Information Services (ISC) Q4 2025 earnings summary

Executive summary

• Achieved record annual revenue of CAD 257.8 million and adjusted EBITDA of CAD 103.1 million for 2025, marking the strongest year on record, with annual diluted EPS of CAD 1.43.

• Surpassed long-term net leverage target of 2-2.5x ahead of schedule, originally expected by mid-2026.

• Strong performance in Saskatchewan Land Registry, driven by higher real estate values and transaction volumes, with each operating segment contributing to record results.

• Recognized for executive gender diversity and as a top employer, with a new employee share purchase plan introduced.

Financial highlights

• Revenue increased 4% year-over-year to CAD 257.8 million; net income rose to CAD 26.8 million (CAD 1.44 per basic share) from CAD 20.2 million (CAD 1.11 per share) in 2024.

• Adjusted net income was CAD 56.8 million (CAD 3.05 per basic share), up from CAD 42.9 million (CAD 2.36 per share) in 2024.

• Adjusted EBITDA margin improved to 40% from 37% year-over-year; Q4 adjusted EBITDA margin was 41%.

• Net cash flow from operating activities was CAD 77.6 million, up CAD 6.4 million from prior year; annual adjusted free cash flow was CAD 74.7 million (vs. CAD 56.4 million in 2024).

• Total expenses rose to CAD 204.1 million, mainly due to higher wages, salaries, and professional services.

Outlook and guidance

• 2026 revenue expected in the range of CAD 273-283 million; adjusted EBITDA projected at CAD 100-107 million.

• Robust free cash flow anticipated, supporting maintenance of net leverage target.

• Continued strength expected in registry operations, organic growth in services, and progress in technology solutions, with new contracts such as MECP.

• Services margins expected to remain strong, supported by high-margin Recovery Solutions.