Concrete Pumping (NASDAQ:BBCP) reported fourth-quarter and full-year results for the period ended October 31, 2025, emphasizing stable demand in certain end markets, continued growth at its EcoPan waste management services business, and a cautious outlook for fiscal 2026 amid a still-challenging construction environment.
Fourth-quarter results reflect mixed end markets
CFO Iain Humphries said fourth-quarter revenue was $108.8 million, down from $111.5 million in the prior-year quarter. Management attributed the decline to timing delays in commercial construction and softer residential demand tied to a prolonged high-interest-rate environment.
EcoPan, the company’s U.S. concrete waste management services segment, posted year-over-year growth. Revenue increased 8% to $21.3 million from $19.8 million, driven by higher pan pickup volumes and continued pricing momentum, according to Humphries.
In the U.K. (Camford brand), revenue was $15.3 million compared to $17.1 million in the year-ago quarter, primarily due to lower volumes amid continued weakness in commercial construction activity. Humphries noted foreign exchange translation provided a 220 basis point benefit to revenue during the quarter.
Profitability and cash metrics
Fourth-quarter gross margin declined 170 basis points to 39.8% from 41.5% in the prior-year quarter. Humphries said cost control initiatives and pricing discipline helped offset some pressure, but were “slightly outweighed” by lower volumes and reduced fleet utilization.
General and administrative expenses were $26.5 million, compared with $27.0 million a year earlier. As a percentage of revenue, G&A was 24.4% versus 24.2%, which the company attributed to operating deleverage on lower revenue rather than higher absolute spending.
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, in the prior-year quarter.
Adjusted EBITDA for the quarter was $30.7 million, down from $33.7 million, with the adjusted EBITDA margin declining to 28.2% from 30.2%. Segment-level adjusted EBITDA was:
- U.S. concrete pumping: $17.5 million vs. $19.7 million
- U.K.: $4.1 million vs. $5.2 million
- EcoPan: $9.1 million vs. $8.8 million (up 3.8%)
During the Q&A, management said EcoPan’s margin performance reflected, in part, overhead investments to stand up new regions entered late in 2025, describing it as an investment lag while maintaining that returns remain attractive.
Balance sheet and share repurchases
As of October 31, 2025, the company had $425 million of total debt and net debt of $380.6 million, representing a net debt to adjusted EBITDA leverage ratio of about 3.9x, Humphries said. The company reported approximately $360 million of available liquidity, including cash and availability under its asset-based lending facility.
Concrete Pumping also continued repurchasing shares. In the fourth quarter, the company bought back about 274,000 shares for $1.8 million at an average price of $6.73 per share. 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.
2026 outlook assumes no meaningful market recovery
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, though the company continues to see bidding activity and project starts in large-scale commercial work such as data centers, semiconductor facilities, and distribution centers, where pricing remains constructive.
Management said it expects infrastructure and residential revenue to be roughly flat year-over-year in 2026. In response to an analyst question about the modest growth implied at the midpoint of revenue guidance, Humphries said the company expects volumes to be “largely consistent year-over-year,” with incremental improvement driven more by pricing than volume. On margin expectations, he pointed primarily to fleet utilization, noting that with flat volume, the company anticipates a modest decline in margin percentage due to utilization being below optimal levels.
For free cash flow, the company expects at least $40 million, defined as adjusted EBITDA less net replacement capex and less net cash interest paid. The 2026 outlook assumes approximately $23 million of net replacement capex and $32 million of net cash paid for interest, excluding what management described as “exceptional accelerated capex” pulled forward from 2027.
Capex pull-forward ahead of 2027 NOx standards and M&A update
CEO Bruce Young said the company is proactively accelerating a $22 million investment originally planned for fiscal 2027 into fiscal 2026 for its U.S. concrete pumping and EcoPan fleet, ahead of expected stricter NOx emissions standards slated to take effect January 1, 2027. Young said the tighter standards are expected to affect the cost, design, reliability, and availability of new equipment and could influence customer jobsite requirements.
Young said the decision reflects concerns about first-generation technologies under new standards and anticipated price increases for OEM equipment in 2027. He also referenced prior industry experience with emissions changes, saying 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. In the Q&A, Humphries characterized the acquired business as about $2 million of revenue and approximately $500,000 of EBITDA contribution in U.S. dollars, adding that the company sees scaling opportunities over time.
About Concrete Pumping (NASDAQ:BBCP)
Concrete Pumping Holdings, Inc (NASDAQ: BBCP) is a specialized provider of concrete placing and pumping solutions for commercial, residential and infrastructure construction projects. Through its network of regional operating subsidiaries, the company offers boom pumps, line pumps and volumetric concrete mixers, enabling contractors to efficiently deliver and place concrete on jobsites of varying scale and complexity. Concrete Pumping’s services are designed to streamline the concrete placement process, reduce project timelines and improve overall jobsite safety.
Since its formation through a series of strategic acquisitions beginning in 2020, Concrete Pumping Holdings has focused on consolidating regional operators under a unified platform.
