Black Diamond Group
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Black Diamond Group (BDI) investor relations material

Black Diamond Group Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary27 Feb, 2026

Executive summary

  • Achieved consolidated revenue of CAD 456.9 million and Adjusted EBITDA of CAD 126.4 million in 2025, up 13% and 12% year-over-year.

  • Net profit increased 35% to CAD 34.8 million, with basic EPS up 31% to CAD 0.55 year-over-year.

  • Completed two strategic acquisitions: Royal Camp Services and Spencer Group, expanding geographic reach and service offerings.

  • Oversubscribed equity financing raised CAD 42 million and quarterly dividend increased by 29% in 2025.

  • Expanded and extended asset-based credit facility to CAD 425 million, maturing in 2030.

Financial highlights

  • Full-year consolidated rental revenue reached CAD 162.2 million, up 10% year-over-year.

  • Q4 consolidated revenue was CAD 144 million, up 9% year-over-year; Adjusted EBITDA was CAD 38.9 million, up 5%.

  • Gross profit for the year was CAD 202.6 million, with a gross margin of 44.3%.

  • Free cash flow for the year totaled CAD 88 million, up 10% year-over-year.

  • Net debt increased to CAD 328 million, with available liquidity of CAD 95.9 million at year-end.

Outlook and guidance

  • Anticipates steady operating conditions and supportive macro tailwinds in North America and Australia for H1 2026.

  • MSS expected to show stable rental revenue with moderate growth from fleet additions and rental rate increases.

  • WFS performance expected to be steady, with major project-driven growth anticipated in late 2026 or early 2027.

  • LodgeLink poised for accelerated growth, especially in the U.S. and Asia-Pacific.

  • Confident in continued growth, strong fundamentals, and high customer growth for 2026.

Impact of 6% contracted rental revenue decline?
Quantify WFS US contract termination impact.
LodgeLink Asia-Pacific growth strategy details.
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Frequently asked questions

Black Diamond Group Limited provides modular space solutions and workforce accommodation to clients in energy, mining, construction, and government sectors. The company also offers rental and support services for remote work sites and commercial facilities. It operates in Canada, the United States, and Australia. The company is headquartered in Calgary, Canada, and its shares are listed on the TSX.

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