May 19, 2026
Eppley Limited (EPLY)
Audited financials for the year ended December 31, 2025:
Eppley Limited (EPLY) for the year ended December 31, 2025, reported a 62% increase in Gross Investment Income totaling $1.48 billion compared to $913.78 million in the corresponding period last year. The improvement was driven by stronger net rental income, which grew 237% to $577.62 million (2024: $171.40 million), and asset management fee income, which rose 29% to $377.00 million (2024: $292.74 million). Interest income, however, declined 5% to $401.16 million (2024: $421.16 million).
Interest expense amounted to $708.21 million (2024: $454.33 million), an increase of 56% year over year, reflecting higher borrowings on the back of the consolidation of the Eppley Caribbean Property Fund. Consequently, Net Investment Income increased by 68% to $772.11 million compared to $459.45 million for the year ended December 31, 2024.
Fees and Other Operating Income for the year ended December 31, 2025 amounted to $546.15 million, a 350% increase relative to $121.26 million reported in 2024, largely driven by fair value gains on equity securities at FVPL of $383.59 million (2024: $23.44 million). Administrative Expenses increased by 33% from $438.99 million in 2024 to $586.00 million in the period under review. Also, Fair Value gains on Investment Property increased by 617% to $635.28 million (2024: $88.59 million), supported by valuation uplifts across the portfolio, most notably at Angels Pen and 105-107 Marcus Garvey.
Share of Net Profit from Associated Companies and Joint Ventures for the year ended December 31, 2025 amounted to $429.04 million, a 31% decrease relative to $623.66 million reported in 2024. Notably, the prior period also benefited from a one-off Gain on Bargain Purchase of $676.05 million arising from the consolidation of the Value Fund, which did not recur in 2025.
Profit Before Tax totalled $1.77 billion, a 16% increase from the corresponding period last year (2024: $1.53 billion).
Taxation for the year ended December 31, 2025, amounted to $68.84 million, a 59% increase relative to $43.16 million reported in 2024.
Net Profit for the year ended December 31, 2025, had a 14% increase to reach $1.70 billion (2024: $1.48 billion).
Net Profit Attributable to Shareholders for the year amounted to $748.07 million, an 18% decrease from the $911.60 million reported in 2024, reflecting the absence of the prior year’s bargain purchase gain and a higher share of earnings accruing to non-controlling interests of the consolidated Caribbean Property Fund (NCI share: $951.50 million versus $573.34 million in 2024).
Consequently, Earnings Per Share for the year amounted to $3.89 (2024: EPS: $4.74). The twelve-month trailing EPS was $3.89, and the number of shares used in these calculations was 192,468,300.
Notably, EPLY’s stock price closed the trading period on May 18, 2026, at a price of $35.99, with a corresponding P/E ratio of 9.25x.
Balance Sheet Highlights
The Company’s assets totalled $22.70 billion (2024: $20.54 billion). The growth in total assets was influenced by increases to the following during the period: Investment Properties (up to $9.16 billion from $8.34 billion), Investment Securities (up to $3.04 billion from $2.21 billion), Loans Receivable (up to $1.37 billion from $921.46 million), and Property, Plant and Equipment (up to $1.00 billion from $419.67 million). This was partially offset by a reduction in Cash and Deposits, which fell to $1.04 billion (2024: $1.84 billion), and Lease Receivables, which declined to $850.06 million (2024: $1.28 billion).
Total Borrowings increased to $9.59 billion (2024: $9.09 billion), while Non-Controlling Interests grew to $9.35 billion (2024: $8.54 billion).
Shareholders’ Equity attributable to owners of the Company was $2.64 billion (2024: $2.06 billion), representing a book value per share of $13.72 (2024: $10.71).
Disclaimer:
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
