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Mullen Group
Mullen Group (MTL) investor relations material
Mullen Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary22 Oct, 2025
Executive summary
Achieved record quarterly revenue of $561.8 million, up 5.6% year-over-year, primarily driven by acquisitions such as Cole Group and Zion Trucking, offsetting weakness in legacy business units due to a sluggish Canadian economy and low private capital investment.
Net income for the quarter was $33.2 million, down 13.3% year-over-year, reflecting higher finance costs, increased amortization, and negative foreign exchange impacts.
OIBDA was $97.6 million, up 2.4%, with OIBDA-adjusted nearly flat at $96.4 million; margins declined slightly due to business mix and lower-margin acquisitions.
The company operates a decentralized model with 41 business units across North America, focusing on operational performance, leadership development, and balance sheet flexibility.
Acquisition strategy remains central, with a focus on tuck-in and platform opportunities in strong verticals.
Financial highlights
Total revenue for the nine months ended September 30, 2025, was $1,599.8 million, up 7.4% year-over-year.
Net cash from operating activities reached a record $102.7 million for the quarter and $220.4 million YTD.
Cash dividends declared per share increased to $0.21 for the quarter and $0.63 YTD, with an annualized policy of $0.84 per share for 2025.
Basic earnings per share for Q3 was $0.38 (YTD $0.88), compared to $0.44 (YTD $1.06) last year; diluted EPS for the quarter was $0.36, down 12.2% year-over-year.
OIBDA margin for the quarter was 17.2%, down from 18.2% last year.
Outlook and guidance
Guidance for 2025 is slightly below initial targets due to softer commodity prices, acquisition timing, and ongoing economic uncertainty; 2025 business plan targets consolidated revenue of $2.2B and operating earnings of $350M.
Economic activity is stable but not growing, with freight demand steady and pricing pressure persisting.
Acquisitions are expected to remain the primary growth driver, with integration and cost control as key focus areas.
Anticipates potential market tightening in 2026, which could improve margins; 2026 budget and business plan to be released before year-end.
Plans to maintain annual dividend at $0.84 per share, paid monthly, and capital investments of $100M for 2025, excluding acquisitions.
Address margin dilution from asset-light acquisitions
What is the outlook for S&I segment recovery?
Rationale for share repurchases?
What M&A verticals are top priority?
When will market tightening improve margins?
S&I segment: What drives future growth?
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Next Mullen Group earnings date
Q4 202512 Feb, 2026
Mullen Group
Next Mullen Group earnings date
Q4 202512 Feb, 2026
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Frequently asked questions
Mullen Group Ltd is a Canadian logistics company that provides transportation and specialized services to the oil and natural gas, mining, forestry, and construction industries. The company’s business segments include less-than-truckload, logistics and warehousing, and specialized and industrial services. Mullen Group Ltd is headquartered in Okotoks, Canada, and its shares are listed on the TSX.
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