Canada · Delayed Price · Currency is CAD Decisive Dividend Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 sales declined 3% year-over-year, but strong agriculture and wear parts growth offset sector-specific and seasonal declines. Adjusted EBITDA fell 7%, while the dividend payout ratio remained stable at 80%. M&A activity and recent investments are expected to drive future growth.
Fiscal Year 2025
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Q4 and FY2025 saw record revenue and strong EBITDA growth, with all business segments posting sales increases. Improved cash flow and leverage ratios support a sustainable dividend and future M&A, while new products and acquisitions are set to drive 2026 growth.
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Q3 2025 saw record year-to-date sales and EBITDA, with strong free cash flow and improved leverage. Growth was driven by diversified segment performance and recent acquisitions, while U.S. economic headwinds impacted select businesses. Order backlogs and new products support a positive near-term outlook.
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Record Q2 2025 results with 26% sales and 56% adjusted EBITDA growth year-over-year. All business segments contributed to gains, with strong order backlogs and improved margins, though some U.S.-exposed sectors face near-term headwinds.
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Record Q1 revenue and EBITDA were driven by broad-based growth across all business lines, with significant improvements in free cash flow, payout, and leverage ratios. Strong order backlogs and new product launches support a positive outlook, while M&A and operational efficiency remain key priorities.
Fiscal Year 2024
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Q4 2024 delivered record results with sales and adjusted EBITDA up year-over-year and sequentially, driven by industrial and agricultural segments. Strong order backlogs and new product launches support a positive 2025 outlook, while tariff risks and capital allocation remain key focus areas.
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Q3 2024 delivered strong sequential growth in sales, EBITDA, and cash flow, driven by operational wins, cost controls, and broad-based order increases. Outlook for Q4 2024 and 2025 is positive, with continued improvements expected across all key metrics and segments.
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Q2 2024 saw challenging market conditions, but recent project wins, cost controls, and improved order flow position the group for a stronger second half. Inventory build is slowing, CapEx is lower, and M&A remains selective, with a focus on sustainable dividends and operational efficiency.