Tear Sheet: Teranet Holdings L.P. Shifts Focus To Expected 2026 Growth Following Stable Third-Quarter Earnings

This report does not constitute a rating action. For the quarter ended Sept. 30, 2025, registration volumes rose about 6% in its largest market of Ontario (contributes about 70% of net revenue) and in Manitoba (13% of net revenue). Growth in Ontario largely stemmed from an increase in refinancing-related registration volume, as sales-related registration activity remained muted as the impact of U.S. tariffs in the first half of 2025 dampened consumer confidence. Performance in Manitoba remained stable with steadily increasing volume through 2025 as its housing market is balanced and more affordable than Ontario. Teranet?s Commercial Solutions segment (17% of revenue) continues to grow mid-single-digit percent, and we expect management to focus on adding new revenue offerings to maintain its

...November 26, 2025 This report does not constitute a rating action. Teranet' Holdings L.P.'s third-quarter earnings met expectations amid a stressed macroeconomic environment. For the quarter ended Sept. 30, 2025, registration volumes rose about 6% in its largest market of Ontario (contributes about 70% of net revenue) and in Manitoba (13% of net revenue). Growth in Ontario largely stemmed from an increase in refinancing-related registration volume, as sales-related registration activity remained muted as the impact of U.S. tariffs in the first half of 2025 dampened consumer confidence. Performance in Manitoba remained stable with steadily increasing volume through 2025 as its housing market is balanced and more affordable than Ontario. Teranet's Commercial Solutions segment (17% of revenue) continues to grow mid-single-digit percent, and we expect management to focus on adding new revenue offerings to maintain its trajectory. EBITDA margins expanded in the quarter predominantly due to higher...

Full Report