Earnings release
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_________________________________________________________________________________________________________________________________________ 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 si milar 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. 1 PRESS RELEASE For immediate release 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, Quebec November 5, 2025 – 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 $6 15 million, a decrease of $2 5 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 $3 8 million, representing an Adjusted EBITDA* margin of 6 % compared to $39 million and 6% in Q3 2024. • Net income was $1 4 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*.
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2 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, a n 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 s ale. The prior corresponding period included additional amortization expense due to the significant reduction of an important customer con tract. 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.
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3 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 Q 3 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 B usiness 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 focus sed on working with clients to identify operating efficiencies at their facilities while also seek ing 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, w e're seei ng 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 lo w 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.
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4 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 center s, 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 s ubordinate 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, f inancial 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 ex pressions 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 implementat ion 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 pens ion 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 var y 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 obli gation and does not undertake to update or alter this information at any particular time, except as may be required by law.
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5 For more information, please contact: Investors, Analysts and Media David Hinchey Executive Vice President of Corporate Development Telephone: 514.937.1851 Email: david.hinchey@gdi.com 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.
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GDI INTEGRATED FACILITY SERVICES INC. SEGMENTED INFORMATION (UNAUDITED) (IN MILLIONS OF CANADIAN DOLLARS) 6 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.
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GDI INTEGRATED FACILITY SERVICES INC. SEGMENTED INFORMATION (UNAUDITED) (IN MILLIONS OF CANADIAN DOLLARS) 7 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
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GDI INTEGRATED FACILITY SERVICES INC. SEGMENTED INFORMATION (UNAUDITED) (IN MILLIONS OF CANADIAN DOLLARS) 8 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.
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GDI INTEGRATED FACILITY SERVICES INC. SEGMENTED INFORMATION (UNAUDITED) (IN MILLIONS OF CANADIAN DOLLARS) 9 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
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GDI INTEGRATED FACILITY SERVICES INC. CONSOLIDATED FINANCIAL POSITION (UNAUDITED) (IN MILLIONS OF CANADIAN DOLLARS) 10 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)
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GDI INTEGRATED FACILITY SERVICES INC. SUPPLEMENTARY QUARTERLY FINANCIAL INFORMATION THREE MONTH PERIODS (UNAUDITED) (IN MILLIONS OF CANADIAN DOLLARS, EXCEPT FOR EARNINGS PER SHARE) 11 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