Stack Capital Group Inc.

Condensed Consolidated Interim Financial Statements (unaudited)

For the three months ended March 31, 2026 (Expressed in Canadian Dollars)

Stack Capital Group Inc.

Condensed Consolidated Interim Statements of Financial Position (unaudited) (Expressed in Canadian Dollars)

General Information (Note 1)

The accompanying notes are an integral part of these unaudited Condensed Consolidated Interim Financial Statements.

Approved on Behalf of the Board:

“Jeffrey Parks, Signed” “John Bell, Signed” Jeffrey Parks, Director John Bell, Director

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Stack Capital Group Inc.

Condensed Consolidated Interim Statements of (Loss) Income and Comprehensive (Loss) Income (unaudited) (Expressed in Canadian Dollars)

The accompanying notes are an integral part of these unaudited Condensed Consolidated Interim Financial Statements.

2

Stack Capital Group Inc.

Condensed Consolidated Interim Statements of Cash Flows (unaudited)

(Expressed in Canadian Dollars)

The accompanying notes are an integral part of these unaudited Condensed Consolidated Interim Financial Statements.

3

Stack Capital Group Inc.

Condensed Consolidated Interim Statements of Changes in Equity (unaudited) (Expressed in Canadian Dollars)

The accompanying notes are an integral part of these unaudited Condensed Consolidated Interim Financial Statements.

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Stack Capital Group Inc.

Condensed Consolidated Interim Schedule of Investment Portfolio as at March 31, 2026 (unaudited) (Expressed in Canadian Dollars)

*the fair value of Prove Identity Inc. common shares is net of an unrealized deferred gain of $989,988. Refer to Note 3 ix).

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Notes to the Condensed Consolidated Interim Financial Statements

Stack Capital Group Inc.

For the Three Months Ended March 31, 2026

(Expressed in Canadian Dollars, Unaudited)

1. General Information

Stack Capital Group Inc. (the “Company”) is an investment holding company. Its business objective is to invest in equity, debt and/or other securities of growth-to-late-stage private businesses. On June 16, 2021, the Company completed its initial public offering, at which time, the Company’s common shares commenced trading on the Toronto Stock Exchange (“TSX”) under the symbol “STCK”. SC Partners Ltd. (the “Manager”) has taken the initiative in creating the Company and acts as the Company’s administrator and is responsible to source and advise with respect to all investments for the Company.

The Company is federally incorporated and domiciled in Ontario, Canada. The registered office of the Company and the Manager is located at 155 Wellington St. W, Suite 3140, Toronto, ON, M5V 3H1.

These unaudited condensed consolidated interim financial statements were approved by the Company’s Board of Directors on May 6, 2026, for issuance on May 7, 2026.

2. Basis of Presentation, Material accounting policy information, and Use of Estimates and Judgments

The unaudited consolidated condensed interim financial statements of the Company were prepared in accordance with the IFRS® Accounting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) 34 Interim Financial Reporting . The preparation of these unaudited condensed consolidated interim financial statements is based on accounting policies and practices in accordance with IFRS. The accompanying unaudited condensed consolidated interim financial statements should be read in conjunction with the notes to the Corporation's audited consolidated financial statements for the year ended December 31, 2025, since they do not contain all disclosures required by IFRS for annual financial statements. These unaudited condensed consolidated interim financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the respective interim periods presented.

The unaudited condensed consolidated interim statements of financial position of the Company are presented on a nonclassified basis. Except for Investments, all other assets expected to be realized and liabilities expected to be settled within the Company’s normal operating cycle of one year are considered current.

Material accounting policy information

The material accounting policies and methods of application in these unaudited condensed Consolidated Interim Financial Statements, including comparatives, are consistent with those described in note 3 of the Company’s audited consolidated financial statements for the year ended December 31, 2025, and should be read in conjunction with those statements.

Use of Estimates and Judgments

The preparation of unaudited condensed Consolidated Interim Financial Statements in conformity with IFRS requires the Company’s management to make judgments, estimates and assumptions about the carrying amount of its assets and liabilities that are not readily apparent from other sources. On an ongoing basis, management reviews these estimates, which are based on its best knowledge of current events and actions the Company may undertake in the future. The actual results may differ from the judgements, estimates and assumptions made by management, and will seldom equal the estimated results.

The judgements, estimates and assumptions applied in the condensed Consolidated Interim Financial Statements, including the key sources of estimation uncertainty, were the same as those applied in the Company’s last audited annual financial statements for the year ended December 31, 2025. There have been no significant changes to the areas of estimation and judgment during the three months ended March 31, 2026.

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Notes to the Condensed Consolidated Interim Financial Statements

Stack Capital Group Inc.

For the Three Months Ended March 31, 2026 (Expressed in Canadian Dollars, Unaudited)

3. Investments, at Fair Value

A summary of changes in the fair value of the Company’s investments for the period ended March 31, 2026 is as follows:

• The fair value of Prove Identity Inc. common shares is net of an unrealized deferred Day 1 gain of $989,988. Refer to Note 3 ix).

A summary of changes in the fair value of the Company’s investments the year ended December 31, 2025 is as follows:

• The fair value of Prove Identity Inc. common shares is net of an unrealized deferred Day 1 gain of $989,988. Refer to Note 3 ix).

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Notes to the Condensed Consolidated Interim Financial Statements For the Three Months Ended March 31, 2026 (Expressed in Canadian Dollars, Unaudited)

Stack Capital Group Inc.

3. Investments, at Fair Value (Continued)

• i) SpaceX:

The Company is invested in Space Exploration Technologies Corp. (“SpaceX”), though a wholly owned special purpose vehicle (“SPV”), Space LP. Substantially all of Space LP’s value is derived from SpaceX. SpaceX, based in Hawthorne, California, is a designer and provider of space transportation services, as well as a satellite communications provider through its Starlink brand.

The Company invested $6,464,130 (US$5,000,000) in 2021, and an additional $4,154,376 (US$3,000,000) in 2025 into Space LP. SpaceX completed an offering in Q4-2025 which valued SpaceX at US$800 billion. Management updated their valuation in SpaceX SPV during the year ended December 31, 2025, to reflect the changes in value relevant to this offering. In February 2026, SpaceX acquired artificial intelligence company and social media platform, xAI, in a deal that values SpaceX at US$1 trillion thereby increasing it’s value by 25% from December 31, 2025. As at March 31, 2026, management has assessed the fair value using market approach and determined that the recent transaction price is representative of fair value of $72,785,267 (December 31, 2025: $57,551,160).

ii) Canva:

Canva, Inc. (“Canva”), based in Sydney, Australia, Canva is a graphic design platform that's used for creating visual content, presentations, posters, and documents. During the quarter ended March 31, 2024, the company invested $10,845,838 (US$8,007,183) in common shares of Canva, and an additional $1,400,137 (US$999,207) in 2025. In Q32025 Canva completed an offering which valued Canva at US$42 billion. As at March 31, 2026, management has assessed the fair value using market approach and determined that the recent transaction price is representative of fair value of $18,631,919 (December 31, 2025: $18,320,474).

iii) Crusoe:

Crusoe Energy Systems LLC (“Crusoe”), based in Denver, Colorado, is a company that specializes in creating, owning and operating data centres and energy infrastructure that utilize stranded or flare natural gas to power high-performance computing and artificial intelligence workloads. During the year ended December 31, 2025, the Company invested $16,934,676 (US$12,000,000) into Stack CES LP a wholly owned entity invested in Crusoe. As at March 31, 2026, management has assessed the fair value using market approach and determined that the recent transaction price is representative of fair value $16,726,800 (December 31, 2025: $16,447,200).

iv) Locus Robotics:

Locus Robotics Corp. (“Locus”), headquartered in Wilmington, Massachusetts, is a provider of enterprise robotics solutions for some of the world’s most dynamic warehouses and leading brands operating in third-party logistics, retail & e-commerce, healthcare, and the industrial sectors. During the year ended December 31, 2022, the Company invested $10,822,368 (US$8,003,552) in Series F preferred shares of Locus. Additionally, during the quarter ended March 31, 2024, the Company purchased $2,469,714 in common shares of Locus in share swap for 273,501 shares of Stack Capital Group Inc. The transaction took place on March 4, 2024; therefore the share swap was priced at the closing price of the Company’s shares as at March 3, 2024 of $9.03. Due to market conditions, management determined an increase in the common shares of Locus by $1,386,273. As at March 31, 2026, management has assessed the fair value using market approach and determined that the recent transaction price of the series F preferred shares and the common shares is representative of fair value of $11,566,377 and $3,531,614 respectively (December 31, 2025: $11,373,037 series F preferred shares and $3,472,830 common shares).

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Notes to the Condensed Consolidated Interim Financial Statements For the Three Months Ended March 31, 2026 (Expressed in Canadian Dollars, Unaudited)

Stack Capital Group Inc.

3. Investments, at Fair Value (Continued)

• v) OpenAI:

OpenAI, Inc. (“OpenAI”), based in San Francisco, California, is an artificial intelligence research and deployment company, its core offering is ChatGPT a conversational AI platform. During the year ended December 31, 2025, the Company invested $11,149,440 (US$8,000,000) in Stack OAI LP a wholly owned entity invested into OpenAI. During the period OpenAI’s valuation increased to US$730, this resulted in a 33% increase in valuation. As at March 31, 2026, management has assessed the fair value using market approach and determined that the recent transaction price is representative of fair value of $14,800,684 (December 31, 2025: 10,964,800).

vi) Coreweave:

Coreweave, Inc. (“Coreweave”), headquartered in Roseland, New Jersey, specializes in providing cloud-based graphics processing unit (GPU) infrastructure to artificial intelligence developers. During the year ended December 31, 2024 the company invested $10,953,718 (US$7,819,244). During the year ended December 31, 2025 Company purchased additional common shares of Coreweave, Inc. for consideration of US$2,161,000. US$1,161,000 is related to an investment was made directly by the Company into Coreweave, and additional investment of US$1,000,000 was made through Stack CW LP, a special purpose vehicle wholly invested in Coreweave, Inc.

On March 28, 2025, Coreweave went public on the NASDAQ under the ticker: CRWV. During the year ended December 31, 2025, the company sold a portion of this investment for $21,832,185 cash, including it’s entire position held through Stack CW LP, recognizing a realize gain of $14,634,810. As at March 31, 2026, the company still held $10,812,289 in common shares of Coreweave (December 31, 2025: $9,828,383).

vii) Omio:

GoEuro Corp. (known as “Omio”), headquartered in Berlin, Germany and domiciled in the United States, is an operator of a multi-modal travel booking platform intended to help travellers in Europe, the United States and Canada to compare, plan and book trains, buses, ferries, and flights. During the quarter ended June 30, 2022, the Company invested $9,095,738 (US$7,009,929) in Series E-1 preferred shares of Omio. During the quarter ended September 30, 2023, the Company also invested $953,258 (US$704,225) in common shares of Omio. As at March 31, 2026, management has assessed the fair value using market approach and determined that the recent transaction price is representative of fair value of $9,771,141 and $1,746,168 for preferred shares and common shares, respectively (December 31, 2025: $9,607,810preferred shares, $1,716,980 common shares).

viii) Hopper:

Hopper Inc. (“Hopper”), based in Montreal, Quebec, is an AI-powered and mobile focused online travel agency, specializing in hotels, flights, car rentals and homes. During the first quarter ended March 31, 2022, the Company invested $7,656,901 (US$6,020,385) in Class A-1 preferred shares of Hopper. During the second quarter ended June 30, 2023, additional Class A-1 preferred shares were purchased for $2,711,204 (US$2,021,500). As at March 31, 2026, management has assessed the fair value using market approach and determined that the recent transaction price is representative of fair value of $11,209,584 (December 31, 2025: $11,022,208).

ix) Prove Identity:

Prove Identity Inc. (“Prove”), based in New York City, New York, is a software developer of identity-verification software designed to protect against identity theft and social engineering attacks from professional attackers.

The Company has invested a total of $6,691,929 (US$5,131,409) in common shares of Prove, and $3,921,236 (US$3,060,106) in Series E-1 preferred shares. This is inclusive of additional common shares purchased during the quarter ended March 31, 2026 of $310,459 (US$227,832).

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Notes to the Condensed Consolidated Interim Financial Statements

For the Three Months Ended March 31, 2026 (Expressed in Canadian Dollars, Unaudited)

Stack Capital Group Inc.

3. Investments, at Fair Value (Continued)

Given the nature of the private transaction and purchase of some of the common shares of Prove, the fair value of acquired common shares exceeded the transaction price of $2,272,548 by $1,157,270. Following the IFRS 9 Financial Instruments requirements, this difference, referred hereafter as Day 1 gain, was deferred on the Consolidated Statements of Financial Position as the fair value of Prove is determined using the valuation technique that includes unobservable (L3) inputs. The carrying value of common shares on the Consolidated Statements of Financial Position is net of the unrealized deferred Day 1 gain, revalued at March 31, 2026 to be $989,988 (December 31, 2025: $986,875).

As at March 31, 2026, management has assessed the fair value using market approach and determined that the recent transaction price is representative of fair value of common shares and Series E-1 Preferred shares to be $7,459,578 and $3,471,000, respectively (December 31, 2024: $7,022,983 common shares and $3,412,980 series E- 1 preferred shares).

x) Databricks:

The Company is invested in Databricks, Inc. (“Databricks”) through Stack DB LP, a wholly owned and controlled SPV by the Company. Databricks, based in San Francisco, California, offers a cloud-based platform for data analytics and artificial intelligence. During the quarter ended September 30, 2025, the company invested $2,982,630 (US$2,160,000) into Databricks. The company invested an additional US$4,000,000 into Databricks through Stack DB LP during the quarter ended March 31, 2026. As at March 31, 2026, management has assessed the fair value using market approach and determined that the recent transaction price is representative of fair value of $9,284,635 (December 31, 2025: $3,647,054).

xi) X-Energy:

X-Energy Reactor Company, LLC (“X-Energy”), is a nuclear engineering company specializing in Generation IV high temperature gas cooled reactors (HTGR) and advanced nuclear fuel, the company aims to provide carbon-free baseload power that is safer and more versatile than traditional nuclear energy. In 2025 the Company through a wholly owned SPV named Stack XE US LP, invested $7,378,634 (US$ 5,250,000) into X-Energy. As at March 31, 2026, management has assessed the fair value using market approach and determined that the recent transaction price is representative of fair value of $7,317,975 (December 31, 2025: $7,195,650).

On April 24, 2026, X-Energy executed it IPO on the NASDAQ at an opening price of US$23 (see note 9).

xii) Shield AI:

The Company is invested in Shield AI, Inc (“Shield AI”), through Defence AI LP, which is wholly owned and controlled SPV of the Company. Shield AI is an American aerospace and defense technology company based in San Diego, California. It develops artificial intelligence-powered fighter pilots, drones, and technology for defense operations. During the year ended December 31, 2024, the Company invested $2,778,010 (US$2,000,000). The instrument entitles the Company an annual interest rate of 13.74% paid in kind and an equity fee paid in common shares of the military defence company that will range from 30.4% to 42.8% depending on time until a liquidity event. There is no end of term for this investment. As at March 31, 2026, management has assessed the fair value using market approach and determined that the recent transaction price is representative of fair value of $6,316,246 (December 31, 2025: 6,046,836).

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Notes to the Condensed Consolidated Interim Financial Statements For the Three Months Ended March 31, 2026 (Expressed in Canadian Dollars, Unaudited)

Stack Capital Group Inc.

3. Investments, at Fair Value (Continued)

xiii) Bolt Financial

Bolt Financial Inc. (“Bolt”), based in San Francisco, California, is a software developer of a one-click checkout process and fraud protection for online retailers. During 2021, the Company invested $2,568,361 (US$2,013,986) in Series D preferred shares and $5,091,044 (US$4,031,233) in convertible debentures of Bolt.

As at March 31, 2026, management has assessed the fair value using market approach and determined that the recent transaction price is representative of fair value of the Bolt’s Series E-1 and Series D preferred shares was $1,947,847 and $603,254 (December 31, 2024: $1,915,287 and $593,170), respectively.

xiv) Xanadu

Xanadu Quantum Technologies Inc. (“Xanadu”) based in Toronto, Ontario, is a quantum computing company that uses photonic systems, which use particles of light to perform complex computations. During the year ended December 31, 2025 the Company had committed capital of US$1,500,000, this capital was called in March 2026. Xanadu went public on March 27, 2026 on the TSX under the ticker XNDU. As at March 31, 2026, management has assessed the fair value using the trading price of $1,601,594 (December 31, 2025: nil).

xv) Varo Money:

Varo Money, Inc. (“Varo”), based in San Francisco, California, is the first all-digital bank in the United States to secure a national bank charter allowing it to offer more products, including loans, to its clients. During 2021, the Company invested $6,335,194 (US$5,062,126) in common shares of Varo. As at March 31, 2026, management has assessed the fair value using market approach and determined that the recent transaction price is representative of fair value of $1,375,346 (December 31, 2024: $1,352,356).

xvi) PsiQuantum:

PsiQuantum, Corp. (“PsiQuantum”) based in Palo Alto, California, is developing a general purpose silicon photonic quantum computer. During the quarter ended September 30, 2025, the Company invested $814,408 (US$ 575,261) into PsiQuantum. As at March 31, 2026, management has assessed the fair value using market approach and determined that the recent transaction price is representative of fair value of $1,207,922 (December 31, 2025: 1,187,731)

xvii) Newfront:

Newfront Insurance Holdings, Inc. (“Newfront”), based in Sacramento, California, is an insurance brokerage focused on leveraging technology intended to assist large businesses in purchasing insurance packages based on insight-based recommendations. During the quarter ended June 30, 2022, the Company invested $10,133,737 (US$8,011,407) in Series D-1 preferred shares of Newfront. Newfront was acquired by WTW for 1.3 billion, the Company received US$8,000,000 in January, 2026 for its holdings in Newfront. As at March 31, 2026, the Company is no longer invested in Newfront as its entire investment was returned, $10,930,781 (US$8,000,000), (December 31, 2025: 10,980,435).

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Notes to the Condensed Consolidated Interim Financial Statements

Stack Capital Group Inc.

For the Three Months Ended March 31, 2026

(Expressed in Canadian Dollars, Unaudited)

4. Share Capital and Equity Reserves

a. Authorized Share Capital

As at March 31, 2026, the authorized share capital consisted of an unlimited number of common shares.

b. Common Shares Issued

As at March 31, 2026, the issued share capital was as follows:

i) For the period ended March 31, 2026, the Company issued 466,666 common shares as part of LIFE offering, issued at a price of $18.75 per unit for a total gross proceeds of $8,750,000 ($8,462,744 related to common shares issued at a price of $18.13, and $287,243 related to warrants issued at a price of $0.62), this was offset by $793,049 in legal fees and commissions for a total net proceeds of $7,669,695.

ii) For the period ended, the Company issued 99,377 common shares related to the it performance fee incurred during the year ended December 31, 2025.

iii) For the period, 12,254 warrants were exercised for common shares.

c. Warrants

The following table reflects the continuity of warrants for the years ended December 31, 2025 to March 31, 2026:

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Notes to the Condensed Consolidated Interim Financial Statements

Stack Capital Group Inc.

For the Three Months Ended March 31, 2026

(Expressed in Canadian Dollars, Unaudited)

4. Share Capital and Equity Reserves (Continued)

The following table reflects the warrants outstanding and exercisable as of March 31, 2026:

a. Capital Management

The Company actively manages capital to maintain a strong and efficient capital base to maximize risk-adjusted returns to shareholders and to invest in future growth opportunities, while ensuring there is available capital to fund the Company’s operation. The Company’s capital consists of share capital and warrants.

5. Long-term Incentive Plan

The Company has a long-term incentive plan (“LTIP”), which was approved by shareholders on May 18, 2022 at the annual and special general meeting of shareholders. The LTIP will facilitate the granting of stock options, restricted share units (“RSUs”), performance share units (“PSUs”), and deferred share units (“DSUs”), representing the right to receive one Common Share of the Company in accordance with the terms of the LTIP. The LTIP is not intended to be granted to the founders of the Company and the Manager. As per the terms of the LTIP, the maximum aggregate number of Common Shares reserved for issuance under the LTIP shall not exceed a combined total of 10% of the Company’s issued and outstanding Common Shares.

a. Options

During the year ended December 31, 2025 2,550 stock options with a weighted average exercise of $14 were granted, as well as 100,000 stock option with a weighted average exercise price of $11. All outstanding stock options vest and become exercisable over a period not exceeding five years (time vesting) from the date of grant, except for the 100,000 stock options granted in 2025, these options vested immediately and are exercisable up to two years after grant.

The following table reflects the options outstanding as of March 31, 2026:

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Notes to the Condensed Consolidated Interim Financial Statements

Stack Capital Group Inc.

For the Three Months Ended March 31, 2026

(Expressed in Canadian Dollars, Unaudited)

5. Long-term Incentive Plan (Continued)

b. Deferred Stock Units

During the year ended December 31, 2025 an additional 23,177 DSUs were issue at a weighted average cost of $13.90. The Company has a total pool of 150,000 DSUs that can be issued in aggregate, as of December 31, 2025, the company has 83,795 DSUs remaining that can be issued. As of December 31, 2025 no shares have been released in share capital.

c. Restricted Stock Units

The Company has a pool of 25,000 RSUs that can be issued in aggregate, as of December 31, 2025. During the yearended December 31, 2025 the company issued 3,843 RSU’s with a six month vesting period. As at March 31, 2026 the Company has a remaining pool of 16,759 RSUs remaining that can be issued.

6. Related Party Transactions

Related party transactions include transactions with key management personnel, including members of the board, and the Manager. Key management personnel are defined as those individuals having authority and responsibility for planning, directing and controlling the activities of the Company. During the period ended March 31, 2026, the Company incurred $4,273,235 (March 31, 2025: $653,638) to related parties consisting of director fees of $76,250 included in share based compensation (March 31, 2025: $76,250), management fees of $934,636 (March 31, 2025: $556,388), and a performance fee of $3,338,599 (March 31, 2025: nil) pursuant to the Management Agreement. In addition, included in general and administrative expenses are $32,500 (March 31, 2025: $21,000) reimbursed to the Manager for accounting and administrative services provided by an employee of the Manager.

As at March 31, 2026, included in accounts payable and accrued liabilities are $76,250 (2025: $76,250) pertaining to director fees. Included in amounts due to Manager and performance fee liability are $3,696,960 (March 31, 2025: $189,145) which include management fees of $325,861 related to the month of March (March 31, 2025: $182,145), $32,500 (March 31, 2024: $7,000) for expenses reimbursed to the Manager, and the performance fee of $3,338,599 (March 31, 2025: nil).

Management Agreement

At the time of the Company’s initial public offering on June 16, 2021, the Company entered into a Management Agreement with the Manager to provide administration and investment services to the Company (the “Management Agreement”). As compensation for the provision of the services to be provided to the Company by the Manager, the Company will pay the management fee and, if applicable, the performance fee, in each case, together with any applicable sales taxes thereon, to the Manager. The management fee is a monthly amount equal to 1/12 of 1.5% of the total assets less the total liabilities, excluding any deferred taxes, plus any sales taxes thereon (defined in the Management Agreement as “Book Value”).

The performance fee is 15% of the Book Value on a per share basis using the time-weighted average common shares outstanding (defined in the Management Agreement as “Book Value per Share”) that exceeds the amount of Book Value per Share at any time which must be achieved before any performance fee would be payable. This amount of Book Value per Share is sometimes referred to as the “High Watermark.” The performance fee is calculated and paid for after the Company’s year-end results have been filed each calendar year. The performance fee will be payable in cash, or at the option of the Manager, in common shares of the Company.

For the period ended March 31, 2026, a performance fee of $3,338,599 (March 31, 2025: nil) accrued to the Manager.

7. Financial Instruments

a. Fair Value Estimation

The carrying value of cash, and accounts payable and accrued liabilities, approximate their fair values due to the relatively short-term maturities of these financial instruments. The three levels of the fair value hierarchy are described below:

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Notes to the Condensed Consolidated Interim Financial Statements

Stack Capital Group Inc.

For the Three Months Ended March 31, 2026

(Expressed in Canadian Dollars, Unaudited)

7. Financial Instruments

• a. Fair Value Estimation (Continued)

Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 – Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly; and

Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

The following table presents the Company’s assets and liabilities that are measured at fair value as at March 31, 2026:

The following table presents the Company’s assets and liabilities that are measured at fair value as at December 31, 2025:

The fair value of financial instruments traded in active markets is determined using the quoted prices where they represent those at which regularly and recently occurring transactions take place.

Level 1 instrument includes cash deposit in Canadian chartered banks.

Level 2 instrument includes forward foreign currency contract. The Company’s foreign currency forward contracts are valued using standard calculations/models that are primarily based on observable inputs, such as foreign currency exchange rates, or can be corroborated by observable market data.

Level 3 instrument includes investments measured at fair value. The fair values of private investments cannot be derived from an active market and accordingly, are determined using industry accepted valuation techniques and models. Market observable inputs are used where possible, with unobservable inputs used where necessary. Use of unobservable inputs can involve significant judgment and may materially affect the reported fair value of these investments. The Company’s investments are focused on private issuers which may have unobservable inputs.

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Notes to the Condensed Consolidated Interim Financial Statements

Stack Capital Group Inc.

For the Three Months Ended March 31, 2026

(Expressed in Canadian Dollars, Unaudited)

7. Financial Instruments (Continued)

a. Fair Value Estimation (Continued)

The following table presents changes in level 3 instruments for the period ended March 31, 2026.

There were no (December 31,2025: 11,251,110) transfers into or out of level 1 and level 2 during the period ended March 31, 2026.

b. Financial Risk Factors

The Company’s activities expose it to a variety of financial risks: market risk (including foreign exchange risk, interest rate risk and price risk), credit risk and liquidity risk.

Market Risk

Market risk is the risk of a financial loss resulting from adverse changes in underlying market factors, such as foreign exchange rate, interest rates, and equity and commodity prices.

• i) Foreign Currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument or another asset or liability will fluctuate due to changes in exchange rates.

As at March 31, 2026, some of cash and substantially all of the Company’s investments, at fair value are denominated in U.S. dollars. The impact of fluctuations in foreign currency on cash and investments are primarily subject to fluctuations between the U.S. dollar and the Canadian dollar. A 10% change in the value of the Canadian dollar relative to the U.S. dollar would affect the value of cash and investments as at March 31, 2026 by approximately $22,617,000 (December 31, 2025: $20,455,000).

The Company uses forward foreign currency contract to manage foreign currency risk relating to foreign exchange rates. The Company does not use these instruments for speculative or trading purposes. The Company’s objective is to reduce the risk to earnings and cash flows associated with changes in foreign currency exchange rates.

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Notes to the Condensed Consolidated Interim Financial Statements For the Three Months Ended March 31, 2026

Stack Capital Group Inc.

(Expressed in Canadian Dollars, Unaudited)

7. Financial Instruments (Continued)

b. Financial Risk Factors (Continued)

Market Risk (Continued)

ii) Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market interest rates. Typically, as interest rates rise, the fair values of fixed income investments decline and, conversely, as interest rates decline, the fair values of fixed income investments rise. In each case, the longer the maturity of the financial instrument, the greater the consequence of a change in interest rates.

The Company has exposure to the risk related to changes in interest rates on its cash balances. The Company does not have outstanding debt and does not have exposure to interest rate risk related to this for the period ended March 31, 2026 and December 31, 2025.

• iii) Price Risk

Price risk is the risk that the fair value or future cash flows of an equity investment or limited partnership investment will fluctuate due to changes in market prices (other than those arising from interest rate risk or foreign currency risk), whether those changes are caused by factors specific to the individual investment or its issuer, or other factors affecting all similar investments in the market.

The Company is not exposed to commodity price risk. The Company is exposed to equity securities price risk on investments. The Company’s investments of $212,167,240 as at March 31, 2026 (December 31, 2025: $193,659,364) bear price risk. The effect of a 10% decline or increase in the value of investments would affect the value of investments as at March 31, 2026 by approximately US$15,220,577 (December 31, 2025: US$14,130,000).

Credit Risk

Credit risk is the risk of loss resulting from the failure of a counterparty to honour its financial obligations to the company and arises predominantly with respect to cash and cash equivalents, restricted cash deposits, term deposits, short term investments and investments in debt instruments.

The Company is exposed to credit risk, which is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Company has no debt outstanding, and the credit risk is considered limited. The Company’s only exposure to variable rates is with the interest derived from its bank balance.

Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The Company manages liquidity risk by maintaining sufficient liquid assets to enable settlement of financial commitments on their respective due dates. All accounts payable and accrued liabilities are due within three months, and income taxes payable must be remitted to the tax jurisdiction as they are due. There were no significant changes to the Company’s exposure to liquidity risk or the framework used to monitor, evaluate and manage liquidity risk as at March 31, 2026.

The undeployed cash and investments at March 31, 2026 provide adequate liquidity to meet the Company’s remaining known significant commitments over the next twelve months, which are principally comprised of the management fees and operating expenses. The Company has adequate working capital to support its operations.

As at March 31, 2026, there is a performance fee obligation of $3,338,599 (March 31, 2025: $Nil) (Note 6).

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Stack Capital Group Inc.

Notes to the Condensed Consolidated Interim Financial Statements

For the Three Months Ended March 31, 2026

(Expressed in Canadian Dollars, Unaudited)

8. Income Tax

For the three months ended March 31, 2026, the Company has calculated the provision for income taxes by applying the discrete effective tax rate method based on actual income and loss for the period. The effective tax rate for the three months ended March 31, 2026 was 9% (three months ended March 31, 2025 – 0%).

9. Subsequent events:

• a. On April 10, 2026, the Company closed its “best efforts” brokered concurrent private placement for gross proceeds of $31,250,025. As at March 31, 2026, $5,676,440 of these proceeds were received, recognized as share subscription liability in the condensed consolidated interim statement of financial position for the period.

• b. In April 9, 2026, the Company also invested US$11,000,000 into a new investment, Fluidstack. Fluidstack is an AI cloud platform that build and operates dedicated GPU data centres specifically for artificial intelligence training and inference .

• c. On April 24, 2026, X-Energy executed it IPO on the NASDAQ at an opening price of US$23.

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