Mattr (MATR) Q4 2025 earnings summary

Executive summary

• Q4 and full-year 2025 delivered strong year-over-year revenue and adjusted EBITDA growth, driven by operational efficiency, AmerCable acquisition, and robust performance in Connection and Composite Technologies.

• AmerCable integration and expansion supported growth in US data center, utility, and mining markets.

• Operational execution improved despite end-market slowdowns, with successful launch of new Flexpipe products and enhanced manufacturing efficiency.

• Actions in 2025 positioned the company for more consistent performance in 2026, with a focus on efficiency and higher-value markets.

Financial highlights

• Q4 2025 revenue was $312.5M (CAD 312.5M), up 50% year-over-year; adjusted EBITDA was $31.8M, up 150%.

• Full-year 2025 revenue reached $1.3B (CAD 1,268.5M), up 43% year-over-year; adjusted EBITDA was $154.8M, also up 43%.

• Q4 operating cash flow was $80.2M, driven by higher gross profit and working capital releases.

• Adjusted EBITDA margin for 2025 was 12%.

• Diluted EPS for 2025 was $0.75; diluted adjusted EPS was $0.55.

Outlook and guidance

• 2026 revenue and adjusted EBITDA expected to be similar to or modestly below 2025, with Q1 2026 performance anticipated to match Q4 2025.

• Margin profile expected to improve in the second half of 2026, with high points in the low teens.

• Capital spending for 2026 projected at $35–$45M, including $15M maintenance and $20–$30M for growth initiatives.

• Connection Technologies revenue expected to decline in 2026, while Composite Technologies is projected to grow.

• Strategic focus on operational efficiency, new technology, and expansion in fuel, water, and utility markets.