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First National Financial (FN) investor relations material

First National Financial Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary29 Jul, 2025

Executive summary

  • Mortgages under administration reached a record $159.9 billion, up 8% year-over-year, driven by growth in both single-family and commercial portfolios.

  • Revenue rose 15% to $621.3 million compared to the same quarter last year, with strong origination volumes in both business segments.

  • Net income increased to $63.4 million ($1.04 per share) from $54.1 million ($0.88 per share) a year ago.

  • Record origination volumes were achieved, especially in single-family residential and commercial segments.

Financial highlights

  • Pre-FMV Income (adjusted for fair value changes) was $77.9 million, up 1% year-over-year.

  • Income before income taxes rose 17% to $86.2 million, reflecting favorable capital market conditions.

  • Placement fees surged 80% to $81.4 million, while mortgage servicing income declined 1% to $69.4 million.

  • Net interest revenue from securitized mortgages increased 4% to $56.0 million.

  • Common share dividends paid or declared totaled $37.5 million, with a payout ratio of 60%.

Outlook and guidance

  • Anticipates increased year-over-year single-family originations in the next two quarters due to a larger pipeline and lower mortgage rates.

  • Expects third quarter origination volumes to exceed those from the same quarter last year.

  • Commercial segment projected to maintain steady origination volumes, supported by robust funding programs.

  • Management notes potential negative impact from U.S. tariffs, which could affect the Canadian economy and housing market.

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Frequently asked questions

First National Financial Corporation is a Canadian company that provides residential and commercial mortgage services. Its offerings include mortgage origination, underwriting, and servicing for both single-family homes and income-producing properties. The company operates as a lender and mortgage servicer across Canada. It is headquartered in Toronto, Canada, and its shares are listed on the TSX.

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