Mullen Group reports record Q3 revenue of 653.2 million CAD

Mullen Group Ltd. reported record third-quarter revenue of 653.2 million CAD for the period ending September 30, 2026, representing a 16.3 percent increase from 561.8 million CAD in the previous year.

Net profit rose 55.1 percent to 51.5 million CAD, or 52 cents per diluted share, compared to 33.2 million CAD a year earlier. Adjusted OIBDA grew by 23 percent to 118.6 million CAD, with the adjusted OIBDA margin improving to 18.2 percent.

Growth was driven by several factors, including 44.3 million CAD in internal growth, 37.7 million CAD in fuel surcharge revenue, and 9.4 million CAD from acquisitions. Specific segment growth included a 24.7 percent increase in Specialized and Industrial Services and a 30.4 percent rise in U.S. and International Logistics.

Despite a net debt of 817.5 million CAD, the company maintained a net debt to operating cash flow ratio of 2.16 to 1, which remains below the contractual threshold of 3.50 to 1. Following the report, RBC Capital raised its price target for the stock from 32.00 to 35.00 CAD.