Queen's Road Capital Announces US$115 Million After-Tax Earnings for Fiscal Year 2025

Executive Summary

• QRC reported after‑tax earnings of US $115 million (C$3.25 per share) for the fiscal year ended August 31, 2025, implying a P/E ratio of 2.4×.
• The convertible debenture portfolio grew to US $223 million, earning a 9.7% coupon and generating roughly US $22 million in annual interest income.
• Shareholder participation in the DRIP was strong (69%), with 959,314 treasury shares issued at C$8.26 per share; the company will shift to semi‑annual dividends in 2026.

Key Details

• After‑tax earnings: US $115 million (C$3.25 per share).
• Fiscal year end: August 31, 2025.
• Price‑to‑Earnings ratio: 2.4× as of August 31, 2025.
• Convertible debenture portfolio: US $213 million at fiscal year end; now US $223 million with a 9.7% coupon, producing ~US $22 million annual interest income.
• Equity investments: US $130+ million in highly liquid equities.
• NAV: Reached an all‑time high month‑end level; price‑to‑NAV multiple near record low.
• Commodity exposure of portfolio: ≈50% uranium, 25% copper, 25% precious metals.
• DRIP participation: 69% of shareholders for the November 13 dividend.
• Treasury shares issued under DRIP: 959,314 shares at C$8.26 per share.
• Dividend policy change: Moving to semi‑annual dividends in 2026 (payments expected May and November).

Notable Quotes

“After a record 2025 fiscal year, 2026 is off to a strong start with uranium, copper and gold equities in high demand… our portfolio’s current commodity exposure … should see further gains for Queen’s Road shareholders in the future.” – Warren Gilman, Chairman & CEO.