Badger Delivers Record Third Quarter 2026 Revenue, Adjusted EBITDA and Adjusted Net Earnings with 21% of Organic Revenue Growth and 25% Adjusted EBITDA Growth
Key Highlights
- ➤Revenue reached $286.5 million, up 21% year over year
- ➤Adjusted EBITDA rose 25% to a record $83.4 million
- ➤Adjusted EBITDA margin expanded 90 basis points to 29.1%
- ➤2026 fleet growth expected at the high end of the 7% to 10% range
- ➤2026 total capital spend outlook is $203 million to $222 million
Expert Statements
Rob Blackadar, President & Chief Executive Officer of Badger Infrastructure Solutions Ltd.
“Our third quarter results reflect the execution of our long-range strategy and the continued strength of our end markets. We continue to support our customers' long-term needs across our broad geographic footprint and diverse customer base, including the multi-year expansion of utility and infrastructure networks as well as projects supporting airports, data centers, sports facilities, LNG plants and several large re-shoring initiatives. Third quarter revenue grew 21% to a record $286.5 million and Adjusted EBITDA increased 25% to a record $83.4 million, supported by continued investment in our fleet and the success of our pricing initiatives. Our team's relentless focus on customer service and operational performance positions the Company to remain the industry leader across North America. Our unique, vertically integrated manufacturing model and customer-centric approach to service delivery have driven improved profitability and Adjusted EBITDA margin expansion. We are also advancing plans for a second manufacturing facility in the United States and look forward to sharing more details in the near future.”
Calgary, Alberta--(Newsfile Corp. - November 5, 2026) - Badger Infrastructure Solutions Ltd. (TSX: BDGI) ("Badger", the "Company", "we", "our" or "us") reported third quarter results today. All results are presented in U.S. dollars unless otherwise stated.
2026 THIRD QUARTER HIGHLIGHTS * The Company achieved revenue of $286.5 million, up 21% from $237.3 million in the third quarter of 2025. * Adjusted EBITDA((1)) improved to $83.4 million, up 25% from $66.8 million in the third quarter of 2025. * Adjusted EBITDA margin((1)) was 29.1%, up 90 basis points from 28.2% in the third quarter of 2025. * Revenue per truck per month ("RPT")((1)) was $51,895, an increase of 8% from $47,921 in the third quarter of 2025. * Badger's hydrovac fleet increased by 11% to 1,882 units over the third quarter of 2025. * The Company's board of directors has approved a quarterly cash dividend of CAD$0.195 per common share for the fourth fiscal quarter of 2026, to all shareholders of record at the close of business on December 31, 2026, with payment to be made on or after January 15, 2027. "Our third quarter results reflect the execution of our long-range strategy and the continued strength of our end markets. We continue to support our customers' long-term needs across our broad geographic footprint and diverse customer base, including the multi-year expansion of utility and infrastructure networks as well as projects supporting airports, data centers, sports facilities, LNG plants and several large re-shoring initiatives. Third quarter revenue grew 21% to a record $286.5 million and Adjusted EBITDA increased 25% to a record $83.4 million, supported by continued investment in our fleet and the success of our pricing initiatives. Our team's relentless focus on customer service and operational performance positions the Company to remain the industry leader across North America," said Rob Blackadar, President & Chief Executive Officer.
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