Mr. Jeff Parks reports

STACK CAPITAL GROUP INC. REPORTS Q2-2026 FINANCIAL RESULTS

Stack Capital Group Inc. has released its financial results for the period ended June 30, 2026. Stack Capital reports all amounts in Canadian dollars unless otherwise stated.

Financial summary:

• Book value per share (BVpS): $20.25, compared with $16.57 as at March 31, 2026 (22-per-cent increase);
• Total book value: $313-million.

The quarter reflected meaningful value creation across the portfolio, led by SpaceX, Fluidstack, CoreWeave and X-Energy.

Portfolio company highlights

SpaceX

SpaceX completed its record-setting initial public offering and began trading on the Nasdaq Stock Market under the ticker SPCX. The offering was priced at $135 (U.S.) per share, raising $75-billion (U.S.) at a valuation of approximately $1.77-trillion (U.S.), and significantly contributed to Stack Capital's book value growth.

Project Prometheus

Stack Capital invested in Project Prometheus, a physical AI (artificial intelligence) company led by Jeff Bezos. The company is developing AI systems that learn from real-world experimentation to accelerate the design, engineering and manufacturing of physical products across industries including computing, aerospace and automotive. Project Prometheus raised $12-billion (U.S.) at a $41-billion (U.S.) valuation.

Fluidstack

Stack Capital invested $12-million (U.S.) in Fluidstack, a next-generation data centre operator and AI infrastructure provider. Anthropic selected Fluidstack to deliver custom-built data centres in New York and Texas as part of its $50-billion (U.S.) investment in American AI infrastructure. Following Stack Capital's investment, the carrying value of the company's Fluidstack position increased by approximately 90 per cent.

Crusoe

Crusoe announced that it had contracted 4.9 gigawatts of AI infrastructure capacity across its data centre projects and Crusoe Cloud platform. Crusoe's broader development pipeline, including contracted projects, sites under active tenant negotiation and sites in advanced development, now exceeds 40 gigawatts, reflecting significant demand for large-scale AI infrastructure.

X-Energy

X-Energy completed its initial public offering during the quarter, raising approximately $1.1-billion (U.S.) in net proceeds nd began trading on Nasdaq under the ticker XE. Stack Capital continues to believe X-Energy is well positioned to benefit from the growing demand for advanced nuclear power as AI, electrification and energy security drive long-term electricity demand.

Hopper

Hopper went live with RBC, marking a significant enterprise milestone and validating the strength of its B2B (business-to-business) travel and fintech solutions, which now power travel platforms for several of the world's leading financial institutions.

Databricks

Subsequent to quarter-end, Databricks signed a term sheet for a strategic financing at a $188-billion (U.S.) valuation, expected to close later this summer. The financing represents an approximately 40-per-cent increase from its previous $134-billion (U.S.) financing valuation.

Normal course issuer bid

Subsequent to quarter-end, from July 1 through July 31, 2026, Stack Capital repurchased 26,000 common shares under its normal course issuer bid at an average price of $18.58 per share.

Management commentary

"Q2 was a strong quarter for Stack Capital, with book value per share increasing 22 per cent to $20.25," said Jeff Parks, chief executive officer of Stack Capital. "Our portfolio companies continue to execute and make meaningful progress, with several completing or pursuing financings at higher valuations and others achieving important operational milestones. While broader markets have experienced periods of volatility, we remain focused on long-term value creation and believe short-term market movements do not alter the long-term growth prospects of these high-quality businesses. Following our $40-million capital raise, we are well positioned to pursue new opportunities and believe 2026 can be a meaningful year for book value growth and portfolio monetization."

A detailed summary of book value per share is as follows.

About Stack Capital Group Inc.

Stack Capital is an investment holding company and its business objective is to invest in equity, debt and/or other securities of growth-stage to late-stage private businesses. Through Stack Capital, shareholders have the opportunity to gain exposure to a diversified private investment portfolio, participate in the private market and have liquidity due to the listing of the common shares on the Toronto Stock Exchange. At the same time, the public structure also allows the company to focus its efforts on maximizing long-term performance through a portfolio of high-growth businesses, which are not widely available to most Canadian investors. SC Partners Ltd. acts as the company's administrator and is responsible to source and advise with respect to all investments for the company.

We seek Safe Harbor.