February 10, 2025

QWI Investments Limited (QWI)

Unaudited financials for the first quarter ended December 31, 2025:

QWI Investments Limited (QWI) reported a 17% decline in dividend and interest income for the first quarter ended December 31, 2025, totaling J$7.28 million, compared to J$8.79 million in the corresponding period of the prior year.

Unrealized currency loss amounted to J$6.24 million, relative to a loss of J$0.24 million in 2024, representing a year‑over‑year deterioration of 2,484%. Additionally, losses from investment activities amounted to  J$26.92 million for the quarter ended December 31, 2025 (2024: Gains $0.89 million)

Consequently, Total income reversed by 374%, closing at a loss of $25.88 million compared to J$9.43 million in the prior year. Administrative and other expenses rose by 69% to J$22.63 million, up from J$13.39 million in 2024. Meanwhile, interest expense amounted to J$4.19 million, a 30% reduction relative to the J$6.02 million reported in the corresponding quarter last year.

As a result, loss before taxation for the first quarter ended December 31, 2025, totaled J$52.70 million, reflecting a 428% increase in losses compared to the J$9.98 million loss reported in 2024.

Taxation for the period increased by 291% to J$11.88 million, up from J$3.04 million in the prior year. Net loss for the three months amounted to J$40.82 million, representing a 489% worsening relative to the J$6.93 million loss reported in 2024.

Consequently, Loss Per Share for the three months amounted to $0.03 (2024: LPS: $0.01). The twelve month trailing LPS was $0.03 and the number of shares used in these calculations was 1,365,000,015. Notably, QWI’s stock price closed the trading period on February 10, 2026 at a price of $0.73.

Balance Sheet Highlights

The Company’s total assets amounted to J$2.10 billion for the first quarter ended December 31, 2025, compared to J$2.16 billion in the prior year, representing a 3% year‑over‑year decline. This movement was primarily driven by the following portfolio changes:

• Quoted Investments – Local declined by J$142.78 million, moving to J$1.21 billion (2024: J$1.36 billion)
• Quoted Investments – Overseas increased by J$111.69 million, totaling J$876.40 million (2024: J$764.71 million)
• Due from Brokers and Other Receivables fell by J$21.82 million to J$3.99 million (2024: J$25.81 million)
• Cash and Bank Balances declined by J$6.81 million to J$2.18 million (2024: J$8.99 million)

These changes reflect the unrealized investment losses recorded in the Jamaican portfolio during the quarter, partially offset by improved performance in overseas holdings and reduced cash balances.

Shareholder’s equity was $1.73 billion (2024: $1.77 billion), representing a net asset per share of $1.26 (2024: $1.30).

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