SHERWOOD PARK, AB, May 13, 2026 /CNW/ - (TSXV:VTX) - Vertex Resource Group Ltd. ("Vertex" or the "Company") reports its financial and operational results for the first quarter ended March 31, 2026. The following should be read in conjunction with the Management Discussion and Analysis ("MD&A") and the unaudited condensed consolidated interim financial statements of Vertex for the period ended March 31, 2026, which are available on SEDAR+ at www.sedarplus.ca.
In the first quarter of 2026, Vertex delivered Adjusted EBITDA¹ growth in both reportable segments alongside meaningful margin expansion, demonstrating the resilience of its diversified service offering. Environmental Consulting led the way with net revenue growth of 5% and segment Adjusted EBITDA¹ growth of 15%, reflecting strong underlying demand and successful execution on a large mining project in the quarter. Environmental Services delivered segment Adjusted EBITDA¹ growth of 9%, supported by disciplined operational execution. Together, these results position the Company well to navigate near-term uncertainty while continuing to deliver reliable, high-quality services across its core markets.
Key financial results for the three months March 31, 2026, and 2025 are as follows:
HIGHLIGHTS
Three months ended
March 31,
(in thousands of Canadian Dollars)
2026
2025
Gross revenue
57,142
56,502
Less flow through subcontractor costs
8,037
5,380
Net revenue
49,105
51,122
Profit margin
11,118
10,717
Profit margin %
23 %
21 %
Adjusted EBITDA 1
5,914
5,221
Adjusted EBITDA %
12 %
10 %
Free cash flow 1
2,331
1,529
Adjusted EBITDA per share, basic and diluted 1
0.05
0.05
Loss per share, basic and diluted
(0.01)
(0.02)
1 See "Non-IFRS Financial Measures"
HIGHLIGHTS FOR THE THREE MONTHS ENDED MARCH 31, 2026
Profit margin improved to 22.6% of net revenue, up from 21.0% in Q1 2025.
Adjusted EBITDA1 increased 13% year-over-year to $5.9 million, with both Environmental Consulting and Environmental Services delivering segment-level Adjusted EBITDA1 growth.
G&A expenses decreased 5% and finance costs decreased 13% year-over-year, reflecting ongoing cost discipline and lower debt levels.
Environmental Consulting net revenue grew 5% on expanded service offerings.
Repaid loans and borrowings and lease liabilities by $4.0 million during the quarter, continuing the Company's focus on debt reduction.
OUTLOOK
Market conditions entering the second quarter of 2026 remain broadly consistent with the first quarter. The conflict in the Middle East has driven energy prices higher in the short-term and in the current environment it is difficult to determine how long the effects of the conflict will be felt. While commodity prices have strengthened, customers continue to prioritize price stability and visibility before advancing incremental capital programs. Near-term activity remains closely tied to ongoing production, maintenance, and regulatory requirements, supporting a consistent base level of demand across ...
