Badger Infrastructure Options Ltd. Delivers Strong Progress in 2024 Full 12 months Income, Adjusted EBITDA, Adjusted Internet Earnings and a 4.2% Dividend Improve

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CALGARY, Alberta, March 05, 2025 (GLOBE NEWSWIRE) — Badger Infrastructure Options Ltd. (“Badger”, the “Firm”, “we”, “our” or “us”) (TSX:BDGI) reported fourth quarter and 2024 annual outcomes right now. All outcomes are offered in U.S. {dollars} except in any other case said.

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2024
FOURTH
QUARTER
AND
ANNUAL
FINANCIAL
AND
OPERATIONAL HIGHLIGHTS

• The Firm achieved income of $187.2 million for the quarter and $745.0 for the yr, up 8% and 9%, respectively, from 2023.
• Gross revenue margin improved to 29.5% for the quarter and 29.3% for the yr, up from 26.2% and 27.9%, respectively, from 2023.
• Adjusted EBITDA⁽¹⁾ improved to $44.0 million for the quarter and $176.1 for the yr, up 28% and 17%, respectively, from 2023.
• Adjusted EBITDA margin⁽¹⁾ rose to 23.5% for the quarter and 23.6% for the yr, up from 19.9% and 22.0%, respectively, from 2023.
• Adjusted earnings per share⁽¹⁾ improved to $0.37 per share for the quarter and $1.68 for the yr, up 131% and 24%, respectively, from 2023.

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• Income per truck per 30 days (“RPT”)⁽¹⁾ for the quarter was $40,707 and $41,765 for the yr, down from $41,924 and $43,505, respectively, in 2023.

• The board of administrators has permitted a 4.2% enhance to the quarterly money dividend from CAD$0.18 per widespread share to CAD$0.1875 per widespread share efficient the primary fiscal quarter of 2025, with cost to be made on or about April 15, 2025, to all shareholders of file on the shut of enterprise on March 31, 2025.
• Through the fourth quarter of 2024, Badger repurchased 196,000 shares at a weighted common worth per share of CAD $36.88 underneath the Regular Course Issuer Bid (“NCIB”). For the yr, the Firm repurchased 240,400 widespread shares at a weighted common worth per share of CAD $36.89.

“We completed the yr on a powerful observe, with annual income up 9%, Adjusted EBITDA progress of 17% and Adjusted earnings per share progress of 24%, in comparison with 2023. Within the fourth quarter, the 8% enhance in income from 2023 drove a 28% enhance in Adjusted EBITDA, with over 60% of our income progress flowing to the underside line (43% for the total yr). All through 2024, we executed on our pricing, business, and operational effectivity methods to proceed to scale the enterprise. We’re happy to see these initiatives persevering with to drive sustained progress. Alongside stable monetary efficiency, the Badger Group additionally achieved trade main security outcomes for the yr, displaying the Firm’s continued dedication to our workers and clients,” stated Rob Blackadar, President & Chief Government Officer.

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“We stay up for one other yr of progress in hydrovac providers throughout our finish markets. In 2025, we plan to develop our fleet to between 1,710 and 1,760 models by the top of 2025, representing an general growth of 4% to 7%. Now we have ample present capability in our current fleet to soak up continued progress whereas remaining disciplined in our annual capital spend. We’re additionally happy to announce the Board has permitted a 4.2% enhance to the quarterly dividend, which along with the Regular Course Issuer Bid, exhibits our dedication to delivering shareholder returns whereas persevering with to execute our long-term natural progress technique,” concluded Mr. Blackadar.

FINANCIAL
HIGHLIGHTS

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⁽¹⁾ “Adjusted EBITDA”, “Adjusted EBITDA margin”, “Adjusted internet earnings”, “Compliance EBITDA”, “Whole debt” and “RPT” will not be standardized monetary measures prescribed by IFRS^® Accounting Requirements and is probably not similar to related measures offered by different corporations or entities. See “Non-IFRS Monetary Measures” and p.15-18 of the 2024 annual MD&A for added element on the definition and calculation of Adjusted EBITDA, Adjusted EBITDA margin, Adjusted internet earnings, Compliance EBITDA and Whole debt. See “Key Monetary Metrics and Different Operational Metrics” and p.13 of the 2024 annual MD&A for added particulars on RPT. Per share, fundamental and diluted measures are calculated by dividing the monetary measure with the weighted common widespread shares excellent for the interval.
⁽²⁾ See “Share Capital” within the Firm’s 2024 Annual MD&A for added particulars and observe 15 of the Firm’s audited annual Consolidated Monetary Statements for added particulars on the modifications to share capital.

2025
BUSINESS
OUTLOOK

In 2025, we proceed to see alternatives for progress, significantly within the U.S, because the election uncertainty that existed throughout 2024 and was impacting our U.S. finish markets, has subsided. Badger is properly positioned, with our broad footprint and established hydrovac fleet, to help our clients. Accordingly, Badger’s focus stays unchanged. We’ll proceed to leverage our buyer relationships by our Gross sales and Nationwide Account methods to drive larger exercise ranges throughout our broad department community, capturing extra density in main markets. Additional, we’re more and more centered on our working effectivity and the steadiness of our overhead help capabilities. To speed up this effort we’re extending our operational excellence initiatives from our manufacturing plant to your complete subject operations group to streamline and improve our clients’ expertise. We imagine this initiative will assist Badger proceed to understand stable working leverage on further revenues.

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Badger can be centered on disciplined fleet administration and utilization to help its natural progress necessities and can proceed to leverage its vertically built-in manufacturing capabilities. In 2024, we grew our fleet by 7% positioning us with the capability to soak up further progress in 2025 from our current fleet. For 2025, we plan to develop our fleet by an extra 4% to 7%. Along with our applications to seize pricing alternatives, the capability in our present fleet and our disciplined 2025 capital program, Badger is properly positioned to fulfill our rising buyer wants.

⁽¹⁾ Whole capital spend consists of the associated fee to fabricate new hydrovacs, refurbishments, ancillary tools and different capital tasks and doesn’t embody the potential affect of tariffs or retaliatory tariffs.

Badger is within the decrease finish of its leverage vary, leaving ample capability to keep up the NCIB and proceed to return capital to our shareholders by dividends, whereas sustaining our working capital and persevering with to put money into the enterprise to develop organically.

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The affect of the scope and length of the tariffs on Canadian exports and the retaliatory tariffs on sure U.S. exports is unsure. Because of these measures, the price of the hydrovacs that we assemble at our plant in Pink Deer, Alberta and use in our operations throughout North America could also be impacted. Moreover, the uncertainty ensuing from these measures could result in a decelerate within the markets the place Badger operates. Badger has undertaken a lot of initiatives to mitigate the impacts of those tariffs. We at present have ample fleet positioned in the precise markets, offering the pliability to handle by a few of these uncertainties in 2025.

ABOUT
BADGER
INFRASTRUCTURE
SOLUTIONS LTD.

Badger Infrastructure Options Ltd. (TSX:BDGI) is North America’s largest supplier of non-destructive excavating providers. Badger works for contractors and facility house owners in a broad vary of infrastructure industries and usually business building. Badger’s clients usually function close to excessive concentrations of underground energy, communication, water, gasoline and sewer traces, the place security and financial dangers are excessive and the place non- harmful excavation offers a protected different for sure buyer excavation necessities.

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The Firm’s key expertise is the Badger Hydrovac™, which is used primarily for protected excavation round vital infrastructure and in congested underground circumstances. The Badger Hydrovac makes use of a pressurized water stream to liquify the soil cowl, which is then eliminated with a robust vacuum system and deposited right into a storage tank. Badger is exclusive within the non-destructive excavation trade as a result of it designs and manufactures all of its hydrovac models at its plant in Pink Deer, Alberta, which has an annual manufacturing capability of greater than 350 hydrovac models. Extra not too long ago, the Firm has initiated a refurbishment program to increase the service lifetime of sure models when it’s financially prudent to take action primarily based on the situation of the unit on the finish of its regular helpful life. To enhance the Badger Hydrovac and prolong the Firm’s service choices, the Firm has a choose variety of specialty models, primarily airvacs, combo vehicles and sewer and flusher models.

2024
FOURTH
QUARTER
AND
ANNUAL
RESULTS
CONFERENCE
CALL

A convention name and webcast for buyers, analysts, brokers and media representatives to debate the 2024 fourth quarter and annual outcomes is scheduled for 9:00 a.m. ET on Thursday, March 6, 2025. To hitch the decision and ask a query in the course of the dwell questions and solutions session: https://occasion.cwebcast.com/ses/ABRB1df7Fl5GJUCuF-Bigw~~. To hitch the decision with audio solely: https://occasion.cwebcast.com/ses/ABRB1df7Fl5GJUCuF-Bigw~~.

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2024
FOURTH
QUARTER
AND
ANNUAL
RESULTS
DISCLOSURE DOCUMENTS

Badger’s 2024 annual Administration’s Dialogue and Evaluation (“MD&A”) and 2024 audited Consolidated Monetary Statements, together with all earlier public filings of Badger Infrastructure Options Ltd., could also be discovered on SEDAR+ at www.sedarplus.ca.

NON-IFRS
FINANCIAL
MEASURES

This press launch accommodates references to sure monetary measures, together with some that wouldn’t have any standardized that means prescribed by IFRS Accounting Requirements and that is probably not similar to related measures offered by different corporations or entities. These monetary measures are recognized and outlined under. See “Non-IFRS Monetary Measures” within the Firm’s 2024 annual MD&A for detailed reconciliations of non- IFRS monetary measures.

“Adjusted EBITDA” is earnings earlier than curiosity, taxes, depreciation and amortization, share-based compensation, positive factors and losses on by-product devices, positive factors and losses on sale of property, plant and tools and proper of use belongings, and positive factors and losses on overseas trade. Adjusted EBITDA is a measure of the Firm’s working profitability and is subsequently helpful to administration and buyers because it offers improved continuity with respect to the comparability of working outcomes over time. Adjusted EBITDA offers a sign of the outcomes generated by the Firm’s principal enterprise actions previous to how these actions are financed, the outcomes are taxed in numerous jurisdictions and belongings are amortized. As well as, Adjusted EBITDA excludes positive factors and losses on sale of property, plant and tools and proper of use belongings as these positive factors and losses are thought-about incidental and secondary to the principal enterprise actions, positive factors and losses on overseas trade as such positive factors and losses can range considerably primarily based on elements past the Firm’s management; and share-based compensation and positive factors and losses on by-product devices as these bills can range considerably with modifications within the worth of the Firm’s widespread shares.

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“Adjusted
EBITDA
margin” is Adjusted EBITDA as outlined above, expressed as a share of revenues.

“Adjusted internet earnings” is internet earnings adjusted for share-based compensation, positive factors and losses on by-product devices, positive factors and losses on sale of property, plant and tools and proper of use belongings, and positive factors and losses on overseas trade, tax impacted utilizing the efficient tax fee.

KEY
FINANCIAL
METRICS
AND
OTHER
OPERATIONAL METRICS

“Income per truck per 30 days” (“RPT”) is a measure of non-destructive excavation fleet utilization. It’s calculated utilizing non-destructive excavation income solely. RPT is calculated on each a consolidated foundation and for every geographic phase by dividing non-destructive excavation income for every phase, within the respective native forex, by the typical variety of non-destructive excavation models within the phase in the course of the interval.

See “Key Monetary Metrics and Different Operational Metrics” on web page 13 of the Firm’s 2024 annual MD&A for added particulars on RPT.

CAUTIONARY
STATEMENTS
REGARDING
FORWARD-LOOKING INFORMATION AND STATEMENTS

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Sure statements and data contained on this press launch and different steady disclosure paperwork of the Firm referenced herein, together with statements and data that include phrases comparable to “may”, “ought to”, “can”, “anticipate”, “anticipate”, “imagine”, “will”, “could”, “proceed”, “focus”, “develop”, and related expressions regarding issues that aren’t historic details, represent “forward-looking data” inside the that means of relevant Canadian securities laws. These statements and data contain identified and unknown dangers, uncertainties and different elements that will trigger precise outcomes or occasions to vary materially from these anticipated in such forward-looking statements and data. The Firm believes the expectations mirrored in such forward-looking statements and data are affordable, however no assurance might be provided that these expectations will show to be appropriate. Such forward-looking statements and data included on this press launch shouldn’t be unduly relied upon. These forward-looking statements and data communicate solely as of the date of this press launch.

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Specifically, forward-looking data and statements on this press launch embody, however will not be restricted to the next:

• expectations concerning demand for non-destructive excavation providers, together with with respect to finish markets, timing, spending, and venture start-ups;
• potential to fulfill rising buyer wants;
• expectations concerning Badger’s manufacturing and fleet technique, together with with respect to fleet rely, new builds, retirements, refurbishments and capital spend; and
• common enterprise methods and aims.

The forward-looking data and statements made on this press launch depend on sure anticipated financial circumstances and general demand for Badger’s providers and are primarily based on sure assumptions. The assumptions used to generate this forward-looking data and statements are, amongst different issues, that:

• Badger will preserve its monetary place and monetary assets will proceed to be obtainable to Badger;
• The general marketplace for Badger’s providers or its potential to offer service won’t be adversely affected within the long-term by financial disruption, or different elements past Badger’s management comparable to climate, pure disasters, international occasions, the imposition of tariffs by the U.S. or different governments, different laws or regulatory modifications and technological advances;
• There will likely be long-term sustained buyer demand for non-destructive excavation and associated providers from a broad vary of finish use markets in North America;
• Badger will preserve relationships with present clients and develop profitable relationships with new clients;
• Badger will gather buyer funds in a well timed method;
• Badger will be capable to compete successfully for the demand for its providers;
• There won’t be important modifications in revenue margins resulting from pricing modifications pushed by market circumstances, competitors, regulatory elements or different unexpected elements;
• Badger will understand and proceed to understand the efficiencies and advantages of the executed enterprise restructuring actions and different enterprise enchancment initiatives;
• Badger will be capable to efficiently implement its plans, applications, and procedures as anticipated; and
• Badger will receive all labour, components and provides mandatory to finish the deliberate Badger non- harmful excavation construct on the prices and on the timeline anticipated.

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Dangers and different uncertainties that might trigger precise outcomes to vary materially from these anticipated in such forward-looking statements embody, however will not be restricted to: political and financial circumstances; trade competitors; worth fluctuations for oil and pure gasoline and associated services; Badger’s potential to draw and retain key personnel; the provision of future debt and fairness financing; modifications in legal guidelines or rules, together with taxation and environmental rules which can adversely affect the labour provide and working prices of Badger; excessive or unsettled climate patterns; and fluctuations in overseas trade or rates of interest.

Readers are cautioned that the foregoing elements will not be exhaustive. Further data on these and different elements that might have an effect on the Firm’s operations and monetary outcomes is included in studies on file with securities regulatory authorities in Canada and could also be accessed by the SEDAR+ web site (www.sedarplus.ca) or on the Firm’s web site. The forward-looking statements and data contained on this press launch are expressly certified by this cautionary assertion. The Firm doesn’t undertake any obligation to publicly replace or revise any forward-looking statements or data, whether or not because of new data, future occasions or in any other case, besides as could also be required by relevant securities legal guidelines.

Supply: Badger Infrastructure Options Ltd.

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