GDI Integrated Facility Services Inc.

Third-quarter 2025 revenue was $615 million, down $25 million or 4% versus Q3 2024, with 2% organic decline and 2% from business disposals. Adjusted EBITDA was $38 million, down $1 million from $39 million last year, and the adjusted EBITDA margin held at 6%. For the first nine months of 2025, revenue was $1.84 billion, down $82 million or 4% year over year, while adjusted EBITDA was $105 million, up $5 million or 5%. By segment, Business Services Canada generated $144 million of revenue and $10 million of adjusted EBITDA; Business Services USA generated $198 million of revenue and $13 million of adjusted EBITDA; Technical Services generated $270 million of revenue and $19 million of adjusted EBITDA; Corporate and Other had $3 million of revenue and negative $4 million of adjusted EBITDA. Management said the rest of the year outlook remains in line with Q2, expecting some weakness in Business Services, a lesser degree of weakness in Business Services USA, and recovery in the first half of 2026; Technical Services outlook remains very positive.

Claude Bigras said he was relatively pleased with the quarter given the economy and emphasized that Technical Services is “continuing to fire on all cylinders,” with record adjusted EBITDA and near-record backlog. He framed the business around three priorities: sales and organic growth in Business Services Canada, active sales and selective accretive M&A in the U.S., and margin expansion in Technical Services through a greater focus on maintenance and less on large risky projects. His tone was confident and candid, repeatedly saying GDI will not sell at any price and will instead protect margins while rebuilding growth.

Charles-Etienne Girouard reported Q3 revenue of $615 million, adjusted EBITDA of $38 million, and a 6% margin, all broadly flat to lower versus last year. He noted Business Services Canada generated $10 million of adjusted EBITDA on $144 million of revenue, Business Services USA generated $13 million on $198 million of revenue, and Technical Services generated $19 million on $270 million of revenue. On a balance sheet basis, management said long-term debt net of cash fell by $26 million in the quarter, helped by free cash flow, an $11 million reduction in net operating working capital, and $8 million from the sale of noncore Quebec property; leverage ended in the mid-2s. The company also referenced its NCIB and said it is balancing buybacks with acquisition capacity.

Analysts focused on why Business Services USA remains weak, when organic growth might normalize, and whether new client onboarding and higher-margin niches like food sanitation and data centers are gaining traction. Management said the decline reflected the loss of a large client, lower volume from an existing large customer, and deliberate pruning of low-margin accounts, while insisting sales efforts are producing offsetting wins and that growth should stabilize in the first half of 2026. Questions on M&A and leverage drew a more aggressive tone from Claude Bigras, who said private equity multiples have normalized and that GDI could likely move from the mid-2s toward the mid-3s, or even 4x if an acquisition were compelling. He also said buybacks remain active under the NCIB, but he would not comment on a specific turn-off level.