Black Diamond Group Limited · TSX:BDI

Black Diamond — Investor Presentation (August 2025)

43 slides from Black Diamond's investor presentation, August 2025

  1. Slide 1: Investor Update August 2025

    INVESTOR UPDATE August 2025 1 © Black Diamond Group Ltd. All Rights Reserved

  2. Slide 2: Forward Looking Statements

    FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements. The use of the words “anticipate”, “continue”, “estimate”, “expect”, “will”, “project”, “should”, “believe”, “intend” and similar expressions identify forward-looking statements. These statements involve known and unkn

  3. Slide 3: Q2 2025 – At a Glance

    Q2 2025 – At a Glance Consolidated platform growth • Consolidated Rental Revenue rose 9% YoY to $38.6 million with Adjusted EBITDA1 of $29.2 million ahead of • Q2 2025 Profit rose 23% YoY to $9.2 million consensus estimates • EPS of $0.15 rose 25% YoY • Successful Bought deal to maximize financial f

  4. Slide 4: Introduction

    Introduction Black Diamond Group rents and sells modular space and workforce accommodation solutions and provides workforce crew travel solutions to customers in Canada, the United States and Australia. We serve a broad range of sectors including construction, education, engineering, resources, fina

  5. Slide 5: Creating a Better Way

    Creating a Better Way MODULAR SPACE SOLUTIONS - MSS • Diversified, steady, compounding growth • Predictable and improving returns • Strong free cash flow characteristics • Attractive unit economics • Long-lived rental assets • Low maintenance capital WORKFORCE SOLUTIONS LODGELINK - WFS WFS MSS LL •

  6. Slide 6: Black Diamond Investment Attributes

    Black Diamond Investment Attributes  Consolidated contracted future rental revenue of ~$152 mm2 (MSS Stability through diversification by of ~$120mm and WFS of ~$32mm)1 asset type, industry, & geography  MSS lease portfolio average duration of ~51 months2  Thousands of customers across diverse in

  7. Slide 7: EPS & Return on Assets

    EPS & Return on Assets Earnings per Share (EPS) - TTM Return on Assets (ROA)(1) - TTM Average 0.6 21% 0.5 0.51 19% 0.49 0.46 0.4 17% 0.42 $/Share 0.3 15% 0.2 13% 0.1 11% 0.02 0 9% EPS (Diluted, continuing ops, LHS)  EPS growth driven by compounding growth in EBITDA and rental revenue  ROA1 CAGR of

  8. Slide 8: Unit Economics Example

    Unit Economics Example1 Utilization Lifetime Return on Annualized Return Lifetime return on Initial Investment on Initial Investment initial investment 525% 85% 525% 17% 75% 475% 15% Practical Asset 65% 425% 13% Life 30+ Years Used assets typically sell at a premium to Payback Period NBV ~ 5 Years I

  9. Slide 9: Operating Overview

    Operating Overview 1 Modular Space Solutions (MSS) Fleet $429.3 mm NBV 12,484 Units Workforce Solutions (WFS) Fleet $141.8 mm NBV 5,733 Units Consolidated Rentable Square Feet +8 mm 531,967 TTM Total LodgeLink room nights sold $31.7 mm TTM Profit $121.7 mm TTM Adjusted EBITDA 2 $587.9 mm PP&E Book V

  10. Slide 10: Rental Revenue Diversity – Q2/2025

    Rental Revenue Diversity – Q2/2025 Australia 6% Canada US TOTAL REVENUE 52% 42% BY GEOGRAPHY Source data: Q2 2025 Management Discussion and Analysis 10 © Black Diamond Group Ltd. All Rights Reserved

  11. Slide 11: Black Diamond Group - Who We Are

    Black Diamond Group - Who We Are Specialty rentals and industrial services provider organized into two business units MSS: 110.0 Consolidated Rental Revenue Modular Space Solutions 100.0 90.0 80.0 • Diversified rental stream through rental of modular 70.0 buildings in Canada and U.S. 60.0 • Ancillar

  12. Slide 12: MSS Overview

    MSS Overview MSS Rental Revenue (TTM) • 12,484 units across 23 branches in North 102.3 105.0 America 95.0 Our MSS business 85.0 79.9 87.7 • Added scale and additional product rents and sells 75.0 65.0 65.0 offering driving improved return metrics. temporary 55.0 • Rental revenue growth expected to $

  13. Slide 13: MSS Overview

    MSS Overview MSS - Contracted Revenue & Duration TTM Average 60 150  Growth being driven thematically by: 55 125 • Infrastructure spending in North 50 100 America • Population growth driving Months $ mm 45 75 increased demand for 40 50 classroom product 35 25  Continued increases in average 30 0 c

  14. Slide 14: WFS Overview

    WFS Overview WFS Rental Revenue - TTM • Geographic Diversification 70.0 • U.S. • Eastern Canada 58.2 60.0 54.4 50.5 50.0 43.6 • Continued growth in 40.0 Australia Our WFS business $mm 28.8 30.0 provides remote 20.0 • Industry Diversification accommodation and 10.0 • Disaster Relief • Social Housing

  15. Slide 15: WFS Overview

    WFS Overview WFS - Fleet Count (Units) TTM Average WFS - NBV by Geography TTM Average 8,000 180.0 7,000 160.0 1,059 1,148 15 6,000 554 1,235 140.0 16 24 32 477 1,429 37 5,000 472 1,554 120.0 34 30 31 502 33 100.0 34 523 $mm 4,000 104 80.0 95 89 3,000 5,690 81 5,313 4,977 60.0 72 2,000 4,297 3,794 40

  16. Slide 16: LodgeLink Gaining Market Traction

    LodgeLink Gaining Market Traction Multi-sided B2B Platform focused on crew travel • Efficiently connect the supply/demand of room and accommodation bookings for companies employing field crews LodgeLink is a software • Custom-built platform to remove inefficiency at every stage of the crew travel pr

  17. Slide 17: LodgeLink Supply Coverage

    LodgeLink Supply Coverage Over 1.8 million rooms Across +19,000 properties Over 1,000 corporate customers ~90% of volumes transacted through the platform are hotels 17 © Black Diamond Group Ltd. All Rights Reserved

  18. Slide 18: LodgeLink – Key Performance Indicators

    LodgeLink – Key Performance Indicators Properties Listed & Room Nights Sold (TTM) 18,000 600,000 • Product market fit proven 16,000 14,000 500,000 • TTM room nights sold of 531,967 grew 12,000 400,000 ~17% YoY up from 456,424. 10,000 300,000 8,000 6,000 200,000 • Net Revenue of $3.3 mm in Q2/25 4,00

  19. Slide 19: Financial Flexibility

    Financial Flexibility 2 Net Debt/EBITDA Leverage Ratio - TTM Average 3.5x 3.5x Ontario based modular rental 3.0x acquisition Q4 3.0x 2022 2.5x 2.0x 2.5x 1.5x 2.0x 1.0x Vanguard acquisition Q4 2020 0.5x 1.5x British Columbia 0.0x asset purchase BDI MSS Comparables WFS Comparables Q2 2024 1.0x Source:

  20. Slide 20: Significant Asset Coverage Against Debt

    Significant Asset Coverage Against Debt • Q2/2025 Net Debt1 of $232.0 mm remains well below tangible asset value • Asset Based Lending (“ABL”) facility termed out to February 2030. Average cost of debt in Q2 2025 was 4.64%, down 163 bps compared to 6.27% in Q2 2024 • Available liquidity of $192.9 mm

  21. Slide 21: Strong Free Cash Flow Generation

    Strong Free Cash Flow Generation • Asset rental model has continued to provide a strong base of Free Free Cash Flow 1 - TTM Cashflow1, generating ~$19.5 mm 120 in Q2/2025, 7% above Q2/2024 100 80 • Supported a 17% increase to the $mm 60 Q4/2024 quarterly dividend of 40 $0.035 per share, or $0.14 per

  22. Slide 22: Dividend Growth

    Dividend Growth Dividends Paid Per Share - TTM Dividends & Funds From Operations1 $0.140 140.00 100% Dividends % of Funds from Operations 90% $0.120 120.00 80% $0.100 100.00 70% 60% $0.080 80.00 $mm 50% $0.060 60.00 40% 40.00 30% $0.040 20% 20.00 $0.020 10% - 0% $- Total Dividends Paid TTM (LHS) FFO

  23. Slide 23: Disciplined Capex Funding Future Growth

    Disciplined Capex Funding Future Growth Organic Growth Capex • Level of organic growth capex has risen in conjunction with free cashflow and strong customer demand • Capital Commitments of $27.5 mm as at Q2 2025 • Realizing strong returns for new capital investment • Vast majority of capex targeted

  24. Slide 24: Appendix

    Appendix 24 © Black Diamond Group Ltd. All Rights Reserved

  25. Slide 25: Total Rental Revenue, by Industry

    Total Rental Revenue, by Industry Rental revenue by industry in the TTM periods is an average of four quarters © Black Diamond Group Ltd. All Rights Reserved

  26. Slide 26: Adjusted EBITDA Detail By Quarter

    Adjusted EBITDA1 Detail By Quarter Adjusted EBITDA 1 Detail (TTM) 130.0 121.7 110.0 110.0 91.9 90.0 85.9 73.4 70.0 71.1 64.7 47.6 64.5 57.7 $mm 50.0 51.1 49.0 44.3 30.0 38.8 21.1 10.0 -12.3 -10.0 -19.9 -21.9 -23.7 -25.8 -30.0 Total Consolidated Adj. EBITDA (TTM) MSS Adj. EBITDA (TTM) WFS Adj. EBITDA

  27. Slide 27: Revenue Detail

    Revenue Detail 500.0 Consolidated Revenue - TTM 450.0 400.0 350.0 198.0 300.0 188.5 164.6 $mm 250.0 171.9 200.0 104.5 150.0 243.5 100.0 192.9 201.5 172.7 127.7 50.0 0.0 MSS Total Revenue (TTM) WFS - Total Revenue (TTM) 27 Revenue in the TTM periods is a sum of four quarters © Black Diamond Group Ltd

  28. Slide 28: Revenue Detail by Division

    Revenue Detail by Division MSS Revenue - TTM 250.0 69.9 200.0 57.8 51.2 57.4 71.3 150.0 61.8 56.0 $mm 41.3 100.0 50.3 102.3 36.7 87.7 79.9 50.0 65.0 49.7 0.0 MSS Rental (TTM) Sales (TTM) Non-Rental Revenue (TTM) 28 Revenue in the TTM periods is a sum of four quarters © Black Diamond Group Ltd. All R

  29. Slide 29: Rental Utilization

    Rental Utilization • MSS rental fleet maintaining utilization above 80% • WFS utilization supported by diversification of assets by industry and geography MSS and WFS Rental Utilization- TTM Average 90% 80% 70% 60% 50% 40% 30% 20% MSS Utilization Consolidated Utilization WFS Total Utilization Utiliz

  30. Slide 30: WFS Room Count by Geography

    WFS Room Count by Geography WFS Room Count - TTM Average 14,000 12,000 1,168 1,651 1,171 10,000 771 760 721 862 8,000 932 784 997 6,000 9,909 9,410 4,000 8,561 7,707 6,107 2,000 - Canada US Australia 30 Room counts in the TTM periods are an average of four quarters © Black Diamond Group Ltd. All Rig

  31. Slide 31: MSS – VAPS Penetration

    MSS – VAPS Penetration VAPS as a % of Rental Revenue Excluding VAPS • VAPS as a % of rental declined due to 17% 16% acquisitions with little to no associated VAPS 15% 14% 13% 12% • VAPS revenue keeps rising 11% 10% 9% • Expect ongoing VAPS growth as acquisitions 8% 7% are integrated, with additional

  32. Slide 32: LodgeLink – Solves Complex Problems

    LodgeLink – Solves Complex Problems The problem is complex, and we’re addressing it head on: Global Distribution System (GDS) has limited ability to handle the complexity of workforce travel LodgeLink services workforce travel & accommodations that are: Highly Variable, with; Manpower drain; Search

  33. Slide 33: LodgeLink – Offers Advantages

    LodgeLink – Offers Advantages LodgeLink addresses many of the problems faced by companies needing to book crew travel accommodations and the crew members themselves Company Perspective LODGELINK TRAVEL MANAGEMENT EMPLOYEE SELF DIRECT HOTEL GROUP BOOKING COMPANY BOOKING • Booking and managing travel

  34. Slide 34: LodgeLink – Web & Mobile Solution

    LodgeLink – Web & Mobile Solution • A web-based solution for workforce travel management o LodgeLink is an end-to-end solution focused on the needs of crews o The platform applies web-based technology that simplifies the crew travel process • Delivering efficiency and cost control for complex workfo

  35. Slide 35: LodgeLink – Business Model

    LodgeLink – Business Model Current Future Future Margin On Transactions Advertising Data & Other Services • LodgeLink profits on the spread • Advertise travel support services • SAAS Application - Potential for between buy and sell price for (dining and entertainment, remote enhanced features, data

  36. Slide 36: Non-GAAP & Supplementary Financial Measures

    Non-GAAP & Supplementary Financial Measures • Adjusted EBITDA is not a measure recognized under IFRS and does not have standardized meanings prescribed by IFRS. Adjusted EBITDA refers to consolidated earnings before finance costs, tax expense, depreciation, amortization, accretion, foreign exchange,

  37. Slide 37: Non-GAAP & Supplementary Financial Measures

    Non-GAAP & Supplementary Financial Measures • Enterprise Value is calculated as Market Capitalization plus Net Debt which is a supplementary financial measure and is calculated as long-term debt minus cash and cash equivalents. • Gross Bookings is total revenue billed to the customer which includes

  38. Slide 38: Adjusted EBITDA, Return on Assets

    Adjusted EBITDA, Return on Assets 38 © Black Diamond Group Ltd. All Rights Reserved

  39. Slide 39: Net Debt, Net Debt to TTM Adjusted Leverage EBITDA

    Net Debt, Net Debt to TTM Adjusted Leverage EBITDA 39 © Black Diamond Group Ltd. All Rights Reserved

  40. Slide 40: Free Cashflow

    Free Cashflow 40 © Black Diamond Group Ltd. All Rights Reserved

  41. Slide 41: Net Revenue, Gross Bookings and Net Revenue Margin

    Net Revenue, Gross Bookings and Net Revenue Margin 41 © Black Diamond Group Ltd. All Rights Reserved

  42. Slide 42: Enterprise Value

    Enterprise Value Enterprise Value is a non-GAAP financial measure. Refer to the Non-GAAP & Supplementary Financial Measures section for more information. 42 © Black Diamond Group Ltd. All Rights Reserved

  43. Slide 43: Thank You

    THANK YOU Investor Relations investor@blackdiamondgroup.com 43 © Black Diamond Group Ltd. All Rights Reserved

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