Revenues of $71.4 million and $179.9 million, respectively, for the three (3) month and nine (9) month periods ended October 31, 2025.
Gross margin, as a percentage of revenue (1) of 27.6% and 23.8% recorded during the three (3) month and nine (9) month periods ended October 31, 2025.
Cash flows from operations of $13.4 million for the nine (9) month period ended October 31, 2025.
Net income of $10.3 million and $20.0 million recorded during the three (3) month and nine (9) month periods ended October 31, 2025, respectively.
First consolidation of Groupe LAR Inc.'s results following the closing of the transaction on September 18, 2025, including revenues of $6.2 million for the three (3) month and nine (9) month periods ended October 31, 2025.
Order Backlog (1) of $497.1 million as at October 31, 2025, including $91.9 million from Groupe LAR Inc.
TERREBONNE, QC, Dec. 11, 2025 /CNW/ - ADF GROUP INC. ("ADF" or the "Corporation") (TSX:DRX), a North American leader in the fabrication of steel superstructures, recorded revenues of $71.4 million during the third quarter ended October 31, 2025, compared with $80.0 million for the same period a year ago. After the first nine (9) months of the current fiscal year, revenues totalled $179.9 million, compared with $262.2 million for the same period last year.
Gross margin, as a percentage of revenues (1) went from 30.4% for the 3-month period ended October 31, 2024, to 27.6% for the same period ended October 31, 2025. Gross margin, as a percentage of revenue (1) went from 31.7% during the 9-month period ended October 31, 2024, to 23.8% for the same period ended October 31, 2025.
These variations are mainly due to the impact of uncertainty related to U.S. tariffs. While fabrication volume increased during the third quarter ended October 31, 2025, explaining the increase in revenues and margins compared to previous quarters, the impact of these tariffs continues to be felt on the Corporation's cumulative results.
Adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA) (2) for the 3-month and 9-month periods ended October 31, 2025, stood at $18.4 million and $32.5 million respectively. Both of which are net of the $1.4 million fees related to business combination.
For the quarter ended October 31, 2025, ADF recorded net income of $10.3 million ($0.36 per basic and diluted share) compared with net income of $16.4 million ($0.55 per share, basic and diluted) a year earlier. After 9 months, as at October 31, 2025, net income totaled $20.0 million ($0.70 per share, basic and diluted) compared with net income of $47.7 million ($1.53 per share, basic and diluted) for the same period a year ago.
The Corporation's order backlog (1) stood at $497.1 million as at October 31, 2025, compared with $293.1 million as at January 31, 2025.
The order backlog as of October 31, 2025, includes the order backlog of Groupe LAR Inc.totaling $91.9 million, which was added pursuant to the closing of the acquisition on September 18, 2025, and does not include the option to extend the contract announced on July 23, 2025, by five (5) years. The projects currently in the order backlog will be carried out gradually by the end of the fiscal year ending January 31, 2027.
As at October 31, 2025, the Corporation had a working capital (1) of $101.4 million, whereas the operating activities generated $13.4 million in cash during the nine (9) month period ended October 31, 2025.
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1.
Order backlog, gross margin as a percentage of revenue, and working capital are additional financial measures. Refer to the Non-IFRS and Other Financial Measures section below for definitions of these measures.
