Badger Infrastructure Solutions Ltd · TSX:BDGI
Badger Infrastructure Solutions — CIBC Western Institutional Investor Conference 2026
12 slides from Badger Infrastructure Solutions's conference presentation, Jan 21, 2026
Slide 1: Investor Presentation January 2026
INVESTOR PRESENTATION JANUARY 2026
Slide 2: Forward-Looking Statements and Disclaimer
FORWARD-LOOKING STATEMENTS AND DISCLAIMER Certain statements and information contained in this presentation and other continuous disclosure documents of the Company referenced herein, including statements and information that contain words such as “could”, “should”, “can”, “expect”, “will”, “may”, “
Slide 3: Compelling Investment Proposition
COMPELLING INVESTMENT PROPOSITION § Significant tail winds in several end markets 32+ 1,700+ 21,500+ YEARS UNITS CUSTOMERS § Market leader with significant competitive moats OF INNOVATION AND EXPERIENCE IN MANUFACTURING AND SERVICE LARGEST HYDROVAC FLEET IN NORTH AMERICA DIVERSE CUSTOMER BASE ACROSS
Slide 4: Financial Highlights
FINANCIAL HIGHLIGHTS Sustained, Strong, Foundation for Continued Growth. REVENUE ADJUSTED EBITDA ADJUSTED NET EARNINGS PER SHARE ADJUSTED EBITDA MARGIN +39% +44% +1,170 bps +17% CAGR CAGR CAGR $2.07 24.5% 23.6% $197.3 22.0% $805.4 $176.1 $745.0 $1.68 $683.8 $150.3 $1.35 17.5% $570.8 $1.21 $453.0 $10
Slide 5: Industry Tailwinds Driving Growth
INDUSTRY TAILWINDS DRIVING GROWTH Tailwinds and mega trends, coupled with the under-penetration of non-destructive excavation, create significant growth opportunities. System Upgrades Infrastructure Modernization Emerging Technologies & Resilience & Development • Power Generation across all • Cloud
Slide 6: High-Quality & Diverse Customer Base
HIGH-QUALITY & DIVERSE CUSTOMER BASE Diverse end market and customer base Industrial – 5% drives growth across several geographies, § Pipelines & facilities customers and industry verticals. § Manufacturing § Oil & gas exploration § Mining No customer >5% of revenue Transportation/Other Locations ac
Slide 7: Significant Enduring Competitive Moats
SIGNIFICANT ENDURING COMPETITIVE MOATS Key strategic strengths support our market position and drive sustainable growth. KEY DIFFERENTIATING STRATEGIC STRENGTHS Industry Leading Scale - Only hydrovac operator to match any large client’s footprint across North America. Vertically Integrated – Only hy
Slide 8: Organic Growth Yields Compelling Returns
ORGANIC GROWTH YIELDS COMPELLING RETURNS Per Unit Organic Growth Economics Adjusted EBITDA ROIC Revenue $ 500,000 (1) Adjusted EBITDA Contribution $ 175,500 39% Adjusted EBITDA Contribution Margin 35% (2) Per Unit Capital Cost $ 450,000 (3) Adjusted EBITDA ROIC 39.0% (4) 20% After Tax IRR 19.8% (5)
Slide 9: Capital Efficiency Driving Higher ROIC
CAPITAL EFFICIENCY DRIVING HIGHER ROIC Targeting stable growth in Hydrovac fleet to support higher ROIC. Unit Build Profile (# Units) Adjusted EBITDA ROIC* Current Annual Manufacturing Capacity of 350+ Truck Production Continuing stable build profile 217 20% 20% 190 180-210 Key 14% Return 19% Driver
Slide 10: Q3 2025 Results
Q3 2025 RESULTS Building on our Momentum of Continued Growth and Profitability. REVENUE ADJUSTED EBITDA ADJUSTED NET EARNINGS ADJUSTED EBITDA MARGIN PER SHARE +40 bps +13% +15% +25% 27.8% 28.2% $0.91 $237.3 $66.8 $209.4 $58.3 $0.73 Q3 202 4 Q3 202 5 Q3 202 4 Q3 202 5 Q3 202 4 Q3 202 5 Q3 202 4 Q3 20
Slide 11: Compelling Investment Proposition
COMPELLING INVESTMENT PROPOSITION Solid underlying demand and growth in Continued margin improvement. our customer base and end markets. Market leader with significant Strong balance sheet with disciplined competitive moats into the future. capital allocation strategy to grow ROIC. Focused commercia
Slide 12: Q&A Contact Us
Q&A CONTACT US: ir@badgerinc.com
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