Press release·09/04/2026 00:20:59

Business Overview

Concrete Pumping Holdings, Inc. is a Delaware corporation headquartered in Thornton, Colorado. The company operates through three main business segments: U.S. Concrete Pumping, U.S. Concrete Waste Management Services, and U.K. Operations.

As part of its growth strategy, the company views strategic acquisitions as opportunities to enhance its value proposition. In April 2026, the company acquired Templant Hire Limited, a provider of temporary power solutions in the U.K. This expanded Concrete Pumping’s service capabilities in the U.K. market.

The U.S. Concrete Pumping segment provides concrete pumping services to general contractors and concrete finishing companies across the commercial, infrastructure and residential sectors. The U.S. Concrete Waste Management Services segment, through the Eco-Pan brand, provides concrete waste management services in the U.S. The U.K. Operations segment includes the company’s concrete pumping, concrete waste management, and temporary power businesses in the U.K. and Ireland.

Financial Performance

Revenue

For the three months ended July 31, 2026, total revenue was $116.8 million, up 12.6% from $103.7 million in the prior year period.

• U.S. Concrete Pumping revenue increased 9.9% to $76.2 million, driven by higher commercial and infrastructure construction demand and pricing, partially offset by slower residential construction.
• U.S. Concrete Waste Management Services revenue grew 13.5% to $21.9 million, due to organic volume growth and pricing improvements.
• U.K. Operations revenue increased 23.9% to $18.7 million, primarily from a $3.1 million contribution from the Templant acquisition.

For the nine months ended July 31, 2026, total revenue was $314.1 million, up 10.6% from $284.1 million in the prior year period. The segment-level drivers were similar to the quarterly results.

Gross Profit and Margin

Gross profit for the three months ended July 31, 2026 was $45.2 million, up 12.0% from $40.4 million in the prior year period. Gross margin was 38.7% compared to 39.0% in the prior year, with the slight decrease primarily due to fuel cost inflation.

For the nine months ended July 31, 2026, gross profit was $118.5 million, up 9.9% from $107.8 million in the prior year period. Gross margin was 37.7% compared to 37.9% in the prior year, also impacted by fuel cost inflation and higher repair and maintenance activity.

General and Administrative Expenses

General and administrative (G&A) expenses for the three months ended July 31, 2026 were $30.1 million, up from $27.5 million in the prior year period. As a percentage of revenue, G&A decreased from 26.5% to 25.8%. The increase in G&A was primarily driven by higher stock-based compensation and professional fees, as well as incremental expenses from recent acquisitions.

For the nine months ended July 31, 2026, G&A expenses were $86.8 million, up from $83.1 million in the prior year period. As a percentage of revenue, G&A decreased from 29.3% to 27.6%. The increase in G&A was primarily related to higher stock-based compensation, labor costs, and property/rent costs, partially offset by lower bank fees.

Net Income and Adjusted EBITDA

Net income for the three months ended July 31, 2026 was $4.9 million, up 33.3% from $3.7 million in the prior year period. Adjusted EBITDA was $30.4 million, up 13.3% from $26.8 million.

For the nine months ended July 31, 2026, net income was $5.0 million, up significantly from $1.1 million in the prior year period. Adjusted EBITDA was $74.8 million, up 12.8% from $66.4 million.

The increases in net income and Adjusted EBITDA were primarily driven by the revenue growth in the U.S. Concrete Pumping and U.S. Concrete Waste Management Services segments, partially offset by inflationary pressures in the U.K. Operations segment.

Liquidity and Capital Resources

As of July 31, 2026, the company had $43.0 million in cash and cash equivalents and $314.3 million of available borrowing capacity under its $350 million revolving credit facility, providing total available liquidity of $357.3 million.

The company’s capital structure includes a combination of permanent financing (stockholders’ equity), convertible preferred stock, long-term senior notes, and short-term revolving credit. Management believes the company’s existing cash, cash flow from operations, and borrowing capacity will be sufficient to meet its working capital and capital expenditure needs for at least the next 12 months.

In September 2026, the company initiated a regular quarterly cash dividend program, with an initial dividend of $0.13 per share. Future dividend declarations will depend on the company’s results, cash flows, financial condition, and other factors.

The company’s principal uses of cash have included funding operating activities, capital expenditures, strategic acquisitions, share repurchases, and debt service. Gross capital expenditures were $51.1 million for the nine months ended July 31, 2026, up from $34.2 million in the prior year period.

In January 2025, the company refinanced its senior notes, issuing $425 million of new 7.5% senior secured second lien notes due 2032. Proceeds were used to redeem the prior 6.0% senior notes due 2026 and pay a special $1.00 per share dividend. The company also amended its revolving credit facility in September 2024, increasing the borrowing capacity to $350 million.

Strengths and Weaknesses

Strengths

• Diversified business model across concrete pumping, concrete waste management, and temporary power services
• Leading market positions in the U.S. and U.K. concrete pumping and waste management industries
• Successful track record of strategic acquisitions to expand capabilities and geographic reach
• Strong free cash flow generation to fund growth investments and shareholder returns
• Healthy liquidity position with access to $350 million revolving credit facility

Weaknesses

• Exposure to cyclical construction industry trends, particularly in residential construction
• Inflationary pressures impacting labor, fuel, and repair/maintenance costs, especially in the U.K. market
• Reliance on skilled labor and potential challenges with recruitment and retention
• Integration risks associated with future acquisitions

Outlook and Future Prospects

Concrete Pumping Holdings is well-positioned to capitalize on continued strength in commercial and infrastructure construction activity in its key U.S. and U.K. markets. The company’s diversified service offerings, leading market positions, and strong liquidity provide a solid foundation for growth.

However, the company faces headwinds from a slowdown in residential construction, as well as inflationary pressures on its cost structure, particularly in the U.K. Successful integration of acquired businesses and effective management of labor and supply chain challenges will be critical.

Overall, the company’s financial performance has been resilient, with double-digit revenue and Adjusted EBITDA growth in the first nine months of fiscal 2026. If the company can navigate the current economic environment and continue executing on its strategic initiatives, it should be able to deliver sustainable long-term value for shareholders.