On January 19, 2026, Mullen Group Ltd. announced that its Board of Directors has approved a comprehensive business plan targeting a record performance in 2026. Management’s analysis of supply and demand fundamentals across its four core segments—Less-Than-Truckload, Logistics & Warehousing, Specialized & Industrial Services, and U.S. & International Logistics—indicates an improving freight market in Canada, driven by tightening capacity, modest GDP growth and increased government deficit spending. The plan assumes full-year contributions from the six acquisitions closed in 2025 and projects consolidated revenues between CAD 2.3 billion and CAD 2.4 billion, with adjusted operating income before depreciation and amortization (OIBDA-adjusted) of CAD 365.0 million, representing a 15.7% margin.

Mullen Group navigated a soft freight environment in 2025, marked by trade disputes, tariff uncertainty and near-zero GDP growth in Canada. The Corporation completed two strategic acquisitions during the year, lifting consolidated revenues to approximately CAD 2.1 billion. Adjusted OIBDA reached CAD 323.0 million, slightly below original forecasts due to the timing of those acquisitions, competitive pricing pressures and subdued freight volumes. The firm ended the year with CAD 144.6 million in cash and CAD 525.0 million of undrawn credit facilities, maintaining a New Debt to Operating Cash Flow covenant of 2.39:1—comfortably below its 3.5:1 threshold on long-dated private placement debt.

The 2026 plan breaks down segment performance as follows: Less-Than-Truckload revenue of CAD 800.0 million with OIBDA-adjusted of CAD 140.0 million (17.5% margin); Logistics & Warehousing revenue of CAD 840.0 million and OIBDA-adjusted of CAD 145.0 million (17.3% margin); Specialized & Industrial Services revenue of CAD 450.0 million and OIBDA-adjusted of CAD 85.0 million (18.9% margin); and U.S. & International Logistics revenue of CAD 230.0 million with OIBDA-adjusted of CAD 15.0 million (6.5% margin). Total capital expenditures are slated at CAD 85.0 million, including CAD 30.0 million in equipment for LTL, CAD 20.0 million each for logistics and specialized services, and CAD 15.0 million at the corporate level.

Mullen Group expects to generate sufficient cash flow in 2026 to cover interest payments of approximately CAD 50.0 million, cash taxes of CAD 50.0 million, lease obligations of CAD 55.0 million, capital expenditures of CAD 85.0 million and dividends totaling CAD 80.0 million (equivalent to CAD 0.84 per common share annualized). With CAD 144.6 million in cash and CAD 525.0 million of undrawn lines at year-end, the Corporation is well positioned to pursue its 2026 priorities: (1) prioritize margin over market share through process improvements and CAD 85.0 million in operating and real estate investments, (2) continue precision-based acquisitions focusing on tuck-in and strategic targets, and (3) accelerate technology adoption, especially warehouse robotics and advanced data management tools.