(All amounts in release are in Canadian dollars)
OTTAWA, August 13, 2026 – Calian Group Ltd. (TSX:CGY), a mission critical solutions company focused on defence, space, healthcare and other strategic critical infrastructure sectors, today released its results for the third quarter ended June 30, 2026.
“Our third quarter results are a clear demonstration that our renewed and focused strategy on mission-critical solutions is delivering,” said Patrick Houston, Calian CEO. “Revenue grew 20%, including 16% organic growth, underpinned primarily by strong and sustained demand for our space and defence offerings. This top-line performance carried through to the bottom line with adjusted EBITDA1 expanding 35%, significantly outpacing revenue growth once again.
Looking ahead, our strategy is clearly in action. With $660 million in contract signings year-to-date, a landmark 15-year extension of our UK defence contract, and a purchase agreement for Galaxy Broadband, we are deliberately sharpening our focus on core growth markets and building a stronger, more focused business,” concluded Patrick Houston.
Q3-26 Highlights2:
- Revenue up 20% to $230 million, including 16% from organic and 4% from acquisitions
- Adjusted EBITDA1 up 35% to $26 million (margin of 11.1% versus 9.9% last year)
- Operating free cash flow1 of $18 million, representing a conversion of 69%
- New contract signings of $168 million
- Ending backlog of $1.4 billion, including one billion in defence
- On June 25, 2026 Calian entered definitive agreement to acquire Galaxy Broadband
- On August 11, 2026, Calian secured a 15-year British Army Training Agreement valued at $296 million
| Financial Highlights | Three months ended June 30, | Nine months ended June 30, | ||||||
|---|---|---|---|---|---|---|---|---|
| (in millions of $, except per share & margins) | ||||||||
| 2026 | 20252 | % | 2026 | 20252 | % | |||
| Revenue | 230.4 | 192.2 | 20 % | 667.1 | 570.9 | 17 % | ||
| Adjusted EBITDA1 | 25.6 | 19.0 | 35 % | 76.3 | 54.2 | 41 % | ||
| Adjusted EBITDA %1 | 11.1 % | 9.9 % | 120 bps | 11.4 % | 9.5 % | 190 bps | ||
| Adjusted Net Profit1 | 12.9 | 9.2 | 40 % | 39.8 | 26.8 | 48 % | ||
| Adjusted EPS Diluted1 | 1.10 | 0.79 | 39 % | 3.42 | 2.27 | 51 % | ||
| Operating Free Cash Flow1 | 17.5 | 12.0 | 46 % | 54.8 | 34.8 | 57 % | ||
2 Highlights are compared to the three-month and nine-month periods ended June 30, 2026.
Access the full report on the Calian Financials web page.
Register for the conference call on Thursday, August 13, 2026, 8:30 a.m. Eastern Time.
Third Quarter Results
Revenues increased 20%, from $192 million to $230 million. This represents a record high quarterly revenue for the Company. Acquisitive growth was 4% and was generated by the acquisitions of Advanced Medical Solutions completed in May 2025 and Infield Scientific closed in October 2025. Organic growth was 16% with contributions from both the Defence & Space and Essential Industries segments.
Gross profit increased 17% to $78 million, driven by revenue growth, changes in revenue mix and contributions from acquisitions. Adjusted EBITDA1 increased 35% to $26 million, driven by the increased revenue leading to higher margins. As a result, adjusted EBITDA1 margin increased to 11.1%, up from 9.9% last year.
Net profit was $5.9 million, or $0.51 per diluted share, compared to $0.6 million, or $0.05 per diluted share last year. The increase in profitability is primarily related to higher adjusted EBITDA1, partially offset by higher interest expenses and taxes. Adjusted net profit1 stood at $12.9 million, or $1.10 per diluted share, up from $9.2 million, or $0.79 per diluted share, last year.
“The momentum we’re seeing in our business is truly exciting. Year-to-date, we’ve grown revenue by 17%, with 11% of that coming from organic growth, a testament to the strength of our core operations. Perhaps most striking is that our adjusted EBITDA1 has already reached $76 million, nearly matching our full-year adjusted EBITDA1 from last year, and we still have runway ahead of us. We are on pace to deliver a record year, and I couldn’t be more proud of what this team has accomplished,” said Will Majic, Calian Acting CFO.
Liquidity and Capital Resources
“In the third quarter, we generated $18 million of operating free cash flow1, representing a conversion rate from adjusted EBITDA1 of 69%,” said Will Majic, Calian Acting CFO. “We used our cash on hand mainly to fund capital expenditures of $3 million and provide a return to shareholders through dividends of $3 million. We ended the quarter with a net debt to adjusted EBITDA1 ratio of 0.9x, providing us with flexibility to act decisively on near-term opportunities.”
Calian UK Secures CAD$296 Million, 15-year British Army Training Agreement
On August 11, 2026, Calian announced that its UK subsidiary, Calian UK, has secured a 15-year agreement with Raytheon UK, the consortium lead for Omnia Training, to support the British Army’s Collective Training Service (ACTS) programme. The agreement, set to start in October 2026 following the conclusion of the current Project NUMIDIAN contract, provides approximately CAD$296 million (£159 million) in contracted base revenue over 15 years, extending one of Calian’s largest defence training programs. In addition, it strengthens the company’s long-term position supporting allied military readiness across the UK and Europe.
Calian Enters Definitive Agreement to Acquire Galaxy Broadband
On June 25, 2026, Calian announced that it entered into a definitive purchase agreement with Crown Capital Partners Inc. to acquire Galaxy Broadband Communications, a Canadian leader in satellite communications and remote connectivity solutions. Under the terms of the agreement, Calian will acquire Galaxy for $24 million in upfront consideration, with additional earnout consideration of $27.5 million conditional on performance over the next three years. The transaction is expected to close in Calian’s fourth quarter, subject to customary closing conditions, applicable regulatory approvals and the approval of Crown’s debenture holders. There can be no assurance that the transaction will be completed on the terms described herein, or at all.
Normal Course Issuer Bid
On August 26, 2025, the TSX accepted Calian’s Notice of Intention to make a normal course issuer bid (“NCIB”) to purchase for cancellation up to 796,283 common shares during the 12-month period commencing September 1, 2025 and ended August 31, 2026, representing approximately 10% of the public float of its common shares as at August 15, 2025. No repurchases occurred in the three-month and nine-month periods ended June 30, 2026.
The Company intends to renew its NCIB in September 2026, subject to TSX approval.
Quarterly Dividend
On August 12, 2026, Calian declared a quarterly dividend of $0.28 per share. The dividend is payable September 9, 2026, to shareholders of record as of August 26, 2026. Dividends paid by the Company are considered “eligible dividend” for tax purposes.