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Badger Infrastructure Solutions (6BD0) Q3 2026 Earnings Report

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DE:6BD0 Q3 2026 EPS Results

Actual EPS
EUR 0.73
Consensus EPS
EUR 0.95
Beat/Miss
Missed by -EUR 0.22
One Year Ago EPS
EUR 0.78

DE:6BD0 Q3 2026 Revenue Results

Actual Revenue
EUR 254.39M
Expected Revenue
EUR 253.08M
Beat/Miss
Beat by +EUR 1.30M
YoY Revenue Growth
+22.73%

Earnings Announcement Details

Quarter
Q3 2026
Date
11/05/2026
Time
After Close
Conference Call
Thursday, November 5, 2026
DE:6BD0 Upcoming Earnings

Badger Infrastructure Solutions's next earnings date is estimated for March 11, 2027, based on past reporting schedules.

Q3 2026 Earnings Call Audio

DE:6BD0 Q3 2026 Earnings Call
0:00 / 0:00

Q3 2026 Earnings Slide Deck

No slide deck is available for this earnings event.

Q3 2026 Earnings Call Summary

Q3 2026
Earnings Call Date:Nov 05, 2026|% Change Since:-10.94%|
Earnings Call Sentiment|Positive

The call was strongly positive, supported by record third-quarter revenue and adjusted EBITDA, 21% organic revenue growth, margin expansion, broad-based demand, improving pricing and utilization, and substantial long-term project visibility. The main challenges were elevated taxes, ongoing initiative-related margin investments, persistent seasonality, tariff costs, branch-level margin variability, and expected moderation in RPT growth. Highlights significantly outweighed the lowlights.

Company Guidance

Badger expects 2026 fleet growth to remain slightly above the 7%-10% growth target, with refurbishments of between 30-50 hydrovacs and retirements of between 130-150 units; it plans to produce at the top end of its narrowed 300 to 310 hydrovac production range, while 2026 capital spending is now anticipated to be about $203 million-$222 million at the upper end of its initial range. Management anticipates moving towards the bottom end of the 25%-30% target EBITDA margin range over the next 12-18 months, said reaching the midpoint within the next year would be unrealistic, and expects effective tax rates to normalize in 2027, with a move back to statutory rates in 2027, about 26%. Operational Excellence is expected to continue through the remainder of 2026 and 2027, reach about half of branches by the end of 2026 and every branch in the company during 2027, with benefits reflected toward the end of 2027 into 2028; the U.S. manufacturing facility is expected to begin building trucks sometime in 2028.

  • Record Revenue and Adjusted EBITDA GrowthThird-quarter revenue reached $287 million, up 21% year-over-year, while adjusted EBITDA increased 25% to $83.4 million. Revenue and adjusted EBITDA both rose by over 20% for the second consecutive quarter.
  • Adjusted EBITDA Margin ExpansionAdjusted EBITDA margin increased 90 basis points year-over-year to 29.1%, marking the second consecutive quarter of margin expansion. Management attributed the results to hiring and training quality operators, effective fleet management and deployment, and pricing discipline.
  • Broad-Based Organic Growth and Demand VisibilityAll end-market segments contributed equally to the company's organic growth rate of over 20%. Management said many projects are multi-year, non-discretionary, fully funded, regulatory-approved, and either underway or starting in the near term, with record amounts of upcoming work identified through 2030.
  • Data Center Revenue Remained ConsistentData center revenue represented a consistent 15% of total revenue throughout the third quarter, and management said that trend continued into the fourth quarter.
  • Revenue per Truck and Fleet ExpansionRevenue per truck per month was $51,895 in the third quarter, up 8% compared with last year. Badger ended the quarter with 1,822 hydrovacs, representing an 11% increase in average fleet size from the prior year.
  • Fleet Growth Expected Above Prior TargetGiven the strength of end-market demand, management expects 2026 fleet growth to remain slightly above the previously provided 7%-10% growth target.
  • Strong Hydrovac Production and Fleet StrategyThe Red Deer plant produced 83 hydrovacs in the quarter, compared with 57 in the same quarter last year. Badger also retired 23 units and refurbished nine units. The full-year strategy remains on track, with expected refurbishments of 30-50 hydrovacs and retirements of 130-150 units.
  • Utility and Infrastructure Demand DriversManagement described strong, multi-year demand tied to transmission and distribution projects, power-plant conversions, nuclear-plant refurbishment, grid hardening, water supply and treatment, sewage treatment, gas transmission and distribution, airport infrastructure, and other multi-year, multi-billion-dollar projects.
  • Broad-Based Pricing ProgressPricing improvement was described as broad-based across the U.S. and Canada. Management said the pricing engine launched in 2023, along with customer and project data, is helping teams determine pricing, remain competitive, and capture price increases.
  • Fleet Utilization and Operating Leverage ImprovementsManagement said utilization remained solid and that pricing, fleet additions, and deployment of trucks into areas where they can be utilized immediately are contributing to operating leverage and margin improvement. The company also cited better execution in labor, maintenance, and repair expenses.
  • Operational Excellence RolloutOperational Excellence is expected to continue through the remainder of 2026 and 2027. By the end of 2026, the program is expected to cover about half of the branches, with the remaining branches covered during 2027. Management said early results from the original branches were very positive.
  • Data and AI-Enabled Branch ManagementThe Badger Analytics Platform and use of AI are providing increasingly real-time visibility into revenue, pricing, utilization, and margins. Management said lower-performing business units are improving and that there were no identified pockets of poor performance in either the U.S. or Canada.
  • New Service Lines Progressing to PlanThe launch of two new service lines is proceeding in line with the original business case. One service line is approaching its first year and the other has been operating for about six to eight months. Management said initial results were very positive and investment remained in line with expectations.
  • U.S. Manufacturing Facility AdvancementBadger continues to advance plans for a second manufacturing facility in the U.S. Management said the facility would provide additional capacity, reduce concentration risk from having one manufacturing plant, support continued hydrovac adoption, provide tariff relief for units built and retained in the U.S., and offer operational and tax incentives. The company expects to announce a site selection soon and expects truck production to begin in 2028.
  • Manufacturing Capacity and FlexibilityThe planned U.S. facility is expected to begin with capacity similar to Red Deer, with the ability to expand to a larger manufacturing and output footprint. Management said the additional facility would provide flexibility to adjust production between Red Deer and the U.S. based on regional demand.
  • Strong Balance Sheet and Financial FlexibilityBadger reported undrawn capacity on its five-year credit facility and compliance leverage of 1.5x EBITDA, within its targeted 1x-2x range. Management said this provides flexibility to invest in organic growth, new service lines, and the second U.S. manufacturing facility while continuing to return capital through dividends and the NCIB.
  • Capital Spending and Production Support GrowthThe company plans to produce at the top end of its narrowed 300 to 310 hydrovac production range in 2026. Capital spending is now anticipated to be about $203 million-$222 million, at the upper end of the initial range, including spending on new service lines.
  • Improved Year-to-Date Financial PerformanceFor the first nine months, revenue increased 21%, adjusted EBITDA increased 22%, adjusted EBITDA margin rose 30 basis points, and adjusted EPS increased 10%. Third-quarter adjusted EPS was $0.96, up 5% year-over-year.
  • NCIB Renewal and Shareholder ReturnsBadger successfully renewed its NCIB, maintaining the ability to make opportunistic share purchases while returning capital through dividends. No shares were purchased under the NCIB during the third quarter.
  • Positive Canadian Market OutlookManagement said eastern Canada is benefiting from projects already underway, while central and western Canada are beginning to see activity and improvement. The company expects more activity as customers receive awards and begin larger construction projects.

DE:6BD0 Earnings History

DE:6BD0 earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
Mar 11, 20272026 (Q4)0.44-0.31――
Nov 05, 20262026 (Q3)0.950.730.78-5.81% (-0.05)
Jul 30, 20262026 (Q2)0.580.620.525.45% (+0.13)
Mar 05, 20262025 (Q4)0.440.310.33-8.11% (-0.03)
Nov 05, 20252025 (Q3)0.780.780.6126.47% (+0.16)
Nov 05, 20252026 (Q1)0.170.200.09120.00% (+0.11)
Jul 30, 20252025 (Q2)0.460.500.3257.14% (+0.18)
Apr 29, 20252025 (Q1)0.110.090.05100.00% (+0.05)
Mar 05, 20252024 (Q4)0.270.330.13164.29% (+0.21)
Oct 30, 20242024 (Q3)0.640.610.610.00% (+0.00)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat Missed