Mullen Group Ltd.

Mullen did not state quarterly revenue or EPS on the call, but it said LTL EBITDA margin was 20.2% in Q2, versus a budget assumption of about 17% for fiscal 2026. Management said Q2 results were ahead of the original plan, early July trends were consistent with Q2, and the company still expects to maintain or improve margins for the balance of the year. The company’s full-year revenue guide remains $2.3 billion to $2.4 billion, and EBITDA guidance at the start of the year was $365 million; management said it looks possible to exceed that if project activity materializes, while noting revenue growth outside of projects should slow and be driven more by higher-quality freight than volume.

CEO Murray Mullen struck an upbeat but measured tone. He said the Canadian economy is “reasonably well” but not robust, and reiterated that the company is prioritizing higher-margin freight, de marketing low-paying business, and preparing for future capital-project demand. He was notably constructive on “nation-building” projects, saying the talk is getting louder and that management wants to be ready to execute if opportunities such as pipelines or Alaska LNG move forward.

Carson Urlacher focused on margin progression, budget outperformance, and capital deployment. He said LTL was budgeted around 17% for fiscal 2026, but Q2’s 20.2% margin was ahead of that, and July trends were consistent with Q2. He also said the company is budgeting $450 million for the S&I segment in 2026 versus about $900 million at its historical peak, and that tuck-in M&A and redeployed capital should help margin more than top-line growth.

Analysts pressed management on fuel-price volatility, the $50 million CapEx increase, and whether LTL margins could stay above 20% or even move into the low- to mid-20% range. Management said fuel surcharges mostly shifted demand rather than destroying it, and that margin upside comes from better freight mix, pricing leverage, and tighter markets, not just volume. Questions also focused on Alaska LNG and other large projects; management said it is preparing equipment now because trucks may not be available later, but no formal awards have been announced and timing remains uncertain.