Bridgemarq Real Estate earns $7.27-million in 2025

Executive Summary

• Bridgemarq Real Estate Services reported annual consolidated financial results for the year ended December 31, 2025, showing a return to profitability after a net loss in the prior year.
• The company declared a monthly cash dividend of 11.25 cents per restricted voting share, payable on April 30, 2026, to shareholders of record on March 31, 2026.
• The company extended the maturity of its credit facilities to December 31, 2031, and reported growth in its network of real estate professionals despite a contraction in the broader Canadian industry.

Key Details

• Revenue: $407.4 million for the year ended Dec 31, 2025, compared to $350.7 million in 2024. The increase is attributed to the inclusion of acquired business results from April 1, 2024, fee increases, and an increase in the number of agents.
• Net Earnings: $7.3 million (44 cents per fully diluted share) for 2025, compared to a net loss of $10.3 million ($1.09 per share) in 2024.
• Quarterly Performance (Q4 2025): Net earnings of $8.4 million, compared to a net loss of $9.6 million in Q4 2024.
• Adjusted Net Earnings: $5.0 million for 2025 (down from $7.3 million in 2024). Q4 2025 adjusted net earnings were a loss of $1.2 million (vs. $400,000 loss in Q4 2024).
• Free Cash Flow: $10.6 million for 2025 (down from $16.8 million in 2024). Q4 2025 free cash flow was $1.4 million (down from $1.8 million in Q4 2024).
• Cash Flow from Operations: Decreased by $7.2 million in 2025 compared to the prior year, primarily due to lower operating income, higher interest paid, and non-cash working capital changes. Q4 2025 cash provided by operating activities was $4.9 million (up from $1.8 million in Q4 2024).
• Dividend: Declared 11.25 cents per restricted voting share, payable April 30, 2026, to shareholders of record March 31, 2026. Total dividends paid in 2025 were $1.35 per share.
• Debt Facility: Agreement reached with lender to extend credit facility maturity to December 31, 2031.
• Network Growth: Added more than 470 net real estate professionals in 2025 (2% increase), while the Canadian industry contracted by 3%.
• Network Size (as of Dec 31, 2025): 20,757 Realtors operating under 286 franchise agreements from 727 locations. Corporately owned brokerages operate 32 locations with 2,413 sales representatives.
• Market Context: Canadian residential real estate market declined 16% in Q4 2025 and 6% for the full year. National average selling price decreased 4% in Q4 and 1% for the full year. Transaction volume declined 4% for the full year.

Notable Quotes

• "Our performance this year underscores the enduring strength of our brands and franchise networks. At a time when home resale transactions slowed and the number of nationally registered Realtors declined, Bridgemarq continued to grow its agent count," said Spencer Enright, chief executive officer.
• "Market activity remains mixed from coast to coast. While market fundamentals remain strong -- including lower interest rates, increased inventory, and flat or declining prices -- affordability challenges persist in select key markets... We are navigating a period of persistent consumer uncertainty that is dampening overall demand."