The Western Investment Company of Canada (WI) Q4 2025 earnings summary

Executive summary

• Reported a net loss of $0.6 million for 2025, compared to net income of $1.3 million in 2024, which included a one-time gain from the Fortress Insurance acquisition.

• Income from equity investments rose to $1.5 million in 2025 from $0.7 million in 2024, led by GlassMasters and Golden Healthcare.

• Sold investment in GlassMasters in early 2026 for net proceeds of $23.2 million.

Financial highlights

• Total insurance service result for 2025 was $994,674, up from $913,360 in 2024.

• Net investment income for 2025 was $986,620, compared to $1,668,828 in 2024.

• Gross written premiums at Fortress Insurance grew 42% to $64.4 million in 2025.

Segment performance

• Fortress Insurance's net loss narrowed to $0.1 million in 2025 from $0.3 million in 2024; GWP rose 42% to $64.4 million.

• GlassMasters revenue increased 10% to $46.9 million; EBITDA rose to $7.0 million from $5.5 million year-over-year.

• Foothills Creamery revenue grew 5% to $37.6 million; gross margin improved to 24% from 22%; EBITDA up 19.2% to $3.0 million.

• Golden Healthcare revenue increased 8% to $11.0 million; EBITDA improved to $2.7 million from $2.0 million.