October 16, 2026

Portland JSX Limited (PJX)
Audited financials for the twelve months ended February 28, 2026:
All figures are stated in US$ unless otherwise indicated.

Portland JSX Limited (PJX) for the twelve months ended February 28, 2026 recorded Net Fair Value Losses on Financial Investments at Fair Value Through Profit or Loss of US$8.32 million, representing a 164% widening from the US$3.16 million loss recorded in the corresponding period last year. For the fourth quarter, Net Fair Value Losses amounted to US$11.28 million, compared to US$3.10 million in the corresponding quarter of 2025.

Interest Income amounted to US$227,431, broadly unchanged from US$228,501 in 2025. The company also recorded Other Income of US$10,000 compared to nil in the prior year. Meanwhile, Foreign Exchange moved to a loss of US$11,840 compared to a gain of US$19,563 in 2025.

Operating Expenses decreased marginally by 1% to US$1.00 million compared to US$1.02 million in the prior year. Consequently, Operating Loss Before Finance Costs widened to US$9.09 million for the twelve months ended February 28, 2026, compared to US$3.92 million in 2025. For the fourth quarter, Operating Loss Before Finance Costs amounted to US$5.61 million, compared to US$3.41 million in the corresponding quarter of 2025.

Interest Expense on the Bond Payable decreased marginally by 1% to US$304,382 compared to US$307,035 in the prior year. For the fourth quarter, Interest Expense amounted to US$76,832 compared to US$76,610 in the corresponding quarter of 2025.

As a result, Net Loss for the twelve months ended February 28, 2026 widened to US$9.40 million from US$4.23 million in 2025, representing a 122% increase in the loss. For the fourth quarter, Net Loss amounted to approximately US$5.69 million compared to US$3.49 million in the corresponding quarter of 2025.

Consequently, Loss Per Share for the twelve months amounted to US$0.0303, or approximately J$4.76, compared to US$0.0137, or approximately J$2.16. Loss Per Share for the fourth quarter amounted to US$0.0184, or approximately J$2.89, compared to US$0.0112, or approximately J$1.77, for the corresponding quarter of 2025. The twelve-month trailing Loss Per Share was US$0.0303, or approximately J$4.76, and the number of shares used in these calculations was 309,968,261.

Notably, PJX’s stock price closed the trading period on October 15, 2026 at J$6.65.

Balance Sheet Highlights

The company’s Total Assets amounted to US$15.48 million at February 28, 2026, representing a 37% decrease from US$24.57 million in 2025. The decline was primarily driven by Financial Investments at Fair Value Through Profit or Loss, which fell to US$8.59 million from US$18.51 million. The reduction reflected US$8.32 million in fair value losses recognised during the year, as well as US$1.60 million in distributions received from the financial investments.

Shareholders’ Equity decreased to US$10.40 million from US$19.79 million in 2025. Based on 309,968,261 ordinary shares in issue, book value per share amounted to approximately US$0.0335, or J$5.27, compared to approximately US$0.0639, or J$10.08.

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