Bridgemarq Real Estate Services (BRE) Q4 2025 earnings summary

Executive summary

• FY2025 revenue reached CAD 407.4 million, up from CAD 350.7 million in 2024, driven by acquisitions, fee increases, and agent growth.

• Net earnings for 2025 were CAD 7.3 million ($0.44 per share), reversing a net loss of CAD 10.3 million ($1.09 per share) in 2024, mainly due to a gain on exchangeable units valuation.

• The agent network grew by over 470 professionals (2% increase) to 21,409 REALTORS®, while the national realtor count declined by 3%.

• Strategic acquisitions, digital initiatives, and technology upgrades strengthened brand positioning and operational effectiveness.

• Stable cash flows are underpinned by fixed franchise fees, high renewal rates, and a resilient business model.

Financial highlights

• FY2025 total revenue was CAD 407.4 million, up from CAD 350.7 million in FY2024.

• Adjusted net earnings for 2025 were CAD 5 million ($0.32 per share), down from CAD 7.3 million ($0.49 per share) in 2024, due to lower operating income.

• Free cash flow for 2025 was CAD 10.6 million, down from CAD 16.8 million in 2024, impacted by higher capital expenditures.

• Dividend of CAD 0.1125 per share declared for April 2026; total 2025 dividends were CAD 1.35 per share, unchanged from 2024.

• FY2025 EBITDA was CAD 25.4 million, down from CAD 28.7 million in FY2024.

Outlook and guidance

• The operating model is positioned for sustained success with stable cash flows and expansion opportunities, supported by digital lead generation and virtual brokerage models.

• Commitment to adapt proactively to ongoing industry uncertainty and market fundamentals remain strong despite affordability and confidence challenges.

• CIBC forecasts the Bank of Canada overnight rate to remain at 2.25% through 2026, supporting market stability.