Alaris Releases 2025 Fourth Quarter Financial Results
CALGARY, March 09, 2026 - Alaris Equity Partners Income Trust (together, as applicable, with its subsidiaries, "Alaris" or the "Trust") is pleased to announce its results for the three months and year ended December 31, 2025. The results are prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board. All amounts below are in Canadian dollars unless otherwise noted.
Highlights
- Strong Operating Growth: Total revenue and operating income increased 15.9% in Q4 and 14.0% for the year, driven primarily by a $73.2 million net unrealized gain on Partner investments (2024 - $47.3 million). Earnings from operations increased 34.8% in Q4 and 17.3% for the year.
- Net Book Value Growth in 2025: Net book value(4) per unit increased $0.64 in 2025 to $24.79, despite a $1.13 per unit unrealized foreign exchange loss and the payment of $1.39 in distributions. Net book value decreased $0.38 per unit from Q3 2025 due primarily to foreign exchange movements and $0.37 distributions declared.
- Cash Flow & Payout Discipline: Alaris Net Distributable Cash Flow(1) decreased 24.6% in Q4 and 16.1% for the year, reflecting timing and variability in common distributions, timing of cash tax payments and transaction activity. Alaris' Payout Ratio(5) was 56.6% for the year (Q4: 64.2%), remaining below the Trust's 65%-70% target range.
- Embedded Distribution Growth: Based on unaudited Partner results, Alaris estimates an average positive reset of approximately 4.0% on annual preferred distributions resetting in 2026, resulting in approximately $4.8 million (approximately $0.11 per unit) of incremental Run Rate Revenue(6).
- Partner Revenue Ahead of Guidance: Q4 total Partner revenue of $45.8 million exceeded guidance by 5%, reflecting contributions from new investments in Renew and Optimus and higher-than-expected common distributions.
- Active Capital Deployment: Alaris invested a record $387.4 million during 2025, including $115.5 million in Optimus and US$50.5 million across Renew and Cresa in Q4.
- Distribution Increase: In Q4 2025, Alaris announced an ~9% increase to the quarterly dividend to $0.37 per unit (annualized $1.48). The increase in the distribution was supported by strong capital deployment and the Payout Ratio below the Trust's targeted range.
- Portfolio Fundamentals: Alaris' Portfolio Partners have maintained a weighted average Earnings Coverage Ratio(3) of 1.5x, over the year with 15 of 23 Partners above 1.5x. Fifteen Partners carry no debt or less than 1.0x senior debt to EBITDA.
- Strengthened Capital Structure: The Trust extended the senior credit facility maturity to September 2029 and issued $207.0 million of convertible debentures during the year to support continued investment activity and balance sheet flexibility.
President's Message
2025 represented a record year for Alaris in many different categories. We closed the year with 23 private company partners after deploying $385 million of capital - both all time records. In addition, our book value per share reached an all-time high of $25.10 during the year. Underlying this record performance is a portfolio that continues to provide remarkable stability, even in a less than stable world. Our earnings coverage across our portfolio has remained strong, debt levels within the portfolio remain low and we recorded the 21st year of increased partner distributions in our 22nd year of operations - a track record I am incredibly proud of. In 2025, we increased our distribution by 9% reflecting strong capital deployment and continued partner growth. With our Payout Ratio below our targeted 65%-70% range and a positive outlook for our business in 2026 and beyond, we remain committed to our capital allocation priorities, including high-return capital deployment, a strong and sustainable dividend, and opportunistic share repurchases.
Looking forward, the current environment within the private equity industry remains constructive for Alaris. While visibility for 2026 is limited, I believe that our place within the industry has never been better in terms of reputation and the differentiation of our offering to business owners. While many private equity firms in North America that specialize in the lower to mid-market have had a difficult time raising new capital over the last couple of years, Alaris is in an enviable position given our access to both public and private capital to fuel our future growth.
I would also like to take this opportunity to thank our incredibly hard-working staff. The kind of results that we have put up over many years do not happen without an extreme amount of dedication from our team. Alaris' overhead is well below 1% of our roughly $2.5 billion in assets under administration, which would be considered very low in our industry where managers are typically charging 1.5-2.0%.
I look forward to another record year developing in 2026. Thank you to our unitholders for their continued confidence and support.
| Results of operations | |||||||||||||||
| Three months ended December 31 | Year ended December 31 | ||||||||||||||
| $ thousands except per unit amounts | 2025 | 2024 | % Change | 2025 | 2024 | % Change | |||||||||
| Change in Net book value (1) per unit | $ (0.38) | $ 1.35 | $ 0.64 | $ 3.03 | |||||||||||
| Net book value (1) per unit | $ 24.79 | $ 24.15 | +2.7% | $ 24.79 | $ 24.15 | +2.7% | |||||||||
| Total revenue and operating income | $ 30,911 | $ 26,666 | +15.9% | $ 176,701 | $ 154,989 | +14.0% | |||||||||
| Cash from / (used in) operations, prior to changes in working capital | $ (86,831) | $ 15,739 | -651.7% | $ (113,342) | $ 61,344 | -284.8% | |||||||||
| Total Partner distribution revenue (1) | $ 45,107 | $ 46,328 | -2.6% | $ 187,221 | $ 192,071 | -2.5% | |||||||||
| Alaris net distributable cashflow (1) | $ 24,016 | $ 31,856 | -24.6% | $ 109,430 | $ 130,486 | -16.1% | |||||||||
| Payout Ratio (1) | 64.2% | 48.7% | +30.6% | 56.6% | 47.5% | +21.3% | |||||||||
| Annualized distribution yield on preferred capital invested (1) | 13.2% | 14.8% | -160pts | 12.2% | 13.9% | -170pts | |||||||||
| Total value return on capital invested (1) | 3.4% | 3.7% | -30pts | 19.2% | 18.1% | +110pts | |||||||||
| Capital Deployment | $ 188,072 | $ 205,915 | -8.7% | % | $ 387,390 | $ 331,793 | +16.8% | ||||||||
Revenue and Earnings
Total revenue and operating income increased 15.9% in Q4 and 14.0% for the year compared to 2024. The increase was primarily attributable to net unrealized fair value gains on Partner investments, and contributions from new and follow-on investments.
Earnings and comprehensive income was a loss of $0.2 million in Q4 2025 (Q4 2024: $77.9 million) and $90.8 million for the year (2024: $234.4 million). The decrease was primarily due to unrealized foreign exchange losses of $20.0 million in Q4 and $51.2 million for the year, compared to unrealized gains in 2024, as well as the absence of the non-recurring accounting transition gain recognized in 2024. Excluding these items, earnings increased year-over-year.
Partner Distributions and Portfolio Performance
Total Partner distribution revenue(9) decreased 2.6% in Q4 and 2.5% for the year, reflecting lower common distributions and deferred distributions from GWM, partially offset by contributions from new and follow-on investments including Berg, PEC, McCoy, Shipyard, Cresa, Renew and Optimus. Excluding Fleet's US$10.3 million common distribution in 2025 (2024 - US$14.7 million) and Ohana's one-time US$5.1 million common distribution in 2024, common distributions from the remaining portfolio increased approximately 10% year-over-year.
The annualized distribution yield on preferred capital invested(2) was 12.4% for both Q4 and the year.
Total value return on invested capital was 3.1% for Q4 and 16.2% for the year, reflecting recurring cash distributions and fair value adjustments.
Cash Flow and Capital Allocation
Cash from operations prior to changes in working capital decreased year-over-year, primarily reflecting the deployment of Convertible debenture proceeds into the Acquisition Entities to reduce senior debt.
Alaris Net Distributable Cash Flow(1) decreased 24.6% in Q4 and 16.1% for the year, reflecting variability in common distributions, timing of cash tax payments and transaction activity. The payout ratio was 64.2% in Q4 and 56.6% for the year, remaining below the Trust's target range of 65%-70%.
During 2025, the Trust repurchased and cancelled 465,000 units under its NCIB at an average price of $18.87 per unit for total consideration of $8.8 million.
Outlook
Total Partner revenue(9) for Q1 2026 is expected to be approximately $46.9 million, reflecting seasonal distribution timing, recent investment activity and a 4% preferred distribution reset increase in distributions eligible for reset in 2025.
Run Rate Revenue(6) for the next twelve months is estimated at approximately $200.1 million, based on current contractual terms. Run Rate Payout Ratio(8) is expected to range between 60% and 65%, excluding the impact of potential future investments.
Run Rate Cash Flow ($ thousands except per unit) | Amount ($) | $ / Unit | |
| Run Rate Revenue, Partner Distribution revenue | $ 200,100 | $ 4.41 | |
| General and administrative expenses | (20,500) | (0.45) | |
| Third party Interest and taxes | (74,300) | (1.64) | |
| Alaris Distributable Cashflow | $ 105,300 | $ 2.32 | |
| Distributions paid | (67,100) | (1.48) | |
| Run Rate Cash Flow | $ 38,200 | $ 0.84 | |
| Other considerations (after taxes and interest): | |||
| New investments | Every $50 million deployed @ 14% | +2,790 | +0.06 |
| Interest rates | Every 1.0% increase in interest rates | -3,100 | -0.07 |
| USD to CAD | Every $0.01 change of USD to CAD | +/- 990 | +/- 0.02 |
Alaris' financial statements and MD&A are available on SEDAR+ at www.sedarplus.ca and on our website at www.alarisequitypartners.com.
Earnings Release Date and Conference Call Details
Alaris management will host a conference call at 9am MT (11am ET), Tuesday, March 10, 2026 to discuss the financial results and outlook for the Trust.
Participants must register for the call using this link: Q4 2025 Conference Call. Pre-register to receive the dial-in numbers and unique PIN to access the call seamlessly. It is recommended that you join 10 minutes prior to the event start (although you may register and dial in at any time during the call). Participants can access the webcast here: Q4 Webcast. A replay of the webcast will be available two hours after the call and archived on the same web page for six months. Participants can also find the link on our website, stored under the "Investors" section - "Presentations and Events", at www.alarisequitypartners.com.
An updated corporate presentation will be posted to the Trust's website within 24 hours at www.alarisequitypartners.com.
About the Trust:
Alaris' investment and investing activity refers to providing, through the Acquisition Entities, structured equity to private companies ("Partners") to meet their business and capital objectives, which includes management buyouts, dividend recapitalization, growth and acquisitions. Alaris achieves this by investing its unitholder capital, as well as debt, through the Acquisition Entities, in exchange for distributions, dividends or interest (collectively, "Distributions") as well as capital appreciation on both preferred and common equity. The principal objective is to generate predictable cash flows for distribution payments to its unitholders while growing net book value through returns from capital appreciation. Distributions, other than common equity Distributions, from the Partners are adjusted annually based on the percentage change of a "top-line" financial performance measure such as gross margin or same store sales and rank in priority to common equity position.
Non-GAAP and Other Financial Measures
The terms Net distributable cash flow, Net book value, Earnings Coverage Ratio, Run Rate Payout Ratio, Annualized distribution yield on preferred capital invested and total capital invested, Payout Ratio, Run Rate Revenue, Run Rate Cash Flow, and Per Unit amounts (collectively, the "Non-GAAP and Other Financial Measures") are not standardized financial measures under International Financial Reporting Standards ("IFRS"). Management believes these measures provide useful supplemental information to investors. The Trust's method of calculating the Non-GAAP and Other Financial Measures may differ from the methods used by other issuers. Therefore, the Trust's Non-GAAP and Other Financial Measures may not be comparable to similar measures presented by other issuers.
Readers are encouraged to review Trust's audited consolidated financial statements and MD&A, complete versions of which available on SEDAR+ at www.sedarplus.ca.
(1) "Alaris net distributable cashflow"
A non-GAAP financial measure management uses which represents total external revenue generated by both the Trust and the Acquisition Entities, less:
• general and administrative expenses,
• third-party interest expense, and
• cash taxes paid (or received).
This metric aligns most closely with Cash from (used in) operations, prior to changes in working-capital, but includes the net cash flow of the Acquisition Entities. Investors use this measure to provide a comprehensive view of cash available for distributions, debt repayment, or reinvestment.
Change effective June 30 2025: Alaris refined this calculation by removing the adjustment for working-capital changes and replacing tax expense with cash taxes paid, to better reflect actual cash available for distribution and to better align the reconciliation to the most comparable GAAP measure. Prior periods have been restated accordingly.
| Three months ended December 31 | Year ended December 31 | |||||||||||||||
| $ thousands except per unit amounts | 2025 | 2024 | % Change | 2025 | 2024 | % Change | ||||||||||
| Cash from / (used in) operations, prior to changes in working capital | $ | (86,831) | $ | 15,739 | -651.7 | % | $ | (113,342 | ) | $ | 61,344 | -284.8% | ||||
| Add back: Net issuance / repayment of loans from Acquisition Entities | 106,795 | - | 106,795 | (291,934) | ||||||||||||
| Add back: Net investment in Acquisition Entities | (3,436) | (1,901) | 68,920 | 265,962 | ||||||||||||
| Changes in working capital, Income tax payable and receivable | (1,050) | 600 | (2,453) | 1,932 | ||||||||||||
| Cash interest paid | (3,472) | - | (7,534) | (4,062) | ||||||||||||
| Distributable cashflow included in Net gain on Corporate investments: | ||||||||||||||||
| Partner Distribution revenue - Preferred | 43,381 | 43,618 | 164,173 | 157,554 | ||||||||||||
| Partner Distribution revenue - Common | 1,726 | 2,710 | 23,048 | 34,517 | ||||||||||||
| Operating costs and other | (1,333) | (1,049) | (4,209) | (3,895) | ||||||||||||
| Transactions costs | (2,283) | (1,413) | (8,795) | (3,944) | ||||||||||||
| Finance costs, senior credit facility and convertible debentures | (8,015) | (6,865) | (30,047) | (29,058) | ||||||||||||
| Acquisition Entities cash taxes paid | (786) | (598) | (9,182) | (5,028) | ||||||||||||
| Management and advisory fees paid to Trust | (5,034) | (4,674) | (19,385) | (17,417) | ||||||||||||
| Interest on intercompany loans | (3,436) | (3,207) | (12,784) | (23,514) | ||||||||||||
| Acquisition Entities dividends paid to Trust | (11,979) | (11,100) | (45,098) | (12,488) | ||||||||||||
| Realized gain / (loss) on foreign exchange contracts | (231) | (4) | (677) | 517 | ||||||||||||
| Alaris net distributable cashflow | $ | 24,016 | $ | 31,856 | -24.6% | $ | 109,430 | $ | 130,486 | -16.1% | ||||||
| Alaris net distributable cashflow per unit | $ | 0.53 | $ | 0.70 | -24.3% | $ | 2.41 | $ | 2.87 | -16.0% | ||||||
(2) "Annualized distribution yield on preferred capital invested"
A supplementary financial measure calculated by dividing Partner distribution revenue - preferred annualized for the period by the weighted average total capital invested during the period. Management uses this measure to monitor preferred investment distributions over time relative to the current investment base, making it a useful tool for investors to track the cash yield of preferred Partner investments.
(3) "Earnings Coverage Ratio ("ECR")"
A supplementary financial measure calculated as each Partner's EBITDA divided by the sum of its debt servicing (interest and principal), unfunded capital expenditures, and distributions to Alaris. ECR assesses a Partner's ongoing ability to meet its contractual obligations to Alaris. ECR is a useful metric for investors as it provides an indication of a Partner's financial health and sustainability.
(4) "Net book value" and "net book value per unit"
A supplementary financial measure equal to total equity. The per-unit figure divides that amount by the weighted-average basic units outstanding. These metrics measure growth in equity value, net of distributions, and enable period-over-period comparison of value creation. Investors finds this metric useful because it provides a clear indication of the underlying value of the Trust attributable to unitholders and the period over period value generated.
| 31-Dec | 30-Sep | 31-Dec | |||||||
| $ thousands except per unit amounts | 2025 | 2025 | 2024 | ||||||
| Total Assets | $ | 1,421,000 | $ | 1,323,906 | $ | 1,199,683 | |||
| Total Liabilities | $ | 296,829 | $ | 182,719 | $ | 97,721 | |||
| Net book value | $ | 1,124,171 | $ | 1,141,187 | $ | 1,101,962 | |||
| Shares outstanding | 45,339 | 45,339 | 45,621 | ||||||
| Net book value per unit | $ | 24.79 | $ | 25.17 | $ | 24.15 |
(5) "Payout Ratio"
A non-GAAP financial ratio used by management which represents total cash distributions paid to unitholders during the period, divided by Alaris net distributable cash flow for the same period. This metric is useful to investors as it reflects the proportion of available cash used to pay distributions and indicates the capacity for reinvestment or debt repayment.
(6) "Run Rate Revenue"
A forward-looking supplementary financial measure estimating expected revenue over the next twelve months based on current Partner contracts and known management or transaction fees, excluding potential Partner redemptions. It may include estimated common dividends or distributions based on historical practice. Run Rate Revenue provides investors with an indication of forward annualized revenue potential. Forward-looking non-GAAP measures reflect management's current expectations and are subject to the risks and assumptions described under Forward Looking Statements.
(7) "Run Rate Cash Flow"
A forward-looking supplementary financial measure that outlines the net cash from operating activities, net of distributions paid, that Alaris is expecting to have after the next twelve months. This measure is comparable to Net cash from / (used in) operating activities less distributions paid, as outlined in Alaris' consolidated statements of cash flows. Investors find this measure useful because it provides insight into the expected cash available for reinvestment, debt repayment, or other corporate purposes after distributions. Forward-looking non-GAAP measures reflect management's current expectations and are subject to the risks and assumptions described under Forward Looking Statements.
(8) "Run Rate Payout Ratio"
A forward looking supplementary financial measure that refers to Alaris' distributions per unit expected to be paid over the next twelve months divided by Alaris net distributable cashflow per unit calculated in the Run Rate Cash Flow table. Run Rate Payout Ratio is a useful metric for management to track and to outline as it provides investors a summary of the percentage of the net cash from operating activities that can be used to either repay senior debt during the next twelve months and/or be used for additional investment purposes. Forward-looking non-GAAP measures reflect management's current expectations and are subject to the risks and assumptions described under Forward Looking Statements.
(9) "Total Partner Distribution Revenue"
A supplementary financial measure summing Partner distribution revenue - preferred and Partner distribution revenue - common, which are components of Net gain on Corporate Investments as disclosed in note 3 of the accompanying financial statements. Management believes this measure provides useful information for investors on the total cash yield from Partner distributions during the period.
(10) "Total Partner related changes included in Net gain on Corporate Investments" and "Total value return on capital invested"
A non-GAAP financial measure aggregating the total Net gain (loss) on Corporate Investments attributable to Partner activity detailed in note 3 of the accompanying financial statements. It includes:
- Net unrealized gain (loss) on Partner investments
- Net realized gain on Partner investments
- Partner distribution revenue (preferred and common)
This measure is useful to investors as it isolates change in Corporate Investments driven by partner performance and aligns closely with "Net gain on Corporate Investments" under IFRS.
Change effective June 30 2025: The measure was renamed from Total Partner-Related Changes to Total Partner-Related Changes Included in Net Gain on Corporate Investments for clarity.
Total value return on capital invested is a non-GAAP financial ratio calculated by Total Partner related changes included in Net gain on Corporate Investments divided by the weighted average total capital invested during the period. This measure calculates the periods total return from Partners relative to the investment base, which includes the fair value changes in addition to cash yields. It is a useful metric for investors as it provides a comprehensive view of the overall performance and effectiveness of Partner investments, capturing both realized and unrealized returns as well as cash distributions.
| Three months ended December 31 | Year ended December 31 | ||||||
| 2025 | 2024 | % Change | 2025 | 2024 | % Change | ||
| Total Partner related changes included in Net gain on Corporate Investments | |||||||
| Partner distribution revenue - preferred | $ 43,381 | $ 43,618 | -0.5% | $ 164,173 | $ 157,554 | 4.2% | |
| Partner distribution revenue - common | 1,726 | 2,710 | -36.3% | 23,048 | 34,517 | -33.2% | |
| Net unrealized gain / (loss) on Partner investments | 8,639 | (25,262) | 134.2% | 72,097 | 7,201 | 901.2% | |
| Net realized gain on Partner investments Note 1 | - | 31,102 | -100.0% | 1,100 | 40,107 | -97.3% | |
| Total | $ 53,746 | $ 52,168 | 3.0% | $ 260,418 | $ 239,379 | 8.8% | |
(11) "Per Unit" values, other than earnings per unit, refer to the related financial statement caption as defined under IFRS or related term as defined herein, divided by the weighted average basic units outstanding for the period.
Forward-Looking Statements
This news release contains forward-looking information and forward-looking statements (collectively, "forward-looking statements") within the meaning of applicable securities laws, including any applicable safe harbor provisions. Statements other than statements of historical fact contained in this news release may constitute forward-looking statements, including, without limitation, management's expectations, intentions and beliefs concerning the growth, results of operations, performance of the Trust and the Partners, the future financial position or results of the Trust, and the business strategy, plans and objectives of or involving the Trust or the Partners.
Forward-looking statements may be identified by words such as "believe", "expects", "will", "intends", "projects", "anticipates", "estimates", "continues" or similar expressions, including the negative thereof.
Specific Forward-Looking Statements
In particular, this news release contains forward-looking statements regarding, among other matters:
- the anticipated financial and operating performance of the Partners;
- the attractiveness of Alaris' capital offering;
- the Trust's Run Rate Payout Ratio, Run Rate Cash Flow and Run Rate Revenue;
- the impact of recent new investments and follow-on investments;
- expectations regarding the receipt and amount of any common equity distributions or dividends from Partners in which Alaris holds common equity, including the impact on the Trust's net cash from operating activities;
- the amount and impact of future capital deployment and the Trust's ability to deploy capital;
- expected gains on common equity investments and future exits;
- the yield on the Trust's investments and expected resets on Distributions;
- changes in interest rates, including SOFR, and foreign exchange rates;
- the impact of deferred distributions and the timing of repayment thereof;
- the Trust's return on its investments;
- Alaris' expenses for the next twelve months; and
- Expected growth in Alaris' distribution to its unitholders.
Financial Outlook and Future-Oriented Financial Information
To the extent any forward-looking statements herein constitute a financial outlook or future-oriented financial information (collectively, "FOFI"), including estimates regarding revenues, Distributions from Partners (including restarting full or partial distributions and common equity distributions), Run Rate Payout Ratio, Run Rate Cash Flow, net cash from operating activities, expenses and the impact of capital deployment, such information has been approved by management as of the date hereof and has been included to provide readers with an understanding of Alaris' expected financial performance. Such information may not be appropriate for other purposes and is subject to the same risks, uncertainties and assumptions described herein.
There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur.
Assumptions Underlying Forward-Looking Statements
Forward-looking statements require Alaris to make assumptions and are subject to inherent risks and uncertainties. Assumptions about the performance of the Canadian and U.S. economies over the next 24 months and how that performance may affect Alaris' business and that of its Partners (including, without limitation, the impact of global health crises such as COVID-19 and global economic and political factors, including new and ongoing conflicts in Europe and the middle east) are material factors considered by management when establishing expectations for the Trust.
Key assumptions include, but are not limited to, assumptions that:
- the Russia/Ukraine conflict, conflicts in the Middle East and other global economic pressures will not materially impact Alaris, its Partners or the global economy;
- interest rates will not rise materially different from prevailing market expectations over the next twelve months;
- global health crises such as COVID-19 or variants thereof will not materially impact the economy or the operations of the Partners over the next twelve months;
- the businesses of the majority of the Partners will continue to grow;
- more private companies will require access to alternative sources of capital;
- the businesses of new Partners and existing Partners will perform in line with Alaris' expectations and diligence; and
- Alaris will have the ability to raise required equity and/or debt financing on acceptable terms.
Management has also assumed that the Canadian and U.S. dollar exchange rate will remain within approximately plus or minus 15% of the current rate over the next six months. In determining expectations for economic growth, management considers historical economic data provided by Canadian and U.S. government agencies as well as prevailing economic conditions at the time of such determinations.
Risks and Uncertainties
Forward-looking statements are subject to risks, uncertainties and assumptions and should not be read as guarantees or assurances of future performance. Actual results of the Trust and the Partners could differ materially from those anticipated as a result of various risk factors, including, but not limited to:
Economic and External Risks
- global health crises such as COVID-19 or variants;
- global economic factors including the Russia/Ukraine conflict, conflicts in the Middle East, inflationary pressures and global supply chain disruptions; and
- tariffs and international trade disputes affecting the Trust or the Partners.
Partner and Portfolio Risks
- dependence of Alaris on the Partners;
- risks relating to the Partners and their respective businesses;
- material changes in the operations of a Partner or the industries in which they operate;
- changes in the ability of Partners to continue to pay Distributions or restart Distributions (in full or in part); and
- failure to collect deferred Distributions.
Financing and Structural Risks
- leverage and restrictive covenants under credit facilities;
- failure to complete or realize the anticipated benefits of financing arrangements with Partners; and
- inability to close additional Partner contributions or collect redemption proceeds on anticipated terms.
Operational and Regulatory Risks
- reliance on key personnel;
- failure to obtain required regulatory approvals on a timely basis or at all;
- changes in legislation, regulations and their interpretations;
- failure to settle outstanding litigation on expected terms or at all;
- risks associated with unaudited information provided to the Trust by the Partners; and
- cybersecurity risks or risks associated with the implementation of artificial intelligence.
Additional risks that may cause actual results to vary from those indicated are discussed under the headings "Risk Factors" and "Forward-Looking Statements" in Alaris' Management Discussion and Analysis and Annual Information Form ("AIF") for the year ended December 31, 2025, which is or will be (in the case of the AIF) available under Alaris' profile at www.sedarplus.ca and on the Trust's website at www.alarisequitypartners.com.
Caution Regarding Reliance
Readers are cautioned that the assumptions used in the preparation of forward-looking statements, including FOFI, although considered reasonable at the time of preparation, may prove to be inaccurate. Accordingly, undue reliance should not be placed on forward-looking statements.
Except as required by applicable law, Alaris undertakes no obligation to update or revise any forward-looking statements.
For more information please contact:
Investor Relations
Alaris Equity Partners Income Trust
403-260-1457
ir@alarisequity.com
