Concrete Pumping (BBCP) investor relations material

Executive summary

• Revenue for Q3 FY2025 was $103.7 million, down 5.4% year-over-year, mainly due to deferred commercial construction, soft residential demand from high interest rates, and weather disruptions; net income dropped to $3.3–$3.7 million, with EPS at $0.07 per share.

• Adjusted EBITDA for the quarter was $26.8 million (25.8% margin), down 15.2% year-over-year, reflecting lower volumes and increased financing costs.

• Management emphasized resilience, disciplined cost management, and capital discipline amid macroeconomic and weather-related headwinds.

• Residential and infrastructure segments remained resilient, while commercial construction, especially light commercial, continued to be soft.

• Largest concrete pumping service provider in the U.S. and U.K., with a leading waste management business and diversified, service-based model.

Financial highlights

• Q3 revenue was $103.7 million, down from $109.6 million year-over-year; nine-month revenue was $284.1 million, down 9.6% year-over-year.

• U.S. Concrete Pumping Q3 revenue was $69.3 million (down 7.9%); U.S. Waste Management revenue grew 4.3% to $19.3 million; U.K. revenue was $15.1 million (down 5%).

• Gross margin for Q3 was 39.0%, down from 40.6% year-over-year; Adjusted EBITDA margin was 25.8%, down from 28.8%.

• Net income for Q3 was $3.3–$3.7 million ($0.07/share), down from $7.1–$7.6 million ($0.13/share) prior year.

• Net debt at quarter-end was $384 million; leverage ratio 3.8x; total available liquidity was $358 million.

Outlook and guidance

• FY2025 revenue expected between $380–$390 million; Adjusted EBITDA $95–$100 million; free cash flow ~$45 million.

• Q4 margins expected to be stable or slightly improved; recovery in construction markets anticipated in late FY2026 or early FY2027.

• Management expects sufficient liquidity for at least the next 12 months, with $41 million in cash and $317 million in available borrowing capacity as of July 31, 2025.