GDI Integrated Facility Services Inc. Releases its Financial Results for the Third Quarter Ended September 30, 2025

• Q3 2025 revenue of $615 million, a decrease of $25 million, or 4%, over Q3 2024.
• Q3 2025 Adjusted EBITDA* of $38 million, representing an Adjusted EBITDA* margin of 6%, compared to $39 million and 6% in Q3 2024.
• Q3 2025 net income of $14 million or $0.58 per share compared with net income of $7 million or $0.28 per share in Q3 2024.
• Q3 2025 decrease in long-term debt, net of cash*, of $26 million.

LASALLE, QC, Nov. 5, 2025 /CNW/ - GDI Integrated Facility Services Inc. ("GDI" or the "Company") (TSX: GDI) is pleased to announce its financial results for the third quarter ended September 30, 2025.

Financial Highlights

For the third quarter of 2025:

• Revenue reached $615 million, a decrease of $25 million, or 4%, over the third quarter of 2024 mainly attributable to an organic decline of 2% primarily due to lower revenue in the Business Service USA segment, and 2% from the business disposal in the prior year.
• Adjusted EBITDA* amounted to $38 million, representing an Adjusted EBITDA* margin of 6% compared to $39 million and 6% in Q3 2024.
• Net income was $14 million or $0.58 per share compared to $7 million or $0.28 per share in Q3 2024. The increase is mainly due to higher operating income of $3 million and to the $5 million gain on disposal of an asset held for sale recorded in the quarter, while the lower net finance expense was offset by higher income tax expense.
• Q3 2025 decrease in long-term debt, net of cash*, of $26 million. The reduction is partially attributable to the disposal of an asset held for sale for proceeds of $8 million, and $11 million generated from a reduction in net operating working capital*.

The terms "Adjusted EBITDA", "Adjusted EBITDA Margin", Long-term debt, net of cash, and net operating working capital do not have standardized definitions prescribed by International Financial Reporting Standards and therefore, may not be comparable to similar measures presented by other companies. "Adjusted EBITDA" is defined as operating income before depreciation and amortization, transaction, reorganization and other costs, share-based compensation and strategic information technology projects configuration and customization costs. The Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by revenues. For more details and for a reconciliation of that measure to the most directly comparable IFRS measure, consult the "Operating and Financial Results" section of the Company's Management Discussion & Analysis ("MD&A"). Long-term debt, net of cash, and net operating working capital details and calculation is descripted in the section "consolidated financial position" of the MD&A.

For the third quarters of 2025 and 2024, the business segments performed as follows:

(in millions of Canadian dollars)	Business Services Canada		Business Services USA		Technical Services^(1)		Corporate and Other^(1)		Consolidated
	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024
Revenue	144	145	198	222	270	269	3	4	615	640
Organic Growth (Decline)	(1 %)	(1 %)	(12 %)	(1 %)	4 %	(6 %)	(25 %)	27 %	(2 %)	(2 %)
Adjusted EBITDA^*	10	11	13	14	19	18	(4)	(4)	38	39
Adjusted EBITDA Margin^*	7 %	8 %	7 %	6 %	7 %	7 %	N/A	N/A	6 %	6 %

Note:

The 2024 results were recast to reflect i) the transfer of the Integrated Facility Services business from Corporate and Other to Technical Services since January 1, 2025; and ii) the allocation of corporate technology costs, moving some from the Corporate and Other segment to the operating Business Segments.

For the nine-month period ended September 30, 2025:

• Revenue reached $1.84 billion, a decrease of $82 million, or 4%, over the corresponding period of 2024, comprised of 4% organic decline and 1% decrease from acquisitions and disposals, partially offset by 1% growth attributable to the currency translation.
• Adjusted EBITDA* amounted to $105 million, an increase of $5 million, or 5%, over the corresponding period of 2024.
• Net income was $19 million or $0.80 per share compared to $9 million or $0.37 per share over the corresponding period of 2024. The increase is mainly due to higher operating income of $17 million mainly attributable to the increase in Adjusted EBITDA*, to the decrease in amortization and depreciation expense and a gain of $5 million for the disposal of an asset held for sale. The prior corresponding period included additional amortization expense due to the significant reduction of an important customer contract. The increase in 2025 was partially offset by higher net finance expense of $5 million.

For the first three quarters of 2025 and 2024, the business segments performed as follows:

(in millions of Canadian dollars)	Business Services Canada		Business Services USA		Technical Services^(1)		Corporate and Other^(1)		Consolidated
	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024
Revenue	438	435	619	668	768	793	16	27	1,841	1,923
Organic Growth (Decline)	1 %	1 %	(12 %)	3 %	(1 %)	(4 %)	(12 %)	14 %	(4 %)	0 %
Adjusted EBITDA^* (2)	31	31	41	41	45	36	(12)	(8)	105	100
Adjusted EBITDA Margin^*	7 %	7 %	7 %	6 %	6 %	5 %	N/A	N/A	6 %	5 %

Note:

The 2024 results were recast to reflect i) the transfer of the Integrated Facility Services business from Corporate and Other to Technical Services since January 1, 2025 and ii) the allocation of corporate technology costs, moving some from the Corporate and Other segment to the operating Business Segments

Financial results for the third quarter 2025

GDI's Business Services Canada segment recorded $144 million in revenue while generating $10 million in Adjusted EBITDA^*, representing an Adjusted EBITDA margin^* of 7%. GDI's Business Services USA segment recorded revenue of $198 million and Adjusted EBITDA^* of $13 million, representing an Adjusted EBITDA margin^* of 7%. Business Services USA organic decline in Q3 reflects the paring down of low margin accounts from our Atalian acquisition which was carried out through the course of fiscal 2024 as well as the loss of the remaining 20% of the large client lost during Q1 fiscal 2024. In addition, revenue generated by one customer fluctuated based on the volume of recurring project work, which was lower in the third quarter of 2025.

The Technical Services segment recorded revenue of $270 million and Adjusted EBITDA^* of $19 million, up by $1 million compared to Q3 2024, representing an Adjusted EBITDA margin^* of 7% compared to 7% in Q3 2024, mainly attributable to higher margins in project revenues compared to previous year.

GDI's Corporate and Other segment recorded revenue of $3 million and negative Adjusted EBITDA* of $4 million in Q3 2025 compared to $4 million of revenue and negative $4 million in Adjusted EBITDA* in Q3 2024.

"I am relatively pleased with how our business is performing in the face of headwinds in the commercial real estate sector," stated Claude Bigras, President & CEO of GDI. "As we announced last quarter, the commercial real estate sector in Canada and to a lesser degree in the United States is under pressure due to economic uncertainty. Our Business Services Canada segment performed well in the face of this, with a slight organic revenue decline while generating a satisfactory 7% Adjusted EBITDA margin. Our Business Services USA segment experienced an organic revenue decline due to previously announced client losses and a lower level of recurring project work from a large client. Despite that, our continued focus on profitability led to an increase in adjusted EBITDA margin in the segment in the quarter as compared to Q3 last year. Our Technical Services segment had another record quarter, with $19 million of adjusted EBITDA representing an EBITDA margin of 7% as we continue to benefit from higher margins in our project backlog, and the backlog remains near all-time highs."

"I am convinced that we are weathering the storm well," continued Mr. Bigras. "While revenue churn has increased in Canada due to the economic uncertainty, we remain focussed on working with clients to identify operating efficiencies at their facilities while also seeking efficiencies within GDI's cost structure, all with the ultimate goal to preserve our margins. Our Business Services USA segment is going through a temporary client realignment which should be completed by the first half of next year. Moreover, we're seeing exceptional execution across our Technical Services group. We have been using free cash flow to reduce our long-term debt, net of cash, which now sits $44 million below F2024 year end, and our leverage ratio is currently sitting in the low range of our comfort zone which positions us well to continue to focus on our growth through acquisition strategy. We are focused on creating value over the long term at GDI and remain confident in our ability to do so," concluded Mr. Bigras.

ABOUT GDI

GDI is a leading integrated commercial facility services provider which offers a range of services in Canada and the United States to owners and managers of a variety of facility types including office buildings, educational facilities, distribution centers, industrial facilities, healthcare establishments, stadiums and event venues, hotels, shopping centres, airports and other transportation facilities. GDI's commercial facility services capabilities include commercial janitorial and building maintenance, energy advisory and system optimization, the installation, maintenance and repair of HVAC-R, mechanical, electrical and building automation systems, as well as other complementary services such as janitorial products manufacturing and distribution. GDI's subordinate voting shares are listed on the Toronto Stock Exchange (TSX: GDI). Additional information on GDI can be found on its website at www.gdi.com.   

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements in this press release may constitute forward-looking information within the meaning of securities laws. Forward looking information may relate to GDI's future outlook and anticipated events, business, operations, financial performance, financial condition or results and, in some cases, can be identified by terminology such as "may"; "will"; "should"; "expect"; "plan"; "anticipate"; "believe"; "intend"; "estimate"; "predict"; "potential"; "continue"; "foresee"; "ensure" or other similar expressions concerning matters that are not historical facts. In particular, statements regarding GDI's future operating results and economic performance, and its objectives and strategies are forward-looking statements. These statements are based on certain factors and assumptions including expected growth, results of operations, performance and business prospects and opportunities, which GDI believes are reasonable as of the current date. While management considers these assumptions to be reasonable based on information currently available to the Company, they may prove to be incorrect. It is impossible for GDI to predict with certainty the impact that the current economic uncertainties may have on future results. Forward-looking information is also subject to certain factors, including risks and uncertainties (described in the "Risk Factors" section) that could cause actual results to differ materially from what GDI currently expects. Namely, these factors include risks pertaining to unsuccessful implementation of the business strategy, changes to business structure, inherent operating risks from acquisition activity, failure to integrate an acquired company, decline in commercial real estate occupancy levels, increase in costs which cannot be passed on to customers, labour shortages, disruption in information technology systems and execution issues with Strategic IT projects, increases in interest rates, exchange rate fluctuations, deterioration in economic conditions, Government Policies on International trade and Investment, including sanctions and actions in respect to global trade, tariffs, and trade agreement, increase in competition, influence of the principal shareholders, loss of key or long-term customers, public procurement laws and regulations, legal proceedings, reputational damage, labour disputes, disputes with franchisees, environmental, social and governance ("ESG") considerations, goodwill and long-lived assets impairment charges, tax matters, key employees, participation in multi-employer pension plans, legislation or other governmental action, cybersecurity, data confidentiality and data protection, and public perception of our environmental footprint, many of which are beyond the Company's control. Therefore, future events and results may vary significantly from what management currently foresees. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While management may elect to, the Company is under no obligation and does not undertake to update or alter this information at any particular time, except as may be required by law.

Analyst Conference Call:	November 6, 2025 at 9:00 A.M. (ET)
	Kindly note that Investors and Media representatives may attend as listeners only.
	Please use the following dial-in numbers to have access to the conference call by dialing 10 minutes before the beginning of the conference:
	North America Toll-Free: 1-800-990-4777
	Local: 289-819-1299 (Toronto)              514-400-3794 (Montreal)
	RapidConnect URL: https://emportal.ink/3AeYPIj
	A rebroadcast of the conference call will be available until November 13, 2025 by dialing:
	North America Toll-Free: 1-888-660-6345 Local: 289-819-1450 (Toronto)
	Confirmation Code:  06508#

September 30, 2025 unaudited condensed consolidated interim financial statements and accompanied Management & Discussion Analysis are filed on www.sedarplus.ca.

GDI INTEGRATED FACILITY SERVICES INC.
SEGMENTED INFORMATION
(UNAUDITED) (IN MILLIONS OF CANADIAN DOLLARS)

	Three-months period ended September 30, 2025
	Business Services Canada	Business Services USA	Technical Services	Corporate and Other	Total
Recurring/contractual services	124	186	40	–	350
On-call services	12	10	75	–	97
Projects	–	–	155	–	155
Manufacturing and distribution	–	–	–	8	8
Other revenues	5	–	–	–	5
Total external revenues	141	196	270	8	615
Inter-segment revenues	3	2	–	(5)	‒
Revenues	144	198	270	3	615
Income (loss) before income taxes	6	9	9	(3)	21
Net finance expense	–	–	2	–	2
Gain on disposal of asset held for sale	–	–	–	(5)	(5)
Operating income (loss)	6	9	11	(8)	18
Depreciation and amortization	4	4	8	1	17
Transaction, reorganization, and other costs	–	–	–	–	‒
Share-based compensation ^(1)	–	–	–	2	2
Strategic information technology projects configuration and customization costs	–	–	–	1	1
Adjusted EBITDA	10	13	19	(4)	38
Total assets	258	367	547	102	1,274
Total liabilities	72	95	265	330	762
Additions to property, plant and equipment	1	3	8	3	15
Additions to intangible assets	–	–	–	1	1
Goodwill recorded on business acquisitions	–	–	–	–	‒

(1) Includes stock option, performance share unit and restricted share unit plans.

GDI INTEGRATED FACILITY SERVICES INC.
SEGMENTED INFORMATION
(UNAUDITED) (IN MILLIONS OF CANADIAN DOLLARS)    

	Three-months period ended September 30, 2024
	Business Services Canada	Business Services USA	Technical      Services	Corporate and Other^(3)	Total
Recurring/contractual services	126	202	30	‒	358
On-call services	10	20	80	‒	110
Projects	‒	‒	159	‒	159
Manufacturing and distribution	‒	‒	‒	6	6
Other revenues	6	‒	‒	1	7
Total external revenues	142	222	269	7	640
Inter-segment revenues	3	‒	‒	(3)	‒
Revenues	145	222	269	4	640
Income (loss) before income taxes^(4)	9	11	8	(21)	7
Net finance expense	‒	(2)	(1)	11	8
Operating income (loss)	9	9	7	(10)	15
Depreciation and amortization	2	5	10	3	20
Transaction, reorganization, and other costs	‒	‒	1	–	1
Share-based compensation ^(1)	‒	‒	‒	3	3
Strategic information technology projects configuration and customization costs	‒	‒	‒	–	–
Adjusted EBITDA	11	14	18	(4)	39
Total assets^(2)	254	416	526	89	1,285
Total liabilities^(2)	72	114	246	357	789
Additions to property, plant and equipment	3	4	9	‒	16
Additions to intangible assets	‒	‒	‒	1	1
Goodwill recorded on business acquisitions	‒	‒	‒	‒	‒

(1) Includes stock option, performance share unit and restricted share unit plans.

(2) As at December 31, 2024.

(3) The 2024 figures were recast to reflect the January 1, 2025 reorganization change where facility management services now report into the Technical Services segment as opposed to Corporate and Other as published in 2024.

(4) The 2024 figures were recast to reflect a change in the allocation of corporate technology costs, moving from the Corporate and Other segment to the operating segments. This change was implemented to provide a more meaningful view of segment profitability

GDI INTEGRATED FACILITY SERVICES INC.
SEGMENTED INFORMATION
(UNAUDITED) (IN MILLIONS OF CANADIAN DOLLARS)    

	Nine-month period ended September 30, 2025
	Business Services Canada	Business Services USA	Technical      Services	Corporate and Other	Total
Recurring/contractual services	382	585	120	–	1,087
On-call services	30	32	208	–	270
Projects	–	–	440	–	440
Manufacturing and distribution	–	–	–	27	27
Other revenues	17	–	–	–	17
Total external revenues	429	617	768	27	1,841
Inter-segment revenues	9	2	–	(11)	‒
Revenues	438	619	768	16	1,841
Income (loss) before income taxes	22	27	16	(37)	28
Net finance expense	–	1	5	11	17
Gain on disposal of asset held for sale	–	–	–	(5)	(5)
Operating income (loss)	22	28	21	(31)	40
Depreciation and amortization	9	13	23	8	53
Transaction, reorganization, and other costs	–	–	1	2	3
Share-based compensation ^(1)	–	–	–	7	7
Strategic information technology projects configuration and customization costs	–	–	–	2	2
Adjusted EBITDA	31	41	45	(12)	105
Total assets	258	367	547	102	1,274
Total liabilities	72	95	265	330	762
Additions to property, plant and equipment	5	7	26	4	42
Additions to intangible assets	–	–	–	2	2
Goodwill recorded on business acquisitions	–	–	–	2	2

(1) Includes stock option, performance share unit and restricted share unit plans.

GDI INTEGRATED FACILITY SERVICES INC.
SEGMENTED INFORMATION
(UNAUDITED) (IN MILLIONS OF CANADIAN DOLLARS)

	Nine-month period ended September 30, 2024
	Business Services Canada	Business Services USA	Technical      Services	Corporate and Other^(3)	Total
Recurring/contractual services	379	605	102	‒	1,086
On-call services	28	63	223	‒	314
Projects	‒	‒	468	‒	468
Manufacturing and distribution	‒	‒	‒	35	35
Other revenues	19	‒	‒	1	20
Total external revenues	426	668	793	36	1,923
Inter-segment revenues	9	‒	‒	(9)	‒
Revenues	435	668	793	27	1,923
Income (loss) before income taxes^(4)	23	22	6	(40)	11
Net finance expense	‒	(1)	‒	13	12
Operating income (loss)	23	21	6	(27)	23
Depreciation and amortization	8	19	28	10	65
Transaction, reorganization, and other costs	‒	1	2	1	4
Share-based compensation ^(1)	‒	‒	‒	7	7
Strategic information technology projects configuration and customization costs	‒	‒	‒	1	1
Adjusted EBITDA	31	41	36	(8)	100
Total assets^(2)	254	416	526	89	1,285
Total liabilities^(2)	72	114	246	357	789
Additions to property, plant and equipment	6	10	25	3	44
Additions to intangible assets	–	1	3	2	6
Goodwill recorded on business acquisitions	–	10	2	–	12

(1) Includes stock option, performance share unit and restricted share unit plans.

(2) As at December 31, 2024.

(3) The 2024 figures were recast to reflect the January 1, 2025 reorganization change where facility management services now report into the Technical Services segment as opposed to Corporate and Other as published in 2024.

(4) The 2024 figures were recast to reflect a change in the allocation of corporate technology costs, moving from the Corporate and Other segment to the operating segments. This change was implemented to provide a more meaningful view of segment profitability

INTEGRATED FACILITY SERVICES INC.
CONSOLIDATED FINANCIAL POSITION
(UNAUDITED) (IN MILLIONS OF CANADIAN DOLLARS)

	September 30,	December 31,
(in millions of Canadian dollars)	2025	2024
Net operating working capital:
Trade and other receivables and contract assets	549	565
Inventories	31	33
Prepaid expenses and other	18	16
Other financial assets	‒	15
Trade and other payables	(298)	(306)
Provisions	(25)	(32)
Contract liabilities	(38)	(33)
Net operating working capital	237	258
Long-term debt, including current portion, net of Cash (bank indebtedness):
Cash, net of bank indebtedness	49	12
Long-term debt, including current portion	(376)	(383)
Long-term debt, including current portion, net of cash	(327)	(371)
Other financial position accounts:
Property, plant and equipment	120	119
Intangible assets	101	115
Goodwill	374	378
Other long-term assets	20	20
Assets held for sale	4	6
Other long-term liabilities	(5)	(9)
Net current tax (liabilities) assets	2	(5)
Net deferred tax (liabilities) assets	(14)	(15)

GDI INTEGRATED FACILITY SERVICES INC.
SUPPLEMENTARY QUARTERLY FINANCIAL INFORMATION
THREE MONTH PERIODS    
(UNAUDITED) (IN MILLIONS OF CANADIAN DOLLARS, EXCEPT FOR EARNINGS PER SHARE)    

Period ended	September	June	March	December
(in millions of Canadian dollars, except per share data) ^(1)	2025	2025	2025	2024
Revenue	615	610	616	634
Operating income	18	10	12	15
Depreciation and amortization	17	18	18	22
Transaction, reorganization and other costs	‒	2	1	(2)
Share-based compensation	2	3	3	2
Strategic information technology projects configuration and customization costs	1	1	‒	1
Adjusted EBITDA	38	34	34	38
Net (loss) income for the period	14	(1)	6	23
Earnings per share
Basic	0.58	(0.04)	0.26	1.00
Diluted	0.58	(0.04)	0.26	0.99
Period ended	September	June	March	December
(in millions of Canadian dollars, except per share data) ^(1)	2024	2024	2024	2023
Revenue	640	639	644	622
Operating (loss) income	15	10	(2)	9
Depreciation and amortization	20	19	26	22
Transaction, reorganization and other costs	1	2	1	2
Share-based compensation	3	2	2	2
Strategic information technology projects configuration and customization costs	‒	1	1	2
Adjusted EBITDA	39	34	28	37
Net income for the period	7	2	‒	6
Earnings per share
Basic	0.28	0.07	0.02	0.26
Diluted	0.28	0.07	0.02	0.25

SOURCE GDI Integrated Facility Services Inc.

For more information, please contact: Investors, Analysts and Media, David Hinchey, Executive Vice President of Corporate Development, Telephone: [phone], Email: [email protected]