Mayberry’s Q1 2026 Losses Widen Amid Tough Market Conditions

For the quarter ended March 31, 2026 (Q1 2026), Mayberry Group Limited (MGL) reported a net loss attributable to shareholders of J$1.17Bn, a 141.0% deterioration relative to the J$486.35Mn loss in Q1 2025. Negative operating revenues, higher operating expenses, and the absence of joint venture earnings were the main drivers of the outturn.
Operating revenues, which were negative (-$1.27Bn), were dragged down by net interest expenses and unrealised losses on investments in associates.
Net interest expenses totalled $392.53Mn, as interest income, which is down 43.8% to $363.22Mn, was met by a 28.2% increase in interest expenses to $755.75Mn. Reduced market yields for structured notes translated into weaker interest income, while the higher interest expenses were due to growth in costs for corporate papers and notes.
However, it was unrealised losses on its investments in associates totaling $1.55Bn that were the biggest contributor to the losses. This was marginally higher than the $1.54Bn reported for Q1 2025 and reflects price reductions for key securities in its portfolio. Its subsidiary Mayberry Jamaican Equities (MJE: -16.9%) and associate Supreme Ventures Limited (SVL: -5.3%) were likely major contributors.
Higher operating expenses (OPEX), which rose 35.9%, compounded the losses. A 76.4% increase in other operating expenses, higher financing and carrying costs on investment positions at its wholly-owned subsidiary, Widebase, as well as increased overheads for technology modernisation, digital marketing, were the main contributors. An 18.2% increase in salaries and staff costs as the group added key talent to help pursue its strategic revenue pillars exacerbated losses.
Lastly, the absence of profits from its joint venture also played a key role in the $1.17 Bn loss. In Q1 2025, MGL benefited from a $518Mn joint venture profit, which helped to keep losses at bay.
MGL’s weak quarter reflects the difficult operating environment, characterised by still elevated interest rates and equity market volatility against the backdrop of a still weak economy post Hurricane Melissa and the risks to domestic inflation from the external environment, which are likely to continue to keep equity markets depressed.
That said, management is deploying its broader strategy to improve performance, which includes reducing balance sheet risk, broadening the revenue base, and building a more durable earnings foundation. Moreover, if SVL, whose Q1 2026 earnings were strong (+35.9%), sees a sustained rebound in performance, its stock price may rebound and contribute to an eventual reversal in MGL’s unrealised losses on investments in associates.
As at the close of trading on Monday, MGL’s stock price closed at J$6.34, reflecting a 14.7% year-to-date decline. At this price, MGL trades at a P/B of 0.63x, which is below the Main Market Financial Sector Average of 1.07x.

(Source: Mayberry Group Limited & NCBCM Research)