Q1 2026 Badger Infrastructure Solutions Ltd Earnings Call Transcript
Key Points
- Badger Infrastructure Solutions Ltd (BDGIF) reported a record first quarter revenue of over $203 million, marking an 18% organic growth year-over-year.
- The company achieved a record adjusted EBITDA of $38.1 million, reflecting a 13% increase compared to the previous year.
- Badger's fleet utilization and pricing efforts led to an 11% increase in revenue per truck per month (RPT), reaching $39,000.
- The company expanded its fleet by 7%, ending the quarter with 1,778 hydrovacs, and increased production at its Red Deer manufacturing plant.
- Badger is well-positioned to capture growing demand with its vertically integrated manufacturing plant and industry-leading footprint, supporting long-term infrastructure projects across North America.
- Adjusted EBITDA margin decreased slightly to 18.7% from 19.6% in the prior year, impacted by investments in new branches and service lines.
- The company's investments in growth initiatives affected adjusted EBITDA margins by approximately 100 to 120 basis points.
- Despite strong revenue growth, the company is still 100 basis points away from its 25% to 30% margin target range.
- Badger is relying on its balance sheet to support increased growth investments, which may delay achieving net free cash flow in the near term.
- The company faces challenges in maintaining high utilization rates amidst record fleet additions, which could moderate RPT growth.
Ladies and gentlemen, thank you for standing by. Welcome to the Badger Infrastructure Solutions first quarter 2026 results call. (Operator Instructions) As a reminder, this event is being recorded May 1, 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 first quarter 2026 earnings call. Joining me on the call this morning are Badger's President and CEO, Rob Blackadar; and our CFO, Rob Dawson. Badger's 2026 first quarter earnings release, MD&A and financial statements were released after market close Thursday, and are available on the Investors section of Badger's website and on SEDAR+. We are required to note that some of the statements made today may contain forward-looking information. In fact, all statements made today, which are not statements of historical fact are considered to be forward-looking statements.
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