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GlobeNewswire

Published Nov 11, 2025

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VANCOUVER, British Columbia, Nov. 11, 2025 (GLOBE NEWSWIRE) — Finning International Inc. (TSX: FTT) (“Finning”, the “Company”, “we”, “our” or “us”) reported third quarter 2025 results today. All monetary amounts are in Canadian dollars unless otherwise stated and all financial information in this earnings release represents the results from continuing operations, unless otherwise noted.⁽¹⁾

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HIGHLIGHTS
All comparisons are to Q3 2024 results unless indicated otherwise.

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Q3 2025 revenue of $2.8 billion was up 14%, with growth in all regions.
Product support revenues increased 9% driven by strong mining sector activity.
New equipment sales increased 12% to over $1.0 billion, on strong power systems deliveries, while equipment backlog ⁽³⁾ was $2.9 billion at September 30, 2025 which included strong order intake in Canada.
Q3 2025 SG&A ⁽²⁾ margin ⁽³⁾ was 13.4%, a decrease of 290 basis points, reflecting higher revenues, strong cost control and savings from previously announced restructuring initiatives.
Q3 2025 EBIT ⁽²⁾ was $240 million, an increase of 25% from Q3 2024 Adjusted EBIT ⁽⁴⁾⁽⁵⁾. EBIT margin ⁽³⁾ was 8.5%, up 70 basis points from Q3 2024 Adjusted EBIT margin ⁽³⁾⁽⁵⁾. EBIT margin was 9.7% in South America, 8.7% in Canada, and 6.5% in the UK & Ireland.
Q3 2025 EPS ⁽²⁾ from continuing operations of $1.17 was up 33% from Q3 2024 Adjusted EPS ⁽³⁾⁽⁵⁾ of $0.88.
Q3 2025 Adjusted ROIC ⁽²⁾ from continuing operations ⁽³⁾⁽⁵⁾ was 19.3%. Q3 2025 free cash flow from continuing operations ⁽⁴⁾ was a use of $56 million, driven primarily by higher inventory to support increased activity levels.

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“Our strategy continues to produce excellent results, and we are proud of our employees’ commitment to consistent execution. These results reflect the strength and advantage of our diverse business – while the construction market continues to face challenges, demand in the mining and power systems sectors remains strong,” said Kevin Parkes, President and CEO.

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“Product support continued its steady growth to over $1.5 billion this quarter and new equipment revenue reached a quarterly record of over $1.0 billion. Invested capital turns from continuing operations ⁽³⁾ of 2.3 times was in line with last quarter, and SG&A costs declined reflecting the savings generated from previous restructuring actions, activities to simplify our business, and relentless focus on cost control. All these factors are contributing to a fundamentally improved earnings capacity and a more resilient business for the long-term.”

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“We will continue to maximize product support, drive full-cycle resilience and grow our used, rental and power businesses to improve our return on invested capital,” said Mr. Parkes.

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Q3 2025 FINANCIAL SUMMARY

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	3 months ended September 30
	% change
	2025		2024		fav⁽²⁾
($ millions, except per share amounts)			(Restated)		(unfav)⁽²⁾
New equipment	1,046		933			12	%
Used equipment	199		89			122	%
Equipment rental	79		76			5	%
Product support	1,517		1,388			9	%
Other	1		3			(53	)%
Revenue	2,842		2,489			14	%
Gross profit	616		583			6	%
Gross profit margin⁽³⁾	*21.7*	%	23.4	%
SG&A	(382	)	(404	)		6	%
SG&A margin	*(13.4*	)%	(16.3	)%
Equity earnings of joint ventures	6		—
Other expense	—		(19	)

EBIT	240		160			51	%
EBIT margin	*8.5*	%	6.4	%
Adjusted EBIT	240		193			25	%
Adjusted EBIT margin	*8.5*	%	7.8	%

Net income from continuing operations	154		96			60	%
EPS	1.17		0.69			68	%
Adjusted EPS	1.17		0.88			33	%
Free cash flow from continuing operations	(56	)	330			n/m⁽²⁾

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Q3 2025 EBIT by Operation

South

UK &

Finning

($ millions, except per share amounts)

Canada

America

Ireland

Other

Total

EPS

EBIT / EPS

117

109

(10

)

240

1.17

EBIT margin

8.7

9.7

6.5

n/m

8.5

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Q3 2024 EBIT by Operation			South		UK &				Finning
($ millions, except per share amounts)	Canada		America		Ireland		Other		Total		EPS
EBIT / EPS	61		101		16		(18	)	160		0.69
Severance costs	9		3		4		3		19		0.11
Estimated loss for a customer receivable	14		—		—		—		14		0.08
Adjusted EBIT / Adjusted EPS	84		104		20		(15	)	193		0.88
Adjusted EBIT margin	6.9	%	10.9	%	6.3	%	n/m		7.8	%

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QUARTERLY KEY PERFORMANCE MEASURES FROM CONTINUING OPERATIONS

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																		2023
		2025 (Restated)⁽¹⁾						2024 (Restated)^(1)(a)								(Restated)^(1)(a)(b)
		Q3		Q2		Q1		Q4		Q3		Q2		Q1		Q4		Q3
EBIT ($ millions)		240		203		205		212		160		220		195		168		246
Adjusted EBIT ($ millions)		240		215		205		212		193		220		195		223		246
EBIT margin
	Consolidated	8.5	%	7.8	%	8.4	%	8.4	%	6.4	%	8.5	%	8.5	%	7.2	%	10.2	%
	Canada	8.7	%	8.5	%	8.4	%	7.5	%	5.0	%	8.9	%	8.7	%	8.9	%	10.7	%
	South America	9.7	%	10.1	%	10.6	%	10.9	%	10.6	%	10.4	%	11.0	%	6.7	%	12.3	%
	UK & Ireland	6.5	%	5.2	%	4.7	%	5.8	%	4.9	%	4.6	%	4.5	%	1.8	%	5.9	%
Adjusted EBIT margin
	Consolidated	8.5	%	8.3	%	8.4	%	8.4	%	7.8	%	8.5	%	8.5	%	9.5	%	10.2	%
	Canada	8.7	%	9.4	%	8.4	%	7.5	%	6.9	%	8.9	%	8.7	%	9.4	%	10.7	%
	South America	9.7	%	10.1	%	10.6	%	10.9	%	10.9	%	10.4	%	11.0	%	12.6	%	12.3	%
	UK & Ireland	6.5	%	5.2	%	4.7	%	5.8	%	6.3	%	4.6	%	4.5	%	2.7	%	5.9	%
EPS		1.17		0.94		0.95		0.97		0.69		0.97		0.81		0.55		1.03
Adjusted EPS		1.17		1.01		0.95		0.97		0.88		0.97		0.81		0.92		1.03
Invested capital from
	continuing operations⁽⁴⁾ ($ millions)	4,876		4,580		4,333		4,275		4,495		4,683		4,843		4,473		4,592
Adjusted ROIC from continuing operations
	Consolidated	19.3	%	18.7	%	18.7	%	17.9	%	18.0	%	19.0	%	19.7	%	20.7	%	21.0	%
	Canada	17.6	%	16.3	%	15.9	%	15.4	%	15.9	%	17.7	%	18.5	%	20.1	%	21.4	%
	South America	24.6	%	25.9	%	26.3	%	25.9	%	26.5	%	26.5	%	27.4	%	27.6	%	27.6	%
	UK & Ireland	20.2	%	18.4	%	16.9	%	15.0	%	11.5	%	11.0	%	11.5	%	12.3	%	14.1	%
Invested capital turnover from
	continuing operations (times)	2.31		2.28		2.26		2.16		2.10		2.07		2.09		2.12		2.19
Inventory from continuing
	operations⁽⁴⁾ ($ millions)	3,145		3,066		2,908		2,638		2,873		2,963		3,064		2,832		2,902
Inventory turns from
	continuing operations ⁽³⁾ (times)	2.72		2.58		2.73		2.78		2.67		2.46		2.36		2.47		2.61
Working capital to sales from
	continuing operations⁽³⁾	26.4	%	26.4	%	26.6	%	28.2	%	29.0	%	29.5	%	29.0	%	28.3	%	27.2	%
Free cash flow from continuing operations ($ millions)		(56	)	(164	)	124		399		330		323		(224	)	260		2
Net debt to Adjusted EBITDA⁽²⁾ ratio from continuing operations⁽³⁾⁽⁵⁾ (times)		1.7		1.6		1.6		1.7		1.9		1.9		2.0		1.8		1.9

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_{^(a) Following a detailed review of our remanufacturing business in Canada, we determined that the correct classification of certain costs in SG&A should be cost of sales. Effective Q3 2024, the comparative figures for 2023 and Q1 2024 and Q2 2024 include an immaterial adjustment for a change in classification of certain expenses.}

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_{^(b) Comparative results for 2023 have been restated for our adoption of the amendments to IAS 1, Presentation of Financial Statements effective for the financial year beginning January 1, 2024.}

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Q3 2025 HIGHLIGHTS BY OPERATION
All comparisons are to Q3 2024 results unless indicated otherwise. All numbers, except ROIC from continuing operations, are in functional currency: Canada – Canadian dollar; South America – US dollar (USD); UK & Ireland – UK pound sterling (GBP). These variances and ratios for South America and UK & Ireland exclude the foreign currency translation impact from the CAD relative to the USD and GBP, respectively, and are therefore considered to be specified financial measures. We believe the variances and ratios in functional currency provide meaningful information about operational performance of the reporting segment.

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South America Operations

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Revenue increased 17%, higher across all lines of business except rental.
New equipment revenue was up 23%, driven by mining deliveries and included multiple data centre project deliveries in Chile. Used equipment was up 267% reflecting the sale of a large package of mining equipment in Chile.
Product support revenue was up 5%, driven by strong demand from mining customers in Chile.
EBIT was up 5% from Q3 2024 Adjusted EBIT. EBIT margin of 9.7% was down 120 basis points from Q3 2024 Adjusted EBIT margin, reflecting lower product support margins and a higher proportion of lower margin used mining equipment sales.

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Canada Operations

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Revenue increased 13%, higher across all lines of business.
New equipment sales were up slightly and used equipment was up 105%, primarily reflecting the conversion of a large package of mining equipment with rental purchase options.
Product support revenue was up 13%, primarily reflecting strong demand from mining customers.
EBIT increased 40% from Q3 2024 Adjusted EBIT. EBIT margin of 8.7% was up 180 basis points from Q3 2024 Adjusted EBIT margin, driven primarily by lower SG&A margin.

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UK & Ireland Operations

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Revenue increased 4%, primarily driven by an 11% increase in new equipment reflecting higher sales in construction.
Product support revenue decreased 3% due to lower machine utilization in construction, partially offset by steady power systems activity in the electric power and marine markets.
EBIT was up 9% from Q3 2024 Adjusted EBIT. EBIT margin of 6.5% was up 20 basis points from Q3 2024 Adjusted EBIT margin, driven primarily by higher new equipment margins and strong cost control.

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Corporate and Other Items

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EBIT loss for Corporate was $10 million, an improvement from a $15 million Adjusted EBIT loss in Q3 2024, driven by prior restructuring activities of headcount reduction and consolidation of corporate functions.
The Board of Directors has approved a quarterly dividend of $0.3025 per share, payable on December 11, 2025, to shareholders of record on November 27, 2025. This dividend will be considered an eligible dividend for Canadian income tax purposes.
In Q3 2025, we repurchased 1.2 million shares at an average cost of $59.45 per share, representing approximately 0.9% of our public float.

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MARKET UPDATE AND BUSINESS OUTLOOK

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The discussion of our expectations relating to the market and business outlook in this section is forward-looking information that is based upon the assumptions and subject to the material risks discussed under the heading “Forward-Looking Information Caution” at the end of this news release. Actual outcomes and results may vary significantly.

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Global Trade

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Ongoing tariff related announcements by the US, Canada and other countries globally has introduced a higher level of uncertainty, cost and complexity to operating for many businesses. To date, the direct impact of announced and implemented tariffs to Finning has been limited and largely centered on our Canadian operations. The indirect impact through reduced economic activity, changes to inflation as well as deferred, delayed or cancelled investment decisions across our customer base remains unknown and difficult to predict. We have not seen major shifts in customer purchasing decisions, major supply chain changes or changes in the competitive dynamics in the markets we serve as a result of the global tariff landscape, however we remain cautious given the evolution of announcements over the past year.

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South America Operations

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In Chile, our outlook is underpinned by growing global demand for copper, strong copper prices, capital deployment into large-scale brownfield expansions, and customer confidence to invest in brownfield and greenfield projects. We are seeing a broad-based level of quoting, tender, and award activity for mining equipment, product support, and technology solutions. While activity levels and outlook remain positive, we continue to expect some challenges in the labour market as the demand for skilled labour remains high.

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In the Chilean construction sector, we continue to see demand from large contractors supporting mining operations, and we expect infrastructure construction activity to remain steady. In the power systems sector, activity remains strong in the industrial and data centre markets, driving growing demand for electric power solutions.

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In Argentina, we continue to take a low-risk approach, while at the same time, we are positioning our business to capture opportunities, particularly in the oil & gas and mining sectors. The operating environment remains dynamic, and we continue to closely monitor the government’s new rules and policies, some of which are helping drive large-scale investment. The recent midterm election results and reduction of currency controls adds an element of optimism for improving activity levels.

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Canada Operations

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Our outlook for Western Canada remains mixed but is improving. We are encouraged by announcements regarding the potential to accelerate resource development and infrastructure project activity, but we remain cautious with respect to the timing and magnitude of such potential activity.

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We expect steady activity levels in our mining business as customers renew, maintain and rebuild aging equipment. In the power systems sector, activity remains steady in the oil and gas market, with longer term potential in the data centre market. Construction sector activity, including resource development and infrastructure project activity, is moderate.

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With a more uncertain market environment in the near term, we are focused on building our resilience by managing our cost and working capital. We are leveraging the structural changes and overhead reductions strategy demonstrated in our UK operations to continue driving productivity improvements.

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UK & Ireland Operations

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With low GDP⁽¹⁾ growth projected in the UK to continue, we expect demand in the construction sector to remain soft. We expect a growing contribution from power systems as we continue to execute our strategy. In power systems, quoting activity remains strong, driven by healthy demand for primary and backup power generation, particularly in the data centre market. We expect our product support business in the UK & Ireland to remain stable.

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Labour Relations and Capital Expenditures Update

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We are pleased to announce the conclusion of negotiations with several of our largest unions in each of our regions. These successful negotiations derisk our near-term operations and allow us to continue to focus on growing product support revenues. We expect to see the impact of these negotiations reflected in our capital expenditures in Q4 2025. We also continue to hire technicians across our regions to meet increased customer demand.

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We will continue to invest strategically in our core dealership to support future sustainable growth opportunities, including rental, used and power.

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To access Finning’s complete Q3 2025 results, please visit our website at https://www.finning.com/en_CA/company/investors.html

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Q3 2025 INVESTOR CALL

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We will hold an investor call on November 12, 2025 at 10:00 am Eastern Time. Dial-in numbers: 1-833-752-3398 (Canada and US toll free), 1-647-846-2852 (international toll). The investor call will be webcast live and archived for three months. The webcast and accompanying presentation can be accessed at https://www.finning.com/en_CA/company/investors.html

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ABOUT FINNING

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Finning is the world’s largest Caterpillar dealer, delivering unrivalled service to customers for over 90 years. Headquartered in Surrey, British Columbia, we provide Caterpillar equipment, parts, services, and performance solutions in Western Canada, Chile, Argentina, Bolivia, the United Kingdom, and Ireland.

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CONTACT INFORMATION

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Neil McCann
VP Finance, Capital Markets and Corporate Development
Email: FinningIR@finning.com
https://www.finning.com

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Description of Specified Financial Measures and Reconciliations

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Specified Financial Measures

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We believe that certain specified financial measures, including non-GAAP⁽¹⁾ financial measures, provide users of our Earnings Release with important information regarding the operational performance and related trends of our business. The specified financial measures we use do not have any standardized meaning prescribed by GAAP and therefore may not be comparable to similar measures presented by other issuers. Accordingly, specified financial measures should not be considered as a substitute or alternative for financial measures determined in accordance with GAAP (GAAP financial measures). By considering these specified financial measures in combination with the comparable GAAP financial measures (where available) we believe that users are provided a better overall understanding of our business and financial performance during the relevant period than if they simply considered the GAAP financial measures alone.

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We use KPIs to consistently measure performance against our priorities across the organization. Some of our KPIs are specified financial measures.

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There may be significant items that we do not consider indicative of our operational and financial trends, either by nature or amount. We exclude these items when evaluating our operating financial performance. These items may not be non-recurring, but we believe that excluding these significant items from GAAP financial measures provides a better understanding of our financial performance when considered in conjunction with the GAAP financial measures. Financial measures that have been adjusted to take these significant items into account are referred to as “Adjusted” measures. Adjusted measures are specified financial measures and are intended to provide additional information to readers of the Earnings Release.

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Descriptions and components of the specified financial measures we use in this Earnings Release are set out below. Where applicable, quantitative reconciliations from certain specified financial measures to their most directly comparable GAAP financial measures (specified, defined, or determined under GAAP and used in our consolidated financial statements) are also set out below.

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Adjusted EPS

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Adjusted EPS excludes the after-tax per share impact of significant items that we do not consider to be indicative of operational and financial trends either by nature or amount to provide a better overall understanding of our underlying business performance. The tax impact of each significant item is calculated by applying the relevant applicable tax rate for the jurisdiction in which the significant item occurred. The after-tax per share impact of significant items is calculated by dividing the after-tax amount of significant items by the weighted average number of common shares outstanding during the period.

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A reconciliation between EPS (the most directly comparable GAAP financial measure) and Adjusted EPS can be found on page 10 of this Earnings Release.

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Adjusted EBIT and Adjusted EBITDA

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Adjusted EBIT and Adjusted EBITDA exclude items that we do not consider to be indicative of operational and financial trends, either by nature or amount, to provide a better overall understanding of our underlying business performance.

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Adjusted EBITDA is calculated by adding depreciation and amortization to Adjusted EBIT.

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The most directly comparable GAAP financial measure to Adjusted EBITDA and Adjusted EBIT is EBIT.

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Significant items identified by management that affected our results from continuing operations were as follows:

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In Q2 2025, we recorded severance costs for headcount reductions related to consolidation efforts and changes to our organizational structure focused on non-revenue generating positions, primarily in selected back office and technology roles.
In Q3 2024, we recorded severance costs related to the headcount reductions and consolidation efforts focused on non-revenue generating positions, including selected technology and supply chain roles as well as some financial support functions as we simplify our business activities in each of our operations.
In Q3 2024, our Canadian operations recorded an estimated loss for receivables from Victoria Gold, a mining customer that was placed into receivership following a landslide at its mine.
On December 13, 2023, the then newly-elected Argentine government devalued the ARS⁽¹⁾ official exchange rate by 118% from 366.5 ARS to 800 ARS for USD 1. As a result of prolonged government currency restrictions, including no material access to USD starting in late August 2023, our ARS exposure increased and during this period economic hedges were not available. As a result of the growth in our ARS exposure and the significant devaluation of the ARS in the fourth quarter, our South American operations incurred a foreign exchange loss of $56 million which exceeds the typical foreign exchange impact in the region.
We began to implement our invested capital improvement plan as outlined at our 2023 Investor Day, which targets selling and optimizing real estate and exiting low-ROIC activities. In Q4 2023:
- our South American operations sold a property in Chile and recorded a gain of $13 million on the sale; and
- following an evaluation of the business needs of our operations and related intangible assets, several software and technology assets had been or were planned to be decommissioned, and as a result, we derecognized previously capitalized costs of $12 million.
In Q1 2023, we executed various transactions to simplify and adjust our organizational structure. We wound up two wholly-owned subsidiaries, recapitalized and repatriated $170 million of profits from our South American operations, and incurred severance costs in each region as we reduced corporate overhead costs and simplified our operating model. As a result of these activities, our Q1 2023 financial results were impacted by significant items that we do not consider indicative of operational and financial trends:
- net foreign currency translation gain and income tax expense were reclassified to net income on the wind up of foreign subsidiaries;
- withholding tax payable related to the repatriation of profits; and
- severance costs incurred in all our operations.

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A reconciliation from EBIT to Adjusted EBIT and Adjusted EBITDA for our consolidated operations is as follows:

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																2022
3 months ended			2025 (Restated)			2024 (Restated)				2023 (Restated)						(Restated)
($ millions)			Sep 30	Jun 30	Mar 31	Dec 31	Sep 30	Jun 30	Mar 31	Dec 31		Sep 30	Jun 30	Mar 31			Dec 31
EBIT⁽¹⁾			240	203	205	212	160	220	195	168		246	235	233			206
Significant items:
	Severance costs		—	12	—	—	19	—	—	—		—	—	18			—
	Estimated loss for a customer receivable		—	—	—	—	14	—	—	—		—	—	—			—
	Foreign exchange and tax
		impact of devaluation of ARS	—	—	—	—	—	—	—	56		—	—	—			—
	Gain on sale of property, plant,
		and equipment	—	—	—	—	—	—	—	(13	)	—	—	—			—
	Write-off of intangible assets		—	—	—	—	—	—	—	12		—	—	—			—
	Gain on wind up of foreign subsidiaries		—	—	—	—	—	—	—	—		—	—	(41	)		—
Adjusted EBIT⁽¹⁾			240	215	205	212	193	220	195	223		246	235	210			206
Depreciation and amortization⁽¹⁾			95	95	90	86	91	89	90	90		86	86	84			79
Adjusted EBITDA⁽¹⁾⁽⁴⁾⁽⁵⁾			335	310	295	298	284	309	285	313		332	321	294			285

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The income tax impact of the significant items was as follows:

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3 months ended		2025				2024					2023
($ millions)		Sep 30	Jun 30		Mar 31	Dec 31	Sep 30		Jun 30	Mar 31	Dec 31		Sep 30
Significant items:
	Severance costs	—	(3	)	—	—	(4	)	—	—	—		—
	Estimated loss for a customer receivable	—	—		—	—	(4	)	—	—	—		—
	Foreign exchange and tax impact of devaluation of ARS	—	—		—	—	—		—	—	(3	)	—
	Gain on sale of property, plant, and equipment	—	—		—	—	—		—	—	4		—
	Write-off of intangible assets	—	—		—	—	—		—	—	(3	)	—
(Recovery of) provision for taxes on the significant items		—	(3	)	—	—	(8	)	—	—	(2	)	—

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A reconciliation from EPS to Adjusted EPS for our consolidated operations is as follows:

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3 months ended		2025 (Restated)			2024 (Restated)				2023 (Restated)
($)		Sep 30	Jun 30	Mar 31	Dec 31	Sep 30	Jun 30	Mar 31	Dec 31		Sep 30
EPS^(1)(a)		1.17	0.94	0.95	0.97	0.69	0.97	0.81	0.55		1.03
Significant items:
	Severance costs	—	0.07	—	—	0.11	—	—	—		—
	Estimated loss for a customer receivable	—	—	—	—	0.08	—	—	—		—
	Foreign exchange and tax impact of devaluation of ARS	—	—	—	—	—	—	—	0.37		—
	Gain on sale of property, plant, and equipment	—	—	—	—	—	—	—	(0.06	)	—
	Write-off of intangible assets	—	—	—	—	—	—	—	0.06		—
Adjusted EPS^(1)(a)		1.17	1.01	0.95	0.97	0.88	0.97	0.81	0.92		1.03

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A reconciliation from EBIT to Adjusted EBIT for our Canadian operations is as follows:

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													2022
3 months ended		2025 (Restated)			2024 (Restated)				2023 (Restated)				(Restated)
($ millions)		Sep 30	Jun 30	Mar 31	Dec 31	Sep 30	Jun 30	Mar 31	Dec 31	Sep 30	Jun 30	Mar 31	Dec 31
EBIT⁽¹⁾		117	114	101	90	61	123	105	108	131	129	120	120
Significant items:
	Severance costs	—	11	—	—	9	—	—	—	—	—	4	—
	Estimated loss for a customer receivable	—	—	—	—	14	—	—	—	—	—	—	—
	Write-off of intangible assets	—	—	—	—	—	—	—	5	—	—	—	—
Adjusted EBIT⁽¹⁾		117	125	101	90	84	123	105	113	131	129	124	120