Badger Infrastructure Solutions Ltd
TSX:BDGI

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Badger Infrastructure Solutions Ltd
TSX:BDGI
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Price: 76.5 CAD 0.71% Market Closed
Market Cap: 2.6B CAD

Badger Infrastructure Solutions Ltd
Investor Relations

Badger Infrastructure Solutions Ltd. engages in the provision of soil excavation servces. The company is headquartered in Calgary, Alberta and currently employs 2,119 full-time employees. The firm's Badger Daylighting technology is an essential service provider to North America’s infrastructure. The Company’s market segment consists of infrastructure projects in areas such as energy generation, electricity and natural gas transmission networks, roads and highways, telecommunications, water and sewage treatment and general municipal infrastructure. The firm delivers a range of services and applications including daylighting, utility pole holes, slot trenching, service pits, trenching, debris removal, anode installations, shoring installations, pipeline crossing, pipeline tie-ins, tank cleanouts and emergency response. The company provides services to a diverse customer base, including oil and gas, energy, industrial, construction, transportation and other markets, as well as numerous government agencies within Canada and the United States.

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Last Earnings Call
Fiscal Period
Q3 2025
Call Date
Nov 6, 2025
AI Summary
Q3 2025

Record Revenue: Badger delivered record Q3 revenue of $237.3 million, up 13% year-over-year, supported by strong demand across end markets.

Profit Growth: Adjusted EBITDA rose 15% year-over-year, with margin expanding 40 basis points to 28.2%, reflecting operational efficiency.

EPS Jump: Adjusted earnings per share reached $0.91, up 25% compared to last year.

Fleet Investments: Hydrovac fleet grew 5% year-over-year to 1,703 units; hydrovac production guidance was raised to the upper end of the original 180–210 range.

Increased CapEx: 2025 capital spend guidance was raised to $115–130 million from $95–115 million.

Data Center Exposure: Data center-related work comprised about 10–11% of business, with 6–8% directly tied to data centers.

Tariff Impact: Management stated tariffs have had no effect so far; potential worst-case impact on EPS is estimated at 1–3%.

Canadian Market Recovery: Noted improving conditions in Canada, particularly with renewed large project and infrastructure spending.

Key Financials
Revenue
$237.3 million
Adjusted EBITDA Margin
28.2%
Adjusted EPS
$0.91
G&A Expenses
$10.6 million
Hydrovac Fleet Size
1,703 units
Hydrovacs Produced in Q3
57 units
Hydrovacs Retired in Q3
36 units
Hydrovacs Retired YTD
98 units
Hydrovacs Refurbished in Q3
5 units
Hydrovacs Refurbished YTD
23 units
Revenue Per Truck Per Month (RPT)
$47,921
Compliance Leverage (Debt to EBITDA)
1.3x
2025 Hydrovac Production Guidance
upper end of 180–210 units
2025 Hydrovac Retirements Guidance
upper end of 90–130 units
2025 Refurbishment Guidance
30–40 units
2025 Capital Spend Guidance
$115–130 million
Earnings Call Recording
Other Earnings Calls

Management

Mr. Robert G. Blackadar
CEO, President & Director
No Bio Available
Mr. Robert P. Dawson CA, CFA
Chief Financial Officer
No Bio Available
Ms. Elizabeth Peterson
Senior Vice President of Operations
No Bio Available
Ms. Julie Lee
Chief Human Resources Officer
No Bio Available
Mr. Christopher Gunn
Vice President of Field Sales
No Bio Available
Ms. Lisa Gigic CPA
Manager of Corporate Finance & Investor Relations
No Bio Available
Mr. Pradeep Atluri
Vice President of Information Strategy & Technology
No Bio Available
Mr. Trevor Carson C.F.A.
Vice President of Investor Relations & Corporate Development
No Bio Available
Mr. Reid Yester
VP of Legal, General Counsel & Corporate Secretary
No Bio Available
Mr. Logan Mellott
Regional Vice President of West Region
No Bio Available

Contacts

Address
ALBERTA
Calgary
400, 911 - 11th Avenue SW
Contacts
+14032648500.0
badgerinc.com