Executive Summary

Q1 FY25 revenue declined 11.5% year over year to $86.4M, with diluted EPS at $(0.06) vs $(0.08) in Q1 FY24; gross margin improved 200 bps to 36.1%, and Adjusted EBITDA was $17.0M (19.7% margin) .
Results missed Wall Street consensus: revenue ~$90.3M*, EPS ~$0.01*, and EBITDA ~$21.0M*; management cited about $5M incremental weather impact and commercial softness as primary drivers of the miss .
Guidance lowered: FY25 revenue to $400–$420M, Adjusted EBITDA to $105–$115M, and FCF to ~$60M, down from prior $425–$445M, $115–$125M, and ≥$65M, respectively .
Balance sheet and capital allocation remain supportive: liquidity $409.6M, net debt $339.9M (3.1x leverage); notes refinanced at 7.5% due 2032; $1.00 special dividend paid (~$53M) and buyback extended through 2026 .
Near-term stock reaction catalysts: guidance cut, weather-related disruption commentary, equipment oversupply and pricing pressure in pumping, and capital returns (special dividend, buyback extension) .

What Went Well and What Went Wrong

What Went Well

Gross margin expanded to 36.1% (+200 bps YoY) on better fuel and insurance costs despite lower volumes .
Eco-Pan (U.S. Concrete Waste Management Services) grew revenue 7% YoY to $16.7M; Adjusted EBITDA rose to $5.0M; segment profitability improved .
Successfully refinanced senior notes ($425M, 7.5% due 2032) and returned capital via a $1.00 special dividend; management emphasized stronger liquidity enabling shareholder value initiatives .
Quote: “Our flexible cost structure and disciplined fleet management strategy allowed us to maintain strong Adjusted EBITDA margins despite the reduced volume” — CEO Bruce Young .
Quote: “We now expect…free cash flow…to be approximately $60 million…robust free cash flow on expected lower volume stems from our ability to optimize equipment utilization and flex CapEx investments” — CFO Iain Humphries .
Quote: “We are well-positioned for commercial market recovery…enhances our flexibility for future shareholder value initiatives” — CEO Bruce Young .

What Went Wrong

U.S. Concrete Pumping revenue fell 14.6% YoY (to $56.9M) on commercial softness and severe weather; segment Adjusted EBITDA declined to $9.2M .
Weather impact estimated ~~$5M in Q1 and, versus last year’s tough comp (~~$7M), implied more severe conditions than expected; contributed meaningfully to volume shortfall .
U.K. Operations revenue fell 16.7% YoY to $12.8M (ex-FX down ~16%) with Adjusted EBITDA down to $2.8M on commercial delays .
Guidance reduced across revenue, EBITDA, and FCF, reflecting prolonged weak commercial demand and continued near-term weather effects .
Market oversupply of pumps driving pricing pressure and constrained utilization (~70% vs 80% target) — margin headwind until demand normalizes .
Q1 missed consensus on revenue, EBITDA, and EPS (see Estimates Context), underscoring near-term operational headwinds* .

Financial Results

Quarterly Comparison vs Prior Periods and vs Estimates

Metric	Q3 2024	Q4 2024	Q1 2025	Vs YoY (Q1 2024)	Vs Estimates (Q1 2025)
Revenue ($USD Millions)	$109.6	$111.5	$86.4	$86.4 vs $97.7 (-11.5%)	$86.4 vs ~$90.3 (MISS)*
Diluted EPS ($USD)	$0.13	$0.16	$(0.06)	$(0.06) vs $(0.08) (improved)	$(0.06) vs ~$0.01 (MISS)*
Adjusted EBITDA ($USD Millions)	$31.6	$33.7	$17.0	$17.0 vs $19.3 (-11.8%)	$17.0 vs ~$21.0 (MISS)*
Gross Margin (%)	40.6%	41.5%	36.1%	36.1% vs 34.1% (+200 bps)	—
Adjusted EBITDA Margin (%)	28.8%	30.2%	19.7%	19.7% vs 19.7% (flat)	—

Note: Estimates marked with * are from S&P Global; Values retrieved from S&P Global.

Segment Revenue and Profitability (Q1 2025 vs Q1 2024)

Segment	Q1 2024 Revenue ($USD ‘000)	Q1 2025 Revenue ($USD ‘000)	YoY Change	Q1 2024 Adj. EBITDA ($USD ‘000)	Q1 2025 Adj. EBITDA ($USD ‘000)	YoY Change
U.S. Concrete Pumping	$66,683	$56,914	(14.6%)	$11,592	$9,159	(21.0%)
U.S. Concrete Waste Mgmt (Eco-Pan)	$15,620	$16,693	+6.9%	$4,487	$5,024	+12.0%
U.K. Operations	$15,408	$12,840	(16.7%)	$3,202	$2,828	(11.7%)
Total	$97,711	$86,447	(11.5%)	$19,281	$17,011	(11.8%)

KPIs and Balance Sheet

KPI	Q1 2025	Prior Quarter (Q4 2024)	Prior Year (Q1 2024)
Liquidity ($USD Millions)	$409.6	$378.0	$217.0
Net Debt ($USD Millions)	$339.9	$332.0	$373.3
Leverage Ratio (Net Debt/TTM Adj. EBITDA)	3.1x	3.0x	~3.4x (from net debt/TTM at Q1’24)
Cash ($USD Millions)	$85.1	$43.0	$14.7
Total Debt ($USD Millions)	$425.0	$375.0	$375.0
Net Cash from Operations ($USD Millions)	$6.0	$86.9 (FY)	$20.3
Net Maintenance Capex ($USD Millions)	~$2	~$1 (Q4)	~$12 (Q1’24)
Free Cash Flow ($USD Millions)	~$4	~$24 (Q4)	~$7 (Q1’24)
Share Repurchases	296,267 shares; $1.9M; $6.53 avg	423,000 shares; $2.5M; $5.89 avg	—

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue ($USD Millions)	FY 2025	$425–$445	$400–$420	Lowered
Adjusted EBITDA ($USD Millions)	FY 2025	$115–$125	$105–$115	Lowered
Free Cash Flow ($USD Millions)	FY 2025	≥$65	~$60	Lowered
Capex (replacement, % of revenue)	FY 2025	~6–7% target (call commentary)	Unchanged strategy (flex to demand)	Maintained
Share Repurchase Program	Program	Exp. Mar 31, 2025	Extended to Dec 31, 2026	Extended
Dividend	One-time	Announced $1.00/share (Jan 14)	Paid ~Feb 3, ~$53M total	Executed

Earnings Call Themes & Trends

Topic	Previous Mentions (Q3 2024)	Previous Mentions (Q4 2024)	Current Period (Q1 2025)	Trend
Interest rates/commercial softness	Higher-for-longer rates delaying rate-sensitive projects; oversupply of pumps; Q3 rain delays	Lingering high rates and increased commercial vacancy delaying projects	Persistent rate-driven commercial softness; Q2 expected slightly softer	Deteriorated near-term
Weather impacts	Historic rainfall in TX/SE; ~$6M project delays	Seasonal improvement hoped, but softness persisted	Historic freezing/wet weather reduced revenue by ~$5M in Q1	Persistently negative
Infrastructure demand	Growing; early IIJA momentum; UK infra resilient	Expect infra growth in FY25 (UK and US)	Slight revenue share growth; expect acceleration as funding converts to starts	Improving medium-term
Residential demand	Resilient at ~31% of mix	Resilient at ~32% TTM	Resilient at 33% TTM; regional strength (Mountain, TX)	Stable/positive
Pricing pressure/oversupply	Equipment oversaturation causing pricing pressure	Expect pressure in early FY25; easing with demand	Surplus equipment persists; pressure mainly in residential/light commercial	Easing later FY25
Utilization	~70% vs 80% target	~70%; capacity to improve with demand	Still ~70%; leverage fleet flexibility	Stable, potential improvement
Capital allocation	Debt reduction, buybacks, optional refinance	Guided for opportunistic refinance; buybacks ongoing	Refinanced notes; special dividend paid; buyback extended	Executed/positive
M&A pipeline	Accretive M&A optionality	Considering opportunities	“More focused on M&A now”; several opportunities under review	Positive optionality

Management Commentary

“Despite the challenges…we remained resilient…maintain strong Adjusted EBITDA margins despite the reduced volume” — Bruce Young, CEO .
“We successfully closed…$425 million…senior secured second lien notes…used to pay…existing notes…[and] a special dividend of $1 per share” — Iain Humphries, CFO .
“We now expect fiscal year revenue…$400–$420 million…Adjusted EBITDA…$105–$115 million…and free cash flow…approximately $60 million” — Iain Humphries, CFO .
“Our residential end market remained resilient…33% of total revenue on a trailing 12-month basis” — Bruce Young, CEO .
“There is still a surplus of equipment in the market…affecting residential and light commercial” — Bruce Young, CEO .

Q&A Highlights

Guidance reduction: revenue guide midpoint lowered by ~$25M; cadence still ~45/55 first half/second half; Q2 expected slightly softer due to February weather .
Weather comp: With ~$7M prior-year weather headwind, FY25 Q1 disruptions effectively more severe than planned — incremental impact vs expectations .
Net debt pro forma: Clarified that ~$340M net debt excludes the special dividend; add ~~$53M to reflect pro-forma net debt (~~$393M) .
Capex/FCF: Replacement capex targeted ~6–7% of revenue for FY25; flexibility from prior fleet investments supports ~$60M FCF guide .
Margin drivers: Variable cost structure (75–80% of COGS) with improved fuel, repair/maintenance, and labor efficiencies sustaining margins despite lower volume .
Pricing/utilization: Persistent equipment oversupply pressuring pricing; utilization ~70% with room to improve; pressure expected to ease as demand recovers .

Estimates Context

Metric (Q1 2025)	Consensus	Actual	# of Estimates	Outcome
Revenue ($USD Millions)	~$90.28*	$86.45	4*	MISS
Primary EPS ($USD)	~$0.01*	~$(0.035)* (Diluted $(0.06) )	3*	MISS
EBITDA ($USD Millions)	~$21.03*	$17.01	—	MISS

Note: Estimates marked with * are from S&P Global; Values retrieved from S&P Global. Primary EPS (SPGI) may differ from diluted EPS reported in filings.

Key Takeaways for Investors

Guidance cut and Q1 misses reflect prolonged rate-driven commercial softness and severe weather; expect continued near-term pressure into Q2 before back-half improvement .
Margin resilience amid revenue declines underscores variable cost control and disciplined fleet management; watch for utilization recovery from ~70% toward ~80% .
Eco-Pan’s secular growth and pricing momentum provide diversified earnings support; continued route density and share gains likely .
Capital allocation is shareholder-friendly (refinance, special dividend, extended buyback) while keeping leverage manageable at ~3.1x; pro-forma net debt rises with dividend but liquidity remains robust .
Equipment oversupply and pricing pressure should ease as demand normalizes; management expects residential resilience and infra tailwinds (IIJA, UK projects) to support FY25 H2 .
Near-term trading: cautious into Q2 on weather and commercial starts; potential positive inflection catalysts include infra awards conversion, utilization uptick, and M&A updates .
Estimate revisions: Street likely to lower FY25 revenue/EBITDA after guide reduction; monitor consensus drift and margin trajectory vs variable cost efficiencies .

Concrete Pumping Holdings, Inc. (BBCP)·Q1 2025 Earnings Summary