The Western Investment Company of Canada (WI) Q3 2025 earnings summary

Executive summary

• Net income for Q3 2025 rose to $0.6 million from $0.5 million year-over-year, reflecting growth in insurance and equity-accounted investments.

• Fortress Insurance achieved capital-efficient growth through prudent underwriting and specialty program expansion.

Financial highlights

• Gross written premiums at Fortress Insurance increased to $16.8 million from $15.1 million year-over-year.

• Insurance revenue at Fortress rose 26% year-over-year to $7.8 million, but total insurance service result fell 38% due to higher claims and long-term policy effects.

• Net investment income at Fortress dropped over 30% year-over-year due to lower returns and asset liquidation.

• Consolidated net income for the quarter was $0.6 million, up $0.08 million from the prior year.

Segment performance

• GlassMasters Autoglass revenue grew 8% year-over-year to $13.8 million; gross margin improved to 35.5%, but EBITDA declined to $2.1 million from $2.6 million.

• Foothills Creamery revenue increased 2% to $11.9 million; gross margin fell to 26.1% and EBITDA dropped to $1.4 million from $1.8 million.

• Golden Health Care revenue rose 9% to $2.8 million; EBITDA increased over 40% to $0.6 million, and net income reached $0.3 million.