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Highlights

  • Sales surged to CAD 405.7M in Q3, lifted by acquisitions and expansion.
  • EBITDA climbed to CAD 68.1M, balancing softness in the base business.
  • Net income held at CAD 13.3M; dividend set at CAD 0.175/share.

TerraVest Industries Inc (TSX: TVK) manufactures home heating products, fuel containment systems, transport vehicles, storage vessels, energy processing equipment, and fiberglass tanks. It operates through three segments, Fuel Containment, Processing Equipment, and Service, serving markets in Canada and the United States.

The company recorded sales of CAD 405.7 million in Q3 2025, compared to CAD 238.1 million in Q3 2024, mainly reflecting the impact of acquisitions, an expanded product portfolio, and wider market presence. Adjusted EBITDA was CAD 68.1 million for the quarter, up from CAD 49.1 million a year earlier, supported by operating performance and contributions from recent acquisitions, which offset some softness in the base business.

Net income stood at CAD 13.3 million, slightly lower than CAD 14.4 million in the prior year, with the decline linked to higher depreciation, financing costs, and foreign exchange losses. Dividends paid during the quarter were CAD 3.4 million, compared to CAD 2.7 million in Q3 2024, reflecting continued distributions to shareholders.

Business Update
The company announced on 20 August 2025 that it will undertake a Normal Course Issuer Bid to repurchase up to 1.56 million shares, equal to about 10% of its public float. The initiative is designed to lower the number of outstanding shares and may result in earnings per share accretion.

Earlier, on 14 August 2025, a quarterly dividend of CAD 0.175 per share was declared, with payment scheduled for 10 October 2025.

Company Outlook

Management expects recent acquisitions to continue contributing to results, with efforts underway to capture synergies between newly acquired and existing operations. Although North American tariffs have led to some near-term demand softness, the company’s focus on domestic markets limits the overall impact. Ongoing investments in manufacturing efficiency, expansion of product lines, and a strengthened credit facility are expected to support growth through the fiscal year. These factors also provide flexibility for pursuing additional strategic acquisitions.

Top 10 Shareholders

The top 10 shareholders collectively account for approximately 49.10% of the total shareholding, with Pellerin (Charles) and Laniuk (Dale H) holding the largest stakes at about 15.92% and 9.22%, respectively.

Stock Information 

Over the past month, the stock has declined by around 12.54%, while over the last six months it has gained approximately 21.06%. In addition, it is trading above the 52-week low of CAD 89.60 and below the 52-week high of CAD 176.64, at the closing price of CAD 143.23 as of August 20, 2025.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels Is 20 August 2025. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.