Bridgemarq Real Estate Services (BRE) Q1 2025 earnings summary

Executive summary

• Q1 revenue surged to CAD 78 million ($78.0 million), up from CAD 11.9 million year-over-year, driven by brokerage acquisitions completed March 31, 2024.

• Net earnings reached CAD 6 million ($6.0 million or $0.20 per diluted share), reversing a net loss of CAD 400,000 ($0.04 per share) in the prior year, mainly due to a $5.7 million gain on fair valuation of Exchangeable Units.

• Adjusted net earnings rose to CAD 3.1 million ($3.1 million or $0.20 per share) from CAD 2.4 million ($2.4 million or $0.19 per share), reflecting improved operating results, lower expenses, and contributions from acquired businesses.

• Free cash flow improved slightly to CAD 4.1 million ($4.1 million) from CAD 4 million ($4.0 million) year-over-year.

• Dividend of CAD 0.1125 ($0.1125) per share declared, annualized at CAD 1.35, consistent with the previous year.

Financial highlights

• Revenue growth primarily attributed to the addition of brokerage businesses, with total revenue at $77.97 million (Q1 2025) vs. $11.86 million (Q1 2024).

• Net earnings: $6.03 million vs. net loss of $0.38 million year-over-year.

• Adjusted Net Earnings: $3.07 million vs. $2.41 million.

• Free cash flow: $4.10 million vs. $4.03 million.

• Cash used in operating activities was $1.3 million, impacted by a seasonal $4.4 million increase in working capital.

Outlook and guidance

• Anticipates potential market activity rebound in the latter half of the year if consumer confidence improves.

• Confident in long-term growth and ability to thrive despite market volatility and global uncertainties.

• Focus remains on organic growth, supporting high-performing realtors, and leveraging expanded business offerings.