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Earnings

ADF GROUP INC. ANNOUNCES THE RESULTS OF THE THREE MONTH AND NINE MONTH PERIODS ENDED OCTOBER 31, 2025

By The Northwire Desk — AI Analysis Dec 11, 2025 · 07:00 DRX · 7.66 ADF GROUP INC. SV
DRX · Price

Executive Summary

  • ADF Group reported Q3 2025 revenue of C$71.4 M, down 10.6% year‑over‑year, and nine‑month revenue of C$179.9 M, down 31.4% YoY.
  • Net income fell to C$10.3 M for the quarter (C$0.36 per share) and C$20.0 M for the nine‑month period (C$0.70 per share), representing a material decline from prior year results.
  • The order backlog increased to C$497.1 M, driven in part by the recent acquisition of Groupe LAR Inc., whose integration contributed C$6.2 M of revenue and C$0.2 M of net income since closing on September 18 2025.

Key Details

  • Revenue:
  • Q3 2025: C$71.4 M vs. C$80.0 M in Q3 2024.

  • Nine‑month 2025: C$179.9 M vs. C$262.2 M in nine‑month 2024.

  • Gross Margin:

  • Q3 2025: 27.6% (down from 30.4% YoY).

  • Nine‑month 2025: 23.8% (down from 31.7% YoY).

  • Adjusted EBITDA:

  • Q3 2025: C$18.4 M (net of C$1.4 M business‑combination fees).

  • Nine‑month 2025: C$32.5 M (net of same fees).

  • Net Income & EPS:

  • Q3 2025: C$10.3 M, $0.36 per basic and diluted share.

  • Nine‑month 2025: C$20.0 M, $0.70 per basic and diluted share.

  • Cash Flow from Operations: C$13.4 M generated during the nine‑month period.

  • Working Capital (as of Oct 31 2025): C$101.4 M.

  • Order Backlog:

  • Total: C$497.1 M, up from C$293.1 M on Jan 31 2025.

  • Includes Groupe LAR Inc. backlog of C$91.9 M (acquisition closed Sep 18 2025).

  • Acquisition of Groupe LAR Inc.:

  • Purchase price: C$20.4 M (C$16.4 M cash + issuance of 449,944 subordinate voting shares valued at ~C$4 M).

  • Contributed C$6.2 M revenue and C$0.2 M net income for the period post‑closing.

  • Outlook Commentary: CEO Jean Paschini highlighted continued U.S. tariff uncertainty but affirmed confidence in results, integration progress, backlog growth, and cash generation as pillars of strategy.

  • Conference Call: Held Dec 11 2025, 10:00 a.m. Montreal time; replay available through Dec 18 2025.

Notable Quotes

“Despite the continued uncertainty in the U.S. markets, ADF's results remain strong,” – Jean Paschini, Chairman & CEO.
“We will continue our methodical and measured approach to development, including the integration of Groupe LAR Inc., while maintaining tight operational risk management.” – Jean Paschini.

Read the original news release →

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