The Western Investment Company of Canada (WI) investor relations material

Executive summary

• Completed sale of GlassMasters Autoglass, generating net proceeds of $23.3 million and a gain on sale of $14.4 million in Q1 2026.

• Net income for Q1 2026 was $12.5 million, reversing a net loss of $1.0 million in Q1 2025.

• Announced executive appointments, including new Chief Legal Officer, Chief Operating Officer, and Executive Vice President.

Financial highlights

• Insurance revenue rose to $9.3 million from $8.2 million year-over-year.

• Net investment income increased to $0.34 million from $0.13 million year-over-year.

• Loss from equity-accounted investments widened to $1.3 million, mainly due to GlassMasters transaction expenses.

• Net income per share was $0.08, up from a loss of $0.01 per share in Q1 2025.

Segment performance

• Fortress Insurance insurance revenue grew 33% to $8.8 million; net income reached $0.3 million, up from a $0.1 million loss.

• Fortress improved its loss ratio to 50.8% and expense ratio to 45.7% on a trailing 12-month basis.

• Foothills Creamery revenue declined to $6.0 million, but gross profit and EBITDA improved due to a shift to higher-margin products.

• Golden Health Care revenue increased 7% to $2.9 million, with EBITDA rising to $0.73 million.

• GlassMasters generated $3.4 million revenue and a $2.5 million EBITDA loss prior to its sale.