Kingsway Reports Third Quarter 2026 Financial Results
Key Highlights
- ➤Consolidated revenue increased 4.5% to $38.9 million year over year
- ➤KSX adjusted EBITDA increased 24.5% to $3.3 million
- ➤Extended Warranty adjusted EBITDA increased 88.3% to $1.4 million
- ➤Cash from Operations reached $4.1 million in the third quarter
- ➤Total net debt declined to $60.3 million from $62.4 million
Expert Statements
JT Fitzgerald, President and CEO of Kingsway Corporation
“Kingsway delivered another exceptional result in the third quarter, with strong profitability, organic growth, and cash flow.”
JT Fitzgerald, President and CEO of Kingsway Corporation
“KSX achieved $3.3 million in adjusted EBITDA. Extended Warranty adjusted EBITDA was $1.4 million, and lender-defined Modified Cash Adjusted EBITDA, which is used as the basis for financial covenant calculations under the Company's credit agreement, was $2.7 million.”
JT Fitzgerald, President and CEO of Kingsway Corporation
“During the quarter, Kingsway had approximately $0.6 million of revenue re-deferrals at its operating subsidiaries. Normalizing for these non-cash accounting items, profitability of the segments in the quarter would have been broadly consistent with Kingsway's strong second quarter result.”
JT Fitzgerald, President and CEO of Kingsway Corporation
“Importantly, for the first time Kingsway is disclosing organic revenue and EBITDA growth numbers for its operating companies. In the third quarter, Organic Segment Revenue Growth was 8% and Organic Segment Adjusted EBITDA Growth was 54%. These robust numbers demonstrate the strong commercial momentum and value creation we are seeing across the Company. Kingsway will be providing organic growth numbers for its operating companies each quarter going forward.”
JT Fitzgerald, President and CEO of Kingsway Corporation
“I am also pleased to highlight that Kingsway's operating performance translated into healthy cash flow, with Cash from Operations reaching $4.1 million in the third quarter. The asset-light nature of Kingsway's services businesses allows Kingsway to translate growing EBITDA into strong cash flow as the Company scales.”
JT Fitzgerald, President and CEO of Kingsway Corporation
“Finally, LTM Portfolio EBITDA increased to a range of $23 million to $24 million. I remain confident in the positive trajectory of this metric in the fourth quarter and into 2027.”
JT Fitzgerald, President and CEO of Kingsway Corporation
“Today's results provide another clear data point that Kingsway is delivering on its strategy”
JT Fitzgerald, President and CEO of Kingsway Corporation
“Profitability was strong, organic growth was robust, and the cash generation of Kingsway's asset-light businesses is showing up in the numbers. With a highly active deal pipeline, Kingsway is positioned to continue driving both inorganic and organic growth in the quarters ahead.”
CHICAGO, IL / ACCESS Newswire / November 5, 2026 / Kingsway Corporation ("Kingsway" or the "Company"), (NYSE:KWY) the only publicly-traded US company employing the Search Fund model to acquire and build great businesses, today announced its operating results for the three and nine months ended September 30, 2026.
Third Quarter 2026 Financial Highlights Compared To Third Quarter 2025
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