The Western Investment Company of Canada (WI) Q2 2025 earnings summary

Executive summary

• Net income for Q2 2025 rose to $0.75 million from $0.1 million year-over-year, driven by strong operating results and capital returns from equity-accounted investments.

• Fortress Insurance achieved significant growth in gross written premiums and maintained underwriting discipline despite a softening market.

• All three equity-accounted companies posted solid year-over-year increases in both revenue and profitability.

Financial highlights

• Net income for Q2 2025 was $0.75 million, up from $0.1 million in Q2 2024.

• Fortress Insurance's gross written premiums grew to $15.4 million from $10.6 million year-over-year.

• Insurance revenue for Fortress Insurance increased 17% year-over-year; investment income rose 20%.

• GlassMasters Autoglass revenue grew 14% to $14.1 million; EBITDA increased to $2.5 million from $1.9 million.

• Foothills Creamery revenue rose 11% to $11.5 million; EBITDA increased to $1.0 million from $0.6 million.

Outlook and guidance

• Management remains optimistic about continued premium growth at Fortress Insurance and ongoing profitability improvements in equity-accounted investments.