Canada's Badger Infrastructure Q1 revenue beats on strong end-market demand, higher fleet utilization

Badger Infrastructure Solutions

30/04/2026 22:49

Overview

Canada non-destructive excavation firm's Q1 revenue rose 18%, beating analyst expectations

Adjusted EBITDA for Q1 climbed 13%, beating analyst expectations

Company repurchased 47,373 shares under NCIB during the quarter

Outlook

Badger expects strong end-market growth and customer demand to continue in 2026

Company raises planned 2026 fleet growth to upper end of 7% to 10% range

Badger expects 2026 capital spend of $198 mln to $230 mln including tariffs

Result Drivers

STRONG END-MARKET DEMAND - Co said Q1 growth reflected strength in core end markets and customer demand

HIGHER FLEET UTILIZATION - Increased utilization and year-over-year fleet growth supported revenue gains

ONGOING INVESTMENTS - Co said investments in team and branch network positioned it to benefit from demand

Company press release: ID:nGNX9f8VTq

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Beat
$203.24 mln
$191.20 mln (7 Analysts)
Q1 Net Income
$862,000
Q1 Adjusted EBITDA
Beat
$38.06 mln
$36.55 mln (8 Analysts)
Q1 Adjusted EBITDA Margin
18.70%
Q1 Basic EPS
$0.03
Q1 Pretax Profit
$660,000


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the construction & engineering peer group is "buy"

Wall Street's median 12-month price target for Badger Infrastructure Solutions Ltd is C$78.50, about 22.1% above its April 29 closing price of C$64.28

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)