CECO Environmental Q4 Earnings Call Highlights

2 weeks ago 14

MarketBeat

Tue, February 24, 2026 astatine 9:44 AM CST 8 min read

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CECO reported grounds Q4 and full-year 2025 results with backlog of $793 million (up 47% YoY), Q4 gross of $215 million and bookings of $329 million, and raised standalone 2026 guidance to $925–975 million gross and $115–135 million adjusted EBITDA backed by a > $6.5 billion pipeline.
CECO agreed to a transformational merger with Thermon valued astatine astir $2.2 billion, wherever Thermon shareholders person $10 currency + 0.684 CECO shares; the woody implies ~17x adjusted EBITDA (≈13x with synergies) and creates a pro forma institution with ~$1.5 billion gross and $295 million adjusted EBITDA assuming $40 million run-rate synergies.
Profitability and balance-sheet metrics improved: full-year adjusted EBITDA exceeded $90 million (up 44%), Q4 adj. EBITDA was $29.8 million with borderline recovery, full-year operating currency travel was astir $10 million, leverage was astir 2.2x and liquidity stood astatine $124 million.
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CECO Environmental (NASDAQ:CECO) reported grounds fourth-quarter and full-year 2025 results connected its net telephone and besides elaborate a “transformational” merger statement to harvester with Thermon, a process heating and somesthesia absorption institution with a ample short-cycle aftermarket business.

CEO Todd Gleason said the institution delivered “strong 4th and full-year results with galore fiscal records,” portion besides raising standalone 2026 guidance (not including Thermon) based connected what absorption described arsenic grounds backlog and beardown pipeline visibility.

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CFO Peter Johansson said CECO ended 2025 with grounds backlog of $793 million, up 47% year-over-year and 10% sequentially. Johansson noted backlog has risen for 8 consecutive quarters, with the astir caller 5 quarters each exceeding $200 cardinal of bookings.

Fourth-quarter orders were $329 million, up 50% from the prior-year period, with a book-to-bill of astir 1.5x. For the afloat year, bookings were $1.064 billion, up 60% versus 2024, with book-to-bill of astir 1.4x. Gleason highlighted CECO’s largest-ever task booking successful the quarter—approximately $135 million for a large-scale earthy state powerfulness procreation installation successful Texas.

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CECO posted grounds gross of $215 million successful the 4th fourth and $774 million for the afloat year. Johansson said full-year gross was up 39%, including 25% integrated growth, contempt an astir $25 million gross headwind tied to the merchantability of the Global Pump Solutions concern successful precocious archetypal 4th 2025. He added that second-half gross was up astir 40% versus 2024 arsenic powerfulness procreation task conversions accelerated.