Star Metro - Western Investment Company Reports 2025 Year-End Results

Fortress Insurance ("Fortress") achieved strong growth in Gross Written Premiums ("GWP")¹, in 2025, driven by organic expansion of existing business and the addition of new products. Income from equity investments for the year-ended December 31, 2025 was $1.5 million, up from $0.7 million in 2024, led by GlassMasters Autoglass ("GlassMasters") and Golden Healthcare ("Golden").

Net loss for the year was $0.6 million, compared to net income of $1.3million in 2024. The 2024 net income included a one-time gain of $2.6 million related to the acquisition of Fortress Insurance.

Western's investment in GlassMasters was subsequently sold early in 2026, as noted in the press release dated February 2, 2026, for net proceeds of $23.2 million. A copy of our first annual shareholder letter can be found here.

Western Financial Highlights

¹Supplementary, non-GAAP, financial measure - total gross insurance premiums written during the year.

² Fortress results in 2024 were consolidated into Western only from the fourth-quarter 2024

Fortress Insurance

Fortress grew GWP by 42% to $64.4 million in 2025. Performance was driven by increased scale in their existing business, complemented by the introduction of six new products that enhanced portfolio diversification.

Fortress's total investment portfolio, including cash and cash equivalents, grew 44% to $33.7 million, compared to $23.4 million at the end of the prior year, while net investment income was $1.0 million for the year, compared to $1.1 million in 2024.

The trailing 12-month loss ratio (incurred losses, including incurred but not reported over earned premium) was 52%, compared to 55% in 2024. The improvement was attributable to favourable claims experience and a higher insurance revenue base as more premium was recognized in the year.

The expense ratio improved modestly in 2025 to 50%, compared to 51% in the prior year, reflecting disciplined cost management and operating leverage from a higher insurance revenue base.

Net loss for the year was $0.1 million, compared to a loss of $0.3 million in 2024.

¹Supplementary, non-GAAP, financial measure - total gross insurance premiums written during the year.

Note: The above table reflects stand-alone Fortress results, excluding consolidation adjustments for the Corporation

GlassMasters grew revenue by 10% to $46.9 million in 2025, driven by strong organic expansion across existing locations. EBITDA increased to $7.0 million in 2025, compared to $5.5 million in 2024.

Foothills Creamery ("Foothills") revenue grew by 5% to $37.6 million, compared to $35.7 million in 2024. Gross margins improved to 24% from 22% in the prior year. EBITDA increased 19.2% in 2025 to $3.0 million versus $2.5 million in 2024. In 2025, Foothills was focused on enhancing its retail distribution channel and entered into contracts with major retailers in Canada for shelf space. Gross margins benefitted from a cream supply agreement with a new supplier, effective August 2025. The decrease in the cost of cream is estimated to be between 3-4% per kilogram and should directly benefit gross margins and EBITDA.

Golden revenue increased 8% to $11.0 million, compared to $10.2 million in 2024, as occupancy levels remained strong at the senior care homes. Operating expenses remained relatively flat, allowing Golden to improve EBITDA to $2.7 million, compared to $2.0 million in 2024. Golden's management continues to engage with the provincial government to explore opportunities for collaboration, including the potential for the government to place publicly funded patients in some of Golden's available beds.

About The Western Investment Company of Canada Limited

Western is an insurance and investments holding company focused on decentralized ownership of insurance businesses and centralized investment management. Western's shares are traded on the TSX Venture Exchange under the symbol WI.

For more information on Western, please visit www.winv.ca.

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Contact Information

Pablo Dancuart
Chief Financial Officer
[email protected]

Advisories

This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to future results and plans for Western and its associated companies, acquisitions, financings and returns. Statements containing the words: 'believes', 'intends', 'expects', 'plans', 'seeks' and 'anticipates' and any other words of similar meaning are forward-looking. All statements included herein involve various risks and uncertainties because they relate to future events and circumstances beyond Western's control.

The forward-looking statements are based on certain key expectations and assumptions made by Western, including expectations and assumptions concerning the ability of Western to successfully implement its strategic plans and initiatives.

Although Western believes that the expectations and assumptions on which the forward-looking statements made by Western are based are reasonable, undue reliance should not be placed on the forward-looking statements because no assurance can be provided that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks relating to regulatory compliance, risks relating to demand for the products and services provided by Fortress Insurance and other portfolio companies, risks relating to future growth prospects and business opportunities, risks that management is not able to execute its business strategy, and the impact of general economic conditions in Canada and the United States. A description of additional assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Western's disclosure documents on the SEDAR+ website at www.sedarplus.com.

The forward-looking statements contained in this news release are made as of the date hereof and Western undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

This news release also contains financial outlook information ("FOFI") about prospective results of operations and book value, which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraphs. FOFI contained in this news release was made as of the date of this news release to provide information about management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for any other purpose. Western disclaims any intention or obligation to update or revise any FOFI contained in this news release, whether as a result of new information, future events or otherwise, except as required by applicable law.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

"Neither the TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

SOURCE: The Western Investment Company of Canada Limited

View the original press release on ACCESS Newswire

O.Ouellet--SMC