FORA: Green Shoots Begin to Emerge as Retooling Continues

Research evidence excerpt

FORA: Green Shoots Begin to Emerge as Retooling Continues

RBC Dominion Securities Inc.

Drew McReynolds, CFA, CA, CPA (Analyst)

(416) 842-3805, drew.mcreynolds@rbccm.com

Ryland Conrad (Analyst)

(416) 842-4123, ryland.conrad@rbccm.com

Sarah McKeown (Associate)

(416) 842-3806, sarah.mckeown@rbccm.com

May 14, 2026

VerticalScope Holdings Inc Sector Perform

TSX: FORA; CAD 2.80RESEARCH Green Shoots Begin to Emerge as Retooling Price Target CAD 5.00 ↓ 6.00

Continues Scenario Analysis*

Our view: While Q1/26 results were below our forecast, we believe the

worst is behind the company with green shoots beginning to emerge. DownsideScenario CurrentPrice TargetPrice ScenarioUpside

Following revisions to our forecast to reflect a lower margin trajectory, our

price target decreases from $6 to $5. 2.0029% 2.80 5.0079% 8.00186%

*Implied Total ReturnsEQUITY Key points: Key Statistics • Navigating accelerating structural change. In the wake of Google’s Shares O/S (MM): 21.7 Market Cap (MM): 61

ongoing algorithm changes and an evolving search environment in favour Dividend: 0.00 Yield: 0.0%

of generative AI, we await better visibility on the company’s MAU Enterprise Val. (MM): 96

Avg. Daily Volume: 14,059

trends and more broadly earnings visibility. Management continues to CEO Rob Laidlaw has a 16.4% equity interest in the company and

see forum content as highly relevant within the purchase journey and through 100% ownership of Multiple Voting Shares owns 62.2% of

remains confident in executing the necessary strategic pivots to return to votingof 14.9%interestand 6.7%,in therespectively.company. Nordstar has equity and voting interest

growth. Against this backdrop, our focus is threefold: (i) understanding

the magnitude and time frame for renewed MAU growth; (ii) the RBC Estimates