On July 30, NFI Group raised its 2025 revenue view to C$6.55B-C$6.575B and said it now sees 2025 adjusted EBITDA of approximately C$1.95B-C$1.975B. “Our strong performance, achieved amid continued macroeconomic uncertainty and headwinds from lower commodity prices, underscores the resiliency of our business model. The success of our first half results sets us up to increase our full year 2025 guidance. We are increasing our guidance for Adjusted EBITDA to $1.950B- $1.975B and Adjusted EBITDA margin expansion of 120 basis points year-over-year at the mid-point to reflect stronger organic financial performance in the base business inclusive of foreign currency translation. Any incremental M&A, improvement in commodity prices or macroeconomic variables provide potential upside to our guidance. Our M&A pipeline remains robust and we are highly confident in our ability to meet or exceed our M&A capital deployment targets for 2025. The expected back-end weighting of this year’s M&A activity results in lower current year contribution but sets us up for a larger roll over amount in 2026.” Revenue is estimated to be between C$6.55B-C$6.575B, up compared to original guidance by approximately C$110M before considering the effect of foreign currency translation, noting that GFL also provided its updated guidance for 2025 assuming a USD/CAD exchange rate of 1.37 for the remainder of the year, compared to 1.41 provided in its original guidance on February 24.
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