Dear Shareholders,
When we founded Tribe in 2017, our belief was simple: property management is an industry that touches where people live, invest, and build community – yet it has long relied on manual processes, fragmented systems, and reactive service models. We believed it could be smarter, more transparent, and fundamentally more scalable.
As we enter 2026, that belief has only strengthened.
Our vision is to become the leading technology-enabled solution for multi-family communities — bringing intelligence, transparency, and scale to an industry ready for transformation. We are doubling down on AI and technology-driven solutions that modernize and consolidate a fragmented ecosystem, while creating recurring revenue, operational efficiencies, and long-term scalable growth.
2025 as a Year of Foundation Building
The past year marked a pivotal transition for Tribe. 2025 was not a year of shortcuts or surface-level growth. It was a year of discipline, integration, and foundation-building. By December 31, 2025, the legal amalgamation of our three latest acquisitions was complete. Tribe now operates as one unified company with a clear and focused strategy. This positions us to move from amalgamation to amplification.
In 2025, we took deliberate steps to strengthen Tribe’s operating and financial position. We achieved our second quarter of positive Adjusted EBITDA[1], reflecting improved cost discipline and operational focus, secured a new senior loan facility of up to $15 million with CIBC, enhancing financial flexibility while lowering our cost of borrowing, and raised $6.8 million in capital to support platform development and the completion of our amalgamation. During the year, we expanded Tribe’s solutions with new offerings across rental, investment, and conveyancing workflows and materially reduced legacy acquisition-related obligations, achieving a 59% reduction in vendor take-back and earn-out liabilities since Q2-2024, further simplifying our capital structure and improving long-term cash flow visibility.
These milestones reflect a consistent priority: building a scalable, financially disciplined platform before accelerating growth. Our national solution is uniquely positioned in both the condominium and rental property management markets, and our business is independent of any real estate cycles.
A Resilient, Essential Business Independent of Real Estate Cycles
We recognize ongoing market concern around real estate conditions. It is important to be clear: property management is not real estate speculation.
Regardless of transaction volumes or market cycles, people continue to live in buildings, communities require governance, and assets must be maintained. In periods of market uncertainty, demand for professional, technology-enabled property management often increases, as councils, boards, and owners prioritize cost control, transparency, and operational certainty.
Tribe operates at this essential layer of the housing ecosystem. Our revenues are recurring, our client relationships are long-term, and our value proposition becomes more relevant when efficiency and accountability matter most. This resilience is reflected in our continued growth across both rental and condominium management, even as broader real estate markets adjust.
A National Platform Unique in Canada
Tribe is building one of Canada’s only national solutions operating at scale across both condominium and rental property management, supported by a unified technology foundation.
This dual exposure matters. It diversifies revenue, reduces cyclicality, and enables us to serve entire communities, from individual rental units to large strata and condominium corporations, through a consistent, technology-enabled operating model.
Our acquisition of Ace Agencies is a strong example of this strategy in action. Ace continues to perform well and grow, providing Tribe with a scalable single-unit rental management solution at a time when slower condominium sales have increased demand for professionally managed rental inventory. This capability strengthens our position in key urban markets and allows us to capture demand where it is most durable.
Ontario as Proof of Execution
Over the past 18 months, Tribe has successfully established a meaningful footprint in Ontario across both rental and condominium management. This expansion demonstrates that our model is both portable and scalable, supported by strong local execution and a unified technology foundation.
Ontario now stands as a proof of concept for Tribe’s national strategy and reinforces our ability to grow responsibly across Canada while maintaining service quality and operational control.
Artificial Intelligence as an Industry Catalyst
Property management is structurally well suited for artificial intelligence. The industry is service-intensive, operationally complex, and rich in recurring data. It involves high volumes of resident interactions, standardized workflows, and predictable maintenance patterns – making it an ideal environment for AI-driven automation, intelligent triage, and predictive analysis.
Tribe Home is evolving into a fully AI-enabled operating platform designed to improve customer responsiveness through automated request handling, enable our teams to do more with less by reducing administrative burden, and scale operations without proportional increases in cost. Over time, these capabilities will also allow us to anticipate maintenance events through predictive analysis, reducing downtime and unexpected expenses.
Artificial intelligence at Tribe is practical and embedded directly into the workflows that run our business. Because we actively manage buildings and engage daily with residents, councils, boards, and service partners, we control the operational data that powers these systems. Each interaction strengthens the platform, improves accuracy, and deepens our competitive advantage.
Revenue Per Home Expansion with Cost Discipline
A core focus of our strategy is to increase revenue per home by expanding the range of products and services delivered into the communities we already manage, while maintaining strict discipline around operating costs for residents, owners, or councils.
By introducing value-add offerings such as rental solutions, conveyancing, investment management, and enhanced digital services, we deepen client relationships and increase wallet share without additional operating complexity or friction. This approach supports higher quality, more durable growth, while aligning the interests of residents, owners and shareholders.
Our Priorities for 2026
Looking ahead, we are focused on reaccelerating Tribe’s growth through a clear and disciplined strategy:
- Expand adoption of Tribe Home across our managed portfolio by advancing automation, analytics, and AI-enabled capabilities.
- Drive operational improvement through AI, enhancing service quality, lowering costs, and increasing retention among residents, council and boards, and property owners.
- Grow revenue per home by scaling new product offerings, including rental management solutions and value-added services such as conveyancing and investment programs.
- Maintain financial discipline, ensuring growth remains sustainable, capital efficient, and aligned with long-term profitability.
We are building a business designed to compound over time, where technology, scale, and data reinforce one another to create durable competitive advantage.
Looking Ahead
The property management industry is entering a new phase. Rising operational complexity, regulatory demands, and expectations for transparency are accelerating the shift toward intelligent, data driven platforms. Tribe has spent years preparing for this moment.
In 2026, our focus is execution – translating capability into results, integration into leverage, and technology into measurable operating improvement.
We believe Tribe is positioned to emerge stronger, more profitable, and more resilient, delivering long-term value for residents, customers, employees, and shareholders.
Thank you for your continued trust and partnership.
Sincerely,
Joseph Nakhla
Chief Executive Officer
Tribe Property Technologies Inc.
(1) Non-IFRS Measures
The following and preceding discussion of financial results includes reference to Adjusted EBITDA, which is a non-IFRS financial measures. Non-IFRS measures do not have a standardized meaning under IFRS, and therefore may not be comparable to similar measures presented by other issuers. Non-IFRS measures have limitations as analytical tools and should not be considered in isolation nor as a substitute for analysis of the Company’s financial information reported under IFRS and should be read in conjunction with the consolidated financial statements for the periods indicated.
Adjusted EBITDA does not have a standardized meaning under IFRS, and therefore may not be comparable to similar measures presented by other issuers. We define Adjusted EBITDA attributed to shareholders as net income or loss excluding severance and acquisition costs, interest expense and finance costs, foreign exchange gains and losses, current and deferred income taxes, depreciation and amortization, stock-based compensation, fair value gains and losses on investments, and other expenses. We believe Adjusted EBITDA is a useful measure as it provides important and relevant information to our management about our operating and financial performance. Adjusted EBITDA also enables our management to assess our ability to generate operating cash flow to fund future working capital needs, and to support future growth. Excluding these items does not imply that they are non-recurring or not useful to investors. Investors should be cautioned that Adjusted EBITDA attributable to shareholders should not be construed as an alternative to net income (loss) or cash flows as determined under IFRS.
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