Mullen Group Q3 profit jumps 55% to record $51.5M

Mullen Group Ltd. (TSX:MTL) earned a record third-quarter profit of $51.5 million, up 55.1 per cent from $33.2 million a year earlier, as revenue rose 16.3 per cent to $653.2 million, the Okotoks, Alta., trucking and logistics company said Thursday. Its shares were up more than seven per cent in early afternoon trading on the Toronto Stock Exchange.

The results were released before markets opened in a news release from Mullen Group, with the full interim report filed on SEDAR+. All figures are in Canadian dollars and are for the quarter ended Sept. 30, 2026.

The company said the $91.4-million increase in revenue came from higher sales in all of its business segments. The Canadian Press reported that internal growth added $44.3 million, fuel surcharge revenue rose $37.7 million and acquisitions contributed $9.4 million. The fuel surcharge gain comes as diesel prices have climbed sharply this fall, a trend that has also pushed up costs for grocers and shippers.

Adjusted operating income before depreciation and amortization, a non-IFRS measure the company uses, rose 23 per cent to $118.6 million, or 18.2 per cent of revenue, compared with 17.2 per cent a year earlier. Mullen said $19.2 million of the improvement in OIBDA came from its existing business units, which it attributed to better market conditions, and $2.6 million came from acquisitions.

“Nothing better than reporting record results,” Murray Mullen, the company’s chair and senior executive officer, said in the release. He said the results came “when negative headlines were so prevalent,” pointing to trade issues, regional conflicts and rising energy costs.

Mullen also said the company is positioned to handle logistics demand from the major infrastructure projects that governments have been promoting, once they proceed, and that it will keep buying companies, citing its recently announced purchase of customs brokerage Willson International. The company did not give revenue or profit targets for the rest of the year in the release.

Mullen Group shares were trading at $31.15, up $2.20 or 7.6 per cent from Wednesday’s close of $28.95, as of 1:30 p.m. ET, according to TMX Money, with CNBC market data showing the same move. The gain came on a day when the broader S&P/TSX composite index was down more than 1 per cent, dragged lower by gold, base metal and technology stocks.

For the wider market picture, see our TSX midday report.

Mullen Group owns a network of independently operated trucking, warehousing, customs brokerage and specialized hauling businesses across Canada and the United States, and says it has more than 8,500 employees.

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