Black Diamond Group (BDI) Q4 2025 earnings summary

Executive summary

• Consolidated revenue for 2025 reached CAD 456.9 million, up 13% year-over-year, with Adjusted EBITDA of CAD 126.4 million, up 12%, driven by strategic acquisitions and disciplined execution.

• Net profit for 2025 was CAD 34.8 million, a 35% increase year-over-year, and basic EPS rose 31% to $0.55, aided by one-time insurance proceeds.

• Completed two major acquisitions: Royal Camp Services (for up to $183.2 million) and Spencer Group of Companies, expanding service offerings and geographic reach.

• Quarterly dividend increased by 29% in 2025, with $8.7 million paid to shareholders and $8.1 million in share repurchases.

• Maintained a strong safety record with a year-end TRIF of 0.47 and zero lost time claims.

Financial highlights

• Q4 2025 revenue was $144.0 million, up 9% year-over-year; Adjusted EBITDA for the quarter was $38.9 million, up 5%.

• Annual consolidated rental revenue rose 10% to $162.2 million; five-year CAGRs: 20% for revenue, 20% for rental revenue, 26% for Adjusted EBITDA.

• Free cash flow for 2025 was $88.0 million, up 10% year-over-year; Q4 FCF at $28.9 million.

• Adjusted EBITDA margin for 2025 was 27.7%, down 40 bps year-over-year.

• Gross profit for 2025 was $202.6 million, up 10% year-over-year; gross margin for the year was 44.3%.

Outlook and guidance

• Entering 2026 with steady operating conditions and supportive macro tailwinds in North America and Australia.

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

• WFS to see steady near-term performance, with step changes possible as large projects materialize late 2026 or early 2027.

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

• Focus remains on growing high-margin, recurring rental revenue and reinvesting free cash flow for further growth.