11:52 AM EDT, 10/30/2025 (MT Newswires) -- (Updates shares.)

Secure Energy Services (SES.TO) reported Thursday a lower net income in the third quarter on one-time charges, while the company reduced its 2025 adjusted EBITDA guidance due to weak market conditions.

The company's net income slumped to C$1 million from $94 million as it took a one-time non-cash provision of $55 million related to an underutilized crude storage contract in the third quarter.

Secure also recorded a one-time current and deferred tax recovery of $30 million. Excluding the non-recurring items, the company said its net income was relatively consistent year over year.

Adjusted EBITDA rose 17% year over year to $135 million due to investments in the metals recycling business, higher pricing across key service lines, and cost optimizations across our network, Secure said.

The company cut its 2025 adjusted EBITDA guidance to $500 million from the previous target of $510 million-$540 million, reflecting weakness in the metals recycling business and reduced industry drilling and completion activity due to low benchmark oil prices.

"Our core waste and infrastructure network continues to perform in line with expectations, and underscores the strength and stability of SECURE's recurring cash flow even amid lower oil prices and disciplined producer spending," president and chief executive officer Allen Gransch said.

Secure's shares were last seen down $0.26 to $18.04 on the Toronto Stock Exchange.

Price: 18.06, Change: -0.24, Percent Change: -1.31