Core Insights - Dexterra Group Inc. reported strong financial results for 2025, with total revenue reaching $1.04 billion, a 3.8% increase from $1.0 billion in 2024, driven by growth in Support Services and the acquisition of Right Choice Camps and Catering Ltd. [9] - The company achieved an Adjusted EBITDA of $122.8 million for 2025, reflecting a 14.3% increase compared to the previous year, supported by strong workforce accommodation occupancy and contributions from recent acquisitions [9][10] - Dexterra's net earnings for 2025 were $40.8 million, significantly up from $20.1 million in 2024, with earnings per share increasing to $0.65 from $0.31 [9][10] Financial Summary - For Q4 2025, Dexterra's revenue was $270.9 million, a 9.4% increase compared to Q4 2024, primarily due to growth in Support Services [9][10] - Adjusted EBITDA for Q4 2025 was $32.6 million, a 22% increase from Q4 2024, driven by strong performance in Support Services and contributions from PVC and Right Choice [9][10] - Free Cash Flow for 2025 was $60.3 million, down from $74.7 million in 2024, with a conversion rate of 49% compared to 70% in the prior year [9][10] Operational Analysis - Support Services revenue for 2025 was $868.3 million, up 7.0% from 2024, attributed to strong camp occupancy and new sales, including a $19.5 million contribution from Right Choice [7][9] - Adjusted EBITDA for Support Services was $87.7 million, an 18.3% increase from 2024, with a margin of 10.1% compared to 9.1% in the previous year [8][9] - Asset Based Services revenue decreased by 9.9% to $172.9 million in 2025, primarily due to lower workforce accommodation installation revenue, partially offset by contributions from Right Choice [11][12] Strategic Investments - In 2025, Dexterra made significant investments, acquiring a 40% stake in PVC for $84 million and Right Choice for $69 million, enhancing its service offerings in workforce accommodation [9][10] - The company also executed a Normal Course Issuer Bid, purchasing and canceling 1,483,900 common shares for a total of $11.7 million [9][10] Liquidity and Capital Resources - As of December 31, 2025, Dexterra's net debt was $199.7 million, an increase from $67.9 million at the end of 2024, primarily due to acquisitions [14] - The company aims to maintain a strong balance sheet with a target of over 50% Adjusted EBITDA conversion to Free Cash Flow annually [14]