Wilmington Capital Management Inc. Reports Third Quarter and Year to Date 2025 Results

CALGARY, Alberta, Nov. 12, 2025 (GLOBE NEWSWIRE) -- Wilmington Capital Management Inc. (TSX: WCM.A, WCM.B) (“Wilmington” or the “Corporation”) reports its third quarter and year-to-date 2025 financial reports and provides an operational update.

For the three and nine months ended September 30, 2025, the Corporation reported a net loss of $0.2 million or ($0.02) per share and $0.6 million or ($0.05), compared to a net loss of $0.01 million or ($0.00) per share and net income of $1.2 million or $0.09 per share for the same periods in 2024, respectively.

Management and Board Transition

As previously reported, beginning in August 2023, the Corporation took steps to monetize a number of its investments in order to unlock the value which had been substantially realized, distribute capital to its shareholders and simplify its business. The monetization plan has met with considerable success and Wilmington is well positioned to continue to build on its past history of delivering attractive long-term returns to shareholders.

Wilmington today announced, as part of its transition plan, upcoming changes in its leadership team and board of directors. Effective December 31, 2025, Messrs. Chris Killi, Joe Killi and Marc Sardachuk will be stepping down from their respective roles as CEO, Chairman and director of the Corporation. Their leadership and commitment have been instrumental in building unique alternative investment platforms such as land lease resorts and communities, self-storage facilities, marinas and delivering strong financial performance. Wilmington is grateful for their vision and stewardship throughout their tenure and wishes them every success in their future endeavors.

Mr. Andrew Cockwell will assume the role of interim Chairman and will help lead Wilmington into an exciting new chapter that ensures the Corporation continues to have a dynamic and successful future.

About Wilmington

Wilmington is a Canadian investment company whose principal objective historically was to seek out investment opportunities in the alternative asset classes which provided shareholders with capital appreciation over the longer term as opposed to current income returns. The Corporation invested its own capital alongside partners and co-investors, in hard assets and private equity funds and managed these assets through operating entities. Further information relating to the Corporation may be found on www.sedarplus.ca as well on the Corporation’s website at www.wilmingtoncapital.ca.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
AND COMPREHENSIVE INCOME (LOSS)

(unaudited)	Three months ended September 30,						Nine months ended September 30,
(CDN $ thousands, except per share amounts)	2025			2024			2025			2024
Management fee revenue	---			240			---			640
Interest, distributions and other income	268			315			824			1,401
	268			555			824			2,041
Expenses
General and administrative	(506	)		(440	)		(1,626	)		(1,887	)
Amortization	(7	)		(7	)		(21	)		(21	)
Finance costs	(1	)		(1	)		(3	)		(4	)
Stock-based compensation	---			---			---			(18	)
	(514	)		(448	)		(1,650	)		(1,930	)
Fair value adjustments and other activities
Fair value adjustments to investments	---			(30	)		---			164
Gain from sale of investments	---			---			---			947
	---			(30	)		---			1,111
Income (loss) before income taxes	(246	)		77			(826	)		1,222
Current income tax recovery (expense)	61			(20	)		207			(481	)
Deferred income tax recovery (expense)	(10	)		---			(17	)		453
Provision for income taxes	51			(20	)		190			(28	)
Net income (loss)	(195	)		57			(636	)		1,194
Other comprehensive income
Items that will not be reclassified to net income:
Fair value adjustments to investments	(200	)		---			(200	)		---
Related income taxes	20			---			20			36
Other comprehensive income (loss)	(180	)		---			(180	)		36
Total comprehensive income (loss)	(375	)		57			(816	)		1,230
Net income (loss) per share
Basic	(0.02	)		---			(0.05	)		0.09
Diluted	(0.02	)		---			(0.05	)		0.09

INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited) (CDN $ thousands)	September 30, 2025			December 31, 2024
Assets
NON-CURRENT ASSETS
Investment in Bay Moorings Partnership	650			850
Deferred income tax assets	243			240
Right-of-use asset	14			36
	907			1,126
CURRENT ASSETS
Cash	33,896			36,307
Income taxes recoverable	242			---
Amounts receivable and other assets	1,063			1,253
Total assets	36,108			38,686
Liabilities
NON-CURRENT LIABILITIES
Lease liabilities	36			52
	36			52
CURRENT LIABILITIES
Lease liabilities	38			38
Income taxes payable	---			725
Amounts payable and other	617			1,638
Total liabilities	691			2,453
Equity
Shareholders’ equity	35,619			35,619
Retained earnings (deficit)	(218	)		418
Accumulated other comprehensive income	16			196
Total equity	35,417			36,233
Total liabilities and equity	36,108			38,686

Executive Officers of the Corporation will be available at 403-705-8038 to answer any questions on the Corporation’s financial results.

STATEMENT REGARDING FORWARD-LOOKING STATEMENTS AND OTHER MEASUREMENTS
Certain statements included in this document may constitute forward-looking statements or information under applicable securities legislation. Forward-looking statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial conditions, expected financial results, performance, opportunities, priorities, ongoing objectives, strategies and outlook of the Corporation and its investee entities and contain words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, or similar expressions and statements relating to matters that are not historical facts constitute “forward-looking information” within the meaning of applicable Canadian securities legislation.

While the Corporation believes the anticipated future results, performance or achievements reflected or implied in those forward-looking statements are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond the Corporation’s control, which may cause the actual results, performance and achievements of the Corporation to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

Factors and risks that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include but are not limited to: the ability of management of Wilmington and its investee entities to execute its and their business plans; availability of equity and debt financing and refinancing within the equity and capital markets; strategic actions including dispositions; business competition; delays in business operations; the risk of carrying out operations with minimal environmental impact; industry conditions including changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; operational matters related to investee entities business; incorrect assessments of the value of acquisitions; fluctuations in interest rates; stock market volatility; general economic, market and business conditions; risks associated with existing and potential future law suits and regulatory actions against Wilmington and its investee entities; uncertainties associated with regulatory approvals; uncertainty of government policy changes; uncertainties associated with credit facilities; changes in income tax laws, tax laws; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the effect of applying future accounting changes; and other risks, factors and uncertainties described elsewhere in this document or in Wilmington's other filings with Canadian securities regulatory authorities.

The foregoing list of important factors that may affect future results is not exhaustive. When relying on the forward-looking statements, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, the Corporation undertakes no obligation to publicly update or revise any forward-looking statements or information, that may be as a result of new information, future events or otherwise. These forward-looking statements are effective only as of the date of this document.