CALGARY, Alberta, March 05, 2026 (GLOBE NEWSWIRE) -- Badger Infrastructure Solutions Ltd. (“Badger”, the “Company”, “we”, “our” or “us”) reported fourth quarter and 2025 annual results today. All results are presented in U.S. dollars unless otherwise stated.

阿尔伯塔省卡尔加里，2026年3月5日（GLOBE NEWSWIRE）——Badger Infrastructure Solutions Ltd.（“Badger”，“公司”，“我们”，“我们的” 或 “我们”）今天报告了 2025 年第四季度和年度业绩。除非另有说明，所有结果均以美元为单位。

2025 FOURTH QUARTER AND ANNUAL FINANCIAL AND OPERATIONAL HIGHLIGHTS

2025 年第四季度和年度财务及运营亮点

The Company achieved revenue of $213.5 million for the quarter and $831.7 million for the year, up 14% and 12%, respectively, from 2024.
Adjusted EBITDA(1) improved to $44.9 million for the quarter and $198.2 million for the year, up 2% and 13%, respectively, from 2024.
Adjusted net earnings per share(1) was $0.34 per share for the quarter and improved to $2.04 per share for the year, up 21% from 2024.
Revenue per truck per month (“RPT”)(1) for the quarter and the year was $41,756 and $41,672, respectively, increased from $38,395 and $39,529, in 2024.
In 2025, Badger returned $30.7 million of capital to our shareholders, comprised of $18.0 million in dividends and $12.7 million of purchases under our Normal Course Issuer Bid.
The Company's board of directors (the "Board") has approved a 4% increase to the quarterly cash dividend from CAD$0.1875 per common share to CAD$0.195 per common share for the first fiscal quarter of 2026, to all shareholders of record at the close of business on March 31, 2026, with payment to be made on or after April 15, 2026.

公司在本季度实现收入 2.135 亿美元，全年收入 8.317 亿美元，分别比 2024 年增长 14% 和 12%。
调整后 EBITDA(1) 在本季度改善至 4490 万美元，全年改善至 1.982 亿美元，分别比 2024 年增长 2% 和 13%。
调整后每股净收益 (1) 在本季度为每股 0.34 美元，全年改善至每股 2.04 美元，比 2024 年增长 21%。
本季度和全年每辆卡车每月收入（“RPT”）(1) 分别为 41,756 美元和 41,672 美元，较 2024 年的 38,395 美元和 39,529 美元有所增加。
在 2025 年，Badger 向我们的股东返还 3070 万美元的资本，其中包括 1800 万美元的股息和 1270 万美元的正常回购。
公司董事会（“董事会”）已批准将 2026 年第一财季的季度现金股息从每普通股 0.1875 加元提高 4% 至每普通股 0.195 加元，支付给截至2026年3月31日营业结束时的所有股东，支付日期为2026年4月15日或之后。

“I am incredibly proud of the performance that Badger’s team delivered in 2025. Our results demonstrate Badger’s broad market diversity and resiliency, as we have remained focused on our customer commitment of providing efficient, safe, and reliable hydrovac services in a solid demand environment. In 2025, we achieved annual revenue growth of 12%, Adjusted EBITDA growth of 13% and Adjusted net earnings per share growth of 21%, compared to 2024. With our end markets ramping up in the second half of 2025, and strong fleet utilization, we are increasing investments in our operations workforce, expanding our branch network in strategic, high impact markets, and accelerating the expansion of our fleet. These investments position Badger for sustained future growth. Complementing our solid financial results, the Badger team’s dedication to continuous improvement led to stellar safety results once again in 2025,” said Rob Blackadar, President & Chief Executive Officer.

“我对 Badger 团队在 2025 年所取得的业绩感到无比自豪。我们的结果展示了 Badger 广泛的市场多样性和韧性，因为我们始终专注于为客户提供高效、安全和可靠的水力真空服务，在强劲的需求环境中。2025 年，我们实现了 12% 的年度收入增长、13% 的调整后 EBITDA 增长和 21% 的调整后每股净收益增长，较 2024 年相比。随着我们的最终市场在 2025 年下半年逐步回暖，强劲的车队利用率，我们正在增加对运营团队的投资，扩展在战略性高影响市场的分支网络，并加速扩展我们的车队。这些投资为 Badger 的持续未来增长奠定了基础。除了我们稳健的财务业绩外，Badger 团队对持续改进的承诺在 2025 年再次带来了卓越的安全成果，” 总裁兼首席执行官 Rob Blackadar 表示。

“Looking ahead, we see extraordinary demand and opportunities across our end markets. In 2026, to capture this demand, we plan to build between 270 and 310 units, representing an overall fleet growth of 7% to 10%, net of retirements. We are also pleased to announce the Board has approved a 4% increase to the quarterly dividend. With strong profitability, disciplined reinvestment, and a clear path for continued growth, Badger remains well positioned to deliver long-term value for shareholders,” concluded Mr. Blackadar.

“展望未来，我们看到最终市场的需求和机会异常强劲。为了捕捉这一需求，我们计划在 2026 年建造 270 至 310 个单位，整体车队增长率为 7% 至 10%，扣除退役车辆。我们还很高兴地宣布，董事会已批准季度股息增加 4%。凭借强劲的盈利能力、严格的再投资和清晰的持续增长路径，Badger 仍然处于为股东提供长期价值的良好位置，” Blackadar 先生总结道。

FINANCIAL HIGHLIGHTS

财务亮点


	Three months ended December 31,	Twelve months ended December 31,
($ US thousands except RPT, per share amounts, truck count, share information and ratios)	2025	2024	2025	2024
Revenue:
Non-destructive excavation service	202,321	175,814	790,926	703,342
Other	11,203	11,362	40,776	41,610
Total revenue	213,524	187,176	831,702	744,952
RPT - Consolidated(1)	41,756	38,395	41,672	39,529
Adjusted EBITDA(1)	44,910	43,963	198,233	176,074
Adjusted EBITDA per share, basic and diluted(1)	$ 1.33	$1.28	$ 5.86	$5.11
Adjusted EBITDA margin(1)	21.0 %	23.5%	23.8 %	23.6%
Net earnings before income tax	11,396	16,979	79,591	67,467
Net earnings	8,446	10,869	59,228	47,872
Net earnings per share, basic and diluted(1)	$ 0.25	$0.32	$ 1.75	$1.39
Adjusted net earnings(1)	11,610	12,744	69,104	57,899
Adjusted net earnings per share, basic and diluted(1)	$ 0.34	$0.37	$ 2.04	$1.68
Cash flow from operations before working capital and other adjustments	44,691	43,776	197,821	175,977
Cash flow from operations before working capital and other adjustments per share, basic and diluted(1)	$1.32	$1.27	$5.85	$5.11
Total debt to Compliance EBITDA(1)	1.3x	1.1x	1.3x	1.1x
Capital expenditures	26,950	16,091	118,265	98,004
Hydrovac truck count	1,723	1,643	1,723	1,643
Dividends paid	4,504	4,490	17,997	17,993
Common shares repurchased and cancelled through NCIB(2)	—	196,000	492,800	240,400
Cash paid to repurchase common shares under the NCIB	—	5,035	12,744	6,078
Weighted average common shares outstanding(2)	33,740,238	34,362,402	33,826,490	34,441,443


	截至 12 月 31 日的三个月	截至 12 月 31 日的十二个月
（除 RPT、每股金额、卡车数量、股份信息和比率外，均以美元千元计）	2025	2024	2025	2024
收入：
非破坏性挖掘服务	202,321	175,814	790,926	703,342
其他	11,203	11,362	40,776	41,610
总收入	213,524	187,176	831,702	744,952
RPT - 合并 (1)	41,756	38,395	41,672	39,529
调整后 EBITDA(1)	44,910	43,963	198,233	176,074
每股调整后 EBITDA，基本和稀释 (1)	$ 1.33	$1.28	$ 5.86	$5.11
调整后 EBITDA 利润率 (1)	21.0 %	23.5%	23.8 %	23.6%
税前净收益	11,396	16,979	79,591	67,467
净收益	8,446	10,869	59,228	47,872
每股净收益，基本和稀释 (1)	$ 0.25	$0.32	$ 1.75	$1.39
调整后净收益 (1)	11,610	12,744	69,104	57,899
每股调整后净收益，基本和稀释 (1)	$ 0.34	$0.37	$ 2.04	$1.68
运营现金流（扣除营运资本和其他调整前）	44,691	43,776	197,821	175,977
每股运营现金流（扣除营运资本和其他调整前），基本和稀释 (1)	$1.32	$1.27	$5.85	$5.11
总债务与合规 EBITDA(1)	1.3x	1.1x	1.3x	1.1x
资本支出	26,950	16,091	118,265	98,004
水力真空卡车数量	1,723	1,643	1,723	1,643
支付的股息	4,504	4,490	17,997	17,993
通过 NCIB 回购并注销的普通股	—	196,000	492,800	240,400
用于回购普通股的现金支付	—	5,035	12,744	6,078
加权平均流通普通股 (2)	33,740,238	34,362,402	33,826,490	34,441,443

(1) "Adjusted EBITDA", "Adjusted EBITDA margin", "Adjusted net earnings", "Compliance EBITDA", "Total debt" and "RPT" are not standardized financial measures prescribed by IFRS® Accounting Standards and may not be comparable to similar measures presented by other companies or entities. See “Non-IFRS Financial Measures” and p.14-17 of the 2025 Annual MD&A (as defined herein) for additional detail on the definition and calculation of Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net earnings, Compliance EBITDA and Total Debt. See "Key Financial Metrics and Other Operational Metrics" and p.12 of the 2025 annual MD&A for additional details on RPT. Per share, basic and diluted measures are calculated by dividing the financial measure with the weighted average common shares outstanding for the period.

(1) “调整后 EBITDA”、“调整后 EBITDA 利润率”、“调整后净收益”、“合规 EBITDA”、“总债务” 和 “RPT” 并不是 IFRS®会计标准规定的标准化财务指标，可能与其他公司或实体所呈现的类似指标不可比。有关调整后 EBITDA、调整后 EBITDA 利润率、调整后净收益、合规 EBITDA 和总债务的定义和计算的更多详细信息，请参见 2025 年年度 MD&A（如本文所定义）第 14-17 页。有关 RPT 的更多详细信息，请参见 “关键财务指标和其他运营指标” 及 2025 年年度 MD&A 第 12 页。每股基本和稀释指标是通过将财务指标除以该期间的加权平均流通普通股计算得出的。

(2) See “Share Capital” in the Company’s 2025 Annual MD&A for additional details and note 15 of the Company's audited annual Consolidated Financial Statements for additional details on the changes to share capital.

（2）有关更多详细信息，请参见公司 2025 年年度管理层讨论与分析中的 “股本” 部分，以及公司审计的年度合并财务报表的第 15 条，了解股本变动的更多细节。

2026 BUSINESS OUTLOOK

2026 年商业展望

Looking ahead to 2026, Badger expects a continuation of the strong growth in our end markets and customer demand that we experienced in the second half of 2025. Badger's industry leading footprint, well established commercial and pricing strategies, comprehensive safety program, and plans for continued investments to expand our branch network in key strategic markets, leave the Company well positioned to support our customers' growing needs.

展望 2026 年，Badger 预计我们在 2025 年下半年所经历的终端市场和客户需求的强劲增长将持续。Badger 在行业中的领先地位、成熟的商业和定价策略、全面的安全计划，以及在关键战略市场继续扩展分支网络的投资计划，使公司能够很好地支持客户日益增长的需求。

The rate of growth in our end markets recovered in the second half of 2025. Accordingly, we plan to increase our rate of fleet growth from 5% in 2025 to 7% to 10% in 2026. Concurrent with the increase in our truck build rate that started in the fourth quarter of 2025, we accelerated the rate of hiring and training of new operators to serve our growing fleet capacity.

我们终端市场的增长率在 2025 年下半年恢复。因此，我们计划将车队增长率从 2025 年的 5% 提高到 2026 年的 7% 至 10%。与 2025 年第四季度开始的卡车生产率提升相一致，我们加快了新操作员的招聘和培训，以满足我们不断增长的车队容量。

Badger's Operational Excellence program was introduced in early 2025 and is being rolled out to all of our branches throughout the remainder of the year and into 2027. As our core hydrovac services business continues to grow, we have identified opportunities to expand Badger's service offering into complementary and adjacent market service lines. In 2026, we plan to spend approximately $15 million to $25 million of capital towards launching two new service lines in our U.S. footprint.

Badger 的运营卓越计划于 2025 年初推出，并将在余下的年度和 2027 年期间推广到我们所有的分支机构。随着我们核心的水力真空服务业务的持续增长，我们已识别出将 Badger 的服务扩展到互补和相邻市场服务线的机会。2026 年，我们计划在美国市场推出两个新服务线，预计将花费约 1500 万至 2500 万美元的资本。

Taken as a whole, all of these investments are expected to capture market opportunities and to expand branch profitability. They are intended to be fully realized over the longer term to create sustained value across the organization.

总体而言，所有这些投资预计将捕捉市场机会并扩大分支盈利能力。它们旨在在更长的时间内实现，以在整个组织中创造持续的价值。

Capital Spending

资本支出


	2026 Outlook
New builds	270 units to 310 units
Retirements	130 units to 150 units
Refurbishments	30 units to 50 units
Capital spend(1)	$170 million to $200 million
Expected potential tariffs(2)	$18 million to $30 million
Total capital spend	$198 million to $230 million


	2026 年展望
新建	270 台至 310 台
退役	130 台至 150 台
翻新	30 台至 50 台
资本支出 (1)	1.7 亿至 2 亿美元
预期潜在关税 (2)	1800 万至 3000 万美元
总资本支出	1.98 亿至 2.3 亿美元

Our planned capital expenditures and our intention to continue returning capital to shareholders through dividends and the normal course issuer bid ("NCIB"), are expected to allow Badger to maintain leverage within our long term Total Debt to Compliance EBITDA of 1.0x to 2.0x. Accordingly, we expect to retain ample capacity to fund our operations and working capital needs while continuing to invest in the ongoing growth in our business.

我们计划的资本支出以及继续通过股息和正常回购（"NCIB"）向股东返还资本的意图，预计将使 Badger 在长期内保持总债务与合规 EBITDA 的杠杆比率在 1.0 倍至 2.0 倍之间。因此，我们预计将保留充足的能力来资助我们的运营和营运资金需求，同时继续投资于业务的持续增长。

(1) Capital spend includes the cost to manufacture new hydrovacs, refurbishments, ancillary equipment and other capital projects as well as the initial investments towards two new service lines.

（1）资本支出包括制造新水力真空车、翻新、辅助设备和其他资本项目的成本，以及对两个新服务线的初始投资。

(2) There continues to be significant uncertainty in the tariff and trade environment. Badger’s manufactured units remain compliant with the Canada-United States-Mexico Agreement ("CUSMA") and, in 2025, we did not incur any direct tariffs on the units delivered to the U.S.. However, heavy duty truck tariffs announced by the U.S. administration in the fourth quarter of 2025 (Section 232 tariffs) and subsequent guidance released in early 2026 indicate that a 25% tariff will be payable on non-U.S. content for trucks and components crossing from Canada to the U.S.. Accordingly, Badger is considering a number of alternatives and options that may mitigate the impact of these tariffs on Badger's operations.

（2）关税和贸易环境仍存在重大不确定性。Badger 制造的单位仍符合《加拿大 - 美国 - 墨西哥协议》（"CUSMA"），在 2025 年，我们未对交付到美国的单位产生任何直接关税。然而，美国政府在 2025 年第四季度宣布的重型卡车关税（第 232 条关税）以及 2026 年初发布的后续指导表明，对于从加拿大跨境到美国的卡车和组件，将需支付 25% 的关税。因此，Badger 正在考虑多种替代方案和选项，以减轻这些关税对 Badger 运营的影响。

ABOUT BADGER INFRASTRUCTURE SOLUTIONS LTD.

关于 Badger 基础设施解决方案有限公司

Badger Infrastructure Solutions Ltd. is North America’s largest provider of non-destructive excavating and related services. Badger works for contractors and facility owners in a broad range of infrastructure industries and in general commercial construction. Badger’s customers typically operate near high concentrations of underground power, communication, water, gas and sewer lines, where safety and economic risks are high and where non-destructive excavation provides a safe alternative for certain customer excavation requirements.

Badger 基础设施解决方案有限公司是北美最大的非破坏性挖掘及相关服务提供商。Badger 为广泛的基础设施行业和一般商业建筑中的承包商和设施所有者提供服务。Badger 的客户通常在地下电力、通信、水、天然气和污水管线的高浓度区域运营，在这些地方安全和经济风险较高，而非破坏性挖掘为某些客户的挖掘需求提供了安全的替代方案。

The Company’s key technology is the Badger HydrovacTM, which is used primarily for safe excavation around critical infrastructure and in congested underground conditions. The Badger Hydrovac uses a pressurized water stream to liquify the soil cover, which is then removed with a powerful vacuum system and deposited into a storage tank. Badger is unique in the non-destructive excavation industry because it designs and manufactures all of its hydrovac units at its plant in Red Deer, Alberta, which has an annual production capacity of more than 350 hydrovac units. The Company has a refurbishment program to extend the service life of certain units when it is financially prudent to do so based on the condition of the unit at the end of its normal useful life. To complement the Badger Hydrovac and extend the Company's service offerings, the Company has a select number of specialty units, mainly combo trucks, sewer and flusher units, and airvacs.

公司的关键技术是 Badger HydrovacTM，主要用于在关键基础设施和拥挤的地下条件下进行安全挖掘。Badger Hydrovac 使用加压水流将土壤覆盖物液化，然后通过强大的真空系统将其移除并存入储存罐。Badger 在非破坏性挖掘行业中独树一帜，因为它在阿尔伯塔省红鹿市的工厂设计和制造所有水力真空车，年生产能力超过 350 台水力真空车。公司有一个翻新计划，以在财务上合理的情况下延长某些单位的使用寿命，具体取决于单位在正常使用寿命结束时的状况。为了补充 Badger Hydrovac 并扩展公司的服务产品，公司还拥有少量特殊单位，主要是组合卡车、污水和冲洗单位以及气动真空车。

2025 FOURTH QUARTER AND ANNUAL RESULTS CONFERENCE CALL

2025 年第四季度和年度业绩电话会议

A conference call and webcast for investors, analysts, brokers and media representatives to discuss the 2025 fourth quarter and annual results is scheduled for 10:00 a.m. EST on Friday, March 6, 2026. To join the call and ask a question during the live questions and answers session, or to join the call with audio only: https://event.cwebcast.com/ses/ABRB1df7Fl5GJUCuF-Bigw~~.

定于2026年3月6日星期五上午 10:00（东部时间）召开一次电话会议和网络直播，供投资者、分析师、经纪人和媒体代表讨论 2025 年第四季度和年度业绩。要加入电话会议并在现场问答环节提问，或仅以音频方式加入电话会议： https://event.cwebcast.com/ses/ABRB1df7Fl5GJUCuF-Bigw~~。

2025 FOURTH QUARTER AND ANNUAL RESULTS DISCLOSURE DOCUMENTS

2025 年第四季度和年度业绩披露文件

Badger’s 2025 annual Management's Discussion and Analysis ("2025 Annual MD&A") and 2025 audited Consolidated Financial Statements, along with all previous public filings of Badger Infrastructure Solutions Ltd., may be found on SEDAR+ at www.sedarplus.ca.

Badger 的 2025 年年度管理层讨论与分析（"2025 年年度 MD&A"）和 2025 年审计的合并财务报表，以及 Badger 基础设施解决方案有限公司之前的所有公开文件，可以在 SEDAR+ 上找到，网址为 www.sedarplus.ca。

NON-IFRS FINANCIAL MEASURES

非国际财务报告准则财务指标

This press release contains references to certain financial measures, including some that do not have any standardized meaning prescribed by IFRS Accounting Standards and that may not be comparable to similar measures presented by other companies or entities. These financial measures are identified and defined below. See “Non-IFRS Financial Measures” in the Company’s 2025 annual MD&A for detailed reconciliations of non-IFRS financial measures.

本新闻稿包含对某些财务指标的引用，包括一些没有根据国际财务报告准则（IFRS）会计标准规定的标准化含义，并且可能无法与其他公司或实体所呈现的类似指标进行比较。这些财务指标在下文中进行了识别和定义。有关非 IFRS 财务指标的详细调整，请参见公司 2025 年年度管理讨论与分析中的 “非 IFRS 财务指标”。

“Adjusted EBITDA” is earnings before interest, taxes, depreciation and amortization, share-based compensation, gains and losses on derivative instruments, gains and losses on sale of property, plant and equipment and right of use assets, and gains and losses on foreign exchange. Adjusted EBITDA is a measure of the Company’s operating profitability and is therefore useful to management and investors as it provides improved continuity with respect to the comparison of operating results over time. Adjusted EBITDA provides an indication of the results generated by the Company’s principal business activities prior to how these activities are financed, the results are taxed in various jurisdictions and assets are amortized. In addition, Adjusted EBITDA excludes gains and losses on sale of property, plant and equipment and right of use assets as these gains and losses are considered incidental and secondary to the principal business activities, gains and losses on foreign exchange as such gains and losses can vary significantly based on factors beyond the Company’s control; and share-based compensation and gains and losses on derivative instruments as these expenses can vary significantly with changes in the price of the Company’s common shares.

“调整后息税折旧摊销前利润（Adjusted EBITDA）” 是指在扣除利息、税项、折旧和摊销、基于股份的补偿、衍生工具的损益、物业、厂房和设备及使用权资产的买卖损益，以及外汇损益之前的收益。调整后 EBITDA 是公司经营盈利能力的一个衡量指标，因此对管理层和投资者有用，因为它提供了在时间上比较经营结果的更好连续性。调整后 EBITDA 提供了公司主要业务活动所产生结果的指示，而不考虑这些活动的融资方式、在不同司法管辖区的税务结果以及资产的摊销。此外，调整后 EBITDA 排除了物业、厂房和设备及使用权资产的买卖损益，因为这些损益被视为附带和次要于主要业务活动，外汇损益也被排除，因为这些损益可能会因超出公司控制的因素而显著变化；以及基于股份的补偿和衍生工具的损益，因为这些费用可能会因公司普通股价格的变化而显著波动。

“Adjusted EBITDA margin” is Adjusted EBITDA as defined above, expressed as a percentage of revenues.

“调整后 EBITDA 利润率” 是上述定义的调整后 EBITDA，表示为收入的百分比。

" Adjusted net earnings" is net earnings adjusted for share-based compensation, gains and losses on derivative instruments, gains and losses on sale of property, plant and equipment and right of use assets, and gains and losses on foreign exchange, tax impacted using the effective tax rate.

“调整后净收益（Adjusted net earnings）” 是指在扣除基于股份的补偿、衍生工具的损益、物业、厂房和设备及使用权资产的买卖损益，以及外汇损益后，按有效税率影响的净收益。

“Compliance EBITDA” is earnings before interest, taxes, depreciation, amortization, and certain other items, calculated on a 12-month trailing basis, and is used by the Company to calculate compliance with its debt covenants.

“合规 EBITDA（Compliance EBITDA）” 是指在扣除利息、税项、折旧、摊销和某些其他项目之前的收益，按过去 12 个月的滚动基础计算，用于公司计算其债务契约的合规性。

“Total Debt” consists of long-term debt, surety bonds and issued letters of credit, less cash on hand. Total debt is used by the Company to calculate compliance with its debt covenants.

“总债务（Total Debt）” 包括长期债务、担保债券和已发行的信用证，减去手头现金。总债务用于公司计算其债务契约的合规性。

KEY FINANCIAL METRICS AND OTHER OPERATIONAL METRICS

关键财务指标和其他运营指标

“Revenue per truck per month”(“RPT”) is a non-IFRS financial measure of non-destructive excavation fleet utilization. It is calculated using non-destructive excavation and non-destructive excavation related revenue only. RPT is calculated on a consolidated basis by dividing non-destructive excavation and non-destructive excavation related revenue by the average number of non-destructive excavation units during the period.

“每辆卡车每月收入（Revenue per truck per month）”（“RPT”）是非 IFRS 财务指标，用于衡量非破坏性挖掘车队的利用率。它仅使用非破坏性挖掘和与非破坏性挖掘相关的收入进行计算。RPT 按合并基础计算，通过将非破坏性挖掘和与非破坏性挖掘相关的收入除以期间内非破坏性挖掘单位的平均数量得出。

As a result of the change in the Company’s reportable segments, the Company has adjusted the way RPT is calculated. RPT is presented on a consolidated basis and reported in U.S. dollars.

由于公司报告部门的变化，公司已调整 RPT 的计算方式。RPT 以合并基础呈现，并以美元报告。

See “Key Financial Metrics and Other Operational Metrics” on page 12 of the Company’s 2025 annual MD&A for additional details on RPT.

有关 RPT 的更多详细信息，请参见公司 2025 年年度管理讨论与分析第 12 页的 “关键财务指标和其他运营指标”。

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS

关于前瞻性信息和声明的警示性声明

Certain statements and information contained in this press release and other continuous disclosure documents of the Company referenced herein, including statements and information that contain words such as “could”, “should”, “can”, “anticipate”, “expect”, “believe”, “will”, “may”, “continue”, “focus on”, "grow", "intend", "plan", "expand", and similar expressions relating to matters that are not historical facts, constitute “forward-looking information” within the meaning of applicable Canadian securities legislation. These statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements and information. The Company believes the expectations reflected in such forward-looking statements and information are reasonable, but no assurance can be given that these expectations will prove to be correct. Such forward-looking statements and information included in this press release should not be unduly relied upon. These forward-looking statements and information speak only as of the date of this press release.

本新闻稿及其引用的公司其他持续披露文件中包含的某些声明和信息，包括包含 “可能”、“应该”、“可以”、“预期”、“期望”、“相信”、“将”、“可能”、“继续”、“专注于”、“增长”、“打算”、“计划”、“扩展” 等词语的声明和信息，以及与非历史事实相关的类似表达，构成适用的加拿大证券立法意义上的 “前瞻性信息”。这些声明和信息涉及已知和未知的风险、不确定性和其他因素，可能导致实际结果或事件与这些前瞻性声明和信息中预期的结果存在重大差异。公司相信这些前瞻性声明和信息中反映的期望是合理的，但不能保证这些期望会被证明是正确的。本新闻稿中包含的前瞻性声明和信息不应被过度依赖。这些前瞻性声明和信息仅在本新闻稿日期时有效。

In particular, forward-looking information and statements in this press release include, but are not limited to the following:

特别是，本新闻稿中的前瞻性信息和声明包括但不限于以下内容：

the quarterly cash dividend for the first fiscal quarter of 2026, including the anticipated timing for payment thereof;
Badger’s ability to deliver on its customer commitment of providing efficient, safe and reliable hydrovac services in a high demand end market environment;
Badger’s expectations with regard to growth in its end markets and customer demand;
Badger’s ability to meet growing customer needs;
Badger’s planned investments to expand its branch network, increase operations and commercial leadership positions and accelerate hiring and training of operators, including the timing and anticipated benefits thereof;
Badger’s expectations with respect to the production, retirement and refurbishments of non-destructive excavation units;
The planned increase in Badger’s fleet size and rate of fleet growth;
The anticipated impact of tariffs and Badger’s potential response to such tariffs;
The anticipated roll out of Badger’s Operational Excellence program across all branches and the timing and anticipated benefits thereof;
Badger’s continued focus on pricing strategies and initiatives;
Badger’s planned investments for additional service lines to complement its existing hydrovac business and the expected impacts of such initiatives;
The allocation of capital to continue returning capital to shareholders through dividends and the NCIB;
Expectations regarding Badger's ability to maintain leverage within its long term Total Debt to Compliance EBITDA of 1.0x to 2.0x.
Badger’s ability to fund operations and working capital needs while continuing to invest in the growth of its business;
disclosure under the heading "2026 Business Outlook";
Badger’s ability to deliver long-term value for shareholders; and
general business strategies and objectives.

2026 财年第一季度的季度现金分红，包括预计的支付时间；
Badger 在高需求终端市场环境中提供高效、安全和可靠的水力真空服务的客户承诺的履行能力；
Badger 对其终端市场和客户需求增长的预期；
Badger 满足日益增长的客户需求的能力；
Badger 计划投资以扩展其分支网络、增加运营和商业领导地位，并加快操作员的招聘和培训，包括时间安排和预期收益；
Badger 对非破坏性挖掘设备的生产、退役和翻新方面的预期；
Badger 车队规模和车队增长率的计划增加；
关税的预期影响及 Badger 对此类关税的潜在回应；
Badger 在所有分支机构推广运营卓越计划的预期实施及其时间安排和预期收益；
Badger 持续关注定价策略和举措；
Badger 计划投资于额外服务线以补充其现有的水力真空业务及此类举措的预期影响；
资本分配以继续通过分红和 NCIB 向股东返还资本；
关于 Badger 在长期总债务与合规 EBITDA 比率维持在 1.0x 至 2.0x 范围内的能力的预期。
Badger 在继续投资于业务增长的同时，资助运营和营运资金需求的能力；
在 “2026 年商业展望” 标题下的披露；
Badger 为股东创造长期价值的能力；以及
一般商业策略和目标。

The forward-looking information and statements made in this press release rely on certain expected economic conditions and overall demand for Badger’s services and are based on certain assumptions. The assumptions used to generate this forward-looking information and statements are, among other things, that:

本新闻稿中所作的前瞻性信息和声明依赖于某些预期的经济条件和 Badger 服务的整体需求，并基于某些假设。这些用于生成前瞻性信息和声明的假设包括但不限于：

Badger will maintain its financial position and financial resources will continue to be available to Badger;
the overall market for Badger's services or its ability to provide service will not be adversely affected in the long-term by economic disruption, or other factors beyond Badger's control such as weather, natural disasters, global events, the imposition of tariffs by the U.S. or other governments, other legislation or regulatory changes and technological advances;
there will be long-term sustained customer demand for non-destructive excavation and related services from a broad range of end use markets in North America;
Badger will maintain relationships with current customers and develop successful relationships with new customers;
Badger will collect customer payments in a timely manner;
Badger will be able to compete effectively for the demand for its services;
there will not be significant changes in profit margins due to pricing changes driven by market conditions, competition, regulatory factors or other unforeseen factors;
Badger will realize and continue to realize the efficiencies and benefits of the executed business restructuring activities and other business improvement initiatives;
Badger will be able to successfully implement its plans, programs, and procedures as expected; and
Badger will obtain all labour, parts and supplies necessary to complete the planned Badger non-destructive excavation unit builds at the costs and on the timeline expected.

Badger 将维持其财务状况，财务资源将继续可用；
Badger 服务的整体市场或其提供服务的能力不会因经济动荡或其他超出 Badger 控制的因素（如天气、自然灾害、全球事件、美国或其他政府施加的关税、其他立法或监管变化以及技术进步）而受到长期不利影响；
北美范围内将长期持续存在对非破坏性挖掘及相关服务的客户需求；
Badger 将维持与现有客户的关系，并与新客户建立成功的关系；
Badger 将及时收取客户款项；
Badger 将能够有效竞争其服务的需求；
由于市场条件、竞争、监管因素或其他不可预见因素导致的定价变化不会对利润率产生重大变化；
Badger 将实现并继续实现已执行的业务重组活动和其他业务改善举措的效率和收益；
Badger 将能够如预期成功实施其计划、项目和程序；以及
Badger 将获得完成计划的非破坏性挖掘设备建设所需的所有劳动力、零部件和供应，并在预期的成本和时间表内完成。

Risks and other uncertainties that could cause actual results to differ materially from those anticipated in such forward-looking statements include, but are not limited to: political and economic conditions; loss of key customers; cybersecurity breaches; terrorism; industry competition; safety risks; Badger’s ability to attract and retain key personnel; reduction in customer spending; litigation; the availability of future debt and equity financing; changes in laws or regulations, including taxation and environmental regulations which may adversely impact the labour supply and operating costs of Badger; extreme or unsettled weather patterns; reputation risks; fluctuation in fuel costs; and fluctuations in foreign exchange or interest rates; and changes in the tariff and trade environment.

可能导致实际结果与这些前瞻性声明中预期结果显著不同的风险和其他不确定性包括但不限于：政治和经济条件；关键客户的流失；网络安全漏洞；恐怖主义；行业竞争；安全风险；Badger 吸引和留住关键人员的能力；客户支出减少；诉讼；未来债务和股权融资的可用性；法律或法规的变化，包括可能对 Badger 的劳动力供应和运营成本产生不利影响的税收和环境法规；极端或不稳定的天气模式；声誉风险；燃料成本波动；外汇或利率波动；以及关税和贸易环境的变化。

Readers are cautioned that the foregoing factors are not exhaustive. Additional information on these and other factors that could affect the Company’s operations and financial results is included in reports on file with securities regulatory authorities in Canada and may be accessed through the SEDAR+ website (www.sedarplus.ca) or at the Company’s website. The forward-looking statements and information contained in this press release are expressly qualified by this cautionary statement. The Company does not undertake any obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

读者需注意，以上因素并非详尽无遗。有关这些及其他可能影响公司运营和财务结果的因素的更多信息，已包含在加拿大证券监管机构备案的报告中，并可通过 SEDAR+ 网站（www.sedarplus.ca）或公司网站访问。本新闻稿中包含的前瞻性声明和信息均受到此警示声明的明确限定。公司不承担任何义务，公开更新或修订任何前瞻性声明或信息，无论是由于新信息、未来事件还是其他原因，除非适用的证券法律要求。

Source:Badger Infrastructure Solutions Ltd.

来源：Badger Infrastructure Solutions Ltd.

CONTACT:For further information:Robert Blackadar, President & Chief Executive Officer Robert Dawson, Chief Financial OfficerBadger Infrastructure Solutions Ltd. #3100, 525 – 8th Avenue SW Calgary, AB T2P 1G1 Telephone: (403) 264-8500 ir@badgerinc.com www.badgerinc.com

 联系方式：如需进一步信息：Robert Blackadar，首席执行官 Robert Dawson，首席财务官 Badger Infrastructure Solutions Ltd. #3100, 525 – 8th Avenue SW Calgary, AB T2P 1G1 电话：（403）264-8500 ir@badgerinc.com www.badgerinc.com

獾公司在 2025 年实现了稳健的增长，并宣布了 2026 年创纪录的车队建设计划