Badger Infrastructure Solutions Ltd
TSX:BDGI
Badger Infrastructure Solutions Ltd
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.
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.
Revenue: Badger reported record 2025 revenue of over $830 million, up 12% year‑over‑year; Q4 revenue grew 14% year‑over‑year.
Profitability: Adjusted EBITDA for 2025 rose 13% year‑over‑year with a margin of 23.8% (2024: 23.6%); Q4 adjusted EBITDA was $44.9 million (21.5% margin).
Fleet & RPT: Fleet ended 2025 at 1,723 hydrovacs; revenue per truck per month was $41,672 in 2025, up 5% year‑over‑year.
2026 plan: Company plans a record build of 270–310 new hydrovacs in 2026, refurbish 30–50, retire 130–150, and grow fleet net 7%–10%; capital spend guidance of $198M–$230M (CEO comment).
Capital returns & balance sheet: Returned $31M in 2025 ($18M dividends, $13M buybacks); Board approved a 4% quarterly dividend increase; compliance leverage ended 2025 at 1.3x (target 1.0–2.0x).
Tariffs risk: New U.S. heavy‑duty truck tariff could expose Badger to an incremental $18M–$30M of costs in 2026 if 25% applies to non‑U.S. content; company is evaluating mitigation options.
Operational initiatives: Management is investing in branch expansion, operator hiring and an Operational Excellence rollout to standardize dispatch, fueling and branch processes to drive margin improvement toward the mid/high teens of their 25%–30% EBITDA target range over time.
New services: Two adjacent service lines launching: industrial cleaning (soft launch in 2025 with 4 locations) and trench safety/shoring; expected 2026 revenue contribution is not material initially but strategic for long‑term growth.
