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Earnings

Badger Delivers Solid Growth in 2025, and Announces Record Fleet Build for 2026

By The Northwire Desk — AI Analysis Mar 05, 2026 · 19:15 BDGI · 70.75 BADGER INFRASTRUCTURE SOLUTIONS LTD.
BDGI · Price

Executive Summary

  • Badger Infrastructure Solutions Ltd. reported FY 2025 revenue of $831.7 M (up 12% YoY) and Adjusted EBITDA of $198.2 M (up 13% YoY).
  • Adjusted net earnings per share rose 21% to $2.04 for the year; quarterly dividend increased 4% to CAD $0.195 per share, payable after March 31, 2026.
  • Management outlined a 2026 capital plan of $170‑$200 M for new builds, refurbishments and two new service lines, targeting fleet growth of 7‑10% (270‑310 units) and total capital spend of $198‑$230 M.

Key Details

  • Revenue: $213.5 M Q4; $831.7 M FY 2025 (↑14% Q4, ↑12% YoY).
  • Adjusted EBITDA: $44.9 M Q4; $198.2 M FY 2025 (↑2% Q4, ↑13% YoY).
  • Adjusted Net EPS: $0.34 Q4; $2.04 FY 2025 (↑21% YoY).
  • Revenue per Truck/Month (RPT): $41,756 Q4; $41,672 FY 2025 (up from $38,395 and $39,529 in 2024).
  • Capital Return: $30.7 M returned to shareholders in 2025 ($18.0 M dividends, $12.7 M NCIB purchases).
  • Dividend Increase: Quarterly cash dividend raised 4% to CAD $0.195 per share for Q1 2026 (record date March 31, 2026; payment on/after April 15, 2026).
  • Fleet Size: 1,723 trucks end‑2025 (up from 1,643 in 2024).
  • Capital Expenditures FY 2025: $118.3 M (vs $98.0 M in 2024).
  • 2026 Capital Plan:
  • New builds: 270‑310 units; retirements: 130‑150 units; refurbishments: 30‑50 units.
  • Total capital spend: $198‑$230 M (including $170‑$200 M for new builds & refurbishments, plus $18‑$30 M potential tariffs).
  • Planned Investments: $15‑$25 M to launch two new service lines in the U.S. footprint during 2026.
  • Leverage Guidance: Target Total Debt/Compliance EBITDA of 1.0x‑2.0x; maintaining ample capacity for operations and growth.
  • Outlook Highlights: Anticipated fleet growth rate increase from 5% (2025) to 7‑10% (2026); accelerated hiring/training; rollout of Operational Excellence program across branches through 2027.

Notable Quotes

“Our results demonstrate Badger’s broad market diversity and resiliency… We are increasing investments in our operations workforce, expanding our branch network … and accelerating the expansion of our fleet.” – Rob Blackadar, President & CEO

“In 2026, we plan to build between 270 and 310 units… With strong profitability, disciplined reinvestment, and a clear path for continued growth, Badger remains well positioned to deliver long‑term value for shareholders.” – Rob Blackadar, President & CEO

Read the original news release →

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