Across the entire Hillcore Industrial network, 2025 was a year defined by execution, growth, and alignment with our core values: Integrity, Safety, Collaboration, and Innovation.

As a privately held Canadian industrial platform, we invest in and support proven performers across civil and infrastructure, water and environmental management, energy and utilities, logistics, fabrication, and mechanical services. Each company operates independently, but they’re all part of our network that delivers solutions for critical projects across North America.

Throughout the year, our portfolio companies brought our values to life through real projects that kept communities and customers moving, powered, connected, growing and protected.

Building, Supporting, and Protecting Critical Infrastructure

From industrial sites to utility and transportation projects, our civil construction and infrastructure companies made a significant impact on many projects and communities this year.

SITE Resource Group played a central role in several major projects. At BHP Canada’s Jansen Mine in Saskatchewan, SITE delivered civil, structural, piping, electrical, and instrumentation scopes for development spoils and tailings. The work included transportation corridors, HDPE tailings lines, pump houses, and compressor and water pumphouse buildings, all of which are critical infrastructure for one of Canada’s flagship potash developments.

In Alberta, SITE helped strengthen the power grid through the Central East Transfer Out (CETO) project, installing nearly 400 large-diameter steel-driven piles for transmission towers. On the CNRL Pike 1 Project, the team constructed 18 km of above-ground pipeline to carry steam, emulsion, annulus gas, and fuel, supported by pile capping and structural steel. Together, these projects demonstrate SITE’s ability to coordinate complex, multi-disciplinary scopes while maintaining high safety and quality standards.

SITE also advanced its commitment to Indigenous partnerships, achieving Bronze Certification in the Partnership Accreditation in Indigenous Relations (PAIR) from the Canadian Council for Aboriginal Business. This important milestone shows integrity in action.

Further west, Ruskin Construction focused on critical transportation links. For BC Ferries’ Berth 5 Upgrade in Swartz Bay, the team completed blasting, dredging, and installing new dolphins (mooring structures) to accommodate Salish Class ferries, finishing on time in a complex marine setting. In Halfway River, BC, Ruskin overcame challenging winter conditions without compromising schedule or safety, delivering a new 380-foot precast composite bridge, a 300-foot retaining wall, and demolishing the existing structure. And at Rigel Road near Grande Cache, Alberta, a 150-foot bridge and pier were replaced with a 180-foot clear-span bridge, with a complicated lift sequence executed safely, on time, and on budget.

In the heavy civil space, Thompson Construction Group remained a cornerstone of large-scale earthworks and oil sands support. In Watson Lake, Yukon, Thompson completed tailings embankment and remediation upgrades at the Sa Dena Hes North Embankment, its first project in the territory and a strong example of trusted delivery in sensitive environments.

In Northern Alberta’s oil sands, Thompson supported an Autonomous Haul Zone, providing cleanup and placement advance support as the only contractor currently mobilized and trained to work in active autonomous zones in the region. The company also advanced a major overburden earthworks program, mobilizing its heavy fleet, including a 400-tonne shovel and 240-tonne haul trucks, to prepare spec dumps and keep mine development on track.

Underlying all this work is a safety record that sets Thompson apart: two million hours of work LTI-free, a 98% Certificate of Recognition score, top-5% standing in its WCB industry code, and industry-leading safety KPIs over five years. Thompson’s active roles on regional and provincial safety committees further reinforce Hillcore’s belief that leadership means raising safety and performance standards across the entire industry, not just on individual projects.

Excellence in Fluid Management

Water is one of the most critical and sensitive resources for our communities and the industries we serve. In 2025, Hillcore’s companies once again demonstrated that safety, environmental responsibility, and innovation can (and should) go hand in hand.

Whitewater Management led several standout projects this year. On the Eagle Mountain – Hixon Creek Diversion near Squamish, BC, the team delivered a highly technical water diversion in a natural basin at a waterfall. An upstream dam, 1.8 m³/s pumping capacity with contingency, and carefully managed grey water (including a CO₂ system for pH control) ensured safe, controlled conditions, even when inflows were higher than expected for the time of year. The project was completed with no safety concerns, infractions, or lost-time incidents, making it a textbook example of safety-first engineering in the field.

Whitewater and its affiliates also advanced produced frac water management by deploying an integrated Dissolved Air Flotation (DAF) treatment system capable of processing 4,500 m³/day. Combining DAF technology, custom chemistry, and a turnkey service model, the system is exceeding water quality KPIs, achieving >95% TSS removal, improving key water chemistry parameters, and reducing labour requirements. Most importantly, it’s enabling a shift away from disposal and towards sustainable water reuse, delivering both environmental and economic benefits.

Strategically, 2025 was also the year Whitewater expanded its technology platform through the acquisition of Orion Water Solutions, a specialist in mobile and fixed advanced treatment systems. By integrating Orion’s DAF, chlorine dioxide, and biological treatment capabilities, Whitewater is positioned to serve oil and gas, mining, and municipal clients across an even larger North American footprint.

Alongside Whitewater, companies like SITE Resource Group and Thompson Construction Group supported tailings, embankment, and remediation scopes across multiple sites, reinforcing Hillcore’s role in building infrastructure that protects both people and the environment.

Powering and Connecting Communities

From powerlines and pipelines to energy facilities and well services, our companies helped keep communities powered, connected, and supplied in 2025.

In the utilities and powerline sector, Midlite Construction delivered key projects. First, a 138 kV powerline relocation in Southern Alberta was completed on time and on budget, with zero deficiencies. Then, across the Wood Buffalo region, Midlite supported multiple turnaround scopes, providing critical powerline support during high-intensity maintenance windows. And in Yellowknife, NT, the company completed Phase 1 of a 35 kV overhead distribution system, including commissioning and energization, finishing on schedule in a challenging northern environment.

November 2025 also marked a major safety milestone: Midlite surpassed 1,000,000 work hours without a lost-time injury, underscoring Hillcore’s commitment to safety as a non-negotiable foundation for all operations.

For Meridian Energy Services, 2025 was an important year of both execution and integration into the Hillcore network. In northern Saskatchewan’s Pinehouse area, Meridian completed a SaskTel fibre-optics project involving 27,674 metres of cable through muskeg terrain, using a combination of ploughing and directional drilling to keep the project on schedule.

For SaskEnergy near Wilkie, Saskatchewan, Meridian installed 14 km of 4” poly gas pipeline serving the Daybreak Hutterite Colony, delivering a dedicated line for a growing community despite adverse weather. And across Lloydminster, SK, and Bonnyville, AB, the company installed more than 50 km of heavy oil poly gas pipelines for CNRL, blending ploughed and drilled sections to match varying terrain. Project after project, their strong performance on ABSA, TSASK, and COR safety certifications reflects Meridian’s alignment with Hillcore’s expectations around quality and safety.

On the fabrication side, Academy Fabricators Group supported major energy and transition projects throughout the year. The Enbridge Aspen Point Project required tens of thousands of hours of labour for piping and structural fabrication on a gas pipeline system serving BC, Alberta, and the Pacific Northwest. This system is a foundational asset for heating, power generation, and industrial processes.

At the Air Products ASU in Alberta’s Industrial Heartland, Academy contributed significant piping work to a net-zero hydrogen energy complex that will help anchor Western Canada’s emerging hydrogen economy. And on the TC Energy Valhalla North Section, the company provided large-scale piping and structural fabrication for a 33 km, 48” pipeline link in the Grande Prairie region. Throughout these high-labour projects, Academy maintained COR and ABSA QMS certifications and delivered industry-leading safety performance.

Waiward Industrial continued to set the bar for structural steel and industrial services. On the K+S Cogen Facility and Pipe Rack project, Waiward supplied and coated nearly 1,000 metric tonnes of steel for the cogen building, electrical/auxiliary bay, pipe rack, and transformer support. When careful review revealed that the controlled environment inside the cogen building allowed for a lighter coating system, Waiward worked with stakeholders to safely shift from a three-coat to a two-coat system, creating significant cost and schedule savings without compromising durability.

As the erection schedule accelerated, Waiward ramped up fabrication, engaged additional coating subcontractors, and ultimately pulled the final delivery forward by roughly six weeks. The results for this project were also complemented by external recognition: IMPACT Fabrication Project of the Year for its BHP Potash Mine work and two Canadian Safety Achievement Awards for safety performance at Shell Scotford and across its operations.

In the well services space, Treeline Well Services continued to strengthen its position as Canada’s leading service rig provider. In 2025, Treeline shattered multiple company records, achieving the highest rig hours and revenue in its history. This performance was driven by an unwavering customer focus, the dedication of their employees, and the successful acquisition of Performance Energy Services, which added valuable equipment and exceptional people to the organization.

This year also marked a major operational milestone as Treeline transitioned to its new Red Deer facility, unifying the former separate yard and office into a single, streamlined, efficient location. Above all, their strong safety performance throughout the year is an achievement that speaks to the culture and commitment of every member of the Treeline team.

Speaking of team-wide commitment, Zanron achieved 150,000 incident-free hours this year. Their team continued to support Rio Tinto's Aluminum Smelter and LNG Canada with the completion and ramp-up of their LNG plant. With their combination of passion and precision, they continue to deliver reliable solutions for those who depend on them. For Hillcore, this represents continued confidence in a responsible, high-performing energy services business that aligns with our shared values of safety, integrity, and innovation.

Keeping Goods Moving and Data Secure

Efficient supply chains and reliable warehousing are essential to every sector Hillcore serves. Throughout 2025, MTE Logistix continued to expand both its physical footprint and its capability set.

In October, MTE opened a new 367,000 sq ft warehouse in Calgary’s East Lake area, bringing its total footprint in the city to 1,000,000 sq ft, a significant increase from just 197,000 sq ft in 2017. This growth reflects increasing demand for flexible, dependable third-party logistics in Western Canada.

In Edmonton, MTE launched PIP Canada at its Porter Warehousing facility, becoming PIP’s official western distribution partner for their PPE products. The new business represents a significant increase in annualized revenue for 2026, with over 600 SKUs and 1,500 pallet positions under management.

Beyond capacity and commercial wins, MTE reinforced its commitment to integrity and quality. The company achieved CyberSecure Canada certification, demonstrating robust information security practices, and maintained BRCGS AA+ food safety ratings across five facilities through unannounced audits. For customers, that combination of scale, security, and safety is what trust is built on.

New Solutions for New Opportunities

CEDA continuously explores new technologies and enhances existing ones to deliver greater value, whether by reducing clients' operational and maintenance costs or by addressing critical technical and operational challenges. This commitment is reflected in the latest addition to the Nisku Exchanger Shop: a state-of-the-art ultrasonic cleaning system, designed to work in concert with CEDA’s advanced high-pressure tooling capabilities.

At its core, the ultrasonic cleaning system is a massive, fully stainless-steel tank equipped with 280 individual transducers. It uses a combination of water and tailored degreasing or caustic solutions to penetrate and lift even the toughest fouling. The result is a non-abrasive, highly effective cleaning process ideal for tube bundles and other sensitive components. When paired with high-pressure tooling, ultrasonic cleaning allows CEDA to further improve both safety and quality outcomes.

High-pressure tooling can be used in a controlled manner to address heavy fouling and to prepare components pre- and post-ultrasonic cleaning, reducing the need for excessive manual intervention. This approach minimizes worker exposure to high-risk activities, lowers the likelihood of damage to critical equipment, and delivers more consistent, repeatable cleaning results. Together, these technologies support safer execution and improved inspection readiness while reducing rework.

While CEDA’s ultrasonic cleaning system is designed to clean heat exchangers, it offers extensive versatility. It can also handle scaffold, tower packing, demister pads, engine components, and compressor casings, providing CEDA and its clients with expanded in-house capability and greater flexibility in maintenance planning. With testing underway and final preparations in progress, the ultrasonic cleaning system is on track to be fully operational by Q1 2026. This investment reinforces both CEDA and Hillcore’s commitment to delivering innovative, efficient, and effective solutions that help our clients operate cleaner, safer, and more efficiently.

The Values That Connect a Diverse Network

Across all these stories, several consistent threads tie them together. Whether it’s a bridge in British Columbia, a mine in Saskatchewan, an energy project near Edmonton, a powerline in the North, a fibre route through muskeg terrain, or a warehouse in Calgary, Hillcore’s portfolio companies are united by shared values and a common standard.

• Integrity in how projects are planned, executed, and reported. Always doing the right thing is rarely the easy approach, but it’s well worth the effort.
• Safety as a non-negotiable foundation, reflected in milestones like Midlite’s one million LTI-free hours, Thompson’s multi-year safety performance, Waiward’s and Whitewater’s incident-free project delivery, and Academy, Meridian, and MTE’s certifications.
• Collaboration across owners, contractors, Indigenous partners, communities, and workforces is seen in SITE’s PAIR accreditation, joint safety achievements, and long-standing client relationships.
• Innovation as a practical tool, from advanced water treatment and autonomous zones to smarter coating systems, modular fabrication, and new logistics models.

Because Hillcore operates as a network, lessons learned in one area for technology, safety, or project delivery can be shared across others. That shared learning raises the bar for everyone and helps us deliver greater value to clients and communities alike.

As we look ahead, 2025 stands as a strong proof point for the Hillcore model: independent, sector-leading companies, united by common values, delivering real results. Together, we’ll continue building a safer, more resilient future driven by innovation, collaboration, and integrity.