EQB Inc at Scotiabank Financials Summit Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Mike Rizvanovic - Scotiabank GBM - Analyst : Thank you for that. Very thoughtful response, and maybe we can just jump right into EQB and maybe just starting with the broader economy. Everyone's got their own view. What's your view? I know there's been a bit more constructive commentary coming out of the banks in Q3 earning season. The economy seems to be hanging in there given the tariff-related risks and maybe a good scenario in 2026 versus what was expected three months ago, a better scenario. But what's your view?

Question: Mike Rizvanovic - Scotiabank GBM - Analyst : Okay, so I have to ask the question on the quarter. Obviously, the stock was hit pretty hard, and I mean, you're seven days in now. Like, obviously (multiple speakers)--

Question: Mike Rizvanovic - Scotiabank GBM - Analyst : I mean, you're clearly not -- you're not -- you weren't part of that process. You're not wearing this quarter. I'm sure investors understand that you're going to give it an opportunity to sort of refresh the strategy. I'm guessing at a 2026 Investor Day at some point, but do you have any thoughts on just high level on how the quarter --

Question: Mike Rizvanovic - Scotiabank GBM - Analyst : Yeah.

Question: Mike Rizvanovic - Scotiabank GBM - Analyst : Okay, thanks for that thoughtful response. I'm curious on -- you did mention on the call you're kind of looking at your strategic priorities. You did just mention some of the things that you've been seeing some green shoots, maybe expand a little bit like where are you most excited about EQB and I'm not trying to front run your Investor Day, but what are you excited about more than anything in terms of your sort of priorities and where you see the company going in the coming years?

Question: Mike Rizvanovic - Scotiabank GBM - Analyst : So I do have a question on the expense side, but maybe just going into a people question, obviously there's been some leadership change -- yourself, the most prominent, obviously you've got a new CFO, you could talk a bit about her, Anilisa and Dan Broten, who's now Head of EQ Bank, I'm sure he's going to have a -- given his tech background of his own strategy of sort of getting deposit growth to an even better place. Maybe talk about the changes in management side and then are there more to come, or are you sort of fully stacked now? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 03, 2025 / 5:30PM, EQB.TO - EQB Inc at Scotiabank Financials Summit

Question: Mike Rizvanovic - Scotiabank GBM - Analyst : Yeah, and then just maybe going back to efficiency, I understand it's a priority and there's always been a thoughtful approach on investing through a cycle and investing in areas that you need to invest and I don't think your investors want to hear you fixate on cost in any given quarter. Like it's about investing for growth and the longer term and all the benefits that brings about. But when you talk about improving that efficiency ratio, it's gotten a little bit offside and you sort of have to move it down meaningfully and then I'm assuming the revenue environment could possibly get better as we look ahead to 2026, 2027. What are you -- do you have any thoughts to share just on how you sort of move the needle as you continue to invest in areas where you need to invest and you should be investing? And then if the revenue environment doesn't maybe come in as robustly, like how do you sort of counterbalance that I think that's what a lot of investors are thinking about right now.

Question: Mike Rizvanovic - Scotiabank GBM - Analyst : So is it fair to think about the cost base may be benefiting from the fact that you've had a lot of build out like for example, the risk management function has been built out quite a bit. I'm imagining on the tech side you've probably had a lot of recent hires that are there to help EQ Bank (multiple speakers) the deposit base. Is that now part of the story of why expenses maybe don't have to grow as quickly as (multiple speakers)--

Question: Mike Rizvanovic - Scotiabank GBM - Analyst : And then not to depend on a timeline, so if you hate this question, we'll just skip it, but and of course not ahead of your Investor Day either. I'm sure we're going to have a lot of things to talk about on expenses then, but in terms of that efficiency ratio, like is it like maybe a two- to three-year process where you can once again become a leader versus the larger banks and their [KMP and C] banking segments like you have been in past years.

Question: Mike Rizvanovic - Scotiabank GBM - Analyst : -- no, I can just--

Question: Mike Rizvanovic - Scotiabank GBM - Analyst : It's just a loose sort of (multiple speakers)--

Question: Mike Rizvanovic - Scotiabank GBM - Analyst : That's super insightful. Thanks for that. Maybe on capital deployment, obviously it's organic growth first and foremost, especially as the market maybe recovers starting in the next few quarters for not just EQB but the industry more broadly on the lending side. What about M&A, I'm sure there's always M&A opportunities and then dividends is something that I think is interesting because you've got a pretty sizeable NCIB. I think it's around 6% of your shares and hasn't really been utilized lately. I'm guessing it's because of the transition here on the leadership team. What's your view on M&A and on the buybacks and given what the stock trades in particular on the buyback, would you not be more incentivized to be buying now, I guess?

Question: Mike Rizvanovic - Scotiabank GBM - Analyst : Awesome. And then maybe just on your comment, I think you mentioned on the Q3 call you want to lean into Canadian opportunities. You're obviously about a market for EQB and all that's ahead of you in terms of growth over the longer term. Maybe I can sort of dovetail that into like an open banking question. I know it's something that's been maybe talked about quite a bit less in the last couple of years, but obviously that's something that I would think EQB would be at the forefront of if it does become -- if it picks up some traction in the Canadian market. Any thoughts on that?

Question: Mike Rizvanovic - Scotiabank GBM - Analyst : I got mine.

Question: Mike Rizvanovic - Scotiabank GBM - Analyst : Awesome. Thank you and thank you for doing this on such short notice on day 7.

Question: Mike Rizvanovic - Scotiabank GBM - Analyst : But thanks very much, Chadwick, for your insight. It's very nice to see you and thank you for participating.