Black Diamond Group Ltd
TSX:BDI

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Black Diamond Group Ltd
TSX:BDI
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Price: 17.71 CAD 3.75% Market Closed
Market Cap: CA$1.2B

Black Diamond Group Ltd
Investor Relations

Black Diamond Group Ltd. engages in renting and selling space rental and modular workforce accommodation. The company is headquartered in Calgary, Alberta and currently employs 376 full-time employees. The company went IPO on 2006-09-26. The company provides specialized field rentals to oil and gas industries. The company operates through two business segments : Modular Space Solutions (MSS) and Workforce Solutions (WFS). The MSS segment includes BOXX Modular, Britco, and MPA Systems. The MSS segment sells both new and used space rentals buildings and provides delivery, installation, project management and ancillary products and services, such as furniture and office equipment. The WFS segment provides workforce solutions, including rental of accommodation assets and surface equipment, provision of full turnkey lodging, and travel management services through LodgeLink. WFS includes: Black Diamond Camps & Lodging, Black Diamond Energy Services, Black Diamond International, and LodgeLink. The company serves sectors, such as mining, and power and military.

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BDI
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Last Earnings Call
Fiscal Period
Q4 2025
Call Date
Feb 27, 2026
AI Summary
Q4 2025

Strong Growth: Black Diamond delivered a highly successful 2025, with revenue of $456.9 million, up 13%, and adjusted EBITDA of $126.4 million, up 12% from the prior year.

Strategic Acquisitions: The company completed two acquisitions, most notably Royal Camp Services for $165 million, expanding its service offerings and capacity.

Robust Free Cash Flow: Free cash flow reached $88 million for the year, up 10%, supporting both organic and inorganic growth opportunities.

Stable Outlook: Management expects steady operating conditions and moderate growth in core segments for 2026, despite some near-term variability in project-driven revenues.

Capital Allocation: Capital expenditures were $105 million in 2025, with about $31 million committed for early 2026, largely directed toward contract-backed growth.

Balance Sheet Strength: Net debt is $328 million, with significant liquidity and a leverage ratio at the low end of the target range, providing flexibility for further investments.

Safety Record: The company reported a year-end TRIF of 0.47 with zero lost time claims, emphasizing its strong safety culture.

Key Financials
Revenue
$456.9 million
Adjusted EBITDA
$126.4 million
Net Profit
$34.8 million
Free Cash Flow
$88 million
Capital Expenditures
$105 million
Net Debt
$328 million
Future Contracted Rental Revenue
$149.3 million
MSS Rental Revenue
$107 million
MSS Adjusted EBITDA
$82.9 million
MSS Average Rental Rates
up 7%
WFS Revenue
$233.1 million
WFS Adjusted EBITDA
$67.4 million
LodgeLink Total Trade Value
$114.9 million
LodgeLink Net Revenue
$14.2 million
TRIF (Total Recordable Injury Frequency)
0.47
Fourth Quarter Revenue
$144 million
Fourth Quarter Adjusted EBITDA
$38.9 million
Fourth Quarter Rental Revenue
$44.5 million
MSS Utilization (Q4)
77.6%
WFS Utilization (Q4)
56.8%
Average Interest Rate on Debt (Q4)
4.35%
Earnings Call Recording
Other Earnings Calls

Management

Mr. Trevor Haynes
Chairman, President & CEO
No Bio Available
Mr. Toby Labrie CPA
Executive VP & CFO
No Bio Available
Mr. Michael Lenard Ridley
Executive VP & COO of Workforce Solutions
No Bio Available
Mr. Edward J. Redmond M. ENG., MBA, P. ENG.
Executive VP & COO of Modular Space Solutions
No Bio Available
Mr. Jason Alexander Zhang C.F.A.
Vice President of Capital Markets
No Bio Available

Contacts

Address
ALBERTA
Calgary
Suite 1000, 440 - 2nd Avenue S.W.
Contacts
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