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CALGARY, Alberta, Nov. 05, 2025 (GLOBE NEWSWIRE) — Badger Infrastructure Solutions Ltd. (“Badger”, the “Company”, “we”, “our” or “us”) (TSX:BDGI) reported third quarter results today. All results are presented in U.S. dollars unless otherwise stated.
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2025
THIRD
QUARTER
OPERATIONAL
HIGHLIGHTS
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- Revenue was $237.3 million, up 13% from $209.4 million in 2024.
- Gross profit margin was 32.6%, up from 32.5% in 2024.
- Adjusted EBITDA(1) improved to $66.8 million, up 15% from $58.3 million in 2024.
- Adjusted EBITDA margin(1) rose to 28.2%, up from 27.8% in 2024.
- Revenue per truck per month (“RPT”)(1) was $47,921, compared to $44,297 in 2024.
- Adjusted net earnings per share(1) was $0.91, up 25% from $0.73 in 2024.
- The Company’s board of directors has approved a quarterly cash dividend of CAD$0.1875 per common share for the fourth fiscal quarter of 2025, to all shareholders of record at the close of business on December 31, 2025, with payment to be made on or after January 15, 2026.
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“Strong results in the third quarter underscore the investments made in our fleet to support continued demand for our non-destructive excavation services in our key end markets. Third quarter revenue grew 13% to $237.3 million, and Adjusted EBITDA increased 15% year-over-year, reflecting our ongoing efforts to strengthen margins and deliver profitable growth. The team’s successful execution of our business strategies during the peak season has set a solid foundation for Badger’s continued momentum,” said Rob Blackadar, President & Chief Executive Officer.
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“Through disciplined pricing and targeted sales efforts, we’re focused on driving revenue and fleet utilization while supporting our growing customer needs across diverse end markets. On a year-to-date basis, we’ve grown revenue by 11%, Adjusted EBITDA by 16%, and Adjusted net earnings per share by 40%. This demonstrates our field team’s ability to execute on our strategy of delivering customer-centric services safely and efficiently. Badger remains committed to delivering sustainable value for our shareholders while advancing our long-term growth strategies.”
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| FINANCIAL HIGHLIGHTS | ||||||||||||
| Three months ended September 30, | Nine months ended September 30, | |||||||||||
| ($ U.S. thousands except RPT, per share amounts, share information and ratios) Revenue: | 2025 | 2024 | 2025 | 2024 | ||||||||
| Non-destructive excavation service | 226,354 | 198,344 | 588,605 | 527,528 | ||||||||
| Other | 10,985 | 11,032 | 29,573 | 30,248 | ||||||||
| Total revenue | 237,339 | 209,376 | 618,178 | 557,776 | ||||||||
| RPT – Consolidated (U.S. dollars)(1)(2) | $47,921 | $44,297 | $41,643 | $39,958 | ||||||||
| Adjusted EBITDA(1) | 66,813 | 58,300 | 153,323 | 132,110 | ||||||||
| Adjusted EBITDA per share, basic and diluted(1) | $1.98 | $1.69 | $4.53 | $3.83 | ||||||||
| Adjusted EBITDA margin(1) | 28.2% | 27.8% | 24.8% | 23.7% | ||||||||
| Earnings before income tax | 37,942 | 31,595 | 68,195 | 50,488 | ||||||||
| Net earnings | 29,024 | 23,314 | 50,782 | 37,003 | ||||||||
| Net earnings per share, basic and diluted(1) | $0.86 | $0.68 | $1.50 | $1.07 | ||||||||
| Adjusted net earnings(1) | 30,786 | 25,094 | 57,473 | 45,472 | ||||||||
| Adjusted net earnings per share, basic and | ||||||||||||
| diluted(1) | $0.91 | $0.73 | $1.70 | $1.32 | ||||||||
| Cash flow from operating activities before | ||||||||||||
| working capital and other adjustments | 66,706 | 58,387 | 153,130 | 132,201 | ||||||||
| Cash flow from operating activities before | ||||||||||||
| working capital and other adjustments | ||||||||||||
| per share, basic and diluted(1) | $1.98 | $1.69 | $4.52 | $3.84 | ||||||||
| Total debt to compliance EBITDA(1) | 1.3x | 1.5x | 1.3x | 1.5x | ||||||||
| Capital expenditures | 36,077 | 24,495 | 91,316 | 83,647 | ||||||||
| Hydrovac truck count | 1,703 | 1,625 | 1,703 | 1,625 | ||||||||
| Dividends paid | 4,620 | 4,446 | 13,493 | 13,503 | ||||||||
| Cash paid to repurchase common shares under | ||||||||||||
| the NCIB | — | 1,043 | 12,744 | 1,043 | ||||||||
| Common shares repurchased and cancelled | ||||||||||||
| under the NCIB | — | 44,400 | 492,800 | 44,400 | ||||||||
| Weighted average common shares | ||||||||||||
| outstanding(3) | 33,740,238 | 34,462,529 | 33,855,557 | 34,467,982 | ||||||||
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