Q4 2025 Badger Infrastructure Solutions Ltd Earnings Call Transcript
Key Points
- Badger Infrastructure Solutions Ltd (BDGIF) achieved record top line revenue of over $830 million in 2025, reflecting a 12% year-over-year growth.
- The company reported a 13% year-over-year increase in adjusted EBITDA, highlighting strong operating efficiencies.
- Badger's fleet utilization improvements led to a 5% increase in revenue per truck per month, reaching $41,672 in 2025.
- The company plans to expand its fleet by 7% to 10% in 2026, with a record build rate of 270 to 310 new hydrovac units.
- Badger announced a 4% increase in the quarterly cash dividend, demonstrating a commitment to returning capital to shareholders.
- The company faces potential tariff exposure of $18 million to $30 million in 2026 due to new US tariffs on non-US content for trucks.
- Adjusted earnings per share decreased to $11.6 million in Q4 2025 from $12.7 million in the prior year.
- Investments in new service lines and operational excellence programs have initially impacted near-term margins.
- The company anticipates spending between $198 million to $230 million in capital for 2026, which includes investments in new service lines.
- There is a need for a potential US manufacturing footprint to mitigate tariff impacts and support growth, which could require significant investment.
Ladies and gentlemen, thank you for standing by. Welcome to the Badger Infrastructure Solutions fourth quarter 2025 results call. (Operator Instructions) As a reminder, this event is being recorded today, March 6, 2026, and will be made available on the Investors section of Badger's website.
I would now like to turn the call over to Anne Plasterer, Director of Investor Relations.
Good morning, everyone, and welcome to our fourth quarter 2025 earnings call. Joining me on the call this morning are Badger's President and CEO, Rob Blackadar; and our CFO, Rob Dawson.
Badger's 2025 fourth quarter earnings release, MD&A and financial statements were released after market close yesterday and are available on the Investor Relations section of Badger's website and on SEDAR class. We are required to note that some of the statements today may contain forward-looking information. In fact, all statements made today, which are not statements of historical fact are
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