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Badger Infrastructure Solutions (BDGI) investor relations material

Badger Infrastructure Solutions Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary31 Jul, 2025

Executive summary

  • Achieved 11% year-over-year revenue growth in Q2 2025, reaching a record $208.2M, with double-digit growth in gross profit and adjusted EBITDA.

  • Adjusted EBITDA grew 18% to $52.7M, outpacing revenue growth, reflecting strong operating efficiencies.

  • Adjusted net earnings per share rose 33% to $0.60 compared to Q2 2024.

  • Positive momentum driven by increased fleet utilization, pricing initiatives, and targeted sales and marketing investments.

  • Data center and infrastructure projects are ramping up, supporting robust demand across end markets.

Financial highlights

  • Q2 2025 revenue: $208.2M (Q2 2024: $186.8M); gross profit margin: 30.5% (2024: 29.2%).

  • Adjusted EBITDA: $52.7M (up from $44.6M); adjusted EBITDA margin: 25.3% (2024: 23.9%).

  • Adjusted EPS: $0.60, up 33% year-over-year.

  • General and administrative expenses were $10.8M, or 5% of revenue, consistent with the prior year.

  • Cash flow from operations before working capital: $52.7M (Q2 2024: $44.6M).

Outlook and guidance

  • Plans to grow hydrovac fleet by 4%–7% in 2025, targeting manufacturing 180–210 units, retiring 90–130, and refurbishing 50–60 trucks.

  • Total capital spend projected at $95–$115M for 2025.

  • Expects continued margin improvement and adjusted EBITDA and EPS growth to outpace revenue.

  • Long-term revenue growth target remains 12%–14%, but current growth is in low double digits.

  • Intends to renew NCIB and maintain ability for opportunistic share repurchases and dividend payments.

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Frequently asked questions

Badger Infrastructure Solutions Ltd provides non-destructive excavation services using hydrovac technology. The company supports customers in sectors such as utilities, construction, and industrial facilities by offering safe digging services for underground infrastructure projects. Badger operates a fleet of hydrovac trucks across North America. The company is headquartered in Calgary, Canada, and its shares are listed on the TSX.

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