RFA Financial (RFA) investor relations material

Executive summary

• RFA Financial was formed on February 1, 2026, through the merger of RFA Capital and Artis REIT, creating a diversified, TSX-listed financial services platform with banking, mortgage, and real estate operations and over $2B in real estate assets.

• Integration has been smooth, with 100% leadership retention, 98% overall team retention, and no operational or client disruptions.

• The merger aims to unlock value by monetizing real estate assets and reallocating capital to higher-return financial services opportunities, while maintaining a sustainable dividend.

• Focused on operational efficiency, talent retention, and unified governance to drive long-term value.

Financial highlights

• Q1 2026 results reflect two months of RFA Capital post-merger and one month of Artis REIT, with comparative figures based on Artis only.

• Net interest margin for RFA Bank/financial services segment was 2.7% and CET1 ratio was 18%.

• Aggregate sale price of Q1 2026 real estate dispositions was $60.5M, with closed sales at 5.9% above IFRS values.

• On-balance sheet mortgage originations totaled $156.7 million; off-balance sheet originations reached $878.1 million.

• Declared a prorated quarterly dividend of CAD 0.22 for February and March 2026.

Outlook and guidance

• Targeting a 40–50% CAGR in RFA Bank net income, supported by capital redeployment and disciplined execution, with medium-term targets of cumulative asset sales of $1.3–$1.5B and total lending assets of $8–$12B over 3–5 years.

• Plans to maintain a payout ratio below 65% and grow dividends as earnings scale, with an annual dividend expected to be $1.32 per share, paid quarterly.

• Management expresses confidence in the integration plan and growth trajectory, aiming for sustainable value creation.

• Focused on accelerating origination growth and maintaining high portfolio quality.