Canada's Badger Q2 revenue beats estimate

Badger Infrastructure Solutions

30/07/2026 21:12

Overview
Canada non-destructive excavation firm's Q2 revenue rose 23%, beating analyst expectations
Adjusted EBITDA for Q2 increased 25% and beat analyst expectations
Company repurchased 33,303 shares and issued CAD$300 mln in senior unsecured notes

Outlook
Company expects 2026 fleet growth at high end of planned 7% to 10% range
Badger sees 2026 capital spend between $188 mln and $230 mln including potential tariffs
Company expects strong growth in end markets and customer demand to continue in 2026

Result Drivers
END MARKET DEMAND - Co said revenue growth was driven by strong demand in utilities and infrastructure markets, including large construction projects
FLEET UTILIZATION - Increased utilization and continued fleet expansion enabled co to meet demand and support growth
PRICING OPPORTUNITIES - Co said it began to realize pricing opportunities across all markets as fleet utilization rose

Company press release: ID:nNFC5105K3

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
Beat
$257.13 mln
$240.53 mln (7 Analysts)
Q2 Net Income
 
$22.47 mln
 
Q2 Adjusted EBITDA
Beat
$66.13 mln
$59 mln (7 Analysts)
Q2 Adjusted EBITDA Margin
 
25.7%
 
Q2 Basic EPS
 
$0.67
 
Q2 Pretax Profit
 
$33.8 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", no "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$100.50, about 24.3% above its July 29 closing price of C$80.88

Reuters Recommended Reads
July 29 - Canada's FLINT Q2 revenue rises 37% on contract wins
July 29 - Canada's GFL Environmental raises 2026 outlook after Q2 revenue beats estimates
July 30 - Granite Construction Q2 revenue jumps 29%, beats estimates

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.)