Recent Highlights
Adjusted EBITDA1 in the fourth quarter of 2025 ("Q4 2025") increased by $3.3 million to $8.4 million compared to $5.1 million in the fourth quarter of 2024 ("Q4 2024") and losses increased by $5.0 million to $7.6 million, with the loss primarily attributable to restructuring initiatives and non-cash asset impairment charges;
Adjusted EBITDA1 for the year increased by $12.1 million to $34.0 million compared to $21.9 million for full-year 2024 and losses decreased by $11.8 million to $8.6 million, with the loss primarily attributable to restructuring initiatives and non-cash asset impairment charges;
Cash provided by operating activities increased by $16.7 million to $21.0 million in Q4 2025 compared to $4.3 million in Q4 2024;
Cash provided by operating activities increased by $40.3 million to $49.1 million for full-year 2025 compared to $8.8 million for full-year 2024;
Reduced borrowings under our revolving credit facility by $28.4 million since the beginning of the year for a Net Debt to Adjusted EBITDA ratio1 of 1.99x (4.51x at December 31, 2024); and
Declared a quarterly dividend of CAD$0.035 per common share.
"AirBoss delivered strong performance in 2025, highlighted by significant year-over-year growth in adjusted EBITDA, meaningful free cash flow generation and continued balance sheet improvement," said Chris Bitsakakis, President and Co-CEO of AirBoss. "Performance at AirBoss Manufactured Products was particularly strong, driven by ongoing deliveries under previously awarded defense contracts and improved results in the rubber molded products business, while AirBoss Rubber Solutions continued to face market softness across most sectors. As an organization, we remained focused on disciplined cost management, manufacturing footprint optimization and operational execution, while continuing to navigate economic and geopolitical uncertainty, including tariffs, inflationary pressures and ongoing volatility across certain customer sectors."
"Despite ongoing challenges, 2025 represented a marked improvement for AirBoss as we executed against our strategic priorities and strengthened our financial position," added Gren Schoch, Chairman and Co-CEO. "While the external economic environment remains uncertain, we continue to prioritize operational discipline and the successful conversion of key opportunities to support sustainable long-term growth."
In thousands of US dollars, except share data
Three months ended December 31,
Year ended December 31,
2025(unaudited)
2024(unaudited)
2025(unaudited)
2024
Financial results:
Net sales
106,037
91,963
410,203
387,024
Loss
(7,572
)
(2,616
)
(8,617
)
(20,390
)
Adjusted Profit1
145
(1,613
)
1,913
(12,536
)
Earnings (loss) per share (US$)
– Basic
(0.28
)
(0.10
)
(0.32
)
(0.75
)
– Diluted
(0.28
)
(0.10
)
(0.32
)
(0.75
)
Adjusted earnings per share1(US$)
– Basic
0.01
(0.06
)
0.07
(0.46
)
– Diluted
0.01
(0.06
)
0.07
(0.46
)
EBITDA1
664
5,105
23,379
15,063
Adjusted EBITDA1
8,401
5,105
33,988
21,914
Net cash provided by operating activities
21,026
4,295
49,108
8,780
Free cash flow1
16,802
1,175
37,254
(1,826
)
Dividends declared per share (CAD$)
0.035
0.035
0.140
0.175
Capital expenditures
4,413
3,132
12,043
10,632
Financial position:
Total assets
276,969
309,528
Debt2
83,766
117,390
Net Debt1
67,573
98,888
Shareholders' equity
115,735
126,010
Outstanding shares*
27,149,224
27,130,556
*27,149,224 at March 4, 2026
1 See Non-IFRS and Other Financial Measures.2 Debt as at December 31, 2025 and December 31, 2024 included lease liabilities of $8,200 and $12,011, respectively.
Financial Results
Consolidated net sales for Q4 2025 increased by 15.3% to $106,037 compared with Q4 2024, with increases at Manufactured Products partially offset by Rubber Solutions. For 2025, consolidated net sales increased by 6.0% to $410,203 compared with 2024, primarily due to significant increased sales at Manufactured Products' defense products business and increases in the rubber molded products business partially offset by decreased sales at Rubber Solutions across most sectors.
Consolidated gross profit for Q4 2025 increased by $4,644 to $19,941, compared with Q4 2024, primarily as a result of increased sales at Manufactured Products. Consolidated gross profit for 2025 increased by $17,073 to $71,069 compared with 2024. Gross profit as a percentage of net sales increased to 17.3% for 2025 compared with 14.0% for 2024. The increase in margin percentage was driven primarily by margin improvements resulting from the new business awards at AMP's defense products business, by margin improvement at AMP's rubber molded products business, and a $6,049 inventory write-down in 2024 compared to a $249 write-down in 2025, partially offset by margin contraction in the Rubber Solutions segment due to unfavorable mix and lower volume across most customer sectors driven by market softness and economic uncertainty partially offset by managing controllable overhead costs and continuous improvement initiatives.
Adjusted EBITDA for Q4 2025 increased by 64.6%, compared to the same period in 2024 and increased by 55.1% for full-year 2025, compared with full-year 2024.
Financial Position
The Company retains a $125 million credit facility. At December 31, 2025, the borrowing capacity under this facility was $71,532 with $24,315 drawn and the net debt to TTM Adjusted EBITDA ...
