Dexterra Group (DXT) Q4 2025 earnings summary

Executive summary

• Achieved record 2025 results with revenue over $1.04 billion, Adjusted EBITDA of $123 million, and net earnings exceeding $40 million, driven by strong operational execution and strategic acquisitions of Pleasant Valley Corporation (PVC) and Right Choice Camps & Catering.

• Completed onboarding and integration of Right Choice and PVC, expanding U.S. facilities management and Canadian workforce accommodations.

• Delivered robust shareholder returns through share price appreciation of over 60% in 14 months, buybacks totaling $11.7 million, and increased annual dividend by 14% to $0.40 per share.

• Strategic investments in acquisitions totaled $153 million, including a 40% stake in PVC and full acquisition of Right Choice.

Financial highlights

• Q4 2025 revenue was $271 million, up 9.4% year-over-year; Adjusted EBITDA for Q4 was $33 million with a margin of 12%, up from 10.7% in Q4 2024.

• Full-year 2025 Adjusted EBITDA reached $123 million, up 14.3% from 2024; Free Cash Flow was $60 million (49% conversion, impacted by delayed receivable).

• Net earnings per share for Q4 2025 were $0.12, up from $0.11 in Q4 2024; full-year EPS rose to $0.65 from $0.31.

• Return on equity was 15% in 2025.

Outlook and guidance

• Strong 2026 pipeline in support and asset-based services, with Adjusted EBITDA margins expected to exceed 9% in support services and remain 30%-40% in asset-based services.

• Anticipates continued U.S. facilities management growth and benefits from nation-building and government infrastructure projects.

• Adjusted EBITDA conversion to Free Cash Flow expected to exceed 50% in 2026; Net Debt expected to decrease absent further acquisitions.

• Focus on realizing full value from recent acquisitions before further M&A, with capital allocation priorities including dividends, high-return investments, and debt reduction.