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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
ADF Group
ADF Group (DRX) investor relations material
ADF Group Q2 2027 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2027 earnings summary10 Sep, 2026
Executive summary
Revenue for Q2 2026 reached CAD 95 million, up 79.3% year-over-year; six-month revenue was CAD 194.3 million, a 79% increase from the prior year.
Net income for Q2 was CAD 3 million (CAD 0.10/share), and year-to-date net income was CAD 15 million (CAD 0.52/share), both significantly higher than last year.
Results were negatively impacted by non-cash costs from share units (DSUs, PSUs, RSUs) and foreign exchange losses, reducing net income by $6.2 million for the quarter and $7.1 million for the half-year.
Record order backlog at CAD 693.7 million, with 64% Canadian-based projects.
Financial highlights
Gross margin for Q2 was 18.7%, down from 20.7% last year; year-to-date gross margin was 21.5%, nearly flat year-over-year.
Adjusted EBITDA for Q2 was CAD 8.4 million (vs. CAD 3.7 million last year); year-to-date adjusted EBITDA was CAD 26.9 million (vs. CAD 14.1 million last year).
Cash and cash equivalents at quarter-end were CAD 91.4 million, up CAD 28.7 million since January 31, 2026.
Operating cash flow for the six months was CAD 47.1 million.
Working capital at July 31, 2026: CAD 109.5 million.
Outlook and guidance
Year-to-date gross margin of 21.5% is expected to be a good indicator for coming quarters, with potential improvement as legacy backlog is completed.
Most of the record order backlog is expected to be executed by the end of fiscal 2028, excluding certain long-term contracts.
No direct impact expected from recent U.S. tariffs or Canadian counter-tariffs, but ongoing trade policy uncertainty remains.
Full-year CapEx expected to exceed CAD 40 million.
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Latest events from ADF Group
- Revenue up 78.8%, net income at CAD 12M, and backlog hits record CAD 645.8M.DRX
Q1 2027 - Record order backlog and improved cash position offset lower revenue and margin pressures.DRXQ4 2026
- Order backlog surged and integration of Groupe LAR is underway despite tariff-driven margin pressure.DRXQ3 2026
- Revenue and profit dropped, but a record backlog and new contracts drive future growth.DRXQ2 2026
- Net income and margins surged, with a strong backlog supporting future growth.DRXQ3 2025
- Net income nearly doubled and margins surged, with a robust order backlog supporting future growth.DRXQ2 2025
- Revenue up 34%, net income up 184%, backlog and dividend rise, share buyback announced.DRXQ1 2025
- Revenue and profit fell on U.S. tariffs, but backlog and Canadian growth signal recovery ahead.DRXQ1 2026
- Record profits in 2025, but U.S. tariffs and delays to pressure 2026 results.DRXQ4 2025
Next ADF Group earnings date
Q3 202710 Dec, 2026
ADF Group
Next ADF Group earnings date
Q3 202710 Dec, 2026
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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.