ADF Group (OTCPK:ADFJ.F) Earnings Call Presentation

Acquisition of Groupe LAR by ADF Group - ADF Group acquired 100% of Groupe LAR shares via a Reverse Vesting Order (RVO) process[39] - The transaction closed on September 18, 2025, for $164 million in cash, including a $14 million working capital adjustment, and 449,944 Subordinate Voting Shares ($4 million)[40] - LAR's revenues for the fiscal year ended December 31, 2024, reached $809 million[43] Groupe LAR's Order Backlog and Growth - LAR's order backlog as of July 31, 2025, reached $104 million, expected to be delivered by early 2027[43] - The company has identified over 200 opportunities corresponding to their expertise, totaling over $2 billion[17] - The objective is to grow Groupe LAR's order backlog from $1045 million as of July 31, 2025, to over $200 million in the next 18 months[60] Market Opportunities and Investments - Quebec's Action Plan 2035 aims to double electricity generation by 2050, with investments estimated between $35 and $45 billion by 2035[21] - Ontario is planning a 16-year overhaul of generating units across its hydro fleet, with an estimated investment of $25 billion[21,49] - British Columbia's 10-year capital plan outlines nearly $36 billion in investments from 2024 to 2033[21,52] - Total CAPEX for Groupe LAR between now and the end of calendar 2027 should be around $35 million, subject to the Board of Directors' approval[67]