Wilmington Capital Management Inc. Reports First Quarter 2026 Results

STOCK SYMBOL –TSX:  WCM.A WCM.B

TORONTO, May 6, 2026 /CNW/ - Wilmington Capital Management Inc. ("Wilmington" or the "Corporation") reports its first quarter results for the three months ended March 31, 2026 and provides an operational update.

For the three months ended March 31, 2026, the Corporation reported a net income of $2.5 million or $0.20 per share, compared to a net loss of $0.2 million or ($0.01) per share for the same period in 2025.  

Outlook

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 announced on November 31, 2025, as part of its transition plan, the changes in its leadership team and board of directors. Effective December 31, 2025, Messrs. Chris Killi, Joe Killi and Marc Sardachuk stepped down from their respective roles as CEO, Chairman and director of the Corporation. Their leadership and commitment was instrumental in building unique alternative investment platforms 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 assumed the role of Chairman and CEO and will help lead Wilmington in identifying and executing value creating investments.

About Wilmington

Wilmington is a Canadian investment company whose principal objective has been to seek out investment opportunities in 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)			For the three months ended March 31,
(CDN $ thousands, except per share amounts)			2026	2025
Revenue
Interest income			149	287
			149	287
Expenses
General and administrative			(205)	(514)
Amortization			(7)	(7)
Finance costs			(1)	(1)
			(213)	(522)
Fair value adjustments and other activities
Fair value adjustments to investments			2,566	---
			2,566	---
Income (loss) before income taxes			2,502	(235)
Current income tax recovery (expense)			(37)	56
Deferred income tax recovery (expense)			(10)	---
Provision for income taxes			(47)	56
Net income (loss)			2,455	(179)
Other comprehensive income (loss)			---	---
Comprehensive income (loss)			2,455	(179)
Net income (loss) per share
Basic			0.20	(0.01)
Diluted			0.20	(0.01)

INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)			March 31,	December 31,
(CDN $ thousands)	Note		2026	2025
Assets
NON-CURRENT ASSETS
Investment in Bay Moorings Partnership	4		650	650
Investment in Energy Securities	5		14,206	9,963
Deferred income tax assets			217	228
Right-of-use asset			---	8
			15,073	10,849
CURRENT ASSETS
Cash			22,341	24,010
Income taxes recoverable			334	371
Amounts receivable and other assets	6		943	1,165
Total assets			38,691	36,395
Liabilities
NON-CURRENT LIABILITIES
Lease liabilities			---	18
			---	18
CURRENT LIABILITIES
Lease liabilities			38	38
Income taxes payable			---	---
Amounts payable and other			596	737
Total liabilities			634	793
Equity
Shareholders' equity	7		35,619	35,619
Retained earnings (deficit)			2,422	(33)
Accumulated other comprehensive income			16	16
Total equity			38,057	35,602
Total liabilities and equity			38,691	36,395

Executive Officers of the Corporation will be available at 416-640-2595 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.

SOURCE Wilmington Capital Management Inc.