Wajax (WJX) Q3 2026 earnings summary

Executive summary

• Q3 revenue fell 1.1% to CAD 477.8M; adjusted basic EPS was CAD 0.60 versus CAD 0.75, while backlog climbed 18.2% to CAD 598.6M, near the Q3 2023 record.

• Product support and ERS revenue grew 6.3% and 5.3%, respectively; demand and project timing remained variable.

• The 2027 Strategy Roadmap targets profitable growth and becoming Canada's fastest-growing provider of industrial products, equipment and services by 2031.

Financial highlights

• Revenue was CAD 477.8M, down CAD 5.3M or 1.1% YoY; nine-month revenue was CAD 1,495.5M, down 5.7%.

• Gross margin was 20.1%, down 70 bps YoY; adjusted EBITDA was CAD 38.9M, down 13.2%, with an 8.1% margin versus 9.3%.

• Adjusted net earnings were CAD 13.1M versus CAD 16.2M; adjusted basic EPS was CAD 0.60 versus CAD 0.75.

• Net earnings were CAD 12.0M, or CAD 0.55 per share, versus CAD 16.7M, or CAD 0.77 per share.

• EBIT was CAD 20.4M, down 31.0%, including CAD 4.1M of workforce-reduction and related costs; adjusted EBIT was CAD 23.1M, down 19.0%.

Outlook and guidance

• Market conditions are expected to remain mixed, with variable demand and project timing; macroeconomic uncertainty may weigh on customer confidence and investment decisions.

• 2027 priorities include margin, cost and working-capital discipline, higher operating leverage, and targeted investment in people and commercial, digital and operational capabilities.

• Two large mining shovels in backlog were scheduled for Q4 2026 delivery; customer decisions and timing remain uncertain for potential orders.

• Planned organizational changes and roadmap execution are intended to strengthen competitiveness and profitable growth.