Revenues of $99.3 million for the 3-month period ended April 30, 2026, up by 78.8% compared with the same 3-month period a year ago.
Gross margin, as a percentage of revenue (1) of 24.2% recorded during the 3-month period ended April 30, 2026.
Cash flows from operations of $10.1 million for the 3-month period ended April 30, 2026.
Net income of $12.0 million or $0.42 per share recorded during the 3-month period ended April 30, 2026, compared with $8.7 million or $0.30 per share for the same quarter ended April 30, 2025.
All-time high order Backlog (1) of $645.8 million as at April 30, 2026, of which 72% is Canadian, and includes $266.5 million from Groupe LAR Inc.
TERREBONNE, QC, June 9, 2026 /CNW/ - ADF GROUP INC. ("ADF" or the "Corporation") (TSX: DRX), a North American leader in the fabrication of steel superstructures, recorded revenues of $99.3 million during the first quarter ended April 30, 2026, compared with $55.5 million for the same period a year ago.
Gross margin, as a percentage of revenues (1) went from 22.0% for the 3-month period ended April 30, 2025, to 24.2% for the same period ended April 30, 2026.
Revenues in the first quarter ended a year ago on April 30, 2025, were negatively impacted by uncertainty related to new U.S. tariffs. Although this situation persists, the recently signed contracts have a positive impact on revenues in the current quarter. In addition, the increase in margins, in dollar terms and as a percentage of revenues, is explained by the increase in revenues, which improves the absorption of fixed costs, despite the increase in inputs, including the price of steel and recent changes in tariffs.
Adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA) (2) for the 3-month period ended April 30, 2026, stood at $18.5 million or 18.6% of revenues compared with $10.4 million or 18.7% of revenues as at April 30, 2025.
For the first quarter ended April 30, 2026, ADF recorded net income of $12.0 million ($0.42 per basic and diluted share) compared with net income of $8.7 million ($0.30 per share, basic and diluted) a year earlier.
The Corporation's order backlog (1) stood at $645.8 million as at April 30, 2026, compared with $561.1 million as at January 31, 2026. The order backlog as at April 30, 2026, includes the order backlog of Groupe LAR totaling $266.5 million, which was added pursuant to the closing of the acquisition on September 18, 2025, and does not include the option to extend the contract announced on July 23, 2025, by five (5) years. Excluding the long-term contracts announced in July 2025 and April 2026, the majority of the order backlog on hand as of April 30, 2026, will extend until the end of fiscal 2028.
As at April 30, 2026, the Corporation had a working capital (1) of $111.9 million, whereas the operating activities generated liquidities of $10.1 million in cash during the 3-month period ended April 30, 2026, closing the same quarter with cash and cash equivalents of $62.1 million.
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1.
Order backlog, gross margin as a percentage of revenue, and working capital are additional financial measures. Refer to the Non-IFRS and Other Financial Measures section below for definitions of these measures.
2.
Adjusted EBITDA is a non-IFRS financial measure. See the "Non-IFRS and Other Financial Measures" section below for the definition of this indicator.
Financial Highlights
3-Month Periods ended April 30,
2026
2025
(In thousands of dollars, and in dollars ...
