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Earnings

The DLC Group Announces Strong Third Quarter Results With 19% Funded Mortgage Volume Growth

By The Northwire Desk — AI Analysis Nov 06, 2025 · 16:31 DLCG · 10.39 DOMINION LENDING CENTRES INC. J CL 'A'
DLCG · Price

Executive Summary

  • Dominion Lending Centres Inc. reported strong Q3 2025 results – revenue up 20% YoY to $26.4 M, Adjusted EBITDA $14.2 M (+16%), and net income $9.0 M (+70%).
  • Funded mortgage volumes grew 19% to $23.5 B; broker adoption of the Velocity platform reached a record 85%.
  • The company generated $9.5 M of free cash flow attributable to common shareholders in Q3 and $26.9 M for the nine‑month period, while maintaining a low net debt/EBITDA ratio of 0.61x.

Key Details

  • Revenue: $26.381 M (Q3 2025) vs. $22.073 M (Q3 2024) – +20% YoY.
  • Adjusted EBITDA: $14.160 M (Q3 2025) vs. $12.218 M (Q3 2024) – +16%; margin 54% (vs. 55%).
  • Net Income: $8.956 M (Q3 2025) vs. $5.271 M (Q3 2024) – +70%.
  • Adjusted Net Income: $8.983 M (Q3 2025) vs. $3.754 M (Q3 2024) – +139%; adjusted EPS $0.11 vs. $0.08.
  • Free Cash Flow (FCF) to Common Shareholders: $9.512 M (Q3 2025) vs. $5.609 M (Q3 2024) – +70%.
  • Dividends: Quarterly dividend of $0.04 per share paid 15 Sep 2025 (record date 2 Sep 2025).
  • Share Repurchases: 865,947 shares repurchased and cancelled in Q3.
  • Funded Mortgage Volume: $23.5 B (Q3 2025) vs. $19.7 B (Q3 2024) – +19%; 9‑month volume $61.0 B vs. $47.8 B (+28%).
  • Broker Network: Brokers increased to 9,086 (+3% YoY); franchises slightly down to 503 (−3%).
  • Velocity Platform Adoption: 85% of funded volumes processed through Velocity (up from 73%).
  • General & Administrative Expenses: $2.0 M increase YoY (+27%) driven by advertising and conference costs (~$0.7 M).
  • Operating Expense Ratio: G&A expense 36.6% of revenue (vs. 34.5% prior year).
  • Debt Position: Adjusted total debt‑to‑EBITDA (TTM) 0.61x, improved from 0.70x YoY.
  • Equity‑accounted Investment Losses: Heartwood loss $0.3 M (Q3) and $1.0 M (9‑month).

Notable Quotes

“While the Canadian housing market had a slow start in 2025, we saw activity levels start to improve… enabling the DLC Group to generate another strong quarter in Q3 2025.” – Gary Mauris, Chairman & CEO

“Our adoption rate of Velocity reaching a record 85% positions us well to leverage this platform across our network and help brokers increase market share.” – Gary Mauris, Chairman & CEO

The release also announced a conference call on 6 Nov 2025 at 4:00 pm MT (6:00 pm ET) with webcast details provided.

Read the original news release →

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