April 30, 2026

QWI Investments Limited (QWI)

Unaudited financials for the second quarter ended March 31, 2026:

QWI Investments Limited (QWI) reported a 33% increase in dividend, interest and other income for the second quarter ended March 31, 2026, totaling J$5.49 million, compared to J$4.13 million in the corresponding period of the prior year. For the six months ended March 31, 2026, dividend, interest and other income amounted to J$12.76 million, a marginal 1% decline relative to J$12.92 million reported in 2025.

Losses from investment activities narrowed by 73% to J$40.49 million for the quarter (2025: loss of J$152.34 million), while year-to-date losses from investments closed at J$67.41 million, a 56% improvement from the J$151.45 million loss reported in the corresponding period last year. QWI noted, “This positive trajectory was driven by stronger results in the Jamaican portfolio, which recorded an unrealised gain of $13.8 million versus a $74.3 million unrealised loss in the same quarter last year. The Company also achieved a reduced unrealised loss in its USA portfolio, at $56.3 million compared with $79 million a year ago.”

Unrealised currency loss for the quarter amounted to J$4.49 million, relative to a gain of J$9.15 million in 2025. For the year-to-date period, unrealised currency loss totaled J$10.72 million compared to a gain of J$8.91 million in 2025.

Consequently, total income for the quarter closed at a loss of J$39.49 million, a 72% improvement compared to the J$139.06 million loss reported in 2025. Year-to-date total income reflected a loss of J$65.37 million versus a loss of J$129.62 million in the prior period, representing a 50% reduction in losses.

Administrative and other expenses for the quarter declined by 20% to J$22.07 million, down from J$27.72 million in 2025, while year-to-date administrative expenses rose 9% to J$44.71 million (2025: J$41.11 million). Interest expense for the quarter amounted to J$4.92 million, a 53% reduction relative to the J$10.54 million reported in the corresponding quarter last year. Year-to-date interest expense closed at J$9.11 million, a 45% decline from J$16.56 million in 2025.

As a result, loss before taxation for the second quarter ended March 31, 2026, totaled J$66.48 million, reflecting a 63% reduction in losses compared to the J$177.32 million loss reported in 2025. Year-to-date loss before taxation amounted to J$119.18 million, a 36% improvement relative to the J$187.29 million reported in the corresponding period last year.

Taxation credit for the quarter decreased by 67% to J$15.52 million, down from J$46.61 million in the prior year, while year-to-date taxation credit totaled J$27.40 million versus J$49.65 million in 2025. Net loss for the three months amounted to J$50.96 million, representing a 61% improvement relative to the J$130.71 million loss reported in 2025. For the year-to-date period, net loss closed at J$91.78 million, a 33% improvement from the J$137.64 million loss in the corresponding period last year.

Consequently, Loss Per Share for the three months amounted to $0.04 (2025: LPS: $0.10), while year-to-date LPS amounted to $0.07 (2025: LPS: $0.10). The twelve month trailing EPS was $0.03 and the number of shares used in these calculations was 1,365,000,015.

Notably, QWI’s stock price closed the trading period on April 29, 2026, at a price of $0.71, with a corresponding P/E ratio of 27.35x.

Balance Sheet Highlights

The Company’s total assets amounted to J$2.06 billion as at March 31, 2026, compared to J$2.05 billion in the prior year, representing a marginal 0.4% year-over-year increase. Relative to the September 30, 2025 audited balance of J$2.11 billion, total assets declined by 3%. The movement was primarily driven by the following portfolio changes:

• Quoted Investments – Local declined by J$111.94 million, moving to J$1.18 billion (2025: J$1.30 billion)
• Quoted Investments – Overseas increased by J$133.08 million, totaling J$847.81 million (2025: J$714.73 million)
• Due from Brokers and Other Receivables fell by J$7.34 million to J$21.18 million (2025: J$28.53 million)
• Cash and Bank Balances declined by J$5.79 million to J$2.10 million (2025: J$7.89 million)

These changes reflect the unrealised investment losses recorded during the period, the reallocation between local and overseas holdings, and the impact of margin loan and overdraft activity. Margin loan borrowings amounted to J$149.75 million on a non-current basis, with current borrowings totalling approximately J$70 million.

Shareholder’s equity was J$1.68 billion (2025: J$1.64 billion), representing a net asset value per share of $1.23 (2025: $1.20). QWI also noted, “As of 24 April, QWI’s NAV had rebounded to $1.29—the same level at which the financial year began—fully recovering the losses sustained up to March 2026.”

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