Vertex Resource Group Ltd. Reports First Quarter 2026 Results
Vertex Resource Group Ltd. Reports First Quarter 2026 Results |
| [13-May-2026] |
Reports gross revenue of $57.1 million and Adjusted EBITDA1 of $5.9 million. SHERWOOD PARK, AB, May 13, 2026 /CNW/ - (TSXV: VTX) - Vertex Resource Group Ltd. ("Vertex" or the "Company") reports its financial and operational results for the first quarter ended March 31, 2026. The following should be read in conjunction with the Management Discussion and Analysis ("MD&A") and the unaudited condensed consolidated interim financial statements of Vertex for the period ended March 31, 2026, which are available on SEDAR+ at www.sedarplus.ca.
In the first quarter of 2026, Vertex delivered Adjusted EBITDA¹ growth in both reportable segments alongside meaningful margin expansion, demonstrating the resilience of its diversified service offering. Environmental Consulting led the way with net revenue growth of 5% and segment Adjusted EBITDA¹ growth of 15%, reflecting strong underlying demand and successful execution on a large mining project in the quarter. Environmental Services delivered segment Adjusted EBITDA¹ growth of 9%, supported by disciplined operational execution. Together, these results position the Company well to navigate near-term uncertainty while continuing to deliver reliable, high-quality services across its core markets. Key financial results for the three months March 31, 2026, and 2025 are as follows:
HIGHLIGHTS FOR THE THREE MONTHS ENDED MARCH 31, 2026
OUTLOOK Market conditions entering the second quarter of 2026 remain broadly consistent with the first quarter. The conflict in the Middle East has driven energy prices higher in the short-term and in the current environment it is difficult to determine how long the effects of the conflict will be felt. While commodity prices have strengthened, customers continue to prioritize price stability and visibility before advancing incremental capital programs. Near-term activity remains closely tied to ongoing production, maintenance, and regulatory requirements, supporting a consistent base level of demand across the Company's core service lines. Against this backdrop, Vertex continues to benefit from the stability of its diversified service offering, as reflected in Q1 2026 results. Environmental Consulting activity remains strong, supported by regulatory requirements, ongoing project work, and increasing complexity across client mandates. Environmental Services activity has been more moderate, though demand tied to production support and maintenance programs has held up, reinforcing a steady underlying level of activity across the business. Looking further ahead, the operating environment continues to be supported by a broad set of large-scale energy and industrial developments across Canada, including LNG expansion on the West Coast, mining in Alberta, Saskatchewan and Ontario, and infrastructure and utility projects in Ontario. Many of these projects are currently progressing through planning, permitting and early-stage development, with activity expected to build gradually toward execution. As they advance, these projects are expected to contribute more meaningfully to industry activity beginning in 2027 and beyond, providing longer-term support for demand across both segments and improving visibility on future workload. ABOUT VERTEX Since 1962, Vertex has been a leading North American provider of environmental services. Headquartered in Sherwood Park, Alberta, Vertex employs a staff of approximately 1,000 employees and lease operators that provide services to help clients achieve their developmental and operational goals. From initial site selection, consultation and regulatory approval, through construction, operation and maintenance, to conclusion and environmental cleanup, Vertex provides a wide array of services to customers operating in industries such as energy, mining, utilities, private development, public infrastructure, construction, telecommunications, forestry, agriculture and government. Vertex principally operates in Canada with select locations in the United States. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. NON-IFRS FINANCIAL MEASURES This release includes certain terms or performance measures that are not defined under International Financial Reporting Standards ("IFRS"), including "Adjusted EBITDA". The data presented is intended to provide additional information that should not be considered in isolation or as a substitute measure of performance prepared in accordance with IFRS. The non-IFRS measures should be read in conjunction with the Company's financial statements and accompanying notes.
Reconciliations of adjusted EBITDA, free cash flow and adjusted working capital are provided in the following tables.
Forward-Looking Information This Press Release contains forward-looking statements and information ("forward-looking statements") within the meaning of applicable Canadian securities laws. The forward-looking statements contained in this Press Release are based on the expectations, estimates and projections of management of Vertex as of the date of this Press Release unless otherwise stated. The use of any of the words "believe", "expect", "anticipate", "contemplate", "target", "plan", "outlook", "potential", "estimated", "intends", "continue", "may", "will", "should" and similar expressions are intended to identify forward-looking statements. More particularly and without limitation, this Press Release contains forward-looking statements concerning anticipated financial performance; the outlook for 2026; the Company's ability to grow profitably; sufficiency of working capital; and with respect to Vertex's ability to meet evolving customer demands. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to the risks associated with the industries in which Vertex operates in general, such as:
Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on other factors that could affect the operations or financial results of the parties, and the combined company are included in reports on file with applicable securities regulatory authorities, including but not limited to: Annual Information Form for the year ended December 31, 2025, which may be accessed on Vertex's SEDAR+ profile at www.sedarplus.ca. The forward-looking statements contained in this Press Release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as, and to the extent required by applicable securities laws. SOURCE Vertex Resource Group Ltd. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company Codes: TorontoV:VTX | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
