Horizon North Logistics Stock Earnings Reports

Dexterra reported a strong start to 2026 with Q1 revenue of $275M and adjusted EBITDA of $33M (up 15% and 32% year-over-year, respectively). Support Services drove growth (strong camp occupancy, integration of Right Choice), while Asset-Based Services benefited from higher rental utilization. Overall adjusted EBITDA margins improved across segments (Support Services ~10.4%; ABS ~38%). Fleet utilization is ~85% with ~1,500–2,000 spare beds available and management expects utilization to move above 90% as deployments continue. Key strategic priorities include fully realizing value from recent acquisitions (Right Choice and the 40% PVC investment), scaling the U.S. facilities management platform, targeting nation-building and data center opportunities, and disciplined capital allocation (sustaining capex, dividends, potential share buybacks under renewed NCIB). Financial position remains strong: net debt was $225M (net debt/EBITDA 1.7x), free cash flow conversion is expected to exceed 50% annually, and trailing 12-month ROE reached 15.9% (above the 15% target). Management is monitoring inflation, fuel/food costs, and geopolitical risks but does not expect material near-term impacts due to contract inflation mechanisms, supply chain initiatives and pricing actions. The company declared a $0.10/share dividend and received Board approval to renew an NCIB (up to ~3M shares subject to TSX approval).