Q1 2026 Real Matters Inc Earnings Call Transcript
Key Points
- Real Matters Inc (RLLMF) achieved double-digit top line growth in the first quarter of fiscal 2026, with consolidated revenues up 14% and net revenue increasing 19% year-over-year.
- The company successfully onboarded eight new clients, including two top 100 lenders, and expanded into a new channel with a Tier 1 lender in U.S. Title.
- The U.S. Appraisal segment demonstrated strong operating leverage, with a 36% year-over-year growth in adjusted EBITDA, driven by reduced operating costs and a 7% increase in net revenue.
- U.S. Title segment saw a significant increase in refinance origination volumes, resulting in a 110% increase in net revenue, with a high proportion of incremental revenue contributing directly to EBITDA.
- Real Matters Inc (RLLMF) ended the quarter with a strong balance sheet, having no debt and a cash balance of $43.8 million, indicating financial stability and liquidity.
- Despite the positive results, the first quarter is typically a seasonal low for the business, indicating potential volatility in future quarters.
- Net revenue margins in the U.S. Appraisal segment decreased by 110 basis points due to the distribution of transaction volumes across geographies, clients, and product mix.
- The U.S. Title segment recorded an adjusted EBITDA loss of $0.8 million, although this was an improvement from the previous year's loss.
- The Canadian segment experienced only modest revenue growth, with lower mortgage market volumes and reduced insurance inspection revenues impacting performance.
- Market conditions remain challenging, with purchase market origination volumes experiencing a slight decline, consistent with projections from industry analysts.
Good day and thank you for standing by. Welcome to the first quarter, 2026 Real Matters earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Lyne Beauregard, Vice President, Investor Relations and Corporate Communications. Please go ahead.
Thank you, operator, and good morning, everyone. Welcome to Real Matters financial results conference call for the first quarter ended December 31, 2025. With me today are Real Matters' Chief Executive Officer, Brian Lang; and Chief Financial Officer, Rodrigo Pinto.
This morning, before market opened, we issued a news release announcing our results for the three months ended December 31, 2025. The release, accompanying slide presentation as well as financial statements and MD&A are posted in the financial section of our website at realmatters.com.
During the call, we may
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