Core Insights - Concrete Pumping (BBCP) reported quarterly earnings of $0.07 per share, exceeding the Zacks Consensus Estimate of $0.06 per share, but down from $0.13 per share a year ago, representing an earnings surprise of +16.67% [1] - The company posted revenues of $103.68 million for the quarter ended July 2025, surpassing the Zacks Consensus Estimate by 2.25%, but down from $109.62 million year-over-year [2] - The stock has underperformed the market with a gain of about 1.7% since the beginning of the year, compared to the S&P 500's gain of 9.6% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.08 on revenues of $102.2 million, and for the current fiscal year, it is $0.07 on revenues of $384 million [7] - The estimate revisions trend for Concrete Pumping was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Waste Removal Services industry, to which Concrete Pumping belongs, is currently ranked in the bottom 35% of over 250 Zacks industries, suggesting potential challenges for stock performance [8]

Financial Data and Key Metrics Changes - Revenue for the third quarter was $103.7 million, down from $109.6 million in the prior year quarter, primarily due to a volume decline in the U.S. concrete pumping segment [7][8] - Net income available to common shareholders decreased to $3.3 million, or $0.07 per diluted share, compared to $7.1 million, or $0.13 per diluted share in the prior year quarter [9] - Consolidated adjusted EBITDA was $26.8 million, down from $31.6 million in the same year-ago quarter, with an adjusted EBITDA margin of 25.8% compared to 28.8% [10] Business Line Data and Key Metrics Changes - Revenue in the U.S. concrete pumping segment was $69.3 million, down from $75.2 million in the prior year quarter, impacted by adverse weather [7][8] - U.S. concrete waste management services revenue increased 4% to $19.3 million, driven by robust can pickup volumes and sustained pricing improvement [8] - U.K. operations revenue was $15.1 million, down from $15.9 million in the same year-ago quarter due to lower volumes from a slowdown in commercial construction [8] Market Data and Key Metrics Changes - The U.S. concrete pumping business faced construction softness, particularly in interest rate-sensitive light commercial projects, while larger commercial projects remained durable but slower [4][5] - The U.K. market experienced heavier impacts from interest rates and economic uncertainty, although infrastructure projects like HS2 construction remained resilient [6] - The residential end market in the U.S. remained resilient, accounting for 32% of total revenue, supported by a structural supply-demand imbalance in housing [5] Company Strategy and Development Direction - The company remains committed to generating healthy free cash flow and maintaining flexibility for capital deployment to position for stronger performance as market conditions improve [4][12] - The focus is on disciplined growth strategy, maintaining commercial leadership, and driving efficiencies through operational excellence [13] - The company plans to continue investing in its fleet to strengthen service offerings in anticipation of a market recovery in fiscal 2026 and beyond [12] Management Comments on Operating Environment and Future Outlook - Management noted ongoing macroeconomic headwinds and localized weather disruptions but expressed confidence in the business model's resilience [4] - There is cautious optimism regarding bidding activity and infrastructure projects, with expectations for continued strength in the residential market [18][19] - The company does not anticipate meaningful near-term impacts from tariffs but noted heightened uncertainty affecting customer decision-making [14] Other Important Information - The company repurchased approximately 593,000 shares for $3.8 million during the third quarter, demonstrating commitment to enhancing shareholder value [11] - Full-year guidance remains unchanged, with expected revenue between $380 million and $390 million and adjusted EBITDA between $95 million and $100 million [12] Q&A Session Summary Question: Outlook for the fourth quarter and margin expectations - Management indicated that while revenues may be down, they expect margins to trend positively due to an extra day in the fourth quarter and improved volume [15][16] Question: Insights on recovery timing and backlog - Management noted increased bidding activity and resilience in residential markets, but emphasized uncertainty regarding the timing of recovery [17][18] Question: Pricing pressure in the U.S. business - Pricing pressure persists due to competitors targeting more complex projects, with expectations for this to continue for another six months [23] Question: Factors affecting U.S. pumping margins - Lower margins are attributed to volume changes and operating leverage, with expectations for recovery as volumes improve [24][25] Question: Weather-related impacts on revenue - Management clarified that the weather-related headwind for the current quarter was $2 million compared to a worse situation last year [31] Question: Geographic footprint and market exposure - The company feels confident about its current geographic footprint but is open to expanding into new areas for sizable projects [33]

[Part I. Financial Information](index=3&type=section&id=Part%20I.%20Financial%20Information) [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section provides the company's unaudited condensed consolidated financial statements and accompanying notes for the specified periods [Condensed Consolidated Balance Sheets (Unaudited)](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20(Unaudited)) Key Balance Sheet Metrics (in thousands) | Metric (in thousands) | As of July 31, 2025 | As of October 31, 2024 | | :-------------------- | :------------------ | :--------------------- | | Total Assets | $886,031 | $897,990 | | Total Liabilities | $599,710 | $551,275 | | Total Stockholders' Equity | $261,321 | $321,715 | - Total assets decreased by **$11.96 million (1.33%)**, while total liabilities increased by **$48.43 million (8.78%)** and total stockholders' equity decreased by **$60.39 million (18.77%)**[11](index=11&type=chunk) [Condensed Consolidated Statements of Operations (Unaudited)](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20(Unaudited)) Key Operating Metrics (in thousands, except per share) | Metric (in thousands, except per share) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :------------------------------------ | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Revenue | $103,676 | $109,617 | $284,080 | $314,390 | | Gross profit | $40,389 | $44,505 | $107,806 | $119,586 | | Income from operations | $12,930 | $16,625 | $24,675 | $30,136 | | Net income | $3,699 | $7,560 | $1,056 | $6,780 | | Basic EPS | $0.07 | $0.13 | $- | $0.10 | | Diluted EPS | $0.07 | $0.13 | $- | $0.10 | - For the three months ended July 31, 2025, revenue decreased by **5.4% YoY** and net income decreased by **51.1% YoY**; for the nine months, revenue decreased by **9.6% YoY** and net income decreased by **84.4% YoY**[13](index=13&type=chunk) [Condensed Consolidated Statements of Comprehensive Income (Unaudited)](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Unaudited)) Key Comprehensive Income Metrics (in thousands) | Metric (in thousands) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Net income | $3,699 | $7,560 | $1,056 | $6,780 | | Foreign currency translation adjustment | $(904) | $2,315 | $2,668 | $4,874 | | Total comprehensive income | $2,795 | $9,875 | $3,724 | $11,654 | - Total comprehensive income decreased significantly by **71.7%** for the three months and **68.1%** for the nine months ended July 31, 2025, due to foreign currency translation adjustments[16](index=16&type=chunk) [Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited)](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity%20(Unaudited)) Stockholders' Equity Components (in thousands) | Metric (in thousands) | As of July 31, 2025 | As of October 31, 2024 | | :-------------------- | :------------------ | :--------------------- | | Common Stock | $6 | $6 | | Additional Paid-In Capital | $389,263 | $386,313 | | Treasury Stock | $(39,817) | $(25,881) | | Accumulated Other Comprehensive Income (Loss) | $2,185 | $(483) | | Accumulated Deficit | $(90,316) | $(38,240) | | Total Stockholders' Equity | $261,321 | $321,715 | - Key changes in stockholders' equity included a **$53.1 million dividend payment**, **$11.77 million in treasury stock purchases**, and a **$2.67 million positive foreign currency translation adjustment**[21](index=21&type=chunk) [Condensed Consolidated Statements of Cash Flows (Unaudited)](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20(Unaudited)) Key Cash Flow Metrics (in thousands) | Metric (in thousands) | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :-------------------- | :------------------------------ | :------------------------------ | | Net cash provided by operating activities | $49,850 | $64,474 | | Net cash used in investing activities | $(28,202) | $(30,012) | | Net cash used in financing activities | $(23,834) | $(24,772) | | Net increase (decrease) in cash and cash equivalents | $(2,040) | $10,472 | | Cash and cash equivalents, end of period | $41,001 | $26,333 | - Net cash from operating activities decreased by **$14.62 million (22.7%)**, while 2025 financing activities included **$425.0 million in new debt proceeds** and a **$53.1 million dividend payment**[23](index=23&type=chunk) [Notes to Unaudited Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) [Note 1. Organization and Description of Business](index=11&type=section&id=Note%201.%20Organization%20and%20Description%20of%20Business) - Concrete Pumping Holdings, Inc, operates through subsidiaries in the U.S. and U.K, providing concrete pumping and industrial cleanup services[26](index=26&type=chunk)[27](index=27&type=chunk)[28](index=28&type=chunk) - The Company's sales are historically seasonal, with revenue influenced by weather patterns[29](index=29&type=chunk) [Note 2. Summary of Significant Accounting Policies](index=11&type=section&id=Note%202.%20Summary%20of%20Significant%20Accounting%20Policies) - No significant accounting policies were changed during the nine months ended July 31, 2025[30](index=30&type=chunk) - The corporate cost allocation methodology was updated in Q1 FY2025, leading to reclassification of prior period segment results[33](index=33&type=chunk) - The Company is evaluating new accounting standards for segment, income tax, and expense disclosures[36](index=36&type=chunk)[37](index=37&type=chunk)[38](index=38&type=chunk) [Note 3. Prepaid Expenses and Other Current Assets](index=13&type=section&id=Note%203.%20Prepaid%20Expenses%20and%20Other%20Current%20Assets) Prepaid Expenses and Other Current Assets Breakdown (in thousands) | Component (in thousands) | As of July 31, 2025 | As of October 31, 2024 | | :----------------------- | :------------------ | :--------------------- | | Expected recoveries related to self-insured commercial liabilities | $902 | $3,155 | | Prepaid insurance | $7,403 | $1,462 | | Prepaid licenses and deposits | $1,518 | $884 | | Other current assets and prepaids | $2,095 | $1,455 | | Total prepaid expenses and other current assets | $11,918 | $6,956 | - Total prepaid expenses and other current assets increased by **$4.96 million (71.3%)**, primarily due to a significant increase in prepaid insurance[40](index=40&type=chunk) [Note 4. Property, Plant and Equipment](index=13&type=section&id=Note%204.%20Property%2C%20Plant%20and%20Equipment) Property, Plant and Equipment, Net (in thousands) | Component (in thousands) | As of July 31, 2025 | As of October 31, 2024 | | :----------------------- | :------------------ | :--------------------- | | Property, plant and equipment, gross | $607,418 | $582,058 | | Less accumulated depreciation | $(192,510) | $(166,332) | | Property, plant and equipment, net | $414,908 | $415,726 | Depreciation Expense (in thousands) | Depreciation Expense (in thousands) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :---------------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Total depreciation expense | $10,728 | $10,781 | $31,454 | $31,345 | [Note 5. Goodwill and Intangible Assets](index=14&type=section&id=Note%205.%20Goodwill%20and%20Intangible%20Assets) Intangible Assets, Net (in thousands) | Intangible Asset (in thousands) | As of July 31, 2025 (Net Carrying Amount) | As of October 31, 2024 (Net Carrying Amount) | | :------------------------------ | :---------------------------------------- | :------------------------------------------- | | Customer relationship | $43,995 | $52,185 | | Trade name (amortizing) | $1,858 | $2,212 | | Assembled workforce | $39 | $128 | | Noncompete agreements | $437 | $587 | | Trade names (indefinite life) | $50,500 | $50,500 | | Total intangibles | $96,829 | $105,612 | Goodwill by Segment (in thousands) | Goodwill (in thousands) | As of October 31, 2024 | Foreign Currency Translation | As of July 31, 2025 | | :---------------------- | :--------------------- | :--------------------------- | :------------------ | | U.S. Concrete Pumping | $147,482 | $- | $147,482 | | U.K. Operations | $26,381 | $747 | $27,128 | | U.S. Concrete Waste Management Services | $49,133 | $- | $49,133 | | Total | $222,996 | $747 | $223,743 | - Amortization expense for intangible assets decreased to **$2.9 million** for the three months and **$9.0 million** for the nine months ended July 31, 2025[43](index=43&type=chunk) [Note 6. Long Term Debt and Revolving Lines of Credit](index=15&type=section&id=Note%206.%20Long%20Term%20Debt%20and%20Revolving%20Lines%20of%20Credit) Debt Summary (in thousands) | Debt (in thousands) | Interest Rate | Maturity | July 31, 2025 | October 31, 2024 | | :------------------ | :------------ | :--------- | :------------ | :--------------- | | ABL Facility | Varies | Sept 2029 | $- | $20 | | Senior notes due 2026 | 6.000% | Feb 2026 | $- | $375,000 | | Senior notes due 2032 | 7.500% | Feb 2032 | $425,000 | $- | | Total debt, gross | | | $425,000 | $375,020 | | Long term debt, net of unamortized deferred financing costs | | | $417,629 | $373,260 | - On January 31, 2025, the Company issued **$425.0 million in 7.500% senior notes due 2032** to redeem its 2026 notes and pay a **$1.00 per share special dividend**[45](index=45&type=chunk) - The ABL Facility was amended, increasing borrowings to **$350.0 million** and extending maturity to 2029, with **$317.0 million available** as of July 31, 2025[48](index=48&type=chunk)[51](index=51&type=chunk) [Note 7. Stockholders' Equity](index=17&type=section&id=Note%207.%20Stockholders'%20Equity) - In June 2025, the share repurchase program was increased by **$15.0 million** to a total of **$50.0 million** and extended to December 31, 2026[53](index=53&type=chunk) Share Repurchase Activity (in thousands, except price per share) | Share Repurchase Activity (in thousands, except price per share) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :--------------------------------------------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Shares repurchased | 593 | 371 | 1,904 | 578 | | Total cost of shares repurchased | $3,845 | $2,460 | $11,770 | $3,977 | | Average price per share | $6.48 | $6.64 | $6.18 | $6.89 | [Note 8. Revenue Recognition](index=17&type=section&id=Note%208.%20Revenue%20Recognition) Revenue by Type (in thousands) | Revenue Type (in thousands) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Service revenue | $94,159 | $100,575 | $257,379 | $289,262 | | Lease fixed revenue | $6,077 | $5,744 | $16,683 | $15,516 | | Lease variable revenue | $3,440 | $3,298 | $10,018 | $9,612 | | Total revenue | $103,676 | $109,617 | $284,080 | $314,390 | - Service revenue, the largest component, decreased by **6.4%** for the three months and **11.0%** for the nine months ended July 31, 2025, compared to the prior year[57](index=57&type=chunk) [Note 9. Income Taxes](index=17&type=section&id=Note%209.%20Income%20Taxes) Income Tax Metrics (in thousands) | Metric (in thousands) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Income before income taxes | $5,032 | $10,641 | $1,351 | $11,030 | | Income tax expense | $1,333 | $3,081 | $295 | $4,250 | | Effective tax rate | 26.5% | 29.0% | 21.8% | 38.5% | - The effective tax rate for the nine months ended July 31, 2025, was **21.8%**, down from **38.5%** in the prior year, primarily due to excess tax deficiencies from share-based compensation in fiscal 2024[58](index=58&type=chunk)[59](index=59&type=chunk) - New U.S. legislation is not expected to have a material impact on the effective tax rate or cash flows in the current fiscal year[60](index=60&type=chunk) [Note 10. Stock-Based Compensation](index=19&type=section&id=Note%2010.%20Stock-Based%20Compensation) Stock-Based Compensation Expense (in thousands) | Compensation Expense (in thousands) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :---------------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Restricted stock | $475 | $580 | $1,298 | $1,710 | | Stock options | $51 | $64 | $133 | $207 | | Total | $526 | $644 | $1,431 | $1,917 | - Total stock-based compensation expense decreased by **18.3%** for the three months and **25.3%** for the nine months ended July 31, 2025, compared to the prior year[61](index=61&type=chunk) [Note 11. Earnings Per Share](index=19&type=section&id=Note%2011.%20Earnings%20Per%20Share) Earnings Per Share Calculation (in thousands, except per share) | EPS Metric (in thousands, except per share) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :------------------------------------------ | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Net income (loss) attributable to common stockholders | $3,258 | $7,089 | $(253) | $5,429 | | Basic earnings per share | $0.07 | $0.13 | $- | $0.10 | | Diluted earnings per share | $0.07 | $0.13 | $- | $0.10 | - The Company paid a special cash dividend of **$1.00 per share**, totaling approximately **$53.1 million**, during the nine months ended July 31, 2025[63](index=63&type=chunk) - Certain securities, including **2.5 million Series A Preferred Stock shares**, were excluded from diluted EPS calculations as they were anti-dilutive[64](index=64&type=chunk) [Note 12. Supplemental Cash Flow Information](index=20&type=section&id=Note%2012.%20Supplemental%20Cash%20Flow%20Information) Supplemental Cash Flow Data (in thousands) | Supplemental Cash Flow (in thousands) | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :------------------------------------ | :------------------------------ | :------------------------------ | | Cash payments related to operating lease liabilities | $3,897 | $3,811 | | Cash paid for interest | $11,436 | $12,614 | | Cash paid for income taxes | $955 | $2,571 | | Operating lease assets obtained in exchange for new operating lease liabilities | $1,784 | $6,109 | | PP&E acquired but not yet paid, end of period | $1,629 | $1,453 | [Note 13. Fair Value Measurement](index=20&type=section&id=Note%2013.%20Fair%20Value%20Measurement) - The carrying amounts of short-term financial instruments approximate their fair value[66](index=66&type=chunk) Long-Term Debt Fair Value (in thousands) | Long-Term Debt (in thousands) | As of July 31, 2025 (Carrying Value) | As of July 31, 2025 (Fair Value) | As of October 31, 2024 (Carrying Value) | As of October 31, 2024 (Fair Value) | | :---------------------------- | :----------------------------------- | :------------------------------- | :-------------------------------------- | :---------------------------------- | | 2026 Notes | $- | $- | $375,000 | $372,656 | | 2032 Notes | $425,000 | $420,750 | $- | $- | - Non-financial assets are reported at carrying value and assessed for impairment[69](index=69&type=chunk) [Note 14. Commitments and Contingencies](index=21&type=section&id=Note%2014.%20Commitments%20and%20Contingencies) Self-Insured Commercial Liabilities (in thousands) | Self-Insured Commercial Liabilities (in thousands) | As of July 31, 2025 | As of October 31, 2024 | | :------------------------------------------------- | :------------------ | :--------------------- | | Total self-insured commercial liabilities | $20,996 | $24,542 | | Total expected recoveries | $11,870 | $15,325 | | Total self-insured commercial liability, net | $9,126 | $9,217 | - The Company accrued **$1.1 million** for estimated health claims incurred but not reported as of July 31, 2025[73](index=73&type=chunk) - An unfavorable judgment on a Washington State sales tax issue resulted in a **$3.5 million loss** recorded in Q1 FY2024[78](index=78&type=chunk) [Note 15. Segment Reporting](index=23&type=section&id=Note%2015.%20Segment%20Reporting) - The Company operates in three reportable segments: U.S. Concrete Pumping, U.S. Concrete Waste Management Services, and U.K. Operations[81](index=81&type=chunk) Segment Revenue (in thousands) | Segment Revenue (in thousands) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :----------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | U.S. Concrete Pumping | $69,271 | $75,213 | $188,293 | $216,514 | | U.S. Concrete Waste Management Services | $19,337 | $18,545 | $54,087 | $51,063 | | U.K. Operations | $15,068 | $15,859 | $41,700 | $46,813 | | Total revenue | $103,676 | $109,617 | $284,080 | $314,390 | Segment EBITDA (in thousands) | Segment EBITDA (in thousands) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :---------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | U.S. Concrete Pumping | $15,642 | $20,078 | $35,902 | $45,348 | | U.S. Concrete Waste Management Services | $7,275 | $7,382 | $18,184 | $16,695 | | U.K. Operations | $3,879 | $3,933 | $9,909 | $11,281 | | Reportable segment EBITDA | $26,796 | $31,393 | $63,995 | $73,324 | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance, condition, liquidity, and capital resources [Cautionary Statement Concerning Forward-Looking Statements and Risk Factors Summary](index=26&type=section&id=Cautionary%20Statement%20Concerning%20Forward-Looking%20Statements%20and%20Risk%20Factors%20Summary) - The report contains forward-looking statements subject to risks including inflation, economic conditions, and substantial indebtedness[87](index=87&type=chunk)[88](index=88&type=chunk)[90](index=90&type=chunk) [Business Overview](index=27&type=section&id=Business%20Overview) - The Company's core business segments are U.S. Concrete Pumping, U.S. Concrete Waste Management Services, and U.K. Operations[91](index=91&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk) - Strategic acquisitions are a key component of the Company's growth and capital allocation strategy[92](index=92&type=chunk) [Results of Operations](index=28&type=section&id=Results%20of%20Operations) [Three Months Ended July 31, 2025 Compared to the Three Months Ended July 31, 2024](index=28&type=section&id=Three%20Months%20Ended%20July%2031%2C%202025%20Compared%20to%20the%20Three%20Months%20Ended%20July%2031%2C%202024) Q3 2025 vs Q3 2024 Performance Summary (in thousands) | Metric (in thousands, unless otherwise stated) | 2025 | 2024 | Change ($) | Change (%) | | :--------------------------------------------- | :-------- | :-------- | :--------- | :--------- | | Total Revenue | $103,676 | $109,617 | $(5,941) | (5.4)% | | U.S. Concrete Pumping Revenue | $69,271 | $75,213 | $(5,942) | (7.9)% | | U.S. Concrete Waste Management Services Revenue| $19,337 | $18,545 | $792 | 4.3% | | U.K. Operations Revenue | $15,068 | $15,859 | $(791) | (5.0)% | | Gross Profit | $40,389 | $44,505 | $(4,116) | (9.2)% | | Gross Margin | 39.0% | 40.6% | | | | General and administrative expenses | $27,459 | $27,880 | $(421) | (1.5)% | | Interest expense and amortization of deferred financing costs | $8,399 | $6,318 | $2,081 | 33.0% | | Income tax expense | $1,333 | $3,081 | $(1,748) | (56.7)% | - U.S. Concrete Pumping and U.K. Operations revenue decreased due to slowdowns in commercial and residential construction[101](index=101&type=chunk)[103](index=103&type=chunk) - U.S. Concrete Waste Management Services revenue improved due to organic volume growth and better pricing[102](index=102&type=chunk) [Nine Months Ended July 31, 2025 Compared to the Nine Months Ended July 31, 2024](index=30&type=section&id=Nine%20Months%20Ended%20July%2031%2C%202025%20Compared%20to%20the%20Nine%20Months%20Ended%20July%2031%2C%202024) YTD 2025 vs YTD 2024 Performance Summary (in thousands) | Metric (in thousands, unless otherwise stated) | 2025 | 2024 | Change ($) | Change (%) | | :--------------------------------------------- | :-------- | :-------- | :--------- | :--------- | | Total Revenue | $284,080 | $314,390 | $(30,310) | (9.6)% | | U.S. Concrete Pumping Revenue | $188,293 | $216,514 | $(28,221) | (13.0)% | | U.S. Concrete Waste Management Services Revenue| $54,087 | $51,063 | $3,024 | 5.9% | | U.K. Operations Revenue | $41,700 | $46,813 | $(5,113) | (10.9)% | | Gross Profit | $107,806 | $119,586 | $(11,780) | (9.9)% | | Gross Margin | 37.9% | 38.0% | | | | General and administrative expenses | $83,131 | $89,450 | $(6,319) | (7.1)% | | Interest expense and amortization of deferred financing costs | $23,168 | $19,744 | $3,424 | 17.3% | | Loss on extinguishment of debt | $1,392 | $- | $1,392 | * | | Income tax expense | $295 | $4,250 | $(3,955) | (93.1)% | - U.S. Concrete Pumping and U.K. Operations revenue decreased due to construction slowdowns, high interest rates, and disruptive weather[112](index=112&type=chunk)[114](index=114&type=chunk) - U.S. Concrete Waste Management Services revenue improved due to organic volume growth and pricing[113](index=113&type=chunk) - G&A expenses decreased primarily due to a non-recurring **$3.5 million sales tax litigation charge** in fiscal 2024[117](index=117&type=chunk) [Net Income (Loss) and Adjusted EBITDA Results](index=32&type=section&id=Net%20Income%20(Loss)%20and%20Adjusted%20EBITDA%20Results) Segment Net Income (Loss) (in thousands) | Segment Net Income (Loss) (in thousands) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :--------------------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | U.S. Concrete Pumping | $1,625 | $4,954 | $(3,056) | $2,688 | | U.S. Concrete Waste Management Services | $1,391 | $1,701 | $2,817 | $1,529 | | U.K. Operations | $683 | $905 | $1,295 | $2,433 | | Total | $3,699 | $7,560 | $1,056 | $6,780 | Segment Adjusted EBITDA (in thousands) | Segment Adjusted EBITDA (in thousands) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :------------------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | U.S. Concrete Pumping | $15,604 | $20,255 | $37,395 | $49,318 | | U.S. Concrete Waste Management Services| $7,371 | $7,155 | $19,081 | $17,582 | | U.K. Operations | $3,868 | $4,228 | $9,875 | $11,567 | | Total | $26,843 | $31,638 | $66,351 | $78,467 | - U.S. Concrete Pumping segment performance declined due to lower revenue, while U.S. Concrete Waste Management Services saw growth from improved revenue and cost control[125](index=125&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk)[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk) [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) [Overview](index=36&type=section&id=Overview) - The Company's capital structure includes equity, preferred stock, Senior Notes, and the ABL Facility[133](index=133&type=chunk) - As of July 31, 2025, total available liquidity was **$358.0 million**, including **$41.0 million in cash** and **$317.0 million in ABL borrowing capacity**[133](index=133&type=chunk) - Management believes current liquidity is sufficient for needs over the next 12 months[134](index=134&type=chunk) [Material Cash Requirements](index=36&type=section&id=Material%20Cash%20Requirements) - Principal uses of cash include operations, capital expenditures, acquisitions, and debt service[135](index=135&type=chunk) - Working capital surplus was **$48.4 million** as of July 31, 2025, and gross capital expenditures for the nine months were **$34.2 million**[136](index=136&type=chunk)[137](index=137&type=chunk) [Dividends](index=36&type=section&id=Dividends) - A special cash dividend of **$1.00 per share**, totaling **$53.1 million**, was paid during the nine months ended July 31, 2025[139](index=139&type=chunk) [Senior Notes and ABL Facility](index=37&type=section&id=Senior%20Notes%20and%20ABL%20Facility) - The Company refinanced its debt by issuing **$425.0 million in 7.500% Senior Notes due 2032**[141](index=141&type=chunk) - The ABL Facility was amended to increase maximum borrowings to **$350.0 million** and extend maturity to September 2029[142](index=142&type=chunk)[143](index=143&type=chunk) [Cash Flows](index=38&type=section&id=Cash%20Flows) - Net cash from operating activities decreased to **$49.9 million** from **$64.5 million** in the prior year, primarily due to lower net income[147](index=147&type=chunk)[148](index=148&type=chunk) - Net cash used in investing activities was **$28.2 million**, mainly for property, plant, and equipment purchases[149](index=149&type=chunk) - Net cash used in financing activities was **$23.8 million**, reflecting debt refinancing, dividend payments, and treasury stock purchases[151](index=151&type=chunk) [Accounting and Other Reporting Matters](index=39&type=section&id=Accounting%20and%20Other%20Reporting%20Matters) [Non-GAAP Measures (EBITDA and Adjusted EBITDA)](index=39&type=section&id=Non-GAAP%20Measures%20(EBITDA%20and%20Adjusted%20EBITDA)) - EBITDA and Adjusted EBITDA are used as supplemental measures to evaluate operating performance[153](index=153&type=chunk) - These non-GAAP measures have limitations and should not be considered substitutes for GAAP measures[154](index=154&type=chunk) Consolidated Adjusted EBITDA Reconciliation (in thousands) | Consolidated Adjusted EBITDA (in thousands) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :---------------------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Net income | $3,699 | $7,560 | $1,056 | $6,780 | | EBITDA | $26,796 | $31,393 | $63,995 | $73,454 | | Adjusted EBITDA | $26,843 | $31,638 | $66,351 | $78,467 | [Critical Accounting Policies and Estimates](index=42&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) - No modifications were made to critical accounting policies and estimates during the period[158](index=158&type=chunk) [New Accounting Pronouncements](index=42&type=section&id=New%20Accounting%20Pronouncements) - Information regarding recent accounting pronouncements is provided in Note 2 to the financial statements[159](index=159&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=42&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exempt from providing market risk disclosures as a smaller reporting company - The Company is a smaller reporting company and is not required to provide these disclosures[160](index=160&type=chunk) [Item 4. Controls and Procedures](index=42&type=section&id=Item%204.%20Controls%20and%20Procedures) Management confirms the effectiveness of disclosure controls with no material internal control changes - Management concluded that disclosure controls and procedures were effective as of July 31, 2025[161](index=161&type=chunk)[162](index=162&type=chunk) - There were no material changes in internal control over financial reporting during the quarter[163](index=163&type=chunk) [Part II. Other Information](index=43&type=section&id=Part%20II.%20Other%20Information) [Item 1. Legal Proceedings](index=43&type=section&id=Item%201.%20Legal%20Proceedings) Information on legal proceedings is referenced from Note 14 of the financial statements - Legal proceedings information is referenced from Note 14, "Commitments and Contingencies—Litigation"[166](index=166&type=chunk) [Item 1A. Risk Factors](index=43&type=section&id=Item%201A.%20Risk%20Factors) A new risk factor concerning foreign trade policies and tariffs has been added - No material changes to risk factors were reported, other than a new risk related to foreign trade policies and tariffs[167](index=167&type=chunk)[168](index=168&type=chunk) - Changes in foreign trade policies could adversely impact the business by reducing demand or increasing operational costs[168](index=168&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=43&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 592,655 shares for $3.8 million and increased its repurchase authorization Share Repurchase Details | Period | Total Number of Shares Purchased | Average Price Paid Per Share (1) | | :------------------------- | :------------------------------- | :------------------------------- | | May 1, 2025 - May 31, 2025 | 104,565 | $6.40 | | June 1, 2025 - June 30, 2025 | 276,283 | $6.14 | | July 1, 2025 - July 31, 2025 | 211,807 | $6.75 | | Total | 592,655 | $6.40 | - In June 2025, the board approved a **$15.0 million increase** to the share repurchase program, bringing total authorizations to **$50.0 million**[171](index=171&type=chunk) - As of July 31, 2025, **$20.4 million** remained available for repurchase under the program[172](index=172&type=chunk) [Item 3. Defaults Upon Senior Securities](index=44&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The Company reported no defaults upon senior securities - No defaults upon senior securities were reported[173](index=173&type=chunk) [Item 4. Mine Safety Disclosures](index=44&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the Company - Mine Safety Disclosures are not applicable to the Company[173](index=173&type=chunk) [Item 5. Other Information](index=44&type=section&id=Item%205.%20Other%20Information) No other information was reported under this item - No other information was reported[174](index=174&type=chunk) [Item 6. Exhibits](index=44&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the report, including CEO/CFO certifications and XBRL documents - The exhibits include certifications from the CEO and CFO, and various Inline XBRL documents[175](index=175&type=chunk) [Signatures](index=45&type=section&id=Signatures) The report is duly signed by the Chief Financial Officer and Secretary on September 4, 2025 - The report was signed by Iain Humphries, Chief Financial Officer and Secretary, on September 4, 2025[178](index=178&type=chunk)

Business Overview - Concrete Pumping Holdings (CPH) is a market leader in concrete pumping services in the US and UK, and a leading concrete waste management service provider in the US[8, 12] - CPH's business model is low risk, as it does not purchase, transport, or own concrete, and invoices daily for its services[17] - CPH's competitive advantages include a wide range of equipment, availability, technical expertise, and reliability[19] Financial Performance - TTM Q3'25 Revenue is $396 million[8] - TTM Q3'25 Adjusted EBITDA is $100 million, with a 253% margin[8] - TTM Q3'25 Free Cash Flow is $58 million[8] Growth Strategy - CPH aims to capture greater market share, optimize pricing and utilization, expand Eco-Pan services, pursue acquisitions, and explore greenfield opportunities[25] - The total US market opportunity for Eco-Pan is estimated at over $850 million, with FY24 revenue at $71 million, representing approximately 8% penetration[27] Financial Outlook and Valuation - FY 2025 Revenue outlook is $380-$390 million, and Adjusted EBITDA outlook is $95-$100 million[71] - FY 2025 Free Cash Flow outlook is approximately $45 million, implying a 12% yield to the current equity value of $380 million[71, 72] - The company's net debt is approximately $384 million, with a leverage ratio of 38x[81, 86]

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) [Third Quarter Fiscal Year 2025 Highlights](index=1&type=section&id=Third%20Quarter%20Fiscal%20Year%202025%20Highlights) Concrete Pumping Holdings reported a decline in revenue and profitability for **Q3 FY2025** compared to **Q3 FY2024**, primarily due to softness in commercial and residential construction demand. Despite these headwinds, the waste management segment showed modest growth, and the company maintained a strong liquidity position | Metric | Q3 FY2025 ($M) | Q3 FY2024 ($M) | Change ($M) | Change (%) | | :-------------------------------- | :------------- | :------------- | :---------- | :--------- | | Revenue | 103.7 | 109.6 | (5.9) | (5.4%) | | Gross Profit | 40.4 | 44.5 | (4.1) | (9.2%) | | Income from Operations | 12.9 | 16.6 | (3.7) | (22.3%) | | Net Income | 3.7 | 7.6 | (3.9) | (51.3%) | | Net Income Attributable to Common Shareholders | 3.3 | 7.1 | (3.8) | (53.5%) | | Diluted EPS | 0.07 | 0.13 | (0.06) | (46.2%) | | Adjusted EBITDA | 26.8 | 31.6 | (4.8) | (15.2%) | | Adjusted EBITDA Margin | 25.8% | 28.8% | (3.0%) | - | - Total available liquidity at quarter end was **$358.0 million**, a significant increase from **$236.3 million** one year ago[4](index=4&type=chunk) - Leverage ratio at quarter end was **3.8x**[4](index=4&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) CEO Bruce Young highlighted the business model's resilience amidst macroeconomic headwinds and weather disruptions. He noted softness in concrete pumping volumes but modest growth in the waste management segment, emphasizing the benefits of diversification. The company remains focused on cost management, fleet optimization, strategic pricing, generating healthy free cash flow, and thoughtful capital deployment - Concrete pumping volumes experienced softness in commercial demand and, to a lesser extent, residential construction sectors[3](index=3&type=chunk) - Waste management segment delivered modest growth, reinforcing stability and diversification benefits[3](index=3&type=chunk) - Company's strategy includes disciplined cost management, fleet optimization, and strategic pricing to buffer against topline softness[3](index=3&type=chunk) - Commitment to generating healthy free cash flow, maintaining flexibility, and deploying capital thoughtfully through opportunistic share repurchases or targeted acquisitions[3](index=3&type=chunk) [Financial Performance](index=2&type=section&id=Financial%20Performance) [Consolidated Financial Results (Q3 FY2025 vs Q3 FY2024)](index=2&type=section&id=Consolidated%20Financial%20Results%20(Q3%20FY2025%20vs%20Q3%20FY2024)) The company experienced a decline in consolidated financial performance in **Q3 FY2025** compared to the prior year, driven by reduced revenue volumes and margin compression, primarily due to challenging market conditions in the construction sector [Revenue and Gross Profit](index=2&type=section&id=Revenue%20and%20Gross%20Profit) Consolidated revenue decreased by **5.4%** to **$103.7 million**, and gross profit declined by **9.2%** to **$40.4 million**, with gross margin contracting by **160 basis points** to **39.0%**. The decline was attributed to ongoing deferrals in commercial construction, softness in residential demand due to high interest rates, and higher rainfall | Metric | Q3 FY2025 ($M) | Q3 FY2024 ($M) | Change ($M) | Change (%) | | :------------- | :------------- | :------------- | :---------- | :--------- | | Revenue | 103.7 | 109.6 | (5.9) | (5.4%) | | Gross Profit | 40.4 | 44.5 | (4.1) | (9.2%) | | Gross Margin | 39.0% | 40.6% | (1.6%) | - | - Revenue decrease primarily due to ongoing deferrals in commercial construction demand and softness in residential demand, influenced by persistent high interest rates and higher rainfall in central and southeast regions[5](index=5&type=chunk) [Operating and Net Income](index=2&type=section&id=Operating%20and%20Net%20Income) Income from operations decreased by **22.3%** to **$12.9 million**, and net income fell by **51.3%** to **$3.7 million**. Diluted EPS also saw a significant reduction, reflecting the overall decline in profitability | Metric | Q3 FY2025 ($M) | Q3 FY2024 ($M) | Change ($M) | Change (%) | | :-------------------------------- | :------------- | :------------- | :---------- | :--------- | | Income from Operations | 12.9 | 16.6 | (3.7) | (22.3%) | | Net Income | 3.7 | 7.6 | (3.9) | (51.3%) | | Net Income Attributable to Common Shareholders | 3.3 | 7.1 | (3.8) | (53.5%) | | Diluted EPS | 0.07 | 0.13 | (0.06) | (46.2%) | - General and administrative expenses as a percentage of revenue increased to **26.5%** from **25.5%** in the prior year quarter[6](index=6&type=chunk) [Adjusted EBITDA](index=2&type=section&id=Adjusted%20EBITDA) Adjusted EBITDA decreased by **15.2%** to **$26.8 million**, with the Adjusted EBITDA margin contracting by **300 basis points** to **25.8%**, indicating reduced operational efficiency relative to revenue | Metric | Q3 FY2025 ($M) | Q3 FY2024 ($M) | Change ($M) | Change (%) | | :-------------- | :------------- | :------------- | :---------- | :--------- | | Adjusted EBITDA | 26.8 | 31.6 | (4.8) | (15.2%) | | Adjusted EBITDA Margin | 25.8% | 28.8% | (3.0%) | - | [Liquidity](index=2&type=section&id=Liquidity) As of **July 31, 2025**, the company maintained substantial liquidity with **$358.0 million** available, despite having **$425.0 million** in outstanding debt and **$384.0 million** in net debt | Metric | Amount ($M) | | :-------------------- | :------------ | | Debt Outstanding | 425.0 | | Net Debt | 384.0 | | Total Available Liquidity | 358.0 | [Segment Results](index=2&type=section&id=Segment%20Results) Segment performance varied, with U.S. Concrete Pumping and U.K. Operations experiencing declines due to market softness, while U.S. Concrete Waste Management Services demonstrated growth driven by volume and pricing improvements [U.S. Concrete Pumping](index=2&type=section&id=U.S.%20Concrete%20Pumping) Revenue for U.S. Concrete Pumping decreased by **7.9%** to **$69.3 million**, leading to a significant drop in net income and Adjusted EBITDA, primarily due to economic uncertainty, high interest rates, and adverse weather conditions | Metric | Q3 FY2025 ($M) | Q3 FY2024 ($M) | Change ($M) | Change (%) | | :-------------- | :------------- | :------------- | :---------- | :--------- | | Revenue | 69.3 | 75.2 | (5.9) | (7.9%) | | Net Income | 1.6 | 5.0 | (3.4) | (68.0%) | | Adjusted EBITDA | 15.6 | 20.3 | (4.7) | (23.2%) | - Decline driven by ongoing deferrals in commercial construction demand and softness in residential demand, mostly due to economic and market uncertainty from high interest rates, and higher rainfall[10](index=10&type=chunk) [U.S. Concrete Waste Management Services](index=2&type=section&id=U.S.%20Concrete%20Waste%20Management%20Services) This segment showed positive growth, with revenue increasing by **4%** to **$19.3 million** and Adjusted EBITDA rising by **3%** to **$7.4 million**, attributed to organic volume growth, pricing improvements, and disciplined cost control. Net income, however, saw a slight decrease | Metric | Q3 FY2025 ($M) | Q3 FY2024 ($M) | Change ($M) | Change (%) | | :-------------- | :------------- | :------------- | :---------- | :--------- | | Revenue | 19.3 | 18.5 | 0.8 | 4.3% | | Net Income | 1.4 | 1.7 | (0.3) | (17.6%) | | Adjusted EBITDA | 7.4 | 7.2 | 0.2 | 2.8% | - Revenue increase driven by organic volume growth and pricing improvements[11](index=11&type=chunk) - Adjusted EBITDA increase due to improved year-over-year revenue and disciplined cost control[11](index=11&type=chunk) [U.K. Operations](index=2&type=section&id=U.K.%20Operations) U.K. Operations experienced a **5%** revenue decline to **$15.1 million**, with a **10%** decrease excluding foreign currency impacts, due to a slowdown in commercial construction demand. Net income and Adjusted EBITDA also decreased | Metric | Q3 FY2025 ($M) | Q3 FY2024 ($M) | Change ($M) | Change (%) | | :-------------- | :------------- | :------------- | :---------- | :--------- | | Revenue | 15.1 | 15.9 | (0.8) | (5.0%) | | Net Income | 0.7 | 0.9 | (0.2) | (22.2%) | | Adjusted EBITDA | 3.9 | 4.2 | (0.3) | (7.1%) | - Excluding foreign currency translation, revenue was down **10% year-over-year** due to lower volumes caused by a slowdown in commercial construction demand[12](index=12&type=chunk) [Fiscal Year 2025 Outlook](index=2&type=section&id=Fiscal%20Year%202025%20Outlook) The company maintains its **fiscal year 2025** guidance, anticipating revenue between **$380.0 million** and **$390.0 million**, Adjusted EBITDA between **$95.0 million** and **$100.0 million**, and free cash flow of approximately **$45.0 million**, with expectations for a construction market recovery not until **late fiscal year 2026** or **early fiscal year 2027** | Metric | FY2025 Outlook | | :-------------- | :------------- | | Revenue | $380.0M - $390.0M | | Adjusted EBITDA | $95.0M - $100.0M | | Free Cash Flow | ~$45.0M | - Expectations assume the construction market will not start to meaningfully recover until **late fiscal year 2026** or **early fiscal year 2027**[13](index=13&type=chunk) [Company Information](index=3&type=section&id=Company%20Information) [About Concrete Pumping Holdings](index=3&type=section&id=About%20Concrete%20Pumping%20Holdings) Concrete Pumping Holdings is a leading provider of concrete pumping and waste management services in the U.S. and U.K., operating under established national brands like Brundage-Bone, Camfaud, and Eco-Pan. The company leverages a large fleet and trained operators to offer cost-effective, safe, and quality concrete placement and environmental waste management solutions across a broad geographic footprint - Leading provider of concrete pumping services and concrete waste management services in the U.S. and U.K. markets[17](index=17&type=chunk) - Operates under national brands: Brundage-Bone (U.S. concrete pumping), Camfaud (U.K. concrete pumping), and Eco-Pan (U.S. and U.K. waste management)[17](index=17&type=chunk) - As of **July 31, 2025**, the company had approximately **95** U.S. concrete pumping branch locations, **35** U.K. concrete pumping branch locations, and **23** U.S. (plus one shared U.K.) concrete waste management operating locations[17](index=17&type=chunk) [Conference Call Details](index=3&type=section&id=Conference%20Call%20Details) The company hosted a conference call on **September 4, 2025**, to discuss its third-quarter **2025** results, with replay options available through **September 11, 2025** - Conference call held on Thursday, **September 4, 2025**, at **5:00 p.m. Eastern time**[15](index=15&type=chunk) - A replay of the conference call was available until **September 11, 2025**[17](index=17&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This section outlines the forward-looking nature of certain statements in the press release, cautioning investors that actual results may differ due to various risks and uncertainties, including macroeconomic factors, weather conditions, legal proceedings, and the ability to manage growth and acquisitions. The company disclaims any obligation to update these statements - Statements regarding future performance, including the **fiscal year 2025** outlook, are forward-looking and subject to risks and uncertainties[18](index=18&type=chunk) - Key risk factors include inflationary pressures, changes in foreign trade policies, restrictive monetary policies, global economic conditions, adverse weather, legal proceedings, ability to grow profitably, and successful acquisitions[18](index=18&type=chunk) - The company does not undertake any obligation to publicly release updates or revisions to forward-looking statements[18](index=18&type=chunk) [Non-GAAP Financial Measures](index=5&type=section&id=Non-GAAP%20Financial%20Measures) The report utilizes several non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA margin, net debt, free cash flow, and leverage ratio, to provide supplemental information for management and investors. These measures are defined, their utility explained, and their limitations acknowledged, with a note on the impracticality of reconciling forward-looking non-GAAP guidance to GAAP measures - Non-GAAP measures used include Adjusted EBITDA, Adjusted EBITDA margin, net debt, free cash flow, and leverage ratio[19](index=19&type=chunk) - These measures provide useful supplemental information for evaluating financial condition, operating results, and comparing performance with competitors[21](index=21&type=chunk) - Adjusted EBITDA is calculated by taking GAAP net income and adding back interest expense, income tax expense, depreciation and amortization, and further adjusting for items like loss on debt extinguishment, stock-based compensation, and other non-recurring expenses[20](index=20&type=chunk) - Net debt is calculated as total debt outstanding less cash, and free cash flow is defined as Adjusted EBITDA less net maintenance capital expenditures and cash paid for interest[22](index=22&type=chunk)[24](index=24&type=chunk) - The company has not reconciled forward-looking Adjusted EBITDA and free cash flow guidance to GAAP measures due to the lack of predictability of reconciling items[25](index=25&type=chunk) [Contact Information](index=5&type=section&id=Contact%20Information) Contact details for the company's Chief Financial Officer and Investor Relations are provided for inquiries - Contact for Company: Iain Humphries, Chief Financial Officer, **1-303-289-7497**[27](index=27&type=chunk) - Contact for Investor Relations: Cody Slach, Gateway Group, Inc., **1-949-574-3860**, BBCP@gateway-grp.com[27](index=27&type=chunk) [Financial Statements & Reconciliations](index=7&type=section&id=Financial%20Statements%20%26%20Reconciliations) [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows a slight decrease in total assets from **$898.0 million** in **October 2024** to **$886.0 million** in **July 2025**. Total liabilities increased from **$551.3 million** to **$599.7 million**, while total stockholders' equity decreased from **$321.7 million** to **$261.3 million** over the same period | Metric (in thousands) | As of July 31, 2025 | As of October 31, 2024 | | :-------------------------------- | :------------------ | :------------------- | | Total Assets | $886,031 | $897,990 | | Total Liabilities | $599,710 | $551,275 | | Total Stockholders' Equity | $261,321 | $321,715 | | Cash and Cash Equivalents | $41,001 | $43,041 | | Long Term Debt, net | $417,629 | $373,260 | [Condensed Consolidated Statements of Operations](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the three months ended **July 31, 2025**, revenue decreased by **5.4% year-over-year**, leading to a **51.1%** drop in net income. For the nine months ended **July 31, 2025**, revenue decreased by **9.6%**, and net income saw an **84.4%** decline compared to the prior year | Metric (in thousands) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Revenue | $103,676 | $109,617 | $284,080 | $314,390 | | Gross Profit | $40,389 | $44,505 | $107,806 | $119,586 | | Income from Operations | $12,930 | $16,625 | $24,675 | $30,136 | | Net Income | $3,699 | $7,560 | $1,056 | $6,780 | | Diluted EPS | $0.07 | $0.13 | $- | $0.10 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended **July 31, 2025**, net cash provided by operating activities decreased to **$49.9 million** from **$64.5 million** in the prior year. Net cash used in investing activities remained relatively stable at **$28.2 million**, while net cash used in financing activities decreased slightly to **$23.8 million** | Metric (in thousands) | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :-------------------------------- | :------------------------------ | :------------------------------ | | Net Cash Provided by Operating Activities | $49,850 | $64,474 | | Net Cash Used in Investing Activities | $(28,202) | $(30,012) | | Net Cash Used in Financing Activities | $(23,834) | $(24,772) | | Net Increase (Decrease) in Cash and Cash Equivalents | $(2,040) | $10,472 | | Cash and Cash Equivalents, End of Period | $41,001 | $26,333 | [Segment Revenue](index=10&type=section&id=Segment%20Revenue) Consolidated revenue for **Q3 FY2025** decreased by **5.4% year-over-year**, primarily driven by declines in U.S. Concrete Pumping and U.K. Operations, partially offset by growth in U.S. Concrete Waste Management Services | Segment (in thousands) | Q3 FY2025 Revenue | Q3 FY2024 Revenue | Change ($) | Change (%) | | :-------------------------------- | :---------------- | :---------------- | :--------- | :--------- | | U.S. Concrete Pumping | $69,271 | $75,213 | $(5,942) | (7.9%) | | U.S. Concrete Waste Management Services | $19,337 | $18,545 | $792 | 4.3% | | U.K. Operations | $15,068 | $15,859 | $(791) | (5.0%) | | **Total Revenue** | **$103,676** | **$109,617** | **$(5,941)** | **(5.4%)** | | Segment (in thousands) | YTD FY2025 Revenue | YTD FY2024 Revenue | Change ($) | Change (%) | | :-------------------------------- | :----------------- | :----------------- | :--------- | :--------- | | U.S. Concrete Pumping | $188,293 | $216,514 | $(28,221) | (13.0%) | | U.S. Concrete Waste Management Services | $54,087 | $51,063 | $3,024 | 5.9% | | U.K. Operations | $41,700 | $46,813 | $(5,113) | (10.9%) | | **Total Revenue** | **$284,080** | **$314,390** | **$(30,310)** | **(9.6%)** | [Segment Adjusted EBITDA and Net Income (Loss)](index=10&type=section&id=Segment%20Adjusted%20EBITDA%20and%20Net%20Income%20(Loss)) Segment-wise, U.S. Concrete Pumping saw significant declines in both net income and Adjusted EBITDA for **Q3** and **YTD FY2025**. U.S. Concrete Waste Management Services showed growth in Adjusted EBITDA for both periods, while U.K. Operations experienced decreases in both metrics | Segment (in thousands) | Q3 FY2025 Net Income | Q3 FY2024 Net Income | Change ($) | Change (%) | | :-------------------------------- | :------------------- | :------------------- | :--------- | :--------- | | U.S. Concrete Pumping | $1,625 | $4,954 | $(3,329) | (67.2%) | | U.S. Concrete Waste Management Services | $1,391 | $1,701 | $(310) | (18.2%) | | U.K. Operations | $683 | $905 | $(222) | (24.5%) | | **Total** | **$3,699** | **$7,560** | **$(3,861)** | **(51.1%)** | | Segment (in thousands) | Q3 FY2025 Adjusted EBITDA | Q3 FY2024 Adjusted EBITDA | Change ($) | Change (%) | | :-------------------------------- | :------------------------ | :------------------------ | :--------- | :--------- | | U.S. Concrete Pumping | $15,604 | $20,255 | $(4,651) | (23.0%) | | U.S. Concrete Waste Management Services | $7,371 | $7,155 | $216 | 3.0% | | U.K. Operations | $3,868 | $4,228 | $(360) | (8.5%) | | **Total** | **$26,843** | **$31,638** | **$(4,795)** | **(15.2%)** | - The company updated its methodology for allocating corporate costs in **Q1 FY2025**, leading to reclassification of prior period segment results for conformity[33](index=33&type=chunk) [Quarterly Financial Performance](index=13&type=section&id=Quarterly%20Financial%20Performance) Quarterly performance shows fluctuations, with **Q3 FY2025** revenue at **$104 million** and net income at **$4 million**, an improvement from **Q1** and **Q2 FY2025**, but still below **Q3 FY2024** levels. Adjusted EBITDA also improved sequentially but remained lower year-over-year | Quarter | Revenue ($M) | Net Income ($M) | Adjusted EBITDA ($M) | Diluted EPS ($) | | :------ | :----------- | :-------------- | :------------------- | :-------------- | | Q1 2024 | 98 | (4) | 19 | (0.08) | | Q2 2024 | 107 | 3 | 28 | 0.05 | | Q3 2024 | 110 | 8 | 32 | 0.13 | | Q4 2024 | 111 | 9 | 34 | 0.16 | | Q1 2025 | 86 | (3) | 17 | (0.06) | | Q2 2025 | 94 | 0 | 22 | (0.01) | | Q3 2025 | 104 | 4 | 27 | 0.07 | - Capital expenditures for **Q3 2025** included approximately **$3 million** in growth investment[39](index=39&type=chunk) [Reconciliation of Net Income to Adjusted EBITDA](index=14&type=section&id=Reconciliation%20of%20Net%20Income%20to%20Adjusted%20EBITDA) This section provides detailed reconciliations of net income to Adjusted EBITDA for consolidated operations and each segment (U.S. Concrete Pumping, U.S. Concrete Waste Management Services, U.K. Operations) for both the three and nine months ended **July 31, 2025** and **2024**, highlighting the adjustments made for non-GAAP reporting | Metric (in thousands) | Q3 FY2025 | Q3 FY2024 | YTD FY2025 | YTD FY2024 | | :---------------------------------------------------------------- | :-------- | :-------- | :--------- | :--------- | | **Consolidated** | | | | | | Net income | $3,699 | $7,560 | $1,056 | $6,780 | | Interest expense and amortization of deferred financing costs, net of interest income | $8,126 | $6,261 | $22,222 | $19,597 | | Income tax expense | $1,333 | $3,081 | $295 | $4,250 | | Depreciation and amortization | $13,638 | $14,491 | $40,422 | $42,827 | | **EBITDA** | **$26,796** | **$31,393** | **$63,995** | **$73,454** | | Loss on debt extinguishment | - | - | $1,392 | - | | Stock based compensation | $526 | $644 | $1,431 | $1,917 | | Change in fair value of warrant liabilities | - | - | - | $(130) | | Other income, net | $(228) | $(276) | $(290) | $(360) | | Other adjustments | $(251) | $(123) | $(177) | $3,586 | | **Adjusted EBITDA** | **$26,843** | **$31,638** | **$66,351** | **$78,467** | - Other adjustments for the nine months ended **July 31, 2024**, included a **$3.5 million** non-recurring charge related to sales tax litigation[40](index=40&type=chunk) [Reconciliation of Net Debt](index=15&type=section&id=Reconciliation%20of%20Net%20Debt) The reconciliation shows the company's net debt increased from **$348.7 million** as of **July 31, 2024**, to **$384.0 million** as of **July 31, 2025**, primarily due to an increase in Senior Notes outstanding | Metric (in thousands) | July 31, 2024 | October 31, 2024 | January 31, 2025 | April 30, 2025 | July 31, 2025 | | :-------------------- | :------------ | :--------------- | :--------------- | :------------- | :------------ | | Senior Notes | $375,000 | $375,000 | $425,000 | $425,000 | $425,000 | | Revolving loan draws outstanding | - | $20 | - | - | - | | Less: Cash | $(26,333) | $(43,041) | $(85,132) | $(37,788) | $(41,001) | | **Net Debt** | **$348,667** | **$331,979** | **$339,868** | **$387,212** | **$383,999** | [Reconciliation of Historical Adjusted EBITDA](index=15&type=section&id=Reconciliation%20of%20Historical%20Adjusted%20EBITDA) This table provides a quarterly reconciliation of net income (loss) to Adjusted EBITDA from **Q1 2024** through **Q3 2025**, detailing the adjustments for interest, taxes, depreciation, amortization, stock-based compensation, and other items | Metric (in thousands) | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | | :-------------------------------- | :------ | :------ | :------ | :------ | :------ | :------ | :------ | | Net income (loss) | $(3,826) | $3,046 | $7,560 | $9,427 | $(2,639) | $(4) | $3,699 | | Interest expense and amortization of deferred financing costs | $6,463 | $6,873 | $6,261 | $5,976 | $5,802 | $8,294 | $8,126 | | Income tax expense (benefit) | $(1,011) | $2,180 | $3,081 | $3,854 | $(1,036) | $(2) | $1,333 | | Depreciation and amortization | $14,097 | $14,239 | $14,491 | $14,283 | $13,200 | $13,584 | $13,638 | | **EBITDA** | **$15,723** | **$26,338** | **$31,393** | **$33,540** | **$15,327** | **$21,872** | **$26,796** | | Loss on debt extinguishment | - | - | - | - | $1,392 | - | - | | Stock based compensation | $536 | $737 | $644 | $477 | $367 | $538 | $526 | | Change in fair value of warrant liabilities | $(130) | - | - | - | - | - | - | | Other expense (income), net | $(39) | $(44) | $(276) | $(47) | $(34) | $(28) | $(228) | | Other adjustments | $3,191 | $517 | $(123) | $(290) | $(41) | $155 | $(251) | | **Adjusted EBITDA** | **$19,281** | **$27,548** | **$31,638** | **$33,680** | **$17,011** | **$22,497** | **$26,843** | - Other adjustments for **Q1 FY2024** included a **$3.5 million** non-recurring charge related to sales tax litigation[43](index=43&type=chunk)

Core Viewpoint - Concrete Pumping Holdings, Inc. reported a decline in revenue and net income for the third quarter of fiscal year 2025, primarily due to ongoing deferrals in commercial construction demand and softness in residential construction, exacerbated by high interest rates and adverse weather conditions [4][6][9]. Financial Results - Revenue for Q3 FY 2025 was $103.7 million, down from $109.6 million in Q3 FY 2024, representing a decrease of 5.4% [4][10]. - Gross profit decreased to $40.4 million from $44.5 million, with a gross margin decline of 160 basis points to 39.0% [5][10]. - Net income fell to $3.7 million, compared to $7.6 million in the prior year, with net income attributable to common shareholders at $3.3 million, or $0.07 per diluted share [6][10]. - Adjusted EBITDA was $26.8 million, down from $31.6 million, with an adjusted EBITDA margin of 25.8%, compared to 28.8% in the prior year [7][10]. Segment Performance - U.S. Concrete Pumping revenue was $69.3 million, a decrease of 7.9% from $75.2 million in the prior year, with net income dropping to $1.6 million from $5.0 million [9][34]. - U.S. Concrete Waste Management Services saw a revenue increase of 4% to $19.3 million, driven by organic volume growth and pricing improvements [11][34]. - U.K. Operations revenue decreased to $15.1 million from $15.9 million, with a 10% decline when excluding foreign currency translation effects [12][34]. Liquidity and Debt - As of July 31, 2025, the company had outstanding debt of $425.0 million and net debt of $384.0 million, with total available liquidity of $358.0 million [8][10]. Fiscal Year 2025 Outlook - The company expects FY 2025 revenue to range between $380.0 million to $390.0 million, with adjusted EBITDA projected between $95.0 million to $100.0 million, and free cash flow around $45.0 million [13].

Core Viewpoint - Concrete Pumping Holdings, Inc. (CPH) will hold a conference call on September 4, 2025, to discuss its financial results for the third quarter ended July 31, 2025 [1][2] Company Overview - CPH is a leading provider of concrete pumping and waste management services in the U.S. and U.K., operating under established national brands: Brundage-Bone in the U.S., Camfaud in the U.K., and Eco-Pan for waste management [3] - The company operates approximately 90 branch locations across 22 states in the U.S. and 35 branch locations in the U.K. for concrete pumping services, along with 21 operating locations in the U.S. and one in the U.K. for route-based concrete waste management services [3] Conference Call Details - The conference call will be hosted by CEO Bruce Young and CFO Iain Humphries, followed by a Q&A session [2] - Participants can join the call using the toll-free number 1-877-407-9039 or the international number 1-201-689-8470, with a conference ID of 13755065 [2] - A live broadcast of the conference call will be available, and a replay will be accessible after 8:00 p.m. Eastern Time on the same day through September 11, 2025 [3]

Group 1 - Concrete Pumping Holdings (BBCP) provides concrete pumping and waste management services primarily in the U.S. and U.K. The Zacks Consensus Estimate for its current year earnings has been revised 70.8% downward over the last 60 days [1] - Belite Bio (BLTE) is focused on developing novel therapeutics for untreatable eye diseases and metabolic diseases. The Zacks Consensus Estimate for its current year earnings has been revised almost 59.1% downward over the last 60 days [2] - Camping World (CWH) offers services, protection plans, products, and resources for recreational vehicle enthusiasts. The Zacks Consensus Estimate for its current year earnings has been revised 17.8% downward over the last 60 days [3]

Core Viewpoint - Concrete Pumping Holdings, Inc. is discussing its financial results for the second quarter ended April 30, 2025, during a conference call with key executives present [2][3]. Company Overview - The conference call features CEO Bruce Young, CFO Iain Humphries, and External Director of Investor Relations Cody Slach [3]. - The company emphasizes the importance of understanding its operations through forward-looking statements, which are subject to various risks and uncertainties [4]. Financial Reporting - The call will reference non-GAAP financial measures such as adjusted EBITDA, net debt, and free cash flow, which are considered useful for investors [6].

Group 1 - Concrete Pumping reported a quarterly loss of $0.01 per share, missing the Zacks Consensus Estimate of $0.03, and compared to earnings of $0.05 per share a year ago, representing an earnings surprise of -133.33% [1] - The company posted revenues of $93.96 million for the quarter ended April 2025, missing the Zacks Consensus Estimate by 4.42%, and down from year-ago revenues of $107.06 million [2] - Over the last four quarters, Concrete Pumping has surpassed consensus EPS estimates only once and has topped consensus revenue estimates just once [2] Group 2 - The stock has gained approximately 6.6% since the beginning of the year, outperforming the S&P 500's gain of 1.5% [3] - The company's earnings outlook, including current consensus earnings expectations for upcoming quarters, will be crucial for investors [4] - The current consensus EPS estimate for the coming quarter is $0.13 on $110.3 million in revenues, and $0.24 on $409.6 million in revenues for the current fiscal year [7] Group 3 - The Zacks Industry Rank indicates that the Waste Removal Services industry is currently in the bottom 39% of over 250 Zacks industries, which may impact stock performance [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5] - The estimate revisions trend for Concrete Pumping is mixed, resulting in a Zacks Rank 3 (Hold) for the stock, suggesting it will perform in line with the market in the near future [6]