Aleksandar

CALGARY, November 7, 2025 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN) today announced its financial results for the three and nine months ended September 30, 2025. Crown’s complete financial statements and management’s discussion and analysis are available on SEDAR at www.sedarplus.ca.

Q3 2025 Financial & Operating Overview

• Crown recognized a net loss of $(0.3) million ($0.05 loss per basic share) in Q3 2025 compared to a net loss of $(2.7) million ($0.49 loss per basic share) in Q3 2024.
• Adjusted EBITDAⁱ was $3.9 million in Q3 2025 compared to $0.9 million in Q3 2024 due primarily to increased earnings from the Network Services, Distribution Services, Distributed Power and Real Estate segments, partially offset by an increase in expenses of the Corporate and Other segment.
• Distribution services revenue was $11.4 million in Q3 2025 compared to $9.1 million in Q3 2024, an increase of 25.0%. This segment reported net income before income taxes of $0.9 million (2024 – net loss before income taxes $(0.1) million) and Adjusted EBITDAⁱ of $0.9 million (2024 – $0.6 million), with the year-over-year increase due primarily to an improved customer mix particularly in the Columbus warehouse as well as increased capacity utilization, primarily in the Calgary and Reno warehouses, which was 73% at September 30, 2025 (September 30, 2024 – 62%).
• Network services revenue was $10.1 million in Q3 2025 compared to $7.0 million in Q3 2024, an increase of 45.2% attributable to a year-over-year increase in revenues due to additional hardware sales in Galaxy and modest increases from Community Network Partners in respect of revenues from the high speed internet infrastructure project in Brooks, Alberta and the Ontario Connects: Accelerated High-Speed Internet Program (the “Ontario Connects Program”), partially offset by a decrease in revenues from the continued runoff of customer contracts in WireIE. This segment reported net income before income taxes of $1.9 million (2024 – net loss before income taxes $(0.5) million) and Adjusted EBITDAⁱ of $3.0 million (2024 – $0.4 million).
• Real Estate segment revenue was $1.2 million in Q3 2025 compared to $1.1 million in Q3 2024, an increase of 11.4% year-over-year due primarily to increased leasing activity during the quarter. This segment recorded a net loss before income taxes of $(0.3) million (2024 – $(0.2) million) and Adjusted EBITDAⁱ of $0.2 million (2024 – $(0.1) million).
• The Specialty Finance and Distributed Power segments had minimal impact on the financial results for the three months ended September 30, 2025 and 2024.
• Total equity at quarter-end decreased to $3.5 million from $8.6 million at the end of 2024 due primarily to a net loss attributable to shareholders of $(5.6) million. Total equity per share decreased to $0.58 per basic share from $1.53 per basic share as at December 31, 2024.

Change in Financial Year-End

The Corporation also announces that it is changing its financial year-end from December 31 to March 31. The change in financial year-end has been made to improve the Corporation’s financial and operational efficiencies and to align with the availability of audit services. Crown’s current financial year will end on March 31, 2026 and will include five calendar quarters.

Further details regarding the change in financial year-end, including the Corporation’s ending dates of its financial reporting periods, its interim and annual financial statements to be filed for the Corporation’s transition year and its new financial year, will be available in the Corporation’s Notice of Change in Year-End prepared in accordance with Section 4.8 of National Instrument 51-102, and filed on the Corporation’s SEDAR profile at www.sedarplus.ca.

Crown also announces that its auditor, KPMG LLP, has resigned effective October 14, 2025. The appointment of a new auditor is currently under review by the Corporation.

Q3 2025 Financial Results Summary

ⁱ Adjusted EBITDA is not a measure of financial performance (nor does it have a standardized meaning) under IFRS. In evaluating this measure, investors should consider that the methodology applied in calculating these measures might differ among companies and analysts. The Corporation has provided a reconciliation of loss before income taxes attributable to Shareholders to Adjusted EBITDA in this news release. Amounts in respect of non-controlling interests are excluded in the calculation of Adjusted EBITDA. We believe that Adjusted EBITDA is a useful supplemental measure in the context of Crown’s operations to assist investors in assessing the performance of our business as it provides a more relevant picture of operating results by facilitating a comparison of our performance on a consistent basis from period-to-period and provides a more complete understanding of factors and trends affecting our business. Adjusted EBITDA should not be considered as the sole measure of Crown’s performance and should not be considered in isolation from, or as a substitute for, analysis of the Corporation’s financial statements.

About Crown Capital Partners (TSX:CRWN)

Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a capital partner to entrepreneurs and growth businesses mainly operating in the telecommunications infrastructure, distribution services, and distributed power markets. We focus on growth industries that require a specialized capital partner, and we aim to create long-term value by acting as both a direct investor in operating businesses serving these markets and as a manager of investment funds for institutional partners. For additional information, please visit crowncapital.ca.

FORWARD-LOOKING STATEMENTS
This news release contains certain “forward looking statements” and certain “forward looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management’s beliefs, expectations or intentions regarding the distribution services market, the network services market and the general economy, Crown’s business plans and strategy, including anticipated investment dispositions and capital deployments and the timing thereof, anticipated refinancing activity and Crown’s future earnings. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown’s periodic filings with Canadian securities regulators. See Crown’s most recent annual information form for a detailed discussion of the risk factors affecting Crown. In addition, Crown’s dividend policy will be reviewed from time to time in the context of the Corporation’s earnings, financial requirements for its operations, and other relevant factors and the declaration of a dividend will always be at the discretion of the board of directors of the Corporation. Crown undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

For further information, please contact:

Michael Overvelde

Chief Financial Officer

investor.relations@crowncapital.ca

(416) 640-6887

CALGARY, August 8, 2025 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN) today announced its financial results for the three and six months ended June 30, 2025. Crown’s complete financial statements and management’s discussion and analysis are available on SEDAR at www.sedarplus.ca.

Q2 2025 Financial & Operating Overview

• Crown recognized a net loss of $(3.5) million ($0.62 loss per basic share) in Q2 2025 compared to a net loss of $(15.2) million ($2.71 loss per basic share) in Q2 2024.

• Adjusted EBITDA1 was $1.3 million in Q2 2025 compared to $1.9 million in Q2 2024 due primarily to decreased earnings from the Distribution Services, Network Services, Real Estate and Distributed Power segments, partially offset by reduced expenses of the Corporate and Other segment.

• Distribution services revenue was $10.8 million in Q2 2025 compared to $9.4 million in Q2 2024, an increase of 15.7%. This segment reported net loss before income taxes of $0.2 million (2024 – net income before income taxes $0.3 million) and Adjusted EBITDA of $0.8 million (2024 – $1.0 million), with the year-over-year decline primarily attributable to an increase in payments of lease obligations. Capacity utilization was 62% at June 30, 2025 (June 30, 2024 – 58%).

• Network services revenue was $6.1 million in Q2 2025 compared to $5.9 million in Q2 2024, an increase of 3.4% attributable to a year-over-year increase in revenues due to additional hardware sales in Galaxy and modest increases from Community Network Partners in respect of revenues from the high speed internet infrastructure project in Brooks, Alberta and the Ontario Connects: Accelerated High-Speed Internet Program (the “Ontario Connects Program”), partially offset by a decrease in revenues from the continued runoff of customer contracts in WireIE. This segment reported a net loss before income taxes of $(0.7) million (2024 –$(0.4) million) and Adjusted EBITDA of $0.5 million (2024 – $0.5 million).

• Real Estate segment revenue was $1.0 million in Q2 2025 compared to $1.2 million in Q2 2024, a decrease of 16.6% year-over-year due primarily to reduced leasing activity during the quarter. This segment recorded a net loss before income taxes of $(1.0) million (2024 – net income before income taxes of $0.3 million) and Adjusted EBITDA of $(0.05) million (2024 – $0.4 million).

• Distributed Power revenue was $0.1 million in Q2 2025 compared to $0.4 million in Q2 2024, a decrease of 64.3% due to softer power prices in the Alberta market. This segment reported a net loss before income taxes of $(0.3) million (2024 –$0.2 million) and Adjusted EBITDA of $(0.1) million (2024 – $(0.1) million).

• The Specialty Finance segment recorded a net loss before income taxes of $(0.01) million in Q2 2025 (Q2 2024 – $(13.6) million), representing Crown’s share of earnings of Crown Partners Fund, and Adjusted EBITDA of $nil (2024 – $0.2 million), representing income distributions received from Crown Partners Fund.

• Total equity at quarter-end decreased to $3.8 million from $8.6 million at the end of 2024 due primarily to a net loss attributable to shareholders of $(5.3) million. Total equity per share decreased to $0.64 per basic share from $1.53 per basic share as at December 31, 2024.

Q2 2025 Financial Results Summary

Quarterly reconciliations of loss before income taxes to Adjusted EBITDA

Reconciliations of income (loss) before income taxes to Adjusted EBITDA by operating segment

1 Adjusted EBITDA is not a measure of financial performance (nor does it have a standardized meaning) under IFRS. In evaluating this measure, investors should consider that the methodology applied in calculating these measures might differ among companies and analysts. The Corporation has provided a reconciliation of loss before income taxes attributable to Shareholders to Adjusted EBITDA in this news release. Amounts in respect of non-controlling interests are excluded in the calculation of Adjusted EBITDA. We believe that Adjusted EBITDA is a useful supplemental measure in the context of Crown’s operations to assist investors in assessing the performance of our business as it provides a more relevant picture of operating results by facilitating a comparison of our performance on a consistent basis from period-to-period and provides a more complete understanding of factors and trends affecting our business. Adjusted EBITDA should not be considered as the sole measure of Crown’s performance and should not be considered in isolation from, or as a substitute for, analysis of the Corporation’s financial statements.

About Crown Capital Partners (TSX:CRWN)

Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a capital partner to entrepreneurs and growth businesses mainly operating in the telecommunications infrastructure, distribution services, and distributed power markets. We focus on growth industries that require a specialized capital partner, and we aim to create long-term value by acting as both a direct investor in operating businesses serving these markets and as a manager of investment funds for institutional partners. For additional information, please visit crowncapital.ca.

FORWARD-LOOKING STATEMENTS

This news release contains certain “forward looking statements” and certain “forward looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management’s beliefs, expectations or intentions regarding the distribution services market, the network services market and the general economy, Crown’s business plans and strategy, including anticipated investment dispositions and capital deployments and the timing thereof, anticipated refinancing activity and Crown’s future earnings. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown’s periodic filings with Canadian securities regulators. See Crown’s most recent annual information form for a detailed discussion of the risk factors affecting Crown. In addition, Crown’s dividend policy will be reviewed from time to time in the context of the Corporation’s earnings, financial requirements for its operations, and other relevant factors and the declaration of a dividend will always be at the discretion of the board of directors of the Corporation. Crown undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

For further information, please contact:

Michael Overvelde

Chief Financial Officer

investor.relations@crowncapital.ca

(416) 640-6887

CALGARY, ALBERTA, June 30, 2025 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN) today announces it has completed a non-brokered private placement offering (the “Offering”) of: (a) $1,400,000 principal amount of 10% convertible redeemable secured subordinated debentures of the Corporation due December 31, 2026 (each a “Insider Convertible Debenture”); and (b) $100,000 principal amount of 10% convertible redeemable secured subordinated debentures of the Corporation due June 30, 2026 (each a “Insider Non-Convertible Debenture” and together with the Convertible Insider Debentures, the “Insider Debentures”) to insiders of the Corporation (“Insider Debentureholders”).

On December 29, 2023, the Corporation issued $1,500,000 principal amount of 10% redeemable secured subordinated debentures of the Corporation (the “Former Insider Debentures”) to the Insider Debentureholders which were due and payable on June 30, 2025.

The Corporation was not able to raise the funds required to repay the Former Insider Debentures from external sources on terms acceptable to the Corporation. In order to address the maturity of the Former Insider Debentures on June 30, 2025, the Corporation repaid the Former Insider Debentures on maturity and then immediately issued the Insider Debentures.

The Insider Debentures bear interest at a rate of 10% per annum from the date of issue, payable in arrears semiannually on June 30 and December 31 of each year, commencing on December 31, 2025.

The principal amount of each Insider Debenture, plus all accrued and unpaid interest thereon are redeemable by the Corporation, without penalty, upon 30 days prior written notice to the Insider Debentureholders for a cash amount equal to the principal amount of the Insider Debentures plus any accrued and unpaid interest. Prior to redemption, the Insider Debentureholders that hold Insider Convertible Debentures will have the option to convert any Insider Convertible Debentures, excluding any accrued and unpaid interest that is payable in cash, at the applicable conversion price. The redemption of the Insider Debentures may not be satisfied by the Corporation issuing common shares of the Corporation (“Common Shares”).

The Insider Debentures have been granted a security interest by the Corporation by way of a charge to and in favor of the Insider Debentureholders on all the Corporation’s property and assets, subject only to permitted encumbrances. The security for the Insider Debentures ranks subordinate to the senior indebtedness of the Corporation but senior to the 11% secured subordinated debentures of the Corporation due December 31, 2026 that are listed on the TSX under the trading symbol “CRWN.NT”. The security for the Non-Convertible Insider Debentures ranks senior to the Insider Convertible Debentures.

In connection with the Offering, the Corporation and its subsidiaries entered into an amending agreement to the credit agreement with its senior lender, Sandton Investments IX (Luxembourg) S.A.R.L. dated December 18, 2024.

Commencing on June 30, 2026, the Convertible Insider Debentures, excluding any accrued and unpaid interest payable thereon, shall be convertible, at the option of the Insider Debentureholders, into Common Shares. The price at which the Convertible Insider Debentures may be converted into Common Shares will depend on when the Convertible Insider Debentures are converted. The different conversion prices of the Insider Convertible Debentures are set forth below:

Each of the following Insider Debentureholders of the Corporation participated in the Offering directly or through corporations controlled by them or through persons related to them: John Brussa, Christopher Johnson, Alan Rowe, Steven Sharpe, C. Robert Gillis and Charles Frischer. These Insider Debentureholders purchased all of the Insider Debentures sold pursuant to the Offering (the “Insider Subscriptions”). The Insider Subscriptions are considered to be a “related party transaction” for the purposes of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). In accordance with MI 61-101, the Corporation is not required to obtain a formal valuation in accordance with Section 5.5(c) of MI 61-101. The Corporation obtained minority shareholder approval for the Offering and the Insider Subscriptions in accordance with MI 61-101 at a meeting of shareholders held on June 26, 2025.

The Corporation also announces today that is has completed the issuance of 305,186 Common Shares to certain insiders of the Corporation at a deemed price of $1.10 per Common Share in lieu of compensation owed to such insiders by the Corporation (the “Settlement Share Issuance”) as set forth in the management information circular of the Corporation dated May 23, 2025. The Settlement Share Issuance is considered to be a “related party transaction” for the purposes of MI 61-101. In accordance with MI 61-101, the Corporation is not required to obtain a formal valuation or minority approval of the Settlement Share Issuance in accordance with Section 5.5(c) and Section 5.7(1)(a) of MI 61-101, respectively.

In accordance with the company manual of the Toronto Stock Exchange, the Offering and Settlement Share Issuance required the approval of the disinterested shareholders of the Corporation. As previously announced by the Corporation on June 27, 2025, the issuance of the Insider Debentures and the Settlement Share Issuance were approved by the disinterested shareholders of the Corporation at the meeting of shareholders held on June 26, 2025.

All securities issued in connection with the Offering and the Settlement Share Issuance are subject to a hold period of four-months and one day in accordance with applicable securities laws.

The final closing of the Offering and the Settlement Share Issuance are each subject to receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.

About Crown Capital Partners (TSX:CRWN)

Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a capital partner to entrepreneurs and growth businesses mainly operating in the telecommunications infrastructure, distribution services, and distributed power markets. We focus on growth industries that require a specialized capital partner, and we aim to create long-term value by acting as both a direct investor in operating businesses serving these markets and as a manager of investment funds for institutional partners. For additional information, please visit crowncapital.ca.

FORWARD-LOOKING STATEMENTS

This news release contains certain “forward looking statements” and certain “forward looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management’s beliefs, expectations or intentions regarding the closing of the Offering and the use of the proceeds of the Offering. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown’s periodic filings with Canadian securities regulators. See Crown’s most recent annual information form for a detailed discussion of the risk factors affecting Crown. Crown undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

For further information, please contact:

Michael Overvelde
Chief Financial Officer
investor.relations@crowncapital.ca
(416) 640-6887

CALGARY, June 26, 2025 – In accordance with Toronto Stock Exchange requirements, Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN), a capital partner to entrepreneurs and growth businesses, announced the voting results from its Annual and Special Meeting of Shareholders held on June 26, 2025.

A total of 2,543,481 common shares, representing approximately 44.8% of the Corporation’s issued and outstanding common shares, were voted in connection with the meeting. Shareholders voted in favour of all items of business put forth. The votes for the election of directors are as follows:

Crown has filed a report of voting results on all resolutions voted on at the meeting under the Company’s profile on SEDAR+ at www.sedarplus.ca.

About Crown Capital Partners (TSX:CRWN)

Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a capital partner to entrepreneurs and growth businesses mainly operating in the telecommunications infrastructure, distribution services and distributed power markets. We focus on growth industries that require a specialized capital partner, and we aim to create long-term value by acting as both a direct investor in operating businesses serving these markets a manager of investment funds for institutional partners. For additional information, please visit crowncapital.ca.

For further information, please contact:

Michael Overvelde
Chief Financial Officer
investor.relations@crowncapital.ca
(416) 640-6887

CALGARY, May 7, 2025 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN) today announced its financial results for the three months ended March 31, 2025. Crown’s complete financial statements and management’s discussion and analysis are available on SEDAR at www.sedarplus.ca.

Q1 2025 Financial & Operating Overview

• Crown recognized a net loss of $(1.8) million ($0.32 loss per basic share) in Q1 2025 compared to a net loss of $(0.6) million ($0.11 loss per basic share) in Q1 2024.
• Adjusted EBITDA¹ was $1.7 million in Q1 2025 compared to $1.3 million in Q1 2024 due primarily to improved earnings from the Distribution Services and Network Services segments and reductions in expenses of the Corporate and Other segment, partially offset by decreased earnings from the Real Estate and Distributed Power segments.
• Distribution services revenue was $10.8 million in Q1 2025 compared to $8.2 million in Q1 2024, an increase of 31.4%. This segment reported net income before income taxes of $0.4 million (2024 – net loss before income taxes $(0.5) million) and Adjusted EBITDA of $1.0 million (2024 – $0.2 million), with the year-over-year improvement attributable to the impact of operational efficiencies implemented throughout 2023 and 2024 and to increased capacity utilization across the warehouses. Capacity utilization was 62% at March 31, 2025, compared with 62% at December 31, 2024, 62% at September 30, 2024, 58% at June 30, 2024, 52% at March 31, 2024.
• Network services revenue was $8.7 million in Q1 2025 compared to $6.7 million in Q1 2024, an increase of 29.9% attributable to a year-over-year increase in revenues from Galaxy (40.9%) due to additional hardware sales and modest increases from Community Network Partners in respect of revenues from the high speed internet infrastructure project in Brooks, Alberta and the Ontario Connects: Accelerated High-Speed Internet Program (the “Ontario Connects Program”) and earnings from Inuknet, partially offset by a decrease in revenues from the continued runoff of customer contracts in WireIE. This segment reported a net income before income taxes of $0.2 million (2024 – net loss before income taxes of $(0.03) million) and Adjusted EBITDA of $1.1 million (2024 – $0.9 million) with the increase attributable to lower margin sales from a government sector contract in Galaxy.
• Real Estate segment revenue was $1.0 million in Q1 2025 compared to $1.6 million in Q1 2024, a decrease of 36.3% year-over-year due to the timing of fees from construction and development fees. This segment recorded a net loss before income taxes of $(0.03) million (2024 – net income before income taxes of $0.7 million) and Adjusted EBITDA of $0.09 million (2024 – $0.9 million).
• Distributed Power revenue was $0.3 million in Q1 2025 compared to $0.8 million in Q1 2024, a decrease of 68.2% due to softer power prices in the Alberta market. This segment reported a net loss before income taxes of $(0.2) million (2024 – net income before income taxes of $0.003 million) and Adjusted EBITDA of $(0.09) million (2024 – $0.1 million).
• The Specialty Finance segment recorded net income before income taxes of $0.1 million in Q1 2025 (Q1 2024 – $1.7 million), representing Crown’s share of earnings of Crown Partners Fund, and Adjusted EBITDA of $0.003 million (2024 – $0.004 million), representing income distributions received from Crown Partners Fund.
• Total equity at quarter-end decreased to $6.9 million from $8.6 million at the end of 2024 due to a net loss attributable to shareholders of $(1.8) million. Total equity per share decreased to $1.22 per basic share from $1.53 per basic share as at December 31, 2024.

Q1 2025 Financial Results Summary

Quarterly reconciliations of loss before income taxes to Adjusted EBITDA

Reconciliations of (loss) income before income taxes to Adjusted EBITDA by operating segment

¹ Adjusted EBITDA is not a measure of financial performance (nor does it have a standardized meaning) under IFRS. In evaluating this measure, investors should consider that the methodology applied in calculating these measures might differ among companies and analysts. The Corporation has provided a reconciliation of loss before income taxes attributable to Shareholders to Adjusted EBITDA in this news release. Amounts in respect of non-controlling interests are excluded in the calculation of Adjusted EBITDA. We believe that Adjusted EBITDA is a useful supplemental measure in the context of Crown’s operations to assist investors in assessing the performance of our business as it provides a more relevant picture of operating results by facilitating a comparison of our performance on a consistent basis from period-to-period and provides a more complete understanding of factors and trends affecting our business. Adjusted EBITDA should not be considered as the sole measure of Crown’s performance and should not be considered in isolation from, or as a substitute for, analysis of the Corporation’s financial statements.

About Crown Capital Partners (TSX:CRWN)

Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a capital partner to entrepreneurs and growth businesses mainly operating in the telecommunications infrastructure, distribution services, and distributed power markets. We focus on growth industries that require a specialized capital partner, and we aim to create long-term value by acting as both a direct investor in operating businesses serving these markets and as a manager of investment funds for institutional partners. For additional information, please visit crowncapital.ca.

FORWARD-LOOKING STATEMENTS This news release contains certain “forward looking statements” and certain “forward looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management’s beliefs, expectations or intentions regarding the distribution services market, the network services market and the general economy, Crown’s business plans and strategy, including anticipated investment dispositions and capital deployments and the timing thereof, anticipated refinancing activity and Crown’s future earnings. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown’s periodic filings with Canadian securities regulators. See Crown’s most recent annual information form for a detailed discussion of the risk factors affecting Crown. In addition, Crown’s dividend policy will be reviewed from time to time in the context of the Corporation’s earnings, financial requirements for its operations, and other relevant factors and the declaration of a dividend will always be at the discretion of the board of directors of the Corporation. Crown undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

For further information, please contact:

Michael Overvelde

Chief Financial Officer

investor.relations@crowncapital.ca

(416) 640-6887

CALGARY, March 31, 2025 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN) today announced its financial results for the three and twelve months ended December 31, 2024. Crown’s complete financial statements and management’s discussion and analysis are available on SEDAR at www.sedarplus.ca.

2024 Financial & Operating Overview

• Crown recognized a net loss of $(29.4) million ($5.26 loss per basic share) in 2024 compared to a net loss of $(12.2) million ($2.16 loss per basic share) in 2023. The net loss in 2024 is inclusive of aggregate impairment charges of $9.4 million (2023 – $6.1 million) in respect of real estate property ($7.0 million), distributed power equipment ($2.2 million), and telecom inventory of ($0.2 million), as well as Crown’s share of losses from investments in associates of $(15.6) million (2023 – share of earnings of $3.0 million).
• Adjusted EBITDA¹ was $5.1 million in 2024 compared to $3.8 million in 2023 due primarily to improved earnings from the Distribution Services, Real Estate and Corporate and Other segments, partially offset by decreased earnings from the Network Services, Specialty Finance and Distributed Power segments.
• Distribution services revenue was $36.9 million in 2024 compared to $34.4 million in 2023, an increase of 7.3%. This segment reported net income before income taxes of $1.6 million (2023 – net loss before income taxes $(3.6) million) and Adjusted EBITDA of $3.1 million (2023 – $(1.6) million), with the year-over-year improvement attributable to the impact of operational efficiencies implemented throughout 2023 and 2024 and to increased capacity utilization across the warehouses. Capacity utilization was 62% at December 31, 2024, compared with 62% at September 30, 2024, 58% at June 30, 2024, 52% at March 31, 2024 and 42% at December 31, 2023.
• Network services revenue was $26.2 million in 2024 compared to $26.9 million in 2023, a decrease of 2.8% due to a year-over-year revenue decline from WireIE, which experienced a continued runoff of customer contracts, that more than offset a year-over-year increase in revenues from Galaxy in respect of non-recurring hardware sales and modest increases from Community Network Partners in respect of revenues from the project in Brooks, Alberta and the Ontario Connects: Accelerated High-Speed Internet Program (the “Ontario Connects Program”). This segment reported a net loss before income taxes of $(2.6) million (2023 – $(0.6) million) and Adjusted EBITDA of $1.9 million (2023 – $2.4 million) with the decrease attributable to lower margin sales from a government sector contract in Galaxy.
• Real Estate segment revenue was $5.2 million in 2024 compared to $4.0 million in 2023, an increase of 29.5% year-over-year due to increases in fees from property and development contracts. This segment recorded a net loss before income taxes of $(6.4) million, inclusive of $7.0 million of non-cash impairments (2023 – net income before income taxes of $0.2 million and $nil, respectively) and Adjusted EBITDA of $1.1 million (2023 – $0.6 million).
• Distributed Power revenue was $2.0 million in 2024 compared to $2.4 million in 2023, a decrease of 17.1% due to the reclassification of certain power assets as assets held for sale at the end of 2023 and to the consolidation of the Wilson Creek assets, resulting in the elimination of intercompany lease interest revenue, partially offset by related revenues from merchant power customers. In addition to softer power prices in the Alberta market, merchant power revenues were lower than expected in 2024 due to the delayed repair of engine coolers, which reduced both available output and runtimes during the year. This segment reported a net loss before income taxes of $(1.4) million, inclusive of non-cash impairments of $2.2 million (2023 –$(2.0) million and $6.1 million, respectively) and Adjusted EBITDA of $0.1 million (2023 – $0.7 million).
• The Specialty Finance segment recorded net loss before income taxes of $(11.7) million (2023 – net income before income taxes $2.6 million), representing Crown’s share of (losses) earnings of Crown Partners Fund, and Adjusted EBITDA of $0.2 million (2023 – $3.0 million), representing income distributions received from Crown Partners Fund. The year-over-year decrease is due primarily to the recognition of a realized loss in respect of the sale of a loan investment carried at fair value through profit and loss in 2024.
• Total equity at year-end decreased to $8.7 million from $38.2 million at the end of 2023 due to a net loss attributable to shareholders of $(29.4) million, which was driven primarily by Crown’s share of the loss of investments in associates of $(15.6) million and impairments of property and equipment under development. Total equity per share decreased to $1.53 per basic share from $6.84 per basic share as at December 31, 2023.
• During 2024, Crown made payments from operating cash flows to reduce the balance on its credit facility with Canadian Western Bank (“CWB Credit Facility”) by $10.1 million. Effective December 18, 2024, the Corporation entered into a new senior secured corporate credit facility of $15.0 million (“Crown Credit Facility”) with Sandton Capital Solutions Master Fund VI, LP, an investment fund managed by Sandton Capital Partners, the proceeds of which were used primarily to fully repay and terminate the CWB Credit Facility.
• Effective October 18, 2024, Debentureholders approved amendments to the terms of the Debentures, including an extension of the maturity date from December 31, 2024 to December 31, 2026 and amendments to the interest rate from 10% to 11% effective as of October 25, 2024 and from 11% to 12% effective as of December 31, 2025. For additional details on the Debenture amendments, see Note 16 of Crown’s audited consolidated financial statements for the years ended December 31, 2024 and 2023.
• In 2024, Crown’s subsidiary, Community Network Partners, received grant funding payments of $28.8 million for the completion of two sublots related to its fibre network under the Province of Ontario’s Accelerated High-Speed Internet Program.

Q4 2024 Financial & Operating Overview

• Crown recognized a net loss of $(10.9) million ($1.95 loss per basic share) compared with $(8.5) million ($1.52 loss per basic share) in Q4 2023. The net loss in Q4 2024 is inclusive of aggregate impairment charges of $9.4 million (2023 – $6.1 million) in respect of real estate property and distributed power equipment under development. For Q4 2024, Adjusted EBITDA was $1.0 million compared with $0.5 million in Q4 2023 period, with increased earnings from the Distribution Services segment more than offsetting reduced contributions from the Network Services, Specialty Finance, Distributed Power, Real Estate, and Corporate and Other segments.
• Crown recognized net income before income taxes in respect of the Distribution Services segment of $1.9 million (2023 – net loss before income taxes of $(1.2) million) and Adjusted EBITDA of $1.4 million (2023 – $(0.4) million). Distribution services revenue increased by 12.5% quarter-over-quarter and increased by 24.2% compared with Q4 2023 due primarily to increased capacity utilization at the Reno, Columbus and Calgary warehouses. The year-over-year increase in Adjusted EBITDA of the segment in Q4 2024 related primarily to improvements in operations achieved during 2023 and 2024.
• Crown recognized a net loss before income taxes in respect of the Network Services segment of $(1.7) million (2023 – $(0.7) million) and Adjusted EBITDA of $0.1 million (2023 – $0.5 million). Network services revenue in Q4 2024 increased by 22.0% year-over-year and decreased by 5.3% compared to Q3 2024, with the quarter-over-quarter decrease due primarily to the intercompany revenues eliminated upon consolidation of the Corporation’s Network Services operations. Compared with the prior year period, the increase in revenues is due primarily to non-recurring hardware sales to a significant government sector customer.
• Our share of losses from investments in associates was $(0.5) million, of which $(0.4) related to Inuknet, and which represents quarter-over-quarter decreases compared to Q3 2024 and Q4 2023, with both reductions due primarily to losses from Crown Partners Fund and Inuknet. Inuknet builds networks to provide connectivity to municipalities, regions, and Inuit communities in Nunavut.
• Crown recognized a net loss before income taxes in respect of the Distributed Power segment of $(0.9) million (2023 – $(2.7) million), inclusive of aggregate impairment charges of $2.2 million (2023 – $6.1 million) recorded in respect of assets held for sale and equipment under development.

Q4 & FY2024 Financial Results Summary

Quarterly reconciliations of loss before income taxes to Adjusted EBITDA

Reconciliations of (loss) income before income taxes to Adjusted EBITDA by operating segment

¹ Adjusted EBITDA is not a measure of financial performance (nor does it have a standardized meaning) under IFRS. In evaluating this measure, investors should consider that the methodology applied in calculating these measures might differ among companies and analysts. The Corporation has provided a reconciliation of loss before income taxes attributable to Shareholders to Adjusted EBITDA in this news release. Amounts in respect of non-controlling interests are excluded in the calculation of Adjusted EBITDA. We believe that Adjusted EBITDA is a useful supplemental measure in the context of Crown’s operations to assist investors in assessing the performance of our business as it provides a more relevant picture of operating results by facilitating a comparison of our performance on a consistent basis from period-to-period and provides a more complete understanding of factors and trends affecting our business. Adjusted EBITDA should not be considered as the sole measure of Crown’s performance and should not be considered in isolation from, or as a substitute for, analysis of the Corporation’s financial statements.

About Crown Capital Partners (TSX:CRWN)

Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a capital partner to entrepreneurs and growth businesses mainly operating in the telecommunications infrastructure, distribution services, and distributed power markets. We focus on growth industries that require a specialized capital partner, and we aim to create long-term value by acting as both a direct investor in operating businesses serving these markets and as a manager of investment funds for institutional partners. For additional information, please visit crowncapital.ca.

FORWARD-LOOKING STATEMENTS This news release contains certain “forward looking statements” and certain “forward looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management’s beliefs, expectations or intentions regarding the distribution services market, the network services market and the general economy, Crown’s business plans and strategy, including anticipated investment dispositions and capital deployments and the timing thereof, anticipated refinancing activity and Crown’s future earnings. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown’s periodic filings with Canadian securities regulators. See Crown’s most recent annual information form for a detailed discussion of the risk factors affecting Crown. In addition, Crown’s dividend policy will be reviewed from time to time in the context of the Corporation’s earnings, financial requirements for its operations, and other relevant factors and the declaration of a dividend will always be at the discretion of the board of directors of the Corporation. Crown undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

For further information, please contact:

Michael Overvelde

Chief Financial Officer

investor.relations@crowncapital.ca

(416) 640-6887

CALGARY, ALBERTA, February 18, 2025 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN) today announces that it has completed a non-brokered private placement offering (the “Offering”) of 84,000 common shares of the Corporation (“Common Shares”) at a price of $1.50 per Common Share for gross proceeds of $126,000.  The net proceeds received by the Corporation from the Offering will be used for general working capital purposes.

John Brussa, an insider of the Corporation, purchased all of the Common Shares sold pursuant to the Offering (the “Insider Subscription”). The Insider Subscription is considered to be a “related party transaction” for the purposes of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). In accordance with MI 61-101, the Corporation is not required to obtain a formal valuation or minority approval of the Offering due to the fact that it may rely on an exemption to those requirements contained in MI 61-101, namely that the fair market value of the Offering is not more than 25% of the market capitalization of the Corporation.

All securities issued in connection with the Offering are subject to a hold period of four-months and one day from the date that they were issued.

The final closing of the Offering is subject to receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. These securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.

The Corporation also announces today that on February 18, 2025, the Corporation paid a cash commitment fee of $126,000 to John Brussa in connection with a loan agreement dated August 12, 2024 between Mr. Brussa and a wholly owned subsidiary of the Corporation. The cash payment accepted by Mr. Brussa in settlement of the amount owed to him was at an approximate 40% discount to the actual amount owed to him by the Corporation. Mr. Brussa used the funds paid to him by the Corporation to purchase Common Shares pursuant to the Offering. 

About Crown Capital Partners (TSX:CRWN)

Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a capital partner to entrepreneurs and growth businesses mainly operating in the telecommunications infrastructure, distribution services, and distributed power markets. We focus on growth industries that require a specialized capital partner, and we aim to create long-term value by acting as both a direct investor in operating businesses serving these markets and as a manager of investment funds for institutional partners. For additional information, please visit crowncapital.ca. 

FORWARD-LOOKING STATEMENTS

This news release contains certain “forward looking statements” and certain “forward looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management’s beliefs, expectations or intentions regarding the closing of the Offering and the use of the proceeds of the Offering. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown’s periodic filings with Canadian securities regulators. See Crown’s most recent annual information form for a detailed discussion of the risk factors affecting Crown. Crown undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information

For further information, please contact:

Michael Overvelde Chief Financial Officer investor.relations@crowncapital.ca (416) 640-6887

CALGARY, ALBERTA, December 18, 2024 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN) today announced that it has entered an agreement for a new senior secured corporate credit facility of $15.0 million (“Credit Facility”) with Sandton Capital Solutions Master Fund VI, LP (“Sandton”), an investment fund managed by Sandton Capital Partners. This Credit Facility replaces Crown’s previous corporate credit facility with Canadian Western Bank.

The Credit Facility is comprised of a non-amortizing term loan of C$15.0 million which is being advanced in full today, and from which proceeds are being used primarily to fully repay Crown’s existing senior debt. The terms of the Credit Facility include a maturity date of December 18, 2026, monthly interest that is based on a fixed interest rate of 15.5% per annum and that is payable by capitalization to the principal amount of the debt, a requirement to repay at least C$10.0 million of principal by March 31, 2026, and customary covenants for an agreement of this nature.

“We are pleased to finalize this new credit facility with Sandton and to fully normalize our credit arrangements”, said Chris Johnson, Crown’s President & CEO. “With this new two-year term facility in place, and with the maturity date of our publicly traded debentures also recently extended to December 2026, we will now be able to better focus on the growth of our core businesses while continuing to deleverage our balance sheet in an orderly manner through the monetization of non-core assets and other measures”.

Deferred Debenture Interest Payment Update

Crown today also announced that as a result of not having made the interest payment due on June 30, 2024 (the “Deferred Interest Payment”) in respect of its 11% unsecured subordinated debentures due December 31, 2026 (the “Debentures”) on or before December 17, 2024, it is in default of the second amended and restated trust indenture dated October 25, 2024 (the “Indenture”) that governs the Debentures.

At a special meeting of the holders of the Debentures (the “Debentureholders”) held on October 18, 2024, the Debentureholders approved an extraordinary resolution that, among other things, waived the default by the Corporation under the Indenture for the failure to make the Deferred Interest Payment (the “Default Waiver”), subject to the requirement that the Corporation make the Deferred Interest Payment to Debentureholders within 60 days of the approval of the extraordinary resolution of the Debentureholders (the “Deferred Interest Payment Deadline”). As the Deferred Interest Payment was not made by the Deferred Interest Payment Deadline, the Default Waiver is of no further force or effect.

Notwithstanding the foregoing, with the Corporation’s new Credit Facility now in effect, the Deferred Interest Payment is expected to be made to Debentureholders holding Debentures as of a record date to be set and announced by the Corporation in the coming days.

About Crown Capital Partners (TSX:CRWN)

Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a capital partner to entrepreneurs and growth businesses mainly operating in the telecommunications infrastructure, distribution services, and distributed power markets. We focus on growth industries that require a specialized capital partner, and we aim to create long-term value by acting as both a direct investor in operating businesses serving these markets and as a manager of investment funds for institutional partners. For additional information, please visit crowncapital.ca.

FORWARD-LOOKING STATEMENTS

This news release contains certain “forward looking statements” and certain “forward looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management’s beliefs, expectations or intentions regarding the growth and deleveraging of Crown and its subsidiaries, the monetization of non-core assets, the payment of the Deferred Interest Payment and the record date for the Deferred Interest Payment. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown’s periodic filings with Canadian securities regulators. See Crown’s most recent annual information form for a detailed discussion of the risk factors affecting Crown. In addition, Crown’s dividend policy will be reviewed from time to time in the context of the Corporation’s earnings, financial requirements for its operations, and other relevant factors and the declaration of a dividend will always be at the discretion of the board of directors of the Corporation. Crown undertakes no obligation to update forwardlooking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

For further information, please contact:

Michael Overvelde Chief Financial Officer michael.overvelde@crowncapital.ca (416) 640-6887

CALGARY, ALBERTA, December 18, 2024 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN) today announced that it has set December 30, 2024 (the “Record Date”) as the record date for determining the holders (the “Debentureholders”) of its 11% unsecured subordinated debentures due December 31, 2026 (TSX:CRWN.NT) (the “Debentures”), that will be entitled to receive the outstanding interest payment on the Debentures that was due on June 30, 2024 (the “Deferred Interest Payment”).

The Deferred Interest Payment will be in the amount of $50 per $1,000 principal amount of Debentures, which represents the interest due and unpaid on the Debentures from December 31, 2023 up to, but excluding, June 30, 2024. The Deferred Interest Payment will be made by the Corporation on December 31, 2024.

About Crown Capital Partners (TSX:CRWN) Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a capital partner to entrepreneurs and growth businesses mainly operating in the telecommunications infrastructure, distribution services, and distributed power markets. We focus on growth industries that require a specialized capital partner, and we aim to create long-term value by acting as both a direct investor in operating businesses serving these markets and as a manager of investment funds for institutional partners. For additional information, please visit crowncapital.ca.

FORWARD-LOOKING STATEMENTS This news release contains certain “forward looking statements” and certain “forward looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management’s beliefs, expectations or intentions regarding the Deferred Interest Payment. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown’s periodic filings with Canadian securities regulators. See Crown’s most recent annual information form for a detailed discussion of the risk factors affecting Crown. In addition, Crown’s dividend policy will be reviewed from time to time in the context of the Corporation’s earnings, financial requirements for its operations, and other relevant factors and the declaration of a dividend will always be at the discretion of the board of directors of the Corporation. Crown undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

For further information, please contact: Michael Overvelde Chief Financial Officer michael.overvelde@crowncapital.ca (416) 640-6887

CALGARY, November 12, 2024 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN) today announced its financial results for the three and nine months ended September 30, 2024. Crown’s complete financial statements and management’s discussion and analysis are available on SEDAR at www.sedarplus.ca.

Q3 2024 Financial & Operating Overview

• Crown recognized a net loss of $(2.7) million ($0.49 loss per basic share) in Q3 2024 compared to a net loss of $(1.8) million ($0.32 loss per basic share) in Q3 2023.
• Adjusted EBITDA1 was $0.8 million in Q3 2024 compared to $0.4 million in Q3 2023 due primarily to improved earnings from the Distribution Services and Network Services segments, partially offset by decreased earnings from the Real Estate, Specialty Finance and Distributed Power segments. For the nine months ended September 30, 2024, Adjusted EBITDA was $4.1 million compared with $3.3 million in the comparable 2023 period, with increased contributions from each of the Distribution Services and Real Estate segments and a reduced Corporate and Other segment loss more than offsetting reduced contributions from the Specialty Finance and Distributed Power segments.
• Distribution services revenue was $9.1 million in Q3 2024 compared to $8.9 million in Q3 2023. This segment reported a net loss before income taxes of $(0.1) million (Q3 2023 – $(0.4) million) and Adjusted EBITDA of $0.5 million (Q3 2023 – $0.3 million), with the year-over-year improvement attributable to the impact of operational efficiencies implemented throughout 2023 and 2024 and to increased capacity utilization across the warehouses. Capacity utilization was 62% at September 30, 2024, compared with 58% at June 30, 2024, 52% at March 31, 2024 and 42% at December 31, 2023.
• Network services revenue was $7.0 million in Q3 2024 compared to $7.8 million in Q3 2023, with the decrease due primarily to the continued runoff of customer contracts from WireIE and the conclusion of a large construction-sector contract in mid-Q2 2023, partially offset by modest growth in revenues from Community Network Partners’s customers located in Brooks, Alberta. This segment reported a net loss before income taxes of $(0.5) million (Q3 2023 – $(1.1) million) and Adjusted EBITDA of $0.4 million (Q3 2023 – $(0.5) million).
• Real Estate segment revenue was $1.1 million in Q3 2024 compared to $1.3 million in Q3 2023, with the decrease over the prior-year quarter attributable primarily to the timing of fee recognition. This segment recorded net income before income taxes of $0.02 million (Q3 2023 – net income before income taxes of $0.3 million) and Adjusted EBITDA of $0.1 million (Q3 2023 – $0.4 million).
• Distributed Power revenue was $0.3 million in Q3 2024 compared to $0.8 million in Q3 2023, with the decrease primarily related to the reclassification of certain power assets as held for sale at the end of 2023 and to the consolidation of the Wilson Creek assets. In addition to softer power prices in the Alberta market, merchant power revenues were lower than expected in the third quarter of 2024 due to the delayed repair of engine coolers, which reduced both available output and runtimes during the period. This segment reported a net loss before income taxes of $(0.3) million (Q3 2023 – net income before income taxes of $0.4 million) and Adjusted EBITDA of $(0.02) million (Q3 2023 – $0.3 million). 2
• The Specialty Finance segment recorded net income before income taxes of $0.2 million (Q3 2023 –$0.2 million), representing Crown’s share of (losses) earnings of Crown Partners Fund, and Adjusted EBITDA of $nil (Q3 2023 – $0.1 million), representing income distributions received from Crown Partners Fund.
• Total equity at quarter-end decreased to $19.7 million from $38.2 million at the end of 2023 due to a net loss attributable to shareholders of $(18.5) million, which was driven primarily by Crown’s share of the loss of Crown Partners Fund of $(15.1) million with the loss attributable to an unrealized loss recognized by the fund during the period in respect of a loan investment carried at fair value through profit or loss. Total equity per share decreased to $3.52 per basic share from $6.84 per basic share as at December 31, 2023.
• Since September 30, 2023, Crown has not satisfied certain financial covenant clauses of its credit agreement with its bank. Accordingly, the bank is contractually entitled to request immediate repayment of the outstanding loan in the amount of $14.4 million as of November 12, 2024 and the outstanding balance of $23.9 million as at September 30, 2024 is presented as a current liability. On October 11, 2024, the credit agreement was amended to terminate the $5 million operating loan portion of the credit facility on full repayment on or before October 15, 2024 and to revise the maturity date of the term loan portion of the credit facility to December 31, 2024. The operating loan portion of the credit facility was repaid in full on October 11, 2024. Management is currently in discussions with lenders regarding replacing its current credit facility, however, there is no assurance that such arrangements will become available.
• As of November 12, 2024, the Corporation had not paid the scheduled interest payment of $1.0 million due on June 30, 2024 in respect of the 10% unsecured subordinated debentures (“Debentures”). Since July 31, 2024, this has constituted an event of default under the terms of the trust indenture that governs the Debentures. On October 18, 2024, the holders of the Debentures approved amendments to the terms of the Debentures to extend the maturity date to December 31, 2026, to amend the interest rates and timing of interest payments and to grant security interest to the trustee for the Debentures. The holders of the Debentures also agreed to waive the default of the Corporation for failure to make the June 30, 2024 interest payment, subject to the Corporation paying such interest by December 17, 2024.
• As of November 12, 2024, the Corporation had not paid the scheduled interest payment of $0.04 million due on June 30, 2024 in respect of the 10% redeemable secured subordinated debentures (“Subordinated Debentures”). This constitutes an event of default, but the holders of the Subordinated Debentures have not requested immediate repayment.
• In Q3 2024, Crown’s subsidiary, Community Network Partners, received a grant funding payment of $20.3 million for the completion of the second sublot related to its fibre network under the Province of Ontario’s Accelerated High-Speed Internet Program.

“We continue to advance our operating subsidiaries in the third quarter while dealing with the restructuring of the Corporation’s balance sheet, including the paydown of the senior loans and extension of the debentures. We are making progress in monetizing the Corporation’s assets which will be used to pay down debt,” said Chris Johnson, President and CEO of Crown. “We are pleased with the performance of our operating subsidiaries, most significant is the progress Community Network Partners is making with its contract to build fibre optic networks in Northern Ontario. This is a very large undertaking and will result in Community Network Partners owning and operating the only fibre optic network in the communities we are building in,” added Mr. Johnson. 3

Q3 2024 Financial Results Summary

Quarterly reconciliations of loss before income taxes to Adjusted EBITDA

Reconciliations of (loss) income before income taxes to Adjusted EBITDA by operating segment

1 Adjusted EBITDA is not a measure of financial performance (nor does it have a standardized meaning) under IFRS. In evaluating this measure, investors should consider that the methodology applied in calculating these measures might differ among companies and analysts. The Corporation has provided a reconciliation of loss before income taxes attributable to Shareholders to Adjusted EBITDA in this news release. Amounts in respect of non-controlling interests are excluded in the calculation of Adjusted EBITDA. We believe that Adjusted EBITDA is a useful supplemental measure in the context of Crown’s operations to assist investors in assessing the performance of our business as it provides a more relevant picture of operating results by facilitating a comparison of our performance on a consistent basis from period-to-period and provides a more complete understanding of factors and trends affecting our business. Adjusted EBITDA should not be considered as the sole measure of Crown’s performance and should not be considered in isolation from, or as a substitute for, analysis of the Corporation’s financial statements.

About Crown Capital Partners (TSX:CRWN)

Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a capital partner to entrepreneurs and growth businesses mainly operating in the telecommunications infrastructure, distribution services, and distributed power markets. We focus on growth industries that require a specialized capital partner, and we aim to create long-term value by acting as both a direct investor in operating businesses serving these markets and as a manager of investment funds for institutional partners. For additional information, please visit crowncapital.ca.

FORWARD-LOOKING STATEMENTS

This news release contains certain “forward looking statements” and certain “forward looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management’s beliefs, expectations or intentions regarding the distribution services market, the network services market and the general economy, Crown’s business plans and strategy, including anticipated investment dispositions and capital deployments and the timing thereof, anticipated refinancing activity and Crown’s future earnings. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown’s periodic filings with Canadian securities regulators. See Crown’s most recent annual information form for a detailed discussion of the risk factors affecting Crown. In addition, Crown’s dividend policy will be reviewed from time to time in the context of the Corporation’s earnings, financial requirements for its operations, and other relevant factors and the declaration of a dividend will always be at the discretion of the board of directors of the Corporation. Crown undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

For further information, please contact: Michael Overvelde Chief Financial Officer investor.relations@crowncapital.ca (416) 640-6887