Propel Reports Results for Q4 and Fiscal Year 2025

TORONTO, March 2, 2026 /CNW/ - Propel Holdings Inc. ("Propel" or the "Company") (TSX: PRL), the fintech facilitating access to credit for underserved consumers, today reported financial results for the three months ended December 31, 2025 ("Q4 2025") and fiscal year ended December 31, 2025. All amounts are expressed in U.S. dollars unless otherwise stated.

Financial and Operational Highlights for Q4 2025 and Fiscal Year 2025 (Shown in U.S. Dollars unless otherwise stated)

Comparable metrics relative to Q4 2024 and fiscal year 2024, respectively

• Revenue: increased by 21% to $155.8 million in Q4 2025, and increased by 31% to $589.8 million for fiscal 2025, representing record performance for both periods
• Adjusted EBITDA¹: decreased by 32% to $21.6 million in Q4 2025, and increased by 7% to $130.3 million for fiscal 2025, representing record performance for a twelve-month fiscal period
• Net Income: decreased by 49% to $5.9 million in Q4 2025, and increased by 28% to $59.5 million for fiscal 2025, representing record performance for a twelve-month fiscal period
• Adjusted Net Income¹: decreased by 53% to $8.0 million in Q4 2025, and increased by 7% to $66.7 million for fiscal 2025, representing record performance for a twelve-month fiscal period
• Diluted EPS²: decreased by 51% to $0.14 (C$0.20) in Q4 2025, and increased by 15% to $1.41 (C$1.97) for fiscal 2025, representing record performance for a twelve-month fiscal period
• Adjusted Diluted EPS^1,2: decreased by 55% to $0.19 (C$0.26) in Q4 2025, and decreased by 4% to $1.58 (C$2.21) for fiscal 2025
• Return on Equity³: achieved 9% in Q4 2025 on an annualized basis compared to 27% in Q4 2024, and achieved 24% for fiscal 2025 compared to 36% for fiscal 2024
• Adjusted Return on Equity¹: achieved 12% in Q4 2025 on an annualized basis compared to 40% in Q4 2024, and achieved 27% for fiscal 2025 compared to 48% for fiscal 2024
• Loans and Advances Receivable: increased by 23% in Q4 2025 to $459.8 million, a record ending balance
• Ending Combined Loan and Advance Balances ("CLAB")¹: increased by 23% in Q4 2025 to $589.5 million, a record ending balance
• Dividend: paid a Q4 2025 dividend of C$0.21 per common share on December 4, 2025, representing an 8% increase to our Q3 2025 dividend

Operating and Financial Targets

The Company introduced its 2026 operating and financial targets to reflect the improved credit trajectory exiting Q4 2025, record ending balances, and strategic initiatives launching in Q1 2026 (see "2026 Operating and Financial Targets" later in this press release for further information).

• Ending CLAB¹ Year-over-Year Growth: 18% - 24%
• Revenue: $725 - $775 million
• Adjusted EBITDA¹: $152.5 - $177.5 million
• Net Income: $70 - $90 million
• Adjusted Net Income¹: $80 - $100 million
• Return on Equity³: 24%+
• Adjusted Return on Equity¹: 28%+

Management Commentary

"We delivered a strong full year in 2025, achieving record revenue, Total Originations Funded¹ and Ending CLAB¹, and ended the fourth quarter with record quarterly results across these same metrics. We also generated record full year Adjusted EBITDA¹, net income and Adjusted Net Income¹.

In Q4, we maintained our tighter underwriting posture from Q3 while navigating a dynamic environment, including the protracted US government shutdown. As credit performance improved, we accelerated originations in December, exceeding the top end of our updated Ending CLAB¹ guidance.

That acceleration required upfront provisioning and incremental acquisition spend, which impacted Q4 profitability, while the related revenue will be earned over future periods. With credit trends having turned and a record ending CLAB¹, we believe the temporary and prudent steps taken in Q4 has set the business up to enter 2026 positioned for strong growth and profitability.

With the recent launch of Propel Bank and our partnership with Column on track to launch in the first quarter, we are expanding our geographic reach, enhancing our product capabilities and strengthening our partnership model. We believe these initiatives and the strengthened credit performance in Q1 have positioned us well for robust profitable growth in 2026 and beyond." said Clive Kinross, Chief Executive Officer.

Discussion of Financial Results and Business Strategy

• Strong seasonal consumer demand and improved late-quarter credit performance in North America drove record quarterly Total Originations Funded¹, Ending CLAB¹ and revenue
  • Macroeconomic pressures affecting our consumers in the third quarter persisted into the early fourth quarter, exacerbated by the longest federal government shutdown in US history which ended on November 12, 2025. As a result, Propel and its Bank Partners maintained a measured and prudent approach to growth, moderating origination activity early in the quarter. As credit performance trends improved, origination activity and portfolio growth accelerated meaningfully later in the quarter, particularly in December
  • We and our Bank Partners achieved record quarterly new customer originations, while also achieving record originations from returning and existing customers, which represented 57% of Total Originations Funded¹ in Q4 2025
    • Total Originations Funded¹ increased by 26% year-over-year to a quarterly record of $220.9 million in Q4 2025, driving Ending CLAB¹ to a record of $589.5 million, up 23% from Q4 2024
  • The record Ending CLAB¹ drove the 21% year-over-year growth and record revenue of $155.8 million in Q4 2025. The Annualized Revenue Yield¹ decreased to 109% in Q4 2025 from 113% in Q4 2024. The decline primarily reflects the timing impact of stronger origination volumes later in the quarter, particularly in December, which increased Ending CLAB¹ without a corresponding full-quarter revenue contribution. A meaningful portion of revenue associated with these late-quarter originations will be earned in future periods, temporarily impacting the Annualized Revenue Yield¹.
• Propel and its Bank Partners maintained a disciplined approach to underwriting across North America throughout the quarter, prioritizing portfolio quality amid continued macroeconomic pressure on lower-income consumers
  • The credit performance softness that emerged in the third quarter extended into Q4, resulting in a provision for loan losses of 56% of revenue, was driven by macro economic dynamics, including the US federal government shutdown. In response, underwriting remained disciplined through most of Q4 with origination growth moderated and a greater emphasis placed on higher credit-quality and returning customers.
  • As the quarter progressed, credit performance strengthened within targeted risk parameters, enabling reacceleration of originations in December. Based on current performance trends, management believes Q4 likely represented the peak level of provisioning.
• Performance in the UK exceeded expectations for the full year, with over 50% year-over-year revenue growth
  • The UK business delivered record quarterly and full year revenue while maintaining strong credit performance, reflecting the strength of the integration, disciplined underwriting, and broadening distribution channels
  • The business is well-positioned to accelerate this momentum in 2026 and beyond, as it expands the addressable market with new products and partnerships and continues to leverage Propel's best practices and infrastructure
• The Lending as a Service (LaaS) program delivered record revenue of $5.8 million in Q4 2025, up 97% year-over-year, reflecting continued expansion across existing bank partnerships and higher origination volumes
  • Towards the end of the quarter, Propel increased commitments from existing purchasers, supporting higher origination capacity while maintaining disciplined credit performance
  • With expanding capital commitments, increased geographic reach, and strong forward flow demand, the LaaS program is well positioned for continued growth in 2026 and beyond
• Propel advanced the next phase of its global growth strategy during the fourth quarter through the announcement of its partnership with Column and the regulatory approval of Propel Bank
  • In November 2025, Propel announced a partnership with Column N.A. ("Column"), a nationally chartered US bank, to support the launch of Freshline, a new line of credit product for underserved US consumers
    • Freshline, expected to launch before the end of Q1, is designed to address a new segment of the credit spectrum for Propel and will be offered in additional states, expanding Propel's addressable market
    • On February 25, 2026, Propel announced a $60 million forward flow purchase agreement with funds managed by Mesirow Alternative Credit to support Freshline
  • In December 2025, Propel announced the receipt of regulatory approval for Propel International Bank Inc. ("Propel Bank"), a wholly owned subsidiary of Propel. Propel Bank provides a regulated platform to support the potential diversification of products and services, enhance operational flexibility, and enable continued geographic expansion
    • At launch, Propel Bank is expected to support lending and servicing activities across Propel's US programs and to complement the Company's existing bank partner and LaaS model
• Net income and Adjusted Net Income¹ in Q4 2025 reflected a combination of operating factors and strategic investments, while increasing on a full-year basis driven by overall growth and the continued strength of the Company's core operations
  • Fourth-quarter profitability was impacted by: i) higher credit costs, including higher provisioning and Net Charge-Offs¹ reflecting macro-related performance trends that began in Q3 exacerbated by the US government shutdown; ii) significant late-quarter origination growth, which required upfront provisioning and higher acquisition and marketing spend without a corresponding full-period revenue contribution which elevated the provision ratio when measured as a percentage of revenue in the quarter; and iii) incremental start-up and infrastructure costs associated with the launch of the Column partnership and Propel Bank
  • Overall, net income and Adjusted Net Income¹ increased for the full year, supported by record revenue, growth in ending CLAB¹, and the expanding contribution from the UK and LaaS program
• Strong consolidated financial position and continued earnings growth supports the continued expansion of existing programs, growth initiatives and an increase to our dividend
  • The Company ended Q4 2025 with approximately $103 million of undrawn credit capacity on its various credit facilities with a Debt-to-Equity³ ratio of 1.3x
    • The Debt-to-Equity³ ratio has remained the same as the end of Q4 2024, even with the 23% growth in Ending CLAB¹ for the three month period ending December 31, 2025
• The Company's strong financial position and continued earnings generation supported the decision to increase our quarterly dividend by 7% to C$0.225 per common share in Q1 2026

2026 Operating and Financial Targets

The Company enters fiscal year 2026 with record Ending CLAB¹, a strengthened portfolio, and improving credit performance following the actions taken throughout 2025 to navigate a dynamic macroeconomic environment. Full year profitability reflected disciplined underwriting and strategic investments made during the year to enhance portfolio resilience and expand platform capabilities. Management believes these actions have established a strong foundation for 2026, supported by healthy demand and credit performance entering the year, and multiple strategic initiatives now in place to support sustainable, profitable growth.

The Company's 2026 operating and financial targets are supported by its strategy, which includes: (i) continued scaling of its core businesses in North America including product expansion and additional marketing channels; (ii) further growth in the UK through QuidMarket; (iii) the operationalization and expansion of new programs, including the launch of the Column partnership and Propel Bank, alongside the continued growth of the LaaS platform to serve a broader segment of the credit spectrum and additional geographies in the US market; and (iv) further investments in AI to drive efficiency in the business.

As in prior years, the Company's targets do not assume the contribution of new business development initiatives, material regulatory changes beyond those previously disclosed, or acquisitions. Management believes these targets are based on reasonable assumptions given current market conditions and reflect a balanced approach to growth, profitability, and risk management. The Company's 2026 operating and financial targets are presented below.

Operating and Financial Targets (US$)	2025A Result	2026 Target
Ending Combined Loan and Advance Balances^1 year over year growth	23 %	18% - 24%
Revenue	$590 million	$725 - $775 million
Adjusted EBITDA^1	$130 million	$152.5 - $177.5 million
Net Income	$60 million	$70 - $90 million
Adjusted Net Income^1	$67 million	$80 - $100 million
Return on Equity^3	24 %	24%+
Adjusted Return on Equity^1	27 %	28%+

The operating and financial 2026 targets are based on management's current strategies and expectations and may be considered forward-looking information under applicable securities laws. Such targets are based on estimates and assumptions made by management regarding, among other things, the following:

• the regulatory landscape applicable to the Company's operations;
• the continued expansion of the Company's Bank Program relationships;
• the availability and cost of debt capital for the Company;
• the maintenance and expansion of the Company's marketing partnerships; and
• the macroeconomic environment in fiscal 2026 and its impact on the Company, including any potential impact from tariffs on our consumer segment.

For a more detailed discussion on achieving the 2025 operating and financial targets, the 2026 operating and financial targets and the assumptions underpinning such targets, please refer to the Company's accompanying December 31, 2025 MD&A, which is available under the Company's profile on SEDAR+ at www.sedarplus.ca. The above operating and financial targets are based on growth in the Company's existing business lines, existing Bank Programs and recent strategic initiatives including the Column partnership and Propel Bank.

Management currently believes that the achievement of the 2026 operating and financial targets described above can be reasonably estimated and are based on underlying assumptions that management believes are reasonable in the circumstances, given the time period for such targets. However, there can be no assurance that Propel will be able to meet such operating and financial targets.

Notes:
(1)	See "Non-IFRS Financial Measures and Industry Metrics" and "Reconciliation of Non-IFRS Financial Measures" below. See also "Key Components of Results of Operations" in the accompanying Q4 2025 MD&A for further details concerning the non-IFRS financial measures and industry metrics used in this press release including definitions and reconciliations to the relevant reported IFRS measure.
(2)	Results converted from USD to CAD assuming an exchange rate of USD/CAD $1.3947 and USD/CAD $1.3978 for the three-month and twelve-month periods ending December 31, 2025.
(3)	See "Supplemental Financial Measures" in the accompanying Q4 2025 MD&A for further details concerning certain financial metrics used in this press release including definitions.

Conference Call Details
The Company will be hosting a conference call and webcast tomorrow morning with a presentation by Clive Kinross, Chief Executive Officer, and Sheldon Saidakovsky, Chief Financial Officer.

Conference call details are as follows:

Date:                               Tuesday, March 3, 2026
Time:                               8:30 a.m. EST
Toll-free North America:  1-888-699-1199
Local Toronto:                 1-416-945-7677
Rapid Connect:               Click here
Webcast:                         Click here 
Replay:                           1-289-819-1450 or 1-888-660-6345 (PIN: 58846#)

About Propel
Propel Holdings (TSX: PRL) the fintech building a new world of financial opportunity for consumers, partners, and investors. Propel's operating brands -- Fora Credit, CreditFresh, MoneyKey and QuidMarket -- together with Propel Bank facilitate access to credit for consumers underserved by traditional financial institutions. Through its AI-powered platform, Propel evaluates customers in a more comprehensive way than traditional credit scores can. The result is better products and an expanded credit market for consumers while creating sustainable, profitable growth for Propel. The revolutionary fintech platform has already helped consumers access over one million loans and lines of credit and over two billion dollars in credit. At Propel, we are here to change the way customers, partners and investors succeed together. Learn more at propelholdings.com

Non-IFRS Financial Measures and Industry Metrics
This press release makes reference to certain non-IFRS financial measures and industry metrics. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. Such measures include "Adjusted Diluted EPS", "Adjusted EBITDA", "Adjusted EBITDA Margin", "Adjusted Net Income", "Adjusted Net Income Margin", "Adjusted Return on Equity", "EBITDA", "EBITDA Margin", "Ending CLAB", and "Total Originations Funded". This press release also includes references to industry metrics such as "Annualized Revenue Yield", "Return on Equity" and "Total Originations Funded" which are supplementary measures under applicable securities laws.

These non-IFRS financial measures and industry metrics are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We believe that securities analysts, investors and other interested parties frequently use non-IFRS financial measures and industry metrics in the evaluation of issuers. The Company's management also uses non-IFRS financial measures and industry metrics in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts, and to determine components of management and executive compensation. The key performance indicators used by the Company may be calculated in a manner different than similar key performance indicators used by other similar companies.

Definitions and reconciliations of non-IFRS financial measures to the relevant reported measures can be found in our accompanying MD&A available on SEDAR+. Such reconciliations can also be found in this press release under the heading "Reconciliation of Non-IFRS Financial Measures" below.

Forward-Looking Information
Certain statements made in this press release may constitute forward-looking information under applicable securities laws. These statements may relate to our fiscal year 2026 operating and financial targets, our business development pipeline and our ability to expand our products, enter new markets, and enhance our partnerships, the strong demand from consumers we expect to see throughout 2026, our robust growth in 2026 and beyond, Quidmarket's expanded addressable market with new products and partnerships leveraging Propel's best practices and infrastructure, the anticipated launch of Freshline before the end of Q1, the continued scaling of our core business in North America, expansion and optimization of our bank-partner programs, our investments in AI to drive efficiency in our business, our ability to introduce the Propel brand to a growing number of consumers and grow our business. Often but not always, forward-looking statements can be identified by the use of forward-looking terminology such as "may", "will", "expect", "believe", "estimate", "plan", "could", "should", "would", "outlook", "forecast", "anticipate", "foresee", "continue" or the negative of these terms or variations of them or similar terminology.

The fiscal year 2026 operating and financial targets provided above are based on management's current strategies and expectations and may be considered forward-looking information under applicable securities laws. Such targets are based on estimates and assumptions made by management regarding, among other things, the following: the regulatory landscape applicable to the Company's operations; the continued expansion of the Company's Bank Program relationships; the availability and cost of debt capital for the Company; the maintenance and expansion of the Company's marketing partnerships; and the macroeconomic environment in fiscal 2026 and its impact on the Company, including any potential impact from tariffs on our consumer segment.

Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the factors discussed in the "Risk Factors" section of the Company's annual information form dated March 2, 2026 for the year ended December 31, 2025 (the "AIF"). A copy of the AIF and the Company's other publicly filed documents can be accessed under the Company's profile on SEDAR+ at www.sedarplus.ca.

The Company cautions that the list of risk factors and uncertainties described in the AIF is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. The forward-looking information contained in this press release represents our expectations as of the date of this press release (or as the date they are otherwise stated to be made), and are subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

Selected Financial Information

	Three months ended December 31,		Year ended December 31,
	2025	2024	2025	2024
(US$ other than percentages)
Revenue	155,849,670	129,307,037	589,807,759	449,730,785
Provision for loan losses and other liabilities	87,998,912	65,582,578	296,862,147	222,495,877
Operating expenses
Acquisition and data^(1)	23,248,294	15,749,887	76,273,699	51,952,951
Salaries, wages and benefits	12,845,663	11,501,710	48,309,927	39,454,703
General and administrative	3,647,953	3,961,838	13,714,163	13,882,149
Processing, technology and program servicing	8,880,196	6,343,739	32,572,845	20,142,665
Total operating expenses	48,622,106	37,557,174	170,870,634	125,432,468
Operating income	19,228,652	26,167,285	122,074,978	101,802,440
Other (income) expenses
Interest and fees on credit facilities	8,639,271	8,514,528	34,041,984	31,585,290
Interest expense on lease liabilities	230,773	65,828	693,621	265,482
Depreciation and amortization	2,470,896	1,732,843	9,009,247	5,480,545
Foreign exchange (gain) loss	269,150	275,067	550,053	457,554
Unrealized (gain) loss on derivative financial instruments	(401,157)	896,192	(1,027,758)	1,403,607
Total other (income) expenses	11,208,933	11,484,458	43,267,147	39,192,478
Income before income tax	8,019,719	14,682,827	78,807,831	62,609,962
Income tax expense (recovery)
Current	555,750	5,206,917	21,261,280	25,356,459
Deferred	1,526,990	(2,133,268)	(1,973,748)	(9,122,364)
Net income for the period	5,936,979	11,609,178	59,520,299	46,375,867
Earnings per share ($USD):
Basic	0.15	0.31	1.52	1.32
Diluted	0.14	0.29	1.41	1.22
Earnings per share ($CAD)^(2):
Basic	0.21	0.43	2.13	1.81
Diluted	0.20	0.40	1.97	1.67
Return on equity^(3^)	9 %	27 %	24 %	36 %
Dividends:
Dividends	5,910,007	4,132,444	21,020,481	13,985,253
Dividend per share	0.150	0.111	0.538	0.398

Notes:
(1)	Comparative figures have been updated to conform with current presentation.
(2)	Results converted from USD to CAD assuming an exchange rate of USD/CAD $1.3947 and USD/CAD $1.3978 for the three-month and twelve-month periods ending December 31, 2025, respectively, and assuming an exchange rate of USD/CAD $1.3982 and USD/CAD $1.3698 for the three-month and twelve-month periods ending December 31, 2024, respectively.
(3)	See "Supplemental Financial Measures" in the accompanying Q4 2025 MD&A for further details concerning certain financial metrics used in this press release including definitions.

Reconciliation of Non-IFRS Financial Measures
The following table provides a reconciliation of Propel's net income to EBITDA¹ and Adjusted EBITDA¹:

	Three months ended December 31,		Year ended December 31,
	2025	2024	2025	2024
(US$ other than percentages)
Net Income	5,936,979	11,609,178	59,520,299	46,375,867
Interest and fees on credit facilities	8,639,271	8,514,528	34,041,984	31,585,290
Interest expense on lease liabilities	230,773	65,828	693,621	265,482
Depreciation and amortization	2,470,896	1,732,843	9,009,247	5,480,545
Income Tax Expense (Recovery)	2,082,740	3,073,649	19,287,532	16,234,095
EBITDA^(1)	19,360,659	24,996,026	122,552,683	99,941,279
EBITDA^(1) Margin	12 %	19 %	21 %	22 %
Transaction costs	--	701,808	--	3,221,649
Unrealized loss (gain) on derivative financial instruments	(401,157)	896,192	(1,027,758)	1,403,607
Provision for credit losses on current status accounts^(2)	2,640,062	4,481,049	5,106,608	11,993,619
Non-cash change in accounting estimate	--	--	1,357,245	--
Provisions for CSO Guarantee liabilities and Bank Service Program liabilities	22,933	851,509	2,349,224	4,783,304
Adjusted EBITDA^(1)	21,622,497	31,926,584	130,338,002	121,343,458
Adjusted EBITDA^(1) Margin	14 %	25 %	22 %	27 %

Notes:
(1)	See "Non-IFRS Financial Measures and Industry Metrics".
(2)	Provision and change in accounting estimate adjustments included for (i) loan losses on good standing current principal (Stage 1 -- Performing) balances (see "Material Accounting Policies and Estimates -- Loans and advances receivable" in the accompanying Q4 2025 MD&A).

The following table provides a reconciliation of Propel's Net Income to Adjusted Net Income¹, Adjusted Return on Equity¹ and Adjusted Net Income margin¹:

	Three months ended December 31,		Year ended December 31,
	2025	2024	2025	2024
(US$ other than percentages)
Net Income	5,936,979	11,609,178	59,520,299	46,375,867
Transaction costs net of taxes^(2)	--	515,829	--	2,367,912
Unrealized loss (gain) on derivative financial instruments, net of taxes^(2^)	(294,850)	658,701	(755,402)	1,031,651
Amortization of internally developed software, customer relationships and brand, net of taxes^(2^)	360,787	240,525	1,443,148	240,525
Provision for credit losses on current status accounts net of taxes^(2)	1,940,446	3,293,571	3,753,357	8,815,310
Non-cash change in accounting estimate, net of taxes^(2)(3)	--	--	997,575	--
Provisions for CSO Guarantee liabilities and Bank Service Program liabilities net of taxes^(2)	16,856	625,859	1,726,680	3,515,728
Adjusted Net Income^(1)	7,960,218	16,943,663	66,685,657	62,346,993
Multiplied by number of periods in year	x4	x4	x1	x1
Divided by average shareholders' equity for the period	260,674,252	169,109,776	244,722,312	129,028,416
Adjusted Return on Equity^(^1)	12 %	40 %	27 %	48 %
Adjusted Net Income Margin^(1)	5 %	13 %	11 %	14 %

Notes:
(1)	See "Non-IFRS Financial Measures and Industry Metrics".
(2)	Each item is adjusted for after-tax impact, at an effective tax rate of 26.5% for the three and twelve-months ended December 31, 2025 and comparative 2024 periods.
(3)	Provision and change in accounting estimate adjustments included for (i) loan losses on good standing current principal (Stage 1 -- Performing) balances (see "Material Accounting Policies and Estimates -- Loans and advances receivable" in the accompanying Q4 2025 MD&A).

The following table provides a reconciliation of Propel's Ending CLAB¹ to loans and advances receivable:

	As at December 31,
(US$ other than percentages)	2025	2024
Ending Combined Loan and Advance balances^1	589,548,106	480,602,408
Less: Loan and Advance balances owned by third party lenders pursuant to CSO program	(3,087,349)	(5,892,783)
Less: Loan and Advance balances owned by a NBFI pursuant to the MoneyKey Bank Service program	(78,702,887)	(56,360,814)
Loan and Advance owned by the Company	507,757,870	418,348,811
Less: Allowance for Credit Losses	(137,659,188)	(111,227,713)
Add: Fees and interest receivable	67,677,786	52,592,513
Add: Acquisition transaction costs	21,987,814	15,451,381
Loans and advances receivable	459,764,282	375,164,992

Note:
(1)	See "Non-IFRS Financial Measures and Industry Metrics".

SOURCE Propel Holdings Inc.

For further information, please contact: Lindsay Finneran-Gingras, Vice President, Communications, [email protected]; Devon Ghelani, Vice President, Capital Markets and Investor Relations, [email protected]