Mattr (MATR) Q4 2025 earnings summary

Executive summary

• Q4 and full-year 2025 delivered strong year-over-year revenue and adjusted EBITDA growth, driven by operational efficiency, AmerCable acquisition, and robust performance in Connection and Composite Technologies.

• AmerCable acquisition significantly boosted results, supporting expansion in US data center and utility markets.

• Operational execution improved despite end-market slowdowns, with successful launch of new Flexpipe products.

• Net income from continuing operations and total net income saw significant improvement, with total net income up 1412% year-over-year for 2025.

• Actions taken in 2025 have positioned the company for more consistent performance in 2026.

Financial highlights

• Q4 2025 revenue was $312.5M (CAD 312.5M), up 50% year-over-year; adjusted EBITDA was $31.8M, up 150%.

• Full-year 2025 revenue reached $1,268.5M (+43.3% YoY); adjusted EBITDA was $154.8M (+43.1% YoY).

• Q4 operating cash flow was CAD 80.2M, driven by higher gross profit and working capital releases.

• Adjusted EBITDA margins for FY 2025: 12% overall, 13% for Connection Technologies, 15% for Composite Technologies.

• Diluted EPS for 2025: $0.75; diluted Adjusted EPS: $0.55.

Outlook and guidance

• 2026 revenue and adjusted EBITDA expected to be similar to or modestly below 2025, with Q1 performance anticipated to match Q4 2025.

• Margin profile expected to improve in the second half of 2026, with high points in the low teens.

• Capital spending for 2026 projected at $35–$45M, including $15M maintenance and $20–$30M for growth initiatives.

• Strategic focus on operational efficiency, new technology, higher-value end markets, and growth in Flexpipe and AmerCable capacity.

• Connection Technologies revenue expected to decline in 2026, while Composite Technologies revenue is expected to rise.