ISC Announces Annual Guidance and Outlook for 2026

Executive Summary

• ISC provided its consolidated annual guidance for 2026, projecting revenue of $273‑$283 million and adjusted EBITDA of $100‑$107 million.
• The company expects organic growth to continue, driven by strong Saskatchewan economy, residential real‑estate market, and higher‑margin recovery solutions.
• A strategic review is ongoing; the board’s special committee is evaluating all alternatives (asset sales, acquisitions, business combinations) with an update to follow.

Key Details

• 2026 Revenue Guidance: $273 million – $283 million (vs. 2025 guidance $257 million – $267 million).
• 2026 Adjusted EBITDA Guidance: $100 million – $107 million (vs. 2025 range $89 million – $97 million).
• Management expects revenue toward the lower end of the range but adjusted EBITDA about 5% above the top of the 2025 guidance range, driven by high‑value registrations in Registry Operations.
• Growth drivers:
• Registry Operations: Continued Saskatchewan economic strength and buoyant residential real‑estate market.
• Services Division: Organic growth in Regulatory & Recovery Solutions via new customer onboarding; higher‑margin recovery solutions benefit from automotive consumer delinquencies.
• Technology Solutions: Progress on third‑party contracts (e.g., Ontario Ministry of Environment, Conservation and Parks) and ongoing enhancements to Saskatchewan Registries.
• Expense outlook: wages & salaries, cost of goods sold, additional operating costs for registry enhancements, and interest expense (the latter two excluded from adjusted EBITDA).
• Free Cash Flow: Expected to be robust in 2026, supporting balance‑sheet deleveraging toward a net leverage target of 2.0x–2.5x by mid‑2026.
• Strategic Review Update: Initiated September 8 2025; special committee exploring asset divestments, acquisitions, transformative combinations, or sale. No assurance the review will result in a transaction.

Notable Quotes

(No direct quotes were provided in the release.)