GDI Integrated Facility Services (GDI) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue was CAD 615 million (or $615 million), down 4% year-over-year, with a 2% organic decline and 2% from business disposals.

• Adjusted EBITDA for Q3 was CAD 38 million (or $38 million), down CAD 1 million from last year, with a stable 6% margin.

• Net income rose to $14 million ($0.58 per share) from $7 million ($0.28 per share) in Q3 2024, driven by higher operating income and a $5 million gain on asset disposal.

• Year-to-date revenue reached CAD 1.84 billion (or $1.84 billion), a 4% decrease, mainly due to organic decline.

• Technical Services segment delivered record adjusted EBITDA and organic growth, offsetting some market headwinds.

Financial highlights

• Adjusted EBITDA for the first nine months was CAD 105 million (or $105 million), up 5% year-over-year.

• Q3 Business Services Canada revenue was CAD 144 million (or $144 million), with adjusted EBITDA of CAD 10 million and a 7% margin.

• Business Services USA revenue was CAD 198 million (or $198 million), down 11% year-over-year, with a 12% organic decline and a 7% margin.

• Technical Services revenue was CAD 270 million (or $270 million), with adjusted EBITDA of CAD 19 million and a 7% margin, benefiting from higher project margins and near-record backlog.

• Corporate and Other segments had CAD 3 million (or $3 million) in revenue and negative adjusted EBITDA of CAD 4 million.

Outlook and guidance

• Expect continued weakness in Business Services, especially in the USA, with recovery anticipated in the first half of 2026.

• Technical Services outlook remains positive despite global economic uncertainty.

• Organic growth in the USA is expected to stabilize in the first half of next year as the impact of a large client loss subsides.

• The company is positioned to pursue growth through acquisitions, supported by reduced leverage and strong free cash flow.