Lumine Group Inc. Announces Results for the Three And Nine Months Ended September 30, 2025

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Condensed Consolidated Interim Statements of Income (loss)
(In thousands of USD, except per share amounts)

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Unaudited
	Three months ended September 30,					Nine months ended September 30,
		2025		2024			2025			2024

Revenue
License	$	16,984	$	12,798		$	41,027		$	36,205
Professional services		31,851		32,780			99,295			86,622
Hardware and other		2,637		6,589			14,654			11,332
Maintenance and other recurring		135,233		125,167			394,376			347,099
		186,705		177,334			549,352			481,258
Expenses
Staff		90,072		89,929			261,472			250,662
Hardware		1,488		3,657			7,889			6,595
Third party license, maintenance and professional services		10,047		8,575			31,847			28,981
Occupancy		1,008		2,246			2,976			4,117
Travel, telecommunications, supplies, software and equipment		9,480		4,152			27,397			23,660
Professional fees		4,553		2,637			12,076			11,124
Other, net		3,354		3,011			12,139			7,467
Depreciation		1,615		2,473			6,305			6,925
Amortization of intangible assets		27,605		29,616			79,941			81,648
		149,222		146,296			442,042			421,179

Redeemable Preferred and Special Securities expense		—		—			—			317,362
Gain on bargain purchase		—		—			(2,494	)		—
Finance and other expenses		1,959		8,898			14,481			18,868
		1,959		8,898			11,987			336,230

Income (loss) before income taxes		35,524		22,140			95,323			(276,151	)

Current income tax expense		2,519		13,572			29,780			31,127
Deferred income tax expense (recovery)		8,173		(9,710	)		(3,621	)		(18,982	)
Income tax expense		10,692		3,862			26,159			12,145

Net income (loss)	$	24,832	$	18,278		$	69,164		$	(288,296	)

Weighted average shares outstanding:
Basic		256,620,388		256,620,388			256,620,388			199,991,663
Diluted		256,620,388		256,620,388			256,620,388			255,529,839

Earnings (loss) per share:
Basic and diluted	$	0.10	$	0.07		$	0.27		$	(1.44	)

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Condensed Consolidated Interim Statements of Comprehensive Income (loss)
(In thousands of USD)

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Unaudited
	Three months ended September 30,					Nine months ended September 30,
		2025			2024		2025		2024

Net income (loss)	$	24,832		$	18,278	$	69,164	$	(288,296	)

Items that are or may be reclassified subsequently to net income (loss):

Foreign currency translation differences from foreign operations and other		(1,226	)		7,082		19,001		2,482

Other comprehensive (loss) income for the period, net of income tax		(1,226	)		7,082		19,001		2,482

Total comprehensive income (loss) for the period	$	23,606		$	25,360	$	88,165	$	(285,814	)

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Condensed Consolidated Interim Statement of Changes in Equity
(In thousands of USD)

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Unaudited
Nine months ended September 30, 2025
	Capital stock		Contributed surplus		Accumulated other comprehensive (loss) income			Retained earnings		Total equity

Balance at January 1, 2025	$	490,669	$	185,142	$	(13,612	)	$	16,523	$	678,722

Total comprehensive income for the period:
Net income		—		—		—			69,164		69,164

Other comprehensive income:
Foreign currency translation differences from foreign operations and other		—		—		19,001			—		19,001
Total other comprehensive income for the period		—		—		19,001			—		19,001

Total comprehensive income for the period		—		—		19,001			69,164		88,165

Balance at September 30, 2025	$	490,669	$	185,142	$	5,389		$	85,687	$	766,887

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Condensed Consolidated Interim Statement of Changes in Equity
(In thousands of USD)

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Unaudited
Nine months ended September 30, 2024
	Capital stock		Contributed surplus			Accumulated other comprehensive loss			Retained deficit			Total equity

Balance at January 1, 2024	$	—	$	(1,015,661	)	$	(6,296	)	$	(2,820,478	)	$	(3,842,435	)

Total comprehensive income (loss) for the period:
Net loss		—		—			—			(288,296	)		(288,296	)

Other comprehensive income:
Foreign currency translation differences from foreign operations and other		—		—			2,482			—			2,482
Total other comprehensive income for the period		—		—			2,482			—			2,482

Total comprehensive income (loss) for the period		—		—			2,482			(288,296	)		(285,814	)

Settlement of Preferred and Special Share Dividends in Subordinate Voting Shares		87,368		—			—			—			87,368
Mandatory Conversion of Preferred and Special Shares		403,301		1,200,803			—			3,095,910			4,700,014

Balance at September 30, 2024	$	490,669	$	185,142		$	(3,814	)	$	(12,864	)	$	659,133

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Condensed Consolidated Interim Statements of Cash Flows
(In thousands of USD)

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Unaudited
	Three months ended September 30,						Nine months ended September 30,
		2025			2024			2025			2024

Cash flows from operating activities:
Net income (loss)	$	24,832		$	18,278		$	69,164		$	(288,296	)
Adjustments for:
Depreciation		1,615			2,473			6,305			6,925
Amortization of intangible assets		27,605			29,616			79,941			81,648
Contingent consideration adjustments		750			(1,357	)		1,225			(399	)
Preferred and Special Securities expense		—			—			—			317,362
Gain on bargain purchase		—			—			(2,494	)		—
Finance and other expense		3,270			9,022			17,591			19,392
Income tax expense		10,692			3,862			26,159			12,145
Change in non-cash operating assets and liabilities exclusive of effects of business combinations		(13,316	)		(34,203	)		(1,932	)		(71,121	)
Income taxes paid		(8,953	)		(8,641	)		(30,944	)		(15,957	)
Net cash flows from operating activities		46,495			19,050			165,015			61,699

Cash flows (used in) from financing activities:
Interest paid on lease obligations		(70	)		(105	)		(272	)		(388	)
Interest paid on bank indebtedness		(3,688	)		(5,702	)		(11,387	)		(13,304	)
Proceeds from issuance of bank indebtedness		—			15,000			—			155,500
Repayments of bank indebtedness		(87,000	)		(17,976	)		(123,319	)		(18,464	)
Transaction costs on bank indebtedness		(114	)		(25	)		(160	)		(1,874	)
Payments of lease obligations		(919	)		(1,560	)		(4,145	)		(4,594	)
Net cash flows (used in) from financing activities		(91,791	)		(10,368	)		(139,283	)		116,876

Cash flows (used in) from investing activities:
Acquisition of businesses		(13,654	)		—			(20,461	)		(144,325	)
Cash obtained with acquired businesses		6,331			—			6,331			—
Post-acquisition settlement payments, net of receipts		(4,136	)		5,685			(2,560	)		4,706
Interest, dividends and other proceeds received		1,311			124			3,110			524
Proceeds from sale of property and equipment		52			—			123			—
Property and equipment purchased		(602	)		(1,058	)		(2,311	)		(1,689	)
Other investing activities		(48	)		(720	)		4,209			(984	)
Net cash flows (used in) from investing activities		(10,746	)		4,031			(11,559	)		(141,768	)

Effect of foreign currency on cash and cash equivalents		(1,162	)		72			7,313			(2,959	)
(decrease) Increase in cash		(57,204	)		12,785			21,486			33,848

Cash, beginning of period		289,673			167,572			210,983			146,509
Cash, end of period		232,469			180,357			232,469			180,357