(All amounts in release are in Canadian dollars)
OTTAWA, February 12, 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 first quarter ended December 31, 2025.
“Building on last quarter’s momentum, we opened the year strong with revenue up 12%, including 6% organic growth,” said Patrick Houston, Calian CEO. “Growth was fueled by sustained demand in Defence & Space and the impact from recent acquisitions. Adjusted EBITDA1 increased by 28%, significantly outpacing revenue growth, reflecting stronger margins, as well as the successful execution of cost optimization initiatives implemented at the end of last year.
As we look ahead, our more focused operating model paired with $1.4 billion in backlog, a strong acquisition pipeline, and solid balance sheet provide a powerful foundation for continued success. Market tailwinds in our core markets positions us to deliver another year of strong performance and create lasting value for our shareholders.”
Q1-26 Highlights2:
- Revenue up 12% to $208 million, including 6% from organic and 6% from acquisitions
- Gross margin at 34.1%, up from 31.8%
- Adjusted EBITDA1 up 28% to $23 million (margin of 11.0%)
- Operating free cash flow1 of $16 million, representing a conversion of 69%
- New contract signings of $171 million and ending backlog of $1.4 billion
- Completed the acquisition of Canadian-based InField Scientific
- Awarded a contract by a leading global space technology company
- After quarter end, Calian announced it will mobilize investment to accelerate Canada’s C5ISRT defence capabilities
| Financial Highlights | Three months ended December 31, | |||||
|---|---|---|---|---|---|---|
| (in millions of $, except per share & margins) | ||||||
| 2025 | 2024 | % | ||||
| Revenue | 208.0 | 185.0 | 12 % | |||
| Adjusted EBITDA1 | 22.8 | 17.8 | 28 % | |||
| Adjusted EBITDA %1 | 11.0 % | 9.6 % | 140bps | |||
| Adjusted Net Profit1 | 11.8 | 8.4 | 40 % | |||
| Adjusted EPS Diluted1 | 1.03 | 0.71 | 46 % | |||
| Operating Free Cash Flow1 | 15.8 | 13.1 | 21 % | |||
2 Highlights are compared to the three-month period ended December 31, 2024.
Access the full report on the Calian Financials web page.
Register for the conference call on Thursday, February 12, 2026, 8:30 a.m. Eastern Time.
First Quarter Results
Revenues increased 12%, from $185 million to $208 million. This represents a record high quarterly revenue for the Company. Acquisitive growth was 6% and was generated by the acquisitions of Advanced Medical Solutions completed in May 2025 and Infield Scientific closed in October 2025. Organic growth was 6% and was generated by our defence solutions and to a lesser extent from our Essential Industries segment.
Gross profit increased 20.6% to $71 million, driven by revenue growth, changes in revenue mix and contributions from acquisitions. Gross margin stood at 34.1%, up from 31.8% last year. Similarly, adjusted EBITDA1 increased 28% to $23 million, driven by revenue growth, product mix, increased margins and cost optimization initiatives. As a result, adjusted EBITDA1 margin finished at 11.0%, up from 9.6% last year.
Net profit was $5.1 million, or $0.44 per diluted share, from a loss of $1.0 million, or $(0.08) per diluted share last year. The increase is primarily related to higher adjusted EBITDA1 and lower mergers and acquisition costs, offset by higher taxes and interest charges. Adjusted net profit1 was $11.8 million, or $1.03 per diluted share, up from $8.4 million, or $0.71 per diluted share, last year.
Liquidity and Capital Resources
“In the first quarter, we generated $16 million of operating free cash flow1. We used our cash and a portion of our credit facility to fund capital expenditures of $2 million, acquisitions and earnouts for $18 million and provide a return in shareholders through dividends of $3 million. We ended the quarter with a net debt to adjusted EBITDA1 ratio of 1.2x, preserving significant financial flexibility to fund our growth strategy,” concluded Mr. Houston.
Calian Mobilizes Investment to accelerate Canada’s C5ISRT Defence
January 26, 2026, Calian announced a strategic initiative to help accelerate the development and deployment of sovereign C5ISRT capabilities through Calian VENTURES (VENTURES), Canada’s defence innovation orchestrator. As Canada places increasing priority on sovereign defence capability, operational readiness and long-term resilience, Calian will advance technology collaboration and mobilize funding to accelerate capability development across Canada. Funding will be drawn from multiple sources, including capital investment from VENTURES, co-development of new intellectual property from Calian alongside multiple Canadian small to mid-size enterprise (SMEs), contributions from regional investment agencies, and federal programs.
Awarded Contract to Deliver QV Band Gateways for Two Geostationary Satellites
On November 24, 2025, Calian announced it has been awarded a contract by a leading global space technology company for the design and manufacturing of four Ka/Q/V-band RF gateway ground stations to support the roll-out of services for two state-of-the-art geostationary satellites.
The gateways will form the critical ground infrastructure linking the new satellites to terrestrial networks, enabling reliable, secure, high-capacity government communications across a wide geographical area that includes Africa, Europe, and Asia. In support of delivering on the contract, Calian will deliver four 10-metre Ka/Q/V-band gateway antennas along with the radio frequency equipment, and monitoring and control systems in the middle east. Once complete, the satellites will deliver next-generation, sovereign connectivity for secure government communications.
Completed the Acquisition of Canadian-based InField Scientific
On October 2, 2025, Calian announced the acquisition of InField Scientific Inc., a Quebec-based engineering company internationally recognized in electromagnetic environmental effects (E3). This small, strategic acquisition expands Calian’s defence portfolio enabling the company to deliver end-to-end electromagnetic solutions to expand into new markets, strengthen defence customer impact and support future growth.
Quarterly Dividend
On February 11, 2026, Calian declared a quarterly dividend of $0.28 per share. The dividend is payable March 11, 2026, to shareholders of record as of February 25, 2026. Dividends paid by the Company are considered “eligible dividend” for tax purposes.
About Calian
For over 40 years, Calian has delivered mission-critical solutions when failure is not an option. Trusted worldwide, we empower organizations in critical industries to overcome obstacles, manage risks and drive progress. By combining the expertise of our people, proven industry insight, cutting-edge technology, bold innovation and global reach, we deliver tailored solutions that solve complex challenges. Headquartered in Ottawa, Canada, with over 6,000 people around the world, Calian’s solutions protect lives, strengthen security, foster global connectivity and drive economic progress, making a lasting impact where and when it matters most.
Product or service names mentioned herein may be the trademarks of their respective owners.
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DISCLAIMER
Certain information included in this press release is forward-looking and is subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Such statements are generally accompanied by words such as “intend”, “anticipate”, “believe”, “estimate”, “expect” or similar statements. Factors which could cause results or events to differ from current expectations include, among other things: the impact of price competition; scarce number of qualified professionals; the impact of rapid technological and market change; loss of business or credit risk with major customers; technical risks on fixed price projects; general industry and market conditions and growth rates; international growth and global economic conditions, and including currency exchange rate fluctuations; and the impact of consolidations in the business services industry. For additional information with respect to certain of these and other factors, please see the Company’s most recent annual report and other reports filed by Calian with the Ontario Securities Commission. Calian disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No assurance can be given that actual results, performance or achievement expressed in, or implied by, forward-looking statements within this disclosure will occur, or if they do, that any benefits may be derived from them.
Calian · Head Office · 770 Palladium Drive · Ottawa · Ontario · Canada · K2V 1C8
Tel: 613.599.8600 · Fax: 613-592-3664 · General info email: [email protected]
