2025 FOURTH QUARTER AND ANNUAL FINANCIAL AND OPERATIONAL HIGHLIGHTS
The Company achieved revenue of $213.5 million for the quarter and $831.7 million for the year, up 14% and 12%, respectively, from 2024.
Adjusted EBITDA(1) improved to $44.9 million for the quarter and $198.2 million for the year, up 2% and 13%, respectively, from 2024.
Adjusted net earnings per share(1) was $0.34 per share for the quarter and improved to $2.04 per share for the year, up 21% from 2024.
Revenue per truck per month ("RPT")(1) for the quarter and the year was $41,756 and $41,672, respectively, increased from $38,395 and $39,529, in 2024.
In 2025, Badger returned $30.7 million of capital to our shareholders, comprised of $18.0 million in dividends and $12.7 million of purchases under our Normal Course Issuer Bid.
The Company's board of directors (the "Board") has approved a 4% increase to the quarterly cash dividend from CAD$0.1875 per common share to CAD$0.195 per common share for the first fiscal quarter of 2026, to all shareholders of record at the close of business on March 31, 2026, with payment to be made on or after April 15, 2026.
"I am incredibly proud of the performance that Badger's team delivered in 2025. Our results demonstrate Badger's broad market diversity and resiliency, as we have remained focused on our customer commitment of providing efficient, safe, and reliable hydrovac services in a solid demand environment. In 2025, we achieved annual revenue growth of 12%, Adjusted EBITDA growth of 13% and Adjusted net earnings per share growth of 21%, compared to 2024. With our end markets ramping up in the second half of 2025, and strong fleet utilization, we are increasing investments in our operations workforce, expanding our branch network in strategic, high impact markets, and accelerating the expansion of our fleet. These investments position Badger for sustained future growth. Complementing our solid financial results, the Badger team's dedication to continuous improvement led to stellar safety results once again in 2025," said Rob Blackadar, President & Chief Executive Officer.
"Looking ahead, we see extraordinary demand and opportunities across our end markets. In 2026, to capture this demand, we plan to build between 270 and 310 units, representing an overall fleet growth of 7% to 10%, net of retirements. We are also pleased to announce the Board has approved a 4% increase to the quarterly dividend. With strong profitability, disciplined reinvestment, and a clear path for continued growth, Badger remains well positioned to deliver long-term value for shareholders," concluded Mr. Blackadar.
FINANCIAL HIGHLIGHTS
Three months ended December 31,
Twelve months ended December 31,
($ US thousands except RPT, per share amounts, truck count, share information and ratios)
2025
2024
2025
2024
Revenue:
Non-destructive excavation service
202,321
175,814
790,926
703,342
Other
11,203
11,362
40,776
41,610
Total revenue
213,524
187,176
831,702
744,952
RPT - Consolidated(1)
41,756
38,395
41,672
39,529
Adjusted EBITDA(1)
44,910
43,963
198,233
176,074
Adjusted EBITDA per share, basic and diluted(1)
$1.33
$1.28
$5.86
$5.11
Adjusted EBITDA margin(1)
21.0%
23.5%
23.8%
23.6%
Net earnings before income tax
11,396
16,979
79,591
67,467
Net earnings
8,446
10,869
59,228
47,872
Net earnings per share, basic and diluted(1)
$0.25
$0.32
$1.75
$1.39
Adjusted net earnings(1)
11,610
12,744
69,104
