.jpg)
1 hour ago
3
Article content
CALGARY, Alberta, March 05, 2026 (GLOBE NEWSWIRE) — Badger Infrastructure Solutions Ltd. (“Badger”, the “Company”, “we”, “our” or “us”) (TSX:BDGI) reported fourth quarter and 2025 annual results today. All results are presented in U.S. dollars unless otherwise stated.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
2025 FOURTH QUARTER AND ANNUAL FINANCIAL AND OPERATIONAL HIGHLIGHTS
Article content
Article content
- The Company achieved revenue of $213.5 million for the quarter and $831.7 million for the year, up 14% and 12%, respectively, from 2024.
- Adjusted EBITDA(1) improved to $44.9 million for the quarter and $198.2 million for the year, up 2% and 13%, respectively, from 2024.
- Adjusted net earnings per share(1) was $0.34 per share for the quarter and improved to $2.04 per share for the year, up 21% from 2024.
- Revenue per truck per month (“RPT”)(1) for the quarter and the year was $41,756 and $41,672, respectively, increased from $38,395 and $39,529, in 2024.
- In 2025, Badger returned $30.7 million of capital to our shareholders, comprised of $18.0 million in dividends and $12.7 million of purchases under our Normal Course Issuer Bid.
- The Company’s board of directors (the “Board”) has approved a 4% increase to the quarterly cash dividend from CAD$0.1875 per common share to CAD$0.195 per common share for the first fiscal quarter of 2026, to all shareholders of record at the close of business on March 31, 2026, with payment to be made on or after April 15, 2026.
Article content
Article content
“I am incredibly proud of the performance that Badger’s team delivered in 2025. Our results demonstrate Badger’s broad market diversity and resiliency, as we have remained focused on our customer commitment of providing efficient, safe, and reliable hydrovac services in a solid demand environment. In 2025, we achieved annual revenue growth of 12%, Adjusted EBITDA growth of 13% and Adjusted net earnings per share growth of 21%, compared to 2024. With our end markets ramping up in the second half of 2025, and strong fleet utilization, we are increasing investments in our operations workforce, expanding our branch network in strategic, high impact markets, and accelerating the expansion of our fleet. These investments position Badger for sustained future growth. Complementing our solid financial results, the Badger team’s dedication to continuous improvement led to stellar safety results once again in 2025,” said Rob Blackadar, President & Chief Executive Officer.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
“Looking ahead, we see extraordinary demand and opportunities across our end markets. In 2026, to capture this demand, we plan to build between 270 and 310 units, representing an overall fleet growth of 7% to 10%, net of retirements. We are also pleased to announce the Board has approved a 4% increase to the quarterly dividend. With strong profitability, disciplined reinvestment, and a clear path for continued growth, Badger remains well positioned to deliver long-term value for shareholders,” concluded Mr. Blackadar.
Article content
Article content
FINANCIAL HIGHLIGHTS
Article content
| Three months ended December 31, | Twelve months ended December 31, | |||
| ($ US thousands except RPT, per share amounts, truck count, share information and ratios) | 2025 | 2024 | 2025 | 2024 |
| Revenue: | ||||
| Non-destructive excavation service | 202,321 | 175,814 | 790,926 | 703,342 |
| Other | 11,203 | 11,362 | 40,776 | 41,610 |
| Total revenue | 213,524 | 187,176 | 831,702 | 744,952 |
| RPT – Consolidated(1) | 41,756 | 38,395 | 41,672 | 39,529 |
| Adjusted EBITDA(1) | 44,910 | 43,963 | 198,233 | 176,074 |
| Adjusted EBITDA per share, basic and diluted(1) | $1.33 | $1.28 | $5.86 | $5.11 |
| Adjusted EBITDA margin(1) | 21.0% | 23.5% | 23.8% | 23.6% |
| Net earnings before income tax | 11,396 | 16,979 | 79,591 | 67,467 |
| Net earnings | 8,446 | 10,869 | 59,228 | 47,872 |
| Net earnings per share, basic and diluted(1) | $0.25 | $0.32 | $1.75 | $1.39 |
| Adjusted net earnings(1) | 11,610 | 12,744 | 69,104 | 57,899 |
| Adjusted net earnings per share, basic and diluted(1) | $0.34 | $0.37 | $2.04 | $1.68 |
| Cash flow from operations before working capital and other adjustments | 44,691 | 43,776 | 197,821 | 175,977 |
| Cash flow from operations before working capital and other adjustments per share, basic and diluted(1) | $1.32 | $1.27 | $5.85 | $5.11 |
| Total debt to Compliance EBITDA(1) | 1.3x | 1.1x | 1.3x | 1.1x |
| Capital expenditures | 26,950 | 16,091 | 118,265 | 98,004 |
| Hydrovac truck count | 1,723 | 1,643 | 1,723 | 1,643 |
| Dividends paid | 4,504 | 4,490 | 17,997 | 17,993 |
| Common shares repurchased and cancelled through NCIB(2) | — | 196,000 | 492,800 | 240,400 |
| Cash paid to repurchase common shares under the NCIB | — | 5,035 | 12,744 | 6,078 |
| Weighted average common shares outstanding(2) | 33,740,238 | 34,362,402 | 33,826,490 | 34,441,443 |
English (US)