April 30, 2026

Caribbean Cream Limited (KREMI)

Audited Financial Statements for the Twelve Months Ended February 28, 2026

Caribbean Cream Limited (KREMI) reported a 1% decrease in Gross Operating Revenue to $2.97 billion for the twelve months ended February 28, 2026, compared to $2.99 billion in the corresponding period last year. Revenue for the fourth quarter decreased 6% to $767.81 million, down from $818.21 million in the comparable quarter of 2025.

Direct Expenses amounted to $2.09 billion (2025: $1.94 billion), an increase of 8% year over year. Consequently, Gross Profit declined 16% to $885.65 million compared to $1.06 billion for the twelve months ended February 28, 2025. The company booked Gross Profit of $312.79 million for the fourth quarter versus $330.86 million reported for the comparable quarter of 2025. Other Income amounted to $5.71 million (2025: $7.24 million), a decrease of 21% year over year.

Administrative Expenses declined 5% to $824.31 million (2025: $867.98 million), while Selling and Distribution Expenses increased 4% to $83.83 million (2025: $80.34 million). As a result, total Operating Expenses for the twelve months ended February 28, 2026, amounted to $908.15 million, a 4% decrease relative to $948.32 million reported in 2025.

The Group recorded an Operating Loss of $16.79 million for the twelve months ended February 28, 2026, compared to an Operating Profit of $118.78 million in the corresponding period of 2025, a deterioration of 114%. Operating Profit for the fourth quarter amounted to $43.44 million (2025: $46.62 million). Impairment Losses on Financial Assets amounted to $1.51 million (2025: $0.39 million). Finance Costs, net, totalled $107.56 million, an 8% increase from the corresponding period last year (2025: $99.80 million).

Loss Before Taxation for the twelve months ended February 28, 2026, amounted to $125.85 million, compared to a Profit Before Taxation of $18.58 million in the corresponding period of 2025, a deterioration of 777%. Profit Before Taxation for the fourth quarter amounted to $19.12 million (2025: $15.70 million).

A Taxation Credit of $30.02 million was recorded for the twelve months ended February 28, 2026, compared to a Taxation Charge of $0.79 million in 2025, representing a swing from a tax charge to a tax credit. Net Loss for the twelve months amounted to $95.83 million, compared to a Net Profit of $17.79 million reported in 2025, a deterioration of 639%. For the fourth quarter, Net Profit was $12.90 million (2025: $15.63 million).

Loss Per Share for the twelve months amounted to $0.25 (2025: EPS of $0.05), while Earnings Per Share for the fourth quarter totalled $0.03 (2025: $0.04). The twelve-month trailing LPS was $0.25, and the number of shares used in these calculations was 378,568,115. Notably, KREMI’s stock price closed at $1.78 on April 30, 2026.

Balance Sheet Highlights

The company’s total assets amounted to $2.56 billion (2025: $2.70 billion), a decrease of 5% year over year, primarily driven by a 6% decline in Property, Plant and Equipment to $1.67 billion (2025: $1.77 billion) and a 53% decline in Cash and Cash Equivalents to $28.80 million (2025: $38.08 million).

Total Shareholders’ Equity declined 11% to $784.32 million (2025: $880.15 million), reflecting the reduction in Retained Earnings to $672.91 million (2025: $768.74 million) as a result of the net loss recorded during the year. Book value per share was $2.07 (2025: $2.32).

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