OKOTOKS, Alberta — January 19, 2026 — Leads & Copy — Mullen Group Ltd. (TSX: MTL) announced that its 2026 plan has been approved by the Board of Directors, with expectations for a record year.
The Senior Executive conducts an annual analysis of supply and demand impacting the four economic segments in which Mullen Group invests, along with a review of its independently managed Business Units.
Mullen Group anticipates that its 42 Business Units are positioned to outperform last year’s results, in aggregate, once a full year’s results from acquisitions completed in 2025 are accounted for.
The company anticipates a tightening cycle in many sectors of the trucking industry due to changes in supply and demand fundamentals, and expects overall freight demand and pricing to improve due to a modest year-over-year growth in the Canadian economy driven by government fiscal response.
Mullen Group is positioned to benefit from Canada’s shift in resource development and ‘Nation Building Projects’ once those projects commence.
The company plans to continue its strategy of acquiring profitable businesses or competitors in areas with long-term potential. Mullen Group is optimistic that 2026 will be a record year, but also mindful of competitive markets, reinforcing the need for prudent cost management and investments in technologies like robotics and data management tools to improve productivity.
In 2025, Mullen Group generated solid results primarily due to acquisitions, with preliminary consolidated revenues expected to be around $2.1 billion. Operating income before depreciation and amortization – adjusted (OIBDA – adjusted) is expected to be approximately $323.0 million, lower than originally planned due to acquisition timing, a soft freight environment, competitive pricing, and undisciplined competitors. A full report on the audited results will be available on February 12, 2026.
The 2026 business plan includes:
- Achieving consolidated revenues of $2.3 billion to $2.4 billion
- Generating OIBDA – adjusted of $365.0 million, or 15.7 percent of consolidated revenues
Balance sheet and liquidity highlights include:
- Consistently generating cash in excess of operating needs, with a plan to generate OIBDA -adjusted of $365.0 million in 2026, exceeding expected cash commitments.
- Exiting 2025 with $144.6 million of cash along with $525.0 million of undrawn bank lines.
Priorities for 2026 include prioritizing margin over market share, pursuing acquisitions, and investing in technology.
Non-IFRS Financial Measures: Mullen Group reports its financial results in accordance with IFRS and reports on certain non-IFRS financial measures and ratios, including OIBDA – adjusted. Management uses these measures to evaluate performance. OIBDA – adjusted is calculated by subtracting foreign exchange gains and losses recognized on U.S. denominated cash held with the Corporate Office from OIBDA.
Other Financial Measures: Other financial measures consist of supplementary financial measures and capital management measures, including operating margin, which is defined as OIBDA – adjusted divided by revenue.
Mullen Group is a public company with a portfolio of logistics companies in North America, providing transportation, warehousing, and distribution services. It also provides specialized services related to the energy, mining, forestry, and construction industries in western Canada.
Contact Information:
Mr. Murray K. Mullen – Chair, Senior Executive Officer and President
Mr. Richard J. Maloney – Senior Operating Officer
Mr. Carson P. Urlacher – Senior Financial Officer
Ms. Joanna K. Scott – Senior Corporate Officer
Telephone: 403-995-5200
Source: Mullen Group Ltd.
