BMTC Group Announces Q2 and First-Half 2025 Results; Revenues Rise, Net Earnings Decline

3 min read | September 12, 2025 03:47 PM AEST | By Sonal Goyal

First-Half 2025 Results

For the six-month period ended July 31, 2025, BMTC Group reported revenues of CAD 329.4 million, an increase of CAD 22.8 million or 7.4% compared to CAD 306.5 million in the corresponding period of 2024. The rise was primarily attributable to higher commercial revenue from the Tanguay division, which increased by CAD 24.4 million or 8%. Comparable store sales rose by 8.4% year over year.

Conversely, the real estate division recorded a decline in investment property revenue, falling by CAD 1.6 million, or 97.4%, compared to the same period in 2024.

Net earnings for the six months were CAD 4.1 million, compared with CAD 20.9 million in the prior year. Basic net earnings per share were CAD 0.13 versus CAD 0.64 in 2024.

Divisional Performance

The company’s net results for the six-month period included a net loss of CAD 8.5 million from the real estate division, compared to a net loss of CAD 0.9 million in 2024. The Tanguay division contributed net earnings of CAD 12.6 million, compared to CAD 21.8 million in the prior year.

The decline in Tanguay’s net earnings was largely due to lower after-tax unrealized gains on investments, which stood at CAD 4.2 million versus CAD 13.1 million in 2024. In addition, the 2024 period had included a CAD 5.5 million after-tax gain from the disposal of fixed assets, including the sale of the Trois-Rivières store and settlement proceeds from the expropriation of the former Kirkland store.

Financial Position

As of July 31, 2025, BMTC reported cash and investments of CAD 175.5 million, net of bank overdrafts, reflecting a decrease of CAD 29.8 million compared to January 31, 2025. The decline was attributed mainly to expansion and optimization work at RONA’s distribution center, which was financed from available resources.

Working capital stood at a deficit of CAD 1.1 million, an improvement of CAD 11.5 million compared to January 31, 2025. Shareholders’ equity decreased to CAD 522.0 million from CAD 529.5 million at the end of January 2025, with book value per share at CAD 16.34 compared to CAD 16.36 earlier in the year.

The company repurchased and cancelled 410,600 common shares under its normal course issuer bid during the period, leaving 31.95 million shares outstanding as of July 31, 2025.

Quarterly Results

For the three-month period ended July 31, 2025, BMTC recorded revenues of CAD 179.3 million, up CAD 9.9 million or 5.8% compared with CAD 169.4 million in 2024. The Tanguay division generated a revenue increase of CAD 11.2 million or 6.7%, with comparable store sales up 6.7%.

Net earnings for the quarter were CAD 17.0 million, compared with CAD 19.5 million in Q2 2024. Basic net earnings per share were CAD 0.53 versus CAD 0.60 in the prior year.

The quarter’s earnings included a net loss of CAD 4.7 million from the real estate division and net earnings of CAD 21.8 million from the Tanguay division. The increase in Tanguay earnings was supported by higher after-tax unrealized gains on investments, which rose to CAD 12.1 million compared to CAD 5.1 million in Q2 2024.

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