
Executive Summary & Highlights Third Quarter Fiscal Year 2025 Highlights 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 ago4 - Leverage ratio at quarter end was 3.8x4 Management Commentary 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 sectors3 - Waste management segment delivered modest growth, reinforcing stability and diversification benefits3 - Company's strategy includes disciplined cost management, fleet optimization, and strategic pricing to buffer against topline softness3 - Commitment to generating healthy free cash flow, maintaining flexibility, and deploying capital thoughtfully through opportunistic share repurchases or targeted acquisitions3 Financial Performance Consolidated Financial Results (Q3 FY2025 vs Q3 FY2024) 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 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 regions5 Operating and Net Income 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 quarter6 Adjusted EBITDA 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 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 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 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 rainfall10 U.S. Concrete Waste Management Services 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 improvements11 - Adjusted EBITDA increase due to improved year-over-year revenue and disciplined cost control11 U.K. Operations 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 demand12 Fiscal Year 2025 Outlook 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 202713 Company Information About Concrete Pumping Holdings 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. markets17 - 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 - 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 locations17 Conference Call Details 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 time15 - A replay of the conference call was available until September 11, 202517 Forward-Looking Statements 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 uncertainties18 - 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 acquisitions18 - The company does not undertake any obligation to publicly release updates or revisions to forward-looking statements18 Non-GAAP Financial Measures 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 ratio19 - These measures provide useful supplemental information for evaluating financial condition, operating results, and comparing performance with competitors21 - 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 expenses20 - 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 interest2224 - 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 items25 Contact Information Contact details for the company's Chief Financial Officer and Investor Relations are provided for inquiries - Contact for Company: Iain Humphries, Chief Financial Officer, 1-303-289-749727 - Contact for Investor Relations: Cody Slach, Gateway Group, Inc., 1-949-574-3860, BBCP@gateway-grp.com27 Financial Statements & Reconciliations Condensed Consolidated Balance Sheets 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 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 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 | $26,333 | Segment Revenue Consolidated revenue for Q3 FY2025 decreased by 5.4% year-over-year, primarily driven by declines in U.S. Concrete Pumping and U.K. Operations, partially offset by growth in U.S. Concrete Waste Management Services | Segment (in thousands) | Q3 FY2025 Revenue | Q3 FY2024 Revenue | Change ($) | 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 | $(30,310) | (9.6%) | Segment Adjusted EBITDA and Net Income (Loss) Segment-wise, U.S. Concrete Pumping saw significant declines in both net income and Adjusted EBITDA for Q3 and YTD FY2025. U.S. Concrete Waste Management Services showed growth in Adjusted EBITDA for both periods, while U.K. Operations experienced decreases in both metrics | Segment (in thousands) | Q3 FY2025 Net Income | Q3 FY2024 Net Income | Change ($) | 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 conformity33 Quarterly Financial Performance 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 investment39 Reconciliation of Net Income to Adjusted EBITDA 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 litigation40 Reconciliation of Net Debt 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 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 litigation43