Also trades as: MRCBF (OTC) · $vol 0M

C$113.50 ($79.49)

-0.11 (-0.10%)

Weekly Expected Move ±1.4%

C$111 C$112 C$114 C$116 C$117

TSX · Real Estate · Real Estate - Diversified · Tech Score Sell · Power 34 · C$1.2B mcap · 2M float · 0.138% daily turnover

Revenue

$1.1B +1.4% ▲

5Y CAGR: +1.8%

Gross Profit

$607M +17.0% ▲

5Y CAGR: +2.6%

Operating Income

$494M -2.6% ▼

5Y CAGR: +0.1%

Net Income

$175M -33.2% ▼

EPS (Diluted)

$16.34 -32.6% ▼

EBITDA

$503M -9.7% ▼

View Full Income Statement

Line Item	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$1.0B	$1.1B	$1.2B	$1.1B	$1.1B
YoY Growth	-0.6%	+9.6%	+9.7%	-9.8%	+1.4%
Cost of Revenue	$489M	$620M	$594M	$589M	$517M
Gross Profit	$533M	$500M	$634M	$519M	$607M
Gross Margin	52.2%	44.7%	51.6%	46.8%	54.0%
R&D Expenses	$0	$0	$0	$0	$0
SG&A Expenses	$80M	$0	$552M	$0	$0
Operating Expenses	$113M	$27M	$552M	$11M	$113M
Operating Income	$395M	$509M	$1.2B	$508M	$494M
Operating Margin	38.6%	45.4%	100.0%	45.8%	44.0%
Interest Expense	$215M	$223M	$258M	$248M	$256M
Income Before Tax	$408M	$135M	$82M	$298M	$240M
Tax Expense	$151M	$23M	$23M	$59M	$62M
Net Income	$250M	$123M	$74M	$262M	$175M
Net Margin	24.4%	11.0%	6.0%	23.6%	15.6%
EPS (Diluted)	$22.50	$11.08	$6.80	$24.23	$16.34
EBITDA	$427M	$535M	$363M	$557M	$503M
Shares Outstanding	11M	11M	11M	11M	11M

Line Item	FY2024 Q3	FY2024 Q4	FY2025 Q1	FY2025 Q2	FY2025 Q3	FY2025 Q4	FY2026 Q1	FY2026 Q2
Revenue	$271M	$285M	$278M	$276M	$278M	$283M	$275M	$278M
Cost of Revenue	$130M	$135M	$203M	$131M	$111M	$110M	$176M	$113M
Gross Profit	$141M	$150M	$75M	$146M	$167M	$172M	$99M	$165M
Gross Margin	52.0%	52.5%	26.9%	52.7%	60.0%	61.0%	36.1%	59.4%
R&D Expenses	$0	$0	$0	$0	$0	$0	$0	$0
SG&A Expenses	$800K	$1M	$0	$0	$0	$0	$0	$0
Operating Expenses	$3M	$3M	$2M	$2M	$20M	$7M	$19M	$14M
Operating Income	$138M	$147M	$72M	$144M	$147M	$166M	$80M	$151M
Operating Margin	51.0%	51.6%	26.0%	52.2%	52.9%	58.6%	29.1%	54.2%
Interest Expense	$62M	$62M	$60M	$61M	$64M	$65M	$64M	$65M
Income Before Tax	$34M	$64M	$72M	$80M	$56M	$32M	$78M	$116M
Tax Expense	$26M	$5M	$17M	$26M	$12M	$7M	$17M	$27M
Net Income	$498K	$77M	$58M	$54M	$38M	$25M	$58M	$85M
Net Margin	0.2%	27.0%	20.9%	19.6%	13.6%	8.8%	21.3%	30.5%
EPS (Diluted)	$0.05	$7.13	$5.42	$5.05	$3.54	$2.33	$5.48	$7.93
EBITDA	$99M	$129M	$135M	$143M	$149M	$99M	$143M	$182M
Shares Outstanding	11M	11M	11M	11M	11M	11M	11M	11M

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