Black Diamond Reports Strong Third Quarter Results with Record Consolidated Revenue and Increases Dividend by 22%

Skip to Content News Archives Economy Defence Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Defence Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Defence Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomeGlobeNewswireThis section is The content in this section is supplied by GlobeNewswire for the purposes of distributing press releases on behalf of its clients. Postmedia has not reviewed the content. by GlobeNewswire Black Diamond Reports Strong Third Quarter Results with Record Consolidated Revenue and Increases Dividend by 22%Author of the article:CALGARY, Alberta, Oct. 29, 2026 (GLOBE NEWSWIRE) — Black Diamond Group Limited (“Black Diamond”, the “Company” or “we”), (TSX:BDI), a leading provider of space rental and workforce accommodation solutions, today announced its operating and financial results for the three months ended September 30, 2026 (the “Quarter”) compared with the three months ended September 30, 2025 (the “Comparative Quarter”). All financial figures are expressed in Canadian dollars.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThird Quarter 2026 at a GlanceThis advertisement has not loaded yet, but your article continues below. Q3 2026Change vs. Q3 2025Total revenue$159.952%Adjusted EBITDA$42.333%Consolidated rental revenue$48.918%Contracted future rental revenue$152.3(4)%Capital expenditures$26.837%Capital commitments$49.726% Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againSubsequent to Quarter end, the Company announced a 22% increase to its quarterly dividend, marking the sixth increase since its reinstatement in 2021. The fourth quarter dividend of $0.055 is payable on or about January 15, 2027 to shareholders of record on December 31, 2026.Workforce Solutions (“WFS”) revenue of $97.9 million for the Quarter increased 127% from the Comparative Quarter, contributing to Adjusted EBITDA¹ of $28.2 million, up 99% from the Comparative Quarter. The increase was driven by Royal Camp Services Ltd. (“Royal Camp”) contribution, which supported growth in lodge services revenue of 389%, rental revenue of 43% and non-rental revenue of 56% as compared to the Comparative Quarter.WFS formal bids outstanding in Canada alone continues to compound with over $2.3 billion in formal bids representing more than double the Company’s current fleet capacity and underscores the growing demand environment.LodgeLink generated record Total Trade Value1 of $51.5 million for the Quarter, an increase of 44% from the Comparative Quarter, driving net revenue up 51% to a record $6.5 million from the Comparative Quarter. Record Total Travel Segments sold of 254,944 increased 50% from the Comparative Quarter.Modular Space Solutions (“MSS”) rental revenue of $30 million for the Quarter, increased 7% from the Comparative Quarter, contributing to Adjusted EBITDA2 of $21.2 million, down 7% from the Comparative Quarter. Utilization remained within the optimal range at 77.1% and average monthly rates increased 3%.MSS value-added products and services (“VAPS”) revenue of $3.5 million for the Quarter increased 25% from the Comparative Quarter, driving VAPS as a % of Rental Revenue1 up 200 basis points from the Comparative Quarter to 12.7%.This advertisement has not loaded yet, but your article continues below.1Adjusted EBITDA, Adjusted EPS, Total Trade Value, Adjusted Profit and Net Debt are non-GAAP financial measures. VAPS as a % of Rental Revenue and Net Debt to TTM Adjusted Leverage EBITDA are non-GAAP ratios. Refer to the “Non-GAAP Financial Measures”, “Financial Review – Capital Plan” and “Modular Space Solutions – Financial Highlights” sections of this MD&A for more information on each non-GAAP financial measure and ratio.The Company realized Basic Adjusted Earnings Per Share of $0.19 up by $0.03 from the Comparative Quarter. EPS of $0.16 in the Quarter was down from $0.19 in the Comparative Quarter reflecting lower margins, higher depreciation and financing costs, and increased shares outstanding offset by one-time insurance proceeds in the Comparative Quarter.Net Debt2 of $355.7 million at the end of the Quarter increased 8% since December 31, 2025. Net Debt to trailing twelve months (“TTM”) Adjusted Leverage EBITDA2 of 2.4x is within the target range of 2.0x to 3.0x.2Adjusted EBITDA, Adjusted EPS, Total Trade Value, Adjusted Profit and Net Debt are non-GAAP financial measures. VAPS as a % of Rental Revenue and Net Debt to TTM Adjusted Leverage EBITDA are non-GAAP ratios. Refer to the “Non-GAAP Financial Measures”, “Financial Review – Capital Plan” and “Modular Space Solutions – Financial Highlights” sections of this MD&A for more information on each non-GAAP financial measure and ratio.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.Black Diamond enters the final quarter of the year from a position of strength, following the first half that demonstrated stability of Black Diamond’s diversified platform and core rental business. As we exit 2026 and look ahead to 2027, operating momentum continues to strengthen with favourable demand environments across all three operating geographies and key end market verticals. Strong macro tailwinds and proven execution capabilities position the Company exceptionally well to translate these conditions into continued profitable growth.Within WFS, elevated activity in North America is broadly spanning projects from resource development, pipelines, data centres, mining, military and remote infrastructure. This is increasingly evident in the volume and quality of opportunities in the formal bid stage equating to over $2.3 billion in Canada alone exiting the quarter – with several prospective sizable projects. The combination of Black Diamond and Royal Camp provides meaningful scale and available capacity, an integrated service-offering, and many key Indigenous partnerships to meet our customers needs as projects advance.This advertisement has not loaded yet, but your article continues below.The opportunity set is particularly strong in western Canada, where increased resource and infrastructure activity is creating demand across both WFS and MSS and is providing multiple avenues for the Company to deploy existing capacity and invest incremental capital to meet growing demand.In Australia, market conditions are positive, with similar dynamics to the development cycle in North America. Increasing demand for workforce accommodations for mining, military and remote infrastructure are translating into tangible growth opportunities requiring capital deployment at very attractive rates of return.LodgeLink’s results demonstrate the scalability of the business reaching new highs across all key metrics in the quarter with no current indications of this growth moderating. Customer acquisition continues to expand meaningfully, while retention also remains strong. Growth in the U.S. market is accelerating and outpaces Canada by nearly double with significant market penetration upside still ahead. The completion of LodgeLink 3.0 will lead to further value-creation in this area of the business and represents an important next stage in its evolution.This advertisement has not loaded yet, but your article continues below.MSS continues to generate stable recurring rental revenue and benefit from healthy utilization and disciplined fleet investment in correlation to customer demand with strength in Canada – particularly in the western provinces. In the U.S. activity associated with data centres and the related infrastructure build out, particularly across the Gulf Coast and Southeast, is expanding, though this emerging vertical is offset to a degree by continued softness in education-related sales and a muted pace of rental growth in this sector. Custom sales revenue continues to reflect typical variability, with permitting delays shifting project deployment timing, though this is largely a matter of timing rather than demand.With a diversified platform, considerable operating leverage, a healthy balance sheet and a strong team focused on disciplined execution, the Company believes it is well positioned to capitalize on the diverse and unprecedented opportunity ahead – ultimately compounding long-term shareholder value.Third Quarter 2026 Financial HighlightsThis advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below. Three months ended September 30,Nine months ended September 30,($ millions, except as noted)20262025Change20262025ChangeFinancial Highlights$$%$$%Total revenue159.9105.352%419.0312.934%Gross profit65.650.231%171.8142.321%Administrative expenses24.720.123%72.359.921%Adjusted EBITDA(1)42.331.833%104.787.520%Adjusted EBIT(1)23.619.422%50.550.7—%Funds from Operations(1)43.633.032%103.489.416%Per share ($)0.630.5124%1.511.436%Profit before income taxes13.816.6(17)%19.736.7(46)%Profit11.012.2(10)%14.627.2(46)%Adjusted EPS – Basic ($)(1)0.190.1619%0.330.43(23)%Adjusted EPS – Diluted ($)(1)0.190.1619%0.320.42(24)%Earnings per share – Basic ($)0.160.19(16)%0.210.44(51)%Earnings per share – Diluted ($)0.160.18(11)%0.210.43(51)%Capital expenditures26.819.637%68.669.3(1)%Property and equipment790.9597.432%790.9597.432%Total assets1,105.6784.241%1,105.6784.241%Long-term debt379.9205.885%379.9205.885%Cash and cash equivalents24.49.8149%24.49.8149%Return on Assets (%)(1)19.6%20.4%(80) bps12.3%18.5%(620) bpsFree Cashflow(1)33.823.047%66.459.312%(1) Adjusted EBITDA, Adjusted EBIT, Adjusted EPS, Funds from Operations and Free Cashflow are non-GAAP financial measures. Return on Assets is a non-GAAP ratio. Refer to the “Non-GAAP Financial Measures” section of this news release for more information on each non-GAAP financial measure and ratio.This advertisement has not loaded yet, but your article continues below.A copy of the Company’s unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2026 and 2025 and related management’s discussion and analysis have been filed with the Canadian securities regulatory authorities and may be accessed through the SEDAR+ website (www.sedarplus.ca) and www.blackdiamondgroup.com.About Black Diamond GroupBlack Diamond is an industrial services and asset management company with two operating business units – MSS and WFS. We operate in Canada, the United States and Australia.MSS through its principal brands, BOXX Modular, CLM and Schiavi, owns a large rental fleet of modular buildings of various types and sizes. Its network of local branches rent, sell, service and provide ancillary products and services to a diverse customer base in the construction, industrial, education, financial, and government sectors.WFS, through its principal brands Black Diamond Lodging and Accommodations, Royal Camp, Summit Camps and Primco Dene Royal Camp Services Limited Partnership, owns a large rental fleet of modular accommodation assets of various types and offers a full range of catering and hospitality services both in concert with and independent of the provision of modular accommodation facilities. WFS rents, sells, services and provides ancillary products and services including turn-key operated camps with premium integrated catering and hospitality services to a wide array of customers in the resource, infrastructure, construction, disaster recovery and education sectors.This advertisement has not loaded yet, but your article continues below.In addition, the WFS business unit also includes the Corporation’s wholly owned subsidiary, LodgeLink, which operates through a proprietary software platform, offering sophisticated solutions for workforce travel and logistics across North America, Australia and the Asia-Pacific region, enabling customers to efficiently manage the full travel cycle through a rapidly growing network of hotels, remote lodges and travel partners. LodgeLink solves the unique challenges associated with workforce crew travel and is complemented by Spencer Corporate Travel’s high-touch boutique corporate travel management service.For investor inquiries please contact Emma Covenden at 403-718-5062 or investor@blackdiamondgroup.com.Black Diamond will hold a conference call and webcast at 9:00 a.m. MT (11:00 a.m. ET) on Friday October 30, 2026. CEO Trevor Haynes and CFO Toby LaBrie will discuss Black Diamond’s financial results for the Quarter and then take questions from investors and analysts.To access the conference call by telephone dial toll free 1-800-715-9871. International callers should use 1-647-932-3411. Please connect approximately 10 minutes prior to the beginning of the call.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.To access the call via webcast, please log into the webcast link 10 minutes before the start time at: www.gowebcasting.com/14987Following the conference call, a replay will be available on the Investor Centre section of the Company’s website at www.blackdiamondgroup.com, under Presentations & Events.Reader AdvisoryForward-Looking StatementsCertain information set forth in this news release contains forward-looking statements including, but not limited to, the Company’s outlook for 2026, expectations for and opportunities in different geographic areas, opportunities for organic investment, expectations regarding nation-building projects. reinvesting operating cash flows, capital commitments, targeted completion of LodgeLink’s new 3.0 product, the Company’s ability to fund organic and inorganic growth, management’s goals and business objectives, the sales and opportunity pipeline, timing and payment of the Company’s quarterly dividends, the effect of the Enterprise Resource Planning (“ERP”) system upgrade on the Company’s business, macro-economic uncertainty, utilization levels, contract renewals, management’s assessment of Black Diamond’s future operations and what may have an impact on them, expectations regarding the rental rate environment, opportunities and effect of deploying investment capital, financial performance, business prospects and opportunities, changing operating environment including changing activity levels, effects on demand and performance based on the changing operating environment, expectations for demand and growth in the Company’s operating and customer segments, future deployment of assets, amount of revenue anticipated to be derived from current contracts, anticipated debt levels, liquidity demands and sources, ongoing contractual terms and debt obligations, liquidity, working capital and other requirements, management’s expectations regarding the ability to raise equity, sources and use of funds, economic life of the Company’s assets, expected length of existing contracts, plans for completion of the assessment of the controls, policies and procedures of the acquired companies and future growth and profitability of the Company. With respect to the forward-looking statements in this news release, Black Diamond has made assumptions regarding, among other things: future commodity prices, the future interest rate environment, that Black Diamond will continue to raise sufficient capital to fund its business plans in a manner consistent with past operations, effectiveness of the new ERP system, the effects of tariffs and trade-war related measures, that counterparties to contracts will perform the contracts as written and that there will be no unforeseen material delays in contracted projects. Although Black Diamond believes that the expectations reflected in the forward-looking statements contained in this news release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurances that such expectations or assumptions will prove to be correct. Readers are cautioned that assumptions used in the preparation of such statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of Black Diamond. These risks include, but are not limited to: the volatility of industry conditions, dependence on agreements and contracts, competition, credit risk, information technology systems and cyber security, vulnerability to market changes, operating risks and insurance, weakness in industrial construction and infrastructure developments, weakness in natural resource industries, access to additional financing, dependence on suppliers and manufacturers, reliance on key personnel, workforce availability, market price of Common Shares, safety performance, expansion into new activities, government regulation, failure to realize anticipated benefits of acquisitions and dispositions, inflationary price pressure, environmental liability, environmental regulation of the Company’s customers, environmental disasters, Indigenous relationships, dilution, disease outbreaks, variations in foreign exchange rates and interest rates, foreign operations, dependence on operating permits, maturity of credit facility, management of growth, seasonality in certain customer markets, litigation, potential replacement or reduced use of products and services, income taxes, conflicts of interest, restrictive covenants and leverage, the effects of tariffs and trade-war related measures and forward-looking information may prove inaccurate. The risks outlined above should not be construed as exhaustive. Additional information on these and other factors that could affect Black Diamond’s operations and financial results are included in Black Diamond’s annual information form for the year ended December 31, 2025 and other reports on file with the Canadian securities regulatory authorities which can be accessed on Black Diamond’s profile on SEDAR+. Readers are cautioned not to place undue reliance on these forward-looking statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Black Diamond does not undertake any obligation to update or revise any of the forward-looking statements, except as may be required by applicable securities laws.This advertisement has not loaded yet, but your article continues below.Non-GAAP Financial MeasuresIn this news release, the following specified financial measures and ratios have been disclosed: Adjusted EBITDA, Adjusted EBIT, Adjusted EBITDA as a % of Revenue, Net Debt, Net Debt to TTM Adjusted Leverage EBITDA, Funds from Operations, Free Cashflow, Gross Profit Margin, Return on Assets, VAPS as a % of Rental Revenue, Total Trade Value, Net Revenue Margin, Adjusted Profit and Net Capital Expenditures. These non-GAAP financial measures do not have any standardized meaning prescribed under International Financial Reporting Standards (“IFRS”) and are therefore unlikely to be comparable to similar measures presented by other entities. Readers are cautioned that the non-GAAP financial measures are not alternatives to measures under IFRS and should not, on their own, be construed as an indicator of Black Diamond’s performance or cash flows, a measure of liquidity or as a measure of actual return on the shares of Black Diamond. These non-GAAP financial measures should only be used in conjunction with the consolidated financial statements of Black Diamond.This advertisement has not loaded yet, but your article continues below.Adjusted EBITDA is not a measure recognized under IFRS and does not have a standardized meaning prescribed by IFRS. Adjusted EBITDA refers to consolidated earnings before finance costs, tax expense, depreciation and amortization, accretion, foreign exchange, share-based compensation, non-controlling interests, write-down of property and equipment, impairment, gain on disposal of assets and non-recurring costs.Black Diamond uses Adjusted EBITDA primarily as a measure of operating performance. Management believes that operating performance, as determined by Adjusted EBITDA, is meaningful because it presents the performance of the Company’s operations on a basis which excludes the impact of certain non-cash items as well as how the operations have been financed. In addition, management presents Adjusted EBITDA because it considers it to be an important supplemental measure of the Company’s performance and believes this measure is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in industries with similar capital structures.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.Adjusted EBITDA has limitations as an analytical tool, and readers should not consider this item in isolation, or as a substitute for an analysis of the Company’s results as reported under IFRS. Some of the limitations of Adjusted EBITDA are:Adjusted EBITDA excludes certain income tax payments and recoveries that may represent a reduction or increase in cash available to the Company;Adjusted EBITDA does not reflect the Company’s cash expenditures, or future requirements, for capital expenditures or contractual commitments;Adjusted EBITDA does not reflect changes in, or cash requirements for, the Company’s working capital needs;Adjusted EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest payments on the Company’s debt;Depreciation and amortization are non-cash charges, thus the assets being depreciated and amortized will often have to be replaced in the future and Adjusted EBITDA does not reflect any cash requirements for such replacements; andOther companies in the industry may calculate Adjusted EBITDA differently than the Company does, limiting its usefulness as a comparative measure.This advertisement has not loaded yet, but your article continues below.Because of these limitations, Adjusted EBITDA should not be considered as a measure of discretionary cash available to invest in the growth of the Company’s business. The Company compensates for these limitations by relying primarily on the Company’s IFRS results and using Adjusted EBITDA only on a supplementary basis. A reconciliation to profit, the most comparable GAAP financial measure, is provided below.Adjusted EBIT is Adjusted EBITDA less depreciation and amortization. Black Diamond uses Adjusted EBIT primarily as a measure of operating performance. Management believes that Adjusted EBIT is a useful measure for investors when analyzing ongoing operating trends. There can be no assurances that additional special items will not occur in future periods, nor that the Company’s definition of Adjusted EBIT is consistent with that of other companies. As such, management believes that it is appropriate to consider both profit determined on a GAAP basis as well as Adjusted EBIT. A reconciliation to profit, the most comparable GAAP financial measure, is provided below.This advertisement has not loaded yet, but your article continues below.Adjusted EBITDA as a % of Revenue is calculated by dividing Adjusted EBITDA by total revenue for the period. Black Diamond uses Adjusted EBITDA as a % of Revenue primarily as a measure of operating performance. Management believes this ratio is an important supplemental measure of the Company’s performance and believes this measure is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in industries with similar capital structures.Return on Assets is calculated as annualized Adjusted EBITDA divided by average net book value of property and equipment and intangible assets. Annualized Adjusted EBITDA is calculated by multiplying Adjusted EBITDA for the Quarter and Comparative Quarter by an annualized multiplier. Management believes that Return on Assets is a useful financial measure for investors in evaluating operating performance for the periods presented. When read in conjunction with the Company’s profit and property and equipment, two GAAP financial measures, this non-GAAP ratio provides investors with a useful tool to evaluate Black Diamond’s ongoing operations and management of assets from period-to-period.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.Reconciliation of Consolidated Profit to Adjusted EBITDA, Adjusted EBIT, Adjusted EBITDA as a % of Revenue and Return on Assets: Three months endedSeptember 30,Nine months endedSeptember 30,($ millions, except as noted)20262025Change%20262025Change%Profit(1)11.012.2(10)%14.627.2(46)%Add: Depreciation and amortization(1)18.712.451%54.236.847%Finance costs(1)5.13.259%15.210.643%Share-based compensation(1)2.62.313%6.95.428%Non-controlling interests(1)1.20.2500%3.30.9267%Current income taxes(1)3.80.4850%4.91.3277%Deferred income taxes(1)(1.4)3.9(136)%(0.4)7.4(105)%Non-recurring costs ERP implementation and related costs(2)1.31.7(24)%5.25.12%Acquisition costs(1)—1.5(100)%0.31.6(81)%Gain on disposal of assets(1)—(6.0)100%(3.1)(8.8)65%Provision for sales tax assessments(1)———%3.6—100%Adjusted EBITDA42.331.833%104.787.520%Less: Depreciation and amortization(1)18.712.451%54.236.847%Adjusted EBIT23.619.422%50.550.7—% Total revenue(1)159.9105.352%419.0312.934%Adjusted EBITDA as a % of Revenue26.5%30.2%(370) bps25.0%28.0%(300) bps Annualized multiplier44 1.31.3 Annualized adjusted EBITDA169.2127.233%136.1113.820%Average net book value of property and equipment861.9623.238%851.2615.538%Return on Assets19.6%20.4%(80) bps12.3%18.5%(620) bps(1) Sourced from the Company’s unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2026 and 2025.(2) This relates to the costs incurred for the implementation of a new ERP system and are included in administrative expenses; the first phase of the implementation went live on May 1, 2024 and the second phase of the implementation went live on June 1, 2026. This advertisement has not loaded yet, but your article continues below.Reconciliation of Consolidated Profit to Adjusted Profit, and Adjusted Earnings Per Share (EPS):Adjusted Profit represents profit from continuing operations excluding the amortization of intangibles acquired through acquisitions, acquisition costs, ERP implementation and related costs, and adjustments for other specific items that are significant but are not reflective of Black Diamonds underlying operations, all on an after-tax basis. Specific items are subjective, although Black Diamond uses judgment when identifying items to be excluded in calculating adjusted measures. Adjusted profit is a measure of overall profitability and the most comparable IFRS measure for adjusted profit is Profit. Management presents Adjusted Profit because it considers it to be a reflection of ongoing operations.Adjusted Earnings Per Share (EPS) is a non-GAAP ratio calculated by dividing adjusted profit (defined above) by the basic and diluted weighted average number of shares outstanding. Management presents Adjusted EPS because it considers it to be a reflection of ongoing operations.This advertisement has not loaded yet, but your article continues below. Three months endedSeptember 30,Nine months endedSeptember 30,($ millions, except as noted)20262025Change20262025ChangeProfit(1)11.012.2(10)%14.627.2(46)%Add back net of tax: Amortization of intangibles related to acquisitions(2)1.20.4200%3.71.0270%ERP implementation, acquisition, and related costs(3)0.92.4(63)%4.05.1(22)%Provision for sales tax assessments(4)———%2.6—100%Gains related to insurance proceeds received(5)—(4.5)100%(2.3)(6.6)65%Adjusted Profit13.110.525%22.626.7(15)%Weighted average common shares outstanding – basic69.065.26%68.662.610%Weighted average common shares outstanding – diluted70.966.76%70.463.511%Adjusted EPS Basic ($)0.190.1619%0.330.43(23)%Diluted ($)0.190.1619%0.320.42(24)%(1) Sourced from the Company’s unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2026 and 2025.(2) The add back of intangible amortization relates only to the amortization from intangible assets acquired through acquisitions and excludes the amortization of internally generated intangibles. For the three and nine months ended September 30, 2026, this amount is net of tax of $0.4 and $1.4 (2025 – $0.1 and $0.3)(3) The add back of costs incurred for the ERP implementation, as well as certain administrative and marketing costs and depreciation primarily related to acquisition expenses associated with our acquisitions and restructuring costs. For the three and nine months ended September 30, 2026, this amount is net of tax of $0.4 and $1.5 (2025 – $0.8 and $1.6)(4) For the three and nine months ended September 30, 2026, the Provision for sales tax assessments amount is net of tax of $nil and $1.0 (2025 – $nil and $nil)(5) For the three and nine months ended September 30, 2026, the Gains related to insurance proceeds received is net of tax of $nil and $0.8 (2025 – $1.5 and $2.1) This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.Reconciliation of Consolidated Profit to Adjusted EBITDA, Adjusted Leveraged EBITDA, Net Debt and Net Debt to TTM Adjusted Leverage EBITDA:NetDebt to TTM Adjusted Leverage EBITDA is a non-GAAP ratio which is calculated as Net Debt divided by TTM Adjusted Leverage EBITDA. Net Debt, a non-GAAP financial measure, is calculated as long-term debt minus cash and cash equivalents. A reconciliation to long-term debt, the most comparable GAAP financial measure, is provided below.Adjusted Leverage EBITDA, a non-GAAP financial measure, is calculated as Adjusted EBITDA plus pre-acquisition Adjusted EBITDA estimates that reflect Adjusted EBITDA generated by acquired businesses prior to the acquisition date, as though the acquisition had occurred at the beginning of the relevant TTM period. Adjusted Leverage EBITDA is used by management to assess the Company’s leverage position and its ability to service debt. The measure is also used in calculating the Net Debt to TTM Adjusted Leverage EBITDA Ratio, which management monitors against its internal target range. Management believes this adjustment provides investors with additional context regarding the contribution of recently acquired operations to the Company’s leverage metrics and assists users in evaluating leverage on a basis that is more consistent with the Company’s current operating performance. A reconciliation to profit, the most comparable GAAP financial measure, is provided below.This advertisement has not loaded yet, but your article continues below.Net Debt and Net Debt to TTM Adjusted Leverage EBITDA removes cash and cash equivalents from the Company’s debt balance. Black Diamond uses this ratio primarily as a measure of operating performance. Management believes this ratio is an important supplemental measure of the Company’s performance and believes this measure is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in industries with similar capital structures.($ millions, except as noted)20262026202620252025202520252024Change Q3Q2Q1Q4Q3Q2Q1Q4 Profit(1)11.00.92.77.612.29.25.89.3 Add: Depreciation and amortization(1)18.717.817.615.812.412.012.414.6 Finance costs(1)5.15.24.94.03.23.63.83.8 Share-based compensation(1)2.62.41.92.12.31.91.21.3 Non-controlling interests(1)1.20.71.31.60.20.30.40.5 Current income taxes(1)3.8(0.1)1.31.40.40.50.40.9 Deferred income taxes(1)(1.4)0.60.44.23.92.60.95.4 Non-recurring costs ERP implementation and related costs(2)1.32.31.61.41.71.81.61.4 Acquisition costs(1)—0.10.31.21.50.1—— Gain on disposal of assets(1)—(3.1)—(0.4)(6.0)(2.8)—— Provision for sales tax assessments—3.6—————— Adjusted EBITDA42.330.432.038.931.829.226.537.2 Acquisition pro-forma adjustments(3)———6.4———— Adjusted Leverage EBITDA42.330.432.045.331.829.226.537.2 TTM Adjusted Leverage EBITDA150.0 124.7 20% Long-term debt(1)379.9 205.8 85%Cash and cash equivalents(1)24.4 9.8 149%Current portion of long-term debt(4)0.2 1.1 (82)%Net Debt355.7 197.1 80%Net Debt to TTM Adjusted Leverage EBITDA2.4 1.6 50%(1) Sourced from the Company’s unaudited interim condensed consolidated financial statements for thethree and nine months endedSeptember 30, 2026 and 2025.(2) This relates to the costs incurred for the implementation of a new ERP system and are included in administrative expenses; the first phase of the implementation went live on May 1, 2024 and the second phase of the implementation went live on June 1, 2026.(3) Includes pre-acquisition Adjusted EBITDA attributable to Royal Camp estimates as if the acquisition occurred on September 30, 2025. Pre-acquisition Adjusted EBITDA from Royal Camp is not a recognized measure under IFRS. The Company’s method of calculating may differ from other entities and accordingly, may not be comparable to measures used by other entities.(4) Current portion of long-term debt relating to the payments due within one year on the bank term loans assumed as part of the acquisition in the fourth quarter of 2022. This advertisement has not loaded yet, but your article continues below.Funds from Operations is calculated as the cash flow from operating activities, the most comparable GAAP financial measure, excluding the changes in non-cash working capital. Management believes that Funds from Operations is a useful measure as it provides an indication of the funds generated by the operations before working capital adjustments. Changes in long-term accounts receivable and non-cash working capital items have been excluded as such changes are financed using the operating line of Black Diamond’s credit facilities. A reconciliation to cash flow from operating activities, the most comparable GAAP financial measure, is provided below.Free Cashflow is calculated as Funds from Operations minus maintenance capital, net interest paid (including lease interest), payment of lease liabilities, net current income tax expense (recovery), distributions declared to non-controlling interests and dividends paid on Common Shares plus net current income taxes received (paid). Management believes that Free Cashflow is a useful measure as it provides an indication of the funds generated by the operations before working capital adjustments and other items noted above. Management believes this metric is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in industries with similar capital structures. A reconciliation to cash flow from operating activities, the most comparable GAAP financial measure, is provided below.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.Reconciliation of Cash Flow from Operating Activities to Funds from Operations and Free Cashflow: Three months ended September 30,Nine months ended September 30,($ millions, except as noted)20262025Change20262025Change Cash Flow from Operating Activities(1)23.320.414%66.284.8(22)%Add (deduct): Change in other long-term assets(1)6.60.32,100%5.12.3122%Changes in non-cash operating working capital(1)13.712.311%32.12.31,296%Funds from Operations43.633.032%103.489.416%Add (deduct): Maintenance capital(2.2)(2.9)24%(7.9)(6.8)(16)%Payment for lease liabilities(1)(2.3)(2.0)(15)%(6.9)(6.7)(3)%Interest paid (including lease interest)(1)(5.0)(3.0)(67)%(14.7)(10.1)(46)%Net current income tax expense(1)3.80.4850%4.91.3277%Dividends paid on Common Shares(1)(3.1)(2.1)(48)%(9.2)(6.4)(44)%Distributions paid to non-controlling interests(1)(1.0)(0.4)(150)%(3.2)(1.4)(129)%Free Cashflow33.823.047%66.459.312%(1) Sourced from the Company’s unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2026 and 2025. This advertisement has not loaded yet, but your article continues below.Gross Profit Margin is a non-GAAP financial ratio which is calculated by dividing gross profit, a GAAP financial measure calculated as total revenue less direct costs, by total revenue for the period. Management believes this ratio is an important supplemental measure of the Company’s performance and believes this ratio is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in industries with similar capital structures.Reconciliation of Gross Profit to Gross Profit Margin: Three months endedSeptember 30,Nine months endedSeptember 30,($ millions, except as noted)20262025Change20262025ChangeTotal revenue(1)159.9105.352%419.0312.934%Direct costs(1)94.355.171%247.3170.645%Gross profit(1)65.650.231%171.8142.321%Gross Profit Margin41.0%47.7%(670) bps41.0%45.5%(450) bps(1) Sourced from the Company’s unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2026 and 2025. Total Trade Value, previously referred to as Gross Bookings, has been renamed to ensure alignment with terminology commonly used across the industry. Total Trade Value is a non-GAAP financial measure and is calculated as the total revenue billed to the customer which includes all fees and charges. Net revenue, a GAAP financial measure, is Total Trade Value less costs paid to suppliers. Revenue from bookings at third-party lodges and hotels through LodgeLink is recognized on a net revenue basis. LodgeLink is an agent in the transaction as it is not responsible for providing the service to the customer and does not control the service provided by a supplier. Management believes this non-GAAP financial measure is an important supplemental measure of LodgeLink’s performance and cash generation and believes this non-GAAP financial measure is frequently used by interested parties in the evaluation of companies in industries with similar forms of revenue generation.This advertisement has not loaded yet, but your article continues below.Net Revenue Margin is calculated by dividing net revenue by Total Trade Value for the period. Management believes this ratio is an important supplemental measure of LodgeLink’s performance and profitability and believes this ratio is frequently used by interested parties in the evaluation of companies in industries with similar forms of revenue generation where companies act as agents in transactions.Reconciliation of Net Revenue to Total Trade Value and Net Revenue Margin: Three months ended September 30,Nine months ended September 30,($ millions, except as noted)20262025Change20262025ChangeNet revenue(1)6.54.351%15.610.351%Costs paid to suppliers(1)45.031.443%112.072.654%Total Trade Value(1)51.535.744%127.682.954%Net Revenue Margin12.6%12.0%60 bps12.2%12.4%(20) bps(1) Includes intercompany transactions. VAPS as a % of Rental Revenue is a non-GAAP ratio which is calculated as VAPS revenue divided by rental revenue excluding VAPS revenue. A reconciliation to rental revenue, the most comparable GAAP financial measure, is provided below. Black Diamond uses this ratio as a measure of operating performance. Management believes this ratio is an important supplemental measure to appraise the growth of ancillary products and services in proportion to the growth of rental revenue.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.Reconciliation of Rental Revenue to VAPS as a % of Rental Revenue: Three months endedSeptember 30,Nine months endedSeptember 30,Value Added Products & Services($ millions, except as noted)20262025Change20262025ChangeRental revenue(1)30.028.17%85.080.06%Less: VAPS revenue within rental revenue2.41.926%6.44.931%Rental revenue excluding VAPS revenue27.626.25%78.675.15%VAPS revenue3.52.825%9.47.132%VAPS as a % of Rental Revenue12.7%10.7%200 bps12.0%9.5%250 bps(1) Sourced from the Company’s unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2026 and 2025.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.