"With solid financial performance providing a strong foundation, 2025 gave us the clarity to accelerate transformative change across our organization," says Sheila Vokey, Central 1's President & CEO. "This year marked a defining turning point for Central 1 as we advanced our strategy, strengthened our governance, and deepened client partnerships to shape Central 1 as an agile, future-ready national leader in payments and treasury services."
Fourth quarter 2025 compared with fourth quarter 2024:
Net income was $9.7 million, compared with $16.3 million
Adjusted net income¹ was $9.2 million, compared with $25.7 million
Net interest income was $19.8 million, compared with $14.4 million
Net fair value gain was $4.8 million, compared with $29.3 million
Return on equity (ROE)2,3 was 4.3%, compared with 7.7%
Adjusted ROE2 of 4.2%, compared with 12.2%
For the year 2025 compared with 2024:
Net income was $31.9 million, compared with $64.1 million
Adjusted net income¹ was $63.3 million, compared with $93.6 million
Net interest income was $75.4 million, compared with $48.4 million
Net fair value gain was $46.5 million, compared with $89.5 million
Return on equity (ROE)2 was 4.0%, compared with 8.0%
Adjusted ROE2 of 7.7%, compared with 11.6%
Assets of $9.6 billion at December 31, 2025, compared with $10.0 billion at December 31, 2024.
Core Business & Financial Performance
Central 1 reported net income of $31.9 million in 2025, supported by solid underlying performance and deliberate investment across its core businesses. Net interest income increased by $27.0 million year-over-year, reflecting the benefits of optimizing of our funding mix and asset allocation. Fee-based revenue was supported by continued growth in the Payments business, driven by higher transaction volumes and increased Enterprise Fraud Management and Automated Funds Transfer revenue, partially offsetting lower Digital Banking revenue following the successful transition earlier in the year of operations to Intellect Design Arena Ltd.
Central 1's Board of Directors has declared a dividend of $8.0 million to Class A members, payable in March 2026.
Treasury
Treasury reported net income of $75.8 million for the year, reflecting strong growth in net interest income as well as net fair value gains. Active management of our funding mix and asset allocation resulted in net interest income increasing by $25.9 million. Net fair value gains additionally contributed to the reported net income as credit spreads narrowed.
Payments
In 2025, payments revenue grew 7 per cent compared to the previous year, driven by growth in transaction volumes, which benefit from organic growth and the adoption of new product offerings. Significant investment in strategic technology initiatives and capabilities to support long-term growth in Canada's evolving payments landscape contributed to a net loss of $13.0 million for the year.
Non-GAAP Financial Measures
The following non-GAAP financial measures exclude certain items from our financial results prepared in accordance with IFRS Accounting Standards. The tables below present reconciliations of these measures to their respective most directly comparable financial measures disclosed in Central 1's Consolidated Financial Statements.
Adjusting Item
Adjusted results for the three months and year ended December 31, 2025, exclude the net income (loss) from Digital Banking, which was transferred to Intellect Design Arena Ltd., effective March 1, 2025. To enhance comparability and present a clearer view of Central 1's core business performance, Digital Banking has been excluded from the calculation of the adjusted net income.
For the year ended December 31
$ millions, except as indicated
Q4 2025
