Badger Infrastructure Solutions Ltd. Delivers Double Digit Growth in 2025 Second Quarter Revenue, Adjusted EBITDA and Adjusted Net Earnings

CALGARY, Alberta, July 30, 2025 (GLOBE NEWSWIRE) -- Badger Infrastructure Solutions Ltd. (“Badger”, the “Company”, “we”, “our” or “us”) (TSX:BDGI) reported second quarter results today. All results are presented in U.S. dollars unless otherwise stated.

• Revenue was $208.2 million, up 11% from 2024.
• Gross profit margin was 30.5%, up from 29.2% in 2024.
• Adjusted EBITDA⁽¹⁾ improved to $52.7 million, up 18% from 2024.
• Adjusted EBITDA margin⁽¹⁾ rose to 25.3%, up from 23.9% in 2024.
• Revenue per truck per month (“RPT”)⁽¹⁾ was $41,867, compared to $40,837 in 2024.
• Adjusted earnings per share⁽¹⁾ was $0.60, up 33% from 2024.
• The Company's board of directors has approved a quarterly cash dividend of CAD$0.1875 per common share for the third fiscal quarter of 2025, with payment to be made on or after October 15, 2025, to all shareholders of record on September 30, 2025.
• During the second quarter of 2025, Badger purchased 191,800 shares at a weighted average price of CAD $36.94 per share under the Company's normal course issuer bid (the "NCIB"). For the year to date, the company purchased 492,800 shares at a weighted average price of CAD $37.78 per share.

• Badger intends to file a notice of intention to renew its NCIB with the Toronto Stock Exchange pursuant to which the Company may acquire common shares for cancellation.
  
  
  
  

“In the second quarter, we built on the strong momentum from Q1, delivering revenue growth of 11% to $208.2 million. Adjusted EBITDA increased 18% year-over-year, reflecting our continued attention on margin expansion and profitability. These results underscore the successful execution of our business strategies focused on supporting our customers' growing demand across our diverse range of end markets." said Rob Blackadar, President & Chief Executive Officer.

“With the busy construction season well underway, we are maximizing revenue and fleet utilization through disciplined pricing and targeted sales efforts. Year-to-date, we’ve grown revenue by 9%, Adjusted EBITDA by 17%, and Adjusted net earnings per share by 32%. This performance is a testament to the strength of our field team's ability to deliver safe, efficient and reliable services. Badger remains well positioned as North America's leading provider of non-destructive excavation services, supporting long-term growth.”

FINANCIAL HIGHLIGHTS

<sub>⁽¹⁾   "Adjusted EBITDA", "Adjusted EBITDA per share", "Adjusted EBITDA margin", "Adjusted net earnings", "Adjusted net earnings per share", "Compliance EBITDA", "Total debt" and "RPT" are not standardized financial measures prescribed by IFRS^® Accounting Standards ("IFRS") and may not be comparable to similar measures presented by other companies or entities. See “Non-IFRS Financial Measures” and p.15-18 of the Management's Discussion and Analysis for the year ended December 31, 2024 (the "Annual MD&A) for additional detail on the definition and calculation of Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net earnings, Compliance EBITDA and Total debt. See "Key Financial Metrics and Other Operational Metrics" and p.13 of the Annual MD&A for additional details on RPT. Per share, basic and diluted measures are calculated by dividing the financial measure with the weighted average common shares outstanding for the period. .

⁽²⁾   Effective January 31, 2025, the Company changed the reporting segment disclosure to one consolidated segment. As a result, RPT is presented as a consolidated total in U.S. dollars. Comparative periods were restated to reflect the change.

⁽³⁾   See “Share Capital” in the Company’s Management's Discussion and Analysis ("MD&A") for the three and six months ended June 30, 2025 and 2024 for additional details and Note 12 of the Company's interim condensed consolidated financial statements for the three and six months ended June 30, 2025 and 2024 for additional details on the changes to share capital.</sub>

For the remainder of 2025, we see continued opportunities for growth, particularly in the U.S.. Accordingly, Badger's focus remains unchanged. We will continue to leverage our customer relationships through our Sales and National Account strategies to drive higher activity levels across our broad branch network, capturing more density in major markets. Further, we are increasingly focused on our operating efficiency and leveraging our overhead support functions.

Badger is focused on fleet management and utilization opportunities to support its organic growth and will continue to leverage its vertically integrated manufacturing capabilities. Our planned investments in our hydrovac fleet remain unchanged, with planned growth of 4% to 7% in 2025. Together with our programs to capture pricing opportunities, the capacity in our current fleet and our disciplined 2025 capital program, Badger is well positioned to meet our growing customer needs.

_{⁽¹⁾ Total capital spend includes the cost to manufacture new hydrovacs, refurbishments, ancillary equipment and other capital projects and does not include the potential impact of tariffs or retaliatory tariffs.}

Badger continues to manage its financial leverage. We have capacity to continue investing in the business to grow organically. We intend to renew our NCIB, maintaining our ability to make opportunistic share purchases in addition to returning capital to our shareholders through dividends.

Badger Infrastructure Solutions Ltd. (TSX:BDGI) is North America’s largest provider of non-destructive excavating and related services. Badger works for contractors and facility owners in a broad range of infrastructure industries and in general commercial construction. Badger’s customers typically operate near high concentrations of underground power, communication, water, gas and sewer lines, where safety and economic risks are high and where non-destructive excavation provides a safe alternative for certain customer excavation requirements.

The Company’s key technology is the Badger Hydrovac^TM, which is used primarily for safe excavation around critical infrastructure and in congested underground conditions. The Badger Hydrovac uses a pressurized water stream to liquify the soil cover, which is then removed with a powerful vacuum system and deposited into a storage tank. Badger is unique in the non-destructive excavation industry because it designs and manufactures all of its hydrovac units at its plant in Red Deer, Alberta, which has an annual production capacity of more than 350 hydrovac units. The Company has a refurbishment program to extend the service life of certain units when it is financially prudent to do so based on the condition of the unit at the end of its normal useful life. To complement the Badger Hydrovac and extend the Company's service offerings, the Company has a select number of specialty units, mainly combo trucks, sewer and flusher units, and airvacs.

A conference call and webcast for investors, analysts and brokers to discuss the 2025 second quarter results is scheduled for 7:00 a.m. MT on Thursday, July 31 2025. To join the call and ask a question during the live questions and answers session, or to join the call with audio only: .

Badger’s second quarter 2025 MD&A and interim condensed consolidated financial statements for the three and six months ended June 30, 2025, along with all Badger's previous public filings may be found on SEDAR+ at   

This press release contains references to certain financial measures, including some that do not have any standardized meaning prescribed by IFRS and that may not be comparable to similar measures presented by other companies or entities. These financial measures are identified and defined below. See “Non-IFRS Financial Measures” in the Company’s Annual MD&A for detailed reconciliations of non-IFRS financial measures.

“Adjusted EBITDA” is earnings before interest, taxes, depreciation and amortization, share-based compensation, gains and losses on derivative instruments, gains and losses on sale of property, plant and equipment and right of use assets, and gains and losses on foreign exchange. Adjusted EBITDA is a measure of the Company’s operating profitability and is therefore useful to management and investors as it provides improved continuity with respect to the comparison of operating results over time. Adjusted EBITDA provides an indication of the results generated by the Company’s principal business activities prior to how these activities are financed, the results are taxed in various jurisdictions and assets are amortized. In addition, Adjusted EBITDA excludes gains and losses on sale of property, plant and equipment and right of use assets as these gains and losses are considered incidental and secondary to the principal business activities, gains and losses on foreign exchange as such gains and losses can vary significantly based on factors beyond the Company’s control; and share-based compensation and gains and losses on derivative instruments as these expenses can vary significantly with changes in the price of the Company’s common shares.

“Adjusted EBITDA margin” is Adjusted EBITDA as defined above, expressed as a percentage of revenues.

"Adjusted net earnings" is net earnings adjusted for share-based compensation, gains and losses on derivative instruments, gains and losses on sale of property, plant and equipment and right of use assets, and gains and losses on foreign exchange, tax impacted using the effective tax rate.

“Revenue per truck per month” (“RPT”) is a measure of non-destructive excavation fleet utilization. It is calculated using non-destructive excavation revenue only. RPT is calculated on a consolidated basis by dividing non-destructive excavation revenue only, in the Company's reporting currency, by the average number of non-destructive excavation units in service in the Company during the period.

See “Key Financial Metrics and Other Operational Metrics” on page 11 of the Company’s 2025 second quarter MD&A for additional details on RPT.

Certain statements and information contained in this press release and other continuous disclosure documents of the Company referenced herein, including statements and information that contain words such as “could”, “should”, “can”, “anticipate”, “expect”, “believe”, “will”, “may”, “continue”, "position to", “focus on”, "grow", "intend", "plans" and similar expressions relating to matters that are not historical facts, constitute “forward-looking information” within the meaning of applicable Canadian securities legislation. These statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements and information. The Company believes the expectations reflected in such forward-looking statements and information are reasonable, but no assurance can be given that these expectations will prove to be correct. Such forward-looking statements and information included in this press release should not be unduly relied upon. These forward-looking statements and information speak only as of the date of this press release.

In particular, forward-looking information and statements in this press release include, but are not limited to the following:

• Badger's intention to renew its NCIB;
• Badger's expectations regarding its opportunities for growth, particularly in the U.S.;
• Badger's ability to leverage its customer relationships and the expectation that Badger's Sales and National Account strategies will drive higher activity levels across its broad branch network, capturing more density in major markets;
• Badger's focus on its operating efficiency and the stability of its overhead support functions;
• Badger's continued focus on fleet management and utilization to support its organic growth requirements;
• Badger's planned investments in its hydrovac fleet, with planned growth of 4% to 7% in 2025;
• expectations regarding Badger’s manufacturing and fleet strategy, including with respect to fleet count, new builds, retirements, refurbishments and capital spend;
• Badger's ability to meet its customers' growing needs;
• disclosure under the heading "Business Outlook"; and
• general business strategies and objectives.
  
  
  
  

The forward-looking information and statements made in this press release rely on certain expected economic conditions and overall demand for Badger’s services and are based on certain assumptions. The assumptions used to generate this forward-looking information and statements are, among other things, that:

• Badger will maintain its financial position and financial resources will continue to be available to Badger;
• the overall market for Badger's services or its ability to provide service will not be adversely affected in the long-term by economic disruption, or other factors beyond Badger's control such as weather, natural disasters, global events, the imposition of tariffs by the U.S. or other governments, other legislation or regulatory changes and technological advances;
• there will be long-term sustained customer demand for non-destructive excavation and related services from a broad range of end use markets in North America;
• Badger will maintain relationships with current customers and develop successful relationships with new customers;
• Badger will collect customer payments in a timely manner;
• Badger will be able to compete effectively for the demand for its services;
• there will not be significant changes in profit margins due to pricing changes driven by market conditions, competition, regulatory factors or other unforeseen factors;
• Badger will realize and continue to realize the efficiencies and benefits of the executed business restructuring activities and other business improvement initiatives;
• Badger will be able to successfully implement its plans, programs, and procedures as expected; and
• Badger will obtain all labour, parts and supplies necessary to complete the planned Badger non-destructive excavation unit builds at the costs and on the timeline expected.
  
  
  
  

Risks and other uncertainties that could cause actual results to differ materially from those anticipated in such forward-looking statements include, but are not limited to: political and economic conditions; industry competition; price fluctuations for oil and natural gas and related products and services; Badger’s ability to attract and retain key personnel; the availability of future debt and equity financing; changes in laws or regulations, including taxation and environmental regulations which may adversely impact the labour supply and operating costs of Badger; extreme or unsettled weather patterns; and fluctuations in foreign exchange or interest rates.

Readers are cautioned that the foregoing factors are not exhaustive. Additional information on these and other factors that could affect the Company’s operations and financial results is included in reports on file with securities regulatory authorities in Canada and may be accessed through the SEDAR+ website () or at the Company’s website. The forward-looking statements and information contained in this press release are expressly qualified by this cautionary statement. The Company does not undertake any obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Source: Badger Infrastructure Solutions Ltd.