Concrete Pumping Holdings, Inc. has released its financial results for the fourth quarter and full year ended October 31, 2025. The company reported revenue of $108.8 million for the quarter, a decrease from $111.5 million in the same period last year.
CFO Iain Humphries stated that the decline was due to timing delays in commercial construction and softer residential demand linked to high interest rates. He noted that infrastructure project demand remained a bright spot, while commercial project volume was largely consistent with the prior year.
By segment, U.S. concrete pumping revenue was $72.2 million compared to $74.5 million a year earlier. The EcoPan waste management services segment posted revenue growth of 8% to $21.3 million from $19.8 million. In the U.K., revenue was $15.3 million versus $17.1 million in the year-ago quarter.
Fourth-quarter gross margin declined to 39.8% from 41.5%. General and administrative expenses were $26.5 million, compared with $27.0 million a year earlier. Net income available to common shareholders was $4.9 million, or $0.09 per diluted share, compared with $9.0 million, or $0.16 per diluted share.
Adjusted EBITDA for the quarter was $30.7 million, down from $33.7 million. Segment-level adjusted EBITDA showed U.S. concrete pumping at $17.5 million versus $19.7 million, U.K. at $4.1 million versus $5.2 million, and EcoPan at $9.1 million versus $8.8 million.
As of October 31, 2025, the company had total debt of $425 million and net debt of $380.6 million, representing a net debt to adjusted EBITDA leverage ratio of about 3.9 times. The company reported approximately $360 million of available liquidity.
In the fourth quarter, Concrete Pumping bought back about 274,000 shares for $1.8 million. Since initiating its repurchase program in 2022, the company has repurchased approximately 4.9 million shares for about $31.5 million, with $18.5 million remaining under its authorization through December 2026.
For fiscal 2026, the company guided to revenue of $390 million to $410 million and adjusted EBITDA of $90 million to $100 million. Humphries said the outlook assumes "no meaningful recovery" in construction markets during the year. Management expects infrastructure and residential revenue to be roughly flat year-over-year.
The company expects at least $40 million of free cash flow for 2026. The outlook assumes approximately $23 million of net replacement capital expenditures and $32 million of net cash paid for interest.
CEO Bruce Young announced the company is accelerating a $22 million investment originally planned for fiscal 2027 into fiscal 2026 for its U.S. concrete pumping and EcoPan fleet. This move comes ahead of expected stricter NOx emissions standards slated to take effect January 1, 2027.
Young said the decision reflects concerns about first-generation technologies under new standards and anticipated price increases for OEM equipment in 2027. He referenced prior industry experience with emissions changes, noting the last major shift took several years for the industry to reach reliable equipment performance.
Separately, Young said the company remains interested in acquisitions and highlighted a modest acquisition completed in November 2025 in the Republic of Ireland. Humphries characterized the acquired business as about $2 million of revenue and approximately $500,000 of EBITDA contribution in U.S. dollars.