May 14, 2026

MFS Capital Partners Limited (MFS)

Unaudited financials for the nine months ended March 31, 2026:

MFS Capital Partners Limited (MFS), for the nine months ended March 31, 2026, reported a 12% increase in Revenue totaling $107.21 million compared to $95.53 million in the corresponding period last year. Revenue for the third quarter declined 19% to close at $35.95 million compared to $44.18 million for the comparable quarter of 2025. The growth in year-to-date revenue was driven primarily by net gains on FX trading activities of $92.9 million (2025: $79.5 million), supplemented by remittance service fees of $5.3 million (2025: $5.7 million) and interest income from the private credit portfolio of $8.9 million (2025: $10.3 million).

Other operating income decreased by 91% to close at $5.89 million (2025: $65.34 million), with the prior-year comparable benefitting from a non-recurring intercompany payable write-off of $50.0 million booked in Q1 2024/25.

Operating and administrative expenses increased marginally by 2% from $66.50 million in 2025 to $67.79 million in the period under review, with the main components being staff costs, occupancy costs, and management fees.

As a result, operating profit for the nine months ended March 31, 2026, amounted to $45.32 million, a 52% decrease relative to $94.37 million reported in 2025.

Finance costs, net, for the nine months ended March 31, 2026, amounted to $6.85 million, a 22% increase relative to $5.60 million reported in 2025, attributable to interest on borrowings.

Profit before taxation totaled $38.47 million, a 57% decrease from the corresponding period last year (2025: $88.77 million). Management attributes this decline to the prior-year non-recurring income event of $50 million as well as the adverse effect of Hurricane Melissa, which impacted the second and third quarters. For the third quarter, profit before taxation declined by 65% to $10.49 million compared to $29.89 million for the corresponding quarter of 2025.

Taxation for the nine months ended March 31, 2026, amounted to $19.98 million, an 8% increase relative to $18.52 million reported in 2025.

Net profit for the nine months ended March 31, 2026, decreased by 74% to reach $18.49 million (2025: $70.25 million). For the third quarter, net profit declined by 79% to close at $4.18 million compared to $19.58 million for the corresponding quarter of 2025.

Consequently, Earnings Per Share for the nine months amounted to $0.028 (2025: EPS: $0.106), while Earnings Per Share for the quarter totaled $0.006 (2025: EPS: $0.030). The twelve-month trailing EPS was $0.089, and the number of shares used in these calculations was 660,400,000.

Notably, MFS’s stock price closed at $0.56 on May 13, 2026, with a corresponding P/E ratio of 6.31x.

Balance Sheet Highlights

The company’s assets totaled $844.16 million (2025: $853.94 million), representing a 1% decline year over year, though up 5% from the audited position of $802.60 million as at June 30, 2025. Key components of the asset base include investment property of $405.0 million, long-term due from related parties of $181.0 million, goodwill of $66.98 million, and investment in associates of $81.12 million.

The movement in total assets reflects:

• An increase in long-term due from related parties to $181.03 million (2025: $154.97 million), up 17%
• A sharp decline in investment securities to $2.87 million (2025: $23.56 million), down 88%
• A 33% increase in investment in associates to $81.12 million (2025: $61.04 million), reflecting a $20 million part payment for additional interest

Shareholders’ equity was $311.50 million (2025: $253.94 million), representing a book value per share of $0.47 (2025: $0.38).

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