Badger Infrastructure Delivers Another Quarter of Double Digit Growth in Revenue, Adjusted EBITDA and Adjusted Net Earnings

Executive Summary

• Badger Infrastructure Solutions reported Q3 2025 revenue of $237.3 M, up 13% YoY, and Adjusted EBITDA of $66.8 M, up 15% YoY.
• Adjusted net earnings per share increased 25% to C$0.91; the board declared a quarterly cash dividend of CAD $0.1875 per common share.
• Management reaffirmed growth outlook, targeting 2025 capital spending of $115‑$130 M, expanding hydrovac production to 180‑210 units and retiring 90‑130 units.

Key Details

• Revenue: $237.3 M (13% increase YoY)
• Gross profit margin: 32.6% (up from 32.5%)
• Adjusted EBITDA: $66.8 M (15% increase YoY) – Adjusted EBITDA margin 28.2%
• Adjusted net earnings per share: C$0.91 (25% increase YoY)
• Revenue per truck per month (RPT): $47,921 (vs. $44,297 in 2024)
• Capital expenditures Q3 2025: $36.1 M (up from $24.5 M in Q3 2024)
• Hydrovac fleet: 1,703 units (up 5% YoY)
• Dividend: CAD $0.1875 per share for Q4 2025, payable Jan 15 2026 to shareholders of record Dec 31 2025
• Debt/Compliance EBITDA: 1.3× at Sep‑30 2025 (down from 1.5×) – indicates improved leverage capacity
• Outlook adjustments:
• New hydrovac builds: 180‑210 units (upper end of range)
• Retirements: 90‑130 units (upper end)
• Refurbishments reduced to 30‑40 units (capacity constraints)
• Total 2025 capital spend revised to $115‑$130 M (vs. prior $95‑$115 M)

Notable Quotes

• “Strong results in the third quarter underscore the investments made in our fleet…,” – Rob Blackadar, President & CEO
• “We remain committed to delivering sustainable value for our shareholders while advancing our long‑term growth strategies.” – Rob Blackadar, President & CEO