Badger Delivers Solid Growth in 2025, and Announces Record Fleet Build for 2026



(1) “Adjusted EBITDA”, “Adjusted EBITDA margin”, “Adjusted net earnings”, “Compliance EBITDA”, “Total debt” and “RPT” are not standardized financial measures prescribed by IFRS® Accounting Standards and may not be comparable to similar measures presented by other companies or entities. See “Non-IFRS Financial Measures” and p.14-17 of the 2025 Annual MD&A (as defined herein) for additional detail on the definition and calculation of Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net earnings, Compliance EBITDA and Total Debt. See “Key Financial Metrics and Other Operational Metrics” and p.12 of the 2025 annual MD&A for additional details on RPT. Per share, basic and diluted measures are calculated by dividing the financial measure with the weighted average common shares outstanding for the period.
(2) See “Share Capital” in the Company’s 2025 Annual MD&A for additional details and note 15 of the Company’s audited annual Consolidated Financial Statements for additional details on the changes to share capital. Read More



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