The Westaim Corporation (WED) investor relations material

Executive summary

• Q2 2026 saw continued scaling of insurance and asset management operations, with significant growth in annuity premiums and invested assets, but results reflect early-stage losses and ongoing investments for future growth.

• The company completed a $25M minority investment in Insignia Financial Ltd and continued targeted cost reductions, including a 31% headcount reduction expected to yield $16.9M in annualized savings.

• Leadership transition at Ceres Life: Deanna Mulligan moved to Strategic Advisor, Erik Askelsen became President and Acting CEO.

Financial highlights

• Q2 2026 consolidated Adjusted EBITDA was a net loss of $79.8M, with the Insurance segment at a $65.0M loss, Asset Management at an $8.0M loss, and Corporate at a $7.9M loss.

• Net loss for Q2 2026 was $81.5M ($2.45 diluted loss per share), compared to $0.2M ($0.01 per share) in Q2 2025.

• Total revenues for Q2 2026 were $14.0M, down from $35.1M in Q2 2025.

• Shareholders’ equity was $540.8M at June 30, 2026, down from $686.5M a year earlier.

• Book value per fully diluted share decreased to $16.27 from $19.60 at year-end 2025.

Outlook and guidance

• Management expects operating expenses as a percentage of policies written to decline as the insurance business matures and scales.

• Anticipates that upfront accounting losses in insurance will moderate as earnings from in-force contracts increase.

• Asset Management is positioned for operating leverage as fee-paying AUM grows, with a focus on driving fee-related earnings and cash flow.

• Additional context on AUM growth and financial outlook to be provided at Investor Day on September 17, 2026.