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ADF Group (DRX) investor relations material

ADF Group Q2 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2026 earnings summary11 Sep, 2025

Executive summary

  • Revenues for Q2 2025 were $53 million, with six-month revenue at $108.5 million, both down significantly year-over-year due to U.S. tariffs and reduced fabrication hours.

  • Net income for Q2 was $898,000 ($0.03/share), and YTD net income was $9.6 million ($0.34/share), both down sharply from last year.

  • Order backlog as of July 31, 2025, was $468 million, up 60% from January 31, 2025, not including pending Groupe LAR acquisition backlog.

  • U.S. steel tariffs caused non-recoverable delays and reduced fabrication hours, especially at the Turcotte/Terrebonne plant.

  • Announced a multi-year infrastructure contract in Quebec and the acquisition of Groupe LAR to increase Canadian content and reduce U.S. exposure.

Financial highlights

  • Q2 gross margin was 20.7%, down from 36.9% last year; YTD gross margin was 21.3%, down from 32.3%.

  • Adjusted EBITDA for Q2 was $3.7 million; YTD adjusted EBITDA was $14.1 million, both down year-over-year.

  • SG&A expenses for Q2 were $8.8 million, up $4.6 million year-over-year due to mark-to-market DSU/PSU valuation; YTD SG&A was $12.2 million, $1.7 million lower than last year.

  • Cash and cash equivalents at quarter-end were $50.9 million; working capital was $105.5 million.

  • Operating cash flow for the six months was $7.4 million; $3 million spent on CapEx and intangibles.

Outlook and guidance

  • Full-year CapEx expected to be approximately $11 million, mainly for new equipment at Turcotte and project requirements.

  • A major five-year contract in Quebec, valued at $35–$40 million per year, was awarded, with an option to extend another five years, potentially totaling $400 million.

  • Groupe LAR acquisition expected to close soon, adding $104.5 million backlog and expanding presence in hydroelectric and heavy industry markets.

  • New nuclear certification positions the company for Ontario market opportunities in the next 5–10 years.

  • Focus on increasing Canadian content to mitigate U.S. tariff risks.

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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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