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Calian Group (CGY) investor relations material
Calian Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Nov, 2025
Executive summary
Achieved record Q4 revenue of $203 million, the highest in company history, with 6% organic growth and the second highest adjusted EBITDA, marking a return to positive organic growth year-over-year.
Defence solutions drove growth, representing 50% of consolidated revenues, with 15-17% year-over-year growth and strong international expansion, especially in Europe.
Signed $122 million in contracts in Q4, totaling over $1.1 billion for the year, including major ground system and antenna projects.
Strategic acquisitions (AMS, Infield Scientific) and operational realignment supported long-term growth, with a focus on defense, space, and essential industries.
Leadership transition announced, with Patrick Houston becoming CEO in January 2026.
Financial highlights
Q4 revenues increased 12% year-over-year to $203 million; full-year revenues up 4% to $774 million, a new record.
Q4 adjusted EBITDA rose to $24.3 million (margin 11.9%); full-year adjusted EBITDA margin was 10.1%, with a 15% decline due to ITCS underperformance but a 32% increase excluding ITCS.
Q4 gross margin was 34%, marking the 14th consecutive quarter above 30%.
Operating free cash flow for FY25 was $52 million, with a 67% conversion from adjusted EBITDA.
Repurchased 5% of shares outstanding and deployed $89 million in capital, including acquisitions, dividends, buybacks, and capex.
Outlook and guidance
Targeting annual revenue growth of 10-15% over the next several years, driven by organic growth and acquisitions.
Expecting double-digit revenue and adjusted EBITDA growth in FY2026, at the low end of the long-term target range.
No formal guidance issued for FY2026; focus on long-term growth indicators and a $1.4 billion backlog.
Mid-single digit organic growth expected for FY2026, with additional contributions from recent acquisitions.
Quantify expected FY26 ITCS segment benefits
FY26 growth drivers beyond ITCS segment recovery
How will the expanded debt facility fund growth?
New segment structure: How will it drive growth?
Defense budget: What specific verticals will benefit?
ITCS turnaround: What is the expected organic growth?
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Next Calian Group earnings date
Q1 202612 Feb, 2026
Next Calian Group earnings date
Q1 202612 Feb, 2026
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Frequently asked questions
Calian Group Ltd provides business services and solutions in healthcare, advanced technologies, learning, and IT and cyber security. It serves government, defense, energy, and commercial clients in Canada and internationally. The company is headquartered in Ottawa, Canada, and its shares are listed on the TSX.
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