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Badger Infrastructure Solutions (BDGI) investor relations material
Badger Infrastructure Solutions Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Achieved record Q3 revenue of $237.3 million, up 13% year-over-year, with double-digit growth in gross profit, adjusted EBITDA, and adjusted net earnings.
Adjusted EBITDA rose 15% to $66.8 million, and adjusted EBITDA margin improved to 28.2%, reflecting operational efficiencies and pricing strategies.
Adjusted net earnings per share grew 25% to $0.91, demonstrating strong operational execution and margin improvement.
Revenue and profitability grew at more than double the rate of fleet growth, demonstrating strong operating leverage.
Board approved a quarterly cash dividend of CAD $0.1875 per share for Q4 2025.
Financial highlights
Gross profit margin was 32.6%, slightly up from 32.5% in Q3 2024.
Revenue per truck per month (RPT) reached $47,921 in Q3, up 8% year-over-year.
Year-to-date revenue up 11%, adjusted EBITDA up 16%, and adjusted EPS up 29%.
Net earnings for Q3 2025 were $29.0 million, up from $23.3 million in Q3 2024.
G&A expenses were $10.6 million (4% of revenue), down from 5% of revenue last year.
Outlook and guidance
Full-year Hydrovac production expected at the upper end of 180-210 units due to increased demand.
2025 retirements projected at the upper end of 90-130 units; refurbishment range reduced to 30-40 units due to third-party capacity constraints.
Capital spend guidance raised to $115-$130 million for 2025.
Anticipates continued growth in key US regions and large metropolitan areas, with strong infrastructure and construction spending.
New refurbishment facility planned for 2026.
What's the strategy for own refurbishment facility?
How will increased capex drive future growth?
Expected benefits from Denver franchise conversion?
Own refurb facility: pace and cost impact?
Quantify worst-case tariff impact on CapEx and EPS.
Identify key US growth drivers beyond data centers.
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Next Badger Infrastructure Solutions earnings date
Q4 20253 Mar, 2026
Next Badger Infrastructure Solutions earnings date
Q4 20253 Mar, 2026
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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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