Black Diamond Group Limited · TSX:BDI
Black Diamond — Q3 2025 Earnings Presentation
40 slides from Black Diamond's earnings presentation, November 2025
Slide 1: Investor Update
INVESTOR UPDATE November 2025 1
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
Slide 3: Q3 2025 – At a Glance
Q3 2025 – At a Glance CONSOLIDATED Consolidated platform growth with Adjusted EBITDA1 of $31.8 million in line with Consensus of $32 million • Consolidated Rental Revenue rose 9% YoY to $41.3 million • Q3 2025 Profit rose 65% YoY to $12.2 million • EPS of $0.19 rose 58% YoY (Both profit and EPS bene
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
Slide 5: Black Diamond Group
Black Diamond Group Creating a Better Way Black Diamond Group is MODULAR SPACE SOLUTIONS an industrial services • Diversified, steady, compounding growth and asset management • Predictable and improving returns • Strong free cash flow characteristics Company that provides • Attractive unit economics
Slide 6: Black Diamond Group
Black Diamond Group Consolidated Adjusted EBITDA five-year CAGR of ~27% MODULAR SPACE SOLUTIONS 120.0 Consolidated Rental Revenue 110.0 100.0 • Diversified rental stream through rental of modular buildings in 90.0 Canada and U.S. 80.0 70.0 • Ancillary, Value Added Products & Services (VAPS) 60.0 • C
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% 0.57 0.5 0.52 19% 0.46 17% 0.4 0.39 15% $/Share 0.3 13% 0.2 11% 0.13 9% 0.1 7% 0 5% EPS (Diluted, continuing ops, LHS) EPS growth driven by compounding growth in EBITDA and rental revenue ROA1 C
Slide 8: Unit Economics Example
Unit Economics Example1 Utilization Lifetime Return on Annualized Return on Lifetime return Initial Investment Initial Investment on initial 85% 525% 17% investment 525% 75% 475% 15% 65% 425% 13% Practical Asset Life 30+ Years Used assets typically sell at a premium to Payback NBV Period Initial con
Slide 9: Operating Overview
Operating Overview 1 Modular Space Solutions (MSS) Fleet $438.0 mm NBV 12,672 Units Workforce Solutions (WFS) Fleet $142.1 mm NBV 5,670 Units Consolidated Rentable Square Feet +8 mm 532,842 TTM Total LodgeLink room nights sold $36.5 mm TTM Profit $124.7 mm TTM Adjusted EBITDA 2 $597.4 mm PP&E Book V
Slide 10: Rental Revenue Diversity
Rental Revenue Diversity1 Source data: Q3 2025 Management Discussion and Analysis 1,. As of Q3/2025 10
Slide 11: Modular Space Solutions
Modular Space Solutions Rental revenue five-year CAGR of ~23% 105.0 MSS Rental Revenue (TTM) 105.9 Our MSS business • 12,672 units across 23 branches in North 95.0 90.2 America rents and sells temporary 85.0 83.4 75.0 • Added scale and additional product offering permanent 68.2 $mm driving improved
Slide 12: MSS Overview
MSS Overview MSS - Contracted Revenue & Duration TTM Average MSS - Fleet Count & Utilization TTM Average 60 150 13,000 90% 50 12,000 80% 125 40 11,000 70% 100 Months 10,000 60% $ mm 30 75 9,000 50% 20 50 8,000 40% 10 7,000 30% 0 25 MSS Fleet Count MSS Utilization MSS - Avg. Cont. Duration MSS - Cont
Slide 13: Workforce Solutions
Workforce Solutions Rental revenue five-year CAGR of ~17% WFS Rental Revenue - TTM • Geographic Diversification 65.0 • U.S. 60.0 58.9 54.1 • Eastern Canada Our WFS business provides remote 55.0 50.3 50.0 46.0 • Continued growth in Australia accommodation 45.0 40.0 • Industry Diversification $mm and
Slide 14: WFS Overview
WFS Overview WFS - Fleet Count (Units) TTM Average WFS Room Count - TTM Average 8,000 14,000 7,000 12,000 1,164 1,067 1,168 1,481 6,000 554 1,296 1,070 10,000 451 1,455 628 784 5,000 487 1,566 798 843 503 8,000 945 4,000 524 759 6,000 1,002 3,000 5,649 5,194 9,832 4,869 9,190 8,404 4,153 4,000 7,494
Slide 15: LodgeLink
LodgeLink Gross revenue five-year CAGR of ~48% • LodgeLink is uniquely positioned to Properties Listed & Room Nights Sold (TTM) 20,000 600,000 serve the workforce travel market, 18,000 500,000 leveraging decades of experience 16,000 in solving workforce logistics 14,000 12,000 400,000 challenges 10,
Slide 16: LodgeLink Supply Coverage
LodgeLink Supply Coverage ~90% of volumes transacted through the million Over 1.8 platformrooms are hotels Across +19,750 properties Nearly 1,100 corporate customers 16
Slide 17: LodgeLink Key Performance Indicators
LodgeLink Key Performance Indicators Properties Listed & Room Nights Sold (TTM) 20,000 650,000 18,000 550,000 16,000 14,000 450,000 • TTM room nights sold of 532,842 grew ~8% 12,000 10,000 350,000 YoY up from 494,086. 8,000 250,000 6,000 • Net Revenue of $4.3 mm in Q3/25 150,000 4,000 2,000 50,000 •
Slide 18: 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 $39.5 mm as at Q3 2025 • Realizing strong returns for new capital investment • Vast majority of capex targeted
Slide 19: Financial Flexibility
Financial Flexibility Leverage Ratio - TTM Average 3.5x Net Debt/EBITDA Ontario based 3.5x modular rental acquisition Q4 3.0x 3.0x 2022 2.5x 2.5x 2.0x 2.0x 1.5x Vanguard acquisition Q4 2020 1.0x 1.5x 0.5x British Columbia asset purchase Q2 2024 0.0x 1.0x BDI MSS Comparables WFS Comparables 1 Source:
Slide 20: Significant Asset Coverage Against Debt
Significant Asset Coverage Against Debt Net Debt 1 Vs Avg Net Book Value of Fleet Assets - TTM 550 500 142 • Q3/2025 Net Debt1 of $197.1 mm remains well below 450 146 tangible asset value 400 148 350 140 • Asset Based Lending (“ABL”) facility termed out to 300 149 February 2030. Average cost of debt
Slide 21: Strong Free Cash Flow Generation
Strong Free Cash Flow Generation Free Cash Flow 1 - TTM 100 • Asset rental model has continued to provide a strong base of Free Cashflow1, generating ~$23.0 90 mm in Q3/2025, 17% above Q3/2024 80 • Supported a 29% increase to the Q4/2025 70 $mm quarterly dividend of $0.045 per share, or $0.18 per sh
Slide 22: Dividend Growth
Dividend Growth Dividends Paid Per Share - TTM Dividends & Funds From Operations1 $0.160 140.00 100% Dividends % of Funds from Operations $0.140 90% 120.00 80% $0.120 100.00 70% $0.100 60% 80.00 $mm $0.080 50% 60.00 40% $0.060 40.00 30% $0.040 20% 20.00 $0.020 10% $- - 0% Total Dividends Paid TTM (L
Slide 23: Black Diamond Investment Attributes
Black Diamond Investment Attributes STABILITY THROUGH Consolidated contracted future rental revenue of ~$159 mm2 (MSS of ~$130mm and WFS of ~$29mm)1 DIVERSIFICATION BY ASSET TYPE, INDUSTRY & MSS lease portfolio average duration of ~51.4 months2 GEOGRAPHY Thousands of customers across diverse industr
Slide 24: Thank You
THANK YOU Investor Relations investor@blackdiamondgroup.com 24
Slide 25: Appendix
Appendix 25
Slide 26: Total Rental Revenue, by Industry
Total Rental Revenue, by Industry 26 Rental revenue by industry in the TTM periods is an average of four quarters
Slide 27: Adjusted EBITDA Detail By Quarter
Adjusted EBITDA1 Detail By Quarter Adjusted EBITDA 1 Detail (TTM) 150.0 124.7 130.0 102.2 110.0 102.5 90.0 79.6 87.7 70.0 57.5 69.9 $mm 69.7 58.3 56.2 58.6 50.0 53.5 43.5 46.3 30.0 29.2 10.0 -10.0 -15.2 -20.2 -21.6 -25.5 -23.9 -30.0 Total Consolidated Adj. EBITDA (TTM) MSS Adj. EBITDA (TTM) WFS Adj.
Slide 28: Revenue Detail
Revenue Detail 500.0 Consolidated Revenue - TTM 450.0 400.0 350.0 202.7 300.0 176.6 170.8 $mm 250.0 157.5 145.7 200.0 150.0 242.9 100.0 202.5 202.9 154.0 174.2 50.0 0.0 MSS Total Revenue (TTM) WFS - Total Revenue (TTM) 28 Revenue in the TTM periods is a sum of four quarters
Slide 29: Revenue Detail by Division
Revenue Detail by Division MSS Revenue - TTM 250.0 66.2 200.0 52.9 62.0 52.6 70.8 150.0 52.2 66.2 $mm 50.7 53.4 100.0 46.7 105.9 90.2 83.4 68.2 50.0 55.1 0.0 MSS Rental (TTM) Sales (TTM) Non-Rental Revenue (TTM) Revenue in the TTM periods is a sum of four quarters 29
Slide 30: 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% 70% 50% 30% 10% MSS Utilization Consolidated Utilization WFS Total Utilization Utilization is cal
Slide 31: WFS Room Count by Geography
WFS Room Count by Geography WFS Room Count - TTM Average 14,000 12,000 1,164 1,481 1,070 10,000 628 784 798 843 8,000 945 759 6,000 1,002 9,832 9,190 4,000 8,404 7,494 5,611 2,000 - Room counts in the TTM periods are an average of four quarters Canada US Australia 31
Slide 32: MSS – VAPS Penetration
MSS – VAPS Penetration • VAPS as a % of rental declined due to acquisitions with little VAPS as a % of Rental Revenue Excluding VAPS to no associated VAPS 16% 14% • VAPS revenue keeps rising 12% 10% • Expect ongoing VAPS growth as acquisitions are integrated, 8% with additional products and services
Slide 33: LodgeLink’s Business Model
LodgeLink’s Business Model CURRENT FUTURE FUTURE MARGIN ON TRANSACTIONS ADVERTISING DATA & OTHER SERVICES & PAYMENTS • LodgeLink profits on the spread • Advertise travel support services • SAAS Application - Potential for between buy and sell price for (dining and entertainment, remote enhanced feat
Slide 34: 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,
Slide 35: 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
Slide 36: Adjusted EBITDA, Return on Assets
Adjusted EBITDA, Return on Assets 36
Slide 37: Net Debt, Net Debt to TTM Adjusted Leverage EBITDA
Net Debt, Net Debt to TTM Adjusted Leverage EBITDA 37
Slide 38: Free Cashflow
Free Cashflow Three months ended Nine months ended September 30, September 30, ($ millions, except as noted) 2025 2024 = Change = 2025-2024 Cash Flow from Operating Activities 20.4 31.4 (35)% 84.8 81.2 Add (deduct): ‘Change in other long-term assets 03 11 (73)% 2.3 (0.5) Changes in non-cash operatin
Slide 39: Net Revenue, Gross Bookings and Net Revenue Margin
Net Revenue, Gross Bookings and Net Revenue Margin 39
Slide 40: Enterprise Value
Enterprise Value 40 Enterprise Value is a non-GAAP financial measure. Refer to the Non-GAAP & Supplementary Financial Measures section for more information.