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Mullen Group (MTL) investor relations material

Mullen Group 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 summary24 Jul, 2025

Executive summary

  • Achieved record consolidated revenues of over CAD540 million in Q2 2025, up 9.1% year-over-year, primarily driven by acquisitions such as Coal/Cole Group despite a stagnant Canadian economy and industry headwinds.

  • Same-store sales remained virtually flat year-over-year after adjusting for fuel surcharges, reflecting strong operational management.

  • Focus remains on protecting margins over market share, with cost-saving initiatives and acquisitions mitigating profitability pressures.

  • Completed an oversubscribed long-term bond issue, strengthening the balance sheet and providing over $100 million in available cash for future growth.

  • Core business units maintained revenues and margins close to last year amid challenging market conditions.

Financial highlights

  • Q2 2025 revenue reached $540.9M, up 9.1% year-over-year, with $52.6M from acquisitions.

  • OIBDA was $76.6M, down $9.1M or 10.6% year-over-year; adjusted OIBDA was $83.8M, down $1.8M or 2.1%.

  • Net income fell 22.2% to $25.6M; adjusted net income dropped 43.6% to $18.5M compared to Q2 2024.

  • Basic EPS was $0.29, down 21.6%; adjusted EPS was $0.21, down 43.2% year-over-year.

  • Cash dividends per share increased 16.7% to $0.21.

Outlook and guidance

  • Revenue growth for the next year expected to be driven by recent acquisitions, with internal growth limited by a no-growth economy.

  • Focus for the remainder of 2025 is on margin protection and cost management, with no significant rebound in organic business anticipated.

  • Full-year EBITDA target of $350 million remains achievable on a run-rate basis, but timing of acquisitions may impact current year results.

  • Management remains cautious due to unresolved tariff/trade issues and supply/demand imbalances.

  • High-margin growth expected when capital projects and nation-building initiatives commence, though timing remains uncertain.

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Frequently asked questions

Mullen Group Ltd is a Canadian logistics company that provides transportation and specialized services to the oil and natural gas, mining, forestry, and construction industries. The company’s business segments include less-than-truckload, logistics and warehousing, and specialized and industrial services. Mullen Group Ltd is headquartered in Okotoks, Canada, and its shares are listed on the TSX.

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