Highlights 

  • Q3 revenue rose 8% year-over-year to USD 65.6 million. 
  • Net income reached USD 8.5 million, driven by Registry Operations performance. 
  • 2025 guidance maintained; adjusted EBITDA projected at the middle to higher end of the range. 

Information Services Corporation (TSX:ISV) reported revenue of USD 65.6 million for the quarter ended September 30, 2025, up 8% from USD 60.9 million in the same period of 2024. The growth was mainly supported by the Saskatchewan Registries division within Registry Operations, reflecting increased real estate transaction volumes and higher average property values in the Saskatchewan market. 

Net income for the quarter was USD 8.5 million, or USD 0.46 per basic share and USD 0.45 per diluted share, compared with USD 4.2 million, or USD 0.23 per share, in Q3 2024. The improvement was primarily due to higher adjusted EBITDA from Registry Operations and lower finance expenses resulting from reduced interest rates and lower average debt levels. 

Adjusted net income rose to USD 16.0 million, or USD 0.86 per basic share, from USD 11.0 million, or USD 0.61 per share, a year earlier. Adjusted EBITDA was USD 27.6 million, compared with USD 22.7 million in Q3 2024, representing an adjusted EBITDA margin of 42% versus 37% in the prior-year period. 

Cash flow from operating activities totaled USD 22.6 million, up from USD 14.2 million in Q3 2024, driven by higher profitability and changes in non-cash working capital. Adjusted free cash flow increased to USD 19.4 million from USD 15.9 million in the prior quarter. 

Segment Results 

Revenue from Registry Operations grew 15% year-over-year to USD 36.5 million, reflecting stronger performance in the Land Registry and increased high-value property registrations. The Services segment generated revenue of USD 26.4 million, up 3% from the prior year, supported by higher contributions from the Regulatory and Recovery Solutions divisions, partially offset by a decline in Corporate Solutions revenue. 

The Technology Solutions segment reported revenue of USD 2.9 million, compared with USD 3.5 million in Q3 2024 

Financial Position and Credit Facility 

As of September 30, 2025, ISC reported cash of USD 17.5 million and total debt of USD 168.1 million. The company made voluntary prepayments of USD 16.0 million on its Credit Facility during the quarter as part of its strategy to reduce net leverage toward its long-term target range of 2.0x–2.5x by 2026. 

In July 2025, ISC extended its secured syndicated Credit Facility to July 31, 2029, maintaining total availability of USD 250.0 million. The amendment also expanded the accordion option to USD 150.0 million, allowing for potential facility increases up to USD 400.0 million. 

Outlook and Guidance 

ISC reaffirmed its full-year 2025 guidance, expecting revenue between USD 257.0 million and USD 267.0 million, and adjusted EBITDA between USD 89.0 million and USD 97.0 million. The company anticipates revenue to be at the lower end of the range and adjusted EBITDA toward the middle to higher end. 

President and CEO Shawn Peters stated, “Our third quarter performance reflects the continued strength of our Saskatchewan Registry Operations and the resilience of our diversified Services segment. We also remain on track to achieve our net leverage target range of 2.0x to 2.5x by 2026, reinforcing our disciplined approach to capital management.” 

Strategic Review and Dividend 

In September 2025, the Board of Directors launched a review of strategic alternatives aimed at identifying opportunities to enhance shareholder value. A Special Committee of independent directors continues to assess potential options, including asset divestments, acquisitions, or business combinations. 

On November 4, 2025, ISC declared a quarterly cash dividend of USD 0.23 per Class A Share, payable on or before January 15, 2026, to shareholders of record as of December 31, 2025.