Concrete Pumping Holdings Reports Third Quarter Fiscal Year 2025 Results

DENVER, Sept. 04, 2025 (GLOBE NEWSWIRE) -- Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) (the "Company" or "CPH"), a leading provider of concrete pumping and waste management services in the U.S. and U.K., reported financial results for the third quarter ended July 31, 2025. Third Quarter Fiscal Year 2025 Summary vs. Third Quarter of Fiscal Year 2024 (where applicable) Revenue of $103.7 million compared to $109.6 million.Gross profit of $40.4 million compared to $44.5 million.Income from operations of $12.9 million compared to $16.6 million.Net income of $3.7 million compared to $7.6 million.Net income attributable to common shareholders was $3.3 million, or $0.07 per diluted share, compared to net income of $7.1 million, or $0.13 per diluted share.Adjusted EBITDA1 of $26.8 million compared to $31.6 million, with Adjusted EBITDA margin1 of 25.8% compared to 28.8%Amounts outstanding under debt agreements were $425.0 million with net debt1 of $384.0 million. Total available liquidity at quarter end was $358.0 million compared to $236.3 million one year ago.Leverage ratio1 at quarter end of 3.8x. Management Commentary “This quarter, our results demonstrated the resilience and adaptability of our business model amid ongoing macroeconomic headwinds and localized weather-related disruptions,” said CPH CEO Bruce Young. “While our concrete pumping volumes continued to experience softness in commercial demand and, to a lesser extent residential construction sectors, our waste management segment delivered modest growth, reinforcing the stability and diversification benefits of our platform. Our disciplined focus on cost management, fleet optimization, and strategic pricing helped buffer against topline softness. We remain committed to generating healthy free cash flow, maintaining flexibility, and deploying capital thoughtfully—whether through opportunistic share repurchases or targeted acquisitions—to position the company for stronger performance as market conditions improve.” _______________1 Adjusted EBITDA, Adjusted EBITDA margin, net debt and leverage ratio are financial measures that are not calculated in accordance with accounting principles generally accepted in the United States of America ("GAAP"). See "Non-GAAP Financial Measures" below for a discussion of the non-GAAP financial measures used in this release and a reconciliation to their most comparable GAAP measures. Third Quarter Fiscal Year 2025 Financial Results Revenue in the third quarter of fiscal year 2025 was $103.7 million compared to $109.6 million in the third quarter of fiscal year 2024. The decrease was primarily attributable to ongoing deferrals in commercial construction demand and softness in residential demand, mostly due to persistent high interest rates and higher rainfall in the Company’s central and southeast regions. Further, while the Company has not been directly impacted by tariffs, the continued uncertainty surrounding tariffs has contributed to the deferral of certain commercial construction projects. Gross profit in the third quarter of fiscal year 2025 was $40.4 million compared to $44.5 million in the prior year quarter. Gross margin declined 160 basis points to 39.0% compared to 40.6% in the prior year quarter. General and administrative expenses ("G&A") in the third quarter were $27.5 million compared to $27.9 million in the prior year quarter. As a percentage of revenue, G&A costs were 26.5% in the third quarter compared to 25.5% in the prior year quarter. Net income in the third quarter of fiscal year 2025 was $3.7 million compared to net income of $7.6 million in the prior year quarter. Net income attributable to common shareholders in the third quarter of fiscal year 2025 was $3.3 million, or $0.07 per diluted share, compared to net income attributable to common shareholders of $7.1 million, or $0.13 per diluted share, in the prior year quarter. Adjusted EBITDA in the third quarter of fiscal year 2025 was $26.8 million compared to $31.6 million in the prior year quarter. Adjusted EBITDA margin was 25.8% compared to 28.8% in the prior year quarter. Liquidity On July 31, 2025, the Company had debt outstanding of $425.0 million, net debt of $384.0 million and total available liquidity of $358.0 million. Segment Results U.S. Concrete Pumping. Revenue in the third quarter of fiscal year 2025 was $69.3 million compared to $75.2 million in the prior year quarter. The decline was driven by ongoing deferrals in commercial construction demand and softness in residential demand, mostly due to economic and market uncertainty from high interest rates, and higher rainfall in the Company's central and southeast regions in the months of May and June. Net income in the third quarter of fiscal year 2025 was $1.6 million compared to net income of $5.0 million in the prior year quarter. Adjusted EBITDA was $15.6 million in the third quarter of fiscal year 2025 compared to $20.3 million in the prior year quarter. These decreases were largely driven by the decrease in revenue volume, as discussed above. U.S. Concrete Waste Management Services. Revenue in the third quarter of fiscal year 2025 increased 4% to $19.3 million compared to $18.5 million in the prior year quarter. The increase was driven by organic volume growth and pricing improvements. Net income in the third quarter of fiscal year 2025 was $1.4 million compared to net income of $1.7 million in the prior year quarter. Adjusted EBITDA in the third quarter of fiscal year 2025 increased 3% to $7.4 million compared to $7.2 million in the prior year quarter due to improved year-over-year revenue and disciplined cost control. U.K. Operations. Revenue in the third quarter of fiscal year 2025 was $15.1 million compared to $15.9 million in the prior year quarter. Excluding the impact from foreign currency translation, revenue was down 10% year-over-year due to lower volumes caused by a slowdown in commercial construction demand. Net income in the third quarter of fiscal year 2025 was $0.7 million compared to $0.9 million in the prior year quarter. Adjusted EBITDA was $3.9 million in the third quarter of fiscal year 2025 compared to $4.2 million in the prior year quarter. Excluding the impact from foreign currency translation, the changes in net income and adjusted EBITDA were primarily related to the decrease in revenue. Fiscal Year 2025 Outlook The Company continues to expect fiscal year 2025 revenue to range between $380.0 million to $390.0 million, Adjusted EBITDA to range between $95.0 million to $100.0 million, and free cash flow2 to be approximately $45.0 million. These expectations continue to assume the construction market will not start to meaningfully recover until late fiscal year 2026 or early fiscal year 2027. _______________2 Free cash flow is defined as Adjusted EBITDA less net maintenance capital expenditures and cash paid for interest. Conference Call The Company will hold a conference call on Thursday, September 4, 2025, at 5:00 p.m. Eastern time to discuss its third quarter 2025 results. Date: Thursday, September 4, 2025Time: 5:00 p.m. Eastern Time (3:00 p.m. Mountain Time)Toll-free dial-in number: 1-877-407-9039International dial-in number: 1-201-689-8470Conference ID: 13755065 Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group, Inc. at 1-949-574-3860. The conference call will be broadcast live and is available for replay here https://viavid.webcasts.com/starthere.jsp?ei=1728355&tp_key=fcf4f7a7c9 as well as the investor relations section of the Company’s website at www.concretepumpingholdings.com. A replay of the conference call will be available after 8:00 p.m. Eastern Time on the same day through September 11, 2025. Toll-free replay number: 1-844-512-2921International replay number: 1-412-317-6671Replay ID: 13755065 About Concrete Pumping Holdings Concrete Pumping Holdings is the leading provider of concrete pumping services and concrete waste management services in the fragmented U.S. and U.K. markets, primarily operating under what we believe are the only established, national brands in both geographies – Brundage-Bone for concrete pumping in the U.S., Camfaud in the U.K., and Eco-Pan for waste management services in both the U.S. and U.K. The Company’s large fleet of specialized pumping equipment and trained operators position it to deliver concrete placement solutions that facilitate labor cost savings to customers, shorten concrete placement times, enhance worksite safety and improve construction quality. Highly complementary to its core concrete pumping service, Eco-Pan seeks to provide a full-service, cost-effective, regulatory-compliant solution to manage environmental issues caused by concrete washout. As of July 31, 2025, the Company provided concrete pumping services in the U.S. from a footprint of approximately 95 branch locations across 23 states, concrete pumping services in the U.K. from approximately 35 branch locations, and route-based concrete waste management services from 23 operating locations in the U.S. and one shared location in the U.K. For more information, please visit www.concretepumpingholdings.com or the Company’s brand websites at www.brundagebone.com, www.camfaud.co.uk, or www.eco-pan.com. Forward‐Looking Statements This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The Company’s actual results may differ from expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," "outlook" and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s expectations with respect to future performance, including the Company's fiscal year 2025 outlook. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside the Company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the adverse impact of recent inflationary pressures, changes in foreign trade policies, restrictive monetary policies, global economic conditions and developments related to these conditions, such as fluctuations in fuel costs on our business; adverse and severe weather conditions; the outcome of any legal proceedings, rulings or demand letters that may be instituted against or sent to the Company or its subsidiaries; the ability of the Company to grow and manage growth profitably and retain its key employees; the ability to identify and complete targeted acquisitions and to realize the expected benefits from completed acquisitions; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties indicated from time to time in the Company’s filings with the Securities and Exchange Commission, including the risk factors in the Company's latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company cautions that the foregoing list of factors is not exclusive. The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based. Non-GAAP Financial Measures This press release presents Adjusted EBITDA, Adjusted EBITDA margin, net debt, free cash flow and leverage ratio, all of which are important financial measures for the Company but are not financial measures defined by GAAP. EBITDA is calculated by taking GAAP net income and adding back interest expense and amortization of deferred financing costs net of interest income, income tax expense, and depreciation and amortization. Adjusted EBITDA is calculated by taking EBITDA and adding back loss on debt extinguishment, stock-based compensation, changes in the fair value of warrant liabilities, other expense (income), net, goodwill and intangibles impairment and other adjustments. Other adjustments include non-recurring expenses, non-cash currency gains/losses and transaction expenses. Transaction expenses represent expenses for legal, accounting, and other professionals that were engaged in the completion of various acquisitions. Transaction expenses can be volatile as they are primarily driven by the size of a specific acquisition. As such, the Company excludes these amounts from Adjusted EBITDA for comparability across periods. The Company believes these non-GAAP measures of financial results provide useful supplemental information to management and investors regarding certain financial and business trends related to our financial condition and results of operations, and as a supplemental tool for investors to use in evaluating our ongoing operating results and trends and in comparing our financial measures with competitors who also present similar non-GAAP financial measures. In addition, these measures (1) are used in quarterly and annual financial reports and presentations prepared for management, our board of directors and investors, and (2) help management to determine incentive compensation. EBITDA and Adjusted EBITDA have limitations and should not be considered in isolation or as a substitute for performance measures calculated under GAAP. These non-GAAP measures exclude certain cash expenses that the Company is obligated to make. In addition, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently or may not calculate it at all, which limits the usefulness of EBITDA and Adjusted EBITDA as comparative measures. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by total revenue for the period presented. See below for a reconciliation of Adjusted EBITDA to net income (loss) calculated in accordance with GAAP. Net debt as a specified date is calculated as all amounts outstanding under debt agreements (currently this includes the Company’s term loan and revolving line of credit balances, excluding any offsets for capitalized deferred financing costs) measured in accordance with GAAP less cash. Cash is subtracted from the GAAP measure because it could be used to reduce the Company’s debt obligations. A limitation associated with using net debt is that it subtracts cash and therefore may imply that there is less Company debt than the most comparable GAAP measure indicates. CPH believes this non-GAAP measure provides useful information to management and investors in order to monitor the Company’s leverage and evaluate the Company’s consolidated balance sheet. See "Reconciliation of Net Debt" below for a reconciliation of Net Debt to amounts outstanding under debt agreements calculated in accordance with GAAP. The leverage ratio is defined as the ratio of net debt to Adjusted EBITDA for the trailing four quarters. The Company believes its leverage ratio measures its ability to service its debt and its ability to make capital expenditures. Additionally, the leverage ratio is a standard measurement used by investors to gauge the creditworthiness of an institution. Free cash flow is defined as Adjusted EBITDA less net maintenance capital expenditures and cash paid for interest. This measure is not a substitute for cash flow from operations and does not represent the residual cash flow available for discretionary expenditures, since certain non-discretionary expenditures, such as debt servicing payments, are not deducted from the measure. CPH believes this non-GAAP measure provides useful information to management and investors in order to monitor and evaluate the cash flow yield of the business. The financial statement tables that accompany this press release include a reconciliation of Adjusted EBITDA and net debt to the applicable most comparable U.S. GAAP financial measure. However, the Company has not reconciled the forward-looking Adjusted EBITDA guidance range and free cash flow range included in this press release to the most directly comparable forward-looking GAAP measures because this cannot be done without unreasonable effort due to the lack of predictability regarding the various reconciling items such as provision for income tax expense and depreciation and amortization. Current and prospective investors should review the Company’s audited annual and unaudited interim financial statements, which are filed with the U.S. Securities and Exchange Commission, and not rely on any single financial measure to evaluate the Company’s business. Other companies may calculate Adjusted EBITDA, net debt and free cash flow differently and therefore these measures may not be directly comparable to similarly titled measures of other companies. Contact: Company:Iain HumphriesChief Financial Officer1-303-289-7497Investor Relations:Gateway Group, Inc.Cody Slach1-949-574-3860BBCP@gateway-grp.com Concrete Pumping Holdings, Inc.Condensed Consolidated Balance Sheets As of July 31, As of October 31, (in thousands, except per share amounts) 2025 2024 Current assets: Cash and cash equivalents $41,001 $43,041 Receivables, net of allowance for doubtful accounts of $879 and $916, respectively 52,396 56,441 Inventory 7,454 5,922 Prepaid expenses and other current assets 11,918 6,956 Total current assets 112,769 112,360 Property, plant and equipment, net 414,908 415,726 Intangible assets, net 96,829 105,612 Goodwill 223,743 222,996 Right-of-use operating lease assets 24,257 26,179 Other non-current assets 11,373 12,578 Deferred financing costs 2,152 2,539 Total assets $886,031 $897,990 Current liabilities: Revolving loan $- $20 Operating lease obligations, current portion 5,014 4,817 Accounts payable 8,061 7,668 Accrued payroll and payroll expenses 14,400 14,303 Accrued expenses and other current liabilities 36,019 28,673 Income taxes payable 877 850 Total current liabilities 64,371 56,331 Long term debt, net of discount for deferred financing costs 417,629 373,260 Operating lease obligations, non-current 19,776 21,716 Deferred income taxes 86,193 86,647 Other liabilities, non-current 11,741 13,321 Total liabilities 599,710 551,275 Zero-dividend convertible perpetual preferred stock, $0.0001 par value, 2,450,980 shares issued and outstanding as of July 31, 2025 and October 31, 2024 25,000 25,000 Stockholders' equity Common stock, $0.0001 par value, 500,000,000 shares authorized, 51,540,028 and 53,273,644 issued and outstanding as of July 31, 2025 and October 31, 2024, respectively 6 6 Additional paid-in capital 389,263 386,313 Treasury stock (39,817) (25,881)Accumulated other comprehensive income (loss) 2,185 (483)Accumulated deficit (90,316) (38,240)Total stockholders' equity 261,321 321,715 Total liabilities and stockholders' equity $886,031 $897,990 Concrete Pumping Holdings, Inc.Condensed Consolidated Statements of Operations Three Months Ended July 31, Nine Months Ended July 31, (in thousands, except per share amounts) 2025 2024 2025 2024 Revenue $103,676 $109,617 $284,080 $314,390 Cost of operations 63,287 65,112 176,274 194,804 Gross profit 40,389 44,505 107,806 119,586 Gross margin 39.0% 40.6% 37.9% 38.0% General and administrative expenses 27,459 27,880 83,131 89,450 Income from operations 12,930 16,625 24,675 30,136 Interest expense and amortization of deferred financing costs (8,399) (6,318) (23,168) (19,744)Loss on extinguishment of debt - - (1,392) - Interest income 273 58 946 148 Change in fair value of warrant liabilities - - - 130 Other income, net 228 276 290 360 Income before income taxes 5,032 10,641 1,351 11,030 Income tax expense 1,333 3,081 295 4,250 Net income 3,699 7,560 1,056 6,780 Less preferred shares dividends (441) (440) (1,309) (1,310) Income (loss) available to common shareholders $3,258 $7,120 $(253) $5,470 Weighted average common shares outstanding Basic 51,696 53,699 52,435 53,556 Diluted 51,906 53,775 52,435 54,191 Net income per common share Basic $0.07 $0.13 $- $0.10 Diluted $0.07 $0.13 $- $0.10 Concrete Pumping Holdings, Inc.Condensed Consolidated Statements of Cash Flows For the Nine Months Ended July 31, (in thousands, except per share amounts) 2025 2024 Net income $1,056 $6,780 Adjustments to reconcile net loss to net cash provided by operating activities: Non-cash operating lease expense 3,913 3,841 Foreign currency adjustments (26) (890)Depreciation 31,454 31,345 Deferred income taxes (803) 2,693 Amortization of deferred financing costs 1,311 1,336 Amortization of intangible assets 8,968 11,482 Stock-based compensation expense 1,431 1,917 Change in fair value of warrant liabilities - (130)Loss on extinguishment of debt 1,392 - Net gain on the sale of property, plant and equipment (609) (1,412)Other operating activities (47) 72 Net changes in operating assets and liabilities: Receivables 4,353 7,227 Inventory (1,447) 301 Other operating assets (6,978) (551)Accounts payable (565) (1,668)Other operating liabilities 6,447 2,131 Net cash provided by operating activities 49,850 64,474 Cash flows from investing activities: Purchases of property, plant and equipment (34,230) (37,484)Proceeds from sale of property, plant and equipment 6,028 7,472 Net cash used in investing activities (28,202) (30,012) Cash flows from financing activities: Proceeds on long term debt 425,000 - Payments on long term debt (375,000) - Proceeds on revolving loan 188,229 230,398 Payments on revolving loan (188,249) (249,352)Dividends paid (53,132) Payment of debt issuance costs (8,163) - Purchase of treasury stock (12,315) (7,161)Other financing activities (204) 1,343 Net cash used in financing activities (23,834) (24,772)Effect of foreign currency exchange rate changes on cash 146 782 Net increase (decrease) in cash and cash equivalents (2,040) 10,472 Cash and cash equivalents: Beginning of period 43,041 15,861 End of period $41,001 $26,333 Concrete Pumping Holdings, Inc.Segment Revenue Three Months Ended July 31, Change (in thousands, unless otherwise stated) 2025 2024 $ % U.S. Concrete Pumping 69,271 $75,213 $(5,942) (7.9)%U.S. Concrete Waste Management Services(1) 19,337 18,545 792 4.3%U.K. Operations 15,068 15,859 (791) (5.0)%Total revenue $103,676 $109,617 $(5,941) (5.4)% (1) For the three months ended Jul 31, 2025 and 2024, intersegment revenue of $0.2 million and $0.1 million, respectively, is excluded. Nine Months Ended July 31, Change (in thousands, unless otherwise stated) 2025 2024 $ % U.S. Concrete Pumping $188,293 $216,514 $(28,221) (13.0)%U.S. Concrete Waste Management Services(1) 54,087 51,063 3,024 5.9%U.K. Operations 41,700 46,813 (5,113) (10.9)%Total revenue $284,080 $314,390 $(30,310) (9.6)% (1) For the nine months ended 2025 and 2024, intersegment revenue of $0.4 million and $0.3 million, respectively, is excluded. Concrete Pumping Holdings, Inc.Segment Adjusted EBITDA and Net Income (Loss) During the first quarter of fiscal year 2025, the Company updated its methodology in which the Company allocates its corporate costs to better align with the manner in which the Company now allocates resources and measures performance. As a result, segment results for prior periods have been reclassified to conform to the current period presentation. Three Months Ended July 31, 2024 Nine Months Ended July 31, 2024 (in thousands) Consolidated U.S. Concrete Pumping U.S. Concrete Waste Management Services U.K. Operations Consolidated U.S. Concrete Pumping U.S. Concrete Waste Management Services U.K. Operations As Previously Reported Net income (loss) $7,560 $3,535 $3,120 $905 $6,780 $(4,309) $8,526 $2,433 Interest expense and amortization of deferred financing costs 6,318 5,585 - 733 19,744 17,577 - 2,167 EBITDA 31,450 20,156 7,313 3,981 73,601 43,216 18,881 11,374 Stock-based compensation 644 644 - - 1,917 1,917 - - Other expense (income), net (276) (252) (3) (21) (360) (279) (10) (71)Other Adjustments (180) (439) - 268 3,439 3,229 - 264 Adjusted EBITDA 31,638 20,100 7,310 4,228 78,467 48,029 18,871 11,567 Recast Adjustment Net income (loss) $- $1,419 $(1,419) - $- $6,997 $(6,997) $- Interest expense and amortization of deferred financing costs (57) (1,497) 1,488 (48) (147) (4,865) 4,811 (93)EBITDA (57) (78) 69 (48) (147) 2,132 (2,186) (93)Stock-based compensation - (170) 170 - - (520) 520 - Other expense (income), net - 62 (62) - - 65 (65) - Other Adjustments 57 332 (332) 48 147 (442) 442 93 Adjusted EBITDA - 155 (155) - - 1,289 (1,289) - Current Report as Recast Net income (loss) $7,560 $4,954 $1,701 905 $6,780 $2,688 $1,529 $2,433 Interest expense and amortization of deferred financing costs, net of interest income 6,261 4,088 1,488 685 19,597 12,712 4,811 2,074 EBITDA 31,393 20,078 7,382 3,933 73,454 45,348 16,695 11,281 Stock-based compensation 644 474 170 - 1,917 1,397 520 - Other expense (income), net (276) (190) (65) (21) (360) (214) (75) (71)Other Adjustments (123) (107) (332) 316 3,586 2,787 442 357 Adjusted EBITDA 31,638 20,255 7,155 4,228 78,467 49,318 17,582 11,567 Concrete Pumping Holdings, Inc.Segment Adjusted EBITDA and Net Income (Loss) Continued Net Income Three Months Ended July 31, Change (in thousands, unless otherwise stated) 2025 2024 $ % U.S. Concrete Pumping $1,625 $4,954 $(3,329) (67.2)%U.S. Concrete Waste Management Services 1,391 1,701 (310) (18.2)%U.K. Operations 683 905 (222) (24.5)%Total $3,699 $7,560 $(3,861) (51.1)% Adjusted EBITDA Three Months Ended July 31, Change (in thousands, unless otherwise stated) 2025 2024 $ % U.S. Concrete Pumping $15,604 $20,255 $(4,651) (23.0)%U.S. Concrete Waste Management Services 7,371 7,155 216 3.0%U.K. Operations 3,868 4,228 (360) (8.5)%Total $26,843 $31,638 $(4,795) (15.2)% Net Income (Loss) Nine Months Ended July 31, Change (in thousands, unless otherwise stated) 2025 2024 $ % U.S. Concrete Pumping $(3,056) $2,688 $(5,744) * U.S. Concrete Waste Management Services 2,817 1,529 1,288 84.2%U.K. Operations 1,295 2,433 (1,138) (46.8)%Other - 130 (130) * Total $1,056 $6,780 $(5,724) (84.4)%*Change is not meaningful Adjusted EBITDA Nine Months Ended July 31, Change (in thousands, unless otherwise stated) 2025 2024 $ % U.S. Concrete Pumping $37,395 $49,318 $(11,923) (24.2)%U.S. Concrete Waste Management Services 19,081 17,582 1,499 8.5%U.K. Operations 9,875 11,567 (1,692) (14.6)%Total $66,351 $78,467 $(12,116) (15.4)% Concrete Pumping Holdings, Inc.Quarterly Financial Performance (dollars in millions) Revenue Net Income Adjusted EBITDA1 Capital Expenditures2 Adjusted EBITDA less Capital Expenditures Earnings Per Diluted Share Q1 2024 $98 $(4) $19 $17 $3 $(0.08)Q2 2024 $107 $3 $28 $7 $21 $0.05 Q3 2024 $110 $8 $32 $6 $26 $0.13 Q4 2024 $111 $9 $34 $2 $32 $0.16 Q1 2025 $86 $(3) $17 $4 $13 $(0.06)Q2 2025 $94 $- $22 $12 $10 $(0.01)Q3 2025 $104 $4 $27 $12 $15 $0.07 ¹ Adjusted EBITDA is a financial measure that is not calculated in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”). See “Non-GAAP Financial Measures” below for a discussion of the definition of this measure and reconciliation of such measure to its most comparable GAAP measure.2 Information on M&A or growth investments included in net capital expenditures have been included for relevant quarters below:*Q1 2024 capex includes approximately $5 million growth investment.*Q2 2024 capex includes approximately $1 million M&A and $3 million growth investment.*Q3 2024 capex includes approximately $4 million growth investment.*Q4 2024 capex includes approximately $3 million growth investment.*Q1 2025 capex includes approximately $2 million growth investment.*Q2 2025 capex includes approximately $2 million growth investment.*Q3 2025 capex includes approximately $3 million growth investment. Concrete Pumping Holdings, Inc.Reconciliation of Net Income to Reported EBITDA to Adjusted EBITDA Three Months Ended July 31, Nine Months Ended July 31, (dollars in thousands) 2025 2024 2025 2024 Consolidated Net income $3,699 $7,560 $1,056 $6,780 Interest expense and amortization of deferred financing costs, net of interest income 8,126 6,261 22,222 19,597 Income tax expense 1,333 3,081 295 4,250 Depreciation and amortization 13,638 14,491 40,422 42,827 EBITDA 26,796 31,393 63,995 73,454 Loss on debt extinguishment - - 1,392 - Stock based compensation 526 644 1,431 1,917 Change in fair value of warrant liabilities - - - (130)Other income, net (228) (276) (290) (360)Other adjustments(1) (251) (123) (177) 3,586 Adjusted EBITDA $26,843 $31,638 $66,351 $78,467 U.S. Concrete Pumping Net income (loss) $1,625 $4,954 $(3,056) $2,688 Interest expense and amortization of deferred financing costs, net of interest income 5,005 4,088 13,527 12,712 Income tax expense (benefit) (133) 1,162 (1,795) (426)Depreciation and amortization 9,145 9,874 27,226 30,374 EBITDA 15,642 20,078 35,902 45,348 Loss on debt extinguishment - - 862 - Stock based compensation 359 474 968 1,397 Other income, net (144) (190) (161) (214)Other adjustments(1) (253) (107) (176) 2,787 Adjusted EBITDA $15,604 $20,255 $37,395 $49,318 U.S. Concrete Waste Management Services Net income $1,391 $1,701 $2,817 $1,529 Interest expense and amortization of deferred financing costs, net of interest income 2,354 1,488 6,495 4,811 Income tax expense 1,029 1,483 1,444 3,466 Depreciation and amortization 2,501 2,710 7,428 6,889 EBITDA 7,275 7,382 18,184 16,695 Loss on debt extinguishment - - 530 - Stock based compensation 167 170 463 520 Other income, net (71) (65) (86) (75)Other adjustments - (332) (10) 442 Adjusted EBITDA $7,371 $7,155 $19,081 $17,582 (1) Other adjustments include the adjustment for non-recurring expenses and non-cash currency gains/losses. For the nine months ended July 31, 2024, other adjustments includes a $3.5 million non-recurring charge related to sales tax litigation. Three Months Ended July 31, Nine Months Ended July 31, (dollars in thousands) 2025 2024 2025 2024 U.K. Operations Net income $683 $905 $1,295 $2,433 Interest expense, net 767 685 2,200 2,074 Income tax expense 437 436 646 1,210 Depreciation and amortization 1,992 1,907 5,768 5,564 EBITDA 3,879 3,933 9,909 11,281 Other income, net (13) (21) (43) (71)Other adjustments 2 316 9 357 Adjusted EBITDA $3,868 $4,228 $9,875 $11,567 Other Net income $- $- $- $130 EBITDA - - - 130 Change in fair value of warrant liabilities - - - (130)Adjusted EBITDA $- $- $- $- Concrete Pumping Holdings, Inc.Reconciliation of Net Debt July 31, October 31, January 31, April 30, July 31, (in thousands) 2024 2024 2025 2025 2025 Senior Notes 375,000 375,000 425,000 425,000 425,000 Revolving loan draws outstanding - 20 - - - Less: Cash (26,333) (43,041) (85,132) (37,788) (41,001)Net debt $348,667 $331,979 $339,868 $387,212 $383,999 Concrete Pumping Holdings, Inc.Reconciliation of Historical Adjusted EBITDA (dollars in thousands)Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Consolidated Net income (loss)$(3,826) $3,046 $7,560 $9,427 $(2,639) $(4) $3,699 Interest expense and amortization of deferred financing costs 6,463 6,873 6,261 5,976 5,802 8,294 8,126 Income tax expense (benefit) (1,011) 2,180 3,081 3,854 (1,036) (2) 1,333 Depreciation and amortization 14,097 14,239 14,491 14,283 13,200 13,584 13,638 EBITDA 15,723 26,338 31,393 33,540 15,327 21,872 26,796 Loss on debt extinguishment - - - - 1,392 - - Stock based compensation 536 737 644 477 367 538 526 Change in fair value of warrant liabilities (130) - - - - - - Other expense (income), net (39) (44) (276) (47) (34) (28) (228)Other adjustments(1) 3,191 517 (123) (290) (41) 155 (251)Adjusted EBITDA$19,281 $27,548 $31,638 $33,680 $17,011 $22,497 $26,843 (1) Other adjustments include the adjustment for non-recurring expenses and non-cash currency gains/losses. For the first quarter of fiscal year 2024, other adjustments includes a $3.5 million non-recurring charge related to sales tax litigation.

Concrete Pumping Holdings Reports Third Quarter Fiscal Year 2025 Results

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