Bridgemarq Real Estate Services (BRE) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 reached CAD 407.4 million, up from CAD 350.7 million in 2024, driven by acquisitions, fee increases, and agent growth.

• Net earnings for 2025 were CAD 7.3 million ($0.44 per share), reversing a net loss of CAD 10.3 million ($1.09 per share) in 2024, mainly due to a gain on exchangeable units valuation.

• The agent network grew by over 470 professionals (2% increase), while the national realtor count declined by 3%.

• Strategic acquisitions and digital initiatives strengthened brand positioning and operational effectiveness.

• Free Cash Flow declined to CAD 10.6 million in 2025 from CAD 16.8 million in 2024.

Financial highlights

• Fourth quarter 2025 revenue was CAD 98 million, down from CAD 101 million in Q4 2024.

• Adjusted net earnings for 2025 were CAD 5 million ($0.32 per share), down from CAD 7.3 million ($0.49 per share) in 2024, due to lower operating income.

• Gross commission income for 2025 was CAD 341.7 million, up from CAD 288.4 million in 2024.

• Franchise fees increased to CAD 46.3 million in 2025 from CAD 44.9 million in 2024.

• Operating expenses rose to CAD 50.5 million in 2025 from CAD 41.9 million in 2024.

Outlook and guidance

• The operating model is positioned for sustained success with stable cash flows and expansion opportunities.

• Commitment to adapt proactively to ongoing industry uncertainty.

• Management highlights enduring brand strength and agent growth despite a national decline in real estate transactions and agent count.

• Market fundamentals remain strong, but affordability and consumer confidence challenges persist, especially in Toronto and Vancouver.