Dexterra Group (DXT) Q4 2025 earnings summary

Executive summary

• Achieved record 2025 results with revenue over $1.04 billion, Adjusted EBITDA of $122.8 million, and net earnings of $40.8 million, driven by strong operational execution and strategic acquisitions including PVC and Right Choice.

• Completed onboarding and integration of Right Choice and PVC, expanding U.S. facilities management and Canadian workforce accommodations.

• Delivered robust shareholder returns through share price appreciation of over 60% in 14 months, buybacks, and a 14% dividend increase to $0.40 per share.

• Strategic investments included a 40% stake in PVC and the acquisition of Right Choice, totaling $153 million.

• 1,483,900 shares were repurchased and cancelled under the NCIB at a total cost of $11.7 million.

Financial highlights

• Q4 2025 revenue was $271 million, up 9% year-over-year; Adjusted EBITDA rose to $33 million, with margins expanding to 12% from 10.7% in Q4 2024.

• Full-year 2025 revenue reached $1.041 billion, Adjusted EBITDA was $122.8 million, and Free Cash Flow was $60 million.

• Net earnings per share for Q4 2025 were $0.12, up from $0.11 in Q4 2024; annual EPS rose to $0.65 from $0.31.

• Return on equity was 15% in 2025.

• Net debt at year-end was 1.6x Adjusted EBITDA (about $200 million), up from $67.9 million in 2024 due to acquisitions.

Outlook and guidance

• Strong pipeline for 2026 in support services and asset-based services, with Adjusted EBITDA margins expected to exceed 9% in support services and remain 30%-40% in asset-based services.

• Focus on leveraging PVC partnership for U.S. growth and integrating Right Choice.

• Anticipates Adjusted EBITDA conversion to Free Cash Flow above 50% in 2026.

• Expects continued strong activity in nation-building, defense, and infrastructure projects, with upside potential.

• Net debt expected to decrease in 2026, absent further acquisitions.