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.

阿爾伯塔省卡爾加里，2026年3月5日（GLOBE NEWSWIRE）——Badger Infrastructure Solutions Ltd.（“Badger”，“公司”，“我們”，“我們的” 或 “我們”）今天報告了 2025 年第四季度和年度業績。除非另有説明，所有結果均以美元為單位。

2025 FOURTH QUARTER AND ANNUAL FINANCIAL AND OPERATIONAL HIGHLIGHTS

2025 年第四季度和年度財務及運營亮點

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.

公司在本季度實現收入 2.135 億美元，全年收入 8.317 億美元，分別比 2024 年增長 14% 和 12%。
調整後 EBITDA(1) 在本季度改善至 4490 萬美元，全年改善至 1.982 億美元，分別比 2024 年增長 2% 和 13%。
調整後每股淨收益 (1) 在本季度為每股 0.34 美元，全年改善至每股 2.04 美元，比 2024 年增長 21%。
本季度和全年每輛卡車每月收入（“RPT”）(1) 分別為 41,756 美元和 41,672 美元，較 2024 年的 38,395 美元和 39,529 美元有所增加。
在 2025 年，Badger 向我們的股東返還 3070 萬美元的資本，其中包括 1800 萬美元的股息和 1270 萬美元的正常回購。
公司董事會（“董事會”）已批准將 2026 年第一財季的季度現金股息從每普通股 0.1875 加元提高 4% 至每普通股 0.195 加元，支付給截至2026年3月31日營業結束時的所有股東，支付日期為2026年4月15日或之後。

“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.

“我對 Badger 團隊在 2025 年所取得的業績感到無比自豪。我們的結果展示了 Badger 廣泛的市場多樣性和韌性，因為我們始終專注於為客户提供高效、安全和可靠的水力真空服務，在強勁的需求環境中。2025 年，我們實現了 12% 的年度收入增長、13% 的調整後 EBITDA 增長和 21% 的調整後每股淨收益增長，較 2024 年相比。隨着我們的最終市場在 2025 年下半年逐步回暖，強勁的車隊利用率，我們正在增加對運營團隊的投資，擴展在戰略性高影響市場的分支網絡，並加速擴展我們的車隊。這些投資為 Badger 的持續未來增長奠定了基礎。除了我們穩健的財務業績外，Badger 團隊對持續改進的承諾在 2025 年再次帶來了卓越的安全成果，” 總裁兼首席執行官 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.

“展望未來，我們看到最終市場的需求和機會異常強勁。為了捕捉這一需求，我們計劃在 2026 年建造 270 至 310 個單位，整體車隊增長率為 7% 至 10%，扣除退役車輛。我們還很高興地宣佈，董事會已批准季度股息增加 4%。憑藉強勁的盈利能力、嚴格的再投資和清晰的持續增長路徑，Badger 仍然處於為股東提供長期價值的良好位置，” Blackadar 先生總結道。

FINANCIAL HIGHLIGHTS

財務亮點


	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 日的三個月	截至 12 月 31 日的十二個月
（除 RPT、每股金額、卡車數量、股份信息和比率外，均以美元千元計）	2025	2024	2025	2024
收入：
非破壞性挖掘服務	202,321	175,814	790,926	703,342
其他	11,203	11,362	40,776	41,610
總收入	213,524	187,176	831,702	744,952
RPT - 合併 (1)	41,756	38,395	41,672	39,529
調整後 EBITDA(1)	44,910	43,963	198,233	176,074
每股調整後 EBITDA，基本和稀釋 (1)	$ 1.33	$1.28	$ 5.86	$5.11
調整後 EBITDA 利潤率 (1)	21.0 %	23.5%	23.8 %	23.6%
税前淨收益	11,396	16,979	79,591	67,467
淨收益	8,446	10,869	59,228	47,872
每股淨收益，基本和稀釋 (1)	$ 0.25	$0.32	$ 1.75	$1.39
調整後淨收益 (1)	11,610	12,744	69,104	57,899
每股調整後淨收益，基本和稀釋 (1)	$ 0.34	$0.37	$ 2.04	$1.68
運營現金流（扣除營運資本和其他調整前）	44,691	43,776	197,821	175,977
每股運營現金流（扣除營運資本和其他調整前），基本和稀釋 (1)	$1.32	$1.27	$5.85	$5.11
總債務與合規 EBITDA(1)	1.3x	1.1x	1.3x	1.1x
資本支出	26,950	16,091	118,265	98,004
水力真空卡車數量	1,723	1,643	1,723	1,643
支付的股息	4,504	4,490	17,997	17,993
通過 NCIB 回購並註銷的普通股	—	196,000	492,800	240,400
用於回購普通股的現金支付	—	5,035	12,744	6,078
加權平均流通普通股 (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) “調整後 EBITDA”、“調整後 EBITDA 利潤率”、“調整後淨收益”、“合規 EBITDA”、“總債務” 和 “RPT” 並不是 IFRS®會計標準規定的標準化財務指標，可能與其他公司或實體所呈現的類似指標不可比。有關調整後 EBITDA、調整後 EBITDA 利潤率、調整後淨收益、合規 EBITDA 和總債務的定義和計算的更多詳細信息，請參見 2025 年年度 MD&A（如本文所定義）第 14-17 頁。有關 RPT 的更多詳細信息，請參見 “關鍵財務指標和其他運營指標” 及 2025 年年度 MD&A 第 12 頁。每股基本和稀釋指標是通過將財務指標除以該期間的加權平均流通普通股計算得出的。

(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）有關更多詳細信息，請參見公司 2025 年年度管理層討論與分析中的 “股本” 部分，以及公司審計的年度合併財務報表的第 15 條，瞭解股本變動的更多細節。

2026 BUSINESS OUTLOOK

2026 年商業展望

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 預計我們在 2025 年下半年所經歷的終端市場和客户需求的強勁增長將持續。Badger 在行業中的領先地位、成熟的商業和定價策略、全面的安全計劃，以及在關鍵戰略市場繼續擴展分支網絡的投資計劃，使公司能夠很好地支持客户日益增長的需求。

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.

我們終端市場的增長率在 2025 年下半年恢復。因此，我們計劃將車隊增長率從 2025 年的 5% 提高到 2026 年的 7% 至 10%。與 2025 年第四季度開始的卡車生產率提升相一致，我們加快了新操作員的招聘和培訓，以滿足我們不斷增長的車隊容量。

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 的運營卓越計劃於 2025 年初推出，並將在餘下的年度和 2027 年期間推廣到我們所有的分支機構。隨着我們核心的水力真空服務業務的持續增長，我們已識別出將 Badger 的服務擴展到互補和相鄰市場服務線的機會。2026 年，我們計劃在美國市場推出兩個新服務線，預計將花費約 1500 萬至 2500 萬美元的資本。

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.

總體而言，所有這些投資預計將捕捉市場機會並擴大分支盈利能力。它們旨在在更長的時間內實現，以在整個組織中創造持續的價值。

Capital Spending

資本支出


	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
資本支出 (1)	1.7 億至 2 億美元
預期潛在關税 (2)	1800 萬至 3000 萬美元
總資本支出	1.98 億至 2.3 億美元

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.

我們計劃的資本支出以及繼續通過股息和正常回購（"NCIB"）向股東返還資本的意圖，預計將使 Badger 在長期內保持總債務與合規 EBITDA 的槓桿比率在 1.0 倍至 2.0 倍之間。因此，我們預計將保留充足的能力來資助我們的運營和營運資金需求，同時繼續投資於業務的持續增長。

(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）資本支出包括製造新水力真空車、翻新、輔助設備和其他資本項目的成本，以及對兩個新服務線的初始投資。

(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）關税和貿易環境仍存在重大不確定性。Badger 製造的單位仍符合《加拿大 - 美國 - 墨西哥協議》（"CUSMA"），在 2025 年，我們未對交付到美國的單位產生任何直接關税。然而，美國政府在 2025 年第四季度宣佈的重型卡車關税（第 232 條關税）以及 2026 年初發布的後續指導表明，對於從加拿大跨境到美國的卡車和組件，將需支付 25% 的關税。因此，Badger 正在考慮多種替代方案和選項，以減輕這些關税對 Badger 運營的影響。

ABOUT BADGER INFRASTRUCTURE SOLUTIONS LTD.

關於 Badger 基礎設施解決方案有限公司

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 基礎設施解決方案有限公司是北美最大的非破壞性挖掘及相關服務提供商。Badger 為廣泛的基礎設施行業和一般商業建築中的承包商和設施所有者提供服務。Badger 的客户通常在地下電力、通信、水、天然氣和污水管線的高濃度區域運營，在這些地方安全和經濟風險較高，而非破壞性挖掘為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.

公司的關鍵技術是 Badger HydrovacTM，主要用於在關鍵基礎設施和擁擠的地下條件下進行安全挖掘。Badger Hydrovac 使用加壓水流將土壤覆蓋物液化，然後通過強大的真空系統將其移除並存入儲存罐。Badger 在非破壞性挖掘行業中獨樹一幟，因為它在阿爾伯塔省紅鹿市的工廠設計和製造所有水力真空車，年生產能力超過 350 台水力真空車。公司有一個翻新計劃，以在財務上合理的情況下延長某些單位的使用壽命，具體取決於單位在正常使用壽命結束時的狀況。為了補充 Badger Hydrovac 並擴展公司的服務產品，公司還擁有少量特殊單位，主要是組合卡車、污水和沖洗單位以及氣動真空車。

2025 FOURTH QUARTER AND ANNUAL RESULTS CONFERENCE CALL

2025 年第四季度和年度業績電話會議

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~~.

定於2026年3月6日星期五上午 10:00（東部時間）召開一次電話會議和網絡直播，供投資者、分析師、經紀人和媒體代表討論 2025 年第四季度和年度業績。要加入電話會議並在現場問答環節提問，或僅以音頻方式加入電話會議： https://event.cwebcast.com/ses/ABRB1df7Fl5GJUCuF-Bigw~~。

2025 FOURTH QUARTER AND ANNUAL RESULTS DISCLOSURE DOCUMENTS

2025 年第四季度和年度業績披露文件

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 年年度管理層討論與分析（"2025 年年度 MD&A"）和 2025 年審計的合併財務報表，以及 Badger 基礎設施解決方案有限公司之前的所有公開文件，可以在 SEDAR+ 上找到，網址為 www.sedarplus.ca。

NON-IFRS FINANCIAL MEASURES

非國際財務報告準則財務指標

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.

本新聞稿包含對某些財務指標的引用，包括一些沒有根據國際財務報告準則（IFRS）會計標準規定的標準化含義，並且可能無法與其他公司或實體所呈現的類似指標進行比較。這些財務指標在下文中進行了識別和定義。有關非 IFRS 財務指標的詳細調整，請參見公司 2025 年年度管理討論與分析中的 “非 IFRS 財務指標”。

“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.

“調整後息税折舊攤銷前利潤（Adjusted EBITDA）” 是指在扣除利息、税項、折舊和攤銷、基於股份的補償、衍生工具的損益、物業、廠房和設備及使用權資產的買賣損益，以及外匯損益之前的收益。調整後 EBITDA 是公司經營盈利能力的一個衡量指標，因此對管理層和投資者有用，因為它提供了在時間上比較經營結果的更好連續性。調整後 EBITDA 提供了公司主要業務活動所產生結果的指示，而不考慮這些活動的融資方式、在不同司法管轄區的税務結果以及資產的攤銷。此外，調整後 EBITDA 排除了物業、廠房和設備及使用權資產的買賣損益，因為這些損益被視為附帶和次要於主要業務活動，外匯損益也被排除，因為這些損益可能會因超出公司控制的因素而顯著變化；以及基於股份的補償和衍生工具的損益，因為這些費用可能會因公司普通股價格的變化而顯著波動。

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

“調整後 EBITDA 利潤率” 是上述定義的調整後 EBITDA，表示為收入的百分比。

" 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.

“調整後淨收益（Adjusted net earnings）” 是指在扣除基於股份的補償、衍生工具的損益、物業、廠房和設備及使用權資產的買賣損益，以及外匯損益後，按有效税率影響的淨收益。

“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.

“合規 EBITDA（Compliance EBITDA）” 是指在扣除利息、税項、折舊、攤銷和某些其他項目之前的收益，按過去 12 個月的滾動基礎計算，用於公司計算其債務契約的合規性。

“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.

“總債務（Total Debt）” 包括長期債務、擔保債券和已發行的信用證，減去手頭現金。總債務用於公司計算其債務契約的合規性。

KEY FINANCIAL METRICS AND OTHER OPERATIONAL METRICS

關鍵財務指標和其他運營指標

“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.

“每輛卡車每月收入（Revenue per truck per month）”（“RPT”）是非 IFRS 財務指標，用於衡量非破壞性挖掘車隊的利用率。它僅使用非破壞性挖掘和與非破壞性挖掘相關的收入進行計算。RPT 按合併基礎計算，通過將非破壞性挖掘和與非破壞性挖掘相關的收入除以期間內非破壞性挖掘單位的平均數量得出。

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.

由於公司報告部門的變化，公司已調整 RPT 的計算方式。RPT 以合併基礎呈現，並以美元報告。

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

有關 RPT 的更多詳細信息，請參見公司 2025 年年度管理討論與分析第 12 頁的 “關鍵財務指標和其他運營指標”。

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS

關於前瞻性信息和聲明的警示性聲明

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.

本新聞稿及其引用的公司其他持續披露文件中包含的某些聲明和信息，包括包含 “可能”、“應該”、“可以”、“預期”、“期望”、“相信”、“將”、“可能”、“繼續”、“專注於”、“增長”、“打算”、“計劃”、“擴展” 等詞語的聲明和信息，以及與非歷史事實相關的類似表達，構成適用的加拿大證券立法意義上的 “前瞻性信息”。這些聲明和信息涉及已知和未知的風險、不確定性和其他因素，可能導致實際結果或事件與這些前瞻性聲明和信息中預期的結果存在重大差異。公司相信這些前瞻性聲明和信息中反映的期望是合理的，但不能保證這些期望會被證明是正確的。本新聞稿中包含的前瞻性聲明和信息不應被過度依賴。這些前瞻性聲明和信息僅在本新聞稿日期時有效。

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

特別是，本新聞稿中的前瞻性信息和聲明包括但不限於以下內容：

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 財年第一季度的季度現金分紅，包括預計的支付時間；
Badger 在高需求終端市場環境中提供高效、安全和可靠的水力真空服務的客户承諾的履行能力；
Badger 對其終端市場和客户需求增長的預期；
Badger 滿足日益增長的客户需求的能力；
Badger 計劃投資以擴展其分支網絡、增加運營和商業領導地位，並加快操作員的招聘和培訓，包括時間安排和預期收益；
Badger 對非破壞性挖掘設備的生產、退役和翻新方面的預期；
Badger 車隊規模和車隊增長率的計劃增加；
關税的預期影響及 Badger 對此類關税的潛在回應；
Badger 在所有分支機構推廣運營卓越計劃的預期實施及其時間安排和預期收益；
Badger 持續關注定價策略和舉措；
Badger 計劃投資於額外服務線以補充其現有的水力真空業務及此類舉措的預期影響；
資本分配以繼續通過分紅和 NCIB 向股東返還資本；
關於 Badger 在長期總債務與合規 EBITDA 比率維持在 1.0x 至 2.0x 範圍內的能力的預期。
Badger 在繼續投資於業務增長的同時，資助運營和營運資金需求的能力；
在 “2026 年商業展望” 標題下的披露；
Badger 為股東創造長期價值的能力；以及
一般商業策略和目標。

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:

本新聞稿中所作的前瞻性信息和聲明依賴於某些預期的經濟條件和 Badger 服務的整體需求，並基於某些假設。這些用於生成前瞻性信息和聲明的假設包括但不限於：

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 將維持其財務狀況，財務資源將繼續可用；
Badger 服務的整體市場或其提供服務的能力不會因經濟動盪或其他超出 Badger 控制的因素（如天氣、自然災害、全球事件、美國或其他政府施加的關税、其他立法或監管變化以及技術進步）而受到長期不利影響；
北美範圍內將長期持續存在對非破壞性挖掘及相關服務的客户需求；
Badger 將維持與現有客户的關係，並與新客户建立成功的關係；
Badger 將及時收取客户款項；
Badger 將能夠有效競爭其服務的需求；
由於市場條件、競爭、監管因素或其他不可預見因素導致的定價變化不會對利潤率產生重大變化；
Badger 將實現並繼續實現已執行的業務重組活動和其他業務改善舉措的效率和收益；
Badger 將能夠如預期成功實施其計劃、項目和程序；以及
Badger 將獲得完成計劃的非破壞性挖掘設備建設所需的所有勞動力、零部件和供應，並在預期的成本和時間表內完成。

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.

可能導致實際結果與這些前瞻性聲明中預期結果顯著不同的風險和其他不確定性包括但不限於：政治和經濟條件；關鍵客户的流失；網絡安全漏洞；恐怖主義；行業競爭；安全風險；Badger 吸引和留住關鍵人員的能力；客户支出減少；訴訟；未來債務和股權融資的可用性；法律或法規的變化，包括可能對 Badger 的勞動力供應和運營成本產生不利影響的税收和環境法規；極端或不穩定的天氣模式；聲譽風險；燃料成本波動；外匯或利率波動；以及關税和貿易環境的變化。

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.

讀者需注意，以上因素並非詳盡無遺。有關這些及其他可能影響公司運營和財務結果的因素的更多信息，已包含在加拿大證券監管機構備案的報告中，並可通過 SEDAR+ 網站（www.sedarplus.ca）或公司網站訪問。本新聞稿中包含的前瞻性聲明和信息均受到此警示聲明的明確限定。公司不承擔任何義務，公開更新或修訂任何前瞻性聲明或信息，無論是由於新信息、未來事件還是其他原因，除非適用的證券法律要求。

Source:Badger Infrastructure Solutions Ltd.

來源：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

 聯繫方式：如需進一步信息：Robert Blackadar，首席執行官 Robert Dawson，首席財務官 Badger Infrastructure Solutions Ltd. #3100, 525 – 8th Avenue SW Calgary, AB T2P 1G1 電話：（403）264-8500 ir@badgerinc.com www.badgerinc.com

獾公司在 2025 年實現了穩健的增長，並宣佈了 2026 年創紀錄的車隊建設計劃