Core Insights - K-Bro Linen achieved record results in 2025, driven by acquisition expansion in the U.K., consistent demand in healthcare and hospitality, and efficiency initiatives [2][3][6] Financial Performance - The company reported revenue of CAD 507 million for 2025, a 36% increase from CAD 373.6 million in 2024, with adjusted EBITDA between CAD 98.7 million and CAD 99 million [3][5][6] - Healthcare revenue rose by 41%, while hospitality revenue increased by 30%, with healthcare now accounting for approximately 58% of total revenue, up from 53% in 2024 [4][6] Acquisition and Integration - The acquisition of Star Mayan in June 2025 is expected to enhance K-Bro's position in the U.K. healthcare and hospitality market, creating a top three national platform [3][6] - Integration efforts are ongoing, with targeted run-rate synergies expected over 24 months, of which about 25% have been achieved to date [6] Balance Sheet and Future Outlook - Net debt increased to CAD 214.2 million, with a pro forma funded debt/EBITDA ratio of approximately 2.6x [6] - Management anticipates free cash flow of around CAD 40 million in 2026 before dividends, aiming to reduce leverage towards the "low twos" [6]