Canada-based heavy equipment and industrial parts distributor Wajax Corp. reported its 2025 fourth quarter and full-year financial results on March 2, which marked the last day for Iggy Domagalski as President and CEO after four years.

George McClean — who was Co-CEO at HVACR and hydronics distributor Master Group for the past four years — is Wajax’ new President and CEO as of March 3.

All figures below are in USD.

4Q25

For the fourth quarter, Wajax had total revenue of $409 million USD, down 1.0% year-over-year

• Equipment revenue of $150 million fell 1.2% year-over-year
• Product Support revenue of $91 million fell 6.4% year-over-year
• Industrial Parts revenue of $95 million fell 2.3% year-over-year, driven by lower sales in Central Canada. It followed a flat 3Q, -4.1% in 2Q25 and -6.6% in 1Q25
• Engineered Repair Services revenue of $64 million increased 11.1% year-over-year
• Equipment Rental revenue of $8 million fell 4.7% year-over-year

Wajax’s 4Q25 gross profit margin increased 100 basis points year-over-year to 18.0%. Net profit of $9 million dwarfed the flat result of a year earlier, while adjusted EBITDA of $129 million improved 5.2% as margin of 5.0% improved 160 bps.

Full Year 2025

For the full year, Wajax’s 2025 revenue totaled $1.57 billion, up 2.3% vs. 2024.

• Equipment revenue of $500 million increased 10.7% annually
• Product Support revenue of $385 million decreased 1.5% annually
• Industrial Parts revenue of $404 million decreased 3.4% annually
• Engineered Repair Services revenue of $244 million increased 2.4% annually
• Equipment Rental revenue of $34 million increased 2.1% annually

Wajax’s 2025 gross profit margin of 19.2% fell 50 bps vs. 2024. Net profit of $42 million increased 34.3%, while adjusted EBITDA of $177 million increased 25.2% as margin of 8.2% improved 20 bps.

Wajax has a footprint of 105 branches across Canada. On MDM’s 2025 Top Distributors Lists, Wajax was No. 4 for Power Transmission/Bearings, No. 21 for MRO Industrial and No. 33 for Industrial Supplies.