Christian Solberg's questions to KINGSWAY FINANCIAL SERVICES (KFS) leadership • Q2 2025
Question
Asked for clarification on the composition of the stated $22-23 million run-rate EBITDA, specifically whether it included the three recent post-quarter-end acquisitions. He then followed up to understand the sequential decline in the run-rate EBITDA after excluding the new deals, questioning if it was primarily due to the extended warranty segment's performance.
Answer
The company confirmed that the run-rate EBITDA figure is inclusive of the recent acquisitions. Management also affirmed that the sequential decline in the underlying run-rate EBITDA was more than fully explained by a difficult year-over-year GAAP basis comparison for the extended warranty segment.