Vancouver, C.-B. (TSXV : PTF) Pender Growth Fund Inc. (the “Company”) today announced its financial and operational results for the three months and nine months ended September 30, 2025.

Faits saillants financiers

• Net loss was $248,441 for the three months ended September 30, 2025 (September 30, 2024 – net income $5,815,990).
• Net loss per Class C common share (“Share”) was $0.04 for the three months ended September 30, 2025 (September 30, 2024 – net income per Share $80).
• The Company’s total shareholders’ equity increased by $27,456, from $123,081,507 at December 31, 2024 to $123,108,963 as at September 30, 2025, due to net income of $1,706,704 primarily a result of positive investment performance, offset by shares repurchased of $1,679,248 under the Company’s Normal Course Issuer Bid (“NCIB”).
• Shareholders’ equity was $17.57 per Share as at September 30, 2025 (December 31, 2024 – $17.25).
• 7,005,729 shares were outstanding as at September 30, 2025 (December 31, 2024 – 7,133,229), a decrease of 127,500 shares as a result of shares repurchase under the NCIB, which was renewed on February 20, 2025.
• At September 30, 2025, 8% of the investment portfolio was made up of public companies and 39.2% of private companies and Net Assets were 60.3% publicly listed companies, 38.8% private unlisted companies, and 0.9% cash and other assets net of liabilities.
• Management Expense Ratio (“MER”) before performance fees was 2.55% for the quarter ended September 30, 2025, 0.16% higher compared to 39% in the third quarter of 2024.

Faits saillants du portefeuille

Public equity markets delivered strong gains in the third quarter of 2025, reaching record highs despite ongoing macroeconomic uncertainty. In Canada, both the S&P/TSX Composite and TSX Small Cap indices hit new peaks, advancing 12.7% and 20.9%, respectively. U.S. equities also performed well, with the S&P 500 Index (CAD) and Russell 2000 Index (CAD) finishing up 10.5% and 14.9% respectively in the quarter —supported by real earnings growth after a year of solid performance, expectations of rate cuts and attractive relative valuations. Valuations across markets remain stretched, and resilient inflation alongside limited rate relief could challenge equities.

Global M&A activity accelerated through the quarter, with year-to-date announced deal value reaching $2.6 trillion, up 28% versus the same period last year and the strongest first three quarters for dealmaking since 2021, according to data from the London Stock Exchange Group. This rebound has been driven by renewed confidence among corporate boards and greater regulatory clarity. Interestingly, while deal value rose, the number of transactions declined by 7% to a five-year low of just under 37,000, reflecting a more challenging environment for small- and mid-cap transactions amid earlier tariff disruptions.

Investment results may be affected by future developments and new information that may emerge about broad economic conditions, inflation, central bank measures, geopolitical risks, market risk, unexpected judicial or regulatory proceedings and other global events, factors that are beyond the Company’s control.

While macro events have driven investor sentiment, we have remained focused on our bottom-up fundamental research to identify companies that can thrive in a wide range of economic scenarios. We believe that this environment provides compelling opportunities for long-term focused investors and that the Company is well-positioned to continue to pursue its investment objectives.

As always, this quarter we worked closely with our private portfolio companies and certain of our public portfolio companies.

Autres faits saillants
We continued to acquire shares of the Company in the market under our NCIB because we believe the shares are trading at a discount to their intrinsic value. On February 20, 2025, the Company launched a new NCIB, under which the Company may purchase a maximum of 587,342 shares, or 10% of the Company’s public float on launch date, during the one-year period ending February 19, 2026.

We encourage you to refer to the Company’s MD&A and quarterly unaudited financial statements for September 30, 2025, the annual audited financial statements for the year-ended December 31, 2024, and other disclosures available under the Company’s profile at www.sedarplus.ca for additional information.

À propos de la société
Pender Growth Fund Inc is an investment firm. Its investment objective is to achieve long-term capital growth. The Company utilizes its small capital base and long-term horizon to invest in unique situations, primarily small cap, special situations, and illiquid public and private companies. The firm invests in public and private companies principally in the technology sector. It trades on the TSX Venture Exchange under the symbol “PTF” and posts its NAV on its website, generally within five business days of each month end.

Veuillez visiter www.pendergrowthfund.com.

Pour plus de renseignements, veuillez communiquer avec :

Tony Rautava
Secrétaire général
Pender Growth Fund Inc.
(604) 653-9625
Sans frais : (866) 377-4743
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Renseignements sur les énoncés prospectifs

Ce communiqué de presse peut contenir des énoncés prospectifs (avec le sens qu’on leur accorde dans les lois sur les valeurs mobilières en vigueur) relatifs à la société et au contexte dans lequel elle exploite. Les énoncés prospectifs se reconnaissent habituellement à l’emploi de termes et expressions comme « croire », « prévoir », « anticiper », « avoir l’intention de », « estimer », « planifier » et « pouvoir », « évaluer » et de verbes au futur ou au conditionnel, et autres expressions comparables. Ces énoncés s’appuient sur les attentes, estimations, prévisions et projections de la société et comprennent, sans toutefois s’y limiter, les énoncés portant sur la diminution des risques des portefeuilles de la société, ainsi que leurs occasions de placement futures. Les énoncés prospectifs dans le présent communiqué de presse sont émis sur la base de certaines hypothèses : le rendement futur n’est pas garanti et suppose des risques et des incertitudes qui sont difficiles à contrôler ou prévoir. Un certain nombre de facteurs pourraient faire en sorte que les résultats réels diffèrent considérablement des résultats discutés dans les énoncés prospectifs, y compris, sans toutefois s’y limiter, les facteurs mentionnés dans la section « Facteurs de risque » de la notice annuelle de la société, offerte sur le site www.sedarplus.ca. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.