Revenue and Adjusted EBITDA Growth
Consolidated revenue of $389 million, up 9% year-over-year. Adjusted EBITDA of $71 million, up 4% year-over-year, demonstrating positive top-line and EBITDA growth despite market headwinds.
Commercial Segment Momentum and Brazil Project Wins
Commercial segment drove much of the growth with large-scale projects (particularly in Brazil). Order book ~ $667 million, up slightly year-over-year (management called it 'up slightly' / ~1%). Commercial adjusted EBITDA margin expanded to 19.5% from 17.9% year-over-year (≈ +160 basis points). Product transfer program and strong pipeline across Brazil, Middle East, Africa and other emerging markets underpin near- and multi-year opportunity.
Safety and Operational Discipline
Recordable incident rate decreased 15% year-over-year to a new all-time low; more than half of production facilities have surpassed one year without a lost-time accident. Continued investments in training, digital monitoring and near-miss reporting reflect operational discipline.
Receivables Monetization Fund and Balance Sheet Actions
Launched a Brazil commercial investment fund (announced capacity ~$1.2 billion and reportedly increased) to monetize long-term financing receivables; initial monetization occurred in Q4 with additional inflows expected in early 2026. Management expects to monetize a meaningful portion of receivables (targeted ~60–80% of sales financing) to improve liquidity and support deleveraging. Net debt leverage held steady at 3.9x quarter-over-quarter.
Operational Efficiency Initiatives and ERP Progress
Two North American facility consolidations nearing completion and divestiture of a small non-core Canadian site (< $10 million). Process improvements, product rationalization and supply-chain initiatives underway. ERP implementation progressing: global design complete, first deployment in Canada done, India deployment targeted in H1 2026. 2025 CapEx guidance ~ $30 million (≈ $21 million incurred through Q3).