Bridgemarq Real Estate Services, Inc. · TSX:BRE
Bridgemarq Real Estate Services — Q4 2025 Earnings Presentation
33 slides from Bridgemarq Real Estate Services's earnings presentation, Mar 13, 2026
Slide 1: Investor Presentation Q4 2025
Investor Presentation Q4 2025 BRIDGEMARQ® & DESIGN / BRIDGEMARQ REAL ESTATE SERVICES® and JOHNSTON & DANIEL® are registered trademarks of Residential Income Fund L.P. and are used under licence. ROYAL LEPAGE® is a registered trademark of Royal Bank of 1 Canada and is used under licence. VIA CAPITALE
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This news release contains forward-looking information and other “forward-looking statements”. Words such as “based on”, “believes”, “continue”, “continues”, “estimated”, “expansion”, “expected”, “future”, “grow”, “growing”, “growth”, “indication”, “may not”, “opportunisti
Slide 3: Non-GAAP Measure
NON-GAAP MEASURE This presentation should be read in conjunction with the Company’s quarterly and annual financial statements and Management's Discussion and Analysis, which are available on SEDAR+ at www.sedarplus.ca. This presentation makes reference to certain non-GAAP financial measures, which d
Slide 4: Company Overview
COMPANY OVERVIEW 4
Slide 5: At a Glance
AT A GLANCE… Market-leading $407.4MM $25.4MM Brands YTD Gross Revenue YTD EBITDA across all segments 21,409 ~76% 1 REALTORS® in the Franchise fees that are fixed Company Network 2 1 Consumer-facing ~33% $3.0MM Websites Canadian home resales Transactional dollar High-traffic avenues for participated
Slide 6: Leading Capabilities Across Three Key Business Lines
LEADING CAPABILITIES ACROSS THREE KEY BUSINESS LINES Alongside anchor brand Royal LePage, Bridgemarq owns multiple luxury and consumer-centric brands in Canada through three main operation pillars, servicing the full spectrum of customers 1 2 3 National Franchise Operations National Brokerage Operat
Slide 7: National Franchise Operations
1 NATIONAL FRANCHISE OPERATIONS Industry-leading real estate brokerage franchise networks with approximately 21,000 REALTORS® Segment Overview Business Model $49.0MM $26.0MM ~53% YTD Net Revenue YTD EBITDA YTD EBITDA Margin Franchisor Fixed Fee Variable Fee Monthly Fee Per As a % of Gross 20,757 ~76
Slide 8: National Brokerage Operations
2 NATIONAL BROKERAGE OPERATIONS Comprised of 4 distinct brands operating in Toronto, Vancouver and throughout the province of Quebec, the Bridgemarq corporately-owned brokerage network is one of the largest in the country with ~1,800 agents Segment Overview Business Model $27.0MM $4.1MM $10.0Bn+ YTD
Slide 9: Innovative Alternative Models
3 INNOVATIVE ALTERNATIVE MODELS At Proprio Direct, we're not just a brokerage - we're a community of forward-thinking professionals committed to innovation and excellence Segment Overview Business Model 35+ 652 1 Years of Experience Location in Laval, QC Number of REALTORS® Virtual Brokerage Serving
Slide 10: Investment Highlights
INVESTMENT HIGHLIGHTS 10
Slide 11: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS 1 Industry leader in an attractive and growing market 2 Full spectrum of support and GTM models to meet agent and home buyers’ demand 3 Resilient cash flow profile underpinned by stable Franchise Operations 4 Future growth driven by digital lead generation and expansion of
Slide 12: Leader in an Attractive and Growing Market
The Canadian real estate market has historically exhibited 1 LEADER IN strong performance, growth and resiliency AN Growth in Canadian Real Estate Considerations In 2026 ATTRACTIVE Canadian Resale Volume (C$Bn) Historical Target Overnight Rate AND $600 6.00% 5.00% $500 5.00% $400 4.00% GROWING 3.25%
Slide 13: Total Canadian Real Estate Transaction Value
1a TOTAL CANADIAN REAL ESTATE TRANSACTION VALUE The Canadian real estate brokerage market is estimated to be ~$16 billion today and is expected to continue to show solid fundamentals ~$320Bn Total Transaction Canadian Real Estate Transaction Value (C$Bn) Volume with Canadian Population (MM) and Brid
Slide 14: Industry Leading Scale and Productivity
1b INDUSTRY LEADING SCALE AND PRODUCTIVITY Bridgemarq represents the largest franchise network with corporately-owned brokerage operations in Canada. The average Bridgemarq agent is approximately 1.7 times as productive as the average agent in the country. Bridgemarq Continues to Grow its Presence i
Slide 15: Full Spectrum of Support and GTM Models
2 FULL Bridgemarq’s unique suite of solutions allows us to engage all stakeholders in their preferred manner SPECTRUM OF SUPPORT Consumers AND GTM Consumer-centric service model with digital lead generation capabilities MODELS TO MEET AGENT Brokerages AND HOME Franchise support r to help grow BUYER
Slide 16: Multi-Faceted Platform for Brokerages & Agents
2a MULTI-FACETED PLATFORM FOR BROKERAGES & AGENTS Comprehensive support for our brokerages and agents to succeed in the Canadian real estate market Brand & Marketing Leadership • Powerful national brand recognition • #1 in over 200 markets nationwide • Most quoted real estate brand in Canada • Netwo
Slide 17: Resilient Cash Flow Profile Underpinned by Stable Franchise Operations
3 RESILIENT Stable Cash Flows Underpinned by Fixed Franchise Fees and High Contract Renewals CASH FLOW Stable Franchise Operations PROFILE Variable / Other UNDERPINNED REALTORS® in the franchise BY STABLE 24% Fixed Fee Structure network pay a fixed monthly fee per REALTOR®, mitigating FRANCHISE tran
Slide 18: Multiple Organic & Inorganic Growth Levers
4 MULTIPLE Significant opportunities for continued growth ORGANIC & Virtual Brokerage INORGANIC Organic & Expansion M&A & Lead Generation GROWTH ✓ Agent Growth Through Individual ✓ Tactical M&A ✓ Expansion of LEVERS Efforts of Various Franchisees with Brokerage Virtual Brokerage Roll-ins Model Beyon
Slide 19: Experienced Management Team with Extensive Industry Knowledge
5 EXPERIENCED MANAGEMENT TEAM WITH EXTENSIVE Spencer Enright, CEO Phil Soper, President Wallace Wang, CFO Philippe Lecoq, EVP, Brokerages INDUSTRY • Appointed CEO in April, 2024, brings 15+ years of • 23+ years at Bridgemarq in senior leadership roles; • Appointed CFO in July 2025, Mr. Wang joined •
Slide 20: Attractive Financial Profile
ATTRACTIVE FINANCIAL PROFILE 20
Slide 21: Resilient Cash Flow Profile
RESILIENT CASH FLOW PROFILE Stable cash flows underpinned by fixed franchise fees and high historical contract renewals Long-term Financial Profile (C$MM) $25.0 • Franchise Operations $21.1 provides stable and $20.4 $19.8 $20.0 $20.0 resilient cash flows. $18.3 $17.7 $17.3 • Starting Q2 2024, $15.0
Slide 22: Opportunity to Invest in a Stable and Growing Platform for Value
OPPORTUNITY TO INVEST IN A STABLE AND GROWING PLATFORM FOR VALUE Bridgemarq is well-positioned to capitalize on significant growth tailwinds + + Stable foundation of cash flow generation underpinned by Stable Cash Operating Franchise Operations to fund + Generation shareholder returns and growth Lev
Slide 23: Bridgemarq is Uniquely Positioned to Lead and Grow
Bridgemarq is UNIQUELY POSITIONED to lead and grow in Real Estate Services, delivering on the promise of superior, reliable and stable shareholder returns. 23
Slide 24: Appendix
APPENDIX 24
Slide 25: The Market: Q4 2025 Over Q4 2024
THE MARKET: Q4 2025 OVER Q4 2024 Greater Greater Toronto Province of Canada Vancouver Area Area Quebec Average Price -4% -2% -7% +8% Unit Sales -13% -14% -7% -3% 25
Slide 26: Company Operational Highlights
COMPANY OPERATIONAL HIGHLIGHTS • In 2025, Royal LePage launched two national digital advertising campaigns, “Proudly Canadian” and “Agents of a Different Stripe”, designed to reinforce its Canadian-first positioning and highlight the strength of its brand and business offerings to consumers. Cumulat
Slide 27: Company Financial Highlights
COMPANY FINANCIAL HIGHLIGHTS Q4 2025 Q4 2024 FY2025 FY2024 In $000’s (except per share amounts, which are calculated on a fully Three months ended Three months ended Twelve months ended Twelve months ended diluted basis) December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Total r
Slide 28: Recent Financial Performance
RECENT FINANCIAL PERFORMANCE Three months ended Three months ended Twelve months ended Twelve months ended CAD In $000’s December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Segment Revenue Brokerage Operations $87,147 $90,435 $356,149 $300,012 Franchise Operations $12,249 $12,003
Slide 29: EBITDA Reconciled to Operating Income
EBITDA RECONCILED TO OPERATING INCOME The Company evaluates the results of its operating segments using EBITDA, among other measures. EBITDA is Defined as operating income before deducting interest on debt, interest on lease obligations, share-based compensation, impairment and write-off of intangib
Slide 30: Free Cash Flow Reconciled to Cash Flow from Operating Activities
FREE CASH FLOW RECONCILED TO CASH FLOW FROM OPERATING ACTIVITIES Free Cash Flow represents operating income before deducting interest on leases, share-based compensation, depreciation and amortization, and net impairment and write-off of intangible assets, minus current income tax expense, additions
Slide 31: Adjusted Net Earnings Reconciled to Net and Comprehensive Earnings (Loss)
Adjusted Net Earnings Reconciled to Net and Comprehensive Earnings (Loss) Adjusted Net Earnings represents operating income minus income tax expense. Adjusted Net Earnings per Share is calculated by dividing Adjusted Net Earnings by the total number of Restricted Voting Shares outstanding, on a dilu
Slide 32: Net Revenue Reconciled to Total Revenues
NET REVENUE RECONCILED TO TOTAL REVENUES Net Revenue is defined as total revenues minus commission expense minus cost of other revenues. The Company uses Net Revenue as a measure of performance as it provides investors with an indication of the amount of revenue generated by the Company after deduct
Slide 33: Bridgemarq Real Estate Services Inc.
BRIDGEMARQ REAL ESTATE SERVICES INC. BRIDGEMARQ® 33& DESIGN / BRIDGEMARQ REAL ESTATE SERVICES® and JOHNSTON & DANIEL® are registered trademarks of Residential Income Fund L.P. and are used under licence. ROYAL LEPAGE® is a registered trademark of Royal Bank of Canada and is used under licence. VIA C
Bridgemarq Real Estate Services — Q4 2025 Earnings Presentation on 6ix