Mullen Group (MTL) investor relations material

Executive summary

• Record Q3 revenue of $653.2M, up 16.3% YoY, and net income of $51.5M, up 55.1%; reported OIBDA was a record $118.4M and adjusted OIBDA was $118.6M.

• Revenue growth included $44.3M from existing business units, $37.7M from higher fuel surcharges and $9.4M from acquisitions.

• Cash was $213.9M and working capital $381.3M at September 30, with $525.0M of undrawn bank capacity.

Financial highlights

• Q3 adjusted OIBDA increased 23.0% to $118.6M; nine-month adjusted OIBDA rose 19.1% to $295.8M.

• Nine-month revenue was $1,810.2M, up 13.2%; net income was $108.5M, up 41.8%, and basic EPS was $1.13 versus $0.88.

• Q3 adjusted net income was $50.3M and adjusted EPS $0.52; nine-month adjusted net income was $108.6M and adjusted EPS $1.13.

• Q3 net cash from operating activities was $78.2M versus $102.7M; nine-month cash from operations was $204.2M versus $220.4M, mainly reflecting higher working-capital use.

• Higher diesel prices lifted Q3 fuel surcharge revenue by $37.7M to $88.1M, recovering higher costs from customers.

Outlook and guidance

• All four segments were expected to remain above 2025 levels for the rest of 2026 if freight and logistics demand stayed near current levels.

• The 2026 capital plan was $135.0M, including a $50.0M increase for growth opportunities; planned annual dividends were $0.84 per share.

• Willson International was expected to close in Q4 2026, with $80.0M expected annual revenue and funding from existing cash, subject to closing conditions.

• A 2027 business plan using a base case and excluding unapproved Nation Building projects was to be presented to the board December 2; major-project revenue ramps may take 6–12 months after a decision.

• New capital deployment is conditional on customer pricing supporting targeted EBITDA margins near 25%; equipment deliveries were expected in Q4 and early 2027.