Badger Infrastructure Solutions (BDGI) Q2 2026 earnings summary

Executive summary

• Achieved record double-digit organic revenue and adjusted EBITDA growth, with Q2 2026 revenue up 23% to CAD 257 million, driven by strong demand across diverse end markets including LNG, semiconductor, hospital, airport, energy storage, automotive, data centers, utilities, and infrastructure.

• Adjusted EBITDA rose 25% year-over-year to CAD 66.1 million, reflecting improved fleet utilization, pricing, and operational efficiency.

• Revenue per truck per month increased 14% to CAD 47,731, indicating higher operational efficiency.

• Fleet utilization and expansion enabled the company to meet strong demand, with a focus on customer service and operational efficiency.

• Continued investment in teams, branch network, and manufacturing capabilities positions the company for sustained growth.

Financial highlights

• Q2 2026 revenue reached CAD 257 million, up 23% year-over-year.

• Adjusted EBITDA grew 25% year-over-year to CAD 66.1 million, with margin improving to 25.7%, up 40 basis points.

• Adjusted earnings per share was CAD 0.69, up from CAD 0.60 the prior year.

• Non-destructive excavation service revenue reached CAD 245.5 million, up from CAD 197.4 million year-over-year.

• Capital expenditures doubled to CAD 60.2 million in Q2 2026 compared to CAD 29.6 million in Q2 2025.

Outlook and guidance

• Full-year fleet growth targeted at the high end of the 7%-10% range, with plans to refurbish 30-50 hydrovacs and retire 130-150 units.

• Pricing momentum expected to continue in the back half of 2026 and into 2027, with further opportunities for utilization and efficiency gains.

• EBITDA margins expected to approach 25%-30% by 2027, with ongoing investments in growth and operational excellence.

• Plans to invest CAD 15–25 million in new service lines and CAD 188–230 million in total capital spend for 2026.

• Evaluating a second U.S. manufacturing facility, targeting opening in late 2027 or early 2028.