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ADF Group (DRX) investor relations material
ADF Group Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary11 Dec, 2025
Executive summary
Q3 2025 revenues were CAD 71.4 million, down from CAD 80 million year-over-year; nine-month revenues were CAD 179.9 million, down from CAD 262.2 million year-over-year.
Net income for Q3 was CAD 10.3 million, and for the nine months was CAD 20 million, both down from CAD 16.4 million and CAD 47.7 million a year earlier.
U.S. tariffs caused delays and margin pressure, especially at the Terrebonne plant.
Groupe LAR was consolidated for the first time after its acquisition on September 18, 2025, contributing CAD 6.2 million in revenue and CAD 0.2 million in net income.
Order backlog reached CAD 497.1 million as of October 31, 2025, up from CAD 330.3 million a year ago and including CAD 91.9 million from Groupe LAR.
Financial highlights
Q3 gross margin was 27.6%, down from 30.4% a year ago; year-to-date gross margin was 23.8%, down from 31.7%.
Adjusted EBITDA for Q3 was CAD 18.4 million, down from CAD 24 million year-over-year; year-to-date adjusted EBITDA was CAD 32.5 million, down from CAD 72 million, both net of CAD 1.4 million in business combination fees.
Q3 EPS was CAD 0.36, and year-to-date EPS was CAD 0.70, compared to CAD 0.55 and CAD 1.53 in the prior year.
Cash and equivalents at quarter-end were CAD 37.7 million, down CAD 27.3 million from January 31, 2025.
Operating cash flow for the nine months was CAD 13.4 million.
Outlook and guidance
Q4 is expected to be similar to Q3, with management anticipating another good quarter.
Integration of Groupe LAR and investment in new equipment are expected to drive future synergies and margin improvements.
Management remains focused on integrating Groupe LAR and maintaining operational risk controls.
Growth strategy centers on expanding the order backlog and generating cash.
How is ADF mitigating US tariff uncertainty?
How does LAR acquisition enhance future growth?
What is the status of the 5-year contract option?
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Frequently asked questions
ADF Group Inc. specializes in the design, engineering, fabrication, and installation of complex steel structures, heavy steel built-ups, and various metalwork services. This company plays a role in the non-residential construction industry, contributing to the development of office towers, high-rises, commercial buildings, recreational facilities, airport infrastructures, industrial complexes, and transport infrastructures. ADF Group Inc. caters to a diverse clientele that includes general contractors, project owners, engineering firms, project architects, structural steel erectors, and other steel structure fabricators. The company is headquartered in Terrebonne, Quebec, and its shares are listed on the Toronto Stock Exchange.
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