Commences on-chain migration of its mortgage portfolio, unlocking elevated transparency, efficiency, and yield opportunities across the mortgage ecosystem

More than half a billion dollars in mortgages tokenized to date as Pineapple converts legacy loan data into secure, auditable digital assets

Launch includes Mortgage Data Marketplace and Pineapple Prime, bringing institutional-grade analytics and mortgage-backed yields on-chain

Toronto, Ontario--(Newsfile Corp. - December 10, 2025) - Pineapple Financial Inc. (NYSE American: PAPL) ("Pineapple" or "the Company"), a leading fintech platform, today announced the launch of its mortgage tokenization platform, a major advancement in the Company's on-chain financial infrastructure strategy. Pineapple is now converting real-world mortgage records, historically trapped in PDFs, emails, and back-office folders, into secure and programmable digital assets on the Injective blockchain.

This marks one of the first instances globally of a publicly traded mortgage company tokenizing its own loan book on a public blockchain and integrating on-chain data into day-to-day operations. As part of the platform's initial deployment, Pineapple has already brought 1,259 previously originated mortgage files on-chain, representing approximately $716 million CAD in funded mortgage volume. Over the coming months, the Company expects to migrate its entire historical portfolio of more than 29,000 funded mortgages, totaling approximately $13.7 billion CAD, with new originations added on an ongoing basis.

Each tokenized mortgage record contains more than 500 unique data points, creating a unified, auditable, and tamper-resistant source of truth designed to streamline operational workflows, improve risk modeling, and unlock new financial products.

"Pineapple has been a pioneer in modernizing the Canadian mortgage industry, reshaping a traditional and fragmented space into a technology-driven and data-powered ecosystem," said Shubha Dasgupta, CEO of Pineapple Financial. "By bringing our loan book on-chain, we are not only improving transparency and increasing efficiency, we are laying the groundwork for entirely new financial products, from data marketplaces to mortgage-backed yield platforms. This is the future of mortgage finance, and Pineapple is proud to be leading that transformation."

"Tokenizing Pineapple's mortgage portfolio on Injective represents one of the most significant real-world asset deployments ever conducted by a public company," said Cooper Emmons, Institutional Markets Advisor at Injective Labs. "Pineapple is setting a new industry standard by moving real mortgage data on-chain at scale, and Injective is built to support this level of financial innovation. We are excited to partner with Pineapple as they bring new transparency, programmability, and accessibility to the mortgage market."

Pineapple's tokenization platform is designed to solve long-standing operational challenges across mortgage finance, including fragmented data systems, manual audits, and outdated document tracking processes. By bringing structured loan-level data on-chain, Pineapple can support automated verification, real-time audit trails, and seamless data sharing for compliant institutional use.

Built on this foundation, Pineapple is developing two new commercial products:

• Mortgage Data Marketplace, a permissioned platform designed to provide compliant access to anonymized loan-level data for institutions seeking improved benchmarking, risk analytics, and market intelligence.

• Pineapple Prime, a forthcoming product intended to provide on-chain access to mortgage-backed yield opportunities, expanding investor access to one of Canada's most stable real-world asset classes.

Pineapple has launched a dedicated tokenization landing page, featuring a real-time metrics tracker that updates automatically as new mortgage assets are minted on-chain. To learn more about the platform and see the future of mortgages in action, please visit .

About Pineapple Financial Inc.
Pineapple Financial Inc. is an award-winning fintech and leading Canadian mortgage brokerage network, focusing on both the long-term success of agents and brokers as well as the overall experience of homeowners. With hundreds of brokers within the network, Pineapple creates cutting-edge cloud-based tools and AI-driven systems to enable its brokers to help Canadians realize their dream of owning a home. Pineapple is active within the community and is proud to sponsor charities across Canada to improve the lives of fellow Canadians.

Safe Harbor Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. They are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and economic needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations that arise after the date hereof, except as may be required by law. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions, fluctuations in the market price of INJ and any associated impairment charges that we may incur as a result of a decrease in the market price of INJ below the value at which INJ is carried on our balance sheet; changes in the accounting treatment relating to our INJ holdings; the Company's financial condition, customer acceptance of our INJ treasury strategy, and other factors discussed in the "Risk Factors" section of the registration statements, and periodic reports filed with the SEC. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure that such expectations will be correct. The Company cautions investors that actual results may differ materially from the anticipated results. It encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC. Additional factors are discussed in the Company's filings with the SEC, which are available for review at .

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