Black Diamond Group (BDI) Q4 2025 earnings summary

Executive summary

• Achieved consolidated revenue of CAD 456.9 million and Adjusted EBITDA of CAD 126.4 million in 2025, up 13% and 12% year-over-year.

• Net profit increased 35% to CAD 34.8 million, with basic EPS up 31% to CAD 0.55 year-over-year.

• Completed two strategic acquisitions: Royal Camp Services and Spencer Group, expanding geographic reach and service offerings.

• Oversubscribed equity financing raised CAD 42 million and quarterly dividend increased by 29% in 2025.

• Expanded and extended asset-based credit facility to CAD 425 million, maturing in 2030.

Financial highlights

• Full-year consolidated rental revenue reached CAD 162.2 million, up 10% year-over-year.

• Q4 consolidated revenue was CAD 144 million, up 9% year-over-year; Adjusted EBITDA was CAD 38.9 million, up 5%.

• Gross profit for the year was CAD 202.6 million, with a gross margin of 44.3%.

• Free cash flow for the year totaled CAD 88 million, up 10% year-over-year.

• Net debt increased to CAD 328 million, with available liquidity of CAD 95.9 million at year-end.

Outlook and guidance

• Anticipates steady operating conditions and supportive macro tailwinds in North America and Australia for H1 2026.

• MSS expected to show stable rental revenue with moderate growth from fleet additions and rental rate increases.

• WFS performance expected to be steady, with major project-driven growth anticipated in late 2026 or early 2027.

• LodgeLink poised for accelerated growth, especially in the U.S. and Asia-Pacific.

• Confident in continued growth, strong fundamentals, and high customer growth for 2026.