Cuộc họp công bố kết quả kinh doanh Quý 3 năm tài chính 2026 của Concrete Pumping Holdings (BBCP): Nâng dự báo kinh doanh, Bắt đầu chi trả cổ tức

Các điểm chính

• Doanh thu quý 3 năm tài chính 2026 tăng 13% so với cùng kỳ năm ngoái lên 116,8 triệu USD, nhờ sự dẫn dắt của các dự án trung tâm dữ liệu, thương mại và hạ tầng tại Mỹ.
• EBITDA điều chỉnh tăng 13% lên 30,4 triệu USD, trong khi biên EBITDA điều chỉnh cải thiện lên 26%. Lợi nhuận ròng phân bổ cho cổ đông phổ thông tăng lên 4,5 triệu USD, tương đương 0,09 USD trên mỗi cổ phiếu pha loãng.
• Doanh thu của Eco-Pan tăng 14% lên 21,9 triệu USD và EBITDA điều chỉnh tăng 19% lên 8,8 triệu USD, nhờ sản lượng tăng, giá bán cải thiện và các quan hệ khách hàng mới.
• Ban lãnh đạo đã nâng dự báo cho năm tài chính 2026 với doanh thu đạt 425 triệu - 435 triệu USD, EBITDA điều chỉnh đạt 103 triệu - 108 triệu USD và dòng tiền tự do đạt khoảng 50 triệu USD.
• Tỷ lệ đòn bẩy ròng giảm xuống khoảng 3,6 lần từ mức 3,8 lần trong quý trước. Thanh khoản khả dụng đạt khoảng 357 triệu USD.
• Hội đồng quản trị đã khởi xướng cổ tức bằng tiền mặt định kỳ hàng quý, với đợt chi trả đầu tiên dự kiến là 0,13 USD/cổ phiếu vào ngày 2 tháng 10 năm 2026. Cổ tức tính theo năm là 0,52 USD/cổ phiếu.

Dữ liệu tài chính chính

Kết quả kinh doanh và hoạt động

Doanh thu của U.S. Concrete Pumping tăng 10% lên 76,2 triệu USD từ mức 69,3 triệu USD. Các trung tâm dữ liệu quy mô lớn tiếp tục là động lực tăng trưởng chính, cùng với sự đóng góp từ các dự án tiện ích, giáo dục và năng lượng. Hoạt động xây dựng thương mại nhẹ vẫn chịu áp lực, trong khi nhu cầu nhà ở tiếp tục ở mức thấp do lãi suất cao và sự bất ổn kinh tế.

EBITDA điều chỉnh của mảng này tăng 18% lên 18,4 triệu USD, phản ánh sản lượng tăng mạnh hơn, giá bán cải thiện và đòn bẩy hoạt động tốt hơn.

Doanh thu của Dịch vụ Quản lý Chất thải Bê tông Eco-Pan tăng 14% lên 21,9 triệu USD từ mức 19,3 triệu USD. Ban lãnh đạo cho biết mức tăng này nhờ vào tăng trưởng sản lượng tự thân, giá bán được cải thiện và việc mở rộng với các khách hàng mới. EBITDA điều chỉnh tăng 19% lên 8,8 triệu USD và ban lãnh đạo cho biết mảng kinh doanh này vẫn đi đúng hướng để đạt thêm một năm kỷ lục.

Doanh thu tại Anh tăng 24% lên 18,7 triệu USD, chủ yếu nhờ thương vụ thâu tóm công ty cung cấp nguồn điện tạm thời Templant. Hoạt động xây dựng thương mại cốt lõi vẫn tương đối yếu, mặc dù ban lãnh đạo ghi nhận hoạt động có sự cải thiện trong tháng 7 và tháng 8. Lạm phát và chi phí nhiên liệu tăng cao tiếp tục ảnh hưởng đến hoạt động kinh doanh.

Mức giá hợp nhất về cơ bản đã bù đắp cho lạm phát, nhưng chi phí nhiên liệu cao hơn đã làm giảm biên lợi nhuận gộp 30 điểm cơ bản xuống 38,7%.

Dự báo của ban lãnh đạo

Ban lãnh đạo đã nâng triển vọng sau kết quả hoạt động của công ty trong 9 tháng đầu năm tài chính 2026. Công ty tiếp tục hướng tới mục tiêu tỷ lệ đòn bẩy ròng khoảng 3 lần, đồng thời cân bằng giữa việc giảm nợ, đầu tư tự thân, các thương vụ M&A tiềm năng, trả cổ tức và mua lại cổ phiếu.

Đợt cổ tức hàng quý đầu tiên trị giá 0,13 USD/cổ phiếu dự kiến sẽ được chi trả vào ngày 2 tháng 10 năm 2026 cho các cổ đông trong danh sách chốt quyền vào ngày 18 tháng 9 năm 2026. Các đợt cổ tức trong tương lai vẫn phụ thuộc vào sự phê duyệt hàng quý của hội đồng quản trị dựa trên tình hình tài chính, dòng tiền và nhu cầu vốn.

Rủi ro và các vấn đề cần theo dõi

• Lãi suất ở mức cao, khả năng chi trả bị hạn chế và sự bất ổn kinh tế tiếp tục gây áp lực lên hoạt động xây dựng nhà ở và thương mại nhẹ.
• Nhu cầu thương mại tại Anh vẫn ở mức yếu mặc dù có dấu hiệu cải thiện trong tháng 7 và tháng 8. Ban lãnh đạo cho biết còn quá sớm để xác định một điểm đảo chiều.
• Lực lượng lao động tại Anh ít linh hoạt hơn so với ở Mỹ, điều này hạn chế khả năng cắt giảm chi phí nhân công của công ty khi nhu cầu suy yếu.
• Lạm phát chi phí nhiên liệu gây áp lực lên biên lợi nhuận gộp hợp nhất trong quý.
• Thời điểm đạt được mục tiêu đòn bẩy 3 lần phụ thuộc một phần vào chi tiêu cho các sáng kiến tăng trưởng và các thương vụ thâu tóm tiềm năng.

Điểm nhấn phần Hỏi & Đáp với chuyên viên phân tích

Ban lãnh đạo cho biết triển vọng dòng tiền tự do khoảng 50 triệu USD có thể được tính từ mức trung bình của dự báo EBITDA điều chỉnh—khoảng 105 triệu - 106 triệu USD—trừ đi khoảng 32 triệu USD chi phí lãi vay và 23 triệu USD chi phí vốn thay thế. Chi phí vốn thay thế (CapEx) trong quý 4 dự kiến vào khoảng 2 triệu - 3 triệu USD.

Công ty đã đẩy sớm khoảng 22 triệu USD chi phí vốn của năm tài chính 2027 sang năm tài chính 2026, bao gồm khoảng 18 triệu USD cho U.S. Concrete Pumping và 4 triệu USD cho Eco-Pan. Phần lớn khoản chi tiêu này liên quan đến thiết bị thay thế. Nếu không tính khoản đẩy sớm này, ban lãnh đạo dự kiến chi phí vốn thay thế cho U.S. Concrete Pumping trong năm tới sẽ nằm trong khoảng phần trăm một chữ số thấp.

Ban lãnh đạo cho biết khoản cổ tức cổ phiếu phổ thông mới không làm thay đổi các điều khoản của cổ phiếu ưu đãi Nuveen.

Nếu không có các khoản đầu tư tăng trưởng bất thường, ban lãnh đạo xem khoảng 18 tháng là khoảng thời gian hợp lý để giảm đòn bẩy ròng từ 3,6 lần xuống mục tiêu 3 lần. Công ty cho biết việc giảm đòn bẩy ít nhất 0,5 lần trong 12 tháng không phải là điều quá sức, mặc dù tiến độ thực tế sẽ phụ thuộc vào các khoản đầu tư tăng trưởng và việc mua lại cổ phiếu.

Ban lãnh đạo cho rằng biên lợi nhuận yếu hơn ở Anh chủ yếu do hiệu quả sử dụng lao động thấp hơn trong bối cảnh nhu cầu suy yếu, thay vì do thương vụ thâu tóm Templant. Công ty kỳ vọng biên lợi nhuận sẽ cải thiện nếu đà khởi sắc gần đây của các hoạt động tiếp tục duy trì.

Toàn văn biên bản cuộc họp kết quả kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

Operator

Good afternoon, everyone, and thank you for participating in today's conference call to discuss Concrete Pumping Holdings' financial results for the third quarter ended July 31, 2026. Joining us today are Concrete Pumping Holdings' CEO, Bruce Young, CFO, Iain Humphries, and the company's External Director of Investor Relations, Cody Slach.

Before we go further, I would like to turn the call over to Mr. Slach to read the company's safe harbor statement within the meaning of the Private Securities Litigation Reform Act of 1995 that provides important cautions regarding forward-looking statements. Cody, please go ahead.

Cody Slach

Thank you. I'd like to remind everyone that during this call, to give you a better understanding of our operations, we will be making certain forward-looking statements regarding our business and outlook. These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from such statements.

For information concerning these risks and uncertainties, see Concrete Pumping Holdings' Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and other publicly available filings with the SEC. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether because of new information, future events, or otherwise.

On today's call, we will also reference certain non-GAAP financial measures, including adjusted EBITDA, net debt, and free cash flow, which we believe provide useful information for investors. We provide further information about these non-GAAP financial measures and reconciliations with comparable GAAP measures in our press release issued today or the investor presentation posted on the company's website.

I'd like to remind everyone that this call will be available for replay later this evening. Our webcast replay will also be available via the link provided in today's press release, as well as on the company's website. Additionally, we have posted an updated investor presentation to the company's website.

Now I'd like to turn the call over to the CEO of Concrete Pumping Holdings, Bruce Young. Bruce?

Bruce Young

Thank you, Cody, and good afternoon, everyone. 2026 remains on track to be a strong year for our company as we continue to execute our strategy and prove ourselves to be the partner of choice of our customers, particularly in large, more complex projects. I'm pleased to report that we delivered another strong quarter with revenue increasing 13% year over year and adjusted EBITDA also growing 13%, reflecting continued momentum across our U.S. operations, disciplined operational execution, and healthy demand across several of our key end markets.

Our performance during the quarter continued to be led by large-scale commercial and infrastructure construction activity. As we have discussed in the last couple of quarters, data centers and other large-scale commercial projects remain the primary driver of growth.

In addition, we are also seeing encouraging activity across education, utilities, energy, and other infrastructure-related projects. These larger more complex projects continue to support healthy fleet utilization across both our Brundage-Bone and Eco-Pan businesses and reinforce the competitive advantages created by our national footprint, scale, and operational expertise.

We remain optimistic about the continued growth in these segments for the foreseeable future. The broader construction backdrop remains largely unchanged.

Heavy commercial construction has remained relatively resilient, while light commercial activity continues to be pressured by elevated interest rates and economic uncertainty.

Residential construction also remains soft as affordability challenges continue to weigh on new home construction despite favorable long-term housing fundamentals. Our Eco-Pan Concrete Waste Management Services business again delivered an excellent quarter and remains on track for another record year, benefiting from continued strength in commercial construction activity, pricing execution, and ongoing penetration into new customer accounts. Eco-Pan continues to demonstrate the attractive operating characteristics of the business and remains an important differentiator for our overall platform.

Turning to our U.K. operations, market conditions remain more challenging than those in the U.S. with inflation, elevated interest rates, and slower commercial construction environment continuing to pressure demand. That said, we were encouraged to see commercial activity improve during the months of July and August, and while it's too early to call an inflection point, the trends are encouraging.

In addition to our recent expansion into the temporary power market, it's performing well as executing in line with our strategy to build a diversified multi-service platform supporting the construction and infrastructure sectors.

Along with our Republic of Ireland expansion, these strategic growth investments continue to strengthen our long-term platform. Overall, we are pleased with our performance through the first nine months of fiscal 2026. We continue to grow profitably and generate meaningful free cash flow, and our balance sheet is in an excellent position as we have driven net leverage down to 3.6x on track towards our near-term target of 3x.

Liquidity is also very strong at about $357 million, giving us tremendous flexibility to grow shareholder value through accelerated organic growth opportunities, M&A, and other capital allocation strategies. The consistency of our execution, the durability of demand across large commercial and infrastructure projects, and the strength of our operating model give us confidence as we enter the final quarter of fiscal 2026.

As a result, we are once again raising our full-year revenue, adjusted EBITDA, and free cash flow outlook while remaining focused on disciplined execution, free cash flow generation, and long-term value creation for our shareholders.

Looking out longer term, we are excited about the opportunities we see in front of us. We believe these opportunities, coupled with our differentiated business model, will translate to profitable growth across all segments both organically and through potential M&A.

Today we made an important update regarding capital allocation, and we are pleased to announce that our Board of Directors has approved the initiation of a regular quarterly cash dividend. The first expected payment of $0.13 per share is to be paid on October 2, 2026, and on an annualized basis, this equates to $0.52 per share, representing a yield of approximately 5.6% based on our current stock price. The dividend does not change our growth investment priorities and our ability to pursue strategic initiatives.

Rather, it reflects our confidence in the durability of our free cash flow and our commitment to returning capital to shareholders through multiple channels.

I will now turn the call over to Iain to walk through financial results in more detail. Iain?

Iain Humphries

Thanks, Bruce, and good afternoon, everyone. Moving directly into our third quarter results. Revenue increased 13% to $116.8 million compared to $103.7 million in the prior year quarter. The increase was driven by continued strength in U.S. commercial and infrastructure activity, particularly large-scale data center and infrastructure projects, along with pricing improvement and mostly stable weather conditions across our U.S. markets.

Revenue in our U.S. Concrete Pumping segment increased 10% to $76.2 million compared to $69.3 million in the prior year quarter. Commercial and infrastructure activity remained healthy, led by continued demand from data centers while utilities, education, and energy-related projects also contributed to growth. These gains were partially offset by continued softness in light commercial construction and subdued residential demand resulting from elevated interest rates and ongoing economic uncertainty.

Revenue in our Eco-Pan Concrete Waste Management Services business increased 14% to $21.9 million compared to $19.3 million in the prior year quarter. Growth was driven by organic volume increases, pricing improvements, and continued success expanding relationships with new customers, demonstrating the scalability and resiliency of the business.

Turning to our U.K. operations, revenue increased 24% to $18.7 million. The increase primarily reflected the contribution from the Templant temporary power acquisition while underlying commercial construction activity remained relatively soft.

Although inflationary pressures continue to impact fuel costs, we were encouraged by the improving commercial demand activity during July and August and continue to believe our strategic investments are positioning the business for long-term growth.

At the consolidated level, gross margin was 38.7% compared to 39% in the prior year quarter. Pricing execution largely offset inflationary pressures with a modest decline primarily reflecting higher fuel costs during the quarter.

General and administrative expenses increased to $30.1 million compared to $27.5 million in the prior year quarter, reflecting higher stock compensation and costs from recent acquisitions. However, G&A as a percentage of revenue improved to 25.8% from 26.5%, demonstrating continued operating leverage.

Net income attributable to common shareholders increased to $4.5 million, or $0.09 per diluted share, compared to $3.3 million, or $0.07 per diluted share, last year. Adjusted EBITDA increased 13% to $30.4 million, with margin improving to 26%.

Within U.S. Concrete Pumping, adjusted EBITDA increased 18% to $18.4 million, while Eco-Pan adjusted EBITDA increased 19% to $8.8 million, reflecting continued operating leverage from higher volumes and improved pricing.

Turning to liquidity, and as Bruce mentioned earlier, we ended the quarter with total debt of $425 million and net debt of approximately $382 million, reducing our net leverage ratio to approximately 3.6x adjusted EBITDA compared to 3.8x last quarter. We also ended the quarter with approximately $357 million of available liquidity.

The continued reduction in leverage reflects our strong free cash flow generation and disciplined capital allocation strategy and positions us well to continue investing in the business while maintaining balance sheet flexibility.

Turning now to our outlook for fiscal 2026, based on our continued strong performance through the first nine months of the year, we are once again increasing our 2026 full year guidance. We now expect revenue between $425 million and $435 million compared to our prior range of $410 million to $425 million.

We are also raising our adjusted EBITDA outlook to a range of $103 million to $108 million from our prior range of $98 million to $105 million. And lastly, we are also increasing our free cash flow expectation to approximately $50 million from our prior expectation of at least $45 million.

Turning to capital allocation, over the last four years, we have returned approximately $91 million to shareholders through share purchases and a special dividend. As Bruce mentioned earlier, today we have added to our capital allocation strategy by initiating a regular quarterly cash dividend program.

The first expected payment of $0.13 per share is to be paid on October 2, 2026 to shareholders of record as of September 18, 2026. On an annualized basis, this equates to $0.52 per share, representing a yield of approximately 5.6% based on our current stock price. As always, the declaration and payment of any future dividends remains subject to the discretion and approval of our Board of Directors each quarter based on our financial position, cash flow generation, and capital needs at the time.

As a reminder from last quarter, since the initiation of our share repurchase program in 2022, we have repurchased approximately 5.9 million shares for $38.1 million. There is $11.9 million remaining under the current authorization, and the Board of Directors recently extended its authorization through November 30, 2028.

These items, in addition to our strategic growth initiatives, reflect our confidence in our business model and ability to generate healthy free cash flow as we remain committed to our near-term net leverage target of 3x.

With that, I'll turn the call back to Bruce.

Bruce Young

Thanks, Iain. As we look toward the remainder of the year, we remain encouraged by both the consistency of our execution and the resilience of our business. Demand across large commercial and infrastructure projects continues to provide a solid foundation for growth, while our diversified service offering and disciplined operating model continue to differentiate us in the marketplace.

Our priorities remain unchanged. We will continue to execute with discipline, investing strategically in our fleet, expanding complementary service offerings, and maintaining a strong balance sheet. The progress we've made reducing leverage to 3.6x while continuing to invest in the business demonstrates the strength of our cash generation and provides additional flexibility to pursue active growth opportunities.

Our newly established regular dividend program sits alongside our disciplined capital allocation commitment to continued investment in growth opportunities, providing superior shareholder value and lower leverage. While remaining mindful of ongoing softness in residential construction and the uncertainty that persists in portions of the U.K. market, we believe our diversified end markets, operational discipline, and strategic investment positions us well to continue delivering long-term value for our customers and shareholders.

With that, I'd like to turn the call back over to the operator for Q&A. Shamali?

Operator

Thank you, sir. We will now begin a question and answer session. [Operator Instructions]

And our first question comes from the line of Andy Wittmann with Baird. Please proceed with your question.

Phần hỏi đáp

Andrew J. Wittmann

Great, good afternoon. Thanks, guys, for taking my questions. Iain, I guess I wanted to just start a little bit on the cash flow dividend here. It was interesting news; I was a little surprised by it, but I'm sure the market will like that. Not sure, but I think it will. I guess my question has to do with the free cash flow guidance here. Year to date, you're already free cash flow, like $40 million. So 4Q is like $10 million.

I guess you pay the coupon on some of the debt, or paid it in August. It kind of feels like that's not just a lot of cash flow in the fourth quarter. Can you maybe talk through some of the moving pieces? And I know you're pulling forward some of the — I don't know if that, if you consider the CapEx for the fleet that you're pulling forward to get ahead of the emission stuff. Is that the reason why free cash flow is not better?

Are you considering that growth or maintenance CapEx? Because I guess your free cash flow definition is only including the maintenance side of that so I can just clarify what the fourth quarter looks like and what the, and the CapEx numbers in the fourth quarter, maybe?

Iain Humphries

Yes, thanks for the question, Andy. I'll start with the pull forward of the 2027 CapEx. So it's mostly a replacement that we're pulling forward in 2026. So that's, that would be reversed in next year's free cash flow update. I guess the best way to think about the free cash flow guide update for the full year, if you work from the midpoint of the EBITDA guide, so call it $105 million or $106 million, the difference between that and the $50 million is approximately $32 million of interest and about $23 million of replacement CapEx.

So there's a small amount of replacement CapEx in the fourth quarter, and that replacement CapEx is about 5% of revenue which is in line with our normal run rate, so they're probably like $2 million or $3 million of replacement CapEx in the fourth quarter.

Andrew J. Wittmann

So as we look forward then, with the pull forward, what's the right number for replacement CapEx that you're thinking, kind of broad strokes for '27? I'm not looking for decimal points or anything like that. I know you're not giving '27 guides. I just want to make sure we're thinking like you're thinking.

Iain Humphries

Yes. So, excluding the pull forward piece, it will be a low single digits in next year.

Andrew J. Wittmann

Excluding the pull forward. Got it. Okay.

Iain Humphries

Yes. So yes, if all the pull -- you might remember, so we had $22 million of pull forward, about $18 million of that was for U.S. Pumping and about $4 million for Eco-Pan. So depending on how much of the replacement comes through in the fourth quarter, the expectation for next year on replacement would be low percentage single digits for the U.S. Pumping business.

Andrew J. Wittmann

And then with the dividend, how does that work against the Nuveen preferred? Does that preferred conversion ratio change as a result of this? Can you just update us on that?

Because it used to have a mandatory conversion trigger and all these things, and so does that start moving now that you're paying the dividend on the common?

Iain Humphries

Doesn't change anything on the preferred.

Andrew J. Wittmann

Okay, got it, that makes sense. And then just as it relates to the 3.0 target now with a decent sized dividend here, what's a realistic timeframe to consider getting down to that 3.0 target? Understanding, obviously, that you're always looking at M&A, but maybe you could say, like, if you don't do M&A, X is the date we think is realistic or something like that?

Iain Humphries

Yes, it's a good question. So obviously it depends on the investments that we make in growth initiatives. But I mean, as you remember, we've had a healthy like share repurchase in prior years. So from last year, I want to say it was around $12 million to $14 million. I think in the, in the year prior to that, it was around $10 million.

So, depending on where the share price is, it would depend on what goes into share repurchases. From a cash perspective, we've always thought that, it's not a stretch for us to turn leverage down by at least a half a turn in 12 months.

Obviously, it's dependent on, what we do on the growth side as well, but a reasonable expectation, I would say, is, I would say around 18 months, barring anything extraordinary on the investment side.

Andrew J. Wittmann

Okay, and then my last question is just on the margins in the U.K. segment. It was a lower number than I think I expected here, and I was just wondering if there was a mix impact from the acquisition in there or something else that we should know about, just because that one just stood out a little bit and I wanted to understand?

Iain Humphries

Yes, nothing really from the acquisition side that have impacted margin. I mean, as you'll know, we've had some demand headwinds in the U.K. slightly. So there's been a slight loss of labor efficiency. But as Bruce mentioned in his comments, we've seen a bit of a pickup in the volume side in July in demand. So it's slightly from the labor component in the third quarter, just really based on demand.

Bruce Young

Yes, and I think what I would add to that, Andy, in the U.K., labor isn't as variable as what we see in the U.S., so we need to keep our team intact and we pay them while we have them employed for us. But we are seeing really strong signs of that market starting to come back, so we think that will improve.

Andrew J. Wittmann

Okay, that's good context. I appreciate you flagging the difference in the labor -- the labor force there, Bruce.

Operator

Thank you. At this time, this concludes our question and answer session. I would now like to turn the call back over to Mr. Young for closing remarks.

Bruce Young

Thank you, Shamali. We'd like to thank everyone for listening to today's call and we look forward to speaking with you when we report our fourth quarter and full year 2026 results in January. Thank you.

Operator

And ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation.