Badger Infrastructure Solutions Ltd.

Ladies and gentlemen, thank you for standing by. Welcome to the Badger Infrastructure Solutions Limited second quarter 2025 results call. During the presentation, all participants will be in listen-only mode. For those that have dialed into the audio portion of this call, to ask a question during the live question and answer session, please press star 1 to raise your hand. Please wait for me to say your name and company before asking your question. For those listening through the webcast, attendees will be in listen-only mode. If you need technical assistance, please submit your request under the tech tab in the window on the right-hand side of your computer screen. As a reminder, this event is being recorded today, July 31st, 2025, and will be made available on the investor section of Badger's website. I would now like to turn the call over to Anne Plasterer, Director of Investor Relations.

Good morning, everyone, and welcome to our second quarter 2025 earnings call. Joining me on the call this morning are Badger's President and CEO, Rob Blackadar, and our CFO, Rob Dawson. Badger's 2025 second quarter earnings release, MD&A, and financial statements were released after market closed yesterday and are available on the investor section of Badger's website and on CDAR+. We are required to note that some of the statements made today may contain forward-looking information. In fact, all statements made today which are not statements of historical fact are considered to be forward-looking statements. We make these forward-looking statements based on certain assumptions that we consider to be reasonable. However, forward-looking statements are always subject to certain risks and uncertainties and undue reliance should not be placed on them as actual results may differ materially from those expressed or implied. For more information about material assumptions, risks, and uncertainties that may be relevant to such forward-looking statements, please refer to Badger's 2024 MD&A along with the 2024 AIF. I will now turn the call over to Rob Lackader.

Thank you, Anne. Good morning, everyone, and thank you for joining our 2025 second quarter earnings call. Before we get into the results, I'd like to take a moment to talk about safety, which is how we start all of our meetings here at Badger. As we enter into the peak of the summer construction season, many of our team members and customer projects are experiencing extreme heat and humidity. At Badger, we manage these exposures with regular hydration, cooling off breaks, and job sharing rotations, to ensure the safety and productivity of our team members. I want to personally thank all of our team members and our customers for looking out for each other during these summer months. Now on to the second quarter results. Building on the positive momentum from Q1, the team delivered another strong quarter with double-digit growth in revenue, gross profit, and adjusted EBITDA. Our record Q2 top line revenue of $208.2 million grew by 11% company-wide over the prior year. We are now seeing the pickup in our end markets that we had discussed in Q3 and Q4 of 2024. Importantly, we have worked hard to put Badger in a position to capitalize on the pipeline of upcoming customer projects across all of our end markets. I will provide more detail and context on our diverse set of end markets later on in the call. Our positive results reflect our efforts to increase utilization while continuing to grow our fleet. Our ongoing investments in sales and marketing initiatives, including consistent efforts to capture pricing opportunities, is also reflected in the results. Adjusted EBITDA grew at a faster pace than revenue, up 18% year over year. These results highlight Badger's strong operating efficiencies and optimization of our overhead support functions. Accordingly, our adjusted EBITDA margin increased by 140 basis points to 25.3%. We achieved RPT, or revenue per truck, per month of $41,867 in Q2, up 2.5% compared to last year.