Bridgemarq Real Estate Services (BRE) Q2 2025 earnings summary

Executive summary

• Revenue for Q2 2025 was $108 million, with franchise fees rising due to fee increases and a higher number of REALTORS®, despite macroeconomic uncertainty and expensive housing markets.

• Adjusted Net Earnings reached $2.2 million and Free Cash Flow was $3.6 million for Q2 2025, both down year-over-year.

• Net loss of $5.4 million in Q2 2025, or ($0.57) per diluted share, compared to net earnings of $10.5 million in Q2 2024, mainly due to a $4.9 million non-cash fair value loss on exchangeable units.

• Hundreds of new agents, including over 600 joining Royal LePage, drove franchise network growth, mainly in Ontario.

• Dividend of $0.1125 per share declared for September 30, 2025, annualized at $1.35 per share, consistent with 2024.

Financial highlights

• Q2 2025 revenue was $108 million, down from $110.5 million in Q2 2024; year-to-date revenue rose to $186 million from $122.4 million.

• Adjusted Net Earnings for Q2 2025 were $2.2 million ($0.14/share), down from $2.6 million ($0.17/share) in Q2 2024.

• Free Cash Flow for Q2 2025 was $3.6 million ($0.23/share), down from $5.6 million ($0.36/share) in Q2 2024.

• Cash from operating activities was $5.9 million in Q2 2025, down from $10.5 million in Q2 2024.

• Gross commission income for Q2 2025 was $90.2 million, down from $92 million in Q2 2024.

Outlook and guidance

• Free Cash Flow generation expected to improve as one-time expenses normalize and market conditions recover.

• Management remains optimistic about agent recruitment, growth initiatives, and expanding virtual brokerage models beyond Quebec.

• Focus on AI innovation and advanced tools to enhance productivity and client service.

• Company positioned as a market leader with multiple solutions for realtors and consumers, aiming to grow with industry changes.

• Forward-looking statements highlight risks from market conditions, regulatory changes, and economic factors such as interest rates and consumer confidence.