities from securitization

3,981,296

3,433,883

Term deposits

2,362,895

2,340,483

Demand loans payable

110,781

19,438

Derivative financial instruments

7,922

46

Other liabilities

22,437

38,772


6,485,331

5,832,622




Shareholders' Equity



Share capital

503,241

491,015

Contributed surplus

510

510

Retained earnings

167,099

153,442

Accumulated other comprehensive income (loss)

1,420

(119)


672,270

644,848


$(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)7,157,601

$(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)6,477,470

Consolidated statements of income
(Unaudited) (in thousands of Canadian dollars except for per share amounts)


Q3

Q3

YTD

YTD

For the Periods Ended September 30

2026

2025

2026

2025






Net Interest Income





Mortgage interest

$(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)78,847

$(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)69,179

$(EQNX::nobreakspace)(EQNX::nobreakspace)229,621

$(EQNX::nobreakspace)(EQNX::nobreakspace)198,911

Interest on cash and other

1,137

1,665

3,710

4,531


79,984

70,844

233,331

203,442






Term deposit interest

22,054

26,606

68,010

76,990

Interest on financial liabilities from securitization

29,997

18,723

86,208

51,035

Interest on loans payable

1,205

1,755

2,212

4,242


53,256

47,084

156,430

132,267

Total Net Interest Income

26,728

23,760

76,901

71,175






Non-interest Income





Equity income from MCAP Commercial LP

9,628

10,361

27,627

25,664

Distribution income from securities

1,986

2,362

7,230

7,354

Fees

541

922

2,399

2,763

Net gain (loss) on securities

(2,118)

(320)

4,203

1,185

Net gain on sales of securitizations, commitments and whole loans

972

763

2,479

1,520

Gain on dilution of investment in MCAP Commercial LP

(EQNX::emdash)

(EQNX::emdash)

1,837

(EQNX::emdash)


11,009

14,088

45,775

38,486






Total Income

37,737

37,848

122,676

109,661






Provision for credit losses

2,469

2,056

5,723

7,372






Non-interest Expenses





Salaries and benefits

6,622

6,933

22,227

20,925

General and administrative

9,516

8,172

28,966

23,641


16,138

15,105

51,193

44,566






Net Income Before Income Taxes

19,130

20,687

65,760

57,723






Provision for (recovery of) income taxes





Current

(EQNX::emdash)

125

5

127

Deferred

(61)

57

(474)

314


(61)

182

(469)

441

Net Income

$(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)19,191

$(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)20,505

$(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)66,229

$(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)57,282






Basic and diluted earnings per share

$(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)0.47

$(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)0.52

$(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)1.62

$(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)1.46

Cash dividends per share

$(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)0.43

$(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)0.41

$(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)1.29

$(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)1.23

Weighted average number of basic and diluted shares (000's)

41,021

39,766

40,774

39,327

Consolidated statements of comprehensive income (unaudited)
(Unaudited) (in thousands of Canadian dollars)


Q3

Q3

YTD

YTD

For the Periods Ended September 30

2026

2025

2026

2025






Net Income

$(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)19,191

$(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)20,505

$(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)66,229

$(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)57,282






Other comprehensive income items that may be subsequently reclassified
to income (loss):





Cash Flow Hedges





Net gains (losses) from changes in fair value of cash flow hedges

953

(191)

1,381

366

Reclassification of net losses (gains) to net income

44

86

158

307

Total Other Comprehensive Income

997

(105)

1,539

673






Comprehensive Income

$(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)20,188

$(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)20,400

$(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)67,768

$(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)57,955

Consolidated statements of changes in shareholders' equity (unaudited)
(Unaudited) (in thousands of Canadian dollars)


Q3

Q3

YTD

YTD

For the Periods Ended September 30

2026

2025

2026

2025






Share Capital





Balance, beginning of period

$(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)500,464

$(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)472,927

$(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)491,015

$(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)456,683

Share capital issued, net of share issuance costs

2,777

11,428

12,226

27,672

Balance, end of period

503,241

484,355

503,241

484,355






Contributed Surplus

510

510

510

510






Retained Earnings





Balance, beginning of period

165,501

148,296

153,442

143,620

Net income

19,191

20,505

66,229

57,282

Dividends declared

(17,593)

(16,306)

(52,572)

(48,407)

Balance, end of period

167,099

152,495

167,099

152,495
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