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Black Diamond Group
Black Diamond Group (BDI) investor relations material
Black Diamond Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary31 Oct, 2025
Executive summary
Consolidated Q3 2025 revenue was $105.3 million, up 4% year-over-year, with adjusted EBITDA of $31.8 million, up 10% for the quarter and 15% for the nine months.
Net profit rose 65% to $12.2 million, and basic EPS increased 58% to $0.19 per share, aided by insurance proceeds from wildfire asset losses.
Rental revenue, the core business, reached $41.3 million, up 9% year-over-year, driven by capital investment and strong customer activity in construction, infrastructure, energy, and education.
Announced a 29% dividend increase to $0.045 per share quarterly, marking the fifth consecutive annual increase since 2021.
Closed a tuck-in acquisition in Australia and announced a definitive agreement to acquire Royal Camp Services, expected to close by year-end, doubling Canadian Workforce Accommodations fleet.
Financial highlights
Capital expenditures for Q3 were $19.6 million, with total capital commitments up 124% to $39.5 million, mostly for project-specific fleet units.
Free cash flow for Q3 was $23 million, up 17% year-over-year, supported by higher revenue and lower maintenance capital and interest costs.
Net debt at quarter-end was $197.1 million, down $34.9 million sequentially and 12% from year-end, with liquidity near $230 million.
Gross profit rose 7% year-over-year to $50.2 million for the quarter, with gross margin at 47.7%.
Administrative expenses increased 10% to $20.1 million.
Outlook and guidance
Expect stable to moderately growing rental revenue, with continued organic fleet additions and a stable operating environment.
MSS segment anticipates stable rental revenue, with variability in sales and non-rental streams; education sales lower in 2025 but expected to recover.
WFS results stabilized, with major project-driven growth not expected until the second half of 2026.
Confident in stable compounding rental revenue growth and positive market tailwinds, especially in Canada.
Ample liquidity and leverage below target range support continued organic and inorganic growth.
Royal Camp acquisition: WFS utilization outlook?
Contracted capital commitments: revenue impact?
WFS major project revenue: H2 2026 confidence?
WFS pricing strategy with Royal acquisition
ERP upgrade's impact on efficiency and growth?
MSS growth CapEx drivers vs. peer trends
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Next Black Diamond Group earnings date
Q4 202527 Feb, 2026
Black Diamond Group
Next Black Diamond Group earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
Black Diamond Group Limited provides modular space solutions and workforce accommodation to clients in energy, mining, construction, and government sectors. The company also offers rental and support services for remote work sites and commercial facilities. It operates in Canada, the United States, and Australia. The company is headquartered in Calgary, Canada, and its shares are listed on the TSX.
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