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ADENTRA (ADEN) investor relations material
ADENTRA Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Achieved Q3 2025 sales of $592.1 million, up 4.1% year-over-year, with gross margin at 21.4% and Adjusted EBITDA of $49.9 million, reflecting both acquisition and organic growth.
Woolf Distributing acquisition in July 2024 contributed 2.4% to sales growth, broadened Midwest presence, and was integrated smoothly and accretively.
Operates a multi-brand, coast-to-coast distribution platform for architectural building products, serving 60,000+ customers and sourcing from 2,500+ suppliers across 30+ countries.
Focuses on platform efficiency, organic growth, and disciplined consolidation in a fragmented market, with 16 acquisitions since 2010 adding $1.7B in sales.
Maintained robust cash generation, with $60.6 million in Q3 operating cash flow and continued shareholder returns via dividends and buybacks.
Financial highlights
Q3 2025 sales increased by $23.3 million to $592.1 million; US sales up 4.4% to $548.1 million, Canada sales up 1.2% to C$60.6 million.
Gross margin rose to $126.4 million, with margin percentage slightly higher at 21.4%.
Adjusted EBITDA was $49.9 million (up 3.9%), with margin at 8.4%.
Net income for Q3 was $10.1 million ($0.42 per share); Adjusted EPS was $0.70.
For the nine months, sales reached $1.73 billion, up 4.7%; Adjusted EBITDA was $144.2 million, up 1.5%.
Outlook and guidance
Q4 expected to be seasonally slower, with Adjusted EBITDA projected to be similar to Q1 (~$40 million).
Gross margin percentage expected to remain consistent with Q3 and prior quarters.
Company remains cautious due to high US mortgage rates, limited housing inventory, and trade tensions, but is optimistic about long-term sector growth.
Capital allocation will focus on reducing leverage and preparing for strategic acquisitions in 2026.
Long-term value creation plan is fundable within current balance sheet and ongoing cash generation.
Tariff impact on sourcing and margins
Q4 debt reduction and 2026 acquisition strategy
Q3 organic growth drivers and market demand
M&A focus: specific product areas or geographies
Tariff impact on pricing and gross margin
Operating leverage in flat demand environment
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Q4 202516 Mar, 2026
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Frequently asked questions
ADENTRA Inc., previously known as Hardwoods Distribution Inc., is a leading distributor of architectural building products in North America. The company specializes in supplying products for the building envelope and interior environments, catering to both working and living spaces. ADENTRA operates under several flagship brands, serving a diverse clientele across the continent. Through a network of 86 regional customer service centers, ADENTRA delivers supply solutions to over 75,000 customers, emphasizing its commitment to excellence, customer satisfaction, and employee welfare. Its product range supports various segments of the construction industry, including new residential construction, repair and remodel projects, and commercial construction efforts. The company is headquartered in Langley, British Columbia, Canada, and its shares are listed on the Toronto Stock Exchange (TSX).
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