Slide 1: Conference Call Presentation Q2-26
Conference Call Presentation Q2-26 For the quarter ended March 31, 2026
Slide 2: Caution Regarding Forward Looking Statements
Caution Regarding Forward Looking Statements Certain information included in this document is forward-looking and is subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Such statements are generally ac
Slide 3: Q2-26 Highlights
Q2-26 Highlights Record Q2 results on defence tailwinds • Q2 results mark an important inflection point: • Revenues up 18%, including 12% organic growth • Adj. EBITDA1 up 60%, significantly outpacing revenue growth • Contract signings of $321M, including >$200M in Canadian defence • Backlog of $1.5
Slide 4: Defence & Space
Defence & Space Significant momentum driven by defence demand 1▪ Revenue up 15%, driven by technology solutions and operational readiness services 2▪ >$200M in defence contract signings in Q2, reinforcing Calian as a trusted partner to the CAF 3▪ Continuing to expand our role as an innovation partne
Slide 5: Essential Industries
Essential Industries Continues to build positive momentum 1▪ Revenue up 25%, driven by the AMS acquisition ▪ Return of organic growth in Q2, reaching the high 2 single-digits First half of FY26 revenue are up 22% and adj. 3▪ EBITDA1 is up 70% ▪4 Expected to exit FY26 with an adj. EBITDA margin1 in t
Slide 6: Increasingly Operating as "One Calian"
Increasingly Operating as “One Calian” Building a more scalable business 1▪ Specialized capabilities 2▪ Simpler structure 3▪ Solving larger and more complex challenges 4▪ Delivering sustained value to stakeholders © 2024 Calian Group Ltd. 6
Slide 7: Q2-26 KPIs - Revenue & Adj. EBITDA
Q2-26 KPIs - Revenue & Adj. EBITDA Adj. EBITDA growth significantly outpaced revenue growth Revenues Adj. EBITDA1 & Margin1 (in millions of $) (in millions of $, except margin) 35 229 194 27.9 22.0% 18% 30 25 60% Generated organic 17.0% 17.4 20 15 12.2% 12.0% growth of +12% 10 9.0% 7.0% 5 0 2.0% Q2-
Slide 8: Q2-26 KPIs – Operating FCF & Capital Deployment
Q2-26 KPIs – Operating FCF & Capital Deployment Capital deployment priority remains acquisitions Operating FCF1 & Conversion Capital Deployed (in millions of $, except ratio) (in millions of $) 25 250% 21.5 12 20 200% 10 15 119% 150% YTD operating free cash flow1 9.8 up 62% to $37M 10 100% 77% 5 56%
Slide 9: Q2-26 KPIs – Leverage and Cash Availability
Q2-26 KPIs – Leverage and Cash Availability ~$240M available to support our growth strategy Net debt1/adj. EBITDA1 Ratio Cash Availability (in millions of $) Threshold: 2.5x 265 239 Exercised $75M 1.2x accordion feature to 1.1x drive growth Q4FY25 Q2FY26 Q4FY25 Q2FY26 Unused credit facility + accord
Slide 10: FY26 Outlook
FY26 Outlook Outlook has strengthened since last quarter • Long-term target: revenue growth of 10-15% per year with a combination of organic growth and acquisitions • FY26 outlook: grow revenue double-digits (low teens) and adjusted EBITDA1 double-digits (high teens) with existing business • FY26 Ca
Slide 11: Closing Remarks
Closing Remarks 1st half demonstrates momentum building YTD Revenue YTD Operating FCF1 YTD Contract Signings Up 15% to Up 63% to at $492M $437M $37M YTD adj. EBITDA1 Net debt/adj. EBITDA1 Backlog Up 44% to at 1.2x at $1.5B with $51M below threshold $1.1B in defence 1) This is a non-GAAP measure. Ple
Slide 12: Question Period
Question Period Patrick Will Jennifer Houston Majic McCaughey CEO Acting CFO Director, Investor Relations © 2024 Calian Group Ltd. | 12
Slide 13: Appendix A – Reconciliation of Non-GAAP measures
Appendix A – Reconciliation of Non-GAAP measures © 2024 Calian Group Ltd. | 13
Slide 14: Reconciliation of Non-GAAP Measures – Adj. EBITDA
Reconciliation of Non-GAAP Measures – Adj. EBITDA Three months ended Six months ended (in thousands of $) March 31, 2026 March 31, 2025 March 31, 2026 March 31, 2025 Net profit (loss) $6,715 $295 $11,811 ($681) Share-based compensation 1,821 949 2,833 2,040 Restructuring expense 2,043 372 2,462 1,06
Slide 15: Reconciliation of Non-GAAP Measures – Adj. Net Profit
Reconciliation of Non-GAAP Measures – Adj. Net Profit Three months ended Six months ended (in thousands of $, except # shares and per share amounts) March 31, 2026 March 31, 2025 March 31, 2026 March 31, 2025 Net profit (loss) $6,715 $295 $11,811 ($681) Share-based compensation 1,821 949 2,833 2,040
Slide 16: Reconciliation of Non-GAAP Measures – Operating FCF
Reconciliation of Non-GAAP Measures – Operating FCF Three months ended Six months ended (in thousands of $, except per share amounts and %) March 31, 2026 March 31, 2025 March 31, 2026 March 31, 2025 Cash flows generated from operating activities (free $922 9,860 $8,089 $14,242 cash flow) M&A costs
Slide 17: Reconciliation of Non-GAAP Measures – Net Debt/Adj. EBITDA
Reconciliation of Non-GAAP Measures – Net Debt/Adj. EBITDA (in thousands of $, except ratio) March 31, 2026 March 31, 2025 Cash $56,348 $64,150 Debt facility 167,250 120,750 Net debt (net cash) 110,902 56,600 Trailing twelve month adjusted EBITDA 93,910 78,846 Net debt to adjusted EBITDA 1.2x 0.7x ©
Slide 18: Thank you
Thank you Jennifer McCaughey, CFA, F.CIRI Director, Investor Relations ir@calian.com