Investor Relations

Back Nine Holdings reports results quarterly, on the eighteenth green, weather permitting.

-4Q3 result vs. par (back nine)

36Par under management

2Par 5s in the portfolio

0Mulligans approved

BNH is unlisted. Prices are indicative, measured in strokes, and delayed one hole.

2026 Annual Report

Presented in the format our partners read most closely.

Hole	Par	Result	Management commentary
10	4	4	In line with guidance.
11	3	2	Strong performance in the short game segment.
12	5	4	Par 5 strategy continues to deliver.
13	4	5	Water hazard. Management views this as a one-time item.
14	4	4	Flat. Beverage cart arrived mid-hole.
15	3	3	Steady.
16	5	4	Second par 5 confirms the thesis.
17	4	3	Exceptional. See press release.
18	4	3	Strong finish into the clubhouse.
Total	36	32	4 under. Record year.

Letter to Shareholders

Dear Shareholders,

This was a year of focus. We exited the front nine, doubled our commitment to par 5s and held our tee time at 7:00 AM through every quarter. Our associates logged more thirty-six-hole days than in any year in our history.

Looking ahead, we are bullish on the back nine. Q4 is all par 5s. We will continue to invest in our people, our short game and, where earned, cart upgrades.

Thank you for your continued confidence.

The Partners, Back Nine Holdings
Written at the turn

Quarterly Results

Quarter	Rounds	vs. Par	Balls lost	Notes
Q1	41	+2	14	Frost delays. Course closed 6 days.
Q2	63	E	9	Front nine placed under review.
Q3	71	-4	6	Front nine divested. Record quarter.
Q4 (guidance)	n/a	All par 5s	TBD	See press release.