September 2, 2026
Eppley Limited (EPLY)
Unaudited financials for the six months ended June 30, 2026:
Eppley Limited (EPLY) for the six months ended June 30, 2026, reported a 13% increase in Gross Investment Income totaling $888.13 million compared to $783.94 million in the corresponding period last year. Gross Investment Income for the second quarter had a 10% increase to close at $423.56 million compared to $383.52 million for the comparable quarter of 2025. EPLY noted that the growth was driven mainly by higher operating lease and interest income as capital was deployed into opportunities offering attractive risk-adjusted returns, with the property and asset management businesses also contributing. The Company further highlighted that during the period it completed the acquisition of North West Premium Finance, an insurance premium financing company in Trinidad and Tobago, which contributed positively to interest income during the period.
A breakdown of Gross Investment Income showed that Interest Income rose 6% to $222.58 million (2025: $210.43 million), Asset management income grew 5% to $246.09 million (2025: $233.96 million), Net rental income advanced 12% to $324.73 million (2025: $290.14 million), while Operating lease income, net, nearly doubled with a 92% increase to $94.73 million (2025: $49.41 million).
Interest expense amounted to $337.92 million (2025: $342.75 million), this represents a decline of 1% year over year. Consequently, net investment income increased by 25% to $550.21 million compared to $441.19 million for the six months ended June 30, 2025. The company booked net investment income of $242.02 million for the second quarter versus $208.14 million reported for the similar quarter of 2025.
Net impairment gains on financial assets closed at $3.10 million relative to $193,000 in 2025, while Administrative Expenses increased by 37% from $246.02 million in 2025 to $337.77 million in the period under review. EPLY attributed this to general inflationary increases, costs associated with our new office space, and the continued expansion of its team. Also, fees and other operating income for the six months ended June 30, 2026, amounted to $79.11 million, a 26% decline relative to $106.50 million reported in 2025, which the Company indicated came despite higher exchange rate losses during the period.
Share of net profit from associated companies and joint ventures for the six months ended June 30, 2026, amounted to $146.78 million, a 6% increase relative to $138.95 million reported in 2025. Share of net profit for the second quarter amounted to $68.14 million (2025: $67.53 million).
Profit Before Tax totalled $441.42 million, virtually flat when compared to the corresponding period last year (2025: $440.81 million). For the second quarter, Profit Before Tax declined 21% to $141.23 million (2025: $177.91 million).
Taxation for the six months ended June 30, 2026, reflected a credit of $13.50 million relative to a charge of $30.70 million reported in 2025. As such, Net Profit for the six months ended June 30, 2026, had an 11% increase to reach $454.92 million (2025: $410.11 million). Net Profit for the second quarter, however, fell 4% to $156.52 million (2025: $162.83 million).
Net Profit attributable to Shareholders for the six months amounted to $259.19 million, a 10% increase from the $236.58 million reported in 2025. For the second quarter, Net Profit attributable to Shareholders was $55.00 million, a 20% decline (2025: $69.01 million).
Consequently, Earnings Per Share for the six months amounted to $1.35 (2025: EPS: $1.23), while Earnings Per Share for the quarter totaled $0.29 (2025: EPS: $0.36). The twelve-month trailing EPS was $4.00, and the number of shares used in these calculations was 192,468,300.
Notably, EPLY’s stock price closed the trading period on September 1, 2026, at a price of $35.95 with a corresponding P/E ratio of 8.98x.
Balance Sheet Highlights
The company’s assets totalled $24.23 billion (2025: $21.02 billion). The growth in total assets was mainly due to increases in the following during the period: Loans receivable (+$1.13 billion), Investment securities (+$763.97 million), Investment properties (+$726.31 million) and Insurance premium financing receivables (+$248.46 million). These were partly offset by declines in Lease receivables (-$323.38 million) and Investment in associated companies and joint ventures (-$205.59 million).
Total liabilities amounted to $12.21 billion (2025: $10.13 billion), with Borrowings accounting for $10.98 billion of the total (2025: $9.43 billion). EPLY indicated that consolidated leverage stood at 0.91x of capital at June 30, 2026, with a weighted average cost of borrowing of 8.062%.
Shareholder’s equity was $2.65 billion (2025: $2.11 billion), representing a book value per share of $13.78 (2025: $10.95).
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